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Putnam Investments recoginzed for service excellence by DALBAR for 24th consecutive year

BOSTON, December 5, 2013 — Putnam Investments, announced today that for the 24th consecutive year, it has been honored by DALBAR for mutual fund service quality. This continuous recognition of Putnam's work in this area includes being named DALBAR Mutual Fund Service Award winner for 22 years. Additionally, Putnam has been the recipient of DALBAR's Total Client Experience Award for the last two years.

The DALBAR Service Awards are given annually by DALBAR, Inc., a leading financial services market research and consulting firm. The awards are based on rigorous, systematic and yearlong testing of customer service based on industry benchmarks, and point to service that exceeds industry standards in the most important areas. Putnam has received DALBAR awards for providing the highest level of customer service to clients each year since 1990, reflecting service quality that is consistently among the highest in the industry.

"The entire Putnam Investments organization is honored by this service distinction from DALBAR – and extraordinarily proud to be recognized for nearly a quarter-century of unyielding dedication in this area, which has become one of our true hallmarks," said Robert L. Reynolds, president and chief executive officer, Putnam Investments. "We view the ongoing delivery of superior service to clients as essential, and as such, it is a critical day-to-day priority for our firm."

About DALBAR
DALBAR, Inc., the nation's leading financial services market research and consulting firm, is committed to raising the standards of excellence in the financial services industry. With offices in both the US and Canada, DALBAR develops standards for, and provides research, ratings, and rankings of intangible factors to the mutual fund, broker/dealer, life insurance, property and casualty, and managed account industries. Measurements include investor behavior, customer satisfaction, service quality, communications, Internet services, and financial professional ratings.

Putnam mutual funds are distributed by Putnam Retail Management.

About Putnam Investments
Founded in 1937, Putnam Investments is a leading global money management firm with over 75 years of investment experience. At the end of February 2013, Putnam had $133 billion in assets under management. Putnam has offices in Boston, London, Frankfurt, Amsterdam, Tokyo, Beijing, Singapore and Sydney. For more information, visit http://www.putnam.com.

Putnam Investments Media Contacts:
Jon Goldstein — 617-760-1127 (office), 516-946-5598 (cell), jon_goldstein@putnam.com
Laura McNamara — 617-760-1108 (office), 617-850-2727 (cell), laura_mcnamara@putnam.com

Putnam Retail Management

How Barron's ranked the fund families:
The Lipper/Barron's survey published February 9, 2013, for the 2012 award period, ranked Putnam #1 out of 62 fund families with funds in five categories: general U.S. stock, global or international, mixed-asset, taxable bond, and tax-exempt bond. Putnam Investments ranked 27 of 53 and 36 of 46 for the 5- and 10-year periods, respectively. Only funds with at least one year of performance were included. Returns were calculated minus the effects of sales charges and 12b-1 fees. Rankings were asset weighted, so larger funds had a greater impact on a fund family's overall ranking, and then weighted by category, with each category assigned a percentage. Past performance is not indicative of future results. Barron's is a registered trademark of Dow Jones & Company.

Investors should carefully consider the investment objectives, risks, charges, and expenses of a fund before investing. For a prospectus, or a summary prospectus if available, containing this and other information for any Putnam fund or product, call your financial representative or call Putnam at 1-800-225-1581. Please read the prospectus carefully before investing.