Putnam Closed-End Funds Announce Annual Shareholder Meeting Details.

BOSTON -- Putnam Investments announced today that the annual meetings of shareholders of the following closed-end funds will be held at 11:00 a.m. on October 30, 2006 at the offices of the funds in Boston:

--Putnam California Investment Grade Municipal Trust (AMEX: PCA)

--Putnam Municipal Bond Fund (NYSE: PMG)

--Putnam Municipal Opportunities Trust (NYSE: PMO)

--Putnam New York Investment Grade Municipal Trust (AMEX: PMN)

The agenda for the annual shareholder meetings will include the election of nominees for Trustees of each fund. In the case of Putnam California Investment Grade Municipal Trust and Putnam New York Investment Grade Municipal Trust, shareholders will also vote on shareholder proposals requesting that the Trustees take steps to merge each of these funds into its Putnam open-end counterpart (Putnam California Tax Exempt Income Fund and Putnam New York Tax Exempt Income Fund, respectively) or otherwise enable fund shareholders to realize the net asset value of their shares. The Trustees are recommending that shareholders vote against these shareholder proposals. In making this recommendation, the Trustees considered various factors relating to each fund's investment operations and history, and they concluded that the potential advantages to these funds and their shareholders of retaining the closed-end structure outweigh the benefits of converting to open-end status.

Further details about the annual shareholder meetings and the recommendations of the Trustees will be included in a proxy statement filed with the Securities and Exchange Commission and mailed to fund shareholders in advance of the shareholder meetings. The proxy statement is expected to be available in the coming months. This announcement is not intended to constitute the solicitation of a proxy from any shareholder.

To receive a free copy of the definitive proxy statement relating to the annual shareholder meetings after the proxy statement has been filed with the SEC, please call 1-800-225-1581. The proxy statement will also be available without charge on the SEC's website (www.sec.gov). Read the proxy statement carefully before submitting your proxy, as the proxy statement will contain important information about the matters to be voted upon.

About Putnam Investments: At Putnam Investments, the top priority remains prudently managing money for our more than 10 million individual and institutional investors worldwide. Since 1937, the company's values have been rooted in a profound sense of responsibility for the money entrusted to it. Putnam uses 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. Putnam is 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 June 30, 2006, Putnam managed $180 billion in assets, of which $119 billion is for mutual fund investors and $61 billion is for institutional clients. Putnam has headquarters in Boston and offices in London and Tokyo. For more information, go to www.putnaminvestments.com.