[John Hill's letterhead]


PUTNAM LOGO
(Date)

Dear Shareholder:

You recently received a Prospectus/Proxy Statement and proxy card requesting
your vote on an important proposal affecting your investment in Putnam
Investment Grade Municipal Trust II ("Trust II"). Our records show that we have
not received your voting instructions.

The fund is asking for your vote on the following matter:

Approval of a proposed merger of Putnam Investment Grade Municipal Trust III
("Trust III") into Trust II. In this merger, the common shares of Trust III
would, in effect, be exchanged, on a tax-free basis, for common shares of Trust
II with an equal net asset value and the preferred shares of Trust III would, in
effect, be exchanged for preferred shares of Trust II with an equal aggregate
liquidation preference (face amount).

This matter is described in the Prospectus/Proxy Statement that was previously
mailed to you. If you need another copy of the Prospectus/Proxy Statement,
please call us at 1-800-225-1581 and we'll be glad to send it to you.

We have also included another copy of the proxy card and a business reply
envelope for your convenience. You may also vote via the Internet at
www.proxyweb.com/Putnam. Putnam Management and the Trustees believe that this
proposal is in the best interests of shareholders, and encourage you to vote FOR
the proposal. Your vote is important.

If you have any questions, please consult your financial advisor or contact a
Putnam customer service representative at 1-800-225-1581.

Sincerely,

/s/ John A.  Hill

John A. Hill



                                                  [John Hill's letterhead]


PUTNAM LOGO
(Date)

Dear Shareholder:

You recently received a Prospectus/Proxy Statement and proxy card requesting
your vote on important proposals affecting your fund investment in Putnam
Investment Grade Municipal Trust II ("Trust II"). Our records show that we have
not received your voting instructions.

The fund is asking for your vote on the following matters:

1. Approval of a proposed merger of Putnam Investment Grade Municipal Trust III
   ("Trust III") into Trust II. In this merger, the common shares of Trust III
   would, in effect, be exchanged, on a tax-free basis, for common shares of
   Trust II with an equal net asset value and the preferred shares of Trust III
   would, in effect, be exchanged for preferred shares of Trust II with an equal
   aggregate liquidation preference (face amount). This proposal is to be voted
   on by the common and preferred shareholders.

2. Approval of the authorization, creation and issuance of up to $60 million of
   additional preferred shares of Trust II. This proposal is to be voted on only
   by the preferred shareholders.

Each of these matters is described in the Prospectus/Proxy Statement that was
previously mailed to you. If you need another copy of the Prospectus/Proxy
Statement, please call us at 1-800-225-1581 and we'll be glad to send it to you.

We have also included another copy of the proxy card and a business reply
envelope for your convenience. Putnam Management and the Trustees believe that
these proposals are in the best interests of shareholders, and encourage you to
vote FOR each proposal. Your vote is important.

If you have any questions, please consult your financial advisor or contact a
Putnam customer service representative at 1-800-225-1581.

Sincerely,

/s/ John A.  Hill

John A. Hill



                                                  [John Hill's letterhead]


PUTNAM LOGO
(Date)
Dear Shareholder:

You recently received a Prospectus/Proxy Statement and proxy card requesting
your vote on an important proposal affecting your investment in Putnam
Investment Grade Municipal Trust III ("Trust III"). Our records show that we
have not received your voting instructions.

The fund is asking for your vote on the following matter:

Approval of a proposed merger of Trust III into Putnam Investment Grade
Municipal Trust II ("Trust II"). In this merger, the common shares of Trust III
would, in effect, be exchanged on a tax-free basis, for common shares of Trust
II with an equal net asset value and the preferred shares of Trust III would, in
effect, be exchanged for preferred shares of Trust II with an equal aggregate
liquidation preference (face amount).

This matter is described in the Prospectus/Proxy Statement that was previously
mailed to you. If you need another copy of the Prospectus/Proxy Statement,
please call us at 1-800-225-1581 and we'll be glad to send it to you.

We have also included another copy of the proxy card and a business reply
envelope for your convenience. You may also vote via the Internet at
www.proxyweb.com/Putnam. Putnam Management and the Trustees believe that this
proposal is in the best interests of shareholders, and encourage you to vote FOR
the proposal. Your vote is important.

If you have any questions, please consult your financial advisor or contact a
Putnam customer service representative at 1-800-225-1581.

Sincerely,

/s/ John A.  Hill

John A. Hill



                                                  [John Hill's letterhead]


PUTNAM LOGO
(Date)

Dear Shareholder:

You recently received a Prospectus/Proxy Statement and proxy card requesting
your vote on an important proposal affecting your investment in Putnam
Investment Grade Municipal Trust III ("Trust III"). Our records show that we
have not received your voting instructions.

The fund is asking for your vote on the following matter:

Approval of a proposed merger of Trust III into Putnam Investment Grade
Municipal Trust II ("Trust II"). In this merger, the common shares of Trust III
would, in effect, be exchanged on a tax-free basis, for common shares of Trust
II with an equal net asset value and the preferred shares of Trust III would, in
effect, be exchanged for preferred shares of Trust II with an equal aggregate
liquidation preference (face amount).

This matter is described in the Prospectus/Proxy Statement that was previously
mailed to you. If you need another copy of the Prospectus/Proxy Statement,
please call us at 1-800-225-1581 and we'll be glad to send it to you.

We have also included another copy of the proxy card and a business reply
envelope for your convenience. Putnam Management and the Trustees believe that
this proposal is in the best interests of shareholders, and encourage you to
vote FOR the proposal. Your vote is important.

If you have any questions, please consult your financial advisor or contact a
Putnam customer service representative at 1-800-225-1581.

Sincerely,

/s/ John A.  Hill

John A. Hill