Press release

PUTNAM INVESTMENTS NAMES STEPHEN JENKS TO LEAD PRODUCT AND MARKETING EFFORTS FOR DEFINED CONTRIBUTION BUSINESS

Industry Pro Joins 401(k) Provider Working to Redefine the Participant Experience

Additionally, Meredith Wolff Named a Defined Contribution Account Manager

BOSTON, October 31, 2011 — As it continues to further build its presence in the 401(k) market, Putnam Investments today announced the hiring of retirement industry veteran Stephen Jenks as Head of Product and Marketing for its Defined Contribution business. In his new role, Jenks will focus on the positioning and expanded delivery of Putnam’s full-service and investment-only retirement offerings to the marketplace, a key priority for the firm.

Based in Boston, Jenks will report directly to Edmund F. Murphy, III, Director, Defined Contribution Services, Putnam Investments. He joins the firm from Acceleration Retirement LLC, where he served as Chief Executive Officer and was a co-founder.

Commenting on Jenks’s hire, Murphy said, “Putnam has deepened its commitment to the defined contribution market during the past three years, and is transforming how plan sponsors and participants think about retirement savings. Steve’s leadership capabilities, entrepreneurial skills and experience working with the industry’s biggest players will help us continue to innovate and showcase Putnam’s full suite of 401(k) services and solutions.”

Reporting to Jenks will be: Peter Kapinos, senior retirement product marketing manager; David Glickman, senior manager, product and strategy; Kristine Marzelli, manager, RFP services; Carmen Valentin-Hess, products and services associate; Julie Mahoney, manager, business analysis; and their respective teams.

Most recently, Jenks co-founded and served as chief executive officer of Acceleration Retirement LLC, a marketing outsourcing firm that partners with financial services companies and provides outsourced marketing and lead generation services. Prior, Jenks co-founded and served as managing director of a registered investment advisory firm, Stable Two Financial LLC, providing 401(k) plan consulting services to midsized-large plan sponsors.

Earlier, Jenks held several senior positions during a 16-year career at Fidelity Investments, including serving as senior vice president of marketing with responsibility for supporting a variety of business-to-business sales channels in the firm’s Institutional Retirement Services Company. Jenks also served as chief marketing officer of the Emerging Corporate Market division, which sold and serviced retirement and payroll products, including 401(k) plans, to small and midsized companies. Jenks holds a Bachelors of Science degree in Business Analysis from the Kelley School of Business at Indiana University.

Additional Organizational Development
Murphy indicated that Meredith Wolff has been named a Defined Contribution national accounts manager, with responsibility for several important broker dealer relationships. In this new role, Wolff joins Christopher Doucet, a senior Defined Contribution national accounts manager, to further strengthen the firm’s national sales relationships. Both Doucet and Wolff report to James Brockelman, Defined Contribution national sales manager.

Previously Wolff served as Putnam’s regional 401(k) director for New England. The firm is expected to name a replacement shortly for the regional position. In addition to her Putnam experience, Wolff held industry roles with Principal Financial and Fidelity Investments.

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 helping America meet the retirement savings challenge 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.

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 August 2011, Putnam had $122 billion in assets under management, including mutual fund assets of $62 and institutional assets of $60. Putnam has offices in Boston, London, Frankfurt, Amsterdam, Tokyo, Singapore and Sydney. For more information, visit putnam.com.

Putnam Retail Management