PMG Patriot Risk Management

Putnam Investments announced today that the contractual management fees for nine of its closed-end funds will be reduced effective January 1, 2006. The change was initiated by the Trustees of the Putnam Funds as a result of discussions with Putnam Investments during the Trustees' annual management contract review in June 2005. Based on fund assets as of June 30, 2005, the upcoming changes are expected to result in reductions in the effective management fee rate for each fund as follows: -0- *T Current Future Effective Effective Rate (as a Rate (as a percentage percentage of total of total Fund assets(a)) assets(a)) ----------- ----------- Putnam California Investment Grade Municipal Trust (PCA) 0.65% 0.55% Putnam High Income Bond Fund (PCF) 0.75% 0.70% Putnam High Yield Municipal Trust (PYM) 0.70% 0.55% Putnam Investment Grade Municipal Trust (PGM) 0.65% 0.55% Putnam Managed Municipal Income Trust (PMM) 0.69% 0.55% Putnam Municipal Bond Fund (PMG) 0.65% 0.55% Putnam Municipal Opportunities Trust (PMO) 0.65% 0.55% Putnam New York Investment Grade Municipal Trust (PMN) 0.65% 0.55% Putnam Tax-Free Health Care Fund (PMH) 0.65% 0.55% (a) Total assets include liquidation preference of any outstanding preferred shares and any indebtedness attributable to investment leverage. If expressed as a percentage of net assets (which exclude liquidation preferences and indebtedness for leverage), quoted fee rates would be higher. *T The changes will bring management fee schedules for Putnam's closed end funds closer in line with those for open-end Putnam funds with comparable investment strategies. About Putnam Investments: Founded in 1937, Putnam Investments is one of the nation's oldest and largest money management firms. As of July 31, 2005, Putnam managed $196 billion in assets, of which $133 billion is for mutual fund investors and $63 billion is for institutional clients. Putnam has headquarters in Boston and offices in London and Tokyo.