Putnam Announces Shareholder Approval of Closed-End Fund Mergers

Business Wire, Dec 13, 2007

BOSTON -- Putnam Investments announced that shareholders have approved two mergers involving five Putnam closed-end funds. Putnam High Yield Municipal Trust (NYSE: PYM) will merge into Putnam Managed Municipal Income Trust (NYSE: PMM). Each of Putnam Investment Grade Municipal Trust (NYSE: PGM) and Putnam Municipal Bond Fund (NYSE: PMG) will merge into Putnam Municipal Opportunities Trust (NYSE: PMO).

The merger transactions are currently expected to close in the first quarter of 2008. The closing of each merger is subject to the satisfaction of certain conditions. In the transactions, each common shareholder of the acquired funds on the applicable closing date will receive common shares of the applicable acquiring fund with an aggregate net asset value equal to the aggregate net asset value of the acquired fund shares held. The acquiring funds will issue preferred shares to preferred shareholders of the acquired funds with an aggregate liquidation preference equal to the aggregate liquidation preference of their preferred shares of the acquired funds.

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. As of November 30, 2007, Putnam managed $185 billion in assets, of which $113 billion is for mutual fund investors and $72 billion is for institutional accounts. Putnam has offices in Boston, London and Tokyo. For more information, go to www.putnam.com