Company Press Release

Putnam Announces New Fixed Income Leadership Team William Kohli, Michael Salm and Paul Scanlon Named Co-Heads of Firm’s Fixed Income Team BOSTON--Putnam Investments today announced that it has created a new leadership structure to sustain high performance in its fixed income investment operations and provide solutions for clients and investors. Effective today, D. William Kohli, Michael V. Salm, and Paul D. Scanlon — all industry veterans who have a combined 40+ years of experience at Putnam — will co-head the firm's fixed income team of over 60 investment professionals, who manage nearly $60 billion.

Kohli, Salm, and Scanlon, who will report directly to Walter C. Donovan, Chief Investment Officer, previously served as team leaders for Portfolio Construction and Global Strategies, Liquid Markets, and U.S. High Yield, respectively. Rob Bloemker, who has led the firm's fixed income team since late 2007, has decided to leave Putnam Investments. Bloemker, who moved to the West Coast two years ago with his family, has been operating as leader of the fixed income team on a bicoastal basis. He will remain at Putnam through a transition period.

"Over the years, Putnam has built a comprehensive fixed income capability driven by an extraordinarily deep and talented team who have worked together, in many cases, for well over ten years and have produced consistently solid results for institutions, advisors and shareholders," said Robert L. Reynolds, president and chief executive officer, Putnam Investments. He noted the “unusual breadth of expertise” in areas such as investment-grade and high-yield credit, liquid markets, structured credit, emerging-market debt, money markets, portfolio construction and tax-exempt securities.

"We expect our fixed income sector specialists, under the leadership of Bill, Michael and Paul — and ultimately, CIO Walter C. Donovan — to continue their superb, differentiating work, and even further elevate Putnam’s presence in the marketplace," added Reynolds.

In discussing the new team structure, Donovan said, “We believe that expanding the top leadership ranks of our fixed income platform will allow each of its sector specialist teams to have even greater focus, direction and strategic coordination, resulting in even stronger offerings to clients as we move forward. I look forward to working more closely with Bill, Michael and Paul, three proven investment leaders, to take this critical part of our business to the next level.”

Donovan explained that the Putnam fixed income investment group has used a team-managed approach with regard to its array of products, given the interdisciplinary expertise needed on many of the more sophisticated solutions. Following the transition period, portfolio management responsibilities previously undertaken by Bloemker will be assumed by other members of the respective product teams, including Kohli, Salm and Scanlon.

"Putnam Investments is grateful to Rob Bloemker for his many contributions to the firm," Donovan noted. "We wish him well in all future endeavors and look forward to working with him during this transition period."

In commenting on his career at Putnam, Bloemker said, "It has been an honor working with such an incredibly talented and dedicated group of investment professionals. As I move forward with the next chapter, I am confident that investors will continue to be in superb hands when investing in fixed income with Putnam Investments."

Kohli, who has been in the investment industry for nearly 25 years, joined Putnam in 1994. He has been a team leader of the Portfolio Construction Team within the Core Fixed Income group, specializing in global and non-U.S. multi-sector mandates. Kohli is also a portfolio manager of Putnam Global Income Trust, Putnam Diversified Income Trust, Putnam Absolute Return 100 Fund, Putnam Absolute Return 300 Fund, Putnam Premier Income Trust and Putnam Master Intermediate Income Trust.

Earlier, Kohli held co-director, Global Bond Team and senior portfolio manager roles at Franklin Advisors/Templeton Investment Counsel. He has a B.A. degree from University of California, San Diego, and an M.B.A. from University of California, Berkeley.

Salm, a nearly 20-year industry veteran, joined Putnam in 1997. A team leader of the Liquid Markets group, he is also a portfolio manager of Putnam Global Income Trust, Putnam U.S. Government Income Trust, Putnam American Government Income Fund, Putnam Income Fund, Putnam Absolute Return 100 Fund and Putnam Absolute Return 300 Fund.

Prior to arriving at Putnam, Salm held various investment, trading and research responsibilities at BlackRock Financial Management, Nomura Securities, Nikko Securities and Fitch Investor Services. He has a B.S. degree from Cornell University.

Scanlon, who has nearly 25 years of investment industry experience, joined Putnam in 1999. A team leader of the U.S. High Yield Fixed Income group, he is also a portfolio manager on Putnam Absolute Return 100 Fund, Putnam Absolute Return 300 Fund, Putnam Diversified Income Trust, Putnam Floating Rate Income Fund, Putnam Global High Yield Bond Fund, Putnam High Yield Advantage Fund, Putnam High Yield Trust, Putnam Master Intermediate Income Trust and Putnam Premier Income Trust.

Before joining Putnam, Scanlon was senior vice president at Olympus Health Care Group and senior analyst, fixed income at Fidelity Investments. He began his career as assistant treasurer, corporate finance at National Westminster Bank. Scanlon has a B.A. from Colgate University and a M.B.A. from University of Chicago. He is a CFA charterholder.

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 January 2011, Putnam had $123 billion in assets under management, including mutual fund assets of $68 billion and institutional assets of $55 billion. 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.