Press release

PUTNAM INVESTMENTS NAMES TWO INDUSTRY PROS TO SPEARHEAD GLOBAL EQUITY RESEARCH AND INTERNATIONAL EQUITY INVESTMENTS

Aaron Cooper and Shep Perkins to Deepen Firm’s Investments Leadership Team

BOSTON, July 26, 2011Putnam Investments today announced that it is further strengthening its equity investment and research teams with the appointment of two industry leaders to senior positions. Aaron M. Cooper has been named Director of Global Equity Research and Richard (“Shep”) Perkins has been named co-head of International Equities, and will partner with Putnam veteran Simon Davis. All three managers will report directly to Walter C. Donovan, Putnam’s Chief Investment Officer.

Cooper is charged with overseeing Putnam’s global equity research efforts, which have helped the firm generate strong performance results and lay a solid fundamental research foundation across its entire domestic and international equity platform. Additionally, Cooper will be named portfolio manager on Putnam Research Fund and Putnam Global Sector Fund, joining the analysts who are currently listed as portfolio managers on the funds.

Perkins will combine his extensive investment experience with London-based Simon Davis in furthering bolstering Putnam’s international equities unit. He will also be named portfolio manager of Putnam Global Equity Fund, along with existing portfolio manager, Darren Jaroch. 

Cooper and Perkins, both of whom will be based in Boston, previously held investment roles at Fidelity Investments.

“Over the past few years under Bob Reynolds’ leadership, Putnam has elevated its overall investment management process, operations and talent to deliver strong performance for institutional investors, financial advisors and their clients,” said Donovan. “The arrival of Aaron and Shep will only enhance our capabilities in key areas and further position our investments team for long-term success.”

The appointments come in the wake of growing recognition of Putnam’s performance turnaround over the past three years. In 2010, Putnam was the recipient of Institutional Investor’s Mutual Fund Manager of the Year.

Previously, Cooper was Managing Director of Research at Fidelity Investments from 2007  to 2011. He led the company’s cyclical team, and had covered cyclicals, media and health care as an analyst. He also formerly managed the Fidelity Advisor Health Care Fund, the Fidelity VIP Health Care Portfolio and the Fidelity Select Medical Equipment and Systems Portfolio. Cooper holds a B.A. degree in Economics from Harvard University.

Most recently, Perkins was the portfolio manager of the Fidelity Mid-Cap Stock Fund from 2005 to 2011. Prior to that, he was responsible for the Fidelity OTC Fund. Earlier, he was a research analyst at Donaldson, Lufkin & Jenrette, covering the chemical, health-care, telecommunications and technology sectors. He received a B.A. in Economics from Amherst College and is a CFA charterholder.

About Putnam Investments
Founded in 1937, Putnam Investments is a leading global money management firm with over 70 years of investment experience. At the end of June 2011, Putnam had $129 billion in assets under management, including mutual fund assets of $68 billion and institutional assets of $61 billion.  Putnam has offices in Boston, London, Frankfurt, Amsterdam, Tokyo, Singapore and Sydney. For more information, visit putnam.com.

Putnam mutual funds are distributed by Putnam Retail Management.

All funds involve risk, and you can lose money. See prospectus for details.

Investors should carefully consider the investment objectives, risks, charges, and expenses of a fund before investing. For a prospectus, or a summary prospectus if available, containing this and other information for any Putnam fund or product, visit the prospectus section, call your financial representative, or call Putnam at 1-800-225-1581. Please read the prospectus carefully before investing.