Putnam Investments has appointed William T. Connolly head of global distribution. Connolly was formerly senior managing director and head of Putnam retail management. The position of head of global distribution is newly created, resulting from the integration of Putnam's three distribution units.

Putnam Investments announced today that William T. Connolly has been named Head of Global Distribution. His appointment to this new position follows Putnam’s statement on Friday, August 3, 2007 reporting the completion of its sale to Great-West Lifeco Inc., a subsidiary of Power Financial Corporation.

“With strong and stable new ownership, continuing good investment performance and improving client flows, it is a great time for Putnam to accelerate its growth,” said President and Chief Executive Officer Charles E. Haldeman, Jr. “Bill Connolly brings strong leadership skills, superb team-orientation and sharp focus to our sales and client service activities,” Haldeman said.

Mr. Connolly will have responsibility for Putnam’s retail, North American institutional and international distribution activities. Mr. Haldeman continued: “Under Bill Connolly’s leadership, Putnam will be able to sell and service our strong investment capabilities better and more efficiently across multiple products, distribution channels and geographies.”

A graduate of Dartmouth College and its Amos Tuck School of Business Administration, Mr. Connolly joined Putnam in 1999 as National Sales Manager. In 2005, he was promoted to Senior Managing Director, Head of Putnam Retail Management. A CFA charter holder and a member of the Boston Security Analysts Society, Mr. Connolly has 20 years of industry experience.

About Putnam Investments:

Founded in 1937, Putnam Investments is one of the nation's oldest and largest money management firms. At the end of June 2007, Putnam had $193 billion in assets under management. Mutual fund assets were $121 billion and institutional assets were $72 billion. Putnam has offices in Boston, London, and Tokyo. For more information, go to www.putnam.com

Edited by: Erin Kello

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