Putnam Reports Quarterly Performance for Two Closed-End Funds

BOSTON--(Business Wire)--
Putnam Investments today announced quarterly performance results
for two closed-end funds for the three months ended 1/31/2008.

Putnam Managed Municipal Income Trust

The per-share net asset value (NAV) for Putnam Managed Municipal
Income Trust (NYSE: PMM) was $7.94 as of the close of business on
1/31/08. The per-share NAV for PMM was $8.04 as of 10/31/07. The
per-share market price as traded on the New York Stock Exchange (NYSE)
on 1/31/08 was $7.42. The per-share market price for PMM was $7.18 as
of 10/31/07. PMM's total return for the three months ended 1/31/08 was
0.14%, based on net asset value, and 4.80% based on market price.

-0-
*T
Three months Three months
Ended ended
January 31, January 31,
2008 2007
----------------------------------------------------------------------
Total investment income
Total $ 6,885,576 $ 7,099,395
Per common share $ 0.17 $ 0.16

----------------------------------------------------------------------
Net investment income *
Total $ 4,151,196 $ 4,538,561
Per common share $ 0.10 $ 0.10

----------------------------------------------------------------------
Net realized and unrealized gain (loss) on
investments *
Total $ (4,608,765) $ (2,326,002)
Per common share $ (0.11) $ (0.05)

----------------------------------------------------------------------
Net increase in net assets available
resulting from operations *
Total $ (457,569) $ 2,212,559
Per common share $ (0.01) $ 0.05

----------------------------------------------------------------------
Net assets available at the end of the
period *
Total $313,564,916 $371,417,290
Per common share $ 7.94 $ 8.32

* available to common shareholders
----------------------------------------------------------------------
*T

Putnam Investments announced on February 19, 2008 the completion
of the merger of Putnam High Yield Municipal Trust (NYSE: PYM) into
PMM. In the transaction, each common shareholder of Putnam High Yield
Municipal Trust received common shares of PMM of equal aggregate value
calculated as of 4:00 p.m. on February 15, 2008. In addition,
preferred shares of Putnam High Yield Municipal Trust were exchanged
for preferred shares of PMM based on the aggregate liquidation
preference of each fund's merging series as of 4:00 p.m. on February
15, 2008.

Prior to the completion of the merger transaction, each of Putnam
High Yield Municipal Trust and PMM was participating in the Putnam
closed-end funds' share repurchase program. As renewed in September
2007, the program allows each Putnam closed-end fund to repurchase,
during the one-year period beginning October 8, 2007, up to 10% of its
shares outstanding as of October 5, 2007. Following the completion of
the merger transaction, both the number of shares deemed to have been
repurchased to date by PMM under the program and the number of shares
remaining eligible for repurchase by PMM were revised--using the pro
forma combination of Putnam High Yield Municipal Trust and PMM as of
October 5, 2007--to reflect the effect of the merger transaction.
Accordingly, as of February 29, 2008, the number of common shares
deemed to have been repurchased to date by PMM under the program was
revised to be 929,355 shares, and the number of common shares
remaining eligible for repurchase by PMM was revised to be 4,915,429
shares.

Putnam Municipal Opportunities Trust

The per-share net asset value (NAV) for Putnam Municipal
Opportunities Trust (NYSE: PMO) was $12.83 as of the close of business
on 1/31/08. The per-share NAV for PMO was $12.84 as of 10/31/07. The
per-share market price as traded on the New York Stock Exchange (NYSE)
on 1/31/08 was $11.61. The per-share market price for PMO was $11.40
as of 10/31/07. PMO's total return for the three months ended 1/31/08
was 1.18%, based on net asset value, and 3.12% based on market price.

-0-
*T
Three months Three months
Ended ended
January 31, January 31,
2008 2007
----------------------------------------------------------------------
Total investment income
Total $ 3,684,027 $ 4,030,368
Per common share $ 0.26 $ 0.26

----------------------------------------------------------------------
Net investment income *
Total $ 1,913,224 $ 2,326,580
Per common share $ 0.13 $ 0.15

----------------------------------------------------------------------
Net realized and unrealized gain (loss) on
investments *
Total $ (454,673) $ (2,312,332)
Per common share $ (0.02) $ (0.15)

----------------------------------------------------------------------
Net increase (decrease) in net assets
resulting from operations *
Total $ 1,458,551 $ 14,248
Per common share $ .11 $ --**

----------------------------------------------------------------------
Net assets available at the end of the
period *
Total $171,366,318 $199,646,563
Per common share $ 12.83 $ 13.16
* available to common shareholders
** amount represents less than $0.01 per
share
*T

Putnam Investments announced on February 25, 2008 the completion
of the mergers of each of Putnam Investment Grade Municipal Trust
(NYSE: PGM) and Putnam Municipal Bond Fund (NYSE: PMG) into PMO. In
the merger of Putnam Investment Grade Municipal Trust into PMO, each
common shareholder of Putnam Investment Grade Municipal Trust received
common shares of PMO of equal aggregate value calculated as of 4:00
p.m. on February 22, 2008. In the merger of Putnam Municipal Bond Fund
into PMO, each common shareholder of Putnam Municipal Bond Fund
received common shares of PMO of equal aggregate value calculated as
of 4:00 p.m. on February 22, 2008. In addition, preferred shares of
each of Putnam Investment Grade Municipal Trust and Putnam Municipal
Bond Fund were exchanged for preferred shares of PMO based on the
aggregate liquidation preference of each fund's merging series as of
4:00 p.m. on February 22, 2008.

Prior to the completion of the merger transaction, each of Putnam
Investment Grade Municipal Trust, Putnam Municipal Bond Fund and PMO
was participating in the Putnam closed-end funds' share repurchase
program. As renewed in September 2007, the program allows each Putnam
closed-end fund to repurchase, during the one-year period beginning
October 8, 2007, up to 10% of its shares outstanding as of October 5,
2007. Following the completion of the merger transactions, both the
number of shares deemed to have been repurchased to date by PMO under
the program and the number of shares remaining eligible for repurchase
by PMO were revised--using the pro forma combination of Putnam
Investment Grade Municipal Trust, Putnam Municipal Bond Fund and PMO
as of October 5, 2007--to reflect the effect of the merger
transactions. Accordingly, as of February 29, 2008, the number of
common shares deemed to have been repurchased to date by PMO under the
program was revised to be 818,142 shares, and the number of common
shares remaining eligible for repurchase by PMO was revised to be
3,616,460 shares.

About Putnam Investments:

Founded in 1937, Putnam Investments is one of the world's oldest
and largest money management firms. As of December 31, 2007, Putnam
managed $186 billion in assets, of which $112 billion is for mutual
fund investors and $74 billion is for institutional accounts. Putnam
has offices in Boston, London and Tokyo. For more information, about
Putnam, visit the "News & Outlook" section of the company's Web site:
www.putnam.com.

Putnam Investments
SHAREHOLDERS
1-800-225-1581
or
MEDIA
Sinead Martin, 617-760-8515

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