IMPORTANT: The projections, or other information generated by the Lifetime Income Analysis Tool regarding the likelihood of various investment outcomes, are hypothetical in nature. They do not reflect actual investment results and are not guarantees of future results. The results may vary with each use and over time. The analyses present the likelihood of various investment outcomes if certain investment strategies or styles are undertaken, thereby serving as an additional resource to investors in the evaluation of the potential risks and returns of investment choices.

Each simulation takes into account the participant’s current plan balance and investment mix, as well as his or her age, income, retirement date, contribution rate, likely future savings, and estimated Social Security benefit. The tool runs over 50 billion market simulations to provide an estimate of a monthly income likely to be generated at retirement. The Lifetime Income Analysis Tool is an interactive investment tool designed for Putnam 401(k) participants to illustrate the estimated impact of a participant’s plan balances and projected savings on income in retirement. The tool does not take into account post-tax contributions to savings. It also cannot account for dramatic changes in a participant’s personal situation, including unexpected expenses and other financial situations that may negatively affect one’s estimated monthly income in retirement.

Putnam PriceCheck&Save^SM is an interactive app designed for Putnam 401(k) plan participants. It uses a participant’s current age, retirement age, investment mix, and probability of success to determine the potential impact of any current additional savings on monthly income in retirement, and allows participants to model different scenarios. All data are presented in today’s dollars. Results do not represent actual payments.

IMPORTANT: The projections, or other information generated by the Putnam PriceCheck&Save app regarding the likelihood of various investment outcomes, are hypothetical in nature. They do not reflect actual investment results and are not guarantees of future results. The results may vary with each use and over time. The analyses present the likelihood of various investment outcomes if certain investment strategies or styles are undertaken, thereby serving as an additional resource to investors in the evaluation of the potential risks and returns of investment choices.

Each simulation takes into account the participant’s investment mix and probability of success, as well as his or her age and retirement date. The app runs over 100 billion market simulations to provide a projection of the impact of any current additional savings on monthly income likely to be generated at retirement. The app cannot account for dramatic changes in a participant’s personal situation, including unexpected expenses and other financial situations that may negatively affect one’s estimated monthly income in retirement.

As a Putnam 401(k) plan participant, you are advised to consider other assets, income, and investment options, as well as your investment time horizon, income tax bracket, and risk tolerance when planning for specific investment goals. Other investments not considered may have characteristics similar or superior to those being analyzed. It is recommended that you consult a financial advisor for more information. It is important to note that the results from this tool are estimates based on what you input today. The results are not a guarantee of actual outcomes and will change as your inputs change.

*Based on Participant website usage data for the period 6/30/10-6/30/11; LIAT users are defined as participants who logged on to the website and moved the deferral rate slider on the Lifetime Income Analysis Tool at least once.