Putnam Master Income Trust
(Securities Act Registration No. 33-18169;
Investment Company Act File No. 811-5375)

Putnam Premier Income Trust
(Securities Act Registration No. 33-37527;
Investment Company Act File No. 811-5452)


FOR IMMEDIATE RELEASE

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

PUTNAM ANNOUNCES TWO PROPOSED CLOSED-END FUND MERGERS

BOSTON, Massachusetts (September 13, 2004) - Putnam Investments today
announced that the Trustees of The Putnam Funds have approved in
principle the following two mergers of closed-end funds:

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

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

Putnam believes that the proposed mergers are in the best interests of
shareholders of each of these funds.  The funds under consideration for
merging have similar investment objectives and strategies.  It is
expected that the proposed mergers will result in lower expenses for
shareholders of each fund without altering the surviving funds' key
investment objectives and strategies.

It is 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.

The completion of each merger transaction is subject to significant
conditions, including final approval by the Trustees, review by the
Securities and Exchange Commission ("SEC"), and approval by shareholders
at meetings currently expected to be held in January 2005.  There can be
no assurance that the transactions will be completed.

Putnam High Income Bond Fund:  (Assets over $114 million as of July 31,
2004). The fund seeks to provide high current income by investing in a
portfolio of high-yielding convertible and nonconvertible bonds with the
potential for capital appreciation.  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 proposed merger, the fund will have over $180
million in assets.

Putnam Premier Income Trust:  (Assets over $992 million as of July 31,
2004). The fund seeks to provide high current income 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 proposed merger, the fund will have over $1.3 billion in assets.

About Putnam Investments:  Founded in 1937, Putnam Investments is one of
the nation's oldest and largest money management firms. As of August 31,
2004, Putnam managed $209 billion in assets, mutual fund assets were
$140 billion and institutional assets were $69 billion, for nearly 11
million individual shareholders accounts and 500 institutional clients.
Putnam has offices in Boston, 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.