Press release

PUTNAM INVESTMENTS EXPANDS RETIREMENT SALES TEAM

Additional Coverage in Key Advisor Markets with Plans to Further Increase Staff in 2012

BOSTON, January 25, 2012Putnam Investments today announced that it is continuing to expand its advisor-focused defined-contribution sales team in an effort to more deeply serve the marketplace and meet a growing demand from 401(k) sponsors and their advisors. The firm indicated that additional hires are expected in the sales and service areas in the months ahead.

Steven McKay joins Putnam from Hartford Retirement Services and will serve as Regional 401(k) Sales Director for New England and Upstate New York. Also, Joseph Kaplan, previously with ADP Retirement Services, has been hired as Regional 401(k) Sales Director for New York City and surrounding areas, as well as New Jersey. McKay and Kaplan will be based in Boston and New York City, respectively, and report directly to James Brockelman, National Sales Manager, Advisor Sold Defined Contribution, Putnam Investments. McKay replaces Meredith Wolff, who was recently promoted to 401(k) National Accounts Manager, covering strategic broker-dealer relationships. Kaplan fills a newly created territory in New York and New Jersey.

Additionally, Ryan Tolmie, a 13-year Putnam veteran who was formally the lead 401(k) sales team specialist, has been promoted to Regional 401(k) Sales Director for a newly created territory covering Arizona, New Mexico, Utah, Colorado, Wyoming and Nebraska. Tolmie, based in Boston, will also report to Brockelman.

“As we continue to build out all aspects of Putnam’s 401(k) business in response to market demand for comprehensive, yet highly innovative retirement savings offerings, we think there is clearly an opportunity to have a deeper presence in key markets around the country to serve the growing needs of plan sponsors and their advisors,” said Edmund F. Murphy, III, Head of Defined Contribution, Putnam Investments.

“We have been extremely pleased with the marketplace response to Putnam’s effort to bring maximum value to advisors and the plan sponsor community, while significantly strengthening the 401(k) participant experience,” explained Murphy. “We seek to distinguish ourselves with competitive investment solutions, award-winning service, initiatives around fee transparency, and a results-oriented approach to driving participation and contribution levels — all aimed at influencing more successful retirement outcomes.”

Murphy indicated that the firm continues to actively recruit talent to deliver “the full Putnam retirement experience” to advisors, clients and prospective clients, and expects additional hiring in all facets of its defined contribution organization. In particular, Murphy noted that the firm is aggressively bolstering its internal sales desk and key service roles.

McKay joins Putnam after a four-year career at Hartford Retirement Services, where he was most recently Divisional Vice President, Northeast Divisional Sales Manager. McKay previously spent 15 years with MFS Retirement Services, where he served in a number of sales and management functions including a ten-year role as 401(k) Sales Director for the Northeast, one of the leading sales territories for the firm.

Before joining Putnam, Kaplan was responsible for managing relationships with financial advisors and distribution partners in the New York metro region for ADP Retirement Services. Prior to ADP, Kaplan was Vice President, Regional Retirement Plan Specialist for RBC Wealth Management, where he provided consulting services and technical support between the firms national advisor network, plan sponsors and retirement service providers.

Putnam Investments and Retirement
Since Robert L. Reynolds became Putnam’s president and chief executive officer in 2008, the company has undertaken series of actions intended to have a positive, long-term impact on the retirement market, especially efforts to meet the needs of the 75 million baby boomers who are beginning to enter retirement. Putnam’s initiatives are designed to assist investors, financial advisors, retirement plan sponsors, consultants and others in achieving their goals.

In recognition of its efforts, Putnam was named the inaugural recipient of the “Retirement Leader of the Year” award at the 18th annual Mutual Fund Industry Awards in 2011. Putnam was honored for its leadership initiatives and innovative solutions in the workplace savings arena, including its efforts to sharpen the focus on retirement income and encourage the industry and policy makers to further strengthen the workplace savings system.

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 December 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 putnam.com.

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