Putnam High Yield Municipal Trust, Putnam Managed Municipal Income Trust Shareholders Vote to Keep Funds Closed-End.

BOSTON -- At the annual shareholders meeting of Putnam High Yield Municipal Trust (NYSE: PYM) and Putnam Managed Municipal Income Trust (NYSE: PMM), each a closed-end management investment company, shareholders of each fund voted today against converting the fund from closed-end to open-end form. Fewer than 10% of each fund's outstanding shares were voted in favor of this proposal.

The proposal to convert to open-end form was submitted to the shareholders of each fund as a result of provisions in each fund's Agreement and Declaration of Trust that require that, if the fund's shares trade at a certain discount to net asset value during the last 12 weeks of the fund's fiscal year, a proposal to convert the fund to open-end form must be presented to shareholders at the fund's next annual meeting.

As discussed in the definitive proxy statement that the funds filed with the Securities and Exchange Commission on September 12, 2005, the Trustees concluded that the funds are afforded significant investment advantages as a result of their closed-end status, and they accordingly recommended that shareholders of each fund vote to defeat the proposal.

The affirmative vote of more than 50% of both the common and preferred shares outstanding as of the record date, August 1, 2005, was required to pass the proposal. Conversion proposals that other Putnam closed-end funds have submitted to their shareholders in recent years have also fallen far short of the requirement for approval.

About Putnam Investments: Founded in 1937, Putnam Investments is one of the nation's oldest and largest money management firms. As of September 30, 2005, Putnam managed $192 billion assets, mutual fund assets were $129 billion and institutional assets were $63 billion. Putnam has offices in Boston, London and Tokyo. For more information, go to www.putnaminvestments.com.