Press release

PUTNAM INVESTMENTS’ “RISING STAR” PGA TOUR PARTNER, KEEGAN BRADLEY, WINS BYRON NELSON CHAMPIONSHIP

Golfer’s First Tour Victory is a “Powerful Statement about the Connection Between Effort, Dedication and Resulting Performance,” Says Putnam CEO Reynolds

BOSTON, May 31, 2011 Along with millions of golf fans nationwide, Putnam Investments watched its newly signed marketing partner, PGA Tour rookie Keegan Bradley, win his first Tour event of his young career in a thrilling sudden-death playoff on Sunday at the prestigious Byron Nelson Championship.

Putnam had signed a multi-year marketing partnership several weeks ago with the Hopkinton, Massachusetts-raised Bradley. As part of the sponsorship, Bradley will participate in a broad-based marketing program that will include a series of clinics in Putnam’s top markets and brand development opportunities globally. Terms of the partnership have not been disclosed.

“Putnam Investments is extraordinarily proud to be a primary sponsor of Keegan Bradley, a true rising star who made a powerful statement this past weekend about the connection between effort, dedication and resulting performance,” said Putnam Investments President and Chief Executive Officer Robert L. Reynolds.

“The entire Putnam family is thrilled to be associated with this winning effort and a tremendous young man, who embodies many of our firm’s values, such as understanding the benefit of hard work, maintaining a laser-like focus on performance and winning the right way,” Reynolds added. “Keegan will be an outstanding ambassador for Putnam in the U.S. and abroad, and we salute his outstanding victory.”

Bradley, who has deep roots in the Greater Boston area, is currently second among rookies on the PGA Tour money list, in 19th place.

In discussing the Byron Nelson Championship and his association with Putnam Investments, Bradley said, “I have been dreaming of winning on Tour all my life, but it never looked like it did Sunday. Winning in a playoff was a great thrill for me, and I’m proud to share it with my family and my hometown team, Putnam Investments. I’m looking forward to many more victories to come for all of us.”

Reynolds indicated that the partnership with Bradley is the latest in Putnam’s broader marketing strategy to align its brand with sports that resonate with the firm’s advisor, institutional and investor audiences, and to support those partnerships by engaging specific athletes who best personify Putnam’s results-oriented philosophy.

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.

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.