Press release

PUTNAM INVESTMENTS STRENGTHENS RETIREMENT SALES TEAM WITH TWO INDUSTRY VETERANS

Michael Shamon and Daniel McDermott Appointed to Senior Roles at Putnam

BOSTON, May 4, 2011 — As part of a continuing effort to bring industry-leading talent to its retirement services team, Putnam Investments today announced that it has hired two respected industry veterans for senior positions in defined-contribution sales and client relations. Michael R. Shamon will be responsible for Putnam’s internal defined-contribution sales team, working with advisors and consultants nationally to support the sales of Putnam’s full-service and investment-only retirement businesses. Daniel E. McDermott will serve as relationship manager, focused on midsize to large retirement plans.

Shamon, who will report to National Sales Manager Jim Brockelman, joins Putnam from JPMorgan Asset Management in Boston, where he was Vice President, Client Advisor, in the firm’s Retirement Plan Services division. McDermott joins Putnam from Prudential Retirement in Hartford, Connecticut, where he was Vice President, Relationship Management, responsible for managing relationships for some of the firm’s largest clients. McDermott will report to Michael MacWade, Director of Defined Contribution Relationship Management.

“As Putnam continues to grow in the midsize to large plan defined-contribution market, we are expanding our base of senior professionals to address the needs of our clients. Mike and Dan are bringing their experience and depth of industry knowledge to a firm that is changing the retirement savings experience for participants and helping plan sponsors fulfill their duties at the highest possible level,” said Edmund F. Murphy, III, Head of Defined Contribution, Putnam Investments. “I’m particularly pleased that Mike and Dan, who both earlier in their careers held senior positions at Putnam, have decided to rejoin the firm’s efforts in this space — a further affirmation that Putnam is a force to be reckoned with in the retirement plan market.”

Before joining JPMorgan, where he consulted with retirement plan sponsors on investment strategies, fiduciary coverage and maximization of retirement value, Shamon held several positions of increasing responsibility over a nine-year period with Putnam Investments/Mercer HR Services. Earlier, he served as a Pension and TDA Coordinator for Harvard University and began his career as a defined-contribution plan administrator for NYL Benefit Services Company. A resident of Bedford, Massachusetts, Shamon holds a Bachelor of Arts degree in History from the Massachusetts College of Liberal Arts and an MBA degree from Nichols College. He also is a member of the Investment Management Consultants Association.

McDermott joins Putnam from Prudential Retirement, where he was responsible for sales and relationship management for some of the firm’s largest clients. Prior to that, he held several positions of growing responsibility in a 14-year career with Putnam’s defined-contribution unit, including serving as Vice President and Regional 401(k) Sales Director for the Midwest Region. A resident of Franklin, Massachusetts, McDermott received a Bachelor of Science degree in Business Administration from Plymouth State University.

Putnam Investments and Retirement
Since Robert L. Reynolds became Putnam’s president and chief executive officer in 2008, the company has undertaken series of actions intended to have a positive, long-term impact on the retirement market, especially efforts to meet the needs of the 75 million baby boomers who are beginning to enter retirement. Putnam’s initiatives are designed to assist investors, financial advisors, retirement plan sponsors, consultants and others in achieving their goals.

In recognition of its efforts, Putnam was recently named the inaugural recipient of the “Retirement Leader of the Year” award at the 18th annual Mutual Fund Industry Awards. Putnam was honored for its leadership initiatives and innovative solutions in the workplace savings arena, including its efforts to sharpen the focus on retirement income and encourage the industry and policy makers to further strengthen the workplace savings system.

About Putnam Investments
Founded in 1937, Putnam Investments is a leading global money management firm with over 70 years of investment experience. The firm was recently named one of the top 15 mutual fund families by Lipper/Barron’s for the second consecutive year. At the end of April 2011, Putnam had $130 billion in assets under management, including mutual fund assets of $71 billion and institutional assets of $59 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.

The Annual Mutual Fund Industry Awards, presented by Fund Directions and Fund Action, recognize the funds, fund leaders, marketers, trustees and independent counsel who stood out for their successes, achievements, and contributions in 2010. Winners are chosen based on a number of factors including innovation, market impact, uniqueness of approach and how well they met other criteria established by the editors for their award category.

The Lipper/Barron’s survey, published February 7, 2011, for the 2010 award period, ranked Putnam 14 out of 57 fund families with funds in five categories: general U.S. stock, global or international, mixed-asset, taxable bond, and tax-exempt bond. Putnam Investments ranked 41 of 53 and 38 of 46 for the 5- and 10-year periods, respectively. The Lipper/Barron’s survey published February 1, 2010, for the 2009 award period, ranked Putnam Investments #1 and included 61 fund families with funds in the same five categories as above. Putnam ranked 43 of 54 and 46 of 48 for the 5- and 10-year periods, respectively. Only funds with at least one year of performance were included. Returns were calculated minus the effects of sales charges and 12b-1 fees. Rankings were asset weighted, so larger funds had a greater impact on a fund family’s overall ranking, and then weighted by category, with each category assigned a percentage. Past performance is not indicative of future results. For more information on the Lipper/Barron’s survey methodology, visit putnam.com. Barron’s is a registered trademark of Dow Jones & Company.

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, call your financial representative or call Putnam at 1-800-225-1581. Please read the prospectus carefully before investing.