PYM Putnam High Yield Mun Tr

Putnam Investments announced today that the agenda for the next annual meeting of shareholders of Putnam High Yield Municipal Trust (NYSE: PYM) will include a vote on whether to convert the closed-end fund to an open-end investment company. The next annual meeting is expected to be held in September 2006, although it could occur at an earlier or later date. The Fund's Declaration of Trust requires the submission of such a proposal to shareholders at the Fund's next annual meeting if the average discount of its share price to net asset value exceeds 10% during the last 12 weeks of its fiscal year. The requirement has been triggered for the fiscal year ended March 31, 2006. According to the Declaration of Trust, the conversion proposal requires approval of a majority of the outstanding shares entitled to vote to take effect. Shareholders of the Fund voted, consistent with the recommendations of the Fund's Trustees, to defeat identical proposals in 2000 and 2005. In each case, fewer than 11% of the Fund's outstanding shares were voted in favor of conversion. Similar conversion proposals that other Putnam closed-end municipal funds have submitted to their shareholders in recent years likewise have consistently fallen well short of the requirement for approval. Putnam High Yield Municipal Trust is a closed-end bond fund that seeks high current income exempt from federal income tax. 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 February 28, 2006, Putnam managed $190 billion in assets, of which $126 billion is for mutual fund investors and $64 billion is for institutional clients. Putnam has headquarters in Boston and offices in London and Tokyo. For more information, go to www.putnaminvestments.com.