Putnam Investments Announces Participation in the U.S. Treasury Money Market Guaranty Program

Business Wire, Oct 1, 2008

BOSTON -- The Board of Trustees of the Putnam Funds authorized the Putnam Fund's participation in the U.S. Treasury's Money Market Guaranty Program.

The program provides coverage to shareholders of Putnam's retail money market funds as of the close of business on September 19, 2008. The temporary guaranty will be triggered if a participating fund's net asset value falls below $0.995.

"We believe participation in the program is the right thing to do for shareholders who are understandably concerned about preserving their assets," said Robert L. Reynolds, President and Chief Executive Officer of Putnam Investments. "Putnam's money market funds have maintained their $1.00 share price and continue to represent safe and high-quality investments. However, the program is well worth the peace of mind we hope it provides to investors."

According to the Treasury Department, the program will exist for an initial three-month term, after which the Secretary of the Treasury will review the need and terms for extending the program. While the program protects the accounts of investors, each money market fund makes the decision to sign up for the program. Investors cannot sign up for the program individually.

About Putnam

Founded in 1937, Putnam Investments is one of the nation's oldest and largest money management firms. As of August 31, 2008, Putnam managed $163 billion in assets, of which $96 billion is for mutual fund investors and $67 billion is for institutional accounts. Putnam has offices in Boston, London and Tokyo. For more information, go to www.putnam.com.

NOT FDIC INSURED  <  <                  <  <
MAY LOSE VALUE


NO BANK GUARANTEE

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

Putnam Retail Management