Press release

PUTNAM INVESTMENTS HONORED BY DALBAR FOR EXCELLENCE IN MUTUAL FUND SHAREHOLDER SERVICE

Putnam Receives DALBAR Service Award for the 22nd Consecutive Year

BOSTON, December 15, 2011Putnam Investments has received a DALBAR Service Award for providing outstanding service to shareholders of its mutual funds, the 22nd consecutive year Putnam has been honored by DALBAR for its service quality.

“The DALBAR Service Award is among the mutual fund industry’s most prestigious honors, and I am deeply pleased that, for the 22nd consecutive year, Putnam has been recognized for its outstanding service quality,” said Robert L. Reynolds, president and chief executive officer, Putnam Investments. “I am especially proud of the Putnam team members whose exceptional efforts, day in and day out, provide our clients and shareholders with excellent service in the industry, and I congratulate them on earning this highly respected award.”

The DALBAR Service Awards are given annually by DALBAR, Inc., a leading financial services market research and consulting firm. The awards are based on rigorous, systematic, and yearlong testing of customer service based on industry benchmarks, and indicate service that exceeds industry standards in the most important areas. Putnam has received DALBAR awards for providing the highest level of customer service to clients in each of the past 22 years, since 1990, reflecting service quality that is consistently among the highest in the industry.

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 United States 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 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.

Putnam Retail Management