Press release

PUTNAM INVESTMENTS TO PROVIDE DEEPER, DEDICATED RELATIONSHIP
MANAGEMENT TO BOTH WIRE HOUSES AND INDEPENDENT BROKER-DEALERS

BOSTON, February 1, 2012Putnam Investments today announced that it would be bringing added focus to distribution relationships with major wire houses and regional broker–dealers, through the creation of a new role dedicated to managing and expanding the firm's work with some of the largest brokerage firms across the nation. Concurrently, Putnam will seek to leverage increasing opportunity to grow its partnerships with the broader group of independent broker–dealer firms located throughout the United States.

In the firm's new role of Head of Strategic Accounts, James F. Bumpus will focus on managing relationships and developing new opportunities to serve the large wire houses and regionally based broker–dealers. Bumpus, who was previously Regional Director for the East Region, brings extensive broker–dealer experience to the new position, from both his nearly 13–year tenure at Putnam and earlier work in his career. He will report directly to William T. Connolly, Head of Global Distribution, Putnam Investments.

Equally significant, Mark L. Coneeny, will bring added concentration to the firm's opportunities to service and grow its work with independent broker–dealers, as well as banking institutions, both key intermediaries in the marketplace. In this role, he will continue to serve as Head of Relationship Management for Putnam Retail Management, managing a number of high–level responsibilities across all channels. Coneeny, a nearly 25–year veteran of Putnam, will continue to report directly to Connolly.

"Based on the evolving brokerage landscape and renewed interest in Putnam and its capabilities, we are extremely enthused about the prospects presented by both the traditional wire houses and independent firms to address some of the greatest challenges facing investment clients today," said Connolly. "Through our more dedicated focus by advisor channel, Putnam expects to be able to bring an even added level of depth to its relationships with distribution partners, in a manner that meets their specific practice management and client needs."

Connolly indicated that Dennis Corbett, who has been with the firm for over 14 years, will serve as Regional Director for the East Region, assuming Bumpus's previous position, and report to John P. Nickodemus, National Sales Manager, Putnam Retail Management. Further, Dan Shannon, who joined Putnam nearly five years ago, has been appointed Regional Marketing Director, replacing Corbett in the Southern New Jersey and Southeast Pennsylvania territory, and will report to Corbett in his new role.

"These moves are a vivid illustration of the professional development track that has been emphasized at Putnam for many years," noted Connolly. "It is also further validation of the benefit of creating a highly talented team built on a strong 'client–first' culture that values extensive ongoing training."

Expanded Wholesaling Team
In response to increasing market interest in investment solutions, product innovation and differentiated practice management offerings, Putnam expanded its retail distribution force in 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.

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 advisors 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 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.

Putnam Retail Management