2008-06-12 15:14:34 -

- Putnam Investments Nancy Fisher, 617-760-1608 or Laura McNamara, 617-760-1108 The Board of Directors of Putnam Investments announced today that Robert L. "Bob" Reynolds has been named President and Chief Executive Officer of Putnam Investments. Charles E. "Ed" Haldeman, current Putnam Investments President and Chief Executive Officer, has been named Chairman of Putnam Investment Management, LLC. Both appointments are effective July 1, 2008.

"Bob brings substantial industry experience, an outstanding record of success, and a high energy level to Putnam's leadership team," said R. Jeffrey Orr, Chairman of The Board of Directors of Putnam Investments. "Along with Kevin Cronin, Putnam's Head of Investments, and Bill Connolly, Putnam's Head of Global Distribution, we have a very strong management team to

move Putnam forward."

"We welcome Bob to the Putnam team," said Mr. Haldeman. "I personally look forward to working with him as we continue positioning Putnam to exceed our clients' expectations."

"For more than two decades, I have known Putnam as a formidable and respected investment management company, and, quite frankly, a very tough competitor," said Mr. Reynolds. "Putnam has a strong reputation for its broad investment management capability, distribution prowess, and award-winning service. I am honored and excited to join Putnam and lead a company that has one of the great legacies in the industry."

Mr. Reynolds was Vice Chairman and Chief Operating Officer of Fidelity Investments from 2000 to 2007. From 1996 to 2000, he was President, Fidelity Investments Institutional Retirement Group. Previously, Mr. Reynolds held various senior management roles within the Fidelity Investments organization, beginning in 1984.

A native of Clarksburg, West Virginia, Mr. Reynolds graduated from the West Virginia University College of Business and Economics in 1974 with a bachelor's degree in business administration, majoring in finance.

Mr. Reynolds said: "I am very excited about the opportunities to build upon Putnam's long-standing brand - which is among the best known in the asset management business - and to work with the outstanding Putnam employees. I see in Putnam a tremendous future."

NOTE: Putnam is hosting a media conference call to discuss this news at 10 a.m. (EDT) on Thursday, June 12. The dial-in number is: Domestic: (800) 651-2215; International: (973) 935-8456; Conference ID#51689277.

Participants in the call at Putnam are:

R. Jeffrey Orr, Chairman, The Board of Directors of Putnam Investments

Robert L. "Bob" Reynolds, President and Chief Executive Officer, Putnam Investments

Charles E. "Ed" Haldeman, Chairman, Putnam Investment Management, LLC

About Putnam

Founded in 1937, Putnam Investments is one of the nation's oldest and largest money management firms. As of May 31, 2008, Putnam managed $175 billion in assets, of which $103 billion is for mutual fund investors and $72 billion is for institutional accounts. Putnam has offices in Boston, London, Frankfurt, Rome, Copenhagen, Sydney, Tokyo, and Singapore. For more information, go to www.putnam.com.

Charles E. Haldeman Named Chairman