PMG Patriot Risk Management

Putnam Investments today announced preliminary results of issuer tender offers for 10% of the outstanding common shares of two closed-end funds: Putnam Master Intermediate Income Trust (NYSE: PIM) and Putnam Municipal Bond Fund (NYSE: PMG). The offers expired at 5:00 p.m. Eastern Time on July 11, 2007. The tender offer for each fund was oversubscribed, meaning that pursuant to the terms of the offers, which were commenced on June 4, 2007, each fund will repurchase the maximum number of shares covered by the offer (approximately 10% of its outstanding common shares) using the pro-ration procedures disclosed in the fund�s tender offer materials provided to shareholders. Below are preliminary results of the tender offers for these funds. Putnam Master Intermediate Income Trust Number of shares tendered and not withdrawn: 40,642,948 Shares tendered under a notice of guaranteed delivery: 655,045 Approximate percentage of common shares tendered: 45.19% Approximate per-share purchase price (98% of NAV as of July 11, 2007: $ 6.98 Number of shares expected to be repurchased: 9,138,976 � Putnam Municipal Bond Fund Number of shares tendered and not withdrawn: 4,834,027 Shares tendered under a notice of guaranteed delivery: 207,316 Approximate percentage of common shares tendered: 30.04% Approximate per-share purchase price (98% of NAV as of July 11, 2007: $ 13.02 Number of shares expected to be repurchased: 1,678,471 These results are approximate and preliminary and will be confirmed within five business days. The number of shares tendered and not withdrawn for each fund reflects shares properly tendered and excludes fractional shares tendered. The percentage of shares tendered includes those shares tendered pursuant to a notice of guaranteed delivery. Proceeds of the tender offer are expected to be mailed to shareholders beginning in the week of July 16, 2007. 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.