Putnam Intends to Vote Against Proposed Merger of Providian Financial Corporation with Washington Mutual Inc

Business Wire, August 1, 2005

BOSTON -- Putnam Investments and the Board of Trustees of the Putnam Mutual Funds today announced that they intend to vote shares of Providian Financial Corporation held in client accounts and the Funds, respectively, against the proposed merger of Providian with Washington Mutual, Inc.

Putnam regards the price as inadequate and believes recent fundamental trends and Providian management's outlook confirm Putnam's judgment on the value of the Providian franchise. In a consolidating industry and in light of the recently announced Bank of America/MBNA transaction, mono-line credit card companies such as Providian represent an increasingly scarce asset that should command a higher price. By accepting a price well below the fair value of the Providian common stock, Putnam believes the merger would transfer significant value to Washington Mutual's existing shareholders, at the direct expense of Providian's shareholders.

Putnam Investments and the Putnam Funds currently have the power to vote approximately 7.5% of Providian's outstanding shares of common stock (based upon the number of shares outstanding as of June 30, 2005).

About Putnam Investments:

Founded in 1937, Putnam Investments is one of the nation's oldest and largest money management firms. As of June 30, 2005, Putnam managed $195 billion in assets, of which $132 billion is for mutual fund investors and $63 billion is for institutional clients. Putnam has headquarters in Boston and offices in London and Tokyo.