Putnam Managed High Yield Trust and Putnam High Yield Trust Merge

Business Wire, Oct 30, 2006

BOSTON -- Putnam Managed High Yield Trust (NYSE: PTM) and Putnam High Yield Trust completed their previously announced merger in a closing held today.

In the transaction, each shareholder of Putnam Managed High Yield Trust as of the close of business on October 27, 2006 received 1.14948944604 Class A shares of Putnam High Yield Trust (with the shareholder's total number of shares received rounded to the third decimal place). This merger exchange ratio was based on an industry-standard calculation of the two funds' net asset values for purposes of the merger exchange.

Shares of Putnam High Yield Trust received in the merger will be subject to a short-term redemption fee of 1.0% if redeemed during the 90 days following completion of the merger. This fee would be retained by Putnam High Yield Trust to offset potential costs associated with redemptions of shares issued in the merger soon after completion of the merger.

About Putnam Investments: At Putnam Investments, our top priority remains prudently managing money for our more than 10 million individual and institutional investors worldwide. Since 1937, our values have been rooted in a profound sense of responsibility for the money entrusted to us. We use a research-driven team approach to seek consistent, dependable, superior investment results over time, although there is no guarantee a fund will meet its objectives. We are committed to doing what's right for investors, including maintaining stringent investor protections for every Putnam fund.

Founded in 1937, Putnam Investments is one of the nation's oldest and largest money management firms. At the end of September 2006, Putnam had $182 billion in assets under management. Mutual fund assets were $118 billion and institutional assets were $64 billion. Putnam has offices in Boston, London and Tokyo. For more information, go to www.putnam.com.