Longtime Independent Chairman John Hill to Continue Serving on Putnam Funds Board

BOSTON--(BUSINESS WIRE)-- The Putnam Funds announced that, effective July 1, 2011, Jameson A. Baxter will become the Independent Chair of the Funds’ Board of Trustees. Baxter, a Trustee of the Funds since 1994 and Vice Chairman since 2005, will succeed John A. Hill, who has served as Independent Chairman since 2000. Hill will continue to serve on the Board.

“I am proud to have been selected to succeed John Hill and I am especially pleased that John will be staying on as a Trustee. His tenure has been marked by significant accomplishment and we are fortunate to have his continuing steady influence and insightful guidance,” said Baxter. “The Putnam Funds have had important success since Bob Reynolds became CEO of Putnam Investments three years ago, and I am looking forward to the Funds continuing to generate positive results for shareholders.”

Hill, a Putnam Fund Trustee since 1985, said, “After more than a decade as Independent Chairman of the Putnam Funds, it’s time for me to step aside. I’ve worked closely with Jamie Baxter on the Putnam Funds Board of Trustees for the past 17 years, and there is no one better qualified to oversee the Funds. I look forward to continuing to work with Jamie and my fellow Trustees as Putnam seeks to build on its record of solid long-term investment performance.”

Baxter, a Putnam Fund Trustee since 1994 and Independent Vice Chairman since 2005, is the president of Baxter Associates, Inc., a private investment firm. Before forming Baxter Associates in 1986, Baxter had a distinguished career in investment banking and corporate finance, holding senior positions with First Boston Corporation and serving as a Principal of the Regency Group.

In addition to her roles with Baxter Associates and the Putnam Funds, Baxter sits on a number of corporate and not-for-profit boards. She is Chair of the Mutual Fund Directors Forum, a nonprofit organization that serves the independent directors of U.S. mutual funds by providing educational and outreach programs; a director of the Adirondack Land Trust; and a trustee of the Adirondack Chapter of The Nature Conservancy. Baxter also is Chairman Emeritus of the Board of Trustees of Mount Holyoke College, of which she is an alumna.

Baxter’s other board affiliations have included serving as a trustee of Emma Willard School; a member of the Good Shepherd Hospital Board of Governors; a director of Advocate Health Care; and a director of BoardSource (formerly the National Center for Nonprofit Boards). She also has served on corporate boards including those of ASHTA Chemicals Inc., Banta Corporation, Ryerson, Inc. and Intermatic Corporation.

About Putnam Investments

Founded in 1937, Putnam Investments is a leading global money management firm with over 70 years of investment experience. The firm was recently named one of the top 15 mutual fund families by Lipper/Barron’s for the second consecutive year. At the end of May 2011, Putnam had $129 billion in assets under management, including mutual fund assets of $70 billion and institutional assets of $59 billion. Putnam has offices in Boston, London, Frankfurt, Amsterdam, Tokyo, Singapore and Sydney. For more information, visit putnam.com.

Putnam mutual funds are distributed by Putnam Retail Management.

CONTACT:

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

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