The Putnam Advisory Company, LLC

The Putnam Advisory Company (PAC) manages assets for institutional and international clients through its Boston and Singapore offices. PAC also manages pooled investment funds and sub-advises some Putnam Funds. PAC offers professional investment management with a focus on equity strategies. New accounts in fixed income and multi-asset class strategies are generally offered by Franklin Templeton Fixed Income and Franklin Templeton Investment Solutions teams through Franklin Advisers, Inc. PAC does not provide tax, legal, or accounting advice.