Bob Reynolds gained another title at Putnam Tuesday as Charles 'Ed' Haldeman resigned his remaining three posts at the firm. The Boston-based asset manager confirmed that Haldeman, 60, just stepped aside as chairman of Putnam Investment Management and as president and board member of the Putnam Funds. The 57-year-old Reynolds, already CEO and president, succeeds Haldeman as president of the funds.

Ed Haldeman

Haldeman, who took over Putnam Investments as president and CEO in 2003 in the wake of the market timing scandals, already passed those two mantles to Reynolds last year.

"Ed Haldeman helped to create a strong base from which we plan to grow this company in the coming years," stated R. Jeffrey Orr, president and CEO of Power Financial. (Power acquired Putnam in 2007, when Haldeman was at the helm.) "His commitment to integrity was vital in strengthening Putnam, and his contributions are much appreciated."

"His [Haldeman's] steady leadership helped to keep the company on course," Reynolds agreed. "I�d like to thank him on behalf of the entire Putnam organization for his years of dedicated service to the company. We wish him the very best for the future."

Haldeman described the move as an opportunity for him "to advance to the next stage" of his career.

"It is now almost two and a half years since the sale of Putnam was announced," Haldeman stated. "Power Financial has been a great owner and continues to invest in the business. Bob Reynolds is doing a great job as CEO."

Company Press Release

BOSTON, June 30, 2009 � Putnam Investments announced today that Charles E. �Ed� Haldeman, Jr., will step down from his positions as Chairman of Putnam Investment Management, LLC, President of the Putnam Funds, and member of the Board of Trustees of the Putnam Funds, effective today.

Robert L. Reynolds, President and Chief Executive Officer of Putnam Investments and a Trustee of the Putnam Funds, will replace Haldeman as President of the Putnam Funds. The position of Chairman of Putnam Investment Management, LLC will not be replaced.

�Ed Haldeman joined Putnam Investments during some very challenging times, and his steady leadership helped to keep the company on course,� said Reynolds. �As he retires, I�d like to thank him on behalf of the entire Putnam organization for his years of dedicated service to the company. We wish him the very best for the future.�

R. Jeffrey Orr, President and Chief Executive Officer, Power Financial Corporation, said, �Ed Haldeman helped to create a strong base from which we plan to grow this company in the coming years. His commitment to integrity was vital in strengthening Putnam, and his contributions are much appreciated.� Orr and Haldeman worked closely to complete the 2007 acquisition.

Haldeman was named Chairman of Putnam Investment Management, LLC, the investment advisor for the Putnam Funds, in July 2008. Previously, he was President and Chief Executive Officer of Putnam Investments, a position he assumed in November 2003. In 2002�03, Haldeman served as Co-Head of the Investment Division of Putnam Investments. A member of the Putnam Funds� Board of Trustees since 2004, Haldeman was named President of the Putnam Funds in 2007.

�When we agreed to sell Putnam to Power Financial Corporation in January 2007, I committed to stay at Putnam until June 30, 2008,� said Haldeman. �My agreement was extended, and it is now almost two and a half years since the sale of Putnam was announced. Power Financial has been a great owner and continues to invest in the business. Bob Reynolds is doing a great job as CEO. This is a good time for me to advance to the next stage of my career. I�ll always be grateful for the opportunity to have worked with so many dedicated and talented professionals.�

Before joining Putnam Investments in 2002, Haldeman served as Chief Executive Officer of Delaware Investments, and earlier as President and Chief Operating Officer of United Asset Management. Prior to these positions, he was a partner and director of the investment management firm of Cooke & Bieler, Inc.

Haldeman currently serves as Chairman of the Board of Trustees of Dartmouth College. He also serves on the Harvard Business School Board of Dean�s Advisors, the Partners HealthCare Investment Committee, and the Executive Committee of the Boston Chamber of Commerce. He formerly served on the Board of Governors of the Investment Company Institute.

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 May 2009, Putnam had $102 billion in assets under management. Putnam has offices in Boston, London, Tokyo, Singapore, and Sydney. For more information, visit putnam.com.

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