Putnam Extends Share Repurchase Program for Closed-End Funds.

BOSTON -- Putnam Investments announced today that the Trustees of the Putnam Funds have authorized Putnam Investments to extend the current closed-end fund share repurchase program to allow each Putnam closed-end fund to repurchase up to a total of 10% of its outstanding shares over the twelve months ending October 6, 2006.

The Trustees of the Putnam Funds had initiated the program in October 2005 by authorizing the repurchase of up to 5% of outstanding shares over twelve months. The share repurchase program is intended to enhance shareholder value, as repurchases made at a discount will have the effect of increasing the net asset value per share of the applicable fund's remaining shares. The Trustees authorized both the share repurchase program and its current extension in the belief that repurchases of fund shares may at times represent attractive investment opportunities for the funds.

The extension of the share repurchase program applies to each of the Putnam closed-end funds:

Putnam California Investment Grade Municipal Trust (PCA)

Putnam High Income Securities Fund (PCF)

Putnam High Yield Municipal Trust (PYM)

Putnam Investment Grade Municipal Trust (PGM)

Putnam Managed High Yield Trust (PTM)

Putnam Managed Municipal Income Trust (PMM)

Putnam Master Intermediate Income Trust (PIM)

Putnam Municipal Bond Fund (PMG)

Putnam Municipal Opportunities Trust (PMO)

Putnam New York Investment Grade Municipal Trust (PMN)

Putnam Premier Income Trust (PPT)

Putnam Tax-Free Health Care Fund (PMH)

Putnam Investments and the Trustees of the Putnam Funds take actions and make recommendations that they believe are in the long-term best interests of fund shareholders. Over the last two years, the Trustees, in conjunction with Putnam Investments, have undertaken a number of voluntary initiatives on behalf of shareholders in addition to the share repurchase program, including reducing fees and enhancing disclosures.

There is no assurance that the funds will purchase shares at any particular discount levels or in any particular amounts. Under certain conditions, regulatory requirements and other legal considerations may limit the fund's ability to repurchase shares. Each fund's repurchase activity will be disclosed in its shareholder reports for the relevant fiscal periods. There is also no assurance that the market price of a fund's shares, either absolutely or relative to net asset value, will increase as a result of any share repurchases. Some of Putnam's closed-end funds use leverage, which involves risk and may increase the volatility of the fund's net asset value.

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.