Pioneer High Income Municipal Fund Class Y

Fair Value Summary

Metric	2024	2025	2026	2027	2028	2029	2030	2031	2032	2033
% Growth	-2.92%	-2.15%	-1.38%	-0.61%	0.16%	0.93%	1.69%	2.46%	3.23%	4.00%
Revenue	26.13	25.57	25.22	25.06	25.10	25.34	25.76	26.40	27.25	28.34
EBITDA	23.75	23.24	22.92	22.78	22.82	23.03	23.42	24.00	24.77	25.76
D&A	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT	23.75	23.24	22.92	22.78	22.82	23.03	23.42	24.00	24.77	25.76
Pro forma Taxes	-0.59	-0.57	-0.57	-0.56	-0.56	-0.57	-0.58	-0.59	-0.61	-0.64
NOPAT	23.17	22.67	22.36	22.22	22.26	22.46	22.84	23.40	24.16	25.13
Capital Expenditures	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NWC Investment	0.01	0.01	0.01	0.00	0.00	0.00	-0.01	-0.01	-0.01	-0.02
(+) D&A	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Free Cash Flow	23.18	22.68	22.36	22.22	22.25	22.46	22.83	23.39	24.15	25.11
Diluted Shares Outstanding	166,605,369.00	166,605,369.00	166,605,369.00	166,605,369.00	166,605,369.00	166,605,369.00	166,605,369.00	166,605,369.00	166,605,369.00	166,605,369.00

Metric	Mar-24	Mar-25	Mar-26	Mar-27	Mar-28	Mar-29	Mar-30	Mar-31	Mar-32	Mar-33
Period Start	9/30/23	4/1/24	4/1/25	4/1/26	4/1/27	4/1/28	4/1/29	4/1/30	4/1/31	4/1/32
Period End	3/31/24	3/31/25	3/31/26	3/31/27	3/31/28	3/31/29	3/31/30	3/31/31	3/31/32	3/31/33
Mid-Point	12/30/23	9/30/24	9/30/25	9/30/26	9/30/27	9/30/28	9/30/29	9/30/30	9/30/31	9/30/32
Time (t)	0.10	0.10	0.10	0.70	1.70	2.70	3.70	4.70	5.71	6.71
Valuation Date	1/17/26

WACC: 9.10%Terminal Growth: 2.44%

Metric	2024	2025	2026	2027	2028	2029	2030	2031	2032	2033	TV (5y)	TV (10y)
Discount Factor	0.99	0.99	0.99	0.94	0.86	0.79	0.72	0.66	0.61	0.56
PV UFCF	22.98	22.48	22.17	20.91	19.19	17.75	16.55	15.54	14.69	14.00	Raw: 342.40 282.71	Raw: 386.33 206.20

WACC: 10.10%Terminal Growth: 1.94%

Metric	2024	2025	2026	2027	2028	2029	2030	2031	2032	2033	TV (5y)	TV (10y)
Discount Factor	0.99	0.99	0.99	0.93	0.85	0.77	0.70	0.64	0.58	0.52
PV UFCF	22.96	22.46	22.15	20.78	18.90	17.32	16.00	14.88	13.94	13.17	Raw: 278.08 225.04	Raw: 313.75 156.81

WACC: 8.10%Terminal Growth: 2.94%

Metric	2024	2025	2026	2027	2028	2029	2030	2031	2032	2033	TV (5y)	TV (10y)
Discount Factor	0.99	0.99	0.99	0.95	0.88	0.81	0.75	0.69	0.64	0.59
PV UFCF	23.00	22.50	22.19	21.04	19.50	18.20	17.12	16.22	15.48	14.89	Raw: 444.13 374.21	Raw: 501.11 285.83

Current Price$5.59

WACC Used9.1%

IMPLIED REVENUE GROWTH193.02%

Metric	2027	2028	2029	2030	2031	2032	2033	2034	2035	2036
Implied Revenue	82.41	241.47	707.56	2,073.28	6,075.07	17,801.01	52,160.09	152,838.22	447,842.86	1,312,258.31
Constant Implied Growth	193.02%	193.02%	193.02%	193.02%	193.02%	193.02%	193.02%	193.02%	193.02%	193.02%
Implied Free Cash Flow	0.01	0.02	0.07	0.21	0.61	1.78	5.22	15.28	44.78	131.23
Discount Factor	0.99	0.86	0.79	0.72	0.66	0.61	0.56	0.51	0.47	0.43
Present Value of Implied FCF	0.01	0.02	0.06	0.15	0.40	1.08	2.91	7.81	20.98	56.34

Valuation based on actual realized growth.

Year	Valuation Date	Actual Price	Realized Growth (5Y)	Calculated Fair Value	Valuation Delta
2018	2018-03-31	$7.17	-3.37%	$1.86	-74.00%
2017	2017-03-31	$7.10	-3.41%	$1.95	-72.47%
2016	2016-03-31	$7.35	-4.65%	$4.44	-39.59%
2015	2015-03-31	$7.32	-6.49%	$1.11	-84.87%
2014	2014-03-31	$7.01	-9.64%	$4.13	-41.06%
2013	2013-03-31	$8.02	-10.57%	$0.04	-99.55%

Mean Fair Value
$2.40

Median
$2.35

10th Percentile
$2.03

90th Percentile
$2.83