Administration March 8, 2006

Putnam Trustees Add Three Nominees for Elections

August 27, 2004 (PLANSPONSOR.com) - Myra R. Drucker, Richard B. Worley, and Charles E. Haldeman, Jr. have been added to the trustee nominee list for Putnam Funds, joining the 11 current trustees nominated for reelection, according to a press release.

Reported by

Kip McDaniel

“The proposed nominees bring exemplary credentials, experience and knowledge to the Board of Trustees,” said Chairman John A. Hill in the release. “Ms. Drucker and Mr. Worley are highly regarded leaders in both the investment and pension worlds, and Mr. Haldeman has served as President and Chief Executive Officer of Putnam Investments with great distinction since November 2003.”

If all the nominees are approved, the Board will be comprised of three interested Trustees and 11 independent Trustees, maintaining the 75% independent ratio required by the Board.

Myra R. Drucker has been the Chief Investment Officer for both General Motors Trust Bank and Xerox Corporation. She is also the Chair of the New York Stock Exchange Pensions Managers Advisory Committee, as well as being the Vice Chair of the Board of Trustees of Sarah Lawrence College.

Richard B. Worley is Managing Partner of Permit Capital LLC, an investment management firm. In the past, he has worked as the Chief Strategic Officer at Morgan Stanley Investment Management, as well as Chief Investment Officer and Chief Executive Officer of Morgan Stanley Dean Witter Investment Management.

Charles E. Haldeman, Jr. is President and Chief Executive Officer of Putnam, LLC. He is a member of Putnam Investments’ Executive Board of Directors and Advisory Council.