Press release

PUTNAM INVESTMENTS NAMED RETIREMENT LEADER OF THE YEAR

Honored with Inaugural Award for Raising the Bar in Retirement Industry

BOSTON, April 8, 2011 Putnam Investments was named the inaugural recipient of the “Retirement Leader of the Year” award last night at the 18th annual Mutual Fund Industry Awards in New York.* Putnam was recognized 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.

“We are honored to be the first–ever recipient of this award,” said Robert L. Reynolds, president and chief executive officer of Putnam Investments. “There is an increasing need across the retirement savings industry — for plan sponsors, 401(k) participants, advisors and consultants, as well as policy makers, and importantly, plan providers — to define ways to help working Americans prepare financially for a dignified and sustainable high-quality retirement. While the entire Putnam family is pleased to have its efforts in this area recognized on such a prominent stage, we will continue to use all of our resources and capabilities each day to help solve this national challenge.”

Since Reynolds joined Putnam in July 2008, Putnam has announced a series of actions designed to have positive, long–term impact on the retirement market. Most recently, Putnam shared plans to offer a unique suite of income–oriented mutual funds that shift the focus from asset accumulation to asset distribution, to address changing financial needs throughout an individual’s retirement. The funds, working in tandem with a retirement income planning tool, will aim to help advisors guide their clients, who are in or near retirement, in developing strategies for monthly income flows, based on varying levels of risk tolerance.

Advocacy For A Stronger Workplace Savings System
Reynolds has long been an outspoken advocate for reforming and revitalizing the nation’s public and private retirement systems. He previously has called for universal adoption by workplace plans of auto–enrollment, savings escalation and guidance to wise asset allocation, all of which were authorized by the Pension Protection Act of 2006. He also has called for extending the benefits of workplace savings to workers who have no access to a job–based retirement plan through ideas such as an Auto–IRA payroll deduction proposal, and has called on Congress to adopt reforms to save Social Security.

A Commitment to 401(k) Innovation
In 2010, Putnam introduced a market–leading participant and plan sponsor web interface that has redefined the user experience and changed the lens by which participants view their retirement savings.

Lifecycle Funds Integrate Absolute Return Strategies
Putnam also enhanced products aimed at the retirement market such as the Putnam RetirementReady® Funds, the firm’s suite of 10 target–date/lifecycle retirement funds, which were the industry’s first suite of lifecycle funds to integrate absolute return strategies. By adding Putnam’s Absolute Return Funds, which seek positive returns of 1%, 3%, 5% or 7% above inflation over a period of three years with less volatility than has been associated with traditional asset classes that have earned similar rates of return, this suite of target–date/lifecycle funds can be especially effective for those in or near retirement.

*About the Awards
The Annual Mutual Fund Industry Awards, presented by Fund Directions and Fund Action, recognize the funds, fund leaders, marketers, trustees and independent counsel who stood out for their successes, achievements and contributions in 2010. Winners are chosen based on a number of factors including innovation, market impact, uniqueness of approach and how well they met other criteria established by the editors for their award category.

About Putnam Investments
Founded in 1937, Putnam Investments is a leading global money management firm with over 70 years of investment experience. The firm was recently named one of the top 15 mutual fund families by Lipper/Barron’s for the second consecutive year. At the end of March 2011, Putnam had $127 billion in assets under management, including mutual fund assets of $69 billion and institutional assets of $58 billion. Putnam has offices in Boston, London, Frankfurt, Amsterdam, Tokyo, Singapore and Sydney. For more information, visit putnam.com.

Putnam mutual funds are distributed by Putnam Retail Management.

Consider these risks before investing: Asset allocation decisions may not always be correct and may adversely affect fund performance. The use of leverage through derivatives may magnify this risk. Leverage and derivatives carry other risks that may result in losses, including the effects of unexpected market shifts and/or the potential illiquidity of certain derivatives. International investments carry risks of volatile currencies, economies and governments, and emerging-market securities can be illiquid. Bonds are affected by changes in interest rates, credit conditions and inflation. As interest rates rise, prices of bonds fall. Long-term bonds are more sensitive to interest-rate risk than short-term bonds, while lower-rated bonds may offer higher yields in return for more risk. Unlike bonds, bond funds have ongoing fees and expenses. Stocks of small and/or midsize companies increase the risk of greater price fluctuations. REITs involve the risks of real estate investing, including declining property values. Commodities involve the risks of changes in market, political, regulatory and natural conditions. Additional risks are listed in the funds’ prospectus.

Money market funds are not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other governmental agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in this fund.

Each RetirementReady Fund has a different target date indicating when the fund’s investors expect to retire and begin withdrawing assets from their account, typically at retirement. The dates range from 2010 to 2050 in five–year intervals, with the exception of the Maturity Fund, which is designed for investors at or near retirement. The funds are generally weighted more heavily toward more aggressive, higher–risk investments when the target date of the fund is far off, and more conservative, lower–risk investments when the target date of the fund is near. This means that both the risk of your investment and your potential return are reduced as the target date of the particular fund approaches, although there can be no assurance that any one fund will have less risk or more reward than any other fund. The principal value of the funds is not guaranteed at any time, including the target date.

The Lipper/Barron’s survey, published February 7, 2011, for the 2010 award period, ranked Putnam 14 out of 57 fund families with funds in five categories: general U.S. stock, global or international, mixed-asset, taxable bond and tax-exempt bond. Putnam Investments ranked 41 of 53 and 38 of 46 for the 5- and 10-year periods, respectively. The Lipper/Barron’s survey published February 1, 2010, for the 2009 award period, ranked Putnam Investments #1 and included 61 fund families with funds in the same five categories as above. Putnam ranked 43 of 54 and 46 of 48 for the 5- and 10-year periods, respectively. Only funds with at least one year of performance were included. Returns were calculated minus the effects of sales charges and 12b–1 fees. Rankings were asset weighted, so larger funds had a greater impact on a fund family’s overall ranking, and then weighted by category, with each category assigned a percentage. Past performance is not indicative of future results. For more information on the Lipper/Barron’s survey methodology, visit putnam.com. Barron’s is a registered trademark of Dow Jones & Company.

Request a prospectus, or a summary prospectus if available, from your financial representative or by calling Putnam at 1-800-225-1581. The prospectus includes investment objectives, risks, fees, expenses and other information that you should read and consider carefully before investing.