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PIM News Putnam Fund Trustees Recommend Against Conversion of Three Closed-End Funds to Open-End Status at 2007 Annual Meetings

BOSTON--(BUSINESS WIRE)--Putnam Investments announced today that the Trustees of the Putnam Funds have voted to recommend that shareholders of each of Putnam High Income Securities Fund (NYSE: PCF), Putnam Master Intermediate Income Trust (NYSE: PIM) and Putnam Premier Income Trust (NYSE: PPT) vote, at the funds’ upcoming annual shareholder meetings, against converting the funds to open-end investment companies.

These three funds and Putnam Tax-Free Health Care Fund (NYSE: PMH) will hold their annual meetings of shareholders at 11:00 a.m. on January 11, 2007 at the offices of the funds. The agenda for the meeting will also include the election of nominees for Trustees of each fund; for Putnam Tax-Free Health Care Fund, the election of Trustees is the only item on the agenda. A proxy statement containing more detailed information about the annual meeting and the Trustees’ recommendations will be mailed to fund shareholders in advance of the annual meeting and filed with the SEC. This announcement does not constitute a solicitation of a proxy by any shareholder.

In recommending against the conversion of Putnam High Income Securities Fund, Putnam Master Intermediate Income Trust and Putnam Premier Income Trust to open-end funds, the Trustees considered, among other factors, their belief that the closed-end structure affords the funds and their investors potential investment advantages not available to open-end funds.

Pursuant to provisions in the Agreement and Declaration of Trust of each of these three funds, conversion proposals are submitted to fund shareholders when the fund’s shares trade at average discounts of 10% or more from net asset value over the last 12 weeks of the fund’s fiscal year. Approval of a conversion proposal requires the vote of a majority of the fund’s outstanding shares.

The Trustees’ recommendation for the 2007 annual meetings is consistent with their recommendations for similar proposals voted on in previous years by shareholders of each of these funds and other Putnam closed-end funds. Shareholders of Putnam Master Intermediate Income Trust and Putnam Premier Income Trust last voted on a conversion proposal at the 2006 annual meetings, and shareholders of Putnam High Income Securities Fund last considered a conversion proposal at the 2005 annual meeting. In each case, fewer than 18% of fund shares were voted in favor of conversion. Shareholders of other Putnam closed-end funds likewise have consistently defeated conversion proposals by substantial margins.

To receive a free copy of the definitive proxy statement relating to the annual shareholder meeting after the proxy statement has been filed with the SEC, please call 1-800-225-1581. The proxy statement will also be available without charge on the SEC's website (www.sec.gov). Read the proxy statement carefully before submitting your proxy, as the proxy statement will contain important information about the matters to be voted upon.

About Putnam Investments: At Putnam Investments, our top priority remains prudently managing money for our more than 10 million individual and institutional investors worldwide. Since 1937, our values have been rooted in a profound sense of responsibility for the money entrusted to us. We use a research-driven team approach to seek consistent, dependable, superior investment results over time, although there is no guarantee a fund will meet its objectives. We are committed to doing what's right for investors, including maintaining stringent investor protections for every Putnam fund.

Founded in 1937, Putnam Investments is one of the nation’s oldest and largest money management firms. As of September 30, 2006, Putnam managed $182 billion in assets, of which $118 billion is for mutual fund investors and $64 billion is for institutional clients. Putnam has headquarters in Boston and offices in London and Tokyo. For more information, go to www.putnaminvestments.com.