Press release

PUTNAM INVESTMENTS IS NAMED FIRST WINNER OF DALBAR’S NEW “TOTAL CLIENT EXPERIENCE” AWARD

DALBAR Cites Putnam for Excellence in Client Security, Processing and Information Accuracy

BOSTON, January 17, 2012Putnam Investments has received the first–ever “Total Client Experience” award from DALBAR Inc., the industry–leading financial services market research and consulting firm.

The new DALBAR award is multi–dimensional analysis of customer service that includes a more fine–grained assessment of a financial company’s ability to ensure client security than the firm’s traditional Service Awards, as well as processing and information accuracy.

“All of us at Putnam are delighted to be the first firm to earn this new recognition from DALBAR. After 22 years in a row of winning DALBAR's traditional Service Awards, it is gratifying to know that we have met the highly extensive assessment that the Total Client Experience award reflects,” explained Robert L. Reynolds, President and Chief Executive Officer, Putnam Investments. “We’re very proud of our Putnam team professionals who offer our clients and shareholders the finest service in the industry and uphold our commitment to this core component of our business.”

The DALBAR Total Client Experience Award supplements DALBAR Inc.’s traditional Service Awards. The new Total Client Experience awards will be given annually — based on rigorous, systematic and yearlong testing of customer service that goes beyond assessing professionalism to also evaluate three key deliverables:

  • Security — Measuring strict but client–friendly processes for verifying clients’ identity before disclosing any confidential information
  • Processing Accuracy — Measuring the efficient completion of processes needed to meet clients’ requests correctly
  • Information Accuracy — Measuring the correctness and completeness of all information provided to clients

“We welcome the broader recognition that the Total Client Experience represents,” said Putnam’s Chief of Operations, Steven Krichmar. “It reflects the goals we have always set for ourselves, by utilizing highly talented and dedicated customer service professionals, combined with thoughtful, efficient processes and leading technology, to provide the most satisfying client experience possible.”

About DALBAR
DALBAR, Inc., the nation's leading financial services market research and consulting firm, is committed to raising the standards of excellence in the financial services industry. With offices in both the US and Canada, DALBAR develops standards for, and provides research, ratings and rankings of intangible factors to the mutual fund, broker/dealer, life insurance, property and casualty, and managed account industries. Measurements include investor behavior, customer satisfaction, service quality, communications, Internet services and financial professional ratings.

About Putnam Investments
Founded in 1937, Putnam Investments is a leading global money management firm. At the end of November 2011, Putnam had $117 billion in assets under management, including mutual fund assets of $60 billion and institutional assets of $57 billion. Putnam has offices in Boston, London, Frankfurt, Amsterdam, Tokyo, Singapore and Sydney. For more information, visit http://www.putnam.com. Putnam mutual funds are distributed by Putnam Retail Management.

Investors should carefully consider the investment objectives, risks, charges, and expenses of a fundbefore 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.

Putnam Retail Management