Company Press Release

BOSTON (August 26, 2008) - With the S&P 500 Index down over 12% for the year as of July 31, 2008 and ongoing market turbulence, many investors may feel better selling but a recent study by Putnam Investments of bull and bear market cycles makes the case for investors to stay invested for the long term.

Bull markets have lasted longer

The study measures each bull and bear market by at least four consecutive months of continuous gain or decline, as measured by the S&P 500 Index. It found that over the last 60 years, there have been 12 bear markets, lasting an average of 14 months and declining a total of 22.4% before recovering.

By contrast, the 12 bull markets since 1948 have lasted an average of 45 months, each growing an average of 123.9%. The study found that a $10,000 investment in the S&P 500 Index in 1988 would have grown to $72,932 by June 30, 2008 despite the 43% downturn of 2000-2002.*

“Whether the current bear market has reached a bottom or not is unclear, but one thing we know from this study is that market gains have more than made up for losses for those investors who stayed invested over the long term,” Elaine Sullivan, Head of Retail Marketing. “The market has always recovered but by trying to predict the best time to buy and sell, investors may miss the market’s biggest gains.”

Source: Putnam Investments. Data illustrated using S&P 500 Index.

Five questions investors should ask?

For investors who are nervous about the current markets, Putnam suggests

the following questions to determine if any changes are necessary for their particular needs:

Is your portfolio properly diversified?

If you sell shares today, will you be selling at a loss?

Will you need access to your money soon?

Are you investing at regular intervals?

Have you checked in with your financial representative?

“A diversified portfolio can temper market extremes and still build wealth over time,” Sullivan said. “When the markets are volatile, talking to a financial advisor can help investors stay on track and avoid making any rash decisions and common mistakes that could hurt a portfolio's growth.”

About Putnam

Founded in 1937, Putnam Investments is one of the nation's oldest and largest money management firms and a leading retirement plan provider. At the end of July 2008, Putnam managed $165 billion in assets, of which $97 billion is for mutual fund investors and $68 billion is for institutional accounts. Putnam has offices in Boston, London and Tokyo. For more information, go to www.putnam.com.

*Performance for other periods will vary. It is important to note that not all segments of the market have recovered from the downturn of 2000-2002.