Press release

PUTNAM INVESTMENTS BECOMES FIRST MUTUAL FUND COMPANY TO UTILIZE SMART PHONE CODES ON SHAREHOLDER STATEMENTS

Shareholders to Gain Access to Web Content by Scanning Paper Statements

BOSTON, September 7, 2011Putnam Investments, long recognized for its commitment to customer service excellence, today announced that it has become the first mutual fund company to enable shareholders to access its web content simply by scanning a code on their quarterly statements with a smart phone. The new codes were introduced in conjunction with delivery of Putnam's second-quarter 2011 statements to shareholders whose advisors maintain their customer accounts on the Putnam record-keeping system.

When shareholders use their smart phone to scan the code on the front of their statements, it automatically takes them to key sections of Putnam's website, including its "Manager Insights" section, where they can obtain access to expert commentary from Putnam's investment professionals on economic and market topics that potentially could affect their mutual funds.

"Investors, like most Americans, increasingly rely on their smart phones to access the information they need," said Bill Connolly, Head of Global Distribution, Putnam Investments. "We are committed to enabling our shareholders to access timely, relevant information through every means possible. The new codes are another highly effective way for Putnam to stay in close regular contact with its customers."

By introducing this feature to shareholder statements, Putnam has integrated the traditional paper version of shareholder statements with highly contemporary web tools and resources. This feature helps shareholders augment the information in their quarterly statements with content available on the Putnam website.

This feature will seek to encourage shareholders to adopt environmentally-friendly and cost-effective electronic delivery of future quarterly statements, providing faster, more streamlined access to their account information.

Putnam uses Microsoft Tag Reader, which can be used on a number of mobile devices, including iPhone, Android, Windows Phone 7, and BlackBerry. Microsoft Tag Reader can be downloaded at http://www.gettag.mobi/.

Putnam Investments has introduced advanced technologies for use by fund shareholders, their financial advisors, and other industry stakeholders. The recently announced Putnam PriceCheck&SaveSM iPhone application, for example, enables participants in 401(k) plans to use their iPhone camera to scan the bar code of most sales items to register price, comparison-shop across other retailers to seek a lower cost, see the potential cost savings in terms of future monthly income in retirement, and immediately direct the price differential into their 401(k) account.

Customer Service Track Record
Putnam has a deep and long-standing commitment to providing excellent customer service to its shareholders. In January, the firm was honored for the 21st consecutive year with a DALBAR Service Award for providing industry-leading service to shareholders and financial professionals. The DALBAR Service Award symbolizes the achievement of the highest tier of service to customers within the financial services industry and is awarded only to those firms that exceed industry norms in key service areas.

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 July 2011, Putnam had $129 billion in assets under management, including mutual fund assets of $66 billion and institutional assets of $63 billion. Putnam has offices in Boston, London, Frankfurt, Amsterdam, Tokyo, Singapore and Sydney. For more information, visit putnam.com.

Putnam PriceCheck&SaveTM is an interactive app designed for Putnam 401(k) plan participants. It uses a participant's current age, retirement age, investment mix, and probability of success to determine the potential impact of any current additional savings on monthly income in retirement, and allows participants to model different scenarios. All data are presented in today's dollars. Results do not represent actual payments.

IMPORTANT: The projections, or other information generated by the Putnam PriceCheck&Save app regarding the likelihood of various investment outcomes, are hypothetical in nature. They do not reflect actual investment results and are not guarantees of future results. The results may vary with each use and over time. The analyses present the likelihood of various investment outcomes if certain investment strategies or styles are undertaken, thereby serving as an additional resource to investors in the evaluation of the potential risks and returns of investment choices.

Each simulation takes into account the participant's investment mix and probability of success, as well as his or her age and retirement date. The app runs over 100 billion market simulations to provide a projection of the impact of any current additional savings on monthly income likely to be generated at retirement. The app cannot account for dramatic changes in a participant's personal situation, including unexpected expenses and other financial situations that may negatively affect one's estimated monthly income in retirement.

As a Putnam 401(k) plan participant, you are advised to consider other assets, income, and investment options, as well as your investment time horizon, income tax bracket, and risk tolerance when planning for specific investment goals. Other investments not considered may have characteristics similar or superior to those being analyzed. It is recommended that you consult a financial advisor for more information. It is important to note that the results from this tool are estimates based on what you input today. The results are not a guarantee of actual outcomes and will change as your inputs change.

Putnam is a winner of the 2011 DALBAR Mutual Fund Service Award, which is presented annually to firms that deliver industry-leading service to their customers, based on testing by DALBAR, an independent market research firm.

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.