Putnam Investment Grade Municipal Trust Shareholders to Vote on Open-Ending.

BOSTON -- Putnam Investments announced today that the agenda for the next annual meeting of shareholders of Putnam Investment Grade Municipal Trust (NYSE: PGM) will include a vote on whether to convert the closed-end fund to an open-end investment company. As noted in the fund's 2006 proxy statement, the fund's next annual meeting is expected to be held in April 2007, 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 calendar weeks of its fiscal year. The requirement has been triggered for the fiscal year ending November 30, 2006. According to the Declaration of Trust, the conversion proposal requires approval of a majority of the outstanding shares entitled to vote.

In June 2006, shareholders of the Fund voted, in accordance with the recommendations of the Fund's Trustees, to defeat an identical proposal. Fewer than 17% of the Fund's outstanding shares were voted in favor of conversion. Similar conversion proposals that other Putnam closed-end funds have submitted to their shareholders in recent years likewise have consistently fallen well short of the requirement for approval.

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 November 30, 2006, Putnam managed $191 billion in assets, of which $123 billion is for mutual fund investors and $68 billion is for institutional clients. Putnam has headquarters in Boston and offices in London and Tokyo. For more information, go to www.putnaminvestments.com.