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<SEC-DOCUMENT>0000928816-10-000338.txt : 20100317
<SEC-HEADER>0000928816-10-000338.hdr.sgml : 20100317
<ACCEPTANCE-DATETIME>20100317094405
ACCESSION NUMBER:		0000928816-10-000338
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		5
FILED AS OF DATE:		20100317
DATE AS OF CHANGE:		20100317
EFFECTIVENESS DATE:		20100317

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM MUNICIPAL OPPORTUNITIES TRUST
		CENTRAL INDEX KEY:			0000900422
		IRS NUMBER:				043187549
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-07626
		FILM NUMBER:		10687658

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921000

	MAIL ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>a_munioppsdefa14a.htm
<DESCRIPTION>PUTNAM MUNICIPAL OPPORTUNITIES TRUST
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     <TD noWrap align=center><FONT size=2 face=sans-serif>OF THE SECURITIES EXCHANGE ACT OF 1934</FONT>&nbsp;</TD>
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     <TD colSpan=2 noWrap align=center><B><FONT size=2 face=sans-serif>PUTNAM MUNICIPAL OPPORTUNITIES TRUST</FONT></B>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>Fee computed on table below per Exchange Act Rule 14a 6(i)(1) and 0-11</FONT>&nbsp;</TD>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>computed pursuant to Exchange Act Rule 0-11 (set forth the</FONT>&nbsp;</TD>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>previously. Identify the previous filing by registration statement</FONT>&nbsp;</TD>
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<P style="text-align: left;"> <FONT size=7 face="serif">Putnam</FONT><BR>
<FONT size=7 face="serif">Municipal Opportunities</FONT><BR>
<FONT size=7 face="serif">Trust</FONT></P>
<P style="text-align: left;"> <FONT size=7 face="serif">Investor Presentation</FONT></P>
<P style="text-align: left;"> <B><FONT size=5 face="sans-serif">John A. Hill</FONT></B><BR>
<FONT size=5 face="sans-serif">Chairman </FONT><FONT size=5 face="sans-serif">of the Board of </FONT><FONT size=5 face="sans-serif">Trustees,</FONT><BR>
<FONT size=5 face="sans-serif">The </FONT><FONT size=5 face="sans-serif">Putnam </FONT><FONT size=5 face="sans-serif">Funds</FONT></P>
<P style="text-align: left;"> <B><FONT size=5 face="sans-serif">Jameson </FONT></B><B><FONT size=5 face="sans-serif">A. </FONT></B><B><FONT size=5 face="sans-serif">Baxter</FONT></B><BR>
<FONT size=5 face="sans-serif">Vice </FONT><FONT size=5 face="sans-serif">Chairman </FONT><FONT size=5 face="sans-serif">of the Board of </FONT><FONT size=5 face="sans-serif">Trustees,</FONT><BR>
<FONT size=5 face="sans-serif">The </FONT><FONT size=5 face="sans-serif">Putnam </FONT><FONT size=5 face="sans-serif">Funds</FONT></P>
<P style="text-align: left;"> <B><FONT size=5 face="sans-serif">Rob A. </FONT></B><B><FONT size=5 face="sans-serif">Bloemker</FONT></B><BR>
<FONT size=5 face="sans-serif">Head of Fixed </FONT><FONT size=5 face="sans-serif">Income,</FONT><BR>
<FONT size=5 face="sans-serif">Putnam Investments</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT size=4 face=sans-serif>1. </FONT><FONT size=4 face=sans-serif>About </FONT><FONT size=4 face=sans-serif>Putnam Municipal Opportunities </FONT><FONT size=4 face=sans-serif>Trust (PMO)</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=4 face=sans-serif>2. </FONT><FONT size=4 face=sans-serif>PMO&#146;s </FONT><FONT size=4 face=sans-serif>Independent Trustees </FONT><FONT size=4 face=sans-serif>have </FONT><FONT size=4 face=sans-serif>actively advanced </FONT><FONT size=4 face=sans-serif>the </FONT><FONT size=4 face=sans-serif>interests </FONT><FONT size=4 face=sans-serif>of </FONT><FONT size=4 face=sans-serif>shareholders</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=4 face=sans-serif>3. </FONT><FONT size=4 face=sans-serif>PMO&#146;s closed-end </FONT><FONT size=4 face=sans-serif>structure </FONT><FONT size=4 face=sans-serif>at this time </FONT><FONT size=4 face=sans-serif>continues </FONT><FONT size=4 face=sans-serif>to </FONT><FONT size=4 face=sans-serif>provide benefits </FONT><FONT size=4 face=sans-serif>to </FONT><FONT size=4 face=sans-serif>shareholders </FONT><FONT size=4 face=sans-serif>that are not </FONT><FONT size=4 face=sans-serif>available </FONT><FONT size=4 face=sans-serif>under an open-end </FONT><FONT size=4 face=sans-serif>structure</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=4 face=sans-serif>4. </FONT><FONT size=4 face=sans-serif>Karpus </FONT><FONT size=4 face=sans-serif>seeks a </FONT><FONT size=4 face=sans-serif>liquidity </FONT><FONT size=4 face=sans-serif>event that serves its own </FONT><FONT size=4 face=sans-serif>interests </FONT><FONT size=4 face=sans-serif>at the </FONT><FONT size=4 face=sans-serif>expense </FONT><FONT size=4 face=sans-serif>of other </FONT><FONT size=4 face=sans-serif>shareholders, </FONT><FONT size=4 face=sans-serif>and </FONT><FONT size=4 face=sans-serif>Karpus </FONT><FONT size=4 face=sans-serif>would not be an </FONT><FONT size=4 face=sans-serif>appropriate fiduciary</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=4 face=sans-serif>5. </FONT><FONT size=4 face=sans-serif>Vote to re-elect the </FONT><FONT size=4 face=sans-serif>Independent Trustees </FONT><FONT size=4 face=sans-serif>and </FONT><FONT size=4 face=sans-serif>maintain </FONT><FONT size=4 face=sans-serif>their </FONT><FONT size=4 face=sans-serif>approach </FONT><FONT size=4 face=sans-serif>to PMO&#146;s closed-end </FONT><FONT size=4 face=sans-serif>structure </FONT><FONT size=4 face=sans-serif>in this </FONT><FONT size=4 face=sans-serif>market environment</FONT></P>
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<P style="TEXT-ALIGN: left"><B><FONT size=5 face=sans-serif>A solid </FONT></B><B><FONT size=5 face=sans-serif>performance history </FONT></B><B><FONT size=5 face=sans-serif>in line with </FONT></B><B><FONT size=5 face=sans-serif>closed</FONT></B><B><FONT size=5 face=sans-serif>-end fund </FONT></B><B><FONT size=5 face=sans-serif>peers</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=4 face=sans-serif>&#149; </FONT><FONT size=4 face=sans-serif>PMO&#146;s peer group is the Lipper </FONT><FONT size=4 face=sans-serif>General Municipal </FONT><FONT size=4 face=sans-serif>Debt Funds </FONT><FONT size=4 face=sans-serif>(Leveraged Closed</FONT><FONT size=4 face=sans-serif>-End) </FONT><FONT size=4 face=sans-serif>category</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=sans-serif>&#150; </FONT><FONT face=sans-serif>PMO at market price has </FONT><FONT face=sans-serif>outperformed </FONT><FONT face=sans-serif>its Lipper peer group </FONT><FONT face=sans-serif>average </FONT><FONT face=sans-serif>over 1, 3, and 5 years</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=sans-serif>&#150; </FONT><FONT face=sans-serif>PMO at net asset value has </FONT><FONT face=sans-serif>outperformed </FONT><FONT face=sans-serif>its Lipper peer group </FONT><FONT face=sans-serif>average </FONT><FONT face=sans-serif>over 3 and 5 years</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=4 face=sans-serif>&#149; </FONT><FONT size=4 face=sans-serif>PMO was rated 3 stars out of 5 by </FONT><FONT size=4 face=sans-serif>Morningstar </FONT><FONT size=4 face=sans-serif>as of </FONT><FONT size=4 face=sans-serif>12/31/09 </FONT><FONT size=4 face=sans-serif>in the Muni Nat Long-Term Bond </FONT><FONT size=4 face=sans-serif>category</FONT></P>
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     <TD colSpan=4 noWrap align=left><B><FONT size=4 face=sans-serif>Putnam Municipal Opportunities Trust, annualized total returns as of December 31, 2009</FONT></B>&nbsp;</TD></TR>
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     <TD noWrap align=center><B><FONT face=sans-serif>3 years</FONT></B>&nbsp;</TD>
     <TD noWrap align=center><B><FONT face=sans-serif>5 years</FONT></B>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif>Net asset value</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif>33.88%</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif>1.92%</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif>3.78%</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif>Market price</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif>37.06%</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif>3.47%</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif>4.03%</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif>Lipper General Municipal Debt Funds</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif>35.07%</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif>1.30%</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif>3.43%</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif>(Leveraged Closed-End) category average</FONT>&nbsp;</TD>
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     <TD noWrap align=left><FONT face=sans-serif>Barclays Capital Municipal Bond Index</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif>12.91%</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif>4.41%</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif>4.32%</FONT>&nbsp;</TD></TR></TABLE><BR>
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     <TD noWrap align=left><B><FONT size=4 face=sans-serif>PMO&#146;s expenses are competitive with its Lipper peer group</FONT></B>&nbsp;</TD>
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     <TD noWrap align=left><FONT face=sans-serif>PMO as of FYE April 30, 2009</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif>1.38%</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif>(Leveraged Closed-End) category average as of March 10, 2010</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif>1.38%</FONT></TD></TR>
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     <TD noWrap align=right><B><FONT size=2 face=sans-serif>3</FONT></B>&nbsp;</TD></TR></TABLE><BR>
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     <TD noWrap align=left><FONT size=5 face=serif>1. About Putnam Municipal Opportunities Trust</FONT>&nbsp;</TD></TR>
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<P style="TEXT-ALIGN: left"><B><FONT size=5 face=sans-serif>PMO has </FONT></B><B><FONT size=5 face=sans-serif>skilled managers</FONT></B></P>
<P style="TEXT-ALIGN: left"><B><FONT size=4 face=sans-serif>Fund </FONT></B><B><FONT size=4 face=sans-serif>objective:</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT face=sans-serif>Putnam Municipal Opportunities </FONT><FONT face=sans-serif>Trust seeks to </FONT><FONT face=sans-serif>provide </FONT><FONT face=sans-serif>as high a level of </FONT><FONT face=sans-serif>current income </FONT><FONT face=sans-serif>free from </FONT><FONT face=sans-serif>federal income </FONT><FONT face=sans-serif>tax as </FONT><FONT face=sans-serif>Putnam Management believes </FONT><FONT face=sans-serif>is </FONT><FONT face=sans-serif>consistent </FONT><FONT face=sans-serif>with the </FONT><FONT face=sans-serif>preservation </FONT><FONT face=sans-serif>of capital</FONT></P>
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     <TD noWrap align=left><B><FONT size=2 face=sans-serif>Portfolio managers</FONT></B>&nbsp;</TD>
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     <TD noWrap align=center><B><FONT size=2 face=sans-serif>Investment experience (years)</FONT></B>&nbsp;</TD>
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     <TD noWrap align=left><B><FONT size=2 face=sans-serif>Titles / Responsibilities*</FONT></B>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>Thalia Meehan, CFA</FONT>&nbsp;</TD>
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     <TD noWrap align=center><FONT size=2 face=sans-serif>27</FONT>&nbsp;</TD>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>Managing Director</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>Team Leader, Tax Exempt Group</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>Paul M. Drury, CFA</FONT>&nbsp;</TD>
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     <TD noWrap align=center><FONT size=2 face=sans-serif>21</FONT>&nbsp;</TD>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>Senior Vice President</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>Susan A. McCormack, CFA</FONT>&nbsp;</TD>
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     <TD noWrap align=center><FONT size=2 face=sans-serif>24</FONT>&nbsp;</TD>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>Senior Vice President</FONT>&nbsp;</TD></TR>
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<P style="TEXT-ALIGN: left"><B><FONT size=4 face=sans-serif>The </FONT></B><B><FONT size=4 face=sans-serif>portfolio managers </FONT></B><B><FONT size=4 face=sans-serif>are </FONT></B><B><FONT size=4 face=sans-serif>backed </FONT></B><B><FONT size=4 face=sans-serif>by </FONT></B><B><FONT size=4 face=sans-serif>Putnam Investments&#146; </FONT></B><B><FONT size=4 face=sans-serif>fixed-</FONT></B><B><FONT size=4 face=sans-serif>income resources</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT face=sans-serif>&#149; </FONT><FONT face=sans-serif>Nearly 70 </FONT><FONT face=sans-serif>investment professionals </FONT><FONT face=sans-serif>and $50 billion in assets under </FONT><FONT face=sans-serif>management</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=sans-serif>&#149; </FONT><FONT face=sans-serif>Research coverage </FONT><FONT face=sans-serif>of every global fixed-</FONT><FONT face=sans-serif>income </FONT><FONT face=sans-serif>sector</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=4 face=sans-serif>Putnam&#146;s </FONT></B><B><FONT size=4 face=sans-serif>fixed-</FONT></B><B><FONT size=4 face=sans-serif>income funds </FONT></B><B><FONT size=4 face=sans-serif>have a </FONT></B><B><FONT size=4 face=sans-serif>strong </FONT></B><B><FONT size=4 face=sans-serif>track </FONT></B><B><FONT size=4 face=sans-serif>record</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT face=sans-serif>&#149; </FONT><FONT face=sans-serif>More than 74% of </FONT><FONT face=sans-serif>Putnam </FONT><FONT face=sans-serif>fixed-</FONT><FONT face=sans-serif>income </FONT><FONT face=sans-serif>funds &#151; closed-end and open-end &#151; </FONT><FONT face=sans-serif>ranked </FONT><FONT face=sans-serif>above </FONT><FONT face=sans-serif>average </FONT><FONT face=sans-serif>in their Lipper </FONT><FONT face=sans-serif>groups</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=sans-serif>&#149; </FONT><FONT face=sans-serif>% of </FONT><FONT face=sans-serif>Putnam </FONT><FONT face=sans-serif>fixed-</FONT><FONT face=sans-serif>income </FONT><FONT face=sans-serif>funds that </FONT><FONT face=sans-serif>ranked </FONT><FONT face=sans-serif>above </FONT><FONT face=sans-serif>average </FONT><FONT face=sans-serif>in their Lipper </FONT><FONT face=sans-serif>groups </FONT><FONT face=sans-serif>as of </FONT><FONT face=sans-serif>December </FONT><FONT face=sans-serif>31, 2009:</FONT></P>
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     <TD noWrap align=left><B><FONT face=sans-serif>3 years</FONT></B>&nbsp;</TD>
     <TD noWrap align=left><B><FONT face=sans-serif>5 years</FONT></B>&nbsp;</TD>
     <TD noWrap align=left><B><FONT face=sans-serif>10 years</FONT></B>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif>77% (17 of 22 funds)</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif>91% (20 of 22 funds)</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif>86% (19 of 22 funds)</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT face=sans-serif>90% (19 of 21 funds)</FONT>&nbsp;</TD></TR></TABLE><BR>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>* See Appendix A for investment manager biographies.</FONT>&nbsp;</TD>
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     <TD noWrap align=right><B><FONT size=2 face=sans-serif>4</FONT></B>&nbsp;</TD></TR></TABLE><BR>
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     <TD noWrap align=left><FONT size=5 face=serif>1. About Putnam Municipal Opportunities Trust</FONT>&nbsp;</TD></TR>
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<P style="TEXT-ALIGN: left"><B><FONT size=5 face=sans-serif>The fund is </FONT></B><B><FONT size=5 face=sans-serif>managed </FONT></B><B><FONT size=5 face=sans-serif>by </FONT></B><B><FONT size=5 face=sans-serif>Putnam Investments, </FONT></B><B><FONT size=5 face=sans-serif>a </FONT></B><B><FONT size=5 face=sans-serif>leading money manager</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=4 face=sans-serif>&#149; </FONT><FONT size=4 face=sans-serif>Over 70 years of </FONT><FONT size=4 face=sans-serif>investment experience, managing </FONT><FONT size=4 face=sans-serif>money for </FONT><FONT size=4 face=sans-serif>individuals </FONT><FONT size=4 face=sans-serif>and </FONT><FONT size=4 face=sans-serif>institutions </FONT><FONT size=4 face=sans-serif>since 1937</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=4 face=sans-serif>&#149; </FONT><FONT size=4 face=sans-serif>Nearly $114 billion in assets under </FONT><FONT size=4 face=sans-serif>management, </FONT><FONT size=4 face=sans-serif>for nearly 6 million </FONT><FONT size=4 face=sans-serif>shareholder accounts*</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=4 face=sans-serif>&#149; </FONT><FONT size=4 face=sans-serif>190 </FONT><FONT size=4 face=sans-serif>institutional clients, including pension </FONT><FONT size=4 face=sans-serif>funds of </FONT><FONT size=4 face=sans-serif>several </FONT><FONT size=4 face=sans-serif>states and many large </FONT><FONT size=4 face=sans-serif>corporations </FONT><FONT size=2 face=sans-serif>&#134;</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=4 face=sans-serif>&#149; </FONT><FONT size=4 face=sans-serif>78 mutual funds across asset </FONT><FONT size=4 face=sans-serif>classes, </FONT><FONT size=4 face=sans-serif>and six </FONT><FONT size=4 face=sans-serif>investment categories </FONT><FONT size=4 face=sans-serif>&#151; </FONT><FONT size=4 face=sans-serif>growth, </FONT><FONT size=4 face=sans-serif>blend, value, </FONT><FONT size=4 face=sans-serif>income, absolute </FONT><FONT size=4 face=sans-serif>return, and global sector</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=4 face=sans-serif>&#149; </FONT><FONT size=4 face=sans-serif>24 </FONT><FONT size=4 face=sans-serif>variable annuity </FONT><FONT size=4 face=sans-serif>and </FONT><FONT size=4 face=sans-serif>variable </FONT><FONT size=4 face=sans-serif>life </FONT><FONT size=4 face=sans-serif>product choices, </FONT><FONT size=4 face=sans-serif>with </FONT><FONT size=4 face=sans-serif>subaccounts </FONT><FONT size=4 face=sans-serif>for The </FONT><FONT size=4 face=sans-serif>Hartford Financial Services </FONT><FONT size=4 face=sans-serif>Group and </FONT><FONT size=4 face=sans-serif>Allstate </FONT><FONT size=4 face=sans-serif>Life </FONT><FONT size=4 face=sans-serif>Insurance Company</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=4 face=sans-serif>&#149; </FONT><FONT size=4 face=sans-serif>411 401(k) plans </FONT><FONT size=4 face=sans-serif>including </FONT><FONT size=4 face=sans-serif>a range of </FONT><FONT size=4 face=sans-serif>Putnam </FONT><FONT size=4 face=sans-serif>funds</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=4 face=sans-serif>&#149; </FONT><FONT size=4 face=sans-serif>156 </FONT><FONT size=4 face=sans-serif>investment professionals </FONT><FONT size=4 face=sans-serif>with a </FONT><FONT size=4 face=sans-serif>balance </FONT><FONT size=4 face=sans-serif>of skill and </FONT><FONT size=4 face=sans-serif>backgrounds</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=4 face=sans-serif>&#149; </FONT><FONT size=4 face=sans-serif>Offices </FONT><FONT size=4 face=sans-serif>in </FONT><FONT size=4 face=sans-serif>Boston, London, Frankfurt, Amsterdam, </FONT><FONT size=4 face=sans-serif>Tokyo, </FONT><FONT size=4 face=sans-serif>Sydney, </FONT><FONT size=4 face=sans-serif>and </FONT><FONT size=4 face=sans-serif>Singapore</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=4 face=sans-serif>&#149; </FONT><FONT size=4 face=sans-serif>Led by </FONT><FONT size=4 face=sans-serif>experienced investment managers </FONT><FONT size=4 face=sans-serif>who seek </FONT><FONT size=4 face=sans-serif>superior </FONT><FONT size=4 face=sans-serif>results over time </FONT><FONT size=4 face=sans-serif>backed </FONT><FONT size=4 face=sans-serif>by </FONT><FONT size=4 face=sans-serif>original, fundamental research</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>* As of </FONT><FONT size=2 face=sans-serif>February </FONT><FONT size=2 face=sans-serif>28, 2010.<BR>
</FONT><FONT size=2 face=sans-serif>&#134; As of </FONT><FONT size=2 face=sans-serif>September </FONT><FONT size=2 face=sans-serif>30, 2009.<BR>
</FONT><FONT size=2 face=sans-serif>All other data as of </FONT><FONT size=2 face=sans-serif>December </FONT><FONT size=2 face=sans-serif>31, 2009.</FONT></P>
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     <TD noWrap align=left><FONT size=5 face=serif>1. About Putnam Municipal Opportunities Trust</FONT>&nbsp;</TD></TR>
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<P style="TEXT-ALIGN: left"><B><FONT size=5 face=sans-serif>Two </FONT></B><B><FONT size=5 face=sans-serif>matters </FONT></B><B><FONT size=5 face=sans-serif>for the </FONT></B><B><FONT size=5 face=sans-serif>April </FONT></B><B><FONT size=5 face=sans-serif>8, 2010 </FONT></B><B><FONT size=5 face=sans-serif>shareholder meeting</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=4 face=sans-serif>&#149; </FONT><B><FONT size=4 face=sans-serif>Election </FONT></B><B><FONT size=4 face=sans-serif>of </FONT></B><B><FONT size=4 face=sans-serif>Trustees</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT face=sans-serif>&#150; </FONT><FONT face=sans-serif>The </FONT><FONT face=sans-serif>Trustees </FONT><FONT face=sans-serif>of the </FONT><FONT face=sans-serif>Putnam </FONT><FONT face=sans-serif>Funds are </FONT><FONT face=sans-serif>independent, </FONT><FONT face=sans-serif>highly </FONT><FONT face=sans-serif>qualified, </FONT><FONT face=sans-serif>and active </FONT><FONT face=sans-serif>fiduciaries </FONT><FONT face=sans-serif>who have </FONT><FONT face=sans-serif>proactively protected </FONT><FONT face=sans-serif>the long-term </FONT><FONT face=sans-serif>interests </FONT><FONT face=sans-serif>of </FONT><FONT face=sans-serif>shareholders. </FONT><FONT face=sans-serif>The </FONT><FONT face=sans-serif>Trustees </FONT><FONT face=sans-serif>meet </FONT><FONT face=sans-serif>regularly </FONT><FONT face=sans-serif>with the fund&#146;s </FONT><FONT face=sans-serif>investment manager, Putnam</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=sans-serif>&#150; </FONT><FONT face=sans-serif>The </FONT><FONT face=sans-serif>dissident </FONT><FONT face=sans-serif>slate of </FONT><FONT face=sans-serif>Trustee nominees submitted </FONT><FONT face=sans-serif>by </FONT><FONT face=sans-serif>Karpus Investment Management </FONT><FONT face=sans-serif>does not </FONT><FONT face=sans-serif>appear </FONT><FONT face=sans-serif>to be </FONT><FONT face=sans-serif>composed </FONT><FONT face=sans-serif>of </FONT><FONT face=sans-serif>individuals </FONT><FONT face=sans-serif>with </FONT><FONT face=sans-serif>significant experience </FONT><FONT face=sans-serif>in </FONT><FONT face=sans-serif>fiduciary responsibility </FONT><FONT face=sans-serif>and closed-end fund </FONT><FONT face=sans-serif>governance</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=4 face=sans-serif>&#149; </FONT><B><FONT size=4 face=sans-serif>Shareholder Proposal </FONT></B><B><FONT size=4 face=sans-serif>to </FONT></B><B><FONT size=4 face=sans-serif>Consider </FONT></B><B><FONT size=4 face=sans-serif>Open-</FONT></B><B><FONT size=4 face=sans-serif>Ending </FONT></B><B><FONT size=4 face=sans-serif>the Fund</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT face=sans-serif>&#150; </FONT><FONT face=sans-serif>The merits of </FONT><FONT face=sans-serif>maintaining </FONT><FONT face=sans-serif>the fund&#146;s closed-end fund </FONT><FONT face=sans-serif>structure </FONT><FONT face=sans-serif>at this time are </FONT><FONT face=sans-serif>especially compelling </FONT><FONT face=sans-serif>when one takes into </FONT><FONT face=sans-serif>account </FONT><FONT face=sans-serif>the </FONT><FONT face=sans-serif>current market circumstances, narrow trading </FONT><FONT face=sans-serif>price </FONT><FONT face=sans-serif>discount, advantageous preferred </FONT><FONT face=sans-serif>share </FONT><FONT face=sans-serif>leverage, </FONT><FONT face=sans-serif>and </FONT><FONT face=sans-serif>significant outperformance </FONT><FONT face=sans-serif>by the fund </FONT><FONT face=sans-serif>relative </FONT><FONT face=sans-serif>to a </FONT><FONT face=sans-serif>comparable </FONT><FONT face=sans-serif>open-end </FONT><FONT face=sans-serif>Putnam </FON
T><FONT face=sans-serif>fund</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=sans-serif>&#150; </FONT><FONT face=sans-serif>The </FONT><FONT face=sans-serif>Independent Trustees </FONT><FONT face=sans-serif>have a </FONT><FONT face=sans-serif>significant </FONT><FONT face=sans-serif>and </FONT><FONT face=sans-serif>lengthy </FONT><FONT face=sans-serif>history of </FONT><FONT face=sans-serif>approving </FONT><FONT face=sans-serif>open-ending </FONT><FONT face=sans-serif>mergers </FONT><FONT face=sans-serif>for closed-end funds when they are in the best </FONT><FONT face=sans-serif>interests </FONT><FONT face=sans-serif>of fund </FONT><FONT face=sans-serif>shareholders</FONT></P>
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     <TD noWrap align=left><FONT size=7 face=serif>2. PMO&#146;s Independent Trustees have</FONT>&nbsp;</TD></TR>
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<P style="TEXT-ALIGN: left"><B><FONT size=5 face=sans-serif>The </FONT></B><B><FONT size=5 face=sans-serif>Trustees </FONT></B><B><FONT size=5 face=sans-serif>are </FONT></B><B><FONT size=5 face=sans-serif>independent, experienced, </FONT></B><B><FONT size=5 face=sans-serif>and </FONT></B><B><FONT size=5 face=sans-serif>highly qualified fiduciaries</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=4 face=sans-serif>&#149; </FONT><FONT size=4 face=sans-serif>Independent</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=sans-serif>&#150; </FONT><FONT face=sans-serif>The </FONT><FONT face=sans-serif>Trustees </FONT><FONT face=sans-serif>have an </FONT><FONT face=sans-serif>independent Chairman, </FONT><FONT face=sans-serif>John Hill</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=sans-serif>&#150; </FONT><FONT face=sans-serif>Jameson Baxter, </FONT><FONT face=sans-serif>the Vice </FONT><FONT face=sans-serif>Chairman </FONT><FONT face=sans-serif>of the Board and </FONT><FONT face=sans-serif>Chairman </FONT><FONT face=sans-serif>of its </FONT><FONT face=sans-serif>Contract Committee, </FONT><FONT face=sans-serif>is the </FONT><FONT face=sans-serif>Chairman </FONT><FONT face=sans-serif>of the Mutual Fund </FONT><FONT face=sans-serif>Directors Forum, </FONT><FONT face=sans-serif>which serves </FONT><FONT face=sans-serif>investment company directors, promotes vigilant, dedicated </FONT><FONT face=sans-serif>and well-</FONT><FONT face=sans-serif>informed independent directors, </FONT><FONT face=sans-serif>and serves as their voice and </FONT><FONT face=sans-serif>advocate </FONT><FONT face=sans-serif>on </FONT><FONT face=sans-serif>important </FONT><FONT face=sans-serif>policy </FONT><FONT face=sans-serif>matters</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=sans-serif>&#150; </FONT><FONT face=sans-serif>13 of 14 </FONT><FONT face=sans-serif>Trustees </FONT><FONT face=sans-serif>are, and would be if </FONT><FONT face=sans-serif>elected, Independent Trustees. </FONT><FONT face=sans-serif>As </FONT><FONT face=sans-serif>Independent Trustees, </FONT><FONT face=sans-serif>they are not </FONT><FONT face=sans-serif>&#147;interested persons&#148; </FONT><FONT face=sans-serif>of PMO or of </FONT><FONT face=sans-serif>Putnam</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=sans-serif>&#150; </FONT><FONT face=sans-serif>The </FONT><FONT face=sans-serif>Independent Trustees </FONT><FONT face=sans-serif>are </FONT><FONT face=sans-serif>assisted </FONT><FONT face=sans-serif>by an </FONT><FONT face=sans-serif>independent administrative </FONT><FONT face=sans-serif>staff and by </FONT><FONT face=sans-serif>auditors </FONT><FONT face=sans-serif>and legal </FONT><FONT face=sans-serif>counsel </FONT><FONT face=sans-serif>who are </FONT><FONT face=sans-serif>selected </FONT><FONT face=sans-serif>by the </FONT><FONT face=sans-serif>Independent Trustees </FONT><FONT face=sans-serif>and are </FONT><FONT face=sans-serif>independent </FONT><FONT face=sans-serif>of </FONT><FONT face=sans-serif>Putnam</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=4 face=sans-serif>&#149; </FONT><FONT size=4 face=sans-serif>Highly qualified, </FONT><FONT size=4 face=sans-serif>with </FONT><FONT size=4 face=sans-serif>significant current </FONT><FONT size=4 face=sans-serif>and past </FONT><FONT size=4 face=sans-serif>experience </FONT><FONT size=4 face=sans-serif>(for </FONT><FONT size=4 face=sans-serif>complete biographies, </FONT><FONT size=4 face=sans-serif>see </FONT><FONT size=4 face=sans-serif>Appendix </FONT><FONT size=4 face=sans-serif>B)</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=sans-serif>&#150; </FONT><FONT face=sans-serif>Six Chief </FONT><FONT face=sans-serif>Executive Officers </FONT><FONT face=sans-serif>of </FONT><FONT face=sans-serif>investment </FONT><FONT face=sans-serif>firms</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=sans-serif>&#150; </FONT><FONT face=sans-serif>Chief </FONT><FONT face=sans-serif>Investment </FONT><FONT face=sans-serif>Officer of major </FONT><FONT face=sans-serif>retirement </FONT><FONT face=sans-serif>plans</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=sans-serif>&#150; </FONT><FONT face=sans-serif>Chief </FONT><FONT face=sans-serif>Financial </FONT><FONT face=sans-serif>Officer of </FONT><FONT face=sans-serif>Johnson </FONT><FONT face=sans-serif>&amp; </FONT><FONT face=sans-serif>Johnson</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=sans-serif>&#150; </FONT><FONT face=sans-serif>President </FONT><FONT face=sans-serif>of Mount </FONT><FONT face=sans-serif>Holyoke College</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=sans-serif>&#150; </FONT><FONT face=sans-serif>Professor </FONT><FONT face=sans-serif>of </FONT><FONT face=sans-serif>Economics </FONT><FONT face=sans-serif>at MIT</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=4 face=sans-serif>&#149; </FONT><FONT size=4 face=sans-serif>Strong </FONT><FONT size=4 face=sans-serif>fund </FONT><FONT size=4 face=sans-serif>governance practices</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=sans-serif>&#150; </FONT><FONT face=sans-serif>A </FONT><FONT face=sans-serif>combination </FONT><FONT face=sans-serif>of long-</FONT><FONT face=sans-serif>tenured </FONT><FONT face=sans-serif>and newer </FONT><FONT face=sans-serif>members, bringing diverse perspectives </FONT><FONT face=sans-serif>to fund </FONT><FONT face=sans-serif>oversight</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=sans-serif>&#150; </FONT><FONT face=sans-serif>No </FONT><FONT face=sans-serif>staggered </FONT><FONT face=sans-serif>board or other </FONT><FONT face=sans-serif>takeover defenses; </FONT><FONT face=sans-serif>every PMO board </FONT><FONT face=sans-serif>member </FONT><FONT face=sans-serif>stands for </FONT><FONT face=sans-serif>election </FONT><FONT face=sans-serif>each fiscal year</FONT></P>
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<P style="TEXT-ALIGN: left"><B><FONT size=5 face=sans-serif>The </FONT></B><B><FONT size=5 face=sans-serif>Trustees </FONT></B><B><FONT size=5 face=sans-serif>and </FONT></B><B><FONT size=5 face=sans-serif>Putnam have actively addressed </FONT></B><B><FONT size=5 face=sans-serif>the </FONT></B><B><FONT size=5 face=sans-serif>specific concerns <BR>
</FONT></B><B><FONT size=5 face=sans-serif>of </FONT></B><B><FONT size=5 face=sans-serif>closed</FONT></B><B><FONT size=5 face=sans-serif>-end fund </FONT></B><B><FONT size=5 face=sans-serif>shareholders</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=4 face=sans-serif>&#149; </FONT><FONT size=4 face=sans-serif>The </FONT><FONT size=4 face=sans-serif>Independent Trustees </FONT><FONT size=4 face=sans-serif>have held </FONT><FONT size=4 face=sans-serif>regularly scheduled monthly meetings </FONT><FONT size=4 face=sans-serif>and have </FONT><FONT size=4 face=sans-serif>conducted additional meetings </FONT><FONT size=4 face=sans-serif>as </FONT><FONT size=4 face=sans-serif>necessary</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=4 face=sans-serif>&#149; </FONT><FONT size=4 face=sans-serif>The </FONT><FONT size=4 face=sans-serif>Independent Trustees </FONT><FONT size=4 face=sans-serif>meet </FONT><FONT size=4 face=sans-serif>regularly </FONT><FONT size=4 face=sans-serif>with </FONT><FONT size=4 face=sans-serif>Putnam regarding closed</FONT><FONT size=4 face=sans-serif>-end </FONT><FONT size=4 face=sans-serif>funds, </FONT><FONT size=4 face=sans-serif>and they </FONT><FONT size=4 face=sans-serif>carefully monitor </FONT><FONT size=4 face=sans-serif>the </FONT><FONT size=4 face=sans-serif>funds&#146; performance, </FONT><FONT size=4 face=sans-serif>the </FONT><FONT size=4 face=sans-serif>trading prices (including </FONT><FONT size=4 face=sans-serif>any </FONT><FONT size=4 face=sans-serif>discounts </FONT><FONT size=4 face=sans-serif>or </FONT><FONT size=4 face=sans-serif>premiums) </FONT><FONT size=4 face=sans-serif>of fund </FONT><FONT size=4 face=sans-serif>shares, </FONT><FONT size=4 face=sans-
serif>and the </FONT><FONT size=4 face=sans-serif>expressed </FONT><FONT size=4 face=sans-serif>views of </FONT><FONT size=4 face=sans-serif>shareholders </FONT><FONT size=4 face=sans-serif>in the funds</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=4 face=sans-serif>&#149; </FONT><FONT size=4 face=sans-serif>Putnam </FONT><FONT size=4 face=sans-serif>and the </FONT><FONT size=4 face=sans-serif>Independent Trustees </FONT><FONT size=4 face=sans-serif>have taken </FONT><FONT size=4 face=sans-serif>actions </FONT><FONT size=4 face=sans-serif>that </FONT><FONT size=4 face=sans-serif>benefit </FONT><FONT size=4 face=sans-serif>the best </FONT><FONT size=4 face=sans-serif>interests </FONT><FONT size=4 face=sans-serif>of fund </FONT><FONT size=4 face=sans-serif>shareholders:</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=sans-serif>&#150; </FONT><B><FONT face=sans-serif>They have </FONT></B><B><FONT face=sans-serif>merged </FONT></B><B><FONT face=sans-serif>funds.</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT face=sans-serif><FONT size=4 face=sans-serif>&#149;</FONT> </FONT><FONT face=sans-serif>They have </FONT><FONT face=sans-serif>merged </FONT><FONT face=sans-serif>closed-end funds </FONT><FONT face=sans-serif>together, </FONT><FONT face=sans-serif>twice in 2005 and twice in 2008</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=sans-serif><FONT size=4 face=sans-serif>&#149;</FONT> </FONT><FONT face=sans-serif>They have </FONT><FONT face=sans-serif>merged </FONT><FONT face=sans-serif>closed-end funds into open-end funds, once in 2006 and twice in 2007</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=sans-serif>&#150; </FONT><B><FONT face=sans-serif>They have </FONT></B><B><FONT face=sans-serif>initiated tender offers. </FONT></B><FONT face=sans-serif>In 2007, tender offers were </FONT><FONT face=sans-serif>conducted </FONT><FONT face=sans-serif>to </FONT><FONT face=sans-serif>purchase </FONT><FONT face=sans-serif>up to 10% of the </FONT><FONT face=sans-serif>outstanding common </FONT><FONT face=sans-serif>shares of each of eight closed-end funds </FONT><FONT face=sans-serif>(including </FONT><FONT face=sans-serif>PMO) at a price per share equal to 98% of NAV. In 2008, a tender offer for </FONT><FONT face=sans-serif>another </FONT><FONT face=sans-serif>fund was </FONT><FONT face=sans-serif>conducted </FONT><FONT face=sans-serif>to </FONT><FONT face=sans-serif>purchase </FONT><FONT face=sans-serif>up to 15% of its </FONT><FONT face=sans-serif>outstanding common </FONT><FONT face=sans-serif>shares at a price per share equal to 99% of NAV</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=sans-serif>&#150; </FONT><B><FONT face=sans-serif>They have </FONT></B><B><FONT face=sans-serif>instituted </FONT></B><B><FONT face=sans-serif>a share </FONT></B><B><FONT face=sans-serif>repurchase program. </FONT></B><FONT face=sans-serif>In 2005, the </FONT><FONT face=sans-serif>Trustees approved </FONT><FONT face=sans-serif>a share </FONT><FONT face=sans-serif>repurchase </FONT><FONT face=sans-serif>plan and have </FONT><FONT face=sans-serif>renewed </FONT><FONT face=sans-serif>it ever since. To date, the </FONT><FONT face=sans-serif>program </FONT><FONT face=sans-serif>has made a </FONT><FONT face=sans-serif>meaningful contribution </FONT><FONT face=sans-serif>to </FONT><FONT face=sans-serif>investment </FONT><FONT face=sans-serif>return</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=sans-serif>&#150; </FONT><B><FONT face=sans-serif>They </FONT></B><B><FONT face=sans-serif>reduced management </FONT></B><B><FONT face=sans-serif>fees for the </FONT></B><B><FONT face=sans-serif>closed </FONT></B><B><FONT face=sans-serif>-end funds, </FONT></B><B><FONT face=sans-serif>effective January </FONT></B><B><FONT face=sans-serif>1, 2006. </FONT></B><FONT face=sans-serif>PMO&#146;s </FONT><FONT face=sans-serif>management </FONT><FONT face=sans-serif>fee </FONT><FONT face=sans-serif>decreased </FONT><FONT face=sans-serif>by 15%, from 65 basis points to 55 basis points</FONT></P>
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<P style="TEXT-ALIGN: left"><B><FONT size=5 face=sans-serif>Putnam </FONT></B><B><FONT size=5 face=sans-serif>and the </FONT></B><B><FONT size=5 face=sans-serif>Independent Trustees have acted </FONT></B><B><FONT size=5 face=sans-serif>in </FONT></B><B><FONT size=5 face=sans-serif>shareholders&#146; best interests since </FONT></B><B><FONT size=5 face=sans-serif>the </FONT></B><B><FONT size=5 face=sans-serif>auction</FONT></B><B><FONT size=5 face=sans-serif>-rate </FONT></B><B><FONT size=5 face=sans-serif>securities market collapsed</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT face=sans-serif>&#149; </FONT><FONT face=sans-serif>Putnam </FONT><FONT face=sans-serif>and the </FONT><FONT face=sans-serif>Independent Trustees </FONT><FONT face=sans-serif>took </FONT><FONT face=sans-serif>action </FONT><FONT face=sans-serif>when </FONT><FONT face=sans-serif>PMO&#146;s preferred shareholders </FONT><FONT face=sans-serif>faced </FONT><FONT face=sans-serif>significant liquidity issues, </FONT><FONT face=sans-serif>and </FONT><FONT face=sans-serif>PMO&#146;s common shareholders </FONT><FONT face=sans-serif>faced </FONT><FONT face=sans-serif>potentially higher </FONT><FONT face=sans-serif>costs of </FONT><FONT face=sans-serif>preferred </FONT><FONT face=sans-serif>share </FONT><FONT face=sans-serif>leverage</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=sans-serif>&#149; </FONT><FONT face=sans-serif>Putnam </FONT><FONT face=sans-serif>and the </FONT><FONT face=sans-serif>Independent Trustees devoted, </FONT><FONT face=sans-serif>and </FONT><FONT face=sans-serif>continue </FONT><FONT face=sans-serif>to </FONT><FONT face=sans-serif>devote, considerable efforts </FONT><FONT face=sans-serif>to </FONT><FONT face=sans-serif>addressing </FONT><FONT face=sans-serif>the </FONT><FONT face=sans-serif>situation </FONT><FONT face=sans-serif>in a </FONT><FONT face=sans-serif>manner </FONT><FONT face=sans-serif>that takes into </FONT><FONT face=sans-serif>account </FONT><FONT face=sans-serif>the </FONT><FONT face=sans-serif>interests </FONT><FONT face=sans-serif>of both </FONT><FONT face=sans-serif>common </FONT><FONT face=sans-serif>and </FONT><FONT face=sans-serif>preferred shareholders</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=sans-serif>&#149; </FONT><FONT face=sans-serif>PMO today </FONT><FONT face=sans-serif>remains leveraged </FONT><FONT face=sans-serif>in a </FONT><FONT face=sans-serif>manner comparable </FONT><FONT face=sans-serif>to its </FONT><FONT face=sans-serif>industry peers, </FONT><FONT face=sans-serif>while </FONT><FONT face=sans-serif>having provided significant liquidity </FONT><FONT face=sans-serif>to the </FONT><FONT face=sans-serif>fund&#146;s preferred shareholders </FONT><FONT face=sans-serif>and </FONT><FONT face=sans-serif>having reduced </FONT><FONT face=sans-serif>the risk to the </FONT><FONT face=sans-serif>fund&#146;s common shareholders associated </FONT><FONT face=sans-serif>with </FONT><FONT face=sans-serif>potentially increasing preferred </FONT><FONT face=sans-serif>share </FONT><FONT face=sans-serif>&#147;maximum dividend rates&#148;</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Chronology:</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#150; </FONT><FONT size=2 face=sans-serif>Beginning </FONT><FONT size=2 face=sans-serif>in early 2008, the </FONT><FONT size=2 face=sans-serif>auction (remarketing) process </FONT><FONT size=2 face=sans-serif>for PMO&#146;s </FONT><FONT size=2 face=sans-serif>preferred shares, </FONT><FONT size=2 face=sans-serif>and similar </FONT><FONT size=2 face=sans-serif>preferred </FONT><FONT size=2 face=sans-serif>shares across the closed-end fund </FONT><FONT size=2 face=sans-serif>industry, ceased </FONT><FONT size=2 face=sans-serif>to </FONT><FONT size=2 face=sans-serif>function</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#150; </FONT><FONT size=2 face=sans-serif>From June 2008 to </FONT><FONT size=2 face=sans-serif>August </FONT><FONT size=2 face=sans-serif>2008, PMO </FONT><FONT size=2 face=sans-serif>redeemed </FONT><FONT size=2 face=sans-serif>15% ($</FONT><FONT size=2 face=sans-serif>59.1M) </FONT><FONT size=2 face=sans-serif>of its </FONT><FONT size=2 face=sans-serif>outstanding preferred shares, substituting </FONT><FONT size=2 face=sans-serif>tender option bonds </FONT><FONT size=2 face=sans-serif>(TOBs)</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#150; </FONT><FONT size=2 face=sans-serif>In </FONT><FONT size=2 face=sans-serif>September </FONT><FONT size=2 face=sans-serif>2008, </FONT><FONT size=2 face=sans-serif>Putnam recommended, </FONT><FONT size=2 face=sans-serif>and the </FONT><FONT size=2 face=sans-serif>Trustees approved, </FONT><FONT size=2 face=sans-serif>the </FONT><FONT size=2 face=sans-serif>merger </FONT><FONT size=2 face=sans-serif>of PMO into a </FONT><FONT size=2 face=sans-serif>similarly managed </FONT><FONT size=2 face=sans-serif>open-end </FONT><FONT size=2 face=sans-serif>Putnam </FONT><FONT size=2 face=sans-serif>fund in light of the </FONT><FONT size=2 face=sans-serif>following factors: </FONT><FONT size=2 face=sans-serif>(i) </FONT><FONT size=2 face=sans-serif>marketplace developments </FONT><FONT size=2 face=sans-serif>at that time for </FONT><FONT size=2 face=sans-serif>leveraged </FONT><FONT size=2 face=sans-serif>closed-end funds; (ii) the risks and costs to PMO&#146
;s </FONT><FONT size=2 face=sans-serif>common shareholders </FONT><FONT size=2 face=sans-serif>of </FONT><FONT size=2 face=sans-serif>maintaining </FONT><FONT size=2 face=sans-serif>the then-</FONT><FONT size=2 face=sans-serif>current preferred </FONT><FONT size=2 face=sans-serif>share </FONT><FONT size=2 face=sans-serif>leverage </FONT><FONT size=2 face=sans-serif>over time; (iii) the cost and </FONT><FONT size=2 face=sans-serif>availability </FONT><FONT size=2 face=sans-serif>of </FONT><FONT size=2 face=sans-serif>alternative leverage financing sources </FONT><FONT size=2 face=sans-serif>for PMO; (iv) the level of </FONT><FONT size=2 face=sans-serif>discount </FONT><FONT size=2 face=sans-serif>then </FONT><FONT size=2 face=sans-serif>prevailing </FONT><FONT size=2 face=sans-serif>in the </FONT><FONT size=2 face=sans-serif>trading </FONT><FONT size=2 face=sans-serif>price of PMO&#146;s shares as </FONT><FONT size=2 face=sans-serif>compared </FONT><FONT size=2 face=sans-serif>with NAV; and (v) </FONT><FONT s
ize=2 face=sans-serif>general conditions </FONT><FONT size=2 face=sans-serif>in the </FONT><FONT size=2 face=sans-serif>municipal </FONT><FONT size=2 face=sans-serif>bond </FONT><FONT size=2 face=sans-serif>market</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#150; </FONT><FONT size=2 face=sans-serif>The </FONT><FONT size=2 face=sans-serif>announcement </FONT><FONT size=2 face=sans-serif>of the formal </FONT><FONT size=2 face=sans-serif>approval </FONT><FONT size=2 face=sans-serif>of the </FONT><FONT size=2 face=sans-serif>merger </FONT><FONT size=2 face=sans-serif>in </FONT><FONT size=2 face=sans-serif>October </FONT><FONT size=2 face=sans-serif>2008 noted that </FONT><FONT size=2 face=sans-serif>completion </FONT><FONT size=2 face=sans-serif>of the </FONT><FONT size=2 face=sans-serif>merger </FONT><FONT size=2 face=sans-serif>would be </FONT><FONT size=2 face=sans-serif>subject </FONT><FONT size=2 face=sans-serif>to a </FONT><FONT size=2 face=sans-serif>number </FONT><FONT size=2 face=sans-serif>of </FONT><FONT size=2 face=sans-serif>conditions </FONT><FONT size=2 face=sans-serif>and that </FONT><FONT size=2 face=sans-serif>completion </FONT><FONT size=2 face=sans-serif>could be </FONT><FONT size=2 face=
sans-serif>delayed </FONT><FONT size=2 face=sans-serif>in light of </FONT><FONT size=2 face=sans-serif>changing market conditions</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#150; </FONT><FONT size=2 face=sans-serif>From </FONT><FONT size=2 face=sans-serif>November </FONT><FONT size=2 face=sans-serif>2008 to </FONT><FONT size=2 face=sans-serif>January </FONT><FONT size=2 face=sans-serif>2009, an </FONT><FONT size=2 face=sans-serif>additional </FONT><FONT size=2 face=sans-serif>47% ($</FONT><FONT size=2 face=sans-serif>156.05M) </FONT><FONT size=2 face=sans-serif>of </FONT><FONT size=2 face=sans-serif>preferred </FONT><FONT size=2 face=sans-serif>shares were </FONT><FONT size=2 face=sans-serif>redeemed </FONT><FONT size=2 face=sans-serif>in </FONT><FONT size=2 face=sans-serif>preparation </FONT><FONT size=2 face=sans-serif>for the </FONT><FONT size=2 face=sans-serif>merger</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#150; </FONT><FONT size=2 face=sans-serif>$</FONT><FONT size=2 face=sans-serif>215.15M </FONT><FONT size=2 face=sans-serif>of $394M of </FONT><FONT size=2 face=sans-serif>preferred </FONT><FONT size=2 face=sans-serif>share </FONT><FONT size=2 face=sans-serif>leverage </FONT><FONT size=2 face=sans-serif>was </FONT><FONT size=2 face=sans-serif>redeemed. </FONT><FONT size=2 face=sans-serif>PMO&#146;s </FONT><FONT size=2 face=sans-serif>leverage </FONT><FONT size=2 face=sans-serif>was </FONT><FONT size=2 face=sans-serif>reduced </FONT><FONT size=2 face=sans-serif>from 42% to 26% (30% </FONT><FONT size=2 face=sans-serif>including </FONT><FONT size=2 face=sans-serif>TOB </FONT><FONT size=2 face=sans-serif>leverage), </FONT><FONT size=2 face=sans-serif>to a level </FONT><FONT size=2 face=sans-serif>reasonably comparable </FONT><FONT size=2 face=sans-serif>to other funds in its Lipper </FONT><FONT size=2 face=sans-serif>category</FONT></P>
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     <TD noWrap align=left><FONT size=5 face=serif>2. PMO&#146;s Independent Trustees have actively advanced the interests of shareholders</FONT>&nbsp;</TD></TR>
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<P style="TEXT-ALIGN: left"><B><FONT size=5 face=sans-serif>Putnam </FONT></B><B><FONT size=5 face=sans-serif>and the </FONT></B><B><FONT size=5 face=sans-serif>Independent Trustees have acted </FONT></B><B><FONT size=5 face=sans-serif>in </FONT></B><B><FONT size=5 face=sans-serif>shareholders&#146; best interests since </FONT></B><B><FONT size=5 face=sans-serif>the </FONT></B><B><FONT size=5 face=sans-serif>auction</FONT></B><B><FONT size=5 face=sans-serif>-rate </FONT></B><B><FONT size=5 face=sans-serif>securities market collapsed (cont.</FONT></B><B><FONT size=5 face=sans-serif>)</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT face=sans-serif>&#149; </FONT><FONT face=sans-serif>The </FONT><FONT face=sans-serif>Independent Trustees determined </FONT><FONT face=sans-serif>to </FONT><FONT face=sans-serif>suspend </FONT><FONT face=sans-serif>the </FONT><FONT face=sans-serif>proposed merger </FONT><FONT face=sans-serif>as in the </FONT><FONT face=sans-serif>shareholders&#146; </FONT><FONT face=sans-serif>best </FONT><FONT face=sans-serif>interests because </FONT><FONT face=sans-serif>of </FONT><FONT face=sans-serif>fundamental changes </FONT><FONT face=sans-serif>in </FONT><FONT face=sans-serif>market conditions</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=sans-serif>&#149; </FONT><FONT face=sans-serif>Putnam </FONT><FONT face=sans-serif>and the </FONT><FONT face=sans-serif>Independent Trustees </FONT><FONT face=sans-serif>will </FONT><FONT face=sans-serif>continue </FONT><FONT face=sans-serif>to </FONT><FONT face=sans-serif>monitor market conditions </FONT><FONT face=sans-serif>in light of the </FONT><FONT face=sans-serif>shareholders&#146; </FONT><FONT face=sans-serif>best </FONT><FONT face=sans-serif>interests</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#150; </FONT><FONT size=2 face=sans-serif>The </FONT><FONT size=2 face=sans-serif>Independent Trustees believe </FONT><FONT size=2 face=sans-serif>that the </FONT><FONT size=2 face=sans-serif>proposed merger </FONT><FONT size=2 face=sans-serif>may </FONT><FONT size=2 face=sans-serif>ultimately represent </FONT><FONT size=2 face=sans-serif>the best long-term option for PMO&#146;s </FONT><FONT size=2 face=sans-serif>common shareholders </FONT><FONT size=2 face=sans-serif>if </FONT><FONT size=2 face=sans-serif>conditions emerge </FONT><FONT size=2 face=sans-serif>to make it </FONT><FONT size=2 face=sans-serif>advisable </FONT><FONT size=2 face=sans-serif>(for both PMO and the open-end fund into which it would </FONT><FONT size=2 face=sans-serif>merge)</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#150; </FONT><FONT size=2 face=sans-serif>Putnam </FONT><FONT size=2 face=sans-serif>and the </FONT><FONT size=2 face=sans-serif>Trustees </FONT><FONT size=2 face=sans-serif>will </FONT><FONT size=2 face=sans-serif>continue </FONT><FONT size=2 face=sans-serif>to </FONT><FONT size=2 face=sans-serif>monitor </FONT><FONT size=2 face=sans-serif>the </FONT><FONT size=2 face=sans-serif>marketplace </FONT><FONT size=2 face=sans-serif>for </FONT><FONT size=2 face=sans-serif>alternative financing solutions </FONT><FONT size=2 face=sans-serif>that would permit </FONT><FONT size=2 face=sans-serif>additional redemption </FONT><FONT size=2 face=sans-serif>of </FONT><FONT size=2 face=sans-serif>preferred </FONT><FONT size=2 face=sans-serif>shares </FONT><FONT size=2 face=sans-serif>without material detriment </FONT><FONT size=2 face=sans-serif>to PMO&#146;s </FONT><FONT size=2 face=sans-serif>common shareholders</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=sans-serif>&#149; </FONT><FONT face=sans-serif>The </FONT><FONT face=sans-serif>Independent Trustees </FONT><FONT face=sans-serif>owe a </FONT><FONT face=sans-serif>fiduciary </FONT><FONT face=sans-serif>duty to the fund to act in a </FONT><FONT face=sans-serif>manner </FONT><FONT face=sans-serif>that </FONT><FONT face=sans-serif>protects </FONT><FONT face=sans-serif>its </FONT><FONT face=sans-serif>interests, taking </FONT><FONT face=sans-serif>into </FONT><FONT face=sans-serif>account </FONT><FONT face=sans-serif>the </FONT><FONT face=sans-serif>interests </FONT><FONT face=sans-serif>of all </FONT><FONT face=sans-serif>shareholders, </FONT><FONT face=sans-serif>both </FONT><FONT face=sans-serif>common </FONT><FONT face=sans-serif>and </FONT><FONT face=sans-serif>preferred</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#150; </FONT><FONT size=2 face=sans-serif>Fiduciary </FONT><FONT size=2 face=sans-serif>duties to </FONT><FONT size=2 face=sans-serif>common shareholders </FONT><FONT size=2 face=sans-serif>limit the ability of PMO&#146;s board &#151; </FONT><FONT size=2 face=sans-serif>regardless </FONT><FONT size=2 face=sans-serif>of its </FONT><FONT size=2 face=sans-serif>members </FONT><FONT size=2 face=sans-serif>&#151; to </FONT><FONT size=2 face=sans-serif>redeem </FONT><FONT size=2 face=sans-serif>the </FONT><FONT size=2 face=sans-serif>remaining preferred </FONT><FONT size=2 face=sans-serif>shares</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#150; </FONT><FONT size=2 face=sans-serif>The </FONT><FONT size=2 face=sans-serif>Independent Trustees elected </FONT><FONT size=2 face=sans-serif>by the </FONT><FONT size=2 face=sans-serif>preferred shareholders </FONT><FONT size=2 face=sans-serif>do not have </FONT><FONT size=2 face=sans-serif>special responsibilities </FONT><FONT size=2 face=sans-serif>to those </FONT><FONT size=2 face=sans-serif>shareholders</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#150; </FONT><FONT size=2 face=sans-serif>PMO </FONT><FONT size=2 face=sans-serif>continues </FONT><FONT size=2 face=sans-serif>to </FONT><FONT size=2 face=sans-serif>comply </FONT><FONT size=2 face=sans-serif>with all of the terms of the </FONT><FONT size=2 face=sans-serif>preferred </FONT><FONT size=2 face=sans-serif>shares and </FONT><FONT size=2 face=sans-serif>continues </FONT><FONT size=2 face=sans-serif>to pay the </FONT><FONT size=2 face=sans-serif>&#147;maximum dividend </FONT><FONT size=2 face=sans-serif>rate</FONT><FONT size=2 face=sans-serif>&#148;</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Chronology:</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif><FONT face=sans-serif>&#149; </FONT></FONT><FONT size=2 face=sans-serif>The </FONT><FONT size=2 face=sans-serif>significant decline </FONT><FONT size=2 face=sans-serif>in </FONT><FONT size=2 face=sans-serif>liquidity </FONT><FONT size=2 face=sans-serif>across major </FONT><FONT size=2 face=sans-serif>markets </FONT><FONT size=2 face=sans-serif>in the wake of </FONT><FONT size=2 face=sans-serif>Lehman Brothers&#146; September </FONT><FONT size=2 face=sans-serif>2008 </FONT><FONT size=2 face=sans-serif>bankruptcy caused Putnam </FONT><FONT size=2 face=sans-serif>to </FONT><FONT size=2 face=sans-serif>recommend </FONT><FONT size=2 face=sans-serif>to the </FONT><FONT size=2 face=sans-serif>Trustees </FONT><FONT size=2 face=sans-serif>in </FONT><FONT size=2 face=sans-serif>January </FONT><FONT size=2 face=sans-serif>2009 that further </FONT><FONT size=2 face=sans-serif>redemptions </FONT><FONT size=2 face=sans-serif>of </FONT><FONT size=2 face=sans-serif>pr
eferred </FONT><FONT size=2 face=sans-serif>shares would not be </FONT><FONT size=2 face=sans-serif>advisable </FONT><FONT size=2 face=sans-serif>at that time </FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif><FONT face=sans-serif>&#149;</FONT> </FONT><FONT size=2 face=sans-serif>By the </FONT><FONT size=2 face=sans-serif>summer </FONT><FONT size=2 face=sans-serif>of 2009, while </FONT><FONT size=2 face=sans-serif>liquidity conditions </FONT><FONT size=2 face=sans-serif>in all </FONT><FONT size=2 face=sans-serif>markets </FONT><FONT size=2 face=sans-serif>had </FONT><FONT size=2 face=sans-serif>generally improved, liquidity challenges persisted </FONT><FONT size=2 face=sans-serif>in certain credit quality </FONT><FONT size=2 face=sans-serif>segments </FONT><FONT size=2 face=sans-serif>of the </FONT><FONT size=2 face=sans-serif>municipal </FONT><FONT size=2 face=sans-serif>bond </FONT><FONT size=2 face=sans-serif>market, including </FONT><FONT size=2 face=sans-serif>the BBB-rated </FONT><FONT size=2 face=sans-serif>segments heavily represented </FONT><FONT size=2 face=sans-serif>in the </FONT><FONT size=2 face=sans-serif>portfolio </FONT><FONT size=2 face=sa
ns-serif>(see </FONT><FONT size=2 face=sans-serif>Appendix </FONT><FONT size=2 face=sans-serif>C). At the same time, due to </FONT><FONT size=2 face=sans-serif>Federal Reserve actions </FONT><FONT size=2 face=sans-serif>that had </FONT><FONT size=2 face=sans-serif>reduced </FONT><FONT size=2 face=sans-serif>short-term </FONT><FONT size=2 face=sans-serif>borrowing </FONT><FONT size=2 face=sans-serif>costs to </FONT><FONT size=2 face=sans-serif>historical </FONT><FONT size=2 face=sans-serif>lows, the </FONT><FONT size=2 face=sans-serif>benefits </FONT><FONT size=2 face=sans-serif>of </FONT><FONT size=2 face=sans-serif>preferred </FONT><FONT size=2 face=sans-serif>share </FONT><FONT size=2 face=sans-serif>leverage </FONT><FONT size=2 face=sans-serif>to PMO&#146;s </FONT><FONT size=2 face=sans-serif>common shareholders increased significantly. Moreover, Putnam advised </FONT><FONT size=2 face=sans-serif>the </FONT><FONT size=2 face=sans-serif>Trustees </FONT><FONT size=2 face=sans-serif>of its </FONT><FONT size=
2 face=sans-serif>expectation </FONT><FONT size=2 face=sans-serif>that </FONT><FONT size=2 face=sans-serif>preferred </FONT><FONT size=2 face=sans-serif>share </FONT><FONT size=2 face=sans-serif>leverage </FONT><FONT size=2 face=sans-serif>would </FONT><FONT size=2 face=sans-serif>continue </FONT><FONT size=2 face=sans-serif>to be </FONT><FONT size=2 face=sans-serif>advantageous </FONT><FONT size=2 face=sans-serif>to PMO&#146;s </FONT><FONT size=2 face=sans-serif>common shareholders </FONT><FONT size=2 face=sans-serif>for the </FONT><FONT size=2 face=sans-serif>foreseeable </FONT><FONT size=2 face=sans-serif>future</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif><FONT face=sans-serif>&#149;</FONT> </FONT><FONT size=2 face=sans-serif>Consequently, </FONT><FONT size=2 face=sans-serif>in June 2009, </FONT><FONT size=2 face=sans-serif>Putnam advised </FONT><FONT size=2 face=sans-serif>the </FONT><FONT size=2 face=sans-serif>Trustees </FONT><FONT size=2 face=sans-serif>that </FONT><FONT size=2 face=sans-serif>market conditions </FONT><FONT size=2 face=sans-serif>made the </FONT><FONT size=2 face=sans-serif>proposed </FONT><FONT size=2 face=sans-serif>open-ending </FONT><FONT size=2 face=sans-serif>merger inadvisable, </FONT><FONT size=2 face=sans-serif>based on the costs of </FONT><FONT size=2 face=sans-serif>funding anticipated redemptions </FONT><FONT size=2 face=sans-serif>and on the </FONT><FONT size=2 face=sans-serif>disadvantages </FONT><FONT size=2 face=sans-serif>of </FONT><FONT size=2 face=sans-serif>removing preferred </FONT><FONT size=2 face=sans-serif>share </FONT><FONT size=2 face=sans-serif>leverage <
/FONT><FONT size=2 face=sans-serif>at that time. On June 26, 2009, it was </FONT><FONT size=2 face=sans-serif>announced </FONT><FONT size=2 face=sans-serif>that the </FONT><FONT size=2 face=sans-serif>Trustees authorized Putnam </FONT><FONT size=2 face=sans-serif>to </FONT><FONT size=2 face=sans-serif>suspend </FONT><FONT size=2 face=sans-serif>further efforts to </FONT><FONT size=2 face=sans-serif>implement </FONT><FONT size=2 face=sans-serif>the </FONT><FONT size=2 face=sans-serif>merger </FONT><FONT size=2 face=sans-serif>at that time</FONT></P>
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     <TD noWrap align=left><FONT size=7 face=serif>3. PMO&#146;s closed-end structure at this time</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=7 face=serif>continues to provide benefits to</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=7 face=serif>under an open-end structure</FONT>&nbsp;</TD></TR></TABLE><BR>
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     <TD noWrap align=left><FONT size=5 face=serif>3. PMO&#146;s closed-end structure at this time continues to provide benefits to</FONT>&nbsp;</TD></TR>
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<P style="TEXT-ALIGN: left"><B><FONT size=5 face=sans-serif>PMO&#146;s closed</FONT></B><B><FONT size=5 face=sans-serif>-end </FONT></B><B><FONT size=5 face=sans-serif>structure today offers advantages </FONT></B><B><FONT size=5 face=sans-serif>over open-end </FONT></B><B><FONT size=5 face=sans-serif>funds</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=4 face=sans-serif>&#149; </FONT><B><FONT size=4 face=sans-serif>Investments </FONT></B><B><FONT size=4 face=sans-serif>in </FONT></B><B><FONT size=4 face=sans-serif>higher</FONT></B><B><FONT size=4 face=sans-serif>-</FONT></B><B><FONT size=4 face=sans-serif>yielding securities. </FONT></B><FONT size=4 face=sans-serif>Because </FONT><FONT size=4 face=sans-serif>a closed-end fund&#146;s shares are not </FONT><FONT size=4 face=sans-serif>redeemable, </FONT><FONT size=4 face=sans-serif>PMO is not </FONT><FONT size=4 face=sans-serif>required </FONT><FONT size=4 face=sans-serif>to </FONT><FONT size=4 face=sans-serif>maintain </FONT><FONT size=4 face=sans-serif>short-term, lower-</FONT><FONT size=4 face=sans-serif>yielding investments </FONT><FONT size=4 face=sans-serif>in </FONT><FONT size=4 face=sans-serif>anticipation </FONT><FONT size=4 face=sans-serif>of </FONT><FONT size=4 face=sans-serif>possible redemptions</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=4 face=sans-serif>&#149; </FONT><B><FONT size=4 face=sans-serif>No sales and </FONT></B><B><FONT size=4 face=sans-serif>redemption </FONT></B><B><FONT size=4 face=sans-serif>costs. </FONT></B><FONT size=4 face=sans-serif>PMO does not </FONT><FONT size=4 face=sans-serif>experience </FONT><FONT size=4 face=sans-serif>the cash flows </FONT><FONT size=4 face=sans-serif>associated </FONT><FONT size=4 face=sans-serif>with sales and </FONT><FONT size=4 face=sans-serif>redemptions </FONT><FONT size=4 face=sans-serif>of open-end fund </FONT><FONT size=4 face=sans-serif>shares, </FONT><FONT size=4 face=sans-serif>which create </FONT><FONT size=4 face=sans-serif>transaction </FONT><FONT size=4 face=sans-serif>costs that are borne by long-term </FONT><FONT size=4 face=sans-serif>shareholders</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=4 face=sans-serif>&#149; </FONT><B><FONT size=4 face=sans-serif>Ability </FONT></B><B><FONT size=4 face=sans-serif>to use </FONT></B><B><FONT size=4 face=sans-serif>leverage. </FONT></B><FONT size=4 face=sans-serif>Unlike open-end funds, closed-end funds are </FONT><FONT size=4 face=sans-serif>permitted </FONT><FONT size=4 face=sans-serif>to </FONT><FONT size=4 face=sans-serif>engage </FONT><FONT size=4 face=sans-serif>in </FONT><FONT size=4 face=sans-serif>investment leverage </FONT><FONT size=4 face=sans-serif>by </FONT><FONT size=4 face=sans-serif>issuing preferred shares. Leverage </FONT><FONT size=4 face=sans-serif>is a viable </FONT><FONT size=4 face=sans-serif>investment </FONT><FONT size=4 face=sans-serif>tool to:</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=sans-serif>&#150; </FONT><FONT face=sans-serif>Adjust </FONT><FONT face=sans-serif>duration</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=sans-serif>&#150; </FONT><FONT face=sans-serif>Take </FONT><FONT face=sans-serif>advantage </FONT><FONT face=sans-serif>of relative value along the yield curve</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=sans-serif>&#150; </FONT><FONT face=sans-serif>Increase </FONT><FONT face=sans-serif>yield</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=sans-serif>&#150; </FONT><FONT face=sans-serif>Increase exposure </FONT><FONT face=sans-serif>to </FONT><FONT face=sans-serif>attractive securities </FONT><FONT face=sans-serif>and/or sectors</FONT></P>
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     <TD noWrap align=left><FONT size=5 face=serif>3. PMO&#146;s closed-end structure at this time continues to provide benefits to</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=5 face=serif>3. PMO&#146;s closed-end structure at this time continues to provide benefits to</FONT>&nbsp;</TD></TR>
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<P style="TEXT-ALIGN: left"><B><FONT size=5 face=sans-serif>As a </FONT></B><B><FONT size=5 face=sans-serif>closed</FONT></B><B><FONT size=5 face=sans-serif>-end fund, PMO has </FONT></B><B><FONT size=5 face=sans-serif>outperformed Putnam&#146;s comparable </FONT></B><B><FONT size=5 face=sans-serif>open-end fund, </FONT></B><B><FONT size=5 face=sans-serif>which </FONT></B><B><FONT size=5 face=sans-serif>has the same </FONT></B><B><FONT size=5 face=sans-serif>investment </FONT></B><B><FONT size=5 face=sans-serif>goal and </FONT></B><B><FONT size=5 face=sans-serif>portfolio managers</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=4 face=sans-serif>&#149; </FONT><FONT size=4 face=sans-serif>PMO&#146;s </FONT><FONT size=4 face=sans-serif>returns </FONT><FONT size=4 face=sans-serif>at NAV over 1, 5, and 10 years </FONT><FONT size=4 face=sans-serif>exceed </FONT><FONT size=4 face=sans-serif>those of </FONT><FONT size=4 face=sans-serif>Putnam </FONT><FONT size=4 face=sans-serif>Tax </FONT><FONT size=4 face=sans-serif>Exempt Income </FONT><FONT size=4 face=sans-serif>Fund</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=4 face=sans-serif>&#149; </FONT><FONT size=4 face=sans-serif>PMO&#146;s </FONT><FONT size=4 face=sans-serif>returns </FONT><FONT size=4 face=sans-serif>at </FONT><FONT size=4 face=sans-serif>market </FONT><FONT size=4 face=sans-serif>price </FONT><FONT size=4 face=sans-serif>exceed </FONT><FONT size=4 face=sans-serif>those of </FONT><FONT size=4 face=sans-serif>Putnam </FONT><FONT size=4 face=sans-serif>Tax </FONT><FONT size=4 face=sans-serif>Exempt Income </FONT><FONT size=4 face=sans-serif>Fund for all </FONT><FONT size=4 face=sans-serif>periods</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=4 face=sans-serif>&#149; </FONT><FONT size=4 face=sans-serif>PMO&#146;s </FONT><FONT size=4 face=sans-serif>shareholders benefited </FONT><FONT size=4 face=sans-serif>from the </FONT><FONT size=4 face=sans-serif>Trustees&#146; decision </FONT><FONT size=4 face=sans-serif>to </FONT><FONT size=4 face=sans-serif>suspend </FONT><FONT size=4 face=sans-serif>the </FONT><FONT size=4 face=sans-serif>merger because </FONT><FONT size=4 face=sans-serif>in 2009 PMO nearly </FONT><FONT size=4 face=sans-serif>doubled </FONT><FONT size=4 face=sans-serif>the return of </FONT><FONT size=4 face=sans-serif>Putnam </FONT><FONT size=4 face=sans-serif>Tax </FONT><FONT size=4 face=sans-serif>Exempt Income </FONT><FONT size=4 face=sans-serif>Fund, the fund into which it would have </FONT><FONT size=4 face=sans-serif>merged</FONT></P>
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     <TD colSpan=5 noWrap align=left><B><FONT size=4 face=sans-serif>PMO vs. Putnam Tax Exempt Income Fund, its open-end counterpart, as of December 31, 2009</FONT></B>&nbsp;</TD></TR>
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     <TD noWrap align=center><B><FONT face=sans-serif>1 year</FONT></B>&nbsp;</TD>
     <TD noWrap align=center><B><FONT face=sans-serif>3 years</FONT></B>&nbsp;</TD>
     <TD noWrap align=center><B><FONT face=sans-serif>5 years</FONT></B>&nbsp;</TD>
     <TD noWrap align=center><B><FONT face=sans-serif>10 years</FONT></B>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif>PMO at net asset value</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif>33.88%</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif>1.92%</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif>3.78%</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif>6.03%</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT face=sans-serif>PMO at market price</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif>37.06%</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif>3.47%</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif>4.03%</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif>6.86%</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><B><FONT face=sans-serif>Putnam Tax Exempt Income Fund</FONT></B>&nbsp;</TD>
     <TD noWrap align=center><B><FONT face=sans-serif>17.94%</FONT></B>&nbsp;</TD>
     <TD noWrap align=center><B><FONT face=sans-serif>3.01%</FONT></B>&nbsp;</TD>
     <TD noWrap align=center><B><FONT face=sans-serif>3.31%</FONT></B>&nbsp;</TD>
     <TD noWrap align=center><B><FONT face=sans-serif>4.85%</FONT></B>&nbsp;</TD></TR></TABLE><BR>
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     <TD noWrap align=right><B><FONT size=2 face=sans-serif>15</FONT></B>&nbsp;</TD></TR></TABLE><BR>
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     <TD noWrap align=left><FONT size=5 face=serif>3. PMO&#146;s closed-end structure at this time continues to provide benefits to</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=5 face=serif>shareholders that are not available under an open-end structure</FONT>&nbsp;</TD></TR>
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<P style="TEXT-ALIGN: left"><B><FONT size=4 face=sans-serif>PMO&#146;s discount </FONT></B><B><FONT size=4 face=sans-serif>is not a </FONT></B><B><FONT size=4 face=sans-serif>reason </FONT></B><B><FONT size=4 face=sans-serif>for open-</FONT></B><B><FONT size=4 face=sans-serif>ending</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT face=sans-serif>&#149; </FONT><FONT face=sans-serif>While PMO&#146;s </FONT><FONT face=sans-serif>common </FONT><FONT face=sans-serif>shares have traded at a </FONT><FONT face=sans-serif>discount </FONT><FONT face=sans-serif>to their NAV over certain </FONT><FONT face=sans-serif>periods, </FONT><FONT face=sans-serif>the </FONT><FONT face=sans-serif>discount </FONT><FONT face=sans-serif>has </FONT><FONT face=sans-serif>fluctuated </FONT><FONT face=sans-serif>over time, and at times PMO&#146;s </FONT><FONT face=sans-serif>common </FONT><FONT face=sans-serif>shares have traded at a </FONT><FONT face=sans-serif>premium </FONT><FONT face=sans-serif>to NAV</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=sans-serif>&#149; </FONT><FONT face=sans-serif>In no period has PMO </FONT><FONT face=sans-serif>experienced </FONT><FONT face=sans-serif>a deep, </FONT><FONT face=sans-serif>persistent discount</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=sans-serif>&#149; </FONT><FONT face=sans-serif>The </FONT><FONT face=sans-serif>narrowing </FONT><FONT face=sans-serif>of PMO&#146;s </FONT><FONT face=sans-serif>discount currently </FONT><FONT face=sans-serif>gives </FONT><FONT face=sans-serif>common shareholders opportunities </FONT><FONT face=sans-serif>to </FONT><FONT face=sans-serif>liquidate </FONT><FONT face=sans-serif>their </FONT><FONT face=sans-serif>positions </FONT><FONT face=sans-serif>at </FONT><FONT face=sans-serif>market </FONT><FONT face=sans-serif>prices </FONT><FONT face=sans-serif>relatively </FONT><FONT face=sans-serif>close to NAV, </FONT><FONT face=sans-serif>without </FONT><FONT face=sans-serif>open-ending the fund</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=sans-serif>&#149; </FONT><FONT face=sans-serif>PMO&#146;s </FONT><FONT face=sans-serif>discount </FONT><FONT face=sans-serif>levels (-</FONT><FONT face=sans-serif>4.01%, </FONT><FONT face=sans-serif>-</FONT><FONT face=sans-serif>9.24%, </FONT><FONT face=sans-serif>and -</FONT><FONT face=sans-serif>5.97%) </FONT><FONT face=sans-serif>in the period </FONT><FONT face=sans-serif>between </FONT><FONT face=sans-serif>the </FONT><FONT face=sans-serif>merger suspension (6/26/09) </FONT><FONT face=sans-serif>and the </FONT><FONT face=sans-serif>announcement </FONT><FONT face=sans-serif>of </FONT><FONT face=sans-serif>Karpus&#146;s proposals (12/24/09) </FONT><FONT face=sans-serif>were more </FONT><FONT face=sans-serif>favorable </FONT><FONT face=sans-serif>than PMO&#146;s </FONT><FONT face=sans-serif>discount </FONT><FONT face=sans-serif>levels for </FONT><FONT face=sans-serif>calendar </FONT><FONT face=sans-serif>year 2008 or 2009</FONT></P>
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     <TD noWrap align=center><B><FONT size=2 face=sans-serif>Narrowest discount</FONT></B>&nbsp;</TD>
     <TD noWrap align=center><B><FONT size=2 face=sans-serif>Widest discount</FONT></B>&nbsp;</TD>
     <TD noWrap align=center><B><FONT size=2 face=sans-serif>Average discount/</FONT></B>&nbsp;</TD></TR>
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     <TD noWrap align=center>&nbsp;</TD>
     <TD noWrap align=center><B><FONT size=2 face=sans-serif>(or highest premium)</FONT></B>&nbsp;</TD>
     <TD noWrap align=center><B><FONT size=2 face=sans-serif>(or lowest premium)</FONT></B>&nbsp;</TD>
     <TD noWrap align=center><B><FONT size=2 face=sans-serif>Premium</FONT></B>&nbsp;</TD></TR>
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     <TD noWrap align=center><B><FONT size=2 face=sans-serif>YTD 2010</FONT></B>&nbsp;</TD>
     <TD noWrap align=center><FONT size=2 face=sans-serif>-3.16%</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=2 face=sans-serif>-5.85%</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=2 face=sans-serif>-4.67%</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=center><B><FONT size=2 face=sans-serif>2009</FONT></B>&nbsp;</TD>
     <TD noWrap align=center><FONT size=2 face=sans-serif>-4.01%</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=2 face=sans-serif>-11.77%</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=2 face=sans-serif>-6.70%</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=center><B><FONT size=2 face=sans-serif>2008</FONT></B>&nbsp;</TD>
     <TD noWrap align=center><FONT size=2 face=sans-serif>-4.16%</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=2 face=sans-serif>-13.93%</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=2 face=sans-serif>-9.98%</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=center><B><FONT size=2 face=sans-serif>2007</FONT></B>&nbsp;</TD>
     <TD noWrap align=center><FONT size=2 face=sans-serif>-5.85%</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=2 face=sans-serif>-13.95%</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=2 face=sans-serif>-9.16%</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=center><B><FONT size=2 face=sans-serif>2006</FONT></B>&nbsp;</TD>
     <TD noWrap align=center><FONT size=2 face=sans-serif>-8.66%</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=2 face=sans-serif>-13.86%</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=2 face=sans-serif>-11.24%</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=center><B><FONT size=2 face=sans-serif>2005</FONT></B>&nbsp;</TD>
     <TD noWrap align=center><FONT size=2 face=sans-serif>-4.80%</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=2 face=sans-serif>-14.14%</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=2 face=sans-serif>-10.03%</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=center><B><FONT size=2 face=sans-serif>2004</FONT></B>&nbsp;</TD>
     <TD noWrap align=center><FONT size=2 face=sans-serif>+4.38%</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=2 face=sans-serif>-7.00%</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=2 face=sans-serif>-1.67%</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=center><B><FONT size=2 face=sans-serif>2003</FONT></B>&nbsp;</TD>
     <TD noWrap align=center><FONT size=2 face=sans-serif>+2.49%</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=2 face=sans-serif>-8.06%</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=2 face=sans-serif>-2.81%</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=center><B><FONT size=2 face=sans-serif>2002</FONT></B>&nbsp;</TD>
     <TD noWrap align=center><FONT size=2 face=sans-serif>+1.68%</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=2 face=sans-serif>-8.49%</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=2 face=sans-serif>-2.26%</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=center><B><FONT size=2 face=sans-serif>2001</FONT></B>&nbsp;</TD>
     <TD noWrap align=center><FONT size=2 face=sans-serif>+7.05%</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=2 face=sans-serif>-5.24%</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=2 face=sans-serif>+2.34%</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=center><B><FONT size=2 face=sans-serif>2000</FONT></B>&nbsp;</TD>
     <TD noWrap align=center><FONT size=2 face=sans-serif>+2.70%</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=2 face=sans-serif>-12.42%</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=2 face=sans-serif>-4.31%</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=center><B><FONT size=2 face=sans-serif>1999</FONT></B>&nbsp;</TD>
     <TD noWrap align=center><FONT size=2 face=sans-serif>+8.83%</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=2 face=sans-serif>-12.57%</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=2 face=sans-serif>+1.46%</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=center><B><FONT size=2 face=sans-serif>1998</FONT></B>&nbsp;</TD>
     <TD noWrap align=center><FONT size=2 face=sans-serif>+10.99%</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=2 face=sans-serif>-1.72%</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=2 face=sans-serif>+3.07%</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=center><B><FONT size=2 face=sans-serif>1997</FONT></B>&nbsp;</TD>
     <TD noWrap align=center><FONT size=2 face=sans-serif>+6.01%</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=2 face=sans-serif>+0.47%</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=2 face=sans-serif>+3.22%</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=center><B><FONT size=2 face=sans-serif>1996</FONT></B>&nbsp;</TD>
     <TD noWrap align=center><FONT size=2 face=sans-serif>+4.17%</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=2 face=sans-serif>-3.71%</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=2 face=sans-serif>+0.70%</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=center><B><FONT size=2 face=sans-serif>1995</FONT></B>&nbsp;</TD>
     <TD noWrap align=center><FONT size=2 face=sans-serif>+1.25%</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=2 face=sans-serif>-8.22%</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=2 face=sans-serif>-2.98%</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=right><B><FONT size=2 face=sans-serif>16</FONT></B>&nbsp;</TD></TR></TABLE><BR>
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     <TD noWrap align=left><FONT size=5 face=serif>3. PMO&#146;s closed-end structure at this time continues to provide benefits to</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=5 face=serif>shareholders that are not available under an open-end structure</FONT>&nbsp;</TD></TR>
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<P style="TEXT-ALIGN: left"><B><FONT size=5 face=sans-serif>The </FONT></B><B><FONT size=5 face=sans-serif>Independent Trustees authorized </FONT></B><B><FONT size=5 face=sans-serif>a </FONT></B><B><FONT size=5 face=sans-serif>tender </FONT></B><B><FONT size=5 face=sans-serif>offer and </FONT></B><B><FONT size=5 face=sans-serif>repurchase program <BR>
</FONT></B><B><FONT size=5 face=sans-serif>that </FONT></B><B><FONT size=5 face=sans-serif>provided liquidity </FONT></B><B><FONT size=5 face=sans-serif>and </FONT></B><B><FONT size=5 face=sans-serif>helped PMO&#146;s returns</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=4 face=sans-serif>&#149; </FONT><B><FONT size=4 face=sans-serif>The </FONT></B><B><FONT size=4 face=sans-serif>tender </FONT></B><B><FONT size=4 face=sans-serif>offer: </FONT></B><FONT size=4 face=sans-serif>In 2007, the fund </FONT><FONT size=4 face=sans-serif>conducted </FONT><FONT size=4 face=sans-serif>a tender offer to </FONT><FONT size=4 face=sans-serif>purchase </FONT><FONT size=4 face=sans-serif>10% of PMO&#146;s </FONT><FONT size=4 face=sans-serif>outstanding common </FONT><FONT size=4 face=sans-serif>shares at a price per share equal to 98% of the NAV per share</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=4 face=sans-serif>&#149; </FONT><B><FONT size=4 face=sans-serif>The </FONT></B><B><FONT size=4 face=sans-serif>repurchase program: </FONT></B><FONT size=4 face=sans-serif>Recognizing </FONT><FONT size=4 face=sans-serif>the benefit of share </FONT><FONT size=4 face=sans-serif>repurchases </FONT><FONT size=4 face=sans-serif>for less than NAV, </FONT><FONT size=4 face=sans-serif>Putnam </FONT><FONT size=4 face=sans-serif>and the </FONT><FONT size=4 face=sans-serif>Trustees </FONT><FONT size=4 face=sans-serif>have, since 2005, </FONT><FONT size=4 face=sans-serif>authorized </FONT><FONT size=4 face=sans-serif>for PMO and all </FONT><FONT size=4 face=sans-serif>Putnam </FONT><FONT size=4 face=sans-serif>closed-end funds a </FONT><FONT size=4 face=sans-serif>program </FONT><FONT size=4 face=sans-serif>to </FONT><FONT size=4 face=sans-serif>conduct </FONT><FONT size=4 face=sans-serif>open-</FONT><FONT size=4 face=sans-serif>market repurchases </FONT><FONT size=4 face=sans-serif
>of </FONT><FONT size=4 face=sans-serif>outstanding common shares.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=4 face=sans-serif>&#149; </FONT><B><FONT size=4 face=sans-serif>The </FONT></B><B><FONT size=4 face=sans-serif>benefit: </FONT></B><FONT size=4 face=sans-serif>From </FONT><FONT size=4 face=sans-serif>October </FONT><FONT size=4 face=sans-serif>2005 to </FONT><FONT size=4 face=sans-serif>August </FONT><FONT size=4 face=sans-serif>2009, share </FONT><FONT size=4 face=sans-serif>repurchases </FONT><FONT size=4 face=sans-serif>under both the share </FONT><FONT size=4 face=sans-serif>repurchase program </FONT><FONT size=4 face=sans-serif>and the 2007 issuer tender offer </FONT><FONT size=4 face=sans-serif>contributed approximately </FONT><FONT size=4 face=sans-serif>1.27% to PMO&#146;s total return during a low-</FONT><FONT size=4 face=sans-serif>interest</FONT><FONT size=4 face=sans-serif>-rate </FONT><FONT size=4 face=sans-serif>environment </FONT><FONT size=4 face=sans-serif>for fixed </FONT><FONT size=4 face=sans-serif>income investing</FONT></P>
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     <TD width="33%"></TD>
     <TD width="33%"></TD></TR>
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     <TD noWrap align=center><B><FONT face=sans-serif>Benefit to fund through</FONT></B>&nbsp;</TD>
     <TD noWrap align=center><B><FONT face=sans-serif>Contribution to returns</FONT></B>&nbsp;</TD>
     <TD noWrap align=center><B><FONT face=sans-serif>Fund&#146;s actual total returns</FONT></B>&nbsp;</TD></TR>
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     <TD noWrap align=center><B><FONT face=sans-serif>repurchase, in $</FONT></B>&nbsp;</TD>
     <TD noWrap align=center><B><FONT face=sans-serif>at NAV, 10/25/05&#150;8/31/09</FONT></B>&nbsp;</TD>
     <TD noWrap align=center><B><FONT face=sans-serif>at NAV, 10/25/05&#150;8/31/09</FONT></B>&nbsp;</TD></TR>
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     <TD noWrap align=center><FONT face=sans-serif>$3,286,245</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif>1.27%</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT face=sans-serif>8.18%</FONT>&nbsp;</TD></TR></TABLE><BR>
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     <TD noWrap align=right><B><FONT size=2 face=sans-serif>17</FONT></B>&nbsp;</TD></TR></TABLE><BR>
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     <TD noWrap align=left><FONT size=5 face=serif>3. PMO&#146;s closed-end structure at this time continues to provide benefits to</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=5 face=serif>shareholders that are not available under an open-end structure</FONT>&nbsp;</TD></TR>
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     <TD width="74%"></TD></TR>
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     <TD colSpan=2 noWrap align=left><B><FONT size=5 face=sans-serif>Putnam and the Independent Trustees have a demonstrated history of advancing</FONT></B>&nbsp;</TD></TR>
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     <TD colSpan=2 noWrap align=left><B><FONT size=5 face=sans-serif>the interests of PMO&#146;s shareholders</FONT></B>&nbsp;</TD></TR>
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     <TD noWrap align=left><B><FONT size=2 face=sans-serif>October 2005</FONT></B>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Trustees authorized repurchase of PMO shares</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><B><FONT size=2 face=sans-serif>January 2006</FONT></B>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Trustees reduced PMO management fees 15%</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><B><FONT size=2 face=sans-serif>March 2006</FONT></B>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Trustees doubled repurchase limit from 5% to 10% of outstanding shares</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><B><FONT size=2 face=sans-serif>September 2006</FONT></B>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Trustees extended share repurchase program</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><B><FONT size=2 face=sans-serif>February 2007</FONT></B>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Trustees made a tender offer to repurchase PMO shares</FONT>&nbsp;</TD></TR>
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     <TD style="TEXT-INDENT: 0px" noWrap align=left><B><FONT size=2 face=sans-serif>September 2007</FONT></B>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Trustees renewed share repurchase program</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><B><FONT size=2 face=sans-serif>June 2008</FONT></B>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>PMO distribution increased</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><B><FONT size=2 face=sans-serif>June 2008</FONT></B>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Trustees authorized a plan to redeem preferred shares and substitute TOBs</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><B><FONT size=2 face=sans-serif>September 2008</FONT></B>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Trustees renewed share repurchase program</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Trustees proposed merging PMO into a similar open-end fund</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><B><FONT size=2 face=sans-serif>Fourth quarter 2008</FONT></B>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Market liquidity crisis raised cost of merging funds</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Lower interest rates improved returns on fund&#146;s leverage</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><B><FONT size=2 face=sans-serif>December 2008</FONT></B>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>PMO distribution increased</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><B><FONT size=2 face=sans-serif>January 2009</FONT></B>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Trustees delayed proposed merger</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><B><FONT size=2 face=sans-serif>2008&#150;09 (continuous)</FONT></B>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Significant preferred share redemptions</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><B><FONT size=2 face=sans-serif>April 2009</FONT></B>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>PMO distribution increased</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><B><FONT size=2 face=sans-serif>June 2009</FONT></B>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>Trustees suspended proposed merger</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><B><FONT size=2 face=sans-serif>October 2009</FONT></B>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>PMO distribution increased</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><B><FONT size=2 face=sans-serif>December 2009</FONT></B>&nbsp;</TD>
     <TD noWrap align=left><FONT size=2 face=sans-serif>PMO registered 33.88% return at NAV for 2009</FONT>&nbsp;</TD></TR></TABLE><BR>
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     <TD noWrap align=right><B><FONT size=2 face=sans-serif>18</FONT></B>&nbsp;</TD></TR></TABLE><BR>
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     <TD noWrap align=left><FONT size=7 face=serif>4. Karpus seeks a liquidity event that</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=7 face=serif>serves its own interests at the</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=7 face=serif>expense of other shareholders, and</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=7 face=serif>Karpus would not be an</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=7 face=serif>appropriate fiduciary</FONT>&nbsp;</TD></TR></TABLE><BR>
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     <TD noWrap align=right><B><FONT size=2 face=sans-serif>19</FONT></B>&nbsp;</TD></TR></TABLE><BR>
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     <TD noWrap align=left><FONT size=5 face=serif>4. Karpus seeks a liquidity event that serves its own interests at the expense of other</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=5 face=serif>shareholders, and Karpus would not be an appropriate fiduciary</FONT>&nbsp;</TD></TR>
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<P style="TEXT-ALIGN: left"><B><FONT size=5 face=sans-serif>Karpus&#146;s pursuit </FONT></B><B><FONT size=5 face=sans-serif>of </FONT></B><B><FONT size=5 face=sans-serif>short</FONT></B><B><FONT size=5 face=sans-serif>-</FONT></B><B><FONT size=5 face=sans-serif>term profits would burden other shareholders with significant costs</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT face=sans-serif>&#149; </FONT><FONT face=sans-serif>Karpus specializes </FONT><FONT face=sans-serif>in </FONT><FONT face=sans-serif>taking positions </FONT><FONT face=sans-serif>in </FONT><FONT face=sans-serif>closed</FONT><FONT face=sans-serif>-end funds when </FONT><FONT face=sans-serif>trading </FONT><FONT face=sans-serif>price </FONT><FONT face=sans-serif>discounts </FONT><FONT face=sans-serif>are large and then </FONT><FONT face=sans-serif>seeking </FONT><FONT face=sans-serif>short-term </FONT><FONT face=sans-serif>profits </FONT><FONT face=sans-serif>by </FONT><FONT face=sans-serif>pressing </FONT><FONT face=sans-serif>for </FONT><FONT face=sans-serif>liquidity events </FONT><FONT face=sans-serif>that </FONT><FONT face=sans-serif>extract </FONT><FONT face=sans-serif>value from other </FONT><FONT face=sans-serif>shareholders</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=sans-serif>&#149; </FONT><FONT face=sans-serif>The </FONT><FONT face=sans-serif>significant potential </FONT><FONT face=sans-serif>costs of an open-</FONT><FONT face=sans-serif>ending conversion </FONT><FONT face=sans-serif>is a </FONT><FONT face=sans-serif>reason </FONT><FONT face=sans-serif>to vote </FONT><FONT face=sans-serif>against </FONT><FONT face=sans-serif>the </FONT><FONT face=sans-serif>shareholder proposal</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#150; </FONT><B><FONT size=2 face=sans-serif>Costs </FONT></B><B><FONT size=2 face=sans-serif>associated </FONT></B><B><FONT size=2 face=sans-serif>with </FONT></B><B><FONT size=2 face=sans-serif>redeeming preferred shares. </FONT></B><FONT size=2 face=sans-serif>PMO would need to sell a </FONT><FONT size=2 face=sans-serif>significant portion </FONT><FONT size=2 face=sans-serif>of its </FONT><FONT size=2 face=sans-serif>portfolio </FONT><FONT size=2 face=sans-serif>in order to </FONT><FONT size=2 face=sans-serif>redeem </FONT><FONT size=2 face=sans-serif>its </FONT><FONT size=2 face=sans-serif>outstanding preferred </FONT><FONT size=2 face=sans-serif>shares prior to a </FONT><FONT size=2 face=sans-serif>conversion</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif><FONT face=sans-serif>&#149; </FONT></FONT><FONT size=2 face=sans-serif>This would cause the fund to incur </FONT><FONT size=2 face=sans-serif>transaction </FONT><FONT size=2 face=sans-serif>costs as well as the risk of </FONT><FONT size=2 face=sans-serif>potential market </FONT><FONT size=2 face=sans-serif>losses </FONT><FONT size=2 face=sans-serif>associated </FONT><FONT size=2 face=sans-serif>with </FONT><FONT size=2 face=sans-serif>liquidating </FONT><FONT size=2 face=sans-serif>large </FONT><FONT size=2 face=sans-serif>positions </FONT><FONT size=2 face=sans-serif>in a short time frame</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#150; </FONT><B><FONT size=2 face=sans-serif>Asset </FONT></B><B><FONT size=2 face=sans-serif>liquidation </FONT></B><B><FONT size=2 face=sans-serif>to meet </FONT></B><B><FONT size=2 face=sans-serif>redemptions </FONT></B><B><FONT size=2 face=sans-serif>after open-</FONT></B><B><FONT size=2 face=sans-serif>ending. </FONT></B><FONT size=2 face=sans-serif>Following </FONT><FONT size=2 face=sans-serif>a </FONT><FONT size=2 face=sans-serif>conversion, </FONT><FONT size=2 face=sans-serif>PMO would likely need to </FONT><FONT size=2 face=sans-serif>liquidate additional </FONT><FONT size=2 face=sans-serif>assets in order to meet </FONT><FONT size=2 face=sans-serif>redemption requests </FONT><FONT size=2 face=sans-serif>from </FONT><FONT size=2 face=sans-serif>investors </FONT><FONT size=2 face=sans-serif>who do not wish to </FONT><FONT size=2 face=sans-serif>remain shareholders </FONT><FONT size=2 face=sans-serif>of an open-end fund</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif><FONT face=sans-serif>&#149;&nbsp;</FONT> </FONT><FONT size=2 face=sans-serif>The </FONT><FONT size=2 face=sans-serif>Trustees considered </FONT><FONT size=2 face=sans-serif>that such </FONT><FONT size=2 face=sans-serif>mechanisms </FONT><FONT size=2 face=sans-serif>as </FONT><FONT size=2 face=sans-serif>redemption </FONT><FONT size=2 face=sans-serif>fees and in-kind </FONT><FONT size=2 face=sans-serif>payments </FONT><FONT size=2 face=sans-serif>might </FONT><FONT size=2 face=sans-serif>mitigate </FONT><FONT size=2 face=sans-serif>the </FONT><FONT size=2 face=sans-serif>transaction </FONT><FONT size=2 face=sans-serif>costs </FONT><FONT size=2 face=sans-serif>associated </FONT><FONT size=2 face=sans-serif>with such </FONT><FONT size=2 face=sans-serif>additional redemptions, </FONT><FONT size=2 face=sans-serif>but might not fully </FONT><FONT size=2 face=sans-serif>insulate </FONT><FONT size=2 face=sans-serif>the </FONT><FONT size=2 face=sans-serif>rema
ining shareholders </FONT><FONT size=2 face=sans-serif>from </FONT><FONT size=2 face=sans-serif>bearing </FONT><FONT size=2 face=sans-serif>a </FONT><FONT size=2 face=sans-serif>portion </FONT><FONT size=2 face=sans-serif>of these costs</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#150; </FONT><FONT size=2 face=sans-serif>Other costs </FONT><FONT size=2 face=sans-serif>associated </FONT><FONT size=2 face=sans-serif>with open-</FONT><FONT size=2 face=sans-serif>ending. </FONT><FONT size=2 face=sans-serif>PMO would likely incur legal, </FONT><FONT size=2 face=sans-serif>accounting, </FONT><FONT size=2 face=sans-serif>proxy </FONT><FONT size=2 face=sans-serif>solicitation, </FONT><FONT size=2 face=sans-serif>and other costs in </FONT><FONT size=2 face=sans-serif>connection </FONT><FONT size=2 face=sans-serif>with </FONT><FONT size=2 face=sans-serif>soliciting </FONT><FONT size=2 face=sans-serif>a </FONT><FONT size=2 face=sans-serif>shareholder </FONT><FONT size=2 face=sans-serif>vote for </FONT><FONT size=2 face=sans-serif>conversion </FONT><FONT size=2 face=sans-serif>and </FONT><FONT size=2 face=sans-serif>effecting </FONT><FONT size=2 face=sans-serif>a </FONT><FONT size=2 face=sans-serif>conversion</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#150; </FONT><FONT size=2 face=sans-serif>Increased expense </FONT><FONT size=2 face=sans-serif>ratio. </FONT><FONT size=2 face=sans-serif>Significant shareholder redemptions </FONT><FONT size=2 face=sans-serif>would </FONT><FONT size=2 face=sans-serif>reduce </FONT><FONT size=2 face=sans-serif>the size of PMO, which could result in an </FONT><FONT size=2 face=sans-serif>increased expense </FONT><FONT size=2 face=sans-serif>ratio for </FONT><FONT size=2 face=sans-serif>remaining shareholders</FONT></P>
<P style="TEXT-ALIGN: left"><FONT face=sans-serif>&#149; </FONT><FONT face=sans-serif>PMO&#146;s shareholders would </FONT><FONT face=sans-serif>be </FONT><FONT face=sans-serif>forced </FONT><FONT face=sans-serif>to incur costs in </FONT><FONT face=sans-serif>locating </FONT><FONT face=sans-serif>and </FONT><FONT face=sans-serif>acquiring </FONT><FONT face=sans-serif>an </FONT><FONT face=sans-serif>alternative </FONT><FONT face=sans-serif>fund in </FONT><FONT face=sans-serif>which </FONT><FONT face=sans-serif>to </FONT><FONT face=sans-serif>invest following </FONT><FONT face=sans-serif>any open-</FONT><FONT face=sans-serif>ending</FONT></P>
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     <TD noWrap align=left><FONT size=5 face=serif>4. Karpus seeks a liquidity event that serves its own interests at the expense of other</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=5 face=serif>shareholders, and Karpus would not be an appropriate fiduciary</FONT>&nbsp;</TD></TR>
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<P style="TEXT-ALIGN: left"><B><FONT size=5 face=sans-serif>Karpus </FONT></B><B><FONT size=5 face=sans-serif>has put </FONT></B><B><FONT size=5 face=sans-serif>forward trustee candidates </FONT></B><B><FONT size=5 face=sans-serif>less </FONT></B><B><FONT size=5 face=sans-serif>qualified </FONT></B><B><FONT size=5 face=sans-serif>than the</FONT></B><BR>
<BR>
<B><FONT size=5 face=sans-serif>Trustees </FONT></B><B><FONT size=5 face=sans-serif>of the </FONT></B><B><FONT size=5 face=sans-serif>Putnam Funds</FONT></B><BR>
<BR>
<FONT size=4 face=sans-serif>&#149; </FONT><FONT size=4 face=sans-serif>Limited financial market experience</FONT><BR>
<BR>
<FONT size=4 face=sans-serif>&#149; </FONT><FONT size=4 face=sans-serif>Limited </FONT><FONT size=4 face=sans-serif>fund </FONT><FONT size=4 face=sans-serif>oversight experience</FONT><BR>
<BR>
<FONT size=4 face=sans-serif>&#149; </FONT><FONT size=4 face=sans-serif>Limited academic background </FONT><FONT size=4 face=sans-serif>in </FONT><FONT size=4 face=sans-serif>finance</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=5 face=sans-serif>Karpus&#146;s proposal </FONT></B><B><FONT size=5 face=sans-serif>to open-end PMO </FONT></B><B><FONT size=5 face=sans-serif>would </FONT></B><B><FONT size=5 face=sans-serif>hurt long-term </FONT></B><B><FONT size=5 face=sans-serif>shareholders</FONT></B><BR>
<BR>
<FONT size=4 face=sans-serif>&#149; </FONT><FONT size=4 face=sans-serif>Karpus neglects </FONT><FONT size=4 face=sans-serif>the </FONT><FONT size=4 face=sans-serif>interests </FONT><FONT size=4 face=sans-serif>of </FONT><FONT size=4 face=sans-serif>shareholders </FONT><FONT size=4 face=sans-serif>who </FONT><FONT size=4 face=sans-serif>consciously selected </FONT><FONT size=4 face=sans-serif>PMO for the</FONT><BR>
<BR>
<FONT size=4 face=sans-serif>advantages </FONT><FONT size=4 face=sans-serif>of its closed-end </FONT><FONT size=4 face=sans-serif>structure</FONT><BR>
<BR>
<FONT size=4 face=sans-serif>&#149; </FONT><FONT size=4 face=sans-serif>Karpus&#146;s </FONT><FONT size=4 face=sans-serif>pursuit of short-term profits </FONT><FONT size=4 face=sans-serif>through </FONT><FONT size=4 face=sans-serif>a </FONT><FONT size=4 face=sans-serif>liquidity </FONT><FONT size=4 face=sans-serif>event with an </FONT><FONT size=4 face=sans-serif>investment vehicle</FONT><BR>
<BR>
<FONT size=4 face=sans-serif>not </FONT><FONT size=4 face=sans-serif>structured </FONT><FONT size=4 face=sans-serif>to </FONT><FONT size=4 face=sans-serif>provide liquidity </FONT><FONT size=4 face=sans-serif>would </FONT><FONT size=4 face=sans-serif>impose </FONT><FONT size=4 face=sans-serif>costs on PMO&#146;s </FONT><FONT size=4 face=sans-serif>shareholders</FONT></P>
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     <TD noWrap align=right><B><FONT size=2 face=sans-serif>21</FONT></B>&nbsp;</TD></TR></TABLE><BR>
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     <TD noWrap align=left><FONT size=7 face=serif>5. Vote to re-elect the Independent Trustees and</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=7 face=serif>maintain their approach to PMO&#146;s closed-end</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=5 face=serif>5. Vote to re-elect the Independent Trustees and maintain their approach</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT size=5 face=serif>to PMO&#146;s closed-end structure in this market environment</FONT>&nbsp;</TD></TR>
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<P style="TEXT-ALIGN: left"><B><FONT size=5 face=sans-serif>Re-elect </FONT></B><B><FONT size=5 face=sans-serif>PMO&#146;s Independent Trustees</FONT></B><BR>
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<FONT size=4 face=sans-serif>&#149; </FONT><FONT size=4 face=sans-serif>The </FONT><FONT size=4 face=sans-serif>Trustees </FONT><FONT size=4 face=sans-serif>are </FONT><FONT size=4 face=sans-serif>independent, experienced, </FONT><FONT size=4 face=sans-serif>and highly </FONT><FONT size=4 face=sans-serif>qualified fiduciaries</FONT><BR>
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<FONT size=4 face=sans-serif>&#149; </FONT><FONT size=4 face=sans-serif>PMO&#146;s </FONT><FONT size=4 face=sans-serif>Independent Trustees </FONT><FONT size=4 face=sans-serif>have </FONT><FONT size=4 face=sans-serif>actively advanced </FONT><FONT size=4 face=sans-serif>the </FONT><FONT size=4 face=sans-serif>interests </FONT><FONT size=4 face=sans-serif>of </FONT><FONT size=4 face=sans-serif>shareholders</FONT><BR>
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<FONT size=4 face=sans-serif>&#149; </FONT><FONT size=4 face=sans-serif>The </FONT><FONT size=4 face=sans-serif>Independent Trustees </FONT><FONT size=4 face=sans-serif>and </FONT><FONT size=4 face=sans-serif>Putnam </FONT><FONT size=4 face=sans-serif>have a </FONT><FONT size=4 face=sans-serif>demonstrated </FONT><FONT size=4 face=sans-serif>history of </FONT><FONT size=4 face=sans-serif>actively pursuing </FONT><FONT size=4 face=sans-serif>the </FONT><FONT size=4 face=sans-serif>interests </FONT><FONT size=4 face=sans-serif>of PMO&#146;s</FONT><BR>
<FONT size=4 face=sans-serif>shareholders</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=5 face=sans-serif>Reject Karpus&#146;s proposal </FONT></B><B><FONT size=5 face=sans-serif>to </FONT></B><B><FONT size=5 face=sans-serif>change PMO&#146;s closed</FONT></B><B><FONT size=5 face=sans-serif>-end </FONT></B><B><FONT size=5 face=sans-serif>structure</FONT></B><BR>
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<FONT size=4 face=sans-serif>&#149; </FONT><FONT size=4 face=sans-serif>After careful </FONT><FONT size=4 face=sans-serif>consideration </FONT><FONT size=4 face=sans-serif>of </FONT><FONT size=4 face=sans-serif>current market conditions, </FONT><FONT size=4 face=sans-serif>the </FONT><FONT size=4 face=sans-serif>Independent Trustees </FONT><FONT size=4 face=sans-serif>have </FONT><FONT size=4 face=sans-serif>concluded </FONT><FONT size=4 face=sans-serif>that the <BR>
</FONT><FONT size=4 face=sans-serif>current </FONT><FONT size=4 face=sans-serif>closed-end </FONT><FONT size=4 face=sans-serif>structure continues </FONT><FONT size=4 face=sans-serif>to </FONT><FONT size=4 face=sans-serif>provide benefits </FONT><FONT size=4 face=sans-serif>to </FONT><FONT size=4 face=sans-serif>shareholders </FONT><FONT size=4 face=sans-serif>that are not </FONT><FONT size=4 face=sans-serif>available </FONT><FONT size=4 face=sans-serif>under an open-end</FONT><BR>
<FONT size=4 face=sans-serif>structure</FONT><BR>
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<FONT size=4 face=sans-serif>&#149; </FONT><FONT size=4 face=sans-serif>Open-ending the fund would occur at the </FONT><FONT size=4 face=sans-serif>expense </FONT><FONT size=4 face=sans-serif>of long-term </FONT><FONT size=4 face=sans-serif>shareholders </FONT><FONT size=4 face=sans-serif>by </FONT><FONT size=4 face=sans-serif>extracting liquidity </FONT><FONT size=4 face=sans-serif>from an</FONT><BR>
<FONT size=4 face=sans-serif>investment vehicle intended </FONT><FONT size=4 face=sans-serif>to be </FONT><FONT size=4 face=sans-serif>insulated </FONT><FONT size=4 face=sans-serif>from such </FONT><FONT size=4 face=sans-serif>concerns</FONT><BR>
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<FONT size=4 face=sans-serif>&#149; </FONT><FONT size=4 face=sans-serif>The </FONT><FONT size=4 face=sans-serif>Independent Trustees </FONT><FONT size=4 face=sans-serif>will </FONT><FONT size=4 face=sans-serif>periodically </FONT><FONT size=4 face=sans-serif>review PMO&#146;s closed-end </FONT><FONT size=4 face=sans-serif>structure </FONT><FONT size=4 face=sans-serif>as </FONT><FONT size=4 face=sans-serif>market</FONT><BR>
<FONT size=4 face=sans-serif>conditions change</FONT></P>
<P style="TEXT-ALIGN: left"><B><I><FONT size=5 face=sans-serif>Note: </FONT></I></B><B><FONT size=5 face=sans-serif>Recognize </FONT></B><B><FONT size=5 face=sans-serif>that </FONT></B><B><FONT size=5 face=sans-serif>Karpus&#146;s purported nominees </FONT></B><B><FONT size=5 face=sans-serif>to be </FONT></B><B><FONT size=5 face=sans-serif>elected solely </FONT></B><B><FONT size=5 face=sans-serif>by <BR>
</FONT></B><B><FONT size=5 face=sans-serif>preferred </FONT></B><B><FONT size=5 face=sans-serif>shareholders </FONT></B><B><FONT size=5 face=sans-serif>are </FONT></B><B><FONT size=5 face=sans-serif>invalid</FONT></B><BR>
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<FONT size=4 face=sans-serif>&#149; </FONT><FONT size=4 face=sans-serif>Karpus&#146;s </FONT><FONT size=4 face=sans-serif>proxy card </FONT><FONT size=4 face=sans-serif>recommends </FONT><FONT size=4 face=sans-serif>two </FONT><FONT size=4 face=sans-serif>purported nominees </FONT><FONT size=4 face=sans-serif>to be </FONT><FONT size=4 face=sans-serif>elected </FONT><FONT size=4 face=sans-serif>solely by PMO&#146;s </FONT><FONT size=4 face=sans-serif>preferred shareholders</FONT><BR>
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<FONT size=4 face=sans-serif>&#149; </FONT><FONT size=4 face=sans-serif>Investors </FONT><FONT size=4 face=sans-serif>such as </FONT><FONT size=4 face=sans-serif>Karpus </FONT><FONT size=4 face=sans-serif>who do not own </FONT><FONT size=4 face=sans-serif>preferred </FONT><FONT size=4 face=sans-serif>shares lack the power to vote in </FONT><FONT size=4 face=sans-serif>respect </FONT><FONT size=4 face=sans-serif>of these two </FONT><FONT size=4 face=sans-serif>trustee</FONT><BR>
<FONT size=4 face=sans-serif>positions, </FONT><FONT size=4 face=sans-serif>and </FONT><FONT size=4 face=sans-serif>therefore </FONT><FONT size=4 face=sans-serif>cannot make </FONT><FONT size=4 face=sans-serif>nominations </FONT><FONT size=4 face=sans-serif>for these </FONT><FONT size=4 face=sans-serif>positions</FONT><BR>
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<FONT size=4 face=sans-serif>&#149; </FONT><FONT size=4 face=sans-serif>Even if </FONT><FONT size=4 face=sans-serif>Karpus </FONT><FONT size=4 face=sans-serif>had had the power to make these </FONT><FONT size=4 face=sans-serif>nominations, Karpus&#146;s nominee submission </FONT><FONT size=4 face=sans-serif>failed to meet the</FONT><BR>
<FONT size=4 face=sans-serif>provisions </FONT><FONT size=4 face=sans-serif>of PMO&#146;s </FONT><FONT size=4 face=sans-serif>advance </FONT><FONT size=4 face=sans-serif>notice </FONT><FONT size=4 face=sans-serif>bylaws</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT size=4 face=sans-serif>&#149; </FONT><FONT size=4 face=sans-serif>Appendix </FONT><FONT size=4 face=sans-serif>A: </FONT><FONT size=4 face=sans-serif>Investment manager biographies</FONT><BR>
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<FONT size=4 face=sans-serif>&#149; </FONT><FONT size=4 face=sans-serif>Appendix </FONT><FONT size=4 face=sans-serif>B: </FONT><FONT size=4 face=sans-serif>Trustee biographies</FONT><BR>
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<FONT size=4 face=sans-serif>&#149; </FONT><FONT size=4 face=sans-serif>Appendix </FONT><FONT size=4 face=sans-serif>C: </FONT><FONT size=4 face=sans-serif>Current liquidity </FONT><FONT size=4 face=sans-serif>of BBB bonds </FONT><FONT size=4 face=sans-serif>increases </FONT><FONT size=4 face=sans-serif>the cost of open-ending PMO</FONT></P>
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<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Rob A. </FONT></B><B><FONT size=2 face=sans-serif>Bloemker</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Mr. </FONT><FONT size=2 face=sans-serif>Bloemker </FONT><FONT size=2 face=sans-serif>is a </FONT><FONT size=2 face=sans-serif>Managing Director </FONT><FONT size=2 face=sans-serif>and Head of Fixed </FONT><FONT size=2 face=sans-serif>Income </FONT><FONT size=2 face=sans-serif>at </FONT><FONT size=2 face=sans-serif>Putnam Investments. </FONT><FONT size=2 face=sans-serif>In this role, he is </FONT><FONT size=2 face=sans-serif>responsible </FONT><FONT size=2 face=sans-serif>for the </FONT><FONT size=2 face=sans-serif>management, analysis, </FONT><FONT size=2 face=sans-serif>and </FONT><FONT size=2 face=sans-serif>trading </FONT><FONT size=2 face=sans-serif>of </FONT><FONT size=2 face=sans-serif>Putnam&#146;s </FONT><FONT size=2 face=sans-serif>fixed-</FONT><FONT size=2 face=sans-serif>income products </FONT><FONT size=2 face=sans-serif>for retail and </FONT><FONT size=2 face=sans-serif>institutional </FONT><FONT size=2 face=sans-serif>clients in the Unite
d States and </FONT><FONT size=2 face=sans-serif>internationally. </FONT><FONT size=2 face=sans-serif>Mr. </FONT><FONT size=2 face=sans-serif>Bloemker&#146;s </FONT><FONT size=2 face=sans-serif>direct </FONT><FONT size=2 face=sans-serif>reports include </FONT><FONT size=2 face=sans-serif>the team </FONT><FONT size=2 face=sans-serif>leaders </FONT><FONT size=2 face=sans-serif>of </FONT><FONT size=2 face=sans-serif>Investment </FONT><FONT size=2 face=sans-serif>Grade and High Yield Credit, Liquid </FONT><FONT size=2 face=sans-serif>Markets, Structured </FONT><FONT size=2 face=sans-serif>Credit, </FONT><FONT size=2 face=sans-serif>Emerging Markets </FONT><FONT size=2 face=sans-serif>Debt, Money </FONT><FONT size=2 face=sans-serif>Markets, Portfolio Construction, </FONT><FONT size=2 face=sans-serif>and Tax </FONT><FONT size=2 face=sans-serif>Exempt. </FONT><FONT size=2 face=sans-serif>His team of nearly 70 </FONT><FONT size=2 face=sans-serif>investment professionals manages </FONT><FONT size=2 face=sans-serif>ov
er $50 billion in </FONT><FONT size=2 face=sans-serif>assets.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>In </FONT><FONT size=2 face=sans-serif>addition, </FONT><FONT size=2 face=sans-serif>Mr. </FONT><FONT size=2 face=sans-serif>Bloemker </FONT><FONT size=2 face=sans-serif>is the Lead </FONT><FONT size=2 face=sans-serif>Portfolio Manager </FONT><FONT size=2 face=sans-serif>on </FONT><FONT size=2 face=sans-serif>absolute </FONT><FONT size=2 face=sans-serif>-return and </FONT><FONT size=2 face=sans-serif>benchmark </FONT><FONT size=2 face=sans-serif>-</FONT><FONT size=2 face=sans-serif>focused portfolios, including Putnam Absolute </FONT><FONT size=2 face=sans-serif>Return 100 Fund, </FONT><FONT size=2 face=sans-serif>Putnam Absolute </FONT><FONT size=2 face=sans-serif>Return 300 Fund, </FONT><FONT size=2 face=sans-serif>Putnam American Government Income </FONT><FONT size=2 face=sans-serif>Fund, </FONT><FONT size=2 face=sans-serif>Putnam Income </FONT><FONT size=2 face=sans-serif>Fund, and </FONT><FONT size=2 face=sans-serif>Putnam </FONT><FONT size=2 face
=sans-serif>U.S. </FONT><FONT size=2 face=sans-serif>Government Income </FONT><FONT size=2 face=sans-serif>Trust. He is also a </FONT><FONT size=2 face=sans-serif>portfolio manager </FONT><FONT size=2 face=sans-serif>of </FONT><FONT size=2 face=sans-serif>Putnam Diversified Income </FONT><FONT size=2 face=sans-serif>Trust, </FONT><FONT size=2 face=sans-serif>Putnam </FONT><FONT size=2 face=sans-serif>Global </FONT><FONT size=2 face=sans-serif>Income </FONT><FONT size=2 face=sans-serif>Trust, </FONT><FONT size=2 face=sans-serif>Putnam Master Intermediate Income </FONT><FONT size=2 face=sans-serif>Trust, and </FONT><FONT size=2 face=sans-serif>Putnam Premier Income </FONT><FONT size=2 face=sans-serif>Trust.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Mr. </FONT><FONT size=2 face=sans-serif>Bloemker </FONT><FONT size=2 face=sans-serif>joined </FONT><FONT size=2 face=sans-serif>Putnam </FONT><FONT size=2 face=sans-serif>in 1999 as a </FONT><FONT size=2 face=sans-serif>Mortgage Specialist, </FONT><FONT size=2 face=sans-serif>and has served in </FONT><FONT size=2 face=sans-serif>various </FONT><FONT size=2 face=sans-serif>roles of </FONT><FONT size=2 face=sans-serif>increasing responsibility. </FONT><FONT size=2 face=sans-serif>Most </FONT><FONT size=2 face=sans-serif>recently, </FONT><FONT size=2 face=sans-serif>he served as Team </FONT><FONT size=2 face=sans-serif>Leader </FONT><FONT size=2 face=sans-serif>of </FONT><FONT size=2 face=sans-serif>Putnam&#146;s </FONT><FONT size=2 face=sans-serif>MBS, ABS, and </FONT><FONT size=2 face=sans-serif>Government </FONT><FONT size=2 face=sans-serif>teams. Mr. </FONT><FONT size=2 face=sans-serif>Bloemker </FONT><FONT size=2 face=sans-serif>also serves on </FONT
><FONT size=2 face=sans-serif>Putnam&#146;s Executive Committee </FONT><FONT size=2 face=sans-serif>and </FONT><FONT size=2 face=sans-serif>Operating Committee, </FONT><FONT size=2 face=sans-serif>and has been in the </FONT><FONT size=2 face=sans-serif>investment industry </FONT><FONT size=2 face=sans-serif>since 1988. </FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Education: Washington University, </FONT><FONT size=2 face=sans-serif>B.S., B.A.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Thalia </FONT></B><B><FONT size=2 face=sans-serif>Meehan, </FONT></B><B><FONT size=2 face=sans-serif>CFA</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Ms. </FONT><FONT size=2 face=sans-serif>Meehan </FONT><FONT size=2 face=sans-serif>is a </FONT><FONT size=2 face=sans-serif>Managing Director </FONT><FONT size=2 face=sans-serif>and Team </FONT><FONT size=2 face=sans-serif>Leader </FONT><FONT size=2 face=sans-serif>of the Tax </FONT><FONT size=2 face=sans-serif>Exempt Group. </FONT><FONT size=2 face=sans-serif>In </FONT><FONT size=2 face=sans-serif>addition </FONT><FONT size=2 face=sans-serif>to </FONT><FONT size=2 face=sans-serif>managing Putnam&#146;s </FONT><FONT size=2 face=sans-serif>Tax </FONT><FONT size=2 face=sans-serif>Exempt Group, </FONT><FONT size=2 face=sans-serif>she is a </FONT><FONT size=2 face=sans-serif>Portfolio Manager </FONT><FONT size=2 face=sans-serif>of </FONT><FONT size=2 face=sans-serif>Putnam&#146;s </FONT><FONT size=2 face=sans-serif>tax-</FONT><FONT size=2 face=sans-serif>exempt </FONT><FONT size=2 face=sans-serif>fixed-</FONT><FONT size=2 face=sans-serif>income </FONT><FON
T size=2 face=sans-serif>funds. Ms. </FONT><FONT size=2 face=sans-serif>Meehan </FONT><FONT size=2 face=sans-serif>has served on the </FONT><FONT size=2 face=sans-serif>National Federation </FONT><FONT size=2 face=sans-serif>of </FONT><FONT size=2 face=sans-serif>Municipal Analysts&#146; </FONT><FONT size=2 face=sans-serif>Board of </FONT><FONT size=2 face=sans-serif>Governors </FONT><FONT size=2 face=sans-serif>and is a </FONT><FONT size=2 face=sans-serif>member </FONT><FONT size=2 face=sans-serif>of </FONT><FONT size=2 face=sans-serif>Putnam&#146;s Diversity Advisory Council, </FONT><FONT size=2 face=sans-serif>the </FONT><FONT size=2 face=sans-serif>Boston Municipal Analyst Forum, </FONT><FONT size=2 face=sans-serif>and the </FONT><FONT size=2 face=sans-serif>Boston Security Analysts Society, </FONT><FONT size=2 face=sans-serif>as well as the </FONT><FONT size=2 face=sans-serif>Society </FONT><FONT size=2 face=sans-serif>of </FONT><FONT size=2 face=sans-serif>Municipal Analysts. </FONT><FONT size=2 face=s
ans-serif>In 2002, she </FONT><FONT size=2 face=sans-serif>received </FONT><FONT size=2 face=sans-serif>the </FONT><FONT size=2 face=sans-serif>Meritorious Service </FONT><FONT size=2 face=sans-serif>Award from the </FONT><FONT size=2 face=sans-serif>NFMA. </FONT><FONT size=2 face=sans-serif>Ms. </FONT><FONT size=2 face=sans-serif>Meehan, </FONT><FONT size=2 face=sans-serif>who joined </FONT><FONT size=2 face=sans-serif>Putnam&#146;s </FONT><FONT size=2 face=sans-serif>Tax </FONT><FONT size=2 face=sans-serif>Exempt </FONT><FONT size=2 face=sans-serif>Bond Group in 1989, is a CFA </FONT><FONT size=2 face=sans-serif>charterholder </FONT><FONT size=2 face=sans-serif>and has been in the </FONT><FONT size=2 face=sans-serif>investment industry </FONT><FONT size=2 face=sans-serif>since 1983.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Education: Williams College, </FONT><FONT size=2 face=sans-serif>B.A.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Paul M. Drury, CFA</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Mr. Drury is a Senior Vice </FONT><FONT size=2 face=sans-serif>President </FONT><FONT size=2 face=sans-serif>and Tax </FONT><FONT size=2 face=sans-serif>Exempt Specialist </FONT><FONT size=2 face=sans-serif>on the Tax </FONT><FONT size=2 face=sans-serif>Exempt </FONT><FONT size=2 face=sans-serif>Fixed </FONT><FONT size=2 face=sans-serif>Income </FONT><FONT size=2 face=sans-serif>team. He is </FONT><FONT size=2 face=sans-serif>responsible </FONT><FONT size=2 face=sans-serif>for </FONT><FONT size=2 face=sans-serif>managing several sectors </FONT><FONT size=2 face=sans-serif>within the </FONT><FONT size=2 face=sans-serif>municipal market. </FONT><FONT size=2 face=sans-serif>He is a </FONT><FONT size=2 face=sans-serif>Portfolio Manager </FONT><FONT size=2 face=sans-serif>of </FONT><FONT size=2 face=sans-serif>Putnam&#146;s </FONT><FONT size=2 face=sans-serif>tax-</FONT><FONT size=2 face=sans-serif>exempt </FONT><FONT size=2 face=sans-serif>and fixed-</FONT
><FONT size=2 face=sans-serif>income </FONT><FONT size=2 face=sans-serif>funds. Mr. Drury joined </FONT><FONT size=2 face=sans-serif>Putnam </FONT><FONT size=2 face=sans-serif>in 1989 as a Mutual Fund </FONT><FONT size=2 face=sans-serif>Accountant </FONT><FONT size=2 face=sans-serif>in the Tax </FONT><FONT size=2 face=sans-serif>Exempt Accounting Department. </FONT><FONT size=2 face=sans-serif>A CFA </FONT><FONT size=2 face=sans-serif>charterholder, </FONT><FONT size=2 face=sans-serif>he has over 21 years of </FONT><FONT size=2 face=sans-serif>investment industry experience.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Education: Suffolk University, </FONT><FONT size=2 face=sans-serif>B.A.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Susan A. </FONT></B><B><FONT size=2 face=sans-serif>McCormack, </FONT></B><B><FONT size=2 face=sans-serif>CFA</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Ms. </FONT><FONT size=2 face=sans-serif>McCormack </FONT><FONT size=2 face=sans-serif>is a Senior Vice </FONT><FONT size=2 face=sans-serif>President </FONT><FONT size=2 face=sans-serif>and Tax </FONT><FONT size=2 face=sans-serif>Exempt Specialist </FONT><FONT size=2 face=sans-serif>on the Tax </FONT><FONT size=2 face=sans-serif>Exempt </FONT><FONT size=2 face=sans-serif>Fixed </FONT><FONT size=2 face=sans-serif>Income Group. </FONT><FONT size=2 face=sans-serif>She is a </FONT><FONT size=2 face=sans-serif>Portfolio Manager </FONT><FONT size=2 face=sans-serif>of </FONT><FONT size=2 face=sans-serif>Putnam&#146;s </FONT><FONT size=2 face=sans-serif>tax-</FONT><FONT size=2 face=sans-serif>exempt </FONT><FONT size=2 face=sans-serif>fixed-</FONT><FONT size=2 face=sans-serif>income </FONT><FONT size=2 face=sans-serif>funds. Ms. </FONT><FONT size=2 face=sans-serif>McCormack </FONT><FONT size=2 face=sans-serif>joined </FONT><FONT size=2 face=sans-serif>Putnam </
FONT><FONT size=2 face=sans-serif>in 1994 as an </FONT><FONT size=2 face=sans-serif>analyst </FONT><FONT size=2 face=sans-serif>and moved into the role of </FONT><FONT size=2 face=sans-serif>Portfolio Manager </FONT><FONT size=2 face=sans-serif>in 1999. She is a CFA </FONT><FONT size=2 face=sans-serif>charterholder </FONT><FONT size=2 face=sans-serif>and has been in the </FONT><FONT size=2 face=sans-serif>investment industry </FONT><FONT size=2 face=sans-serif>since 1986.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Education: Stanford University, </FONT><FONT size=2 face=sans-serif>M.B.A.; </FONT><FONT size=2 face=sans-serif>Dartmouth College, </FONT><FONT size=2 face=sans-serif>A.B.</FONT></P>
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     <TD noWrap align=left><FONT size=5 face=serif>Appendix B: Trustee biographies</FONT>&nbsp;</TD></TR>
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<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>John A. Hill </FONT></B><B><FONT size=2 face=sans-serif>(Chair)<BR>
</FONT></B><FONT size=2 face=sans-serif>(Born 1942), </FONT><FONT size=2 face=sans-serif>Trustee </FONT><FONT size=2 face=sans-serif>since 1985 and </FONT><FONT size=2 face=sans-serif>Chairman </FONT><FONT size=2 face=sans-serif>since 2000</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Mr. Hill is </FONT><FONT size=2 face=sans-serif>founder </FONT><FONT size=2 face=sans-serif>and Vice-</FONT><FONT size=2 face=sans-serif>Chairman </FONT><FONT size=2 face=sans-serif>of First </FONT><FONT size=2 face=sans-serif>Reserve Corporation, </FONT><FONT size=2 face=sans-serif>the </FONT><FONT size=2 face=sans-serif>leading </FONT><FONT size=2 face=sans-serif>private equity buyout firm </FONT><FONT size=2 face=sans-serif>specializing </FONT><FONT size=2 face=sans-serif>in the </FONT><FONT size=2 face=sans-serif>worldwide energy industry, </FONT><FONT size=2 face=sans-serif>with offices in </FONT><FONT size=2 face=sans-serif>Greenwich, Connecticut; Houston, </FONT><FONT size=2 face=sans-serif>Texas; </FONT><FONT size=2 face=sans-serif>London, England; </FONT><FONT size=2 face=sans-serif>and </FONT><FONT size=2 face=sans-serif>Shanghai, </FONT><FONT size=2 face=sans-serif>China. The firm&#146;s </FONT><FONT size=2 face=sans-serif>investments </FONT
><FONT size=2 face=sans-serif>on behalf of some of the </FONT><FONT size=2 face=sans-serif>nation&#146;s </FONT><FONT size=2 face=sans-serif>largest </FONT><FONT size=2 face=sans-serif>pension </FONT><FONT size=2 face=sans-serif>and </FONT><FONT size=2 face=sans-serif>endowment </FONT><FONT size=2 face=sans-serif>funds are </FONT><FONT size=2 face=sans-serif>currently concentrated </FONT><FONT size=2 face=sans-serif>in 26 </FONT><FONT size=2 face=sans-serif>companies </FONT><FONT size=2 face=sans-serif>with annual </FONT><FONT size=2 face=sans-serif>revenues </FONT><FONT size=2 face=sans-serif>in </FONT><FONT size=2 face=sans-serif>excess </FONT><FONT size=2 face=sans-serif>of $13 billion, which </FONT><FONT size=2 face=sans-serif>employ </FONT><FONT size=2 face=sans-serif>over </FONT><FONT size=2 face=sans-serif>100,000 </FONT><FONT size=2 face=sans-serif>people in 23 </FONT><FONT size=2 face=sans-serif>countries.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Mr. Hill is </FONT><FONT size=2 face=sans-serif>Chairman </FONT><FONT size=2 face=sans-serif>of the Board of </FONT><FONT size=2 face=sans-serif>Trustees </FONT><FONT size=2 face=sans-serif>of the </FONT><FONT size=2 face=sans-serif>Putnam </FONT><FONT size=2 face=sans-serif>Mutual </FONT><FONT size=2 face=sans-serif>Funds, </FONT><FONT size=2 face=sans-serif>a </FONT><FONT size=2 face=sans-serif>Director </FONT><FONT size=2 face=sans-serif>of Devon </FONT><FONT size=2 face=sans-serif>Energy Corporation </FONT><FONT size=2 face=sans-serif>and </FONT><FONT size=2 face=sans-serif>various </FONT><FONT size=2 face=sans-serif>private </FONT><FONT size=2 face=sans-serif>companies </FONT><FONT size=2 face=sans-serif>owned by First </FONT><FONT size=2 face=sans-serif>Reserve, </FONT><FONT size=2 face=sans-serif>and serves as a </FONT><FONT size=2 face=sans-serif>Trustee </FONT><FONT size=2 face=sans-serif>of Sarah </FONT><FONT size=2 face=sans-serif>Lawrence C
ollege </FONT><FONT size=2 face=sans-serif>where he serves as </FONT><FONT size=2 face=sans-serif>chairman </FONT><FONT size=2 face=sans-serif>and also chairs the </FONT><FONT size=2 face=sans-serif>Investment Committee. </FONT><FONT size=2 face=sans-serif>He is also a </FONT><FONT size=2 face=sans-serif>member </FONT><FONT size=2 face=sans-serif>of the </FONT><FONT size=2 face=sans-serif>Advisory </FONT><FONT size=2 face=sans-serif>Board of the </FONT><FONT size=2 face=sans-serif>Millstein </FONT><FONT size=2 face=sans-serif>Center for </FONT><FONT size=2 face=sans-serif>Corporate Governance </FONT><FONT size=2 face=sans-serif>and </FONT><FONT size=2 face=sans-serif>Performance </FONT><FONT size=2 face=sans-serif>at the Yale </FONT><FONT size=2 face=sans-serif>School </FONT><FONT size=2 face=sans-serif>of </FONT><FONT size=2 face=sans-serif>Management.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Prior to </FONT><FONT size=2 face=sans-serif>forming </FONT><FONT size=2 face=sans-serif>First </FONT><FONT size=2 face=sans-serif>Reserve </FONT><FONT size=2 face=sans-serif>in 1983, Mr. Hill served as </FONT><FONT size=2 face=sans-serif>President </FONT><FONT size=2 face=sans-serif>of F. </FONT><FONT size=2 face=sans-serif>Eberstadt </FONT><FONT size=2 face=sans-serif>and </FONT><FONT size=2 face=sans-serif>Company, </FONT><FONT size=2 face=sans-serif>an </FONT><FONT size=2 face=sans-serif>investment banking </FONT><FONT size=2 face=sans-serif>and </FONT><FONT size=2 face=sans-serif>investment management </FONT><FONT size=2 face=sans-serif>firm. </FONT><FONT size=2 face=sans-serif>Between </FONT><FONT size=2 face=sans-serif>1969 and 1976, Mr. Hill held </FONT><FONT size=2 face=sans-serif>various </FONT><FONT size=2 face=sans-serif>senior </FONT><FONT size=2 face=sans-serif>positions </FONT><FONT size=2 face=sans-serif>in </FONT><FONT size=2 face=sans
- -serif>Washington, </FONT><FONT size=2 face=sans-serif>D.C. with the </FONT><FONT size=2 face=sans-serif>federal government, including Deputy Associate Director </FONT><FONT size=2 face=sans-serif>of the Office of </FONT><FONT size=2 face=sans-serif>Management </FONT><FONT size=2 face=sans-serif>and </FONT><FONT size=2 face=sans-serif>Budget </FONT><FONT size=2 face=sans-serif>and </FONT><FONT size=2 face=sans-serif>Deputy Administrator </FONT><FONT size=2 face=sans-serif>of the </FONT><FONT size=2 face=sans-serif>Federal Energy Administration </FONT><FONT size=2 face=sans-serif>during the Ford </FONT><FONT size=2 face=sans-serif>Administration.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Mr. Hill was born and raised in </FONT><FONT size=2 face=sans-serif>Midland, </FONT><FONT size=2 face=sans-serif>Texas, Mr. Hill </FONT><FONT size=2 face=sans-serif>received </FONT><FONT size=2 face=sans-serif>his B.A. in </FONT><FONT size=2 face=sans-serif>Economics </FONT><FONT size=2 face=sans-serif>from </FONT><FONT size=2 face=sans-serif>Southern Methodist University </FONT><FONT size=2 face=sans-serif>and </FONT><FONT size=2 face=sans-serif>pursued graduate studies </FONT><FONT size=2 face=sans-serif>as a </FONT><FONT size=2 face=sans-serif>Woodrow </FONT><FONT size=2 face=sans-serif>Wilson </FONT><FONT size=2 face=sans-serif>Fellow.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Jameson </FONT></B><B><FONT size=2 face=sans-serif>A. </FONT></B><B><FONT size=2 face=sans-serif>Baxter </FONT></B><B><FONT size=2 face=sans-serif>(Vice Chair)<BR>
</FONT></B><FONT size=2 face=sans-serif>(Born 1943), </FONT><FONT size=2 face=sans-serif>Trustee </FONT><FONT size=2 face=sans-serif>since 1994 and Vice </FONT><FONT size=2 face=sans-serif>Chairman </FONT><FONT size=2 face=sans-serif>since 2005</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Ms. Baxter is the </FONT><FONT size=2 face=sans-serif>President </FONT><FONT size=2 face=sans-serif>of Baxter </FONT><FONT size=2 face=sans-serif>Associates, </FONT><FONT size=2 face=sans-serif>Inc., a private </FONT><FONT size=2 face=sans-serif>investment </FONT><FONT size=2 face=sans-serif>firm. Ms. Baxter serves as a </FONT><FONT size=2 face=sans-serif>Director </FONT><FONT size=2 face=sans-serif>of </FONT><FONT size=2 face=sans-serif>ASHTA Chemicals, </FONT><FONT size=2 face=sans-serif>Inc., and as </FONT><FONT size=2 face=sans-serif>Chairman </FONT><FONT size=2 face=sans-serif>of the Mutual Fund </FONT><FONT size=2 face=sans-serif>Directors Forum. </FONT><FONT size=2 face=sans-serif>Until 2007, she was a </FONT><FONT size=2 face=sans-serif>Director </FONT><FONT size=2 face=sans-serif>of Banta </FONT><FONT size=2 face=sans-serif>Corporation </FONT><FONT size=2 face=sans-serif>(a </FONT><FONT size=2 face=sans-serif>printing </FONT><FONT size=2 face=
sans-serif>and supply chain </FONT><FONT size=2 face=sans-serif>management company), Ryerson, </FONT><FONT size=2 face=sans-serif>Inc. (a metals </FONT><FONT size=2 face=sans-serif>service corporation), </FONT><FONT size=2 face=sans-serif>and </FONT><FONT size=2 face=sans-serif>Advocate </FONT><FONT size=2 face=sans-serif>Health Care. Until 2004, she was a </FONT><FONT size=2 face=sans-serif>Director </FONT><FONT size=2 face=sans-serif>of </FONT><FONT size=2 face=sans-serif>BoardSource (formerly </FONT><FONT size=2 face=sans-serif>the </FONT><FONT size=2 face=sans-serif>National </FONT><FONT size=2 face=sans-serif>Center for </FONT><FONT size=2 face=sans-serif>Nonprofit Boards); </FONT><FONT size=2 face=sans-serif>and until 2002, she was a </FONT><FONT size=2 face=sans-serif>Director </FONT><FONT size=2 face=sans-serif>of </FONT><FONT size=2 face=sans-serif>Intermatic Corporation </FONT><FONT size=2 face=sans-serif>(a </FONT><FONT size=2 face=sans-serif>manufacturer </FONT><FONT size=2 face=sans-serif>of </F
ONT><FONT size=2 face=sans-serif>energy </FONT><FONT size=2 face=sans-serif>control </FONT><FONT size=2 face=sans-serif>products) </FONT><FONT size=2 face=sans-serif>. She is </FONT><FONT size=2 face=sans-serif>Chairman Emeritus </FONT><FONT size=2 face=sans-serif>of the Board of </FONT><FONT size=2 face=sans-serif>Trustees, </FONT><FONT size=2 face=sans-serif>Mount </FONT><FONT size=2 face=sans-serif>Holyoke College, </FONT><FONT size=2 face=sans-serif>having served as </FONT><FONT size=2 face=sans-serif>Chairman </FONT><FONT size=2 face=sans-serif>for five years.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Ms. Baxter has held </FONT><FONT size=2 face=sans-serif>various positions </FONT><FONT size=2 face=sans-serif>in </FONT><FONT size=2 face=sans-serif>investment banking </FONT><FONT size=2 face=sans-serif>and </FONT><FONT size=2 face=sans-serif>corporate finance, including </FONT><FONT size=2 face=sans-serif>Vice </FONT><FONT size=2 face=sans-serif>President </FONT><FONT size=2 face=sans-serif>of and </FONT><FONT size=2 face=sans-serif>Consultant </FONT><FONT size=2 face=sans-serif>to First </FONT><FONT size=2 face=sans-serif>Boston Corporation </FONT><FONT size=2 face=sans-serif>and Vice </FONT><FONT size=2 face=sans-serif>President </FONT><FONT size=2 face=sans-serif>and </FONT><FONT size=2 face=sans-serif>Principal </FONT><FONT size=2 face=sans-serif>of the </FONT><FONT size=2 face=sans-serif>Regency Group. </FONT><FONT size=2 face=sans-serif>She is a </FONT><FONT size=2 face=sans-serif>graduate </FONT><FONT size=2 face=sans-serif>of Mount </FONT><FO
NT size=2 face=sans-serif>Holyoke College.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Ravi </FONT></B><B><FONT size=2 face=sans-serif>Akhoury<BR>
</FONT></B><FONT size=2 face=sans-serif>(Born 1947), </FONT><FONT size=2 face=sans-serif>Trustee </FONT><FONT size=2 face=sans-serif>since 2009</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Mr. </FONT><FONT size=2 face=sans-serif>Akhoury </FONT><FONT size=2 face=sans-serif>serves as </FONT><FONT size=2 face=sans-serif>Advisor </FONT><FONT size=2 face=sans-serif>to New York Life </FONT><FONT size=2 face=sans-serif>Insurance Company, </FONT><FONT size=2 face=sans-serif>and </FONT><FONT size=2 face=sans-serif>previously </FONT><FONT size=2 face=sans-serif>was a </FONT><FONT size=2 face=sans-serif>Member </FONT><FONT size=2 face=sans-serif>of its </FONT><FONT size=2 face=sans-serif>Executive Management Committee. </FONT><FONT size=2 face=sans-serif>He is also a </FONT><FONT size=2 face=sans-serif>Director </FONT><FONT size=2 face=sans-serif>of Jacob Ballas </FONT><FONT size=2 face=sans-serif>Capital </FONT><FONT size=2 face=sans-serif>India (a non-</FONT><FONT size=2 face=sans-serif>banking finance company focused </FONT><FONT size=2 face=sans-serif>on private equity </FONT><FONT size=2 face=sans-serif>advisory services) </FONT><FONT size=2 f
ace=sans-serif>and is a </FONT><FONT size=2 face=sans-serif>member </FONT><FONT size=2 face=sans-serif>of its </FONT><FONT size=2 face=sans-serif>Compensation Committee. </FONT><FONT size=2 face=sans-serif>In </FONT><FONT size=2 face=sans-serif>addition, </FONT><FONT size=2 face=sans-serif>he serves as a </FONT><FONT size=2 face=sans-serif>Trustee </FONT><FONT size=2 face=sans-serif>of </FONT><FONT size=2 face=sans-serif>American </FONT><FONT size=2 face=sans-serif>India </FONT><FONT size=2 face=sans-serif>Foundation </FONT><FONT size=2 face=sans-serif>and of the Rubin </FONT><FONT size=2 face=sans-serif>Museum, serving </FONT><FONT size=2 face=sans-serif>on its </FONT><FONT size=2 face=sans-serif>Investment Committee.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Previously, </FONT><FONT size=2 face=sans-serif>Mr. </FONT><FONT size=2 face=sans-serif>Akhoury </FONT><FONT size=2 face=sans-serif>was a </FONT><FONT size=2 face=sans-serif>Director </FONT><FONT size=2 face=sans-serif>and on the </FONT><FONT size=2 face=sans-serif>Compensation Committee </FONT><FONT size=2 face=sans-serif>of </FONT><FONT size=2 face=sans-serif>MaxIndia/New </FONT><FONT size=2 face=sans-serif>York Life </FONT><FONT size=2 face=sans-serif>Insurance Company </FONT><FONT size=2 face=sans-serif>in India. He was also Vice </FONT><FONT size=2 face=sans-serif>President </FONT><FONT size=2 face=sans-serif>and </FONT><FONT size=2 face=sans-serif>Investment </FONT><FONT size=2 face=sans-serif>Policy </FONT><FONT size=2 face=sans-serif>Committee Member </FONT><FONT size=2 face=sans-serif>of </FONT><FONT size=2 face=sans-serif>Fischer, Francis, </FONT><FONT size=2 face=sans-serif>Trees and Watts (a fixed-</FONT><FONT size=2 face=sans-serif>income 
portfolio management </FONT><FONT size=2 face=sans-serif>firm). He has also served on the Board of Bharti </FONT><FONT size=2 face=sans-serif>Telecom </FONT><FONT size=2 face=sans-serif>(an Indian </FONT><FONT size=2 face=sans-serif>telecommunications company), serving </FONT><FONT size=2 face=sans-serif>as a </FONT><FONT size=2 face=sans-serif>member </FONT><FONT size=2 face=sans-serif>of its Audit and </FONT><FONT size=2 face=sans-serif>Compensation committees, </FONT><FONT size=2 face=sans-serif>and as a </FONT><FONT size=2 face=sans-serif>member </FONT><FONT size=2 face=sans-serif>of the Audit </FONT><FONT size=2 face=sans-serif>Committee </FONT><FONT size=2 face=sans-serif>on the Board of </FONT><FONT size=2 face=sans-serif>Thompson </FONT><FONT size=2 face=sans-serif>Press (a </FONT><FONT size=2 face=sans-serif>publishing company) </FONT><FONT size=2 face=sans-serif>. From 1992 to 2007, he was </FONT><FONT size=2 face=sans-serif>Chairman </FONT><FONT size=2 face=sans-serif>and CEO of </FONT><FONT size=
2 face=sans-serif>MacKay Shields, </FONT><FONT size=2 face=sans-serif>a multi-</FONT><FONT size=2 face=sans-serif>product investment management </FONT><FONT size=2 face=sans-serif>firm with over $40 billion in assets under </FONT><FONT size=2 face=sans-serif>management.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Mr. </FONT><FONT size=2 face=sans-serif>Akhoury graduated </FONT><FONT size=2 face=sans-serif>from the Indian </FONT><FONT size=2 face=sans-serif>Institute </FONT><FONT size=2 face=sans-serif>of </FONT><FONT size=2 face=sans-serif>Technology </FONT><FONT size=2 face=sans-serif>and holds an M.S. from State </FONT><FONT size=2 face=sans-serif>University </FONT><FONT size=2 face=sans-serif>of New York at </FONT><FONT size=2 face=sans-serif>Stonybrook.</FONT></P>
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<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Charles </FONT></B><B><FONT size=2 face=sans-serif>B. Curtis<BR>
</FONT></B><FONT size=2 face=sans-serif>(Born 1940), </FONT><FONT size=2 face=sans-serif>Trustee </FONT><FONT size=2 face=sans-serif>since 2001</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Mr. Curtis is </FONT><FONT size=2 face=sans-serif>President Emeritus </FONT><FONT size=2 face=sans-serif>of the </FONT><FONT size=2 face=sans-serif>Nuclear </FONT><FONT size=2 face=sans-serif>Threat </FONT><FONT size=2 face=sans-serif>Initiative </FONT><FONT size=2 face=sans-serif>(a private </FONT><FONT size=2 face=sans-serif>foundation dealing </FONT><FONT size=2 face=sans-serif>with </FONT><FONT size=2 face=sans-serif>national security issues), </FONT><FONT size=2 face=sans-serif>serves as Senior </FONT><FONT size=2 face=sans-serif>Advisor </FONT><FONT size=2 face=sans-serif>to the United </FONT><FONT size=2 face=sans-serif>Nations Foundation, </FONT><FONT size=2 face=sans-serif>and is Senior </FONT><FONT size=2 face=sans-serif>Advisor </FONT><FONT size=2 face=sans-serif>to the Center for </FONT><FONT size=2 face=sans-serif>Strategic </FONT><FONT size=2 face=sans-serif>and </FONT><FONT size=2 face=sans-serif>International Studies.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Mr. Curtis is a </FONT><FONT size=2 face=sans-serif>member </FONT><FONT size=2 face=sans-serif>of the </FONT><FONT size=2 face=sans-serif>Council </FONT><FONT size=2 face=sans-serif>on </FONT><FONT size=2 face=sans-serif>Foreign Relations </FONT><FONT size=2 face=sans-serif>and the </FONT><FONT size=2 face=sans-serif>National Petroleum Council. </FONT><FONT size=2 face=sans-serif>He also serves as </FONT><FONT size=2 face=sans-serif>Director </FONT><FONT size=2 face=sans-serif>of </FONT><FONT size=2 face=sans-serif>Edison International </FONT><FONT size=2 face=sans-serif>and </FONT><FONT size=2 face=sans-serif>Southern California Edison. </FONT><FONT size=2 face=sans-serif>Until 2006, Mr. Curtis served as a </FONT><FONT size=2 face=sans-serif>member </FONT><FONT size=2 face=sans-serif>of the </FONT><FONT size=2 face=sans-serif>Trustee Advisory Council </FONT><FONT size=2 face=sans-serif>of the </FONT><FONT size=2 face=sans-serif>Applied Physics Laborat
ory, </FONT><FONT size=2 face=sans-serif>Johns </FONT><FONT size=2 face=sans-serif>Hopkins University.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>From </FONT><FONT size=2 face=sans-serif>August </FONT><FONT size=2 face=sans-serif>1997 to </FONT><FONT size=2 face=sans-serif>December </FONT><FONT size=2 face=sans-serif>1999, Mr. Curtis was a </FONT><FONT size=2 face=sans-serif>Partner </FONT><FONT size=2 face=sans-serif>at Hogan &amp; </FONT><FONT size=2 face=sans-serif>Hartson </FONT><FONT size=2 face=sans-serif>LLP, an </FONT><FONT size=2 face=sans-serif>international </FONT><FONT size=2 face=sans-serif>law firm </FONT><FONT size=2 face=sans-serif>headquartered </FONT><FONT size=2 face=sans-serif>in </FONT><FONT size=2 face=sans-serif>Washington, </FONT><FONT size=2 face=sans-serif>D.C. Prior to May 1997, Mr. Curtis was </FONT><FONT size=2 face=sans-serif>Deputy Secretary </FONT><FONT size=2 face=sans-serif>of </FONT><FONT size=2 face=sans-serif>Energy </FONT><FONT size=2 face=sans-serif>and Under </FONT><FONT size=2 face=sans-serif>Secretary </FONT><FONT size=2 face=sans-serif>of the U.S. </FON
T><FONT size=2 face=sans-serif>Department </FONT><FONT size=2 face=sans-serif>of </FONT><FONT size=2 face=sans-serif>Energy. </FONT><FONT size=2 face=sans-serif>In </FONT><FONT size=2 face=sans-serif>addition, </FONT><FONT size=2 face=sans-serif>he was a </FONT><FONT size=2 face=sans-serif>founding member </FONT><FONT size=2 face=sans-serif>of the law firm of Van Ness </FONT><FONT size=2 face=sans-serif>Feldman. </FONT><FONT size=2 face=sans-serif>Mr. Curtis served as </FONT><FONT size=2 face=sans-serif>Chairman </FONT><FONT size=2 face=sans-serif>of the </FONT><FONT size=2 face=sans-serif>Federal Energy Regulatory Commission </FONT><FONT size=2 face=sans-serif>from 1977 to 1981 and has held </FONT><FONT size=2 face=sans-serif>positions </FONT><FONT size=2 face=sans-serif>on the staff of the U.S. House of </FONT><FONT size=2 face=sans-serif>Representatives, </FONT><FONT size=2 face=sans-serif>the U.S. </FONT><FONT size=2 face=sans-serif>Treasury Department, </FONT><FONT size=2 face=sans-serif>and the SEC.</F
ONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Robert </FONT></B><B><FONT size=2 face=sans-serif>J. </FONT></B><B><FONT size=2 face=sans-serif>Darretta<BR>
</FONT></B><FONT size=2 face=sans-serif>(Born 1946), </FONT><FONT size=2 face=sans-serif>Trustee </FONT><FONT size=2 face=sans-serif>since 2007</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Mr. </FONT><FONT size=2 face=sans-serif>Darretta </FONT><FONT size=2 face=sans-serif>serves as </FONT><FONT size=2 face=sans-serif>Director </FONT><FONT size=2 face=sans-serif>of </FONT><FONT size=2 face=sans-serif>UnitedHealth Group, </FONT><FONT size=2 face=sans-serif>a </FONT><FONT size=2 face=sans-serif>diversified </FONT><FONT size=2 face=sans-serif>health-care </FONT><FONT size=2 face=sans-serif>company.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Until April 2007, Mr. </FONT><FONT size=2 face=sans-serif>Darretta </FONT><FONT size=2 face=sans-serif>was Vice </FONT><FONT size=2 face=sans-serif>Chairman </FONT><FONT size=2 face=sans-serif>of the Board of </FONT><FONT size=2 face=sans-serif>Directors </FONT><FONT size=2 face=sans-serif>of </FONT><FONT size=2 face=sans-serif>Johnson </FONT><FONT size=2 face=sans-serif>&amp; </FONT><FONT size=2 face=sans-serif>Johnson, </FONT><FONT size=2 face=sans-serif>one of the </FONT><FONT size=2 face=sans-serif>world's </FONT><FONT size=2 face=sans-serif>largest and most </FONT><FONT size=2 face=sans-serif>broadly </FONT><FONT size=2 face=sans-serif>based health-care </FONT><FONT size=2 face=sans-serif>companies. </FONT><FONT size=2 face=sans-serif>Prior to 2007, he had </FONT><FONT size=2 face=sans-serif>responsibility </FONT><FONT size=2 face=sans-serif>for </FONT><FONT size=2 face=sans-serif>Johnson </FONT><FONT size=2 face=sans-serif>&amp; </FONT><FONT size
=2 face=sans-serif>Johnson&#146;s finance, investor relations, information technology, </FONT><FONT size=2 face=sans-serif>and </FONT><FONT size=2 face=sans-serif>procurement function. </FONT><FONT size=2 face=sans-serif>He served as </FONT><FONT size=2 face=sans-serif>Johnson </FONT><FONT size=2 face=sans-serif>&amp; </FONT><FONT size=2 face=sans-serif>Johnson </FONT><FONT size=2 face=sans-serif>Chief </FONT><FONT size=2 face=sans-serif>Financial </FONT><FONT size=2 face=sans-serif>Officer for a </FONT><FONT size=2 face=sans-serif>decade, </FONT><FONT size=2 face=sans-serif>prior to which he spent two years as </FONT><FONT size=2 face=sans-serif>Treasurer </FONT><FONT size=2 face=sans-serif>of the </FONT><FONT size=2 face=sans-serif>corporation </FONT><FONT size=2 face=sans-serif>and over ten years </FONT><FONT size=2 face=sans-serif>leading various Johnson </FONT><FONT size=2 face=sans-serif>&amp; </FONT><FONT size=2 face=sans-serif>Johnson operating companies.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Mr. </FONT><FONT size=2 face=sans-serif>Darretta received </FONT><FONT size=2 face=sans-serif>a B.S. in </FONT><FONT size=2 face=sans-serif>Economics </FONT><FONT size=2 face=sans-serif>from </FONT><FONT size=2 face=sans-serif>Villanova University.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Myra R. </FONT></B><B><FONT size=2 face=sans-serif>Drucker<BR>
</FONT></B><FONT size=2 face=sans-serif>(Born 1948), </FONT><FONT size=2 face=sans-serif>Trustee </FONT><FONT size=2 face=sans-serif>since 2004</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Ms. </FONT><FONT size=2 face=sans-serif>Drucker </FONT><FONT size=2 face=sans-serif>is Vice Chair of the Board of </FONT><FONT size=2 face=sans-serif>Trustees </FONT><FONT size=2 face=sans-serif>of Sarah </FONT><FONT size=2 face=sans-serif>Lawrence College </FONT><FONT size=2 face=sans-serif>and a </FONT><FONT size=2 face=sans-serif>member </FONT><FONT size=2 face=sans-serif>of the </FONT><FONT size=2 face=sans-serif>Investment Committee </FONT><FONT size=2 face=sans-serif>of the </FONT><FONT size=2 face=sans-serif>Kresge Foundation </FONT><FONT size=2 face=sans-serif>(a </FONT><FONT size=2 face=sans-serif>charitable </FONT><FONT size=2 face=sans-serif>trust). She is also a </FONT><FONT size=2 face=sans-serif>Director </FONT><FONT size=2 face=sans-serif>of </FONT><FONT size=2 face=sans-serif>Interactive </FONT><FONT size=2 face=sans-serif>Data </FONT><FONT size=2 face=sans-serif>Corporation </FONT><FONT size=2 face=sans-serif>(a </FONT><FONT size=2 fac
e=sans-serif>provider </FONT><FONT size=2 face=sans-serif>of </FONT><FONT size=2 face=sans-serif>financial market </FONT><FONT size=2 face=sans-serif>data and </FONT><FONT size=2 face=sans-serif>analytics </FONT><FONT size=2 face=sans-serif>to </FONT><FONT size=2 face=sans-serif>financial institutions </FONT><FONT size=2 face=sans-serif>and </FONT><FONT size=2 face=sans-serif>investors) </FONT><FONT size=2 face=sans-serif>and former Chair of the Board of </FONT><FONT size=2 face=sans-serif>Trustees </FONT><FONT size=2 face=sans-serif>of </FONT><FONT size=2 face=sans-serif>Commonfund </FONT><FONT size=2 face=sans-serif>(a not-for-profit firm </FONT><FONT size=2 face=sans-serif>managing </FONT><FONT size=2 face=sans-serif>assets for </FONT><FONT size=2 face=sans-serif>educational endowments </FONT><FONT size=2 face=sans-serif>and </FONT><FONT size=2 face=sans-serif>foundations)</FONT><FONT size=2 face=sans-serif>.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Ms. </FONT><FONT size=2 face=sans-serif>Drucker </FONT><FONT size=2 face=sans-serif>is an ex-officio </FONT><FONT size=2 face=sans-serif>member </FONT><FONT size=2 face=sans-serif>of the New York Stock </FONT><FONT size=2 face=sans-serif>Exchange Pension Managers Advisory Committee, </FONT><FONT size=2 face=sans-serif>having served as Chair for seven years. She serves as an </FONT><FONT size=2 face=sans-serif>advisor </FONT><FONT size=2 face=sans-serif>to RCM </FONT><FONT size=2 face=sans-serif>Capital Management </FONT><FONT size=2 face=sans-serif>(an </FONT><FONT size=2 face=sans-serif>investment management </FONT><FONT size=2 face=sans-serif>firm) and to the </FONT><FONT size=2 face=sans-serif>Employee Benefits Investment Committee </FONT><FONT size=2 face=sans-serif>of The </FONT><FONT size=2 face=sans-serif>Boeing Company </FONT><FONT size=2 face=sans-serif>(an </FONT><FONT size=2 face=sans-serif>aerospace </FONT><FONT size=2 face=sans-serif>firm)
.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>From </FONT><FONT size=2 face=sans-serif>November </FONT><FONT size=2 face=sans-serif>2001 until </FONT><FONT size=2 face=sans-serif>August </FONT><FONT size=2 face=sans-serif>2004, Ms. </FONT><FONT size=2 face=sans-serif>Drucker </FONT><FONT size=2 face=sans-serif>was </FONT><FONT size=2 face=sans-serif>Managing Director </FONT><FONT size=2 face=sans-serif>and a </FONT><FONT size=2 face=sans-serif>member </FONT><FONT size=2 face=sans-serif>of the Board of </FONT><FONT size=2 face=sans-serif>Directors </FONT><FONT size=2 face=sans-serif>of </FONT><FONT size=2 face=sans-serif>General Motors </FONT><FONT size=2 face=sans-serif>Asset </FONT><FONT size=2 face=sans-serif>Management </FONT><FONT size=2 face=sans-serif>and Chief </FONT><FONT size=2 face=sans-serif>Investment </FONT><FONT size=2 face=sans-serif>Officer of </FONT><FONT size=2 face=sans-serif>General Motors </FONT><FONT size=2 face=sans-serif>Trust Bank. From </FONT><FONT size=2 face=sans-serif>
December </FONT><FONT size=2 face=sans-serif>1992 to </FONT><FONT size=2 face=sans-serif>November </FONT><FONT size=2 face=sans-serif>2001, Ms. </FONT><FONT size=2 face=sans-serif>Drucker </FONT><FONT size=2 face=sans-serif>served as Chief </FONT><FONT size=2 face=sans-serif>Investment </FONT><FONT size=2 face=sans-serif>Officer of Xerox </FONT><FONT size=2 face=sans-serif>Corporation </FONT><FONT size=2 face=sans-serif>(a </FONT><FONT size=2 face=sans-serif>document company) </FONT><FONT size=2 face=sans-serif>. Prior to </FONT><FONT size=2 face=sans-serif>December </FONT><FONT size=2 face=sans-serif>1992, Ms. </FONT><FONT size=2 face=sans-serif>Drucker </FONT><FONT size=2 face=sans-serif>was Staff Vice </FONT><FONT size=2 face=sans-serif>President </FONT><FONT size=2 face=sans-serif>and </FONT><FONT size=2 face=sans-serif>Director </FONT><FONT size=2 face=sans-serif>of Trust </FONT><FONT size=2 face=sans-serif>Investments </FONT><FONT size=2 face=sans-serif>for </FONT><FONT size=2 face=sans-serif>Internati
onal </FONT><FONT size=2 face=sans-serif>Paper (a paper and </FONT><FONT size=2 face=sans-serif>packaging company)</FONT><FONT size=2 face=sans-serif>.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Ms. </FONT><FONT size=2 face=sans-serif>Drucker received </FONT><FONT size=2 face=sans-serif>a B.A. from Sarah </FONT><FONT size=2 face=sans-serif>Lawrence College </FONT><FONT size=2 face=sans-serif>and </FONT><FONT size=2 face=sans-serif>pursued graduate studies </FONT><FONT size=2 face=sans-serif>in </FONT><FONT size=2 face=sans-serif>economics, statistics, </FONT><FONT size=2 face=sans-serif>and </FONT><FONT size=2 face=sans-serif>portfolio </FONT><FONT size=2 face=sans-serif>theory at </FONT><FONT size=2 face=sans-serif>Temple University.</FONT></P>
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<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Paul L. </FONT></B><B><FONT size=2 face=sans-serif>Joskow<BR>
</FONT></B><FONT size=2 face=sans-serif>(Born 1947), </FONT><FONT size=2 face=sans-serif>Trustee </FONT><FONT size=2 face=sans-serif>since 1997</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Dr. </FONT><FONT size=2 face=sans-serif>Joskow </FONT><FONT size=2 face=sans-serif>is an </FONT><FONT size=2 face=sans-serif>economist </FONT><FONT size=2 face=sans-serif>and </FONT><FONT size=2 face=sans-serif>President </FONT><FONT size=2 face=sans-serif>of the Alfred P. Sloan </FONT><FONT size=2 face=sans-serif>Foundation </FONT><FONT size=2 face=sans-serif>(a </FONT><FONT size=2 face=sans-serif>philanthropic institution focused primarily </FONT><FONT size=2 face=sans-serif>on </FONT><FONT size=2 face=sans-serif>research </FONT><FONT size=2 face=sans-serif>and </FONT><FONT size=2 face=sans-serif>education </FONT><FONT size=2 face=sans-serif>on issues </FONT><FONT size=2 face=sans-serif>related </FONT><FONT size=2 face=sans-serif>to </FONT><FONT size=2 face=sans-serif>science, technology, </FONT><FONT size=2 face=sans-serif>and </FONT><FONT size=2 face=sans-serif>economic performance) </FONT><FONT size=2 face=sans-serif>. He is on leave from his </FO
NT><FONT size=2 face=sans-serif>position </FONT><FONT size=2 face=sans-serif>as the </FONT><FONT size=2 face=sans-serif>Elizabeth </FONT><FONT size=2 face=sans-serif>and James Killian </FONT><FONT size=2 face=sans-serif>Professor </FONT><FONT size=2 face=sans-serif>of </FONT><FONT size=2 face=sans-serif>Economics </FONT><FONT size=2 face=sans-serif>and </FONT><FONT size=2 face=sans-serif>Management </FONT><FONT size=2 face=sans-serif>at the </FONT><FONT size=2 face=sans-serif>Massachusetts Institute </FONT><FONT size=2 face=sans-serif>of </FONT><FONT size=2 face=sans-serif>Technology </FONT><FONT size=2 face=sans-serif>(MIT), where he has been on the faculty since 1972. Dr. </FONT><FONT size=2 face=sans-serif>Joskow </FONT><FONT size=2 face=sans-serif>was the </FONT><FONT size=2 face=sans-serif>Director </FONT><FONT size=2 face=sans-serif>of the Center for </FONT><FONT size=2 face=sans-serif>Energy </FONT><FONT size=2 face=sans-serif>and </FONT><FONT size=2 face=sans-serif>Environmental </FONT><FONT size=2 f
ace=sans-serif>Policy </FONT><FONT size=2 face=sans-serif>Research </FONT><FONT size=2 face=sans-serif>at MIT from 1999 </FONT><FONT size=2 face=sans-serif>through </FONT><FONT size=2 face=sans-serif>2007.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Dr. </FONT><FONT size=2 face=sans-serif>Joskow </FONT><FONT size=2 face=sans-serif>serves as a </FONT><FONT size=2 face=sans-serif>Trustee </FONT><FONT size=2 face=sans-serif>of Yale </FONT><FONT size=2 face=sans-serif>University, </FONT><FONT size=2 face=sans-serif>a </FONT><FONT size=2 face=sans-serif>Director </FONT><FONT size=2 face=sans-serif>of </FONT><FONT size=2 face=sans-serif>TransCanada Corporation </FONT><FONT size=2 face=sans-serif>(an </FONT><FONT size=2 face=sans-serif>energy company focused </FONT><FONT size=2 face=sans-serif>on </FONT><FONT size=2 face=sans-serif>natural </FONT><FONT size=2 face=sans-serif>gas </FONT><FONT size=2 face=sans-serif>transmission </FONT><FONT size=2 face=sans-serif>and power </FONT><FONT size=2 face=sans-serif>services) </FONT><FONT size=2 face=sans-serif>and of </FONT><FONT size=2 face=sans-serif>Exelon Corporation </FONT><FONT size=2 face=sans-serif>(an </FONT><FONT size=2 face=sans-serif>energy company f
ocused </FONT><FONT size=2 face=sans-serif>on power </FONT><FONT size=2 face=sans-serif>services), </FONT><FONT size=2 face=sans-serif>and as a </FONT><FONT size=2 face=sans-serif>member </FONT><FONT size=2 face=sans-serif>of the Board of </FONT><FONT size=2 face=sans-serif>Overseers </FONT><FONT size=2 face=sans-serif>of the </FONT><FONT size=2 face=sans-serif>Boston Symphony Orchestra. </FONT><FONT size=2 face=sans-serif>Prior to </FONT><FONT size=2 face=sans-serif>August </FONT><FONT size=2 face=sans-serif>2007, he served as a </FONT><FONT size=2 face=sans-serif>Director </FONT><FONT size=2 face=sans-serif>of </FONT><FONT size=2 face=sans-serif>National </FONT><FONT size=2 face=sans-serif>Grid (a UK-based </FONT><FONT size=2 face=sans-serif>holding company </FONT><FONT size=2 face=sans-serif>with </FONT><FONT size=2 face=sans-serif>interests </FONT><FONT size=2 face=sans-serif>in </FONT><FONT size=2 face=sans-serif>electric </FONT><FONT size=2 face=sans-serif>and gas </FONT><FONT size=2 face=sans-serif>tr
ansmission </FONT><FONT size=2 face=sans-serif>and </FONT><FONT size=2 face=sans-serif>distribution </FONT><FONT size=2 face=sans-serif>and </FONT><FONT size=2 face=sans-serif>telecommunications infrastructure) </FONT><FONT size=2 face=sans-serif>. Prior to July 2006, he served as </FONT><FONT size=2 face=sans-serif>President </FONT><FONT size=2 face=sans-serif>of the Yale </FONT><FONT size=2 face=sans-serif>University Council. </FONT><FONT size=2 face=sans-serif>Prior to </FONT><FONT size=2 face=sans-serif>February </FONT><FONT size=2 face=sans-serif>2005, he served on the board of the </FONT><FONT size=2 face=sans-serif>Whitehead Institute </FONT><FONT size=2 face=sans-serif>for </FONT><FONT size=2 face=sans-serif>Biomedical Research </FONT><FONT size=2 face=sans-serif>(a non-profit </FONT><FONT size=2 face=sans-serif>research institution)</FONT><FONT size=2 face=sans-serif>. Prior to </FONT><FONT size=2 face=sans-serif>February </FONT><FONT size=2 face=sans-serif>2002, he was a </FONT><FONT size=2 face=sa
ns-serif>Director </FONT><FONT size=2 face=sans-serif>of State Farm </FONT><FONT size=2 face=sans-serif>Indemnity Company </FONT><FONT size=2 face=sans-serif>(an </FONT><FONT size=2 face=sans-serif>automobile insurance company), </FONT><FONT size=2 face=sans-serif>and prior to March 2000, he was a </FONT><FONT size=2 face=sans-serif>Director </FONT><FONT size=2 face=sans-serif>of New </FONT><FONT size=2 face=sans-serif>England Electric System </FONT><FONT size=2 face=sans-serif>(a public utility </FONT><FONT size=2 face=sans-serif>holding company)</FONT><FONT size=2 face=sans-serif>.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Dr. </FONT><FONT size=2 face=sans-serif>Joskow </FONT><FONT size=2 face=sans-serif>has </FONT><FONT size=2 face=sans-serif>published </FONT><FONT size=2 face=sans-serif>six books and </FONT><FONT size=2 face=sans-serif>numerous articles </FONT><FONT size=2 face=sans-serif>on </FONT><FONT size=2 face=sans-serif>industrial organization, government regulation </FONT><FONT size=2 face=sans-serif>of </FONT><FONT size=2 face=sans-serif>industry, </FONT><FONT size=2 face=sans-serif>and </FONT><FONT size=2 face=sans-serif>competition </FONT><FONT size=2 face=sans-serif>policy. He is active in </FONT><FONT size=2 face=sans-serif>industry restructuring, environmental, energy, competition, </FONT><FONT size=2 face=sans-serif>and </FONT><FONT size=2 face=sans-serif>privatization policies </FONT><FONT size=2 face=sans-serif>&#151; </FONT><FONT size=2 face=sans-serif>serving </FONT><FONT size=2 face=sans-serif>as an </FONT><FONT size=2 face=sans-serif>advisor </FONT
><FONT size=2 face=sans-serif>to </FONT><FONT size=2 face=sans-serif>governments </FONT><FONT size=2 face=sans-serif>and </FONT><FONT size=2 face=sans-serif>corporations worldwide. </FONT><FONT size=2 face=sans-serif>Dr. </FONT><FONT size=2 face=sans-serif>Joskow </FONT><FONT size=2 face=sans-serif>holds a Ph.D. and M. Phil from Yale </FONT><FONT size=2 face=sans-serif>University </FONT><FONT size=2 face=sans-serif>and a B.A. from </FONT><FONT size=2 face=sans-serif>Cornell University.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Elizabeth </FONT></B><B><FONT size=2 face=sans-serif>T. </FONT></B><B><FONT size=2 face=sans-serif>Kennan<BR>
</FONT></B><FONT size=2 face=sans-serif>(Born 1938), </FONT><FONT size=2 face=sans-serif>Trustee </FONT><FONT size=2 face=sans-serif>since 1992</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Dr. </FONT><FONT size=2 face=sans-serif>Kennan </FONT><FONT size=2 face=sans-serif>is a </FONT><FONT size=2 face=sans-serif>Partner </FONT><FONT size=2 face=sans-serif>of </FONT><FONT size=2 face=sans-serif>Cambus</FONT><FONT size=2 face=sans-serif>-</FONT><FONT size=2 face=sans-serif>Kenneth </FONT><FONT size=2 face=sans-serif>Farm </FONT><FONT size=2 face=sans-serif>(thoroughbred </FONT><FONT size=2 face=sans-serif>horse and cattle </FONT><FONT size=2 face=sans-serif>breeding) </FONT><FONT size=2 face=sans-serif>. She is </FONT><FONT size=2 face=sans-serif>President Emeritus </FONT><FONT size=2 face=sans-serif>of Mount </FONT><FONT size=2 face=sans-serif>Holyoke College.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Dr. </FONT><FONT size=2 face=sans-serif>Kennan </FONT><FONT size=2 face=sans-serif>served as </FONT><FONT size=2 face=sans-serif>Chairman </FONT><FONT size=2 face=sans-serif>and is now Lead </FONT><FONT size=2 face=sans-serif>Director </FONT><FONT size=2 face=sans-serif>of </FONT><FONT size=2 face=sans-serif>Northeast Utilities. </FONT><FONT size=2 face=sans-serif>She is a </FONT><FONT size=2 face=sans-serif>Trustee </FONT><FONT size=2 face=sans-serif>of the </FONT><FONT size=2 face=sans-serif>National </FONT><FONT size=2 face=sans-serif>Trust for </FONT><FONT size=2 face=sans-serif>Historic Preservation </FONT><FONT size=2 face=sans-serif>and of Centre </FONT><FONT size=2 face=sans-serif>College </FONT><FONT size=2 face=sans-serif>in </FONT><FONT size=2 face=sans-serif>Danville, Kentucky. </FONT><FONT size=2 face=sans-serif>Until 2006, she was a </FONT><FONT size=2 face=sans-serif>member </FONT><FONT size=2 face=sans-serif>of The </FONT><FONT size=2 f
ace=sans-serif>Trustees </FONT><FONT size=2 face=sans-serif>of </FONT><FONT size=2 face=sans-serif>Reservations. </FONT><FONT size=2 face=sans-serif>Prior to 2001, Dr. </FONT><FONT size=2 face=sans-serif>Kennan </FONT><FONT size=2 face=sans-serif>served on the </FONT><FONT size=2 face=sans-serif>oversight committee </FONT><FONT size=2 face=sans-serif>of the Folger </FONT><FONT size=2 face=sans-serif>Shakespeare Library. </FONT><FONT size=2 face=sans-serif>Prior to June 2005, she was a </FONT><FONT size=2 face=sans-serif>Director </FONT><FONT size=2 face=sans-serif>of </FONT><FONT size=2 face=sans-serif>Talbots, </FONT><FONT size=2 face=sans-serif>Inc., and she has served as </FONT><FONT size=2 face=sans-serif>Director </FONT><FONT size=2 face=sans-serif>on a </FONT><FONT size=2 face=sans-serif>number </FONT><FONT size=2 face=sans-serif>of other </FONT><FONT size=2 face=sans-serif>boards, including </FONT><FONT size=2 face=sans-serif>Bell </FONT><FONT size=2 face=sans-serif>Atlantic, Chastain </FONT><FONT siz
e=2 face=sans-serif>Real </FONT><FONT size=2 face=sans-serif>Estate, Shawmut </FONT><FONT size=2 face=sans-serif>Bank, </FONT><FONT size=2 face=sans-serif>Berkshire </FONT><FONT size=2 face=sans-serif>Life </FONT><FONT size=2 face=sans-serif>Insurance, </FONT><FONT size=2 face=sans-serif>and </FONT><FONT size=2 face=sans-serif>Kentucky </FONT><FONT size=2 face=sans-serif>Home Life </FONT><FONT size=2 face=sans-serif>Insurance. </FONT><FONT size=2 face=sans-serif>Dr. </FONT><FONT size=2 face=sans-serif>Kennan </FONT><FONT size=2 face=sans-serif>has also served as </FONT><FONT size=2 face=sans-serif>President </FONT><FONT size=2 face=sans-serif>of Five </FONT><FONT size=2 face=sans-serif>Colleges Incorporated </FONT><FONT size=2 face=sans-serif>and as a </FONT><FONT size=2 face=sans-serif>Trustee </FONT><FONT size=2 face=sans-serif>of Notre Dame </FONT><FONT size=2 face=sans-serif>University, </FONT><FONT size=2 face=sans-serif>and is active in </FONT><FONT size=2 face=sans-serif>various educational </FONT><FO
NT size=2 face=sans-serif>and civic </FONT><FONT size=2 face=sans-serif>associations.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>As a </FONT><FONT size=2 face=sans-serif>member </FONT><FONT size=2 face=sans-serif>of the faculty of </FONT><FONT size=2 face=sans-serif>Catholic University </FONT><FONT size=2 face=sans-serif>for twelve years, until 1978, Dr. </FONT><FONT size=2 face=sans-serif>Kennan directed </FONT><FONT size=2 face=sans-serif>the post-</FONT><FONT size=2 face=sans-serif>doctoral program </FONT><FONT size=2 face=sans-serif>in </FONT><FONT size=2 face=sans-serif>Patristic </FONT><FONT size=2 face=sans-serif>and </FONT><FONT size=2 face=sans-serif>Medieval Studies, </FONT><FONT size=2 face=sans-serif>taught </FONT><FONT size=2 face=sans-serif>history, </FONT><FONT size=2 face=sans-serif>and </FONT><FONT size=2 face=sans-serif>published numerous articles </FONT><FONT size=2 face=sans-serif>and two books. Dr. </FONT><FONT size=2 face=sans-serif>Kennan </FONT><FONT size=2 face=sans-serif>holds a Ph.D. from the </FONT><FONT size=2 face=sans-serif>University </FONT><FONT 
size=2 face=sans-serif>of </FONT><FONT size=2 face=sans-serif>Washington </FONT><FONT size=2 face=sans-serif>in </FONT><FONT size=2 face=sans-serif>Seattle, </FONT><FONT size=2 face=sans-serif>an M.A. from Oxford </FONT><FONT size=2 face=sans-serif>University, </FONT><FONT size=2 face=sans-serif>and an A.B. from Mount </FONT><FONT size=2 face=sans-serif>Holyoke College. </FONT><FONT size=2 face=sans-serif>She holds </FONT><FONT size=2 face=sans-serif>several honorary doctorates.</FONT></P>
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<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Kenneth </FONT></B><B><FONT size=2 face=sans-serif>R. </FONT></B><B><FONT size=2 face=sans-serif>Leibler<BR>
</FONT></B><FONT size=2 face=sans-serif>(Born 1949), </FONT><FONT size=2 face=sans-serif>Trustee </FONT><FONT size=2 face=sans-serif>since 2006</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Mr. Leibler is a </FONT><FONT size=2 face=sans-serif>founder </FONT><FONT size=2 face=sans-serif>and former </FONT><FONT size=2 face=sans-serif>Chairman </FONT><FONT size=2 face=sans-serif>of the </FONT><FONT size=2 face=sans-serif>Boston Options Exchange, </FONT><FONT size=2 face=sans-serif>an </FONT><FONT size=2 face=sans-serif>electronic marketplace </FONT><FONT size=2 face=sans-serif>for the </FONT><FONT size=2 face=sans-serif>trading </FONT><FONT size=2 face=sans-serif>of </FONT><FONT size=2 face=sans-serif>derivative securities.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Mr. Leibler </FONT><FONT size=2 face=sans-serif>currently </FONT><FONT size=2 face=sans-serif>serves as a </FONT><FONT size=2 face=sans-serif>Trustee </FONT><FONT size=2 face=sans-serif>of Beth Israel </FONT><FONT size=2 face=sans-serif>Deaconess Hospital </FONT><FONT size=2 face=sans-serif>in </FONT><FONT size=2 face=sans-serif>Boston. </FONT><FONT size=2 face=sans-serif>He is also Lead </FONT><FONT size=2 face=sans-serif>Director </FONT><FONT size=2 face=sans-serif>of Ruder Finn </FONT><FONT size=2 face=sans-serif>Group, </FONT><FONT size=2 face=sans-serif>a global </FONT><FONT size=2 face=sans-serif>communications </FONT><FONT size=2 face=sans-serif>and </FONT><FONT size=2 face=sans-serif>advertising </FONT><FONT size=2 face=sans-serif>firm, and a </FONT><FONT size=2 face=sans-serif>Director </FONT><FONT size=2 face=sans-serif>of </FONT><FONT size=2 face=sans-serif>Northeast Utilities, </FONT><FONT size=2 face=sans-serif>which </FONT><FONT size=2 fa
ce=sans-serif>operates </FONT><FONT size=2 face=sans-serif>New </FONT><FONT size=2 face=sans-serif>England's </FONT><FONT size=2 face=sans-serif>largest </FONT><FONT size=2 face=sans-serif>energy delivery system. </FONT><FONT size=2 face=sans-serif>Prior to </FONT><FONT size=2 face=sans-serif>December </FONT><FONT size=2 face=sans-serif>2006, he served as a </FONT><FONT size=2 face=sans-serif>Director </FONT><FONT size=2 face=sans-serif>of the </FONT><FONT size=2 face=sans-serif>Optimum </FONT><FONT size=2 face=sans-serif>Funds group. Prior to </FONT><FONT size=2 face=sans-serif>October </FONT><FONT size=2 face=sans-serif>2006, he served as a </FONT><FONT size=2 face=sans-serif>Director </FONT><FONT size=2 face=sans-serif>of ISO New </FONT><FONT size=2 face=sans-serif>England, </FONT><FONT size=2 face=sans-serif>the </FONT><FONT size=2 face=sans-serif>organization responsible </FONT><FONT size=2 face=sans-serif>for the </FONT><FONT size=2 face=sans-serif>operation </FONT><FONT size=2 face=sans-serif>of the <
/FONT><FONT size=2 face=sans-serif>electric generation system </FONT><FONT size=2 face=sans-serif>in the New </FONT><FONT size=2 face=sans-serif>England </FONT><FONT size=2 face=sans-serif>states. Prior to 2000, Mr. Leibler was a </FONT><FONT size=2 face=sans-serif>Director </FONT><FONT size=2 face=sans-serif>of the </FONT><FONT size=2 face=sans-serif>Investment Company Institute </FONT><FONT size=2 face=sans-serif>in </FONT><FONT size=2 face=sans-serif>Washington, </FONT><FONT size=2 face=sans-serif>D.C.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Prior to </FONT><FONT size=2 face=sans-serif>January </FONT><FONT size=2 face=sans-serif>2005, Mr. Leibler served as </FONT><FONT size=2 face=sans-serif>Chairman </FONT><FONT size=2 face=sans-serif>and Chief </FONT><FONT size=2 face=sans-serif>Executive </FONT><FONT size=2 face=sans-serif>Officer of the </FONT><FONT size=2 face=sans-serif>Boston </FONT><FONT size=2 face=sans-serif>Stock </FONT><FONT size=2 face=sans-serif>Exchange. </FONT><FONT size=2 face=sans-serif>Prior to </FONT><FONT size=2 face=sans-serif>January </FONT><FONT size=2 face=sans-serif>2000, he served as </FONT><FONT size=2 face=sans-serif>President </FONT><FONT size=2 face=sans-serif>and Chief </FONT><FONT size=2 face=sans-serif>Executive </FONT><FONT size=2 face=sans-serif>Officer of Liberty </FONT><FONT size=2 face=sans-serif>Financial Companies, </FONT><FONT size=2 face=sans-serif>a </FONT><FONT size=2 face=sans-serif>publicly </FONT><FONT size=2 face=sans-serif>traded </FONT><FO
NT size=2 face=sans-serif>diversified </FONT><FONT size=2 face=sans-serif>asset </FONT><FONT size=2 face=sans-serif>management organization. </FONT><FONT size=2 face=sans-serif>Prior to June 1990, Mr. Leibler served as </FONT><FONT size=2 face=sans-serif>President </FONT><FONT size=2 face=sans-serif>and Chief </FONT><FONT size=2 face=sans-serif>Operating </FONT><FONT size=2 face=sans-serif>Officer of the </FONT><FONT size=2 face=sans-serif>American </FONT><FONT size=2 face=sans-serif>Stock </FONT><FONT size=2 face=sans-serif>Exchange (AMEX), </FONT><FONT size=2 face=sans-serif>and at the time was the </FONT><FONT size=2 face=sans-serif>youngest person </FONT><FONT size=2 face=sans-serif>in AMEX history to hold the title of </FONT><FONT size=2 face=sans-serif>President. </FONT><FONT size=2 face=sans-serif>Prior to </FONT><FONT size=2 face=sans-serif>serving </FONT><FONT size=2 face=sans-serif>as AMEX </FONT><FONT size=2 face=sans-serif>President, </FONT><FONT size=2 face=sans-serif>he held the </FONT><FONT si
ze=2 face=sans-serif>position </FONT><FONT size=2 face=sans-serif>of Chief </FONT><FONT size=2 face=sans-serif>Financial Officer, </FONT><FONT size=2 face=sans-serif>and </FONT><FONT size=2 face=sans-serif>headed </FONT><FONT size=2 face=sans-serif>its </FONT><FONT size=2 face=sans-serif>management </FONT><FONT size=2 face=sans-serif>and </FONT><FONT size=2 face=sans-serif>marketing operations.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Mr. Leibler </FONT><FONT size=2 face=sans-serif>graduated magna </FONT><FONT size=2 face=sans-serif>cum laude with a </FONT><FONT size=2 face=sans-serif>degree </FONT><FONT size=2 face=sans-serif>in </FONT><FONT size=2 face=sans-serif>Economics </FONT><FONT size=2 face=sans-serif>from </FONT><FONT size=2 face=sans-serif>Syracuse University, </FONT><FONT size=2 face=sans-serif>where he was </FONT><FONT size=2 face=sans-serif>elected </FONT><FONT size=2 face=sans-serif>Phi Beta </FONT><FONT size=2 face=sans-serif>Kappa.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Robert </FONT></B><B><FONT size=2 face=sans-serif>E. </FONT></B><B><FONT size=2 face=sans-serif>Patterson<BR>
</FONT></B><FONT size=2 face=sans-serif>(Born 1945), </FONT><FONT size=2 face=sans-serif>Trustee </FONT><FONT size=2 face=sans-serif>since 1984</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Mr. </FONT><FONT size=2 face=sans-serif>Patterson </FONT><FONT size=2 face=sans-serif>is Senior </FONT><FONT size=2 face=sans-serif>Partner </FONT><FONT size=2 face=sans-serif>of Cabot </FONT><FONT size=2 face=sans-serif>Properties, </FONT><FONT size=2 face=sans-serif>LP and </FONT><FONT size=2 face=sans-serif>Chairman </FONT><FONT size=2 face=sans-serif>of Cabot </FONT><FONT size=2 face=sans-serif>Properties, </FONT><FONT size=2 face=sans-serif>Inc. (a private equity firm </FONT><FONT size=2 face=sans-serif>investing </FONT><FONT size=2 face=sans-serif>in </FONT><FONT size=2 face=sans-serif>commercial </FONT><FONT size=2 face=sans-serif>real </FONT><FONT size=2 face=sans-serif>estate) </FONT><FONT size=2 face=sans-serif>.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Mr. </FONT><FONT size=2 face=sans-serif>Patterson </FONT><FONT size=2 face=sans-serif>serves as </FONT><FONT size=2 face=sans-serif>Chairman Emeritus </FONT><FONT size=2 face=sans-serif>and </FONT><FONT size=2 face=sans-serif>Trustee </FONT><FONT size=2 face=sans-serif>of the Joslin </FONT><FONT size=2 face=sans-serif>Diabetes Center. </FONT><FONT size=2 face=sans-serif>Prior to June 2003, he was a </FONT><FONT size=2 face=sans-serif>Trustee </FONT><FONT size=2 face=sans-serif>of Sea </FONT><FONT size=2 face=sans-serif>Education Association. </FONT><FONT size=2 face=sans-serif>Prior to </FONT><FONT size=2 face=sans-serif>December </FONT><FONT size=2 face=sans-serif>2001, Mr. </FONT><FONT size=2 face=sans-serif>Patterson </FONT><FONT size=2 face=sans-serif>was </FONT><FONT size=2 face=sans-serif>President </FONT><FONT size=2 face=sans-serif>and </FONT><FONT size=2 face=sans-serif>Trustee </FONT><FONT size=2 face=sans-serif>of Cabot </FONT><FONT size=2 f
ace=sans-serif>Industrial </FONT><FONT size=2 face=sans-serif>Trust (a </FONT><FONT size=2 face=sans-serif>publicly </FONT><FONT size=2 face=sans-serif>traded real estate </FONT><FONT size=2 face=sans-serif>investment </FONT><FONT size=2 face=sans-serif>trust). Prior to </FONT><FONT size=2 face=sans-serif>February </FONT><FONT size=2 face=sans-serif>1998, he was </FONT><FONT size=2 face=sans-serif>Executive </FONT><FONT size=2 face=sans-serif>Vice </FONT><FONT size=2 face=sans-serif>President </FONT><FONT size=2 face=sans-serif>and </FONT><FONT size=2 face=sans-serif>Director </FONT><FONT size=2 face=sans-serif>of </FONT><FONT size=2 face=sans-serif>Acquisitions </FONT><FONT size=2 face=sans-serif>of Cabot </FONT><FONT size=2 face=sans-serif>Partners Limited Partnership </FONT><FONT size=2 face=sans-serif>(a </FONT><FONT size=2 face=sans-serif>registered investment adviser involved </FONT><FONT size=2 face=sans-serif>in </FONT><FONT size=2 face=sans-serif>institutional </FONT><FONT size=2 face=sans-serif>rea
l estate </FONT><FONT size=2 face=sans-serif>investments)</FONT><FONT size=2 face=sans-serif>. Prior to 1990, he served as </FONT><FONT size=2 face=sans-serif>Executive </FONT><FONT size=2 face=sans-serif>Vice </FONT><FONT size=2 face=sans-serif>President </FONT><FONT size=2 face=sans-serif>of Cabot, Cabot &amp; </FONT><FONT size=2 face=sans-serif>Forbes </FONT><FONT size=2 face=sans-serif>Realty </FONT><FONT size=2 face=sans-serif>Advisors, </FONT><FONT size=2 face=sans-serif>Inc. (the </FONT><FONT size=2 face=sans-serif>predecessor company </FONT><FONT size=2 face=sans-serif>of Cabot </FONT><FONT size=2 face=sans-serif>Partners)</FONT><FONT size=2 face=sans-serif>.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Mr. </FONT><FONT size=2 face=sans-serif>Patterson practiced </FONT><FONT size=2 face=sans-serif>law and held </FONT><FONT size=2 face=sans-serif>various positions </FONT><FONT size=2 face=sans-serif>in state </FONT><FONT size=2 face=sans-serif>government, </FONT><FONT size=2 face=sans-serif>and was the </FONT><FONT size=2 face=sans-serif>founding Executive Director </FONT><FONT size=2 face=sans-serif>of the </FONT><FONT size=2 face=sans-serif>Massachusetts Industrial Finance Agency. </FONT><FONT size=2 face=sans-serif>Mr. </FONT><FONT size=2 face=sans-serif>Patterson </FONT><FONT size=2 face=sans-serif>is a </FONT><FONT size=2 face=sans-serif>graduate </FONT><FONT size=2 face=sans-serif>of </FONT><FONT size=2 face=sans-serif>Harvard College </FONT><FONT size=2 face=sans-serif>and </FONT><FONT size=2 face=sans-serif>Harvard </FONT><FONT size=2 face=sans-serif>Law </FONT><FONT size=2 face=sans-serif>School.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>George Putnam, </FONT></B><B><FONT size=2 face=sans-serif>III<BR>
</FONT></B><FONT size=2 face=sans-serif>(Born 1951), </FONT><FONT size=2 face=sans-serif>Trustee </FONT><FONT size=2 face=sans-serif>since 1984</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Mr. </FONT><FONT size=2 face=sans-serif>Putnam </FONT><FONT size=2 face=sans-serif>is </FONT><FONT size=2 face=sans-serif>Chairman </FONT><FONT size=2 face=sans-serif>of New </FONT><FONT size=2 face=sans-serif>Generation Research, </FONT><FONT size=2 face=sans-serif>Inc. (a </FONT><FONT size=2 face=sans-serif>publisher </FONT><FONT size=2 face=sans-serif>of </FONT><FONT size=2 face=sans-serif>financial advisory </FONT><FONT size=2 face=sans-serif>and other </FONT><FONT size=2 face=sans-serif>research services), </FONT><FONT size=2 face=sans-serif>and </FONT><FONT size=2 face=sans-serif>President </FONT><FONT size=2 face=sans-serif>of New </FONT><FONT size=2 face=sans-serif>Generation Advisors, </FONT><FONT size=2 face=sans-serif>Inc. (a </FONT><FONT size=2 face=sans-serif>registered investment adviser </FONT><FONT size=2 face=sans-serif>to private funds). Mr. </FONT><FONT size=2 face=sans-serif>Putnam founded </FONT><FONT size=2 face=sans-serif>the New
 </FONT><FONT size=2 face=sans-serif>Generation companies </FONT><FONT size=2 face=sans-serif>in 1986.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Mr. </FONT><FONT size=2 face=sans-serif>Putnam </FONT><FONT size=2 face=sans-serif>is a </FONT><FONT size=2 face=sans-serif>Director </FONT><FONT size=2 face=sans-serif>of The </FONT><FONT size=2 face=sans-serif>Boston </FONT><FONT size=2 face=sans-serif>Family Office, LLC (a </FONT><FONT size=2 face=sans-serif>registered investment adviser) </FONT><FONT size=2 face=sans-serif>. He is a </FONT><FONT size=2 face=sans-serif>Trustee </FONT><FONT size=2 face=sans-serif>of St. Mark's </FONT><FONT size=2 face=sans-serif>School, </FONT><FONT size=2 face=sans-serif>a </FONT><FONT size=2 face=sans-serif>Trustee </FONT><FONT size=2 face=sans-serif>of </FONT><FONT size=2 face=sans-serif>Epiphany School, </FONT><FONT size=2 face=sans-serif>and a </FONT><FONT size=2 face=sans-serif>Trustee </FONT><FONT size=2 face=sans-serif>of the </FONT><FONT size=2 face=sans-serif>Marine Biological Laboratory </FONT><FONT size=2 face=sans-serif>in </FONT><FONT size=2 face=sans-s
erif>Woods </FONT><FONT size=2 face=sans-serif>Hole, </FONT><FONT size=2 face=sans-serif>Massachusetts. </FONT><FONT size=2 face=sans-serif>Until 2006, he was a </FONT><FONT size=2 face=sans-serif>Trustee </FONT><FONT size=2 face=sans-serif>of Shore </FONT><FONT size=2 face=sans-serif>Country </FONT><FONT size=2 face=sans-serif>Day </FONT><FONT size=2 face=sans-serif>School, </FONT><FONT size=2 face=sans-serif>and until 2002, was a </FONT><FONT size=2 face=sans-serif>Trustee </FONT><FONT size=2 face=sans-serif>of the Sea </FONT><FONT size=2 face=sans-serif>Education Association.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Mr. </FONT><FONT size=2 face=sans-serif>Putnam previously worked </FONT><FONT size=2 face=sans-serif>as an </FONT><FONT size=2 face=sans-serif>attorney </FONT><FONT size=2 face=sans-serif>with the law firm of </FONT><FONT size=2 face=sans-serif>Dechert </FONT><FONT size=2 face=sans-serif>LLP </FONT><FONT size=2 face=sans-serif>(formerly </FONT><FONT size=2 face=sans-serif>known as </FONT><FONT size=2 face=sans-serif>Dechert </FONT><FONT size=2 face=sans-serif>Price &amp; </FONT><FONT size=2 face=sans-serif>Rhoads) </FONT><FONT size=2 face=sans-serif>in </FONT><FONT size=2 face=sans-serif>Philadelphia. </FONT><FONT size=2 face=sans-serif>He is a </FONT><FONT size=2 face=sans-serif>graduate </FONT><FONT size=2 face=sans-serif>of </FONT><FONT size=2 face=sans-serif>Harvard College, Harvard Business School, </FONT><FONT size=2 face=sans-serif>and </FONT><FONT size=2 face=sans-serif>Harvard </FONT><FONT size=2 face=sans-serif>Law </FONT><FONT size=2 face=sa
ns-serif>School.</FONT></P>
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<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Robert </FONT></B><B><FONT size=2 face=sans-serif>L. </FONT></B><B><FONT size=2 face=sans-serif>Reynolds<BR>
</FONT></B><FONT size=2 face=sans-serif>(Born 1952), </FONT><FONT size=2 face=sans-serif>Trustee </FONT><FONT size=2 face=sans-serif>since 2008 and </FONT><FONT size=2 face=sans-serif>President </FONT><FONT size=2 face=sans-serif>of the Funds since 2009</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Mr. </FONT><FONT size=2 face=sans-serif>Reynolds </FONT><FONT size=2 face=sans-serif>is </FONT><FONT size=2 face=sans-serif>President </FONT><FONT size=2 face=sans-serif>and Chief </FONT><FONT size=2 face=sans-serif>Executive </FONT><FONT size=2 face=sans-serif>Officer of </FONT><FONT size=2 face=sans-serif>Putnam Investments, </FONT><FONT size=2 face=sans-serif>a </FONT><FONT size=2 face=sans-serif>member </FONT><FONT size=2 face=sans-serif>of </FONT><FONT size=2 face=sans-serif>Putnam Investments&#146; Executive </FONT><FONT size=2 face=sans-serif>Board of </FONT><FONT size=2 face=sans-serif>Directors, </FONT><FONT size=2 face=sans-serif>and </FONT><FONT size=2 face=sans-serif>President </FONT><FONT size=2 face=sans-serif>of the </FONT><FONT size=2 face=sans-serif>Putnam Funds. </FONT><FONT size=2 face=sans-serif>He has more than 30 years of </FONT><FONT size=2 face=sans-serif>investment </FONT><FONT size=2 face=sans-serif>and </FONT><FONT size=2 fac
e=sans-serif>financial services experience.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Prior to joining </FONT><FONT size=2 face=sans-serif>Putnam Investments </FONT><FONT size=2 face=sans-serif>in 2008, Mr. </FONT><FONT size=2 face=sans-serif>Reynolds </FONT><FONT size=2 face=sans-serif>was Vice </FONT><FONT size=2 face=sans-serif>Chairman </FONT><FONT size=2 face=sans-serif>and Chief </FONT><FONT size=2 face=sans-serif>Operating </FONT><FONT size=2 face=sans-serif>Officer of </FONT><FONT size=2 face=sans-serif>Fidelity Investments </FONT><FONT size=2 face=sans-serif>from 2000 to 2007. During this time, he served on the Board of </FONT><FONT size=2 face=sans-serif>Directors </FONT><FONT size=2 face=sans-serif>for FMR </FONT><FONT size=2 face=sans-serif>Corporation, Fidelity Investments Insurance </FONT><FONT size=2 face=sans-serif>Ltd., </FONT><FONT size=2 face=sans-serif>Fidelity Investments Canada </FONT><FONT size=2 face=sans-serif>Ltd., and </FONT><FONT size=2 face=sans-serif>Fidelity Management </FONT><FONT size=2 face=sans-serif>T
rust </FONT><FONT size=2 face=sans-serif>Company. </FONT><FONT size=2 face=sans-serif>He was also a </FONT><FONT size=2 face=sans-serif>Trustee </FONT><FONT size=2 face=sans-serif>of the </FONT><FONT size=2 face=sans-serif>Fidelity </FONT><FONT size=2 face=sans-serif>Family of </FONT><FONT size=2 face=sans-serif>Funds. </FONT><FONT size=2 face=sans-serif>From 1984 to 2000, Mr. </FONT><FONT size=2 face=sans-serif>Reynolds </FONT><FONT size=2 face=sans-serif>served in a </FONT><FONT size=2 face=sans-serif>number </FONT><FONT size=2 face=sans-serif>of </FONT><FONT size=2 face=sans-serif>increasingly responsible leadership </FONT><FONT size=2 face=sans-serif>roles at </FONT><FONT size=2 face=sans-serif>Fidelity.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Mr. </FONT><FONT size=2 face=sans-serif>Reynolds </FONT><FONT size=2 face=sans-serif>serves on </FONT><FONT size=2 face=sans-serif>several </FONT><FONT size=2 face=sans-serif>not-for-profit </FONT><FONT size=2 face=sans-serif>boards, including </FONT><FONT size=2 face=sans-serif>those of the West </FONT><FONT size=2 face=sans-serif>Virginia University Foundation, Concord Museum, </FONT><FONT size=2 face=sans-serif>Dana-Farber </FONT><FONT size=2 face=sans-serif>Cancer Institute, </FONT><FONT size=2 face=sans-serif>Lahey Clinic, and </FONT><FONT size=2 face=sans-serif>Initiative </FONT><FONT size=2 face=sans-serif>for a </FONT><FONT size=2 face=sans-serif>Competitive </FONT><FONT size=2 face=sans-serif>Inner City in </FONT><FONT size=2 face=sans-serif>Boston. </FONT><FONT size=2 face=sans-serif>He is a </FONT><FONT size=2 face=sans-serif>member </FONT><FONT size=2 face=sans-serif>of the Chief </FONT><FONT size=2 face=sans-serif>Executives </FONT><FONT s
ize=2 face=sans-serif>Club of </FONT><FONT size=2 face=sans-serif>Boston, </FONT><FONT size=2 face=sans-serif>the </FONT><FONT size=2 face=sans-serif>National Innovation Initiative, </FONT><FONT size=2 face=sans-serif>and the </FONT><FONT size=2 face=sans-serif>Council </FONT><FONT size=2 face=sans-serif>on </FONT><FONT size=2 face=sans-serif>Competitiveness.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Mr. </FONT><FONT size=2 face=sans-serif>Reynolds received </FONT><FONT size=2 face=sans-serif>a B.S. in </FONT><FONT size=2 face=sans-serif>Business Administration/Finance </FONT><FONT size=2 face=sans-serif>from West </FONT><FONT size=2 face=sans-serif>Virginia University.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>W. </FONT></B><B><FONT size=2 face=sans-serif>Thomas Stephens<BR>
</FONT></B><FONT size=2 face=sans-serif>(Born 1942), </FONT><FONT size=2 face=sans-serif>Trustee </FONT><FONT size=2 face=sans-serif>since 2009</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Mr. </FONT><FONT size=2 face=sans-serif>Stephens </FONT><FONT size=2 face=sans-serif>is a </FONT><FONT size=2 face=sans-serif>Director </FONT><FONT size=2 face=sans-serif>of </FONT><FONT size=2 face=sans-serif>TransCanada Pipelines, </FONT><FONT size=2 face=sans-serif>Ltd. (an </FONT><FONT size=2 face=sans-serif>energy infrastructure company) </FONT><FONT size=2 face=sans-serif>. From 1997 to 2008, Mr. </FONT><FONT size=2 face=sans-serif>Stephens </FONT><FONT size=2 face=sans-serif>served as a </FONT><FONT size=2 face=sans-serif>Trustee </FONT><FONT size=2 face=sans-serif>on the Board of the </FONT><FONT size=2 face=sans-serif>Putnam Funds, </FONT><FONT size=2 face=sans-serif>which he </FONT><FONT size=2 face=sans-serif>rejoined </FONT><FONT size=2 face=sans-serif>as a </FONT><FONT size=2 face=sans-serif>Trustee </FONT><FONT size=2 face=sans-serif>in 2009.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Mr. </FONT><FONT size=2 face=sans-serif>Stephens </FONT><FONT size=2 face=sans-serif>retired as </FONT><FONT size=2 face=sans-serif>Chairman </FONT><FONT size=2 face=sans-serif>and Chief </FONT><FONT size=2 face=sans-serif>Executive </FONT><FONT size=2 face=sans-serif>Officer of Boise </FONT><FONT size=2 face=sans-serif>Cascade, </FONT><FONT size=2 face=sans-serif>L.L.C. (a paper, forest </FONT><FONT size=2 face=sans-serif>products, </FONT><FONT size=2 face=sans-serif>and </FONT><FONT size=2 face=sans-serif>timberland </FONT><FONT size=2 face=sans-serif>assets </FONT><FONT size=2 face=sans-serif>company) </FONT><FONT size=2 face=sans-serif>in </FONT><FONT size=2 face=sans-serif>December </FONT><FONT size=2 face=sans-serif>2008. Until 2004, Mr. </FONT><FONT size=2 face=sans-serif>Stephens </FONT><FONT size=2 face=sans-serif>was a </FONT><FONT size=2 face=sans-serif>Director </FONT><FONT size=2 face=sans-serif>of Xcel </FONT><FONT size=2 face=sans-serif>
Energy Incorporated </FONT><FONT size=2 face=sans-serif>(a public utility </FONT><FONT size=2 face=sans-serif>company), </FONT><FONT size=2 face=sans-serif>Qwest </FONT><FONT size=2 face=sans-serif>Communications, </FONT><FONT size=2 face=sans-serif>and </FONT><FONT size=2 face=sans-serif>Norske Canada, </FONT><FONT size=2 face=sans-serif>Inc. (a paper </FONT><FONT size=2 face=sans-serif>manufacturer) </FONT><FONT size=2 face=sans-serif>. Until 2003, Mr. </FONT><FONT size=2 face=sans-serif>Stephens </FONT><FONT size=2 face=sans-serif>was a </FONT><FONT size=2 face=sans-serif>Director </FONT><FONT size=2 face=sans-serif>of Mail-Well, Inc. (a </FONT><FONT size=2 face=sans-serif>diversified printing company) </FONT><FONT size=2 face=sans-serif>. He served as </FONT><FONT size=2 face=sans-serif>Chairman </FONT><FONT size=2 face=sans-serif>of Mail-Well until 2001 and as CEO of </FONT><FONT size=2 face=sans-serif>MacMillan Bloedel, </FONT><FONT size=2 face=sans-serif>Ltd. (a forest </FONT><FONT size=2 face=sans-se
rif>products company) </FONT><FONT size=2 face=sans-serif>until 1999. Prior to 1996, Mr. </FONT><FONT size=2 face=sans-serif>Stephens </FONT><FONT size=2 face=sans-serif>was </FONT><FONT size=2 face=sans-serif>Chairman </FONT><FONT size=2 face=sans-serif>and Chief </FONT><FONT size=2 face=sans-serif>Executive </FONT><FONT size=2 face=sans-serif>Officer of Johns </FONT><FONT size=2 face=sans-serif>Manville Corporation.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Mr. </FONT><FONT size=2 face=sans-serif>Stephens </FONT><FONT size=2 face=sans-serif>holds B.S. and M.S. </FONT><FONT size=2 face=sans-serif>degrees </FONT><FONT size=2 face=sans-serif>from the </FONT><FONT size=2 face=sans-serif>University </FONT><FONT size=2 face=sans-serif>of </FONT><FONT size=2 face=sans-serif>Arkansas.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Richard </FONT></B><B><FONT size=2 face=sans-serif>B. </FONT></B><B><FONT size=2 face=sans-serif>Worley<BR>
</FONT></B><FONT size=2 face=sans-serif>(Born 1945), </FONT><FONT size=2 face=sans-serif>Trustee </FONT><FONT size=2 face=sans-serif>since 2004</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Mr. </FONT><FONT size=2 face=sans-serif>Worley </FONT><FONT size=2 face=sans-serif>is </FONT><FONT size=2 face=sans-serif>Managing Partner </FONT><FONT size=2 face=sans-serif>of Permit </FONT><FONT size=2 face=sans-serif>Capital </FONT><FONT size=2 face=sans-serif>LLC, an </FONT><FONT size=2 face=sans-serif>investment management </FONT><FONT size=2 face=sans-serif>firm.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Mr. </FONT><FONT size=2 face=sans-serif>Worley </FONT><FONT size=2 face=sans-serif>serves as a </FONT><FONT size=2 face=sans-serif>Trustee </FONT><FONT size=2 face=sans-serif>of the </FONT><FONT size=2 face=sans-serif>University </FONT><FONT size=2 face=sans-serif>of </FONT><FONT size=2 face=sans-serif>Pennsylvania Medical Center, </FONT><FONT size=2 face=sans-serif>The Robert Wood </FONT><FONT size=2 face=sans-serif>Johnson Foundation </FONT><FONT size=2 face=sans-serif>(a </FONT><FONT size=2 face=sans-serif>philanthropic organization devoted </FONT><FONT size=2 face=sans-serif>to health-care </FONT><FONT size=2 face=sans-serif>issues), </FONT><FONT size=2 face=sans-serif>and the </FONT><FONT size=2 face=sans-serif>National Constitution Center. </FONT><FONT size=2 face=sans-serif>He is also a </FONT><FONT size=2 face=sans-serif>Director </FONT><FONT size=2 face=sans-serif>of The </FONT><FONT size=2 face=sans-serif>Colonial Williamsburg Foundation </FO
NT><FONT size=2 face=sans-serif>(a </FONT><FONT size=2 face=sans-serif>historical preservation organization), </FONT><FONT size=2 face=sans-serif>and the </FONT><FONT size=2 face=sans-serif>Philadelphia Orchestra Association. </FONT><FONT size=2 face=sans-serif>Mr. </FONT><FONT size=2 face=sans-serif>Worley </FONT><FONT size=2 face=sans-serif>also serves on the </FONT><FONT size=2 face=sans-serif>Investment committees </FONT><FONT size=2 face=sans-serif>of Mount </FONT><FONT size=2 face=sans-serif>Holyoke College </FONT><FONT size=2 face=sans-serif>and World </FONT><FONT size=2 face=sans-serif>Wildlife </FONT><FONT size=2 face=sans-serif>Fund (a wildlife </FONT><FONT size=2 face=sans-serif>conservation organization)</FONT><FONT size=2 face=sans-serif>.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Prior to joining Permit </FONT><FONT size=2 face=sans-serif>Capital </FONT><FONT size=2 face=sans-serif>LLC in 2002, Mr. </FONT><FONT size=2 face=sans-serif>Worley </FONT><FONT size=2 face=sans-serif>served as </FONT><FONT size=2 face=sans-serif>President, </FONT><FONT size=2 face=sans-serif>Chief </FONT><FONT size=2 face=sans-serif>Executive Officer, </FONT><FONT size=2 face=sans-serif>and Chief </FONT><FONT size=2 face=sans-serif>Investment </FONT><FONT size=2 face=sans-serif>Officer of </FONT><FONT size=2 face=sans-serif>Morgan Stanley </FONT><FONT size=2 face=sans-serif>Dean Witter </FONT><FONT size=2 face=sans-serif>Investment Management </FONT><FONT size=2 face=sans-serif>and as a </FONT><FONT size=2 face=sans-serif>Managing Director </FONT><FONT size=2 face=sans-serif>of </FONT><FONT size=2 face=sans-serif>Morgan Stanley, </FONT><FONT size=2 face=sans-serif>a </FONT><FONT size=2 face=sans-serif>financial services </FONT><FONT size=2 face=sans-se
rif>firm. Mr. </FONT><FONT size=2 face=sans-serif>Worley </FONT><FONT size=2 face=sans-serif>also was the </FONT><FONT size=2 face=sans-serif>Chairman </FONT><FONT size=2 face=sans-serif>of Miller </FONT><FONT size=2 face=sans-serif>Anderson </FONT><FONT size=2 face=sans-serif>&amp; </FONT><FONT size=2 face=sans-serif>Sherrerd, </FONT><FONT size=2 face=sans-serif>an </FONT><FONT size=2 face=sans-serif>investment management </FONT><FONT size=2 face=sans-serif>firm that was </FONT><FONT size=2 face=sans-serif>acquired </FONT><FONT size=2 face=sans-serif>by </FONT><FONT size=2 face=sans-serif>Morgan Stanley </FONT><FONT size=2 face=sans-serif>in 1996.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Mr. </FONT><FONT size=2 face=sans-serif>Worley </FONT><FONT size=2 face=sans-serif>holds a B.S. from the </FONT><FONT size=2 face=sans-serif>University </FONT><FONT size=2 face=sans-serif>of </FONT><FONT size=2 face=sans-serif>Tennessee </FONT><FONT size=2 face=sans-serif>and </FONT><FONT size=2 face=sans-serif>pursued graduate studies </FONT><FONT size=2 face=sans-serif>in </FONT><FONT size=2 face=sans-serif>economics </FONT><FONT size=2 face=sans-serif>at the </FONT><FONT size=2 face=sans-serif>University </FONT><FONT size=2 face=sans-serif>of Texas.</FONT></P>
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     <TD noWrap align=left><FONT size=5 face=serif>Appendix C: Current liquidity of BBB bonds increases the cost of open-ending PMO</FONT>&nbsp;</TD></TR>
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<P style="TEXT-ALIGN: left"><B><FONT size=4 face=sans-serif>The costs of open-</FONT></B><B><FONT size=4 face=sans-serif>ending </FONT></B><B><FONT size=4 face=sans-serif>PMO would </FONT></B><B><FONT size=4 face=sans-serif>include selling portfolio assets, including </FONT></B><B><FONT size=4 face=sans-serif>BBB-bonds with <BR>
high </FONT></B><B><FONT size=4 face=sans-serif>trading </FONT></B><B><FONT size=4 face=sans-serif>costs </FONT></B><B><FONT size=4 face=sans-serif>currently, </FONT></B><B><FONT size=4 face=sans-serif>in order to </FONT></B><B><FONT size=4 face=sans-serif>redeem </FONT></B><B><FONT size=4 face=sans-serif>its </FONT></B><B><FONT size=4 face=sans-serif>outstanding preferred shares </FONT></B><B><FONT size=4 face=sans-serif>prior to a <BR>
</FONT></B><B><FONT size=4 face=sans-serif>conversion </FONT></B><B><FONT size=4 face=sans-serif>and to meet </FONT></B><B><FONT size=4 face=sans-serif>subsequent redemption requests </FONT></B><B><FONT size=4 face=sans-serif>from </FONT></B><B><FONT size=4 face=sans-serif>investors </FONT></B><B><FONT size=4 face=sans-serif>who do not wish to <BR>
</FONT></B><B><FONT size=4 face=sans-serif>remain shareholders </FONT></B><B><FONT size=4 face=sans-serif>of an open-end fund</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=4 face=sans-serif>&#149; </FONT><FONT size=4 face=sans-serif>PMO has a large </FONT><FONT size=4 face=sans-serif>allocation </FONT><FONT size=4 face=sans-serif>to BBB </FONT><FONT size=4 face=sans-serif>securities because </FONT><FONT size=4 face=sans-serif>the </FONT><FONT size=4 face=sans-serif>managers believe </FONT><FONT size=4 face=sans-serif>that </FONT><FONT size=4 face=sans-serif>allocation </FONT><FONT size=4 face=sans-serif>offers value</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=4 face=sans-serif>&#149; </FONT><FONT size=4 face=sans-serif>The </FONT><FONT size=4 face=sans-serif>current spread </FONT><FONT size=4 face=sans-serif>over AAA </FONT><FONT size=4 face=sans-serif>securities </FONT><FONT size=4 face=sans-serif>is 266 bps (as of </FONT><FONT size=4 face=sans-serif>2/19/09), </FONT><FONT size=4 face=sans-serif>which is </FONT><FONT size=4 face=sans-serif>narrower </FONT><FONT size=4 face=sans-serif>than the </FONT><FONT size=4 face=sans-serif>spread </FONT><FONT size=4 face=sans-serif>during 2009, but still wider than it has been for most of the past </FONT><FONT size=4 face=sans-serif>decade, indicating reduced demand </FONT><FONT size=4 face=sans-serif>and higher </FONT><FONT size=4 face=sans-serif>trading </FONT><FONT size=4 face=sans-serif>costs</FONT></P>
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<P style="text-align: left;"> <FONT size=7 face="serif">Putnam</FONT><BR>
<FONT size=7 face="serif">Municipal Opportunities</FONT><BR>
<FONT size=7 face="serif">Trust</FONT></P>
<P style="text-align: left;"> <FONT size=7 face="serif">Investor Presentation</FONT></P>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
