PUTNAM INVESTMENTS news

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FOR IMMEDIATE RELEASE

CONTACT:  Nancy Fisher                        Laura McNamara
          Putnam Investments                  Putnam Investments
          617-760-1608                        617-760-1108

                THE TRUSTEES OF THE PUTNAM FUNDS

                APPROVE CLOSED-END FUND MERGERS

                 AND CALL SHAREHOLDER MEETINGS


BOSTON - (October 15, 2004) - Putnam Investments today announced that
the Trustees of The Putnam Funds have approved the following two mergers
of closed-end funds:

* Putnam High Income Opportunities Trust (PCV) into Putnam High Income
  Bond Fund (PCF); and

* Putnam Master Income Trust (PMT) into Putnam Premier Income Trust
  (PPT).

The Trustees have determined that the mergers are in the best interests
of shareholders of each of these funds.  The funds involved in each
merger have similar investment objectives and strategies.  It is
currently expected that the mergers will result in lower expenses for
shareholders of each fund without altering the surviving funds' key
investment objectives and strategies.  It is also currently expected
that the mergers will be tax-free transactions.  Of course, there can be
no assurance of the tax treatment of the mergers, or that the expected
benefits of the mergers will be realized.

In addition, the Trustees have called joint meetings of shareholders of
Putnam Premier Income Trust and Putnam Master Income Trust and of Putnam
High Income Bond Fund and Putnam High Income Opportunities Trust to
consider the mergers.  At their joint meeting, shareholders of each of
Putnam Premier Income Trust and Putnam Master Income Trust will consider
the following proposal:


* Approving an Agreement and Plan of Reorganization and the transactions
  contemplated thereby, including the transfer of all of the assets of
  Putnam Master Income Trust to Putnam Premier Income Trust in exchange
  for the issuance and delivery of shares of beneficial interest of Putnam
  Premier Income Trust and the assumption by Putnam Premier Income Trust
  of all of the liabilities of Putnam Master Income Trust, and the
  distribution of such shares to the shareholders of Putnam Master Income
  Trust in complete liquidation of Putnam Master Income Trust.

At their joint meeting, shareholders of each of Putnam High Income Bond
Fund and Putnam High Income Opportunities Trust will consider the
following proposal:

* Approving an Agreement and Plan of Reorganization and the transactions
  contemplated thereby, including the transfer of all of the assets of
  Putnam High Income Opportunities Trust to Putnam High Income Bond Fund
  in exchange for the issuance and delivery of shares of beneficial
  interest of Putnam High Income Bond Fund and the assumption by Putnam
  High Income Bond Fund of all of the liabilities of Putnam High Income
  Opportunities Trust, and the distribution of such shares to the
  shareholders of Putnam High Income Opportunities Trust in complete
  liquidation of Putnam High Income Opportunities Trust.

Each joint shareholder meeting has been scheduled for Thursday, January
13, 2005 at 11:00 a.m. at the offices of the funds, One Post Office
Square, Boston, MA 02109.  The close of business on Friday, October 22,
2004 has been fixed as the record date for each joint shareholder
meeting.

The completion of each merger is subject to significant conditions,
including final review by the Securities and Exchange Commission and
approval by shareholders of each fund at the joint shareholder meetings.
There can be no assurance that the mergers will be completed.


Putnam High Income Bond Fund:  (Net assets of approximately $116 million
as of September 30, 2004).  The fund seeks to provide high current
income as a primary objective and capital appreciation as a secondary
objective and invests, under normal circumstances, at least 80% of its
net assets in fixed income securities (including debt instruments,
convertible securities and preferred stock) rated below investment grade
(e.g., below BBB/Baa) by at least one nationally recognized rating
agency (or nonrated securities Putnam Management believes are of
comparable credit quality).  The fund is currently managed by David L.
King (portfolio leader), George P. Maris, Robert L. Salvin, and the
Putnam large cap value and core fixed-income high yield teams.  Assuming
completion of the merger, the combined fund will have over $180 million
in assets.

Putnam High Income Opportunities Trust:  (Net assets of approximately
$73 million as of September 30, 2004).  The fund seeks to provide high
current income as a primary objective and capital appreciation as a
secondary objective and invests, under normal circumstances, at least
80% of its net assets in fixed income securities (including debt
instruments, convertible securities and preferred stock) rated below
investment grade (e.g., below BBB/Baa) by at least one nationally
recognized rating agency (or nonrated securities Putnam Management
believes are of comparable credit quality).  The fund is currently
managed by David L. King (portfolio leader), George P. Maris, Robert L.
Salvin, and the Putnam large cap value and core fixed-income high yield
teams.

Putnam Premier Income Trust:  (Net assets of approximately $1 billion as
of September 30, 2004).  The fund seeks to provide high current income
and pursues this investment objective through asset allocation across
three different fixed-income sectors: U.S. investment grade, high yield,
and international securities.  The fund is currently managed by D.
William Kohli (portfolio leader), David Waldman (portfolio member), and
the Putnam core fixed income team.  Assuming completion of the merger,
the combined fund will have over $1.3 billion in assets..

Putnam Master Income Trust:  (Net assets of approximately $387 million
as of September 30, 2004).  The fund seeks to provide high current
income consistent with preservation of capital and pursues this
investment objective through asset allocation across three different
fixed-income sectors: U.S. investment grade, high yield, and
international securities.  The fund is currently managed by D. William
Kohli (portfolio leader), David Waldman (portfolio member), and the
Putnam core fixed income team.


About Putnam Investments:  Founded in 1937, Putnam Investments is one of
the nation's oldest and largest money management firms.  As of September
30, 2004, Putnam managed $209 billion for approximately 11 million
individual shareholders accounts and 500 institutional clients.  Putnam
has headquarters in Boston and offices in London and Tokyo.  For more
information, go to www.putnaminvestments.com

                               ###

Note:  The foregoing is not an offer to sell, nor a solicitation of an
offer to buy, shares of any fund, nor is it a solicitation of a proxy.
To receive a free copy of the prospectus/proxy statement relating to a
proposed merger (which contains important information about fees,
expenses and risk considerations) after a registration statement has
been filed with the SEC and becomes effective, please call
1-800-255-1581.  The prospectus/proxy statement will also be available
without charge on the SEC'S website (www.sec.gov).  Read the
prospectus/proxy statement carefully before making any investment
decisions.

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