Putnam Provides Update on Closed-End Fund Mergers

BOSTON--(Business Wire)--
Putnam Investments and the Board of Trustees of the Putnam Funds announced today
that Putnam has advised the Trustees that current market conditions make it
inadvisable to implement the proposed mergers of each of two closed-end funds
into an open-end fund. Putnam and the Trustees first announced in January 2009
that the mergers of Putnam Municipal Opportunities Trust (NYSE: PMO) into Putnam
Tax Exempt Income Fund and of Putnam Managed Municipal Income Trust (NYSE: PMM)
into Putnam Tax-Free High Yield Fund would be delayed in light of unsettled
market conditions.

Following the significant changes in market conditions that have occurred since
the proposed mergers were first announced in September 2008, the firm has
concluded that implementation of the proposed mergers in the near future would
not be in the best interests of PMO and PMM`s common shareholders. Accordingly,
the Trustees have authorized Putnam to suspend further efforts to implement the
proposed mergers at this time. It is not certain when, or if, conditions may
emerge that would make it advisable to renew efforts to complete the mergers.

Additional details concerning this announcement may be found in the "Message
from the Trustees" letter included in PMO`s forthcoming annual shareholder
report for the fiscal year ended April 30, 2009 and PMM`s forthcoming semiannual
shareholder report for the period ended April 30, 2009.

About Putnam

Founded in 1937, Putnam Investments is a leading global money management firm
with over 70 years of investment experience. At the end of May 2009, Putnam had
$102 billion in assets under management. Putnam has offices in Boston, London,
Tokyo, Singapore, and Sydney. For more information, go to www.putnam.com.

Putnam Investments
Shareholder Contact
1-800-225-1581
or
Media Contact
Jennifer Santos, 617-760-7529

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