[Putnam Investments logo and Letterhead]

                                              Putnam Managed High Yield Trust
                                   (Investment Company Act File No. 811-07658)

                                                      Putnam High Yield Trust
                                   (Investment Company Act File No. 811-02796)


FOR IMMEDIATE RELEASE

Contacts:
SHAREHOLDERS                     MEDIA
1-800-225-1581                   Sinead Martin - 617-760-8515

PUTNAM ANNOUNCES PROPOSED MERGER

BOSTON, Massachusetts (March 14, 2006) - Putnam Investments today announced
that the Trustees of The Putnam Funds have approved in principle merging
Putnam Managed High Yield Trust (NYSE: PTM), a closed-end fund, into Putnam
High Yield Trust, an open-end fund pursuing similar investment objectives
and strategies.  As of February 28, 2006, Putnam Managed High Yield Trust
had net assets of approximately $67 million, and Putnam High Yield Trust had
net assets of approximately $2.43 billion.

The completion of the merger transaction is subject to significant
conditions, including final approval by the Trustees, review by the
Securities and Exchange Commission (SEC), and approval by the shareholders
of Putnam Managed High Yield Trust.  There can be no assurance that the
transaction will be completed.

If the proposed merger is completed, the Trustees currently intend to impose
a redemption fee of up to 2%, for a period of time following completion of
the transaction, on redemptions of shares received in the merger.  This fee
would be retained by Putnam High Yield Trust to offset potential costs
associated with redemptions of shares issued in the merger soon after
completion of the merger.

Shareholders of Putnam Managed High Yield Trust will be asked to approve the
merger at a special meeting to be held later this year.  Further information
regarding the proposed merger, including the Trustees reasons for approving
it, will be included in a prospectus/proxy statement, which will be mailed
to shareholders of Putnam Managed High Yield Trust in advance of the special
meeting.  The previously-announced annual meeting of shareholders of Putnam
Managed High Yield Trust, which was scheduled for June 2006, has been
postponed pending voting on the proposed merger.

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 nations oldest and largest
money management firms.  As of February 28, 2006, Putnam managed $190
billion in assets, of which $126 billion is for mutual fund investors and
$64 billion is for institutional clients.  Putnam has headquarters in Boston
and offices in London and Tokyo.

                             # # #

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 the 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 1-800-225-1581.  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 decision.