Press release

PUTNAM INVESTMENTS AND THE KRAFT SPORTS GROUP ANNOUNCE LONG-TERM BRAND PARTNERSHIP FOR GILLETTE STADIUM

Investment Firm's Brand to be Integrated with the New England Patriots Offering Significant Regional and National Exposure
Two Historic Organizations Unite to "Redefine the Fan Experience"

Foxborough, MA June 28, 2011 — Putnam Investments and the Kraft Sports Group today announced a multi-faceted, multi-year marketing partnership. The new agreement carries broad awareness-building opportunities with high-profile branding of new and improved properties at Gillette Stadium. By teaming with the New England Patriots, Putnam will also receive significant local and national exposure through various forms of media. Financial terms of the agreement were not disclosed.

The long-term marketing partnership aligns Boston-based Putnam Investments, one of the nation's leading investment management firms, with the New England Patriots, one of the strongest and most recognizable brands in professional sports.

"Putnam Investments is proud to be associated with the New England Patriots, which has come to signify performance excellence and a winning tradition based on hard work, talent and a passion for teamwork," said Robert L. Reynolds, President and Chief Executive Officer, Putnam Investments. "Under the inspiring leadership of Robert and Jonathan Kraft, the New England Patriots have earned a reputation for success that is as powerful off the field as it is on. Together, we will make a very formidable team."

Commenting on the new agreement with Putnam Investments, Robert Kraft, Chairman of The Kraft Group said, "Joining forces with elite, New England-based companies as our naming rights partners has been a priority from the time we conceived of building the stadium. I have the utmost respect for Bob Reynolds and his team, who lead a well-regarded global money manager. We are proud and honored that Putnam Investments is our new marketing partner, and look forward to combining our two great brands for years to come."

Reynolds indicated that the new initiative represents the next step in Putnam's strategic marketing efforts by providing a regionally based, top-tier opportunity that is national in scope. "The broad reach of the National Football League, widely recognized as the nation's most popular sport, combined with the universal appeal of the New England Patriots, makes this an extraordinarily attractive sponsorship," he said.

Under Reynolds's direction, the firm has engaged in key talent acquisition to augment existing capabilities, rebuilt Putnam's equity and research investment platforms, bolstered its retirement business, enhanced its technology and revitalized the brand of the nearly 75-year-old company.

Redefining the Fan Experience
A key element of the new partnership will be to help redefine and elevate the fan experience through use of leading technology, social media and greater levels of connectivity, which will be wrapped in Putnam branding. The new concepts are a result of the close working relationship of Putnam and the Kraft Sports Group, and will be unveiled this fall.

One of the primary features will be the Putnam Club, consisting of two 60,000-square-foot indoor club spaces, that will serve as the game-day home of more than 6,000 club seat holders. The Putnam Club will have a highly contemporary look and feel, providing enhanced views of the field from indoors. New high-resolution digital signage will deliver a more informative and entertaining fan experience, while interactive messaging throughout the facility ties the rich history and culture of the Putnam brand with the New England Patriots organization.

The Putnam Club is scheduled to officially open in September, when additional details will be announced.

About the Kraft Sports Group
The Kraft Sports Group, headquartered in Foxborough, MA, is the sports and entertainment division of The Kraft Group, the holding company for the Kraft family's various business interests. Kraft Sports Group properties include the three-time Super Bowl Champion New England Patriots, Major League Soccer's New England Revolution and Gillette Stadium, New England's premier venue for sports, concerts and special events. For more information, please visit www.thekraftgroup.com/sports_entertainment.

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 May 2011, Putnam had $129 billion in assets under management, including mutual fund assets of $70 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 funds are distributed by Putnam Retail Management.

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.