Press release

PUTNAM INVESTMENTS CREATES IPHONE APP TO ENABLE SHOPPERS TO "IMPULSE SAVE" FOR RETIREMENT

Putnam PriceCheck&Save Application Allows Savings from Comparison Shopping to be Immediately Utilized in 401(k) Accounts to Help Boost Future Income in Retirement
Understanding the Important Relationship Between Spending Income and Saving Income — on Future Retirement Income

BOSTON, June 6, 2011Putnam Investments today announced that it is launching the Putnam PriceCheck&SaveSM iPhone application for participants in 401(k) plans to help individuals understand the important relationship between current consumer spending and the potential impact it can have on future income in retirement.

The app enables participants in Putnam 401(k) plans to use their iPhone camera to scan the bar code of most sales items to register price, comparison–shop across other retailers to seek a lower cost, see the potential cost savings in terms of future monthly income in retirement, and immediately direct the price differential to the individual’s 401(k) account.

“Putnam’s PriceCheck&Save app is a powerful new way to demonstrate the eye–opening trade–off between spending today and its future financial impact on an individual’s retirement — translated through the critically important language of income,” said Edmund F. Murphy, III, Head of Defined Contribution, Putnam Investments. “By using leading mobile technology, we are trying to change behavior from impulse spending to impulse saving — all with a few taps on an iPhone.”

Murphy explained that the larger educational effort motivating the launch of the tool is designed to showcase the harmonious present–day connection between thoughtful purchasing and the ability to save for the future, by looking through the lens of retirement income. ”Putnam is hoping to create greater understanding in the marketplace about the critically important relationship between individuals’ spending of current income and saving of current income on their future retirement income. Spending and saving do not need to be mutually exclusive activities,” he noted.

Continuing Focus on the Language of Income
Putnam’s proprietary Lifetime IncomeSM Analysis Tool helps advisors and their clients model how much monthly income their savings might generate in retirement and determine whether investors are on track to maintain their current lifestyle once they stop working. Early use by participants in Putnam–managed 401(k) plans shows that a significant number of employees changed their savings deferral rates.

At the end of December 2010, nearly 34 percent of 401(k) participants who interacted with the firm’s Lifetime IncomeSM Analysis Tool made changes to the amount of income they deferred to retirement savings; 80 percent of the changes were deferral increases; and the average savings rate increase was approximately 23 percent, from 7 percent of income to 8.6 percent. The figures are based on initial results*, which confirms the research that was instrumental in creating the tool, according to Putnam.

Putnam Investments and Retirement
Since Robert L. Reynolds, a 30–year retirement savings industry veteran, became Putnam’s President and CEO in 2008, the company has deepened its commitment to the retirement market and launched a series of innovations and initiatives to meet emerging customer needs. In recognition of its leadership in retirement savings, Putnam was named the inaugural recipient of the “Retirement Leader of the Year’ award at the 2011 annual Mutual Fund Industry Awards.

In addition to such initiatives as the Lifetime IncomeSM Analysis Tool, Putnam also has announced plans to launch a suite of income–oriented mutual funds that aim to help advisors work with retirees in developing strategies for monthly income flows, at varying levels of risk tolerance, to flexibly address their changing lifestyle financial needs throughout retirement.

Putnam RetirementReady® Funds, the firm’s suite of 10 target–date/lifecycle retirement funds, were the first suite of lifecycle funds to integrate Absolute Return Funds, which seek positive returns over a period of three years with less volatility than has been associated with traditional asset classes that have earned similar rates of return. Employed in retirement portfolios, Putnam Absolute Return Funds** are intended to pursue positive returns in up and down markets, to help protect against the harmful effects of adverse investment returns and to seek to reduce volatility.

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 mutual funds are distributed by Putnam Retail Management.

* Research is based on initial data gathered from the activity of 10,000 participants in Putnam defined contribution retirement plans, including nearly 3,000 participants that interacted with the Putnam Lifetime Income Analysis Tool at the end of December 2010.

**Putnam’s Absolute Return Funds are not intended to outperform stocks and bonds during strong market rallies.

IMPORTANT: The projections, or other information generated by the Lifetime Income Analysis Tool regarding the likelihood of various investment outcomes, are hypothetical in nature. They do not reflect actual investment results and are not guarantees of future results. The results may vary with each use and over time. The analyses present the likelihood of various investment outcomes if certain investment strategies or styles are undertaken, thereby serving as an additional resource to investors in the evaluation of the potential risks and returns of investment choices.

Each simulation takes into account the participant’s current plan balance and investment mix, as well as his or her age, income, retirement date, contribution rate, likely future savings, and estimated Social Security benefit. The tool runs over 50 billion market simulations to provide an estimate of a monthly income likely to be generated at retirement. The Lifetime Income Analysis Tool is an interactive investment tool designed for Putnam 401(k) participants to illustrate the estimated impact of a participant’s plan balances and projected savings on income in retirement. The tool does not take into account post-tax contributions to savings. It also cannot account for dramatic changes in a participant’s personal situation, including unexpected expenses and other financial situations that may negatively affect one’s estimated monthly income in retirement.

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. Putnam was one of four finalists for this retirement service award.

Consider these risks before investing: Asset allocation decisions may not always be correct and may adversely affect fund performance. The use of leverage through derivatives may magnify this risk. Leverage and derivatives carry other risks that may result in losses, including the effects of unexpected market shifts and/or the potential illiquidity of certain derivatives. International investments carry risks of volatile currencies, economies, and governments, and emerging–market securities can be illiquid. Stocks of small and/or midsize companies increase the risk of greater price fluctuations. REITs involve the risks of real estate investing, including declining property values.

Money market funds are not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other governmental agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in this fund.

Our allocation of assets among permitted asset categories may hurt performance. Funds that invest in government securities are not guaranteed. Mortgage–backed securities are subject to prepayment risk. International investing involves certain risks, such as currency fluctuations, economic instability, and political developments. Additional risks may be associated with emerging–market securities, including illiquidity and volatility. The use of derivatives involves special risks and may result in losses. For the 500 Fund and 700 Fund these risks also apply: REITs involve the risks of real estate investing, including declining property values. Investments in small and/or midsize companies increase the risk of greater price fluctuations. Growth stocks may be more susceptible to earnings disappointments, and value stocks may fail to rebound.

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.