Company Press Release

BOSTON, Mass., December 2, 2008 — Putnam Investments announced today that two seasoned financial business leaders, Clare Richer and Andra Bolotin, are joining the firm as Senior Managing Director and Chief Financial Officer, and Managing Director and Controller, respectively.

"We are very pleased to add such experienced, top-quality leaders to our management group at Putnam," said the company's President and CEO Robert L. Reynolds. "I have known and worked with Clare and Andra for many years. Individually, and as a team, they bring us exceptional analytic and strategic skills."

"Clare will give us not only clear, actionable analysis of our financials, but fresh insights to shape our strategy for growing the company," said Mr. Reynolds. "Her deep knowledge of both asset management and the defined contribution business will add enormous value in the next phase of Putnam's evolution."

Ms. Richer brings more than 25 years experience at Fidelity Investments, where she held a series of key positions, including Chief Financial Officer from 2005 to 2007. Most recently, she served as Executive Vice President of Fidelity Management & Research Company. Earlier, she served as President of Fidelity Investments Life Insurance Company and as Chief of Investment Operations, Fidelity Management & Research Company. "Clare has broad, deep experience in businesses that will be central to Putnam's future," Mr. Reynolds said.

Ms. Bolotin, who will report to Richer, was most recently Senior Vice President and CFO, Developing Business Group and CFO of Fidelity HR Services. Previously, she rose through a series of executive roles with Polaroid Corporation to become that company's Treasurer. She began her career at IBM and McKinsey & Company from 1994 through 1997 and held a variety of executive roles at those companies. "Andra brings a management consultant’s strategy focus along with a strong grasp of asset management business’ financials." Reynolds noted. "She and Clare form a great team for us."

The new hires continue Reynolds' efforts to strengthen Putnam's top management and the results produced by its investment unit. Earlier this month, Putnam recruited Jeffrey R. Carney, previously President of Bank of America's Retirement and Global Wealth and Investment Client Solutions Group, to head its global marketing and product development. Recently, Reynolds announced a major restructuring of the company's equity investment unit, a renewed focus on individual fund manager accountability and a performance-linked compensation plan that ties fund managers’ bonuses to the results they deliver for clients.

"We are building a new leadership team here at Putnam," Mr. Reynolds says. "And we are also building a culture of excellence, meritocracy and results for clients. Challenging markets like those we’ve seen recently, create opportunities to develop fresh vision and find the leaders who will execute on it. That’s exactly what we’re doing."

About Putnam
Putnam Investments is a leading global money management firm with over 70 years of investment experience. As of November 30, 2008, Putnam managed $106 billion in assets, of which $56 billion is for mutual fund investors and $50 billion is for institutional accounts. Putnam has offices in Boston, London and Tokyo. For more information, go to www.putnam.com.