Company Press Release

BOSTON, April 9, 2009 — Putnam Investments announced today that the industry's first suite of absolute return mutual funds, launched publicly on January 13 of this year, has already reached $149.6 million in assets under management as of March 31, 2009, the end of the first quarter. Over the 10 weeks since the absolute return funds were launched, more than 180 broker-dealer and investment advisory firms are offering the suite on their platforms and nearly 1,300 financial advisors have sold the funds.

"We are pleased that the target absolute return mutual funds have gotten off to such a strong start," said Putnam President and Chief Executive Officer Robert L. Reynolds. "The great reception that these funds have received shows that financial advisors and investors are eager for strategies that offer some hope of returns above zero with less volatility than market indices or the 'relative' return funds that chase them. What we're seeing here could be the beginning of a major new investment category."

The suite includes four mutual funds with specific targets, each geared to meet different investor needs and each investing in a different mix of assets. The Putnam Absolute Return 100 Fund, 300 Fund, 500 Fund and 700 Fund are designed to seek annualized total returns of 1%, 3%, 5%, or 7%, respectively, above inflation as measured by Treasury bills over a period of three years or more. Unlike relative return funds that measure themselves against market indices, Putnam’s absolute return funds are designed to provide positive returns over time, with less volatility than more traditional funds, whether markets are rising or falling.

The assets in the suite of absolute return mutual funds as of March 31, 2009 are:

• Putnam Absolute Return 500 Fund: $52.3 million
• Putnam Absolute Return 300 Fund: $45.1 million
• Putnam Absolute Return 700 Fund: $32.0 million
• Putnam Absolute Return 100 Fund: $20.2 million

The target absolute return funds have drawn particular interest from advisors whose clients are in or nearing retirement and are seeking a targeted total return for their portfolios with a high degree of transparency. "The absolute return fund suite is unique in that it enables financial advisors to achieve diversification and customize their clients’ portfolios without taking a onesize- fits-all approach," said Reynolds, "and that makes them appealing to investors and investment professionals alike."

The lead manager of the Putnam Absolute Return 100 Fund and the Putnam Absolute Return 300 Fund is Rob A. Bloemker, Managing Director, Head of Fixed Income. Jeffrey L. Knight, Managing Director, Head of Global Asset Allocation, is the lead manager of the Putnam Absolute Return 500 Fund and the Putnam Absolute Return 700 Fund.

About Putnam Investments
Founded in 1937, Putnam Investments is a leading global money management firm with over 70 years of investment experience. As of March 31, 2009, Putnam had $99 billion in assets under management. Putnam has offices in Boston, London, Tokyo, Singapore and Sydney. For more information, go to www.putnam.com.