July 1, 2009

Putnam Chairman Steps Down

Haldeman to be replaced by Robert Reynolds

Charles "Ed" Haldeman has stepped down from his positions as chairman of Putnam Investment Management, LLC, president of the Putnam Funds, and member of the Board of Trustees of the Putnam Funds, effective June 30.

Robert Reynolds, president and CEO of Putnam Investments, will replace Haldeman as president of the Putnam Funds, the company said in a release. The position of chairman of Putnam Investment Management, LLC will not be replaced.

"Ed Haldeman joined Putnam Investments during some very challenging times, and his steady leadership helped to keep the company on course," said Reynolds, in the release.

Haldeman noted in the release that when Putnam was sold to Power Financial Corp. in January 2007, he "committed to stay at Putnam until June 30, 2008. My agreement was extended, and it is now almost two and a half years since the sale of Putnam was announced. Power Financial has been a great owner and continues to invest in the business. Bob Reynolds is doing a great job as CEO. This is a good time for me to advance to the next stage of my career."

Power Financial runs Putnam through its subsidiary Great-West Lifeco, the big Canadian insurance company. Reynolds joined Putnam in July 2008 from Fidelity Investments, where he was COO, and has made some significant changes in the way the company manages money, partly by attracting several top money managers and executives from Fidelity.

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