Putnam Announces Final Results of Tender Offers for Two Closed-End Funds

Putnam Investments today announced final results of issuer tender offers for 10% of the outstanding common shares of two closed-end funds, Putnam High Yield Municipal Trust (NYSE: PYM) and Putnam Investment Grade Municipal Trust (NYSE: PGM). These offers expired at 5:00 p.m. Eastern Time on July 9, 2007.

The tender offer for each fund was oversubscribed, meaning that pursuant to the terms of the offers, not all shares that were tendered were accepted for payment by the funds. Pursuant to the pro-ration procedures disclosed in the fund’s tender offer materials provided to shareholders, the funds accepted for payment the maximum number of shares covered by the offer (approximately 10% of their outstanding common shares), including all shares tendered by shareholders owning fewer than 100 shares. For shareholders owning 100 or more shares, each fund applied its pro-ration percentage (given below) and accepted for payment that percentage of the shares tendered. Those shares that were tendered but not accepted for payment will continue to be held by their record owners. Shareholders who tendered certificated shares and whose tenders were pro-rated will receive new share certificates representing the balance of their shares.

Below are the final results of the tender offers for these funds.

The number of shares tendered for each fund reflects shares properly tendered and not withdrawn. Proceeds of the tender offer will be distributed to shareholders promptly.

In approving the tender offer program for these funds, the Trustees considered that tender offers would give shareholders an opportunity to sell at least some of their shares at a price close to NAV, and that the tender offer price of 98% of NAV would help offset the costs that shareholders who retain their shares would otherwise bear in connection with the tender offers.

About Putnam Investments: Founded in 1937, Putnam Investments is one of the nation's oldest and largest money management firms. As of June 30, 2007, Putnam managed $193 billion assets. Mutual fund assets were $121 billion. Institutional assets were $72 billion. Putnam has offices in Boston, London, and Tokyo. For more information, go to www.putnam.com.