Company Press Release

PUTNAM ANNOUNCES NEW GLOBAL ASSET ALLOCATION LEADERSHIP TEAM

Putnam GAA Veterans James Fetch, Robert Kea, Robert Schoen, and Jason Vaillancourt Named Co-Heads

BOSTON, February 1, 2013 — Putnam Investments today announced a new leadership structure for its Global Asset Allocation (GAA) investment organization, which manages specialized multi-asset class portfolios – for retail and institutional clients – that seek to generate efficient, risk-adjusted returns. Effective immediately, the team will be led by Co-Heads James Fetch, Robert Kea, Robert Schoen, and Jason Vaillancourt. All four Co-Heads are long-time Putnam GAA veterans, who average 22 years of overall investment experience, including a combined nearly 75 years of experience at Putnam.

Working closely with Walter C. Donovan, Chief Investment Officer at Putnam, the new leadership team will be responsible for overall strategy and positioning of the GAA products, which include asset and risk allocation, absolute return, and retirement and college savings. GAA’s 13-person group manages approximately $10 billion in assets for a variety of clients.

“It is rare in the asset management business to have such a finely tuned and exceptionally talented investment unit with a number of key team members having worked the markets together day-in, day-out for nearly 15 years, like Putnam’s GAA group,” said Donovan. “Under this strong leadership team, Putnam GAA will continue to provide a range of sophisticated, yet practical, investment strategies to both the institutional and retail marketplaces, designed to address some of the greatest financial challenges of our day.”

Consistent with the current approach, Fetch continues to lead portfolio construction and risk, Kea drives top-down equity efforts, Schoen oversees equity process and risk, and Vaillancourt manages global macro efforts. As a team, they will continue to manage the Putnam Absolute Return 500 Fund®, Putnam Absolute Return 700 Fund ®, Putnam Dynamic Asset Allocation Funds, Putnam Dynamic Risk Allocation Fund, Putnam Retirement Income Lifestyle Funds, Putnam RetirementReady® Funds, Putnam’s Total Return institutional portfolio, and portfolios within Putnam 529 for AmericaSM.

Jeff Knight, who previously led the group, has left the firm to pursue other opportunities.

Fetch, who has been in the investment industry for nearly 20 years, joined Putnam in 1994. He has a B.S. degree from the University of Notre Dame, and an M.B.A. from the University of Chicago.

Kea, a 25-year industry veteran, joined Putnam in 1989. He has a B.A. degree from the University of Massachusetts, Amherst, and an M.B.A. from Bentley College.

Schoen, who has nearly 25 years of investment industry experience, joined Putnam in 1997. He has a B.A. degree from Tufts University and an M.B.A. from New York University, Stern School of Business.

Vaillancourt, who brings 20 years of investment industry experience, has been with Putnam since 2000. He has a B.S. from Northeastern University and an M.B.A. from the University of Chicago.