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<SEC-DOCUMENT>0000928816-10-000979.txt : 20100818
<SEC-HEADER>0000928816-10-000979.hdr.sgml : 20100818
<ACCEPTANCE-DATETIME>20100818171722
ACCESSION NUMBER:		0000928816-10-000979
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		24
CONFORMED PERIOD OF REPORT:	20100910
FILED AS OF DATE:		20100818
DATE AS OF CHANGE:		20100818
EFFECTIVENESS DATE:		20100818

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM MANAGED MUNICIPAL INCOME TRUST
		CENTRAL INDEX KEY:			0000844790
		IRS NUMBER:				046608976
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-05740
		FILM NUMBER:		101026298

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		STREET 2:		MAILSTOP A14
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921000
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>a_mgdmunidef14a.htm
<DESCRIPTION>PUTNAM MANAGED MUNICIPAL INCOME TRUST
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     <TD colSpan=2 noWrap align=left><B><FONT size=2 face=sans-serif>Check the appropriate box</FONT></B><FONT size=2 face=sans-serif>:</FONT>&nbsp;</TD>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>Confidential, for Use of the Commission Only (as permitted by Rule</FONT>&nbsp;</TD>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>Definitive Proxy Statement</FONT>&nbsp;</TD>
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     <TD noWrap align=center><B><FONT size=2 face=sans-serif>PUTNAM MANAGED MUNICIPAL INCOME TRUST</FONT></B>&nbsp;</TD>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>No fee required.</FONT>&nbsp;</TD>
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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>(1) Title of each class of securities to which transaction applies:</FONT>&nbsp;</TD>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>(3) Per unit price or other underlying value of transaction</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>(4) Proposed maximum aggregate value of transaction:</FONT>&nbsp;</TD>
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     <TD noWrap align=left><FONT size=2 face=sans-serif>number, or the Form or Schedule and the date of its filing.</FONT>&nbsp;</TD>
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<P style="TEXT-ALIGN: left"><B><FONT color=#231f20 size=6 face=sans-serif>Proxy statement</FONT></B></P>
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     <TD noWrap align=left><B><FONT color=#000000 size=2 face=sans-serif>Putnam Managed Municipal Income Trust</FONT></B><FONT color=#000000>&nbsp;</FONT></TD></TR>
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<P style="MARGIN: 0px"><B><FONT color=#231f20 size=2 face=sans-serif>August 18, 2010</FONT></B></P>
<P style="TEXT-ALIGN: left"><B><FONT color=#231f20 size=3 face=sans-serif>A Message from Putnam Investments and the Board of Trustees of the Putnam Funds</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>Dear Fellow Shareholder:</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>I am writing to ask for your vote on an important matter affecting your investment in the Putnam funds. While you are, of course, welcome to join us at your fund&#146;s meeting, most shareholders cast their vote by filling out and signing the enclosed proxy card(s), voting via the Internet or by calling. We are asking for your vote on the following matter:</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT color=#231f20 size=2 face=sans-serif>Fixing the number of Trustees at 14 and electing your fund&#146;s nominees for Trustees.</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>Although Trustees do not manage fund portfolios, they play an important role in protecting shareholders, and are responsible for approving the fees paid to your fund&#146;s investment adviser and its affiliates, reviewing overall fund expenses, selecting the fund&#146;s auditors, monitoring conflicts of interest, overseeing the fund&#146;s compliance with federal securities laws and voting proxies for the fund&#146;s portfolio securities. Consistent with the Investment Company Act and SEC rules, more than three-quarters of your fund&#146;s Trustees currently are independent of the fund and Putnam Investments.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT color=#231f20 size=2 face=sans-serif>Please vote today<BR>
<BR>
</FONT></B></P>
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<FONT color="#231f20" size=2 face="sans-serif">Your vote is important to us. Delaying your vote will increase fund expenses if further mailings are required. If you vote via the Internet or by telephone or complete your proxy card(s), your shares will be voted on your behalf exactly as you have instructed. If you simply sign the proxy card(s), your shares will be voted in accordance with the Trustees&#146; recommendation.</FONT></P>
<P style="text-align: left;">
<FONT color="#231f20" size=2 face="sans-serif">We appreciate your attention to this important matter. If you have questions about this proposal, please call a customer service representative at 1-800-225-1581 or contact your financial advisor.</FONT></P>
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<P style="TEXT-ALIGN: left"><B><FONT color=#231f20 size=4 face=sans-serif>Table of contents</FONT></B></P>
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     <TD noWrap align=left><B><FONT color=#231f20 size=2 face=sans-serif>Notice of Annual Meeting of Shareholders</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT color=#231f20 size=2 face=sans-serif>4</FONT></B>&nbsp;</TD></TR>
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     <TD noWrap align=left><B><FONT color=#231f20 size=2 face=sans-serif>Trustees&#146; Recommendation</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT color=#231f20 size=2 face=sans-serif>5</FONT></B>&nbsp;</TD></TR>
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     <TD noWrap align=left><B><FONT color=#231f20 size=2 face=sans-serif>The Proposal</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT color=#231f20 size=2 face=sans-serif>6</FONT></B>&nbsp;</TD></TR>
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     <TD noWrap align=left><B><FONT color=#231f20 size=2 face=sans-serif>Further Information About Voting and the Meeting</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT color=#231f20 size=2 face=sans-serif>24</FONT></B>&nbsp;</TD></TR>
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     <TD noWrap align=left><B><FONT color=#231f20 size=2 face=sans-serif>Fund Information</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT color=#231f20 size=2 face=sans-serif>27</FONT></B>&nbsp;</TD></TR>
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<P style="TEXT-ALIGN: left"><B><FONT color=#231f20 size=2 face=sans-serif>PROXY CARD(S) ENCLOSED</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>If you have any questions, please contact us at 1-800-225-1581 or call your financial advisor.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT color=#231f20 size=2 face=sans-serif>Important Notice Regarding the Availability of Proxy Materials for the Shareholder Meeting to be held on September 10, 2010.</FONT></B></P>
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<B><FONT color=#231f20 size=2 face=sans-serif>www.proxyonline.com.</FONT></B></TD></TR></TABLE></P>
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<P style="TEXT-ALIGN: left"><B><FONT color=#231f20 size=4 face=sans-serif>Notice of Annual Meeting of Shareholders</FONT></B></P>
<P style="TEXT-ALIGN: left"><B><FONT color=#231f20 size=2 face=sans-serif>To the Shareholders of Putnam Managed Municipal Income Trust:</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>This is the formal agenda for your fund&#146;s shareholder meeting. It tells you what proposal will be voted on and the time and place of the meeting, in the event you attend in person.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>The Annual Meeting of Shareholders of your fund will be held on September&nbsp; 10, 2010 at 11:00 a.m., Boston time, at the principal offices of the fund on the 8th&nbsp;floor of One&nbsp; Post&nbsp; Office Square, Boston, Massachusetts 02109, to consider the following&nbsp;proposal:</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT color=#231f20 size=2 face=sans-serif>1.Fixing the number of Trustees at 14 and electing your fund&#146;s nominees for Trustees. See page 6.</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>By Judith Cohen, Clerk, and by the Trustees</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>John A. Hill, Chairman<BR>
</FONT><FONT color=#231f20 size=2 face=sans-serif>Jameson A. Baxter, Vice Chairman</FONT></P>
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     <TD noWrap align=left><FONT color=#231f20 size=2 face=sans-serif>Ravi Akhoury</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT color=#231f20 size=2 face=sans-serif>Kenneth R. Leibler</FONT>&nbsp;</TD>
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     <TD noWrap align=left><FONT color=#231f20 size=2 face=sans-serif>Barbara M. Baumann</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT color=#231f20 size=2 face=sans-serif>Robert E. Patterson</FONT>&nbsp;</TD>
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     <TD noWrap align=left><FONT color=#231f20 size=2 face=sans-serif>Charles B. Curtis</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT color=#231f20 size=2 face=sans-serif>George Putnam, III</FONT>&nbsp;</TD>
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     <TD noWrap align=left><FONT color=#231f20 size=2 face=sans-serif>Robert J. Darretta</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT color=#231f20 size=2 face=sans-serif>Robert L. Reynolds</FONT>&nbsp;</TD>
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     <TD noWrap align=left><FONT color=#231f20 size=2 face=sans-serif>Myra R. Drucker</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT color=#231f20 size=2 face=sans-serif>W. Thomas Stephens</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT color=#231f20 size=2 face=sans-serif></FONT></TD>
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     <TD noWrap align=left><FONT color=#231f20 size=2 face=sans-serif>Paul L. Joskow</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT color=#231f20 size=2 face=sans-serif>Richard B. Worley</FONT>&nbsp;</TD>
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<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>In order for you to be represented at your fund&#146;s shareholder meeting, we urge you to record your voting instructions via the Internet or by telephone or to mark, sign, date, and mail the enclosed proxy card(s) in the postage-paid envelope provided.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>August 18, 2010</FONT></P>
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<P style="TEXT-ALIGN: left"><B><FONT color=#231f20 size=4 face=sans-serif>Proxy Statement</FONT></B></P>
<P style="TEXT-ALIGN: left"><B><FONT color=#231f20 size=2 face=sans-serif>This document will give you the information you need to vote on the proposal. Much of the information is required under rules of the Securities and Exchange Commission (&#147;SEC&#148;); some of it is technical. If there is anything you don&#146;t understand, please contact us at our toll-free number, 1-800-225-1581, or call your financial advisor.</FONT></B></P>
<P style="TEXT-ALIGN: left"><B><FONT color=#231f20 size=2 face=sans-serif>Who is asking for your vote?</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>Your vote is being solicited by the Trustees of Putnam Managed Municipal Income Trust for use at the Annual Meeting of Shareholders of the fund to be held on September 10, 2010, and, if your fund&#146;s meeting is adjourned, at any later meetings, for the purpose stated in the Notice of Annual Meeting of Shareholders (see page 4). The Notice of Annual Meeting of Shareholders, the enclosed proxy card(s) and this proxy statement are being mailed on or about August 18, 2010.</FONT></P>
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     <TD noWrap align=left><B><FONT color=#231f20 size=2 face=sans-serif>How do your fund&#146;s Trustees recommend that shareholders vote on</FONT></B>&nbsp;<B><FONT color=#231f20 size=2 face=sans-serif>this proposal?</FONT></B></TD></TR>
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<P style="MARGIN: 0px"><FONT color=#231f20 size=2 face=sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0px"><FONT color=#231f20 size=2 face=sans-serif>The Trustees recommend that you vote</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT color=#231f20 size=2 face=sans-serif>1. FOR fixing the number of Trustees at 14 and electing your fund&#146;s nominees for&nbsp;Trustees.</FONT></B></P>
<P style="TEXT-ALIGN: left"><B><FONT color=#231f20 size=2 face=sans-serif>Who is eligible to vote?</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>Shareholders of record at the close of business on June 14, 2010 (the &#147;Record Date&#148;) are entitled to be present and to vote at the meeting or any adjourned meeting.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>Each share is entitled to one vote. Unless otherwise noted, the holders of your fund&#146;s preferred shares and holders of your fund&#146;s common shares will vote as a single class. Shares represented by a duly executed proxy will be voted in accordance with your instructions. If a duly executed proxy is submitted without filling in a vote on the proposal, your shares will be voted in accordance with the Trustees&#146; recommendation. If any other matters properly come before the meeting, your shares will be voted on such matters in accordance with the judgment of the persons designated on the enclosed proxy card(s).</FONT></P>
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<B><FONT color="#231f20" size=4 face="sans-serif">The Proposal</FONT></B></P>
<P style="text-align: left;">
<B><FONT color="#231f20" size=2 face="sans-serif">I. ELECTION OF TRUSTEES</FONT></B></P>
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<B><FONT color="#231f20" size=2 face="sans-serif">Who are the nominees for Trustees?</FONT></B></P>
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<FONT color="#231f20" size=2 face="sans-serif">The Board Policy and Nominating Committee of the Trustees of the fund makes recommendations concerning the nominees for Trustees of your fund. The Board Policy and Nominating Committee consists solely of Trustees who are not &#147;interested persons&#148; (as defined in the Investment Company Act of 1940, as amended, the &#147;1940 Act&#148;) of your fund or of Putnam Investment Management, LLC, your fund&#146;s investment manager (&#147;Putnam Management&#148;). Those Trustees who are not &#147;interested persons&#148; of your fund or Putnam Management are referred to as &#147;Independent Trustees&#148; throughout this proxy statement.</FONT></P>
<P style="text-align: left;">
<FONT color="#231f20" size=2 face="sans-serif">The Board of Trustees, based on the recommendation of the Board Policy and Nominating Committee, has fixed the number of Trustees of your fund at 14 and recommends that you vote for the election of the nominees described in the following pages. Each nominee is currently a Trustee of your fund and of the other Putnam&nbsp;funds.</FONT></P>
<P style="text-align: left;">
<FONT color="#231f20" size=2 face="sans-serif">Pursuant to the bylaws of your fund and the 1940 Act, holders of the preferred shares of your fund, voting as a class, are entitled to elect two nominees for Trustees. The holders of the preferred shares and the common shares of your fund, voting together as a single class, are entitled to vote for the remaining 12 of the 14 nominees. Messrs. Hill and Patterson have been nominated to be elected as Trustees by the holders of the preferred shares, and the other 12 nominees have been nominated to be elected by the holders of the preferred shares and common shares voting together as a single class.</FONT></P>
<P style="text-align: left;">
<FONT color="#231f20" size=2 face="sans-serif">The nominees for Trustees and their backgrounds are shown in the following pages. This information includes each nominee&#146;s name, year of birth, principal occupation(s) during the past 5 years, and other information about the nominee&#146;s professional background, including other directorships the nominee holds. The address of all of the Trustees is One Post Office Square, Boston, Massachusetts 02109. At June 30, 2010, there were 105 Putnam funds.</FONT></P>
<P style="text-align: left;">
<B><FONT color="#231f20" size=2 face="sans-serif">Independent Trustees</FONT></B></P>
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<B><FONT color="#231f20" size=2 face="sans-serif">Ravi Akhoury (Born 1947)</FONT></B><BR>
<B><FONT color="#231f20" size=2 face="sans-serif">Trustee since 2009</FONT></B></TD></TR></TABLE>
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<FONT color="#231f20" size=2 face="sans-serif">Mr. Akhoury serves as Advisor to New York Life Insurance Company. He is also a Director of Jacob Ballas Capital India (a non-banking finance company focused on private equity advisory services) and is a member of its Compensation Committee. He also serves as a Trustee of the Rubin Museum, serving on the Investment Committee, and of American India Foundation.</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>Previously, Mr. Akhoury was a Director and on the Compensation Committee of MaxIndia/New York Life Insurance Company in India. He was also Vice President and Investment Policy Committee member of Fischer, Francis, Trees and Watts (a fixed-income portfolio management firm). He has also served on the Board of Bharti Telecom (an Indian telecommunications company), serving as a member of its Audit and Compensation Committees, and as a Director and member of the Audit Committee on the Board of Thompson Press (a publishing company). From 1992 to 2007, he was Chairman and CEO of MacKay Shields, a multi-product investment management firm with over $40 billion in assets under management.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>Mr. Akhoury graduated from the Indian Institute of Technology with a B.S. in Engineering and obtained an M.S. in Quantitative Methods from SUNY at Stony Brook.</FONT></P>
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<P style="TEXT-ALIGN: left"><B><FONT color=#231f20 size=2 face=sans-serif>Barbara M. Baumann (Born 1955)</FONT></B><BR>
<B><FONT color=#231f20 size=2 face=sans-serif>Trustee since 2010</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>Ms. Baumann is President of Cross Creek Energy Corporation, a strategic consultant to domestic energy firms and direct investor in energy assets.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>Ms. Baumann currently serves as a Director of SM Energy Company </FONT><FONT color=#231f20 size=2 face=sans-serif>(a publicly held U.S. exploration and production company) and Unisource Energy Corporation (a publicly held electric utility in Arizona), as well as Cody Resources Management, LLP (a privately held energy, ranching, and commercial real estate company). Ms. Baumann is a Trustee of Mount Holyoke College and co-chairs the Board&#146;s Finance Committee. She is the former Chair of the Board and a current Board member of Girls Inc. of Metro Denver, and serves on the Finance Committee of The Children&#146;s Hospital of Denver.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>Prior to forming Cross Creek Energy Corporation in 2003, Ms. Baumann was Executive Vice President of Associated Energy Managers, a domestic private equity firm. From 1981 until 2000, she held a variety of financial and operational management positions with the global energy company Amoco Corporation and its successor, BP, most recently serving as Commercial Operations Manager of its Western Business Unit.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>Ms. Baumann holds an M.B.A. from The Wharton School of the University of Pennsylvania and a B.A. from Mount Holyoke College.</FONT></P>
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<P style="TEXT-ALIGN: left"><B><FONT color=#231f20 size=2 face=sans-serif>Jameson A. Baxter (Born 1943)</FONT></B><BR>
<B><FONT color=#231f20 size=2 face=sans-serif>Trustee since 1994 and Vice Chairman since 2005</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>Ms. Baxter is the President of Baxter Associates, Inc., a private investment firm.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>Ms. Baxter serves as a Director of ASHTA Chemicals, Inc., and as Chairman of the Mutual Fund Directors Forum. Until 2007, she was a Director of Banta Corporation (a printing and supply chain management company), Ryerson, Inc. (a metals service corporation), and Advocate Health Care. Until 2004,</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>she was a Director of BoardSource (formerly the National Center for Nonprofit Boards), and until 2002, she was a Director of Intermatic Corporation (a manufacturer of energy control products). She is Chairman Emeritus of the Board of Trustees of Mount Holyoke College, having served as Chairman for five years.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>Ms. Baxter has held various positions in investment banking and corporate finance, including Vice President of and Consultant to First Boston Corporation and Vice President and Principal of the Regency Group. She is a graduate of Mount Holyoke College.</FONT></P>
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     <TD noWrap><B><FONT color=#231f20 size=2 face=sans-serif>Charles B. Curtis (Born 1940)</FONT></B><BR>
<B><FONT color=#231f20 size=2 face=sans-serif>Trustee since 2001</FONT></B></TD></TR></TABLE></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>Mr. Curtis is President Emeritus of the Nuclear Threat Initiative (a private foundation dealing with national security issues), and serves as Senior Advisor to the United Nations Foundation and as Senior Advisor to the Center for Strategic and International Studies.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>Mr. Curtis is a member of the Council on Foreign Relations and the National Petroleum Council. He also serves as a Director of Edison International and Southern California Edison. Until 2006, Mr. Curtis served as a member of the Trustee Advisory Council of the Applied Physics Laboratory, Johns Hopkins University.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>Mr. Curtis is an attorney with over 15 years in private practice and 19 years in various positions in public service, including service at the Department of Treasury, the U.S. House of Representatives, the Securities and Exchange Commission, the Federal Energy Regulatory Commission and the Department of Energy.</FONT></P>
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     <TD noWrap><B><FONT color=#231f20 size=2 face=sans-serif>Robert J. Darretta (Born 1946)</FONT></B><BR>
<B><FONT color=#231f20 size=2 face=sans-serif>Trustee since 2007</FONT></B></TD></TR></TABLE></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>Mr. Darretta serves as Director of UnitedHealth Group, a diversified health care company, and as the Health Care Industry Advisor to Permira, a global private equity firm.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>Until April 2007, Mr. Darretta was Vice Chairman of the Board of </FONT><FONT color=#231f20 size=2 face=sans-serif>Directors of Johnson &amp; Johnson, one of the world&#146;s largest and most broadly based health care companies. Prior to 2007, he had responsibility for Johnson &amp; Johnson&#146;s finance, investor relations, information technology, and procurement functions. He served as Johnson &amp; Johnson Chief Financial Officer for a decade, prior to which he spent two years as Treasurer of the corporation and over ten years leading various Johnson &amp; Johnson operating companies.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>Mr. Darretta received a B.S. in Economics from Villanova University.</FONT></P>
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<P style="TEXT-ALIGN: left"><B><FONT color=#231f20 size=2 face=sans-serif>Myra R. Drucker (Born 1948)</FONT></B><BR>
<B><FONT color=#231f20 size=2 face=sans-serif>Trustee since 2004</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>Ms. Drucker is Vice Chair of the Board of Trustees of Sarah Lawrence College, and a member of the Investment Committee of the Kresge Foundation (a charitable trust). She is also a member of the Board of Directors of Grantham, Mayo, Van Otterloo &amp; Co., LLC (an investment </FONT><FONT color=#231f20 size=2 face=sans-serif>management firm). Ms. Drucker retired in 2009 as Chair of the Board of Trustees of Commonfund (a not-for-profit firm managing assets for educational endowments and foundations).</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>Ms. Drucker is an ex-officio member of the New York Stock Exchange Pension Managers Advisory Committee, having served as Chair for seven years. She serves as an advisor to the Employee Benefits Investment Committee of The Boeing Company (an aerospace&nbsp;firm).</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>From November 2001 until August 2004, Ms. Drucker was Managing Director and a member of the Board of Directors of General Motors Asset Management and Chief Investment Officer of General Motors Trust Bank. From December 1992 to November 2001, Ms. Drucker served as Chief Investment Officer of Xerox Corporation (a document company). Prior to December 1992, Ms. Drucker was Staff Vice President and Director of Trust Investments for International Paper (a paper and packaging&nbsp;company).</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>Ms. Drucker received a B.A. degree in Literature and Psychology from Sarah Lawrence College and pursued graduate studies in economics, statistics, and portfolio theory at Temple University.</FONT></P>
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<P style="TEXT-ALIGN: left"><B><FONT color=#231f20 size=2 face=sans-serif>John A. Hill (Born 1942)</FONT></B><BR>
<B><FONT color=#231f20 size=2 face=sans-serif>Trustee since 1985 and Chairman since 2000</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>Mr. Hill is founder and Vice Chairman of First Reserve Corporation, the leading private equity buyout firm specializing in the worldwide energy industry, with offices in Greenwich, Connecticut; Houston, Texas; London, England; and Shanghai, China. The firm&#146;s investments </FONT><FONT color=#231f20 size=2 face=sans-serif>on behalf of some of the nation&#146;s largest pension and endowment funds are currently concentrated in 31 companies with annual revenues in excess of $15 billion, which employ over 100,000 people in 23 countries.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>Mr. Hill is a Director of Devon Energy Corporation and various private companies owned by First Reserve, and serves as a Trustee of Sarah Lawrence College where he serves as Chairman and also chairs the Investment Committee. He is also a member of the Advisory Board of the Millstein Center for Corporate Governance and Performance at the Yale School of Management.</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>Prior to forming First Reserve in 1983, Mr. Hill served as President of F. Eberstadt and Company, an investment banking and investment management firm. Between 1969 and 1976, Mr. Hill held various senior positions in Washington, D.C. with the federal government, including Deputy Associate Director of the Office of Management and Budget and Deputy Administrator of the Federal Energy Administration during the Ford Administration.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>Born and raised in Midland, Texas, he received his B.A. in Economics from Southern Methodist University and pursued graduate studies as a Woodrow Wilson Fellow.</FONT></P>
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     <TD noWrap><B><FONT color=#231f20 size=2 face=sans-serif>Paul L. Joskow (Born 1947)</FONT></B><BR>
<B><FONT color=#231f20 size=2 face=sans-serif>Trustee since 1997</FONT></B></TD></TR></TABLE></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>Dr. Joskow is an economist and President of the Alfred P. Sloan Foundation (a philanthropic institution focused primarily on research and education on issues related to science, technology, and economic performance). He is on leave from his position as the Elizabeth and </FONT><FONT color=#231f20 size=2 face=sans-serif>James Killian Professor of Economics and Management at the Massachusetts Institute of Technology (MIT), where he has been on the faculty since 1972. Dr. Joskow was the Director of the Center for Energy and Environmental Policy Research at MIT from 1999 through 2007.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>Dr. Joskow serves as a Trustee of Yale University, as a Director of TransCanada Corporation (an energy company focused on natural gas transmission and power services) and of Exelon Corporation (an energy company focused on power services), and as a member of the Board of Overseers of the Boston Symphony Orchestra. Prior to August 2007, he served as a Director of National Grid (a UK-based holding company with interests in electric and gas transmission and distribution and telecommunications infrastructure). Prior to July 2006, he served as President of the Yale University Council. Prior to February 2005, he served on the Board of the Whitehead Institute for Biomedical Research (a non-profit research institution). Prior to February 2002, he was a Director of State Farm Indemnity Company (an automobile insurance company), and prior to March 2000, he was a Director of New England Electric System (a public utility holding company).</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>Dr. Joskow has published six books and numerous articles on industrial organization, government regulation of industry, and competition policy. He is active in industry restructuring, environmental, energy, competition, and privatization policies &#151; serving as an advisor to governments and corporations worldwide. Dr. Joskow holds a Ph.D. and M.Phil. from Yale University and a B.A. from Cornell University.</FONT></P>
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     <TD noWrap><B><FONT color=#231f20 size=2 face=sans-serif>Kenneth R. Leibler (Born 1949)</FONT></B><BR>
<B><FONT color=#231f20 size=2 face=sans-serif>Trustee since 2006</FONT></B></TD></TR></TABLE></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>Mr. Leibler is a founder and former Chairman of the Boston Options Exchange, an electronic marketplace for the trading of listed derivatives&nbsp;securities.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>Mr. Leibler currently serves as Vice Chairman of the Board of Trustees </FONT><FONT color=#231f20 size=2 face=sans-serif>of Beth Israel Deaconess Hospital in Boston. He is also a Director of Ruder Finn Group, a global communications and advertising firm, and a Director of Northeast Utilities, which operates New England&#146;s largest energy delivery system. Prior to December 2006, he served as a Director of the Optimum Funds group. Prior to October 2006, he served as a Director of ISO New England, the organization responsible for the operation of the electric generation system in the New England states. Prior to 2000, Mr. Leibler was a Director of the Investment Company Institute in Washington, D.C.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>Prior to January 2005, Mr. Leibler served as Chairman and Chief Executive Officer of the Boston Stock Exchange. Prior to January 2000, he served as President and Chief Executive Officer of Liberty Financial Companies, a publicly traded diversified asset management organization. Prior to June 1990, Mr. Leibler served as President and Chief Operating Officer of the American Stock Exchange (AMEX), and at the time was the youngest person in AMEX history to hold the title of President. Prior to serving as AMEX President, he held the position of Chief Financial Officer, and headed its management and marketing operations. Mr. Leibler graduated with a degree in Economics from Syracuse University.</FONT></P>
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     <TD noWrap><B><FONT color=#231f20 size=2 face=sans-serif>Robert E. Patterson (Born 1945)</FONT></B><BR>
<B><FONT color=#231f20 size=2 face=sans-serif>Trustee since 1984</FONT></B></TD></TR></TABLE></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>Mr. Patterson is Senior Partner of Cabot Properties, LP and Co-Chairman of Cabot Properties, Inc. (a private equity firm investing in commercial real estate).</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>Mr. Patterson is past Chair and served as a Trustee of the Joslin </FONT><FONT color=#231f20 size=2 face=sans-serif>Diabetes Center. Prior to June 2003, he was a Trustee of the Sea Education Association. Prior to December 2001, Mr. Patterson was President and Trustee of Cabot Industrial Trust (a publicly traded real estate investment trust). Prior to February 1998, he was Executive Vice President and Director of Acquisitions of Cabot Partners Limited Partnership (a registered investment adviser involved in institutional real estate investments). Prior to 1990, he served as Executive Vice President of Cabot, Cabot &amp; Forbes Realty Advisors, Inc. (the predecessor company of Cabot Partners).</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>Mr. Patterson practiced law and held various positions in state government, and was the founding Executive Director of the Massachusetts Industrial Finance Agency. Mr.&nbsp;Patterson is a graduate of Harvard College and Harvard Law School.</FONT></P>
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     <TD noWrap><B><FONT color=#231f20 size=2 face=sans-serif>George Putnam, III (Born 1951)</FONT></B><BR>
<B><FONT color=#231f20 size=2 face=sans-serif>Trustee since 1984</FONT></B></TD></TR></TABLE></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>Mr. Putnam is Chairman of New Generation Research, Inc. (a publisher of financial advisory and other research services), and President of New Generation Advisors, LLC (a registered investment adviser to private funds). Mr. Putnam founded the New Generation companies in 1986.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>Mr. Putnam is a Director of The Boston Family Office, LLC (a registered investment adviser). He is a Trustee of St. Mark&#146;s School, a Trustee of Epiphany School and a Trustee of the Marine Biological Laboratory in Woods Hole, Massachusetts. Prior to 2007, Mr. Putnam was President of the Putnam Funds. Until 2006, he was a Trustee of Shore Country Day School, and until 2002, was a Trustee of the Sea Education Association.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>Mr. Putnam previously worked as an attorney with the law firm of Dechert LLP (formerly known as Dechert Price &amp; Rhoads) in Philadelphia. He is a graduate of Harvard College, Harvard Business School, and Harvard Law School.</FONT></P>
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     <TD noWrap><B><FONT color=#231f20 size=2 face=sans-serif>W. Thomas Stephens (Born 1942)</FONT></B><BR>
<B><FONT color=#231f20 size=2 face=sans-serif>Trustee from 1997 to 2008, and since 2009</FONT></B></TD></TR></TABLE></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>Mr. Stephens retired as Chairman and Chief Executive Officer of Boise Cascade, LLC (a paper, forest products and timberland assets company) in December 2008.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>Mr. Stephens is a Director of TransCanada Pipelines, Ltd. (an energy </FONT><FONT color=#231f20 size=2 face=sans-serif>infrastructure company). Until 2004, Mr. Stephens was a Director of Xcel Energy Incorporated (a public utility company), Qwest Communications and Norske Canada, Inc. (a paper manufacturer). Until 2003, Mr. Stephens was a Director of Mail-Well, Inc. (a diversified printing company). He served as Chairman of Mail-Well until 2001 and as CEO of MacMillan-Bloedel, Ltd. (a forest products company) until 1999.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>Prior to 1996, Mr. Stephens was Chairman and Chief Executive Officer of Johns Manville Corporation (a manufacturing company). He holds B.S. and M.S. degrees from the University of Arkansas.</FONT></P>
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     <TD noWrap><B><FONT color=#231f20 size=2 face=sans-serif>Richard B. Worley (Born 1945)</FONT></B><BR>
<B><FONT color=#231f20 size=2 face=sans-serif>Trustee since 2004</FONT></B></TD></TR></TABLE></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>Mr. Worley is Managing Partner of Permit Capital LLC, an investment management firm.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>Mr. Worley is an Independent Director of Neuberger Berman, an investment management firm. He also serves as a Trustee of the University of Pennsylvania Medical Center, the Robert Wood Johnson Foundation (a philanthropic organization devoted to health care issues), and the National Constitution Center. He is also a Director of the Colonial Williamsburg Foundation</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>(a historical preservation organization) and Chairman of the Philadelphia Orchestra Association. Mr. Worley also serves on the investment committees of Mount Holyoke College and World Wildlife Fund (a wildlife conservation organization).</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>Prior to joining Permit Capital LLC in 2002, Mr. Worley served as President, Chief Executive Officer, and Chief Investment Officer of Morgan Stanley Dean Witter Investment Management and as a Managing Director of Morgan Stanley, a financial services firm. Mr. Worley also was the Chairman of Miller Anderson &amp; Sherrerd, an investment management firm that was acquired by Morgan Stanley in 1996.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>Mr. Worley holds a B.S. degree from the University of Tennessee and pursued graduate studies in economics at the University of Texas.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT color=#231f20 size=2 face=sans-serif>Interested Trustee</FONT></B></P>
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     <TD noWrap><B><FONT color=#231f20 size=2 face=sans-serif>Robert L. Reynolds* (Born 1952)</FONT></B><BR>
<B><FONT color=#231f20 size=2 face=sans-serif>Trustee since 2008 and President of the Putnam Funds since </FONT></B><B><FONT color=#231f20 size=2 face=sans-serif>July 2009</FONT></B></TD></TR></TABLE></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>Mr. Reynolds is President and Chief Executive Officer of Putnam Investments, a member of Putnam Investments&#146; Executive Board of Directors, and President of the Putnam Funds. He has more than </FONT><FONT color=#231f20 size=2 face=sans-serif>30&nbsp;years of investment and financial services experience.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>Prior to joining Putnam Investments in 2008, Mr. Reynolds was Vice Chairman and Chief Operating Officer of Fidelity Investments from 2000 to 2007. During this time, he served on the Board of Directors for FMR Corporation, Fidelity Investments Insurance Ltd., Fidelity Investments Canada Ltd., and Fidelity Management Trust Company. He was also a Trustee of the Fidelity Family of Funds. From 1984 to 2000, Mr. Reynolds served in a number of increasingly responsible leadership roles at Fidelity.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>Mr. Reynolds serves on several not-for-profit boards, including those of the West Virginia University Foundation, Concord Museum, Dana-Farber Cancer Institute, Lahey Clinic, and Initiative for a Competitive Inner City in Boston. He is a member of the Chief Executives Club of Boston, the National Innovation Initiative, and the Council on Competitiveness.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>Mr. Reynolds received a B.S. in Business Administration/Finance from West Virginia&nbsp;University.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=1 face=sans-serif>* Nominee who is an &#147;interested person&#148; of the fund and/or Putnam Management and/or Putnam Retail Management Limited Partnership (&#147;Putnam Retail Management&#148;). Mr. Reynolds is deemed an &#147;interested person&#148; by virtue of his position as an officer of the fund, Putnam Management and/or Putnam Retail Management. Mr. Reynolds is the President and Chief Executive Officer of Putnam Investments and the President of the Putnam Funds.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>Each of the fund&#146;s Trustees, with the exception of Ms. Baumann, was most recently elected by shareholders of the fund on October 29, 2009, although most of the Trustees have served on the Board for many years. Ms. Baumann was appointed to the Board of Trustees by the Independent Trustees effective July 1, 2010.</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>The Board Policy and Nominating Committee is responsible for recommending proposed nominees for election to the full Board of Trustees for its approval. In recommending the election or appointment of the current Board members as Trustees, the Committee generally considered the educational, business and professional experience of each Trustee in determining his or her qualifications to serve as a Trustee of the fund, including the Trustee&#146;s record of service as a director or trustee of public and private organizations. In the case of most members of the Board, this included their previous service as a member of the Board of Trustees of the Putnam funds, during which they have demonstrated a high level of diligence and commitment to the interests of fund shareholders and the ability to work effectively and collegially with other members of the Board. The Committee also considered, among other factors, the particular attributes describe
d below with respect to the various individual Trustees:</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>Ravi Akhoury &#151; Mr. Akhoury&#146;s experience as chief investment officer and chief executive officer of a major investment management organization.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>Barbara M. Baumann &#151; Ms. Baumann&#146;s experience in the energy industry as a consultant, an investor, and in both financial and operational management positions at a global energy company, and her service as a director of two NYSE companies.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>Jameson A. Baxter &#151; Ms. Baxter&#146;s experience in corporate finance acquired in the course of her career at a major investment bank, her experience as a director and audit committee chair of two NYSE companies and her role as a founding Board member of the Mutual Fund Directors Forum.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>Charles B. Curtis &#151; Mr. Curtis&#146; experience in public and regulatory policy matters relating to energy and finance acquired in the course of his service in various senior positions in government and on numerous boards of public and private organizations.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>Robert J. Darretta &#151; Mr. Darretta&#146;s experience as the Chief Financial Officer and Vice Chairman of the Board of a major NYSE health products company.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>Myra R. Drucker &#151; Ms. Drucker&#146;s experience as investment officer for major retirement plans, which included selection and oversight of unaffiliated investment managers and oversight of accounting and custody operations, and her prior service as a member of the NYSE Corporate Accountability and Listing Standards Committee.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>John A. Hill &#151; Mr. Hill&#146;s experience as founder and chairman of a major open-end mutual fund and as a founder and lead managing partner of one of the largest private equity firms in the U.S.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>Paul L. Joskow &#151; Dr. Joskow&#146;s education and experience as a professional economist familiar with financial economics and related issues and his service on multiple for-profit boards.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>Kenneth R. Leibler &#151; Mr. Leibler&#146;s extensive experience in the financial services industry, including as CEO of a major asset management organization, and his service as a director of various public and private companies.</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>Robert E. Patterson &#151; Mr. Patterson&#146;s training and experience as an attorney and his experience as president of a NYSE company.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>George Putnam, III &#151; Mr. Putnam&#146;s training and experience as an attorney, his experience as the founder and chief executive officer of an investment management firm and his experience as an author of various publications on the subject of investments.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>Robert L. Reynolds &#151; Mr. Reynolds&#146; extensive experience as a senior executive of one of the largest mutual fund organizations in the U.S. and his current role as the Chief Executive Officer of Putnam Investments.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>W. Thomas Stephens &#151; Mr. Stephens&#146; extensive business experience, including his service as Chief Executive Officer of four public companies, as non-executive chairman of two public companies and as a director of numerous other public&nbsp;companies.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>Richard B. Worley &#151; Mr. Worley&#146;s experience as president, chief investment officer and chief executive officer of a major investment management firm.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>The 12 nominees for election as Trustees by the holders of common and preferred shares, voting as a single class, who receive the greatest number of votes from the preferred and common shareholders will be elected as Trustees of your fund. In addition, the two nominees for election as Trustees by the preferred shareholders, voting as a class, who receive the greatest number of votes from the preferred shareholders will be elected as Trustees of your fund.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>Each of the nominees has agreed to serve as a Trustee, if elected. If any of the nominees is unavailable for election at the time of the meeting, which is not anticipated, the Trustees may vote for other nominees at their discretion, or the Trustees may fix the number of Trustees at fewer than 14 for your fund. Each Trustee serves until the election and qualification of his or her successor, or until he or she sooner dies, resigns, retires, or is removed.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT color=#231f20 size=2 face=sans-serif>What are the Trustees&#146; responsibilities?</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>Your fund&#146;s Trustees are responsible for the general oversight of your fund&#146;s affairs and for assuring that your fund is managed in the best interests of its shareholders. The Trustees regularly review your fund&#146;s investment performance as well as the quality of other services provided to your fund and its shareholders by Putnam Management and its affiliates, including administration and shareholder servicing. At least annually, the Trustees review and evaluate the fees and operating expenses paid by your fund for these services and negotiate changes that they deem appropriate. In carrying out these responsibilities, the Trustees are assisted by an independent administrative staff and by your fund&#146;s auditors, independent counsel and other experts as appropriate, selected by and responsible to the Trustees.</FONT></P>
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<P style="TEXT-ALIGN: left"><B><FONT color=#231f20 size=2 face=sans-serif>Board Leadership Structure. </FONT></B><FONT color=#231f20 size=2 face=sans-serif>Currently, 13 of the 14 Trustees of your fund are Independent Trustees. These Independent Trustees must vote separately to approve all financial arrangements and other agreements with your fund&#146;s investment manager and other affiliated parties. The role of the Independent Trustees has been characterized as that of a &#147;watchdog&#148; charged with oversight to protect shareholders&#146; interests against overreaching and abuse by those who are in a position to control or influence a fund. Your fund&#146;s Independent Trustees meet regularly as a group in executive session. Independent Trustees currently serve as chair and vice-chair of the Board.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>Your fund&#146;s Trustees have determined that the efficient conduct of the Board&#146;s affairs makes it desirable to delegate responsibility for certain specific matters to committees of the Board. Certain committees (the Executive Committee, Distributions Committee, and Audit and Compliance Committee) are authorized to act for the Trustees as specified in their charters. The other committees review and evaluate matters specified in their charters and make recommendations to the Trustees as they deem appropriate. Each committee may utilize the resources of your fund&#146;s independent staff, counsel and auditors as well as other experts. The committees meet as often as necessary, either in conjunction with regular meetings of the Trustees or otherwise. The membership and chair of each committee are appointed by the Trustees upon recommendation of the Board Policy and Nominating Committee. Each Committee is chaired by an Independent Trus
tee and, except as noted below, the membership and chairs of each committee consist exclusively of Independent Trustees.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>The Trustees have determined that this committee structure also allows the Board to focus more effectively on the oversight of risk as part of its broader oversight of the fund&#146;s affairs. While risk management is the primary responsibility of the fund&#146;s investment manager, the Trustees regularly receive reports regarding investment risks and compliance risks. The Board&#146;s committee structure allows separate committees to focus on different aspects of these risks and their potential impact on some or all of the funds and to discuss with the fund&#146;s investment manager how it monitors and controls such risks.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT color=#231f20 size=2 face=sans-serif>Audit and Compliance Committee. </FONT></B><FONT color=#231f20 size=2 face=sans-serif>The Audit and Compliance Committee provides oversight on matters relating to the preparation of the Putnam funds&#146; financial statements, compliance matters, internal audit functions, and Codes of Ethics issues. This oversight is discharged by regularly meeting with management and the funds&#146; independent auditors and keeping current on industry developments. Duties of this Committee also include the review and evaluation of all matters and relationships pertaining to the funds&#146; independent auditors, including their independence. Information about the fees billed to the fund by the fund&#146;s independent auditors, as well as information about the Committee&#146;s pre-approval policies relating to work performed by the fund&#146;s independent auditors, is included on pages 28&#150;30 of this proxy statement. The members of the Committee inc
lude only Independent Trustees. Each member of the Committee also is &#147;independent&#148;, as that term is interpreted for</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>purposes of Rule&nbsp;10A-3(b)(1) of the Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;) and the listing standards of the New York Stock Exchange. The Board of Trustees has adopted a written charter for the Committee, a current copy of which is available at putnam.com/individual. The Committee currently consists of Messrs. Patterson (Chairperson), Darretta, Hill and Leibler and Mses. Baumann and Drucker.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT color=#231f20 size=2 face=sans-serif>Board Policy and Nominating Committee. </FONT></B><FONT color=#231f20 size=2 face=sans-serif>The Board Policy and Nominating Committee reviews policy matters pertaining to the operations of the Board of Trustees and its committees, the compensation of the Trustees and their staff, and the conduct of legal affairs for the Putnam funds. The Committee also oversees the voting of proxies associated with portfolio investments of the Putnam funds, with the goal of ensuring that these proxies are voted in the best interest of the fund&#146;s shareholders.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>The Committee evaluates and recommends all candidates for election as Trustees and recommends the appointment of members and chairs of each Board committee. The Committee also identifies prospective nominees for election as Trustee by considering individuals that come to its attention through the recommendation of current Trustees, Putnam Management or shareholders. Candidates properly submitted by shareholders (as described below) will be considered and evaluated on the same basis as candidates recommended by other sources. The Committee may, but is not required to, engage a third-party professional search firm to assist it in identifying and evaluating potential nominees.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>When evaluating a potential candidate for membership on the Board of Trustees, the Committee considers the skills and characteristics that it determines would most benefit the Putnam funds at the time the evaluation is made. The Committee may take into account a wide variety of attributes in considering potential Trustee candidates, including, but not limited to: (i) availability and commitment of a candidate to attend meetings and perform his or her responsibilities to the Board of Trustees, (ii) other board experience, (iii) relevant industry and related experience, (iv) educational background, (v) financial expertise, (vi) an assessment of the candidate&#146;s ability, judgment and expertise, (vii) an assessment of the perceived needs of the Board of Trustees and its committees at that point in time and (viii) overall Board of Trustees composition. The Committee generally believes that the Board benefits from diversity of background, e
xperience and views among its members, and considers this as a factor in evaluating the composition of the Board, but has not adopted any specific policy in this regard. In connection with this evaluation, the Committee will determine whether to interview prospective nominees, and, if warranted, one or more members of the Committee, and other Trustees and representatives of the funds, as appropriate, will interview prospective nominees in person or by telephone. Once this evaluation is completed, the Committee recommends such candidates as it determines appropriate to the Independent Trustees for nomination, and the Independent Trustees select the nominees after considering the recommendation of the Committee.</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>The Committee will consider nominees for Trustee recommended by shareholders of your fund provided shareholders submit their recommendations by the date disclosed in the paragraph entitled &#147;Date for receipt of shareholders&#146; proposals for the next annual meeting&#148; in the section &#147;Further Information About Voting and the Meeting,&#148; and provided the shareholders&#146; recommendations otherwise comply with applicable securities laws, including Rule 14a-8 under the Exchange Act.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>The Committee consists only of Independent Trustees. The Trustees have adopted a written charter for the Board Policy and Nominating Committee, a current copy of which is available at putnam.com/individual. The Board Policy and Nominating Committee currently consists of Messrs. Hill (Chairperson), Patterson, Putnam and Worley and Ms. Baxter.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT color=#231f20 size=2 face=sans-serif>Brokerage Committee. </FONT></B><FONT color=#231f20 size=2 face=sans-serif>The Brokerage Committee reviews the Putnam funds&#146; policies regarding the execution of portfolio trades and Putnam Management&#146;s practices and procedures relating to the implementation of those policies. The Committee reviews periodic reports on the cost and quality of execution of portfolio transactions and the extent to which brokerage commissions have been used (i) by Putnam Management to obtain brokerage and research services generally useful to it in managing the portfolios of the funds and of its other clients, and (ii) by the funds to pay for certain fund expenses. The Committee reports to the Trustees and makes recommendations to the Trustees regarding these matters. The Committee currently consists of Dr. Joskow (Chairperson), Ms. Baxter and Messrs. Akhoury, Curtis, Putnam, Stephens and Worley.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT color=#231f20 size=2 face=sans-serif>Contract Committee. </FONT></B><FONT color=#231f20 size=2 face=sans-serif>The Contract Committee reviews and evaluates at least annually all arrangements pertaining to (i) the engagement of Putnam Management and its affiliates to provide services to the Putnam funds, (ii) the expenditure of the funds&#146; assets for distribution purposes pursuant to Distribution Plans of the funds, and (iii)&nbsp;the engagement of other persons to provide material services to the funds, including in particular those instances where the cost of services is shared between the funds and Putnam Management and its affiliates or where Putnam Management or its affiliates have a material interest. The Committee also reviews the proposed organization of new fund products, proposed structural changes to existing funds and matters relating to closed-end funds. The Committee reports and makes recommendations to the Trustees regarding these matters. The Committee 
currently consists of Ms. Baxter (Chairperson), Dr. Joskow and Messrs. Akhoury, Curtis, Putnam, Stephens and Worley.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT color=#231f20 size=2 face=sans-serif>Distributions Committee. </FONT></B><FONT color=#231f20 size=2 face=sans-serif>The Distributions Committee oversees all dividends and distributions by the Putnam funds. The Committee makes recommendations to the Trustees of the funds regarding the amount and timing of distributions paid by the funds, and determines such matters when the Trustees are not in session. The Committee also oversees the policies and procedures pursuant to which Putnam Management prepares recommendations for distributions, and meets regularly with representatives of Putnam Management to review the implementation of these</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>policies and procedures. The Committee reports to the Trustees and makes recommendations to the Trustees regarding these matters. The Committee currently consists of Ms. Drucker (Chairperson), Ms. Baumann and Messrs. Darretta, Hill, Leibler and Patterson.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT color=#231f20 size=2 face=sans-serif>Executive Committee. </FONT></B><FONT color=#231f20 size=2 face=sans-serif>The functions of the Executive Committee are twofold. The first is to ensure that the Putnam funds&#146; business may be conducted at times when it is not feasible to convene a meeting of the Trustees or for the Trustees to act by written consent. The Committee may exercise any or all of the power and authority of the Trustees when the Trustees are not in session. The second is to establish annual and ongoing goals, objectives and priorities for the Board of Trustees and to ensure coordination of all efforts between the Trustees and Putnam Management on behalf of the shareholders of the funds. The Committee currently consists of Messrs. Hill (Chairperson), Patterson, Putnam and Worley and Ms. Baxter.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT color=#231f20 size=2 face=sans-serif>Investment Oversight Committees. </FONT></B><FONT color=#231f20 size=2 face=sans-serif>The Investment Oversight Committees regularly meet with investment personnel of Putnam Management to review the investment performance and strategies of the Putnam funds in light of their stated investment objectives and policies. The Committees seek to identify any compliance issues that are unique to the applicable categories of funds and work with the appropriate Board committees to ensure that any such issues are properly addressed. Investment Oversight Committee A currently consists of Messrs. Putnam (Chairperson), Akhoury, Darretta, Hill, Patterson and Reynolds and Mses. Baxter and Drucker. Investment Oversight Committee B currently consists of Messrs. Worley (Chairperson), Curtis, Leibler and Stephens, Dr. Joskow, and Ms. Baumann.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT color=#231f20 size=2 face=sans-serif>Pricing Committee. </FONT></B><FONT color=#231f20 size=2 face=sans-serif>The Pricing Committee oversees the valuation of assets of the Putnam funds and reviews the funds&#146; policies and procedures for achieving accurate and timely pricing of fund shares. The Committee also oversees implementation of these policies, including fair value determinations of individual securities made by Putnam Management or other designated agents of the funds. The Committee also oversees compliance by money market funds with Rule 2a-7 and the correction of occasional pricing errors. The Committee also reviews matters related to the liquidity of portfolio holdings. The Committee reports to the Trustees and makes recommendations to the Trustees regarding these matters. The Committee currently consists of Messrs. Leibler (Chairperson), Darretta, Hill and Patterson and Mses. Baumann and&nbsp;Drucker.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT color=#231f20 size=2 face=sans-serif>How large a stake do the Trustees have in the Putnam family of funds? </FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>The Trustees allocate their investments among the Putnam funds based on their own investment needs. The table below shows the number of shares beneficially owned by each nominee for Trustee and the value of each nominee&#146;s holdings in the fund and in all of the Putnam funds as of June 30, 2010. As a group, the Trustees owned shares of the Putnam funds valued at approximately $56 million as of June 30, 2010.</FONT></P>
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     <TD noWrap align=right><B><FONT color=#231f20 size=1 face=sans-serif>Dollar Range of Putnam</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT color=#231f20 size=1 face=sans-serif>Common Shares of</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT color=#231f20 size=1 face=sans-serif>Aggregate Dollar</FONT></B>&nbsp;</TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT color=#231f20 size=1 face=sans-serif>Managed Municipal</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT color=#231f20 size=1 face=sans-serif>Putnam Managed</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT color=#231f20 size=1 face=sans-serif>Range of Shares Held in</FONT></B>&nbsp;</TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT color=#231f20 size=1 face=sans-serif>Income Trust Common</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT color=#231f20 size=1 face=sans-serif>Municipal Income Trust</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT color=#231f20 size=1 face=sans-serif>All of the Putnam Funds</FONT></B>&nbsp;</TD></TR>
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     <TD noWrap align=left><B><FONT color=#231f20 size=1 face=sans-serif>Name of Nominee</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT color=#231f20 size=1 face=sans-serif>Shares Owned</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT color=#231f20 size=1 face=sans-serif>Beneficially Owned</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT color=#231f20 size=1 face=sans-serif>Overseen by Trustee</FONT></B>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif>Ravi Akhoury</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>$1 - $10,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>100.000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>over $100,000</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif>Barbara M. Baumann*</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif>Jameson A. Baxter</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>$1 - $10,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>501.180</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>over $100,000</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif>Charles B. Curtis</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>$1 - $10,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>271.659</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>over $100,000</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif>Robert J. Darretta</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>$1 - $10,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>100.000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>over $100,000</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif>Myra R. Drucker</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>$1 - $10,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>259.017</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>over $100,000</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif>John A. Hill</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>$1 - $10,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>301.781</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>over $100,000</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif>Paul L. Joskow</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>$1 - $10,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>195.000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>over $100,000</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif>Kenneth R. Leibler</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>$1 - $10,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>195.000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>over $100,000</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif>Robert E. Patterson</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>$1 - $10,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>587.000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>over $100,000</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif>George Putnam, III</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>$10,001 - $50,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>3,815.000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>over $100,000</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif>W. Thomas Stephens</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>$1 - $10,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>100.000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>over $100,000</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif>Richard B. Worley</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>$1 - $10,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>245.928</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>over $100,000</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif>Robert L. Reynolds</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>$0</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>0.000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>over $100,000</FONT>&nbsp;</TD></TR>
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<P style="MARGIN: 0px"><FONT color=#231f20 size=1 face=sans-serif>* Ms. Baumann was elected to the Board of Trustees after June 30, 2010.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>As of June 30, 2010, none of the Trustees owned any preferred shares of the fund.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>As of June 30, 2010, the Trustees and officers of the fund, as a group, owned less than&nbsp;1% of the fund&#146;s outstanding common shares on that date.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT color=#231f20 size=2 face=sans-serif>What are some of the ways in which the Trustees represent shareholder interests?</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>Among other ways, the Trustees seek to represent shareholder interests:</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>&#149; by carefully reviewing your fund&#146;s investment performance on an individual basis with your fund&#146;s investment personnel; </FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>&#149; by discussing with senior management of Putnam Management steps being taken to address any performance deficiencies; </FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>&#149; by carefully reviewing the quality of the various other services provided to your fund and its shareholders by Putnam Management and its affiliates; </FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>&#149; by reviewing in depth the fees paid by your fund and by negotiating with Putnam Management to ensure that such fees remain reasonable and competitive with those of comparable funds, while at the same time providing Putnam Management sufficient resources to continue to provide high quality services in the future; </FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>&#149; by reviewing brokerage costs and fees, allocations among brokers, soft dollar expenditures and similar expenses of your fund;</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>&#149; by monitoring potential conflicts of interest between the Putnam funds, including your fund, and Putnam Management and its affiliates to ensure that the funds continue to be managed in the best interests of their shareholders; and </FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>&#149; by monitoring potential conflicts among funds managed by Putnam Management to ensure that shareholders continue to realize the benefits of participation in a large and diverse family of funds.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT color=#231f20 size=2 face=sans-serif>How can shareholders communicate with the Trustees?</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>The Board of Trustees provides a process for shareholders to send communications to the Trustees. Shareholders may direct communications to the Board of Trustees as a whole or to specified individual Trustees by submitting them in writing to the following address:</FONT></P>
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     <TD align=center><FONT color=#231f20 size=2 face=sans-serif>The Putnam Funds</FONT></TD></TR>
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     <TD noWrap align=center><FONT color=#231f20 size=2 face=sans-serif>Attention: &#147;Board of Trustees&#148; or any specified Trustee(s)</FONT>&nbsp;</TD></TR>
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     <TD align=center><FONT color=#231f20 size=2 face=sans-serif>One Post Office Square</FONT></TD></TR>
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     <TD align=center><FONT color=#231f20 size=2 face=sans-serif>Boston, Massachusetts 02109</FONT></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px"><FONT color=#231f20 size=2 face=sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0px"><FONT color=#231f20 size=2 face=sans-serif>Written communications must include the shareholder&#146;s name, be signed by the shareholder, refer to the Putnam fund(s) in which the shareholder holds shares and include the class and number of shares held by the shareholder as of a recent date.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>Representatives of the fund&#146;s transfer agent will review all communications sent to Trustees and, as deemed appropriate, will provide copies and/or summaries of communications to the Trustees.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT color=#231f20 size=2 face=sans-serif>How often do the Trustees meet?</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>The Trustees hold regular meetings nine times each year, usually over a two-day period, to review the operations of the Putnam funds. A portion of these meetings is devoted to meetings of various committees of the Board that focus on particular matters. Each Trustee generally attends at least two formal committee meetings during each regular meeting of the Trustees. In addition, the Trustees meet in small groups with senior investment personnel and portfolio managers to review recent performance and the current investment climate for selected funds. These meetings ensure that each fund&#146;s performance is reviewed in detail at least once a year. The committees of the Board, including the Executive Committee, may also meet on special occasions as the need arises. During calendar year 2009, the average Trustee participated in approximately 62 committee and Board meetings.</FONT></P>
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<TR>
     <TD width="100%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>21</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
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<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>The number of times each committee met during your fund&#146;s last fiscal year is shown in the table below:</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>Fiscal year ended October 31, 2009</FONT></P>
<DIV align=left>
<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>
<TR>
     <TD width="78%"></TD>
     <TD width="21%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif>Audit and Compliance Committee</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT color=#231f20 size=1 face=sans-serif>11</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR SIZE=1 width="100%" noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif>Board Policy and Nominating Committee</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT color=#231f20 size=1 face=sans-serif>10</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR SIZE=1 width="100%" noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif>Brokerage Committee</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT color=#231f20 size=1 face=sans-serif>7</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR SIZE=1 width="100%" noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif>Communications, Service and Marketing Committee&#134;</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT color=#231f20 size=1 face=sans-serif>5</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR SIZE=1 width="100%" noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif>Contract Committee</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT color=#231f20 size=1 face=sans-serif>16</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR SIZE=1 width="100%" noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif>Distributions Committee</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT color=#231f20 size=1 face=sans-serif>11</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR SIZE=1 width="100%" noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif>Executive Committee</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT color=#231f20 size=1 face=sans-serif>1</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR SIZE=1 width="100%" noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif>Investment Oversight Committee A</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT color=#231f20 size=1 face=sans-serif>10</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR SIZE=1 width="100%" noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif>Investment Oversight Committee B</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT color=#231f20 size=1 face=sans-serif>10</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR SIZE=1 width="100%" noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif>Investment Oversight Committee C&#134;</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT color=#231f20 size=1 face=sans-serif>10</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR SIZE=1 width="100%" noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif>Investment Oversight Committee D&#134;</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT color=#231f20 size=1 face=sans-serif>10</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR SIZE=1 width="100%" noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif>Investment Oversight Committee E&#134;*</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT color=#231f20 size=1 face=sans-serif>5</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR SIZE=1 width="100%" noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif>Investment Oversight Coordinating Committee&#134;</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT color=#231f20 size=1 face=sans-serif>11</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR SIZE=1 width="100%" noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif>Pricing Committee</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT color=#231f20 size=1 face=sans-serif>10</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>
<HR SIZE=1 width="100%" noShade>
</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=1 face=sans-serif>&#134; As of July 1, 2010, the Board&#146;s committee structure changed, resulting in the elimination of these committees.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=1 face=sans-serif>* This committee had been formed in May 2009.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>Your fund does not have a policy with respect to Trustee attendance at shareholder meetings. While various Trustees may attend shareholder meetings from time to time, your fund&#146;s Trustees did not attend the last annual meeting of your fund. However, they&nbsp; were represented at the meeting by their independent staff and independent counsel.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT color=#231f20 size=2 face=sans-serif>What are the Trustees paid for their services?</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>Each Independent Trustee of the fund receives an annual retainer fee and additional fees for each Trustees&#146; meeting attended. Independent Trustees also are reimbursed for costs incurred in connection with their services as Trustees. All of the current Independent Trustees of the fund are Trustees of all the Putnam funds and receive fees for their services.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>The Trustees periodically review their fees to ensure that such fees continue to be appropriate in light of their responsibilities as well as in relation to fees paid to trustees of other mutual fund complexes. The Board Policy and Nominating Committee, which consists solely of Independent Trustees of the fund, estimates that committee and Trustee meeting time, together with the appropriate preparation, requires the equivalent of at least three business days per Trustee meeting. The table on page 23 includes the year each Trustee became a Trustee of the Putnam funds, the fees paid to each of those Trustees by your fund for its most recent fiscal year ended October 31, 2009 and the fees paid to each of those Trustees by all of the Putnam funds during calendar year 2009.</FONT></P>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif>22</FONT>&nbsp;</TD></TR></TABLE></DIV>
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<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>Under a Retirement Plan for Trustees of the Putnam funds (the Plan), each Trustee elected before 2004 who retires with at least five years of service as a Trustee of the funds is entitled to receive an annual retirement benefit equal to one-half of the average annual attendance and retainer fees paid to such Trustee for calendar years 2003, 2004 and 2005. This retirement benefit is payable during a Trustee&#146;s lifetime, beginning the year following retirement, for the number of years of service through December 31, 2006. A death benefit, also available under the Plan, ensures that the Trustee or his or her beneficiaries will receive benefit payments for the lesser of an aggregate period of (i) ten years or (ii) such Trustee&#146;s total years of service.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>The Plan Administrator (currently the Board Policy and Nominating Committee) may terminate or amend the Plan at any time, but no termination or amendment will result in a reduction in the amount of benefits (i) currently being paid to a Trustee at the time of such termination or amendment, or (ii) to which a current Trustee would have been entitled had he or she retired immediately prior to such termination or amendment. The Trustees have terminated the Plan with respect to any Trustee first elected to the Board after 2003.</FONT></P>
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<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>
<TR>
     <TD width="20%"></TD>
     <TD width="20%"></TD>
     <TD width="20%"></TD>
     <TD width="20%"></TD>
     <TD width="20%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT color=#231f20 size=2 face=sans-serif>Compensation Table</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT color=#231f20 size=1 face=sans-serif>Pension or</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT color=#231f20 size=1 face=sans-serif>Estimated</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT color=#231f20 size=1 face=sans-serif>retirement</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT color=#231f20 size=1 face=sans-serif>annual</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT color=#231f20 size=1 face=sans-serif>Total</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT color=#231f20 size=1 face=sans-serif>benefits</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT color=#231f20 size=1 face=sans-serif>benefits from</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT color=#231f20 size=1 face=sans-serif>compensation</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT color=#231f20 size=1 face=sans-serif>Aggregate</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT color=#231f20 size=1 face=sans-serif>accrued as</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT color=#231f20 size=1 face=sans-serif>all Putnam</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT color=#231f20 size=1 face=sans-serif>from all</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT color=#231f20 size=1 face=sans-serif>compensation</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT color=#231f20 size=1 face=sans-serif>part of fund</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT color=#231f20 size=1 face=sans-serif>funds upon</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT color=#231f20 size=1 face=sans-serif>Putnam</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT color=#231f20 size=1 face=sans-serif>Trustees/Year</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT color=#231f20 size=1 face=sans-serif>from the fund</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT color=#231f20 size=1 face=sans-serif>expenses</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT color=#231f20 size=1 face=sans-serif>retirement (1)</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT color=#231f20 size=1 face=sans-serif>funds (2)</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>
<HR SIZE=1 width="100%" noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif>Ravi Akhoury/2009 (3)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>$1,806</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>$0</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>$259,167</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>
<HR SIZE=1 width="100%" noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif>Barbara M. Baumann/2010 (4)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>
<HR SIZE=1 width="100%" noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif>Jameson A. Baxter/1994</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>2,330</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>340</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>$110,500</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>295,000</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>
<HR SIZE=1 width="100%" noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif>Charles B. Curtis/2001</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>2,240</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>250</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>113,900</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>285,000</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>
<HR SIZE=1 width="100%" noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif>Robert J. Darretta/2007</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>2,287</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>290,000</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>
<HR SIZE=1 width="100%" noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif>Myra R. Drucker/2004</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>2,330</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>295,000</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>
<HR SIZE=1 width="100%" noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif>Charles E. Haldeman, Jr./2004 (5)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>
<HR SIZE=1 width="100%" noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif>John A. Hill/1985 (6)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>2,678</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>567</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>161,700</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>374,376</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>
<HR SIZE=1 width="100%" noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif>Paul L. Joskow/1997</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>2,285</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>223</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>113,400</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>295,000</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>
<HR SIZE=1 width="100%" noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif>Elizabeth T. Kennan/1992 (7)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>2,330</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>473</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>108,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>295,000</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>
<HR SIZE=1 width="100%" noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif>Kenneth R. Leibler/2006</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>2,330</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>295,000</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>
<HR SIZE=1 width="100%" noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif>Robert E. Patterson/1984</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>2,330</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>311</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>106,500</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>295,000</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>
<HR SIZE=1 width="100%" noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif>George Putnam, III/1984</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>2,330</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>268</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>130,300</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>295,000</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>
<HR SIZE=1 width="100%" noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif>Robert L. Reynolds/2008</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>
<HR SIZE=1 width="100%" noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif>W. Thomas Stephens/1997 (8)</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>754</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>420</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>107,100</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>139,167</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>
<HR SIZE=1 width="100%" noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif>Richard B. Worley/2004</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>2,330</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>285,000</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>
<HR SIZE=1 width="100%" noShade>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px"><FONT color=#231f20 size=1 face=sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0px"><FONT color=#231f20 size=1 face=sans-serif>(1) Estimated benefits for each Trustee are based on Trustee fee rates for calendar years 2003, 2004 and 2005.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=1 face=sans-serif>(2) As of December 31, 2009, there were 104 funds in the Putnam family.</FONT></P>
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<TR vAlign=bottom>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>23</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
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<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=1 face=sans-serif>(3) Mr. Akhoury was elected to the Board of Trustees of the Putnam funds effective February 12, 2009.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=1 face=sans-serif>(4) Ms. Baumann was elected to the Board of Trustees of the Putnam funds effective July 1, 2010. </FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=1 face=sans-serif>(5) Mr. Haldeman retired from the Board of Trustees of the Putnam funds effective June 30, 2009. </FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=1 face=sans-serif>(6) Includes additional compensation to Mr. Hill for service as Chairman of the Trustees of the&nbsp;Funds.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=1 face=sans-serif>(7) Dr. Kennan retired from the Board of Trustees of the Putnam funds effective June 30, 2010.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=1 face=sans-serif>(8) Mr. Stephens, who retired from the Board of Trustees of the Putnam funds on March 31, 2008, rejoined the Board of Trustees on May 14, 2009. Upon his retirement, Mr. Stephens became entitled to receive annual retirement benefit payments from the funds commencing on January 15, 2009. In connection with his rejoining the Board of Trustees, Mr. Stephens agreed to suspend the balance of his retirement benefit payments for the duration of his service as a Trustee.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT color=#231f20 size=2 face=sans-serif>What is the voting requirement for electing Trustees?</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>If a quorum is present at the meeting, the two nominees for election as Trustees by the holders of the preferred shares, voting as a single class, who receive the greatest number of votes cast by holders of the preferred shares, voting as a single class, will be elected as Trustees, and the twelve nominees for election as Trustees by the holders of the preferred shares and common shares, voting together as a single class, who receive the greatest number of votes cast by holders of the preferred shares and common shares, voting together as a single class, will be elected as Trustees. Each preferred shareholder and each common shareholder will be entitled to one vote for each share held.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT color=#231f20 size=4 face=sans-serif>Further Information About Voting and the Meeting</FONT></B></P>
<P style="TEXT-ALIGN: left"><B><FONT color=#231f20 size=2 face=sans-serif>Quorum and Methods of Tabulation. </FONT></B><FONT color=#231f20 size=2 face=sans-serif>A majority of the shares entitled to vote constitutes a quorum for the transaction of business with respect to any proposal at the meeting, except that, where the preferred shares or common shares shall vote as separate classes, then a majority of the aggregate number of shares of each class shall be necessary to constitute a quorum for the transaction of business by that class. Votes cast by proxy or in person at the meeting will be counted by persons appointed by your fund as tellers for the meeting. The tellers will count the total number of votes cast &#147;for&#148; approval of a proposal for purposes of determining whether sufficient affirmative votes have been cast. Shares represented by proxies that reflect abstentions and &#147;broker non-votes&#148; (i.e., shares held by brokers or nominees as to which (i)&nbsp;instructions have not been r
eceived from the beneficial owners or the persons entitled to vote and (ii) the broker or nominee does not have the discretionary voting power on a particular matter) will be counted as shares that are present and entitled to vote on the matter for purposes of determining the presence of a quorum. Neither abstentions nor broker non-votes have an effect on the outcome of the proposal.</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>Shareholders who object to any proposal in this proxy statement will not be entitled under Massachusetts law or your fund&#146;s agreement and declaration of trust to demand payment for, or an appraisal of, their shares.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT color=#231f20 size=2 face=sans-serif>Special Rule for Proportional Voting. </FONT></B><FONT color=#231f20 size=2 face=sans-serif>For funds listed on the New York Stock Exchange that have outstanding preferred shares, such as the fund, in accordance with the rules of the exchange, brokerage firms may vote for (or against) a proposal, on behalf of their clients who beneficially own the remarketed or auction rate preferred shares and from whom they have not received voting instructions, in the same proportion as votes for (and against) such proposal have been received from holders of preferred shares if (i) the holders of a minimum of 30% of the outstanding preferred shares have been voted by the holders of preferred shares, (ii) holders of less than 10% of the outstanding preferred shares have voted against such proposal and (iii) the holders of the common shares have approved such proposal.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT color=#231f20 size=2 face=sans-serif>Other business. </FONT></B><FONT color=#231f20 size=2 face=sans-serif>The Trustees know of no matters other than those set forth herein to be brought before the meeting. If, however, any other matters properly come before the meeting, proxies will be voted on such matters in accordance with the judgment of the persons named on the enclosed proxy card(s).</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT color=#231f20 size=2 face=sans-serif>Solicitation of proxies. </FONT></B><FONT color=#231f20 size=2 face=sans-serif>In addition to soliciting proxies by mail, Trustees of your fund and employees of Putnam Management, Putnam Investor Services, Putnam Fiduciary Trust Company and Putnam Retail Management, as well as their agents, may solicit proxies in person or by telephone. Your fund may arrange to have a proxy solicitation firm call you to record your voting instructions by telephone. The procedures for voting proxies by telephone are designed to authenticate shareholders&#146; identities, to allow them to authorize the voting of their shares in accordance with their instructions and to confirm that their instructions have been properly recorded. Your fund has been advised by counsel that these procedures are consistent with the requirements of applicable law. If these procedures were subject to a successful legal challenge, such votes would not be counted at the meeting.
 Your fund is unaware of any such challenge at this time. Shareholders would be called at the phone number Putnam Management has in its records for their accounts and would be given an opportunity to authorize the proxies to vote their shares at the meeting in accordance with their instructions. To ensure that the shareholders&#146; instructions have been recorded correctly, they will also receive a confirmation of their instructions in the mail. A special toll-free number will be available in case the information contained in the confirmation is incorrect.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>Common shareholders have the opportunity to submit their voting instructions via the Internet by using a program provided by a third-party vendor hired by Putnam Management or by automated telephone service. The giving of a proxy will not affect your right to vote in person should you decide to attend the meeting. To use the Internet, please access the Internet address listed on the proxy card and follow the instructions on the Internet site. To record your voting instructions via automated telephone service, use the</FONT></P>
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<TR vAlign=bottom>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>25</FONT>&nbsp;</TD></TR></TABLE></DIV>
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<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>toll-free number listed on your proxy card. The Internet and telephone voting procedures are designed to authenticate shareholder identities, to allow shareholders to give their voting instructions, and to confirm that shareholders&#146; instructions have been recorded properly. Shareholders voting via the Internet should understand that there may be costs associated with electronic access, such as usage charges from Internet access providers and telephone companies, that must be borne by the shareholders.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>Your fund&#146;s Trustees have adopted a general policy of maintaining confidentiality in the voting of proxies. Consistent with this policy, your fund may solicit proxies from shareholders who have not voted their shares or who have abstained from voting, including brokers and nominees.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>Persons holding shares as nominees will, upon request, be reimbursed for their reasonable expenses in soliciting instructions from their principals. The fund has retained at its own expense The Altman Group, 60 East 42nd Street, New York, NY 10165, to aid in the solicitation of instructions for registered and nominee accounts, for a fee currently expected to be approximately $37,000, plus reasonable out-of-pocket expenses. The expenses of the preparation of proxy statements and related materials, including printing and delivery costs, are borne by the fund.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT color=#231f20 size=2 face=sans-serif>Revocation of proxies. </FONT></B><FONT color=#231f20 size=2 face=sans-serif>Proxies, including proxies given by telephone or over the Internet, may be revoked at any time before they are voted either (i) by a written revocation received by the Clerk of your fund, (ii) by properly executing a later-dated proxy, (iii) by recording later-dated voting instructions by telephone or via the Internet, (iv) in the case of brokers and nominees, by submitting written instructions to your fund&#146;s solicitation agent or the applicable record shareholder or (v) by attending the meeting and voting in person.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT color=#231f20 size=2 face=sans-serif>Date for receipt of shareholders&#146; proposals for the next annual meeting. </FONT></B><FONT color=#231f20 size=2 face=sans-serif>It is currently anticipated that your fund&#146;s next annual meeting of shareholders will be held in September 2011. The Trustees of your fund reserve the right to set an earlier or later date for the annual meeting for the 2010-2011 fiscal year. Shareholder proposals to be included in the proxy statement for that meeting must be received by your fund on or before April 19, 2011. In order for a shareholder proposal to be included in the proxy statement, both the submitting shareholder and the proposal itself must satisfy the requirements set forth in Rule 14a-8 under the Exchange Act. Shareholders who wish to make a proposal at the annual meeting for the 2010&#150;2011 fiscal year &#151; other than one that will be included in the fund&#146;s proxy materials &#151; should notify the fund no later than Jul
y 3, 2011. Shareholders who wish to propose one or more nominees for election as Trustees, or to make a proposal fixing the number of Trustees, at the annual meeting for the 2010&#150;2011 fiscal year must provide written notice to the fund (including all required information) so that such notice is received in good order by the fund no earlier than June 12, 2011 and no later than July 12, 2011.</FONT></P>
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     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif>26</FONT>&nbsp;</TD></TR></TABLE></DIV>
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<P style="TEXT-ALIGN: left"><B><FONT color=#231f20 size=2 face=sans-serif>Adjournment. </FONT></B><FONT color=#231f20 size=2 face=sans-serif>If the quorum required for the proposal has not been met, the persons named as proxies intend to propose adjournment of the meeting. The persons named as proxies will vote in favor of adjournment those proxies that they are entitled to vote in favor of the proposal. They will vote against any such adjournment all other proxies. Adjournments proposed may be for a period or periods of not more than 60 days in the aggregate to permit further solicitation of proxies. Any adjournment will require the affirmative vote of a majority of the votes cast on the question in person or by proxy at the session of the meeting to be adjourned. Your fund pays the costs of any additional solicitation and of any adjourned session.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT color=#231f20 size=2 face=sans-serif>Duplicate mailings. </FONT></B><FONT color=#231f20 size=2 face=sans-serif>As permitted by SEC rules, Putnam&#146;s policy is to send a single copy of the proxy statement to shareholders who share the same last name and address, unless a shareholder previously has requested otherwise. Separate proxy cards will be included with the proxy statement for each account registered at that address. If you would prefer to receive your own copy of the proxy statement, please contact Putnam&nbsp;Investor Services by phone at 1-800-225-1581 or by mail at P.O.&nbsp;Box&nbsp;8383, Boston, MA 02266-8383.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT color=#231f20 size=2 face=sans-serif>Financial information. Your fund&#146;s Clerk will furnish to you, upon request and without charge, a copy of the fund&#146;s annual report for its most recent fiscal year, and a copy of its semiannual report for any subsequent semiannual period. You may direct such requests to Putnam Investor Services, P.O. Box 8383, Boston, MA 02266-8383 or by phone at 1-800-225-1581. You may also access copies of these reports by visiting Putnam&#146;s website at putnam.com/individual.</FONT></B></P>
<P style="TEXT-ALIGN: left"><B><FONT color=#231f20 size=4 face=sans-serif>Fund Information</FONT></B></P>
<P style="TEXT-ALIGN: left"><B><FONT color=#231f20 size=2 face=sans-serif>Putnam Investments. </FONT></B><FONT color=#231f20 size=2 face=sans-serif>Putnam Management, your fund&#146;s investment manager and administrator, is owned through a series of holding companies by Putnam Investments, LLC (&#147;Putnam Investments&#148;). Putnam Investments is a holding company that, except for a minority stake owned by employees, is owned (through a series of holding companies) by Great-West Lifeco Inc., which is a financial services holding company with interests in the life insurance, retirement, savings, and reinsurance businesses. Its businesses have operations in Canada, the United States and Europe. Great-West Lifeco Inc. is a majority-owned subsidiary of Power Financial Corporation. Power Financial Corporation is a diversified management and holding company that has interests, directly or indirectly, in companies that are active in the financial services sector in Canada, the United States and Europe. It also h
as substantial holdings in a group of energy, water, waste services, specialty minerals and cement and building materials companies in Europe. Power Corporation of Canada, a diversified international management and holding company, owns a majority of the voting securities of Power Financial Corporation. The Hon. Paul Desmarais, Sr., through a group of holding companies that he controls, has voting control of Power Corporation of Canada.</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>The address of each of Putnam Investments and Putnam Management is One Post Office Square, Boston, Massachusetts 02109. The address of Great-West Lifeco&nbsp;Inc. is 100 Osborne Street North, Winnipeg, Manitoba R3C 3A5. The address of Mr.&nbsp;Desmarais, Power Corporation of Canada and Power Financial Corporation is 751 Victoria Square, Montreal, Quebec H2Y 2J3, Canada. Robert L. Reynolds is the President and Chief Executive Officer of Putnam Investments. His address is One Post Office Square, Boston, MA 02109.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT color=#231f20 size=2 face=sans-serif>Limitation of Trustee liability. </FONT></B><FONT color=#231f20 size=2 face=sans-serif>Your fund&#146;s declaration of trust provides that the fund will indemnify its Trustees and officers against liabilities and expenses incurred in connection with litigation in which they may be involved because of their offices with the fund, except if it is determined in the manner specified in the declaration of trust that they have not acted in good faith in the reasonable belief that their actions were in the best interests of the fund or that such indemnification would relieve any officer or Trustee of any liability to the fund or its shareholders arising by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of his or her duties. Your fund, at its expense, provides liability insurance for the benefit of its Trustees and&nbsp;officers.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT color=#231f20 size=2 face=sans-serif>Independent Registered Public Accounting Firm. </FONT></B><FONT color=#231f20 size=2 face=sans-serif>As set forth in the table below, the Audit and Compliance Committee and the full Board of Trustees have selected KPMG LLP, Two Financial Center, 60 South Street, Boston, Massachusetts 02110, to serve as the independent registered public accounting firm for your fund&#146;s current fiscal year. Representatives of KPMG LLP are expected to be present at the meeting of shareholders of the fund to make statements and to respond to appropriate questions.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>The following table presents fees billed in each of the last two fiscal years for services rendered to the fund by its independent registered public accounting firm:</FONT></P>
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     <TD width="20%"></TD>
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<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=right><B><FONT color=#231f20 size=1 face=sans-serif>Audit-Related</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT color=#231f20 size=1 face=sans-serif>Fiscal Year Ended</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT color=#231f20 size=1 face=sans-serif>Audit Fees</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT color=#231f20 size=1 face=sans-serif>Fees</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT color=#231f20 size=1 face=sans-serif>Tax Fees</FONT></B>&nbsp;</TD>
     <TD noWrap align=right><B><FONT color=#231f20 size=1 face=sans-serif>All Other Fees</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>
<HR SIZE=1 width="100%" noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif>October 31, 2009</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>$53,119</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>$26,409</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>$5,800</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>None</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>
<HR SIZE=1 width="100%" noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif>October 31, 2008</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>$56,600</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>$42,806*</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>$6,000</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>None</FONT>&nbsp;</TD></TR>
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     <TD colSpan=5>
<HR SIZE=1 width="100%" noShade>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px"><FONT color=#231f20 size=1 face=sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0px"><FONT color=#231f20 size=1 face=sans-serif>* Includes fees billed of $16,872 relating to the merger of Putnam High Yield Municipal Trust into the fund on February 19, 2008.</FONT></P>
<P style="TEXT-ALIGN: left"><B><I><FONT color=#231f20 size=2 face=sans-serif>Audit Fees </FONT></I></B><FONT color=#231f20 size=2 face=sans-serif>represents fees billed for the fund&#146;s last two fiscal years relating to the audit and review of the financial statements included in annual reports and registration statements, and other services that are normally provided in connection with statutory and regulatory filings or engagements.</FONT></P>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif>28</FONT>&nbsp;</TD></TR></TABLE></DIV>
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<P style="TEXT-ALIGN: left"><B><I><FONT color=#231f20 size=2 face=sans-serif>Audit-Related Fees </FONT></I></B><FONT color=#231f20 size=2 face=sans-serif>represents fees billed in the fund&#146;s last two fiscal years for services traditionally performed by the fund&#146;s auditors, including accounting consultation for proposed transactions or concerning financial accounting and reporting standards and other audit or attest services not required by statute or regulation.</FONT></P>
<P style="TEXT-ALIGN: left"><B><I><FONT color=#231f20 size=2 face=sans-serif>Tax Fees </FONT></I></B><FONT color=#231f20 size=2 face=sans-serif>represent fees for tax compliance, tax planning and tax advice services. Tax planning and tax advice services include assistance with tax audits, employee benefit plans and requests for rulings or technical advice from taxing authorities.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>The following table presents the amounts KPMG LLP billed for aggregate non-audit fees in each of the last two fiscal years to the fund, Putnam Management and any entity controlling, controlled by or under common control with Putnam Management that provides ongoing services to the fund:</FONT></P>
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<TR>
     <TD width="25%"></TD>
     <TD width="25%"></TD>
     <TD width="25%"></TD>
     <TD width="25%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT color=#231f20 size=1 face=sans-serif>Fiscal year ended</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left></TD></TR>
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     <TD colSpan=2>
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<TR vAlign=bottom>
     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif>October 31, 2009</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>$32,209</FONT>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD></TR>
<TR>
     <TD colSpan=2>
<HR SIZE=1 width="100%" noShade>
</TD>
     <TD></TD>
     <TD></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif>October 31, 2008</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>$117,539</FONT>&nbsp;</TD>
     <TD noWrap align=right></TD>
     <TD noWrap align=right></TD></TR>
<TR>
     <TD colSpan=2>
<HR SIZE=1 width="100%" noShade>
</TD>
     <TD></TD>
     <TD></TD></TR></TABLE></DIV>
<P style="MARGIN: 0px"><B><I><FONT color=#231f20 size=2 face=sans-serif></FONT></I></B>&nbsp;</P>
<P style="MARGIN: 0px"><B><I><FONT color=#231f20 size=2 face=sans-serif>Pre-Approval Policies of the Audit and Compliance Committee. </FONT></I></B><FONT color=#231f20 size=2 face=sans-serif>The Audit and Compliance Committee has determined that, as a matter of policy, all work performed for the fund by the fund&#146;s independent auditors will be pre-approved by the Committee itself and thus will generally not be subject to pre-approval procedures.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>The Audit and Compliance Committee also has adopted a policy to pre-approve the engagement by Putnam Management and certain of its affiliates of the fund&#146;s independent auditors, even in circumstances where pre-approval is not required by applicable law. Any such requests by Putnam Management or certain of its affiliates are typically submitted in writing to the Committee and explain, among other things, the nature of the proposed engagement, the estimated fees, and why this work should be performed by that particular audit firm as opposed to another one. In reviewing such requests, the Committee considers, among other things, whether the provision of such services by the audit firm is compatible with the independence of the audit firm.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>Since the beginning of the two most recently completed fiscal years of the fund, all work performed by the independent auditors for the fund, Putnam Management and any entity controlling, controlled by or under common control with Putnam Management that provides ongoing services to the fund was pre-approved by the Committee or a member of the Committee pursuant to the pre-approval policies discussed above.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>No fees were billed for each of the last two fiscal years by the fund&#146;s independent auditor for services required to be approved pursuant to paragraph (c)(7)(ii) of Rule&nbsp;2-01 of Regulation S-X.</FONT></P>
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<TR>
     <TD width="100%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>29</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
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<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>The Audit and Compliance Committee of your fund has submitted the following report: </FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=2 face=sans-serif>The Audit and Compliance Committee has reviewed and discussed with management of your fund the audited financial statements for the last fiscal year. The Audit and Compliance Committee has discussed with your fund&#146;s independent auditors the matters required to be discussed by Statements on Auditing Standard No. 61 (SAS 61). SAS 61 requires independent auditors to communicate to the Audit and Compliance Committee matters including, if applicable: (1) methods used to account for significant unusual transactions; (2) the effect of significant accounting policies in controversial or emerging areas for which there is a lack of authoritative guidance or consensus; (3) the process used by management in formulating particularly sensitive accounting estimates and the basis for the auditors&#146; conclusions regarding the reasonableness of those estimates and (4)&nbsp;disagreements with management over the application of accounting principles 
and certain other matters. The Audit and Compliance Committee has received the written disclosures and the letter from your fund&#146;s independent auditors required by the SEC&#146;s Independence Standards Board Standard No. 1 (among other things, requiring auditors to make written disclosures to and discuss with the Audit and Compliance Committee various matters relating to the auditors&#146; independence), and has discussed with such accountants the independence of such accountants. Based on the foregoing review and discussions, the Audit and Compliance Committee recommended to the Trustees that the audited financial statements for the last fiscal year be included in your fund&#146;s annual report to shareholders for the last&nbsp;fiscal&nbsp;year.</FONT></P>
<DIV align=left>
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<TR>
     <TD width="50%"></TD>
     <TD width="50%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT color=#231f20 size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT color=#231f20 size=2 face=sans-serif>Robert E. Patterson (Chairperson)</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT color=#231f20 size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT color=#231f20 size=2 face=sans-serif>Robert J. Darretta</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT color=#231f20 size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT color=#231f20 size=2 face=sans-serif>Myra R. Drucker</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT color=#231f20 size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT color=#231f20 size=2 face=sans-serif>John A. Hill</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT color=#231f20 size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT color=#231f20 size=2 face=sans-serif>Kenneth R. Leibler</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT color=#231f20 size=2 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT color=#231f20 size=2 face=sans-serif>W. Thomas Stephens</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px"><B><FONT color=#231f20 size=2 face=sans-serif></FONT></B>&nbsp;</P>
<P style="MARGIN: 0px"><B><FONT color=#231f20 size=2 face=sans-serif>Officers and other information. </FONT></B><FONT color=#231f20 size=2 face=sans-serif>All of the officers of your fund are employees of Putnam Management or its affiliates or serve on the staff of the Office of the Trustees. Because of his positions with Putnam Management or its affiliates, Mr. Reynolds, as well as the other affiliated officers of your fund, will benefit from the management fees and investor servicing fees paid or allowed by your fund. In addition to Mr.&nbsp;Reynolds, the other officers of your fund are as follows:</FONT></P>
<P style="MARGIN: 0px"><FONT color=#231f20 size=2 face=Arial></FONT>&nbsp;</P>
<P style="MARGIN: 0px"><FONT color=#231f20 size=2 face=Arial></FONT>&nbsp;</P>
<P style="MARGIN: 0px"><FONT color=#231f20 size=2 face=Arial></FONT>&nbsp;</P>
<P style="MARGIN: 0px"><FONT color=#231f20 size=2 face=Arial></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>
<TR>
     <TD width="100%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif>30</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
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<DIV align=left>
<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>
<TR>
     <TD width="25%"></TD>
     <TD width="10%"></TD>
     <TD width="25%"></TD>
     <TD width="10%"></TD>
     <TD width="25%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT color=#231f20 size=1 face=sans-serif>Name (year of birth), Office with</FONT></B>&nbsp;</TD>
     <TD noWrap align=center><B><FONT color=#231f20 size=1 face=sans-serif></FONT></B></TD>
     <TD noWrap align=center><B><FONT color=#231f20 size=1 face=sans-serif>Year first elected</FONT></B>&nbsp;</TD>
     <TD noWrap align=left><B><FONT color=#231f20 size=1 face=sans-serif></FONT></B></TD>
     <TD noWrap align=left><B><FONT color=#231f20 size=1 face=sans-serif>Business experience during past</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT color=#231f20 size=1 face=sans-serif>the fund</FONT></B>&nbsp;</TD>
     <TD noWrap align=center><B><FONT color=#231f20 size=1 face=sans-serif></FONT></B></TD>
     <TD noWrap align=center><B><FONT color=#231f20 size=1 face=sans-serif>to office</FONT></B>&nbsp;</TD>
     <TD noWrap align=left><B><FONT color=#231f20 size=1 face=sans-serif></FONT></B></TD>
     <TD noWrap align=left><B><FONT color=#231f20 size=1 face=sans-serif>5 years</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>
<HR SIZE=1 width="100%" noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT color=#231f20 size=1 face=sans-serif>Jonathan S. Horwitz (Born 1955)*</FONT></B>&nbsp;</TD>
     <TD noWrap align=center><FONT color=#231f20 size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=center><FONT color=#231f20 size=1 face=sans-serif>2010</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif>Senior Vice President and Treasurer,</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT color=#231f20 size=1 face=sans-serif>Executive Vice President, Principal</FONT></I>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif>The Putnam Funds.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT color=#231f20 size=1 face=sans-serif>Executive Officer, Treasurer and</FONT></I>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT color=#231f20 size=1 face=sans-serif>Compliance Liaison</FONT></I>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>
<HR SIZE=1 width="100%" noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT color=#231f20 size=1 face=sans-serif>Steven D. Krichmar (Born 1958)</FONT></B>&nbsp;</TD>
     <TD noWrap align=center><FONT color=#231f20 size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=center><FONT color=#231f20 size=1 face=sans-serif>2002</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif>Senior Managing Director,</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT color=#231f20 size=1 face=sans-serif>Vice President and Principal Financial</FONT></I>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif>Putnam Investments.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT color=#231f20 size=1 face=sans-serif>Officer</FONT></I>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>
<HR SIZE=1 width="100%" noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT color=#231f20 size=1 face=sans-serif>Janet C. Smith (Born 1965)</FONT></B>&nbsp;</TD>
     <TD noWrap align=center><FONT color=#231f20 size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=center><FONT color=#231f20 size=1 face=sans-serif>2006</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif>Managing Director,</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT color=#231f20 size=1 face=sans-serif>Vice President, Assistant Treasurer</FONT></I>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif>Putnam Investments.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT color=#231f20 size=1 face=sans-serif>and Principal Accounting Officer</FONT></I>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>
<HR SIZE=1 width="100%" noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT color=#231f20 size=1 face=sans-serif>Susan G. Malloy (Born 1957)</FONT></B>&nbsp;</TD>
     <TD noWrap align=center><FONT color=#231f20 size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=center><FONT color=#231f20 size=1 face=sans-serif>2007</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif>Managing Director,</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT color=#231f20 size=1 face=sans-serif>Vice President and Assistant Treasurer</FONT></I>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif>Putnam Investments.</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>
<HR SIZE=1 width="100%" noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT color=#231f20 size=1 face=sans-serif>Beth Mazor (Born 1958)</FONT></B>&nbsp;</TD>
     <TD noWrap align=center><FONT color=#231f20 size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=center><FONT color=#231f20 size=1 face=sans-serif>2002</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif>Managing Director,</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT color=#231f20 size=1 face=sans-serif>Vice President</FONT></I>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif>Putnam Investments.</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>
<HR SIZE=1 width="100%" noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT color=#231f20 size=1 face=sans-serif>Robert R. Leveille (Born 1969)</FONT></B>&nbsp;</TD>
     <TD noWrap align=center><FONT color=#231f20 size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=center><FONT color=#231f20 size=1 face=sans-serif>2007</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif>Managing Director,</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT color=#231f20 size=1 face=sans-serif>Vice President and Chief Compliance</FONT></I>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif>Putnam Investments.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT color=#231f20 size=1 face=sans-serif>Officer</FONT></I>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>
<HR SIZE=1 width="100%" noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT color=#231f20 size=1 face=sans-serif>Mark C. Trenchard (Born 1962)</FONT></B>&nbsp;</TD>
     <TD noWrap align=center><FONT color=#231f20 size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=center><FONT color=#231f20 size=1 face=sans-serif>2002</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif>Managing Director,</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT color=#231f20 size=1 face=sans-serif>Vice President and BSA Compliance</FONT></I>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif>Putnam Investments.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT color=#231f20 size=1 face=sans-serif>Officer</FONT></I>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>
<HR SIZE=1 width="100%" noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT color=#231f20 size=1 face=sans-serif>Francis J. McNamara, III (Born 1955)</FONT></B>&nbsp;</TD>
     <TD noWrap align=center><FONT color=#231f20 size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=center><FONT color=#231f20 size=1 face=sans-serif>2004</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif>Senior Managing Director, Putnam</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT color=#231f20 size=1 face=sans-serif>Vice President and Chief Legal Officer</FONT></I>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif>Investments and Putnam Management.</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>
<HR SIZE=1 width="100%" noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT color=#231f20 size=1 face=sans-serif>James P. Pappas (Born 1953)</FONT></B>&nbsp;</TD>
     <TD noWrap align=center><FONT color=#231f20 size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=center><FONT color=#231f20 size=1 face=sans-serif>2004</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif>Managing Director, Putnam</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT color=#231f20 size=1 face=sans-serif>Vice President</FONT></I>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif>Investments and Putnam</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif>Management.</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>
<HR SIZE=1 width="100%" noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT color=#231f20 size=1 face=sans-serif>Judith Cohen (Born 1945)*</FONT></B>&nbsp;</TD>
     <TD noWrap align=center><FONT color=#231f20 size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=center><FONT color=#231f20 size=1 face=sans-serif>1993</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif>Vice President, Clerk and Assistant</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT color=#231f20 size=1 face=sans-serif>Vice President, Clerk and Assistant</FONT></I>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif>Treasurer, The Putnam Funds.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT color=#231f20 size=1 face=sans-serif>Treasurer</FONT></I>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>
<HR SIZE=1 width="100%" noShade>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT color=#231f20 size=1 face=sans-serif>Nancy E. Florek (Born 1957)*</FONT></B>&nbsp;</TD>
     <TD noWrap align=center><FONT color=#231f20 size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=center><FONT color=#231f20 size=1 face=sans-serif>2000</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif>Vice President, Assistant Clerk,</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT color=#231f20 size=1 face=sans-serif>Vice President, Assistant Clerk,</FONT></I>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif>Assistant Treasurer and Proxy</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT color=#231f20 size=1 face=sans-serif>Assistant Treasurer and Proxy</FONT></I>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif></FONT></TD>
     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif>Manager, The Putnam Funds.</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><I><FONT color=#231f20 size=1 face=sans-serif>Manager</FONT></I>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=5>
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</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px"><FONT color=#231f20 size=1 face=sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0px"><FONT color=#231f20 size=1 face=sans-serif>* Officers of the fund who are members of the Trustees&#146; independent administrative staff. Compensation for these individuals is fixed by the Trustees and reimbursed to Putnam&nbsp;Management.</FONT></P>
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<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>
<TR>
     <TD width="67%">&nbsp;</TD>
     <TD width="32%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT color=#231f20 size=2 face=sans-serif>Net assets of your fund as of June 30, 2010</FONT></B>&nbsp;</TD>
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     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif>Common Assets</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>$422,457,026.72</FONT>&nbsp;</TD></TR>
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</TD></TR>
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     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif>Preferred Assets</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>$123,657,766.83*</FONT>&nbsp;</TD></TR>
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<P style="MARGIN: 0px"><FONT color=#231f20 size=1 face=sans-serif></FONT>&nbsp;</P>
<P style="MARGIN: 0px"><FONT color=#231f20 size=1 face=sans-serif>* Includes $123,500,000 of aggregate liquidation preference of outstanding preferred shares of the fund, as well as accrued but unpaid dividends as of June 30, 2010.</FONT></P>
<P style="MARGIN: 0px"><FONT color=#231f20 size=1 face=Arial></FONT>&nbsp;</P>
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<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>
<TR>
     <TD width="8%"></TD>
     <TD width="64%"></TD>
     <TD width="26%"></TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left><B><FONT color=#231f20 size=2 face=sans-serif>Shares of your fund outstanding as of June 14, 2010</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
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     <TD colSpan=2 noWrap align=left><FONT color=#231f20 size=1 face=sans-serif>Common shares</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>57,322,040.096</FONT>&nbsp;</TD></TR>
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     <TD colSpan=3>
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     <TD colSpan=2 noWrap align=left><FONT color=#231f20 size=1 face=sans-serif>Preferred shares</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left><FONT color=#231f20 size=1 face=sans-serif>Series</FONT> <FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>245.000</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left><FONT color=#231f20 size=1 face=sans-serif>Series</FONT> <FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>1,980.000</FONT>&nbsp;</TD></TR>
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     <TD colSpan=3>
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<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>
<TR>
     <TD width="100%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>31</FONT>&nbsp;</TD></TR></TABLE></DIV>
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<P style="TEXT-ALIGN: left"><B><FONT color=#231f20 size=2 face=sans-serif>5% Beneficial Ownership. </FONT></B><FONT color=#231f20 size=2 face=sans-serif>As of June 30, 2010, to the knowledge of the fund, no person owned beneficially or of record 5% or more of any class of shares of the fund, except as follows:</FONT></P>
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     <TD width="52%"></TD></TR>
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     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif>Cede &amp; Company*</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif>20 Bowling Green</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>52,834,925.000 common shares</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif>New York, NY 10004-1408</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>(92.17% of outstanding common shares)</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif>Bank of America Corporation**</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif>Bank of America, NA</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif>Bank of America Corporate Center</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
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     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif>100 North Tryon Street</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>1,503 preferred shares</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif>Charlotte, NC 28255</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>(67.6% of outstanding preferred shares)</FONT>&nbsp;</TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif>Blue Ridge Investments, L.L.C.**</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif>214 North Tryon Street</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif>Charlotte, NC 28255</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
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<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=1 face=sans-serif>* Believed to hold shares only as nominee.</FONT></P>
<P style="TEXT-ALIGN: left"><FONT color=#231f20 size=1 face=sans-serif>** Bank of America Corporation and Blue Ridge Investments, L.L.C. reported shared beneficial ownership as of June 30, 2010 in a July 12, 2010 filing with the SEC on Schedule 13G.</FONT></P>
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     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif>The Putnam Funds</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif>One Post Office Square</FONT>&nbsp;</TD>
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     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif>Boston, Massachusetts 02109</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT color=#231f20 size=1 face=sans-serif>Toll-free 1-800-225-1581</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT color=#231f20 size=1 face=sans-serif>262369 8/10</FONT>&nbsp;</TD></TR></TABLE></DIV>
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     <TD bgColor=#c0c0c0 noWrap align=left><B><FONT size=1 face=sans-serif>VOTING CONTROL #: 123456789123</FONT></B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 noWrap align=left></TD>
     <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 noWrap align=left></TD></TR></TABLE></DIV>
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<B><FONT size=1 face=serif>Internet</FONT></B><FONT size=1 face=serif>: Log on to </FONT><B><FONT size=1 face=serif>www.proxyonline.com. </FONT></B><FONT size=1 face=serif>Make sure to have this proxy card available when you plan to vote your shares. You will need the control number found in the box to the left at the time you execute your vote.</FONT></DIV>
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&nbsp;<B><FONT size=1 face=serif>Touchtone Phone</FONT></B><FONT size=1 face=serif>: Simply dial toll-free </FONT><B><FONT color=#333333 size=1 face=serif>1-866-458-9863</FONT></B><FONT size=1 face=serif>. Please have this proxy card available at the time of the call and follow the automated instructions.</FONT></DIV>
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&nbsp;<B><FONT size=1 face=serif>Mail</FONT></B><FONT size=1 face=serif>: Simply sign, date, and complete the reverse side of this proxy card and return it in the postage paid envelope provided</FONT><FONT size=1 face=serif>.</FONT></DIV>
<a name="_bclPageBorder1"></a><P style="TEXT-ALIGN: left; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><B><FONT size=1 face=serif>PUTNAM MANAGED MUNICIPAL INCOME TRUST</FONT></B></P>
<a name="_bclPageBorder1"></a><P style="TEXT-ALIGN: left; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT size=1 face=serif>By signing below, you, as a holder of common shares of Putnam Managed Municipal Income Trust, appoint Trustees John A. Hill and Robert E. Patterson, and each of them separately, with power of substitution to each, to be your proxies. You are empowering them to vote your Putnam fund shares on your behalf at the meeting of the shareholders of Putnam Managed Municipal Income Trust. The meeting will take place on September 10, 2010 at 11:00 a.m., Boston time, and may be adjourned to later times or dates. </FONT><B><FONT size=1 face=serif>Your vote is being solicited on behalf of the Trustees</FONT></B><FONT size=1 face=serif>. When you complete and sign the proxy card, your shares will be voted on your behalf exactly as you have indicated on the other side of this card. </FONT><B><FONT size=1 face=serif>If you simply sign the proxy card, and do not vote on the specific proposal, your shares will
 be automatically voted as the Trustees recommend. </FONT></B><FONT size=1 face=serif>The proxies are also authorized to vote at their discretion on any other matter that arises at the meeting or any adjournment of the meeting.</FONT></P>
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<a name="_bclPageBorder1"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT size=1 face=serif>Sign your name exactly as it appears on this card. If you own shares jointly, each owner should sign. When signing as executor, administrator, attorney, trustee, guardian, or as custodian for a minor, please give your full title as such. If you are signing for a corporation, please sign the full corporate name and indicate the signer&#146;s office. If you are a partner, sign in the partnership name.</FONT></DIV>
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     <TD colSpan=2 noWrap align=left><B><FONT size=2 face=serif>Proposal</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=3 noWrap align=right><B><FONT size=2 face=serif>Please vote by filling in the appropriate box below.</FONT></B>&nbsp;</TD></TR>
<TR>
     <TD colSpan=7>
<HR SIZE=1 width="100%">
</TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" colSpan=4 noWrap align=left><FONT size=2 face=serif>To vote on the proposal as the Trustees recommend, mark this box. (No other vote is necessary.)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT style="FONT-SIZE: 10pt" lang=EN-US face="Courier New">&#9633;</FONT></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=7>&nbsp; </TD></TR>
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     <TD colSpan=4 noWrap align=left><FONT size=2 face=serif>THE TRUSTEES RECOMMEND A VOTE </FONT><B><FONT size=2 face=serif>FOR </FONT></B><FONT size=2 face=serif>ALL NOMINEES.</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
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     <TD noWrap align=left><B><FONT size=2 face=serif>1.</FONT></B>&nbsp;</TD>
     <TD colSpan=6 noWrap align=left><FONT size=2 face=serif>Fixing the number of Trustees at 14 and electing your fund&#146;s 12 nominees for Trustees voted on by the common and preferred</FONT>&nbsp;</TD></TR>
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     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left><FONT size=2 face=serif>shareholders voting as a single class:</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
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     <TD colSpan=2 noWrap align=left><FONT size=1 face=serif>1)</FONT> <FONT size=1 face=serif>Ravi Akhoury</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=serif>5) Robert J. Darretta</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=serif>9) George Putnam, III</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=1 face=serif>FOR</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=1 face=serif>WITHHOLD</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=1 face=serif>FOR ALL</FONT>&nbsp;</TD></TR>
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     <TD colSpan=2 noWrap align=left><FONT size=1 face=serif>2) Barbara M. Baumann</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=serif>6) Myra R. Drucker</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=serif>10) Robert L. Reynolds</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=1 face=serif>ALL</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=1 face=serif>ALL</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=1 face=serif>EXCEPT</FONT>&nbsp;</TD></TR>
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     <TD colSpan=2 noWrap align=left><FONT size=1 face=serif>3) Jameson A. Baxter</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=serif>7) Paul L. Joskow</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=serif>11) W. Thomas Stephens</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Courier New">&#9633;</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Courier New">&#9633;</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Courier New">&#9633;</FONT>&nbsp;</TD></TR>
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     <TD colSpan=2 noWrap align=left><FONT size=1 face=serif>4) Charles B. Curtis</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=serif>8) Kenneth R. Leibler</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=serif>12) Richard B. Worley</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=7>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=5 noWrap align=left><FONT size=1 face=serif>To withhold authority to vote for one or more of the nominees, check the &#147;FOR ALL EXCEPT&#148; box and</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=3 noWrap align=left><FONT size=1 face=serif>write the name(s) or number(s) of the nominee(s) below:</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD colSpan=3 noWrap align=left><FONT size=1 face=serif></FONT></TD>
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<HR SIZE=1 width="100%">
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face=serif>Important Notice Regarding the Availability of Proxy Materials for the Shareholder Meeting to be held on September 10, 2010.<BR>
</FONT></B><B><FONT size=2 face=serif>The proxy statement is available at: www.proxyonline.com</FONT></B><FONT size=2 face=serif>.</FONT></P>
<DIV align=left>
<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>
<TR>
     <TD width="27%"></TD>
     <TD width="20%"></TD>
     <TD width="20%"></TD>
     <TD width="16%"></TD>
     <TD width="16%"></TD></TR>
<TR vAlign=bottom>
     <TD colSpan=3 noWrap align=left><FONT size=2 face=serif>If you have any questions on this proposal, please call 1-800-255-1581.</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=2 face=serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" noWrap align=right><FONT size=2 face=serif>Please sign and date the other side of this card.</FONT>&nbsp;</TD></TR>
<TR height=20>
     <TD colSpan=3 noWrap align=left><FONT size=2 face=serif></FONT></TD>
     <TD noWrap align=left><FONT size=2 face=serif></FONT></TD>
     <TD noWrap align=left><FONT size=2 face=serif></FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT size=2 face=serif>Cusip: 123456789</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=2 face=serif></FONT></TD>
     <TD noWrap align=center><FONT size=2 face=serif>Barcode</FONT>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=serif></FONT></TD>
     <TD noWrap align=right><FONT size=2 face=serif>TAG ID: 12345678</FONT>&nbsp;</TD></TR></TABLE></DIV>
<P style="MARGIN: 0px">&nbsp;</P>
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     <TD bgColor=#c0c0c0 noWrap align=left><B><FONT size=1 face=sans-serif>VOTING CONTROL #: 123456789123</FONT></B>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 noWrap align=left><B><FONT size=1 face=sans-serif></FONT></B></TD>
     <TD style="BACKGROUND-COLOR: #ffffff" bgColor=#c0c0c0 noWrap align=left><B><FONT size=1 face=sans-serif></FONT></B></TD></TR></TABLE></DIV>
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     <TD noWrap><B><FONT size=1 face=serif>Mail</FONT></B><FONT size=1 face=serif>: Simply sign, date, and complete the reverse side of this</FONT><BR>
<FONT size=1 face=serif>proxy card and return it in the postage paid envelope provided</FONT><FONT size=1 face=serif>.</FONT></TD></TR></TABLE></P>
<P style="TEXT-ALIGN: left"><B><FONT size=1 face=serif>PUTNAM MANAGED MUNICIPAL INCOME TRUST</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=1 face=serif>By signing below, you, as a holder of preferred shares of Putnam Managed Municipal Income Trust, appoint Trustees John A. Hill and Robert E. Patterson, and each of them separately, with power of substitution to each, to be your proxies. You are empowering them to vote your Putnam fund shares on your behalf at the meeting of the shareholders of Putnam Managed Municipal Income Trust. The meeting will take place on September 10, 2010 at 11:00 a.m., Boston time, and may be adjourned to later times or dates. </FONT><B><FONT size=1 face=serif>Your vote is being solicited on behalf of the Trustees</FONT></B><FONT size=1 face=serif>. When you complete and sign the proxy card, your shares will be voted on your behalf exactly as you have indicated on the other side of this card. </FONT><B><FONT size=1 face=serif>If you simply sign the proxy card, and do not vote on the specific proposal, your shares will be automatically voted as the Trustees recommend. </FONT></B><F
ONT size=1 face=serif>The proxies are also authorized to vote at their discretion on any other matter that arises at the meeting or any adjournment of the meeting.</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT size=1 face=serif>Sign your name exactly as it appears on this card. If you own shares jointly, each owner should sign. When signing as executor, administrator, attorney, trustee, guardian, or as custodian for a minor, please give your full title as such. If you are signing for a corporation, please sign the full corporate name and indicate the signer&#146;s office. If you are a partner, sign in the partnership name.</FONT></P>
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     <TD colSpan=2 noWrap align=left><B><FONT size=2 face=serif>Proposal</FONT></B>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=4 noWrap align=right><B><FONT size=2 face=serif>Please vote by filling in the appropriate box below.</FONT></B>&nbsp;</TD></TR>
<TR height=20>
     <TD colSpan=8 noWrap align=left><FONT size=2 face=serif>
<HR SIZE=1 width="100%">
</FONT></TD></TR>
<TR vAlign=bottom>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" colSpan=4 noWrap align=left><FONT size=2 face=serif>To vote on the proposal as the Trustees recommend, mark this box. (No other vote is necessary.)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT style="FONT-SIZE: 10pt" lang=EN-US face="Courier New">&#9633;</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=8>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=4 noWrap align=left><FONT size=2 face=serif>THE TRUSTEES RECOMMEND A VOTE </FONT><B><FONT size=2 face=serif>FOR </FONT></B><FONT size=2 face=serif>ALL NOMINEES.</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><B><FONT size=2 face=serif>1.</FONT></B>&nbsp;</TD>
     <TD colSpan=4 noWrap align=left><FONT size=2 face=serif>Fixing the number of Trustees at 14 and electing your fund&#146;s 14 nominees for Trustees:</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD colSpan=2 noWrap align=left><FONT size=1 face=serif>&nbsp;</FONT></TD>
     <TD noWrap align=left><FONT size=1 face=serif></FONT></TD>
     <TD noWrap align=left><FONT size=1 face=serif></FONT></TD>
     <TD noWrap align=center><FONT size=1 face=serif></FONT></TD>
     <TD colSpan=2 noWrap align=center><FONT size=1 face=serif></FONT></TD>
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     <TD colSpan=2 noWrap align=left><FONT size=1 face=serif>1)</FONT> <FONT size=1 face=serif>Ravi Akhoury</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=serif>6) Myra R. Drucker</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=serif>11) George Putnam, III</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=1 face=serif>FOR</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><FONT size=1 face=serif>WITHHOLD</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=1 face=serif>FOR ALL</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left><FONT size=1 face=serif>2) Barbara M. Baumann</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=serif>7) John A. Hill</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=serif>12) Robert L. Reynolds</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=1 face=serif>ALL</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><FONT size=1 face=serif>ALL</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT size=1 face=serif>EXCEPT</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left><FONT size=1 face=serif>3) Jameson A. Baxter</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=serif>8) Paul L. Joskow</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=serif>13) W. Thomas Stephens</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Courier New">&#9633;</FONT>&nbsp;</TD>
     <TD colSpan=2 noWrap align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Courier New">&#9633;</FONT>&nbsp;</TD>
     <TD noWrap align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Courier New">&#9633;</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left><FONT size=1 face=serif>4) Charles B. Curtis</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=serif>9) Kenneth R. Leibler</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=serif>14) Richard B. Worley</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=2 noWrap align=left><FONT size=1 face=serif>5) Robert J. Darretta</FONT>&nbsp;</TD>
     <TD noWrap align=left><FONT size=1 face=serif>10) Robert E. Patterson</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left>&nbsp;</TD>
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     <TD colSpan=5 noWrap align=left><FONT size=1 face=serif></FONT></TD>
     <TD colSpan=2 noWrap align=left></TD>
     <TD noWrap align=left></TD></TR>
<TR vAlign=bottom>
     <TD colSpan=5 noWrap align=left><FONT size=1 face=serif>To withhold authority to vote for one or more of the nominees, check the &#147;FOR ALL EXCEPT&#148; box and</FONT>&nbsp; </TD>
     <TD colSpan=2 noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD colSpan=3 noWrap align=left><FONT size=1 face=serif>write the name(s) or number(s) of the nominee(s) below:</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD>
     <TD colSpan=2 noWrap align=left>&nbsp; </TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR>
     <TD colSpan=8>&nbsp;</TD></TR>
<TR height=20>
     <TD colSpan=8><FONT size=2 face=serif>
<HR SIZE=1 width="100%">
&nbsp;</FONT></TD></TR>
<TR height=20>
     <TD colSpan=8></TD></TR>
<TR vAlign=bottom>
     <TD colSpan=8 noWrap align=left><B><FONT size=2 face=serif>Important Notice Regarding the Availability of Proxy Materials for the Shareholder Meeting to be held on September 10, 2010.</FONT></B>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD colSpan=4 noWrap align=left><B><FONT size=2 face=serif>The proxy statement is available at: www.proxyonline.com</FONT></B><FONT size=2 face=serif>.</FONT>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=2 noWrap align=left>&nbsp;</TD>
     <TD noWrap align=left>&nbsp;</TD></TR>
<TR height=20>
     <TD colSpan=4 noWrap align=left><FONT size=2 face=serif>&nbsp;</FONT></TD>
     <TD noWrap align=right></TD>
     <TD colSpan=3 noWrap align=right><FONT size=2 face=serif></FONT></TD></TR>
<TR vAlign=bottom>
     <TD colSpan=4 noWrap align=left><FONT size=2 face=serif>If you have any questions on this proposal, please call 1-800-255-1581.</FONT>&nbsp;</TD>
     <TD noWrap align=right>&nbsp;</TD>
     <TD noWrap align=right><FONT size=2 face=serif></FONT></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" colSpan=2 noWrap align=right>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10.5pt" lang=EN-US face="MS Sans Serif"></FONT></P>
<FONT size=2 face=serif>Please sign and date the other side of this card.</FONT></TD></TR>
<TR height=20>
     <TD colSpan=3 noWrap align=left><FONT size=2 face=serif></FONT></TD>
     <TD noWrap align=left><FONT size=2 face=serif></FONT></TD>
     <TD noWrap align=left>&nbsp;</TD>
     <TD colSpan=3 noWrap align=right><FONT size=2 face=serif></FONT></TD></TR>
<TR vAlign=bottom>
     <TD width="35%" colSpan=3 noWrap align=left><FONT size=2 face=serif>Cusip: 123456789</FONT></TD>
     <TD width="32%" colSpan=2 noWrap align=center><FONT size=2 face=serif>Barcode</FONT></TD>
     <TD width="32%" colSpan=3 noWrap align=right><FONT size=2 face=serif>TAG ID: </FONT><B><FONT size=2 face=serif>Preferred</FONT></B>&nbsp;</TD></TR></TABLE></DIV>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
