Putnam Investments today announced final results of issuer tender offers for 10% of the outstanding common shares of two closed-end funds, Putnam High Income Securities Fund (NYSE: PCF) and Putnam Managed Municipal Income Trust (NYSE: PMM). These offers expired at 5:00 p.m. Eastern Time on July 10, 2007.

The tender offer for each fund was oversubscribed, meaning that pursuant to the terms of the offers, not all shares that were tendered were accepted for payment by the funds. Pursuant to the pro-ration procedures disclosed in the fund's tender offer materials provided to shareholders, the funds accepted for payment the maximum number of shares covered by the offer (approximately 10% of their outstanding common shares), including all shares tendered by shareholders owning fewer than 100 shares. For shareholders owning 100 or more shares, each fund applied its pro-ration percentage (given below) and accepted for payment that percentage of the shares tendered. Those shares that were tendered but not accepted for payment will continue to be held by their record owners. Shareholders who tendered certificated shares and whose tenders were pro-rated will receive new share certificates representing the balance of their shares.

Below are the final results of the tender offers for these funds.

Putnam High Income Securities Fund

Number of shares properly tendered: 5,878,433.589
Approximate percentage of common shares tendered: 27.28%
Number of shares accepted for repurchase: 2,154,697
Pro-ration percentage: 36.10879%
Per-share purchase price (98% of NAV as of July 10, 2007):
$9.31
Aggregate proceeds to be distributed: $20,060,230.53
 

Putnam Managed Municipal Income Trust

Number of shares properly tendered: 8,220,266.577
Approximate percentage of common shares tendered: 18.41%
Number of shares accepted for repurchase: 4,465,888
Pro-ration percentage: 54.11106%
Per-share purchase price (98% of NAV as of July 10, 2007):
$8.04
Aggregate proceeds to be distributed: $35,905,742.80

The number of shares tendered for each fund reflects shares properly tendered and not withdrawn. Proceeds of the tender offer will be distributed to shareholders promptly.

In approving the tender offer program for these funds, the Trustees considered that tender offers would give shareholders an opportunity to sell at least some of their shares at a price close to NAV, and that the tender offer price of 98% of NAV would help offset the costs that shareholders who retain their shares would otherwise bear in connection with the tender offers.

About Putnam Investments: Founded in 1937, Putnam Investments is one of the nation's oldest and largest money management firms. As of June 30, 2007, Putnam managed $193 billion assets. Mutual fund assets were $121 billion. Institutional assets were $72 billion. Putnam has offices in Boston, London, and Tokyo. For more information, go to www.putnam.com.

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