Press release

PUTNAM INVESTMENTS TO OFFER NEW RETIREMENT SHARE CLASSES TO QUALIFIED RETIREMENT PLANS

Firm Builds Upon Leading-Edge Fee Transparency by Making Multiple Share Classes Available to Retirement Plan Sponsors for Recordkeeping and Administrative Expenses

BOSTON, May 8, 2012 — As part of a continuing effort to provide the retirement plan marketplace with new levels of transparency and flexibility, Putnam Investments today announced that it will soon be launching two new share classes — R5 and R6 — to allow qualified retirement plan sponsors to separate investment management fees from recordkeeping and administrative fees for their plan participants. These new share classes are designed for Putnam's growing investment-only defined contribution business, and are also available to full–service recordkeeping clients

The expected launch of the new share classes for select funds this summer will be the latest step in a series of initiatives undertaken by Putnam over the past several years to dramatically increase the level of useful, actionable information and tools for advisors, retirement plan sponsors and participants to help them gain greater insight and potentially deeper levels of engagement. Putnam has been a leader in helping the retirement marketplace better understand the specific fees associated with workplace savings plans.

"We began this journey by seeking to empower consultants and advisors, plan sponsors and their participants by creating heightened levels of awareness about specific fee components related to their retirement plans,” said Edmund Murphy, Head of Defined Contribution, Putnam Investments. “In seeking to develop the strongest possible offering, the next logical progression is to provide a vehicle to act upon this information — and we expect the unbundling of fees through these new share classes to be well–received by the marketplace.”

“In our conversations with leading consultants and advisors, there is a growing interest in solutions that allow direct payment for all or a portion of administrative expenses,” said Murphy. Putnam funds are currently available on all major retirement recordkeeping platforms, and the additional share classes will initially be offered on the Putnam funds that are most widely used among its Defined Contribution clients.

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.

About Putnam Investments
Founded in 1937, Putnam Investments is a leading global money management firm with 75 years of investment experience. At the end of March 2012, Putnam had $124 billion in assets under management. 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.

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