Bob Reynolds Putnam Investments President and CEO

Company Press Release

Putnam Investments Launches Suite of Multi-Cap Equity Funds

Flexible Portfolio Parameters Remove Market Capitalization Constraints on Stock Picking

BOSTON, Sep 27, 2010 -- In the latest enhancement to its equity product line, Putnam Investments today announced that it has launched a suite of multi-cap equity funds that is designed to provide investors with exposure to the full array of U.S. stocks within the value, core/blend and growth style universes. Using the firm's robust stock-picking and fundamental research capabilities, each fund manager has the flexibility to invest in the stocks of companies within their style universe, regardless of the company's market capitalization.

Putnam's new multi-cap equity funds reflect the evolution of the company's approach in designing funds with flexible portfolio parameters that allow managers to more nimbly seize the best opportunities. The current fund launch follows a series of product grouping that have been introduced by Putnam in the past 18 months that are designed to help managers better seize opportunity in the current investment era, including Putnam Absolute Return Funds, Putnam Global Sector Funds, and Putnam Spectrum Funds.

"Putnam seeks to provide advisors a streamlined approach to investing across the broad universe of stocks within each style category. As a firm, we increasingly believe there is much opportunity to be gained for clients through vehicles that place less constraint on where good investments can be found," said Putnam Investments President and Chief Executive Officer Robert L. Reynolds.

"Our new multi-cap funds allow experienced managers to own what they believe to be the best opportunities within their style universe, no matter how big or small the company may be. In essence, they can build a portfolio of their best ideas," explained Reynolds.

The suite of Putnam multi-cap equity funds consists of the following:

Putnam Multi-Cap Core Fund (class a:PMYAX) is a new fund that seeks capital appreciation using a blend strategy, investing in both growth stocks and value stocks of small, midsize and large companies. The fund is managed by Gerard Sullivan, who also manages Putnam Investors Fund. Sullivan, who has 28 years of investment experience, joined Putnam Investments in 2008. Prior to joining Putnam, he was a Portfolio Manager for American Century Investments.

Putnam Multi-Cap Value Fund (class a:PMVAX) seeks capital appreciation by investing in value stocks of companies of all sizes. Formerly known as Putnam Mid Cap Value Fund, the fund's investment strategy was expanded to give the fund the flexibility to invest across all capitalization levels. The fund continues to be managed by James Polk, who has been Portfolio Manager since 2004. He joined Putnam in 1998 and is a CFA charterholder with 16 years of investment industry experience.

Putnam Multi-Cap Growth Fund (class a:PNOPX) seeks capital appreciation by investing in growth stocks of small, midsize and large companies. Formerly known as Putnam New Opportunities Fund, the fund has a new name to better reflect its investment strategy. In addition, this month, Putnam Vista Fund (also a growth fund) was merged into Putnam Multi-Cap Growth Fund. The fund is managed by Robert Brookby, who also manages Putnam Growth Opportunities Fund and has 11 years of industry experience. Prior to joining Putnam in 2008, Brookby served as Portfolio Manager of American Century Fundamental Equity Fund, a large- and mid-cap portfolio.

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 "Mutual Fund Manager of the Year" by Institutional Investor. At the end of August 2010, Putnam had more than $113 billion in assets under management. Putnam has offices in Boston, London, Frankfurt, Amsterdam, Tokyo, Singapore, and Sydney. For more information, visit putnam.com.

Putnam mutual funds are distributed by Putnam Retail Management.