Press release

PUTNAM INVESTMENTS RECEIVES AWARD FOR EXCELLENCE IN RETIREMENT PLAN COMMUNICATIONS

Firm Increasing Wholesaling Team By 20 Percent in 2011 through Ongoing Advancement of Internal Talent, External Hiring, and Use of a ‘Hybrid’ Role

BOSTON, November 30, 2011 — Putnam Investments continues to grow its team of wholesalers by an expected 20 percent or more in 2011 to further deepen relationships nationwide with major wirehouses, regional broker/dealers, insurance companies, banks, and independent brokerage houses as part of its comprehensive, multi-delivery support package to the advisor marketplace.

In response to increasing market interest in investment solutions, product innovation, and differentiated practice management offerings, Putnam has been building its retail distribution force throughout 2011 — and is expected to continue growth of the team in 2012 — by further strengthening its external wholesaling presence, bolstering internal client support, and, in select markets, utilizing professionals who serve in a hybrid role that combines a mix of internal-external capabilities.

“As we evaluate near-term and long-term market opportunity and look at how to be the best possible partner to client firms and advisors, we think it is critical to offer strong on-the-ground presence in key markets, highly knowledgeable and efficient telephone-based sales and advisor support, and customized, empowering web-based tools,” said Bill Connolly, Head of Global Distribution, Putnam Investments. “Our goal is to proactively offer solid solutions and best thinking to the retail marketplace, and also to be highly responsive to the needs and requests of our clients.”

Connolly explained, “The firm believes strongly in providing clients with a team-based wholesaling resource that offers valuable field-based support, along with all of the deep sales and service capabilities that advisors have long come to expect from the Putnam home-office, supplemented by a new financial advisor website, utilizing leading technology and online capabilities.”

At its core, Connolly indicated, the team is constructed through an extensive internal training program that works to eventually develop high-quality external wholesalers, augmented through the recruiting of industry talent, as needed. The firm seeks to continually maintain an even ratio of internal and external wholesalers to address the full array of marketplace needs that arise.

“Our overall wholesaling offering is designed to address the growing complexity of market needs, including greater demand than ever from advisors for differentiated investment solutions and help with key practice management elements, like product intelligence, wealth management insight, and broader investment thought leadership,” said Connolly. “We are seeking to field a wholesaling team and a marketplace resource that is second-to-none.”

Connolly noted that recently, as part of the team’s expansion, Putnam added new in-market wholesalers to represent the firm, including:

  • Bud Angelus, based in Chicago (joins from AllianceBernstein Investments; 16 years overall industry experience);
  • David Fischer, Michigan (SunAmerica; 7 years);
  • Dan Hemberger, Southern California (AllianceBernstein Investments; 16 years);
  • Linda Phelps, Dallas (Principal Fund Distributors; 26 years); and
  • Bryan Schwarz, Southern Illinois, Missouri, and Kansas (Lord Abbett & Co; 18 years).

John Nickodemus, National Sales Manager, Putnam Investments, said that with the addition of the new hires, the firm currently has 54 wholesalers in the marketplace, with approximately as many home-office based wholesaling professionals in place.

“The powerful combination of our knowledgeable internal wholesalers and web-based resources, along with a well-regarded slate of external wholesalers and a number of savvy ‘hybrid’ professionals, allows Putnam to help advisors navigate all market conditions and materially grow their business over time,” said Nickodemus. “We are confident that our team will continue to do an outstanding job of representing the breadth of product, powerful intellectual capital, and legacy of service excellence that has long come to define Putnam.”

In noting tremendous strides made by Putnam in working with the advisor-sold marketplace, Nickodemus pointed to a recent research report by kasina and Horsesmouth that indicated that during the past two years the firm has experienced a nearly 150 percent increase in advisors who identified themselves as “advocates” of Putnam’s wholesalers.

Putnam’s Commitment to Financial Advisors
Since Robert L. Reynolds became Putnam’s president and chief executive officer in 2008, the company has deepened its commitment to financial advisors and launched a series of innovations and initiatives to meet the emerging needs of advisors and their clients. Putnam has emphasized the use of technology, especially the web, to provide advisors with the tools and information they need to assist their clients.

As part of its evolving strategy to utilize leading technology and web-based capabilities to further help advisors and their clients achieve their financial goals, Putnam recently launched a new website dedicated to providing advisors with a dynamic, personalized experience. Among its many innovative features, the website, at www.putnam.com/advisor, allows for advanced, open-architecture portfolio modeling, to assist them in their work with clients.

About Putnam Investments
Founded in 1937, Putnam Investments is a leading global money management firm with over 70 years of investment experience. At the end of October 2011, Putnam had $121 billion in assets under management, including mutual fund assets of $61 billion and institutional assets of $60 billion. Putnam has offices in Boston, London, Frankfurt, Amsterdam, Tokyo, Singapore, and Sydney. For more information, visit putnam.com.

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 mutual funds are distributed by Putnam Retail Management.

Putnam Retail Management