Disclaimer

This Web site is a marketing communication and does not constitute an offer or solicitation for the sale, purchase, or subscription of any financial instrument in any jurisdiction. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research. It is addressed solely to persons that do not qualify as consumers under applicable laws. The information contained in this Web site should not be regarded as an investment recommendation or investment advice. This Web site does not purport to give an exhaustive description of the financial instrument(s) and/or investment strategies (including on certain related risks) it relates to and, although all reasonable care has been taken to ensure that it is accurate, neither Putnam Investments Limited nor its subsidiaries, affiliates, or branches can be held liable for any incorrect, incomplete, or missing information. Putnam Investments Limited may change the information contained in this Web site without any prior notice and is under no obligation to inform you about any such change. Putnam Investments Limited is authorised and regulated by the Financial Services Authority in the United Kingdom (FSA), 25 The North Colonnade, Canary Wharf, London E14 5HS, United Kingdom. With regard to services offered in the Federal Republic of Germany Putnam Investments Limited is also subject to the supervision of German Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin), Graurheindorfer Str. 108, 53117 Bonn, Germany.