Important Information

It is important that you read this page before proceeding. It provides information about Putnam's non-U.S. funds (the "Funds") and where they are authorised for sale. THE INFORMATION CONTAINED IN THIS WEB SITE IS ONLY INTENDED FOR INVESTMENT PROFESSIONALS AND INSTITUTIONAL INVESTOR USE ONLY.

I understand that Putnam's funds and products shown on this Web site may not be distributed to persons who are residents or citizens of the United States or any of its territories or who are located in any country where the Funds are not authorised for distribution. By accessing this part of the site you confirm that you are not a "U.S. Person" (within the meaning of Regulation S under the United States Securities Act of 1933 or U.S. federal income tax law).

I have read the information below, agree to its contents, and wish to proceed.

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The Funds described in the following pages are administered and managed by companies within the Putnam group and can only be marketed in certain jurisdictions. It is the responsibility of the investor or his or her dealer/advisor to be aware of the applicable laws and regulations of the investor's country of residence and to ensure that the offering and sale of Fund units or shares complies with the relevant national and /or local law. Further information is available in the prospectus or other constitutional document for each fund.

This Web site is not directed to persons who are residents or citizens of the United States (including persons who are "U.S. Persons" under U.S. federal income tax or securities laws) or Ireland or who are located in any country, state, or jurisdiction where the Funds are not authorised for distribution or in which the dissemination of information regarding the Funds on the Internet is not permitted. The information on this Web site is not for distribution, and does not constitute an offer to sell or the solicitation of any offer to buy any securities, to or for the benefit of "U.S. Persons".

If you have accessed this Web site via a link from another site, Putnam Investments is not responsible for the accuracy of information contained within the sites of other providers who have links to any pages of this Web site.

Information contained in the Web site is provided for informational purposes only and does not constitute an offer to sell any securities in any jurisdiction in which such distribution or offer is not authorised or where they are not available for distribution in the jurisdiction of the reader. It does not constitute advice, a recommendation, or an expression of our view as to whether a particular security or financial instrument is suitable for any investor accessing the Web site or meets his or her financial or any other objectives.

Putnam's non-U.S. affiliates manage products designed for investors outside of the United States. These products and the information about these products that is contained on this Web site are directed at and available only to investors in specific countries. Please speak with your financial advisor about products that you may be interested in.

Applications for units or shares in any Fund referred to in the Web site should be made only on the basis of the information contained in the current prospectus, (and, for a UCITS, the Key Investor Information Documents, ("KIID")), application form, product disclosure statement, annual report, and/or semi-annual report, as applicable ("Offering Documents") relating to the Funds.

The information contained in the Web site is to the best of the knowledge of Putnam Investments in accordance with the facts and does not omit anything likely to affect the import of such information. However, no warranty of accuracy is given and no liability in respect of any errors or omissions created by any third party is accepted by Putnam Investments. By proceeding you agree to the exclusion by Putnam Investments and its affiliates of any liability in respect of any errors or omissions to the extent permitted by applicable law.

Risks

All Funds have risks. Past performance is not a guarantee of future results. As with any investment there is a potential for profit as well as the possibility of loss. It is therefore important that you understand the risks and commitments.

The contents of this Web site have been prepared solely for informational purposes. None of the information contained in this site constitutes an offer to buy or sell or is a solicitation to buy or sell any security, product, service or investment, nor does any opinion expressed on this site constitute a recommendation or investment advice. The contents of this Web site does not take into account any investor's particular investment objectives, strategies, tax status or investment horizon. Investors should consult a financial advisor for advice suited to their individual financial needs. The Funds Offering Documents contain further information regarding the Funds, including charges, expenses, and risk considerations. The Funds Offering Documents must be reviewed carefully prior to investing. If you would like further information regarding the Funds, contact your financial advisor for a free prospectus and/or KIID.

Performance data is historical

Past performance is not a guarantee of future results. More recent returns may be more or less than those shown. Investment return and principal value will fluctuate, and you may have a gain or a loss when you sell your units or shares. Performance assumes reinvestment of distributions at NAV and does not account for any taxes payable by any security holder or any sales, redemption, distribution, or optional charges. The payment of any sales charges will reduce performance. Commissions, trailing commissions, management fees, and expenses all may be associated with mutual fund investments.

Mutual fund securities are not covered by any government deposit insurer. There can be no assurances that a money market fund will be able to maintain its net asset values per security at a constant amount, or that the full amount of your investment in any Fund will be returned to you.

When a subscription involves a foreign exchange transaction, it may be subject to the fluctuations of currency values. Rates of exchange may cause the value of the investments to go up or down. For Funds that invest in emerging markets, volatility and the risk to your capital may be greater. Any views expressed in the Web site are not to be taken as advice or a recommendation to buy or sell any investment.

Anti-money laundering

Obligations are imposed on financial sector professionals to prevent the use of mutual funds and investment products for money-laundering purposes. Within this context Putnam may require that dealers/financial advisors provide information for the identification of investors, further details of which are contained in the Offering Documents. If you have further questions about Putnam's anti-money-laundering policies and procedures and the responsibilities of intermediaries selling our international products, please contact Putnam at one of the numbers listed below.

Investors located in the countries noted below should take particular note of the following.

Important Information for investors in Germany

The information contained on this Web site includes Funds that have not been registered for distribution with the German Financial Regulator (the BaFin) pursuant to section 310 of the German Capital Investment Act (nor does their distribution benefit from the transitional rules under section 355 German Capital Investment Act) and units in those Funds will not be marketed to investors within Germany. For information on Putnam Funds registered in the Federal Republic of Germany, please speak with your financial advisor.

Important Information for investors in Switzerland

The information contained on this Web site includes Funds that have not been and are not intended to be approved for distribution to non-qualified investors in or from Switzerland by the Swiss Financial Market Supervisory Authority (FINMA). Accordingly, units of those Funds and documents or offering material relating to those Funds and/or the units in those Funds contained on this Web site may only be distributed in or from Switzerland to "qualified investors" as defined in the Federal Act on Collective Investment Schemes of 23 June 2006 and its implementing ordinances, as amended from time to time, and the most current practice of the FINMA and the competent courts. Only the following sub-fund of the Irish domiciled Putnam World Trust (formerly Putnam World Trust II) is approved for public distribution in or from Switzerland: Putnam Global High Yield Bond Fund. The Swiss Representative and Paying Agent of this Fund is BNP Paribas Securities Services, Paris, succursale de Zurich, Selnaustrasse 16, 8002 Zurich, Switzerland. The Fund's Prospectus and KIIDs, copies of the Trust Deed, as well as annual and semiannual reports may be obtained free of charge from the Swiss Representative. All other collective investment schemes mentioned on this Web site are not approved for public distribution in Switzerland. Units of such collective investment schemes are not offered to Swiss investors except as permitted under applicable law.

If you are in any doubt about the information contained in the Web site, please consult your Putnam representative. The information is current at the date of publication, but is subject to change without notification.

Putnam Investments Limited®
Cassini House
57-59 St James's Street
London, SW1A 1LD
United Kingdom

Tel: +44-(0)-20-7907-8200
Putnam Investments Australia Pty Limited
Level 34, AMP Centre
50 Bridge Street
Sydney NSW 2000
Australia

Tel: +61-(0)2-8083-9900

All copyright, patent, intellectual, and other property in the information contained in the Web site is held by Putnam Investments, and it will continue to belong to Putnam Investments, except as stated otherwise. No rights of any kind are licensed or assigned or will otherwise pass to persons accessing this information.

I understand that Putnam's Funds and products, which include Putnam World Trust funds (domiciled in Ireland) among others, may not be distributed to persons who are residents of the United States or any of its territories, Ireland, or who are located in any country where the Funds are not authorised for distribution.

I understand that it is the responsibility of the investor or his or her dealer/advisor to ensure that the offering and sale of Fund units or shares complies with the relevant national and /or local law.

Privacy Statement

THE INFORMATION CONTAINED IN THIS WEB SITE IS ONLY INTENDED FOR INVESTMENT PROFESSIONALS AND INSTITUTIONAL INVESTOR USE ONLY.

The following describes important information about Putnam World Trust ("PWT"), an umbrella unit trust domiciled in Dublin, Ireland. The Trust is established as an undertaking for collective investment in transferable securities pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (as amended).

The Manager of the PWT Funds is Putnam Investments (Ireland) Limited ("PIL Ireland"). PIL Ireland is authorised and regulated by the Central Bank of Ireland.

If investors would like further information regarding the PWT Funds, including charges, expenses and risk considerations, they should contact their financial representative for a free Prospectus and/ or Key Investor Information Document (KIID). Not all units are for sale in each jurisdiction. Investors should read the Prospectus carefully before investing.

Issued in the United Kingdom by Putnam Investments Limited®. Putnam Investments Limited is authorised and regulated by the Financial Conduct Authority ("FCA"). For the activities carried out in Germany, the German branch of Putnam Investments Limited is also subject to the limited regulatory supervision of the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht - BaFin). Putnam Investments Limited is also permitted to provide cross-border investment services to certain EEA member states. In Europe, this material is directed exclusively at professional clients and eligible counterparties (as defined under the FCA Rules, or the German Securities Trading Act (Wertpapierhandelsgesetz) or other applicable law) who are knowledgeable and experienced in investment matters.

Putnam World Trust Class A1 units were redesignated as Class I units as of 17 October 2003. Returns shown for Class B, Class C, and Class I units for periods prior to inception are derived from the historical performance of Class A units, adjusted to reflect the different operating expenses applicable to such units, but is not adjusted to reflect the current maximum sales charge. Performance for Class E and Class S units is not derived from the historical performance of the Class A units.

Putnam Investments Limited Copyright 2002 and later years