| 1 EO /13 Not FDIC Insured May Lose Value No Bank Guarantee

| 2 EO /13 A strong foundation Source: Bureau of Labor Statistics, Women in the Labor Force: A Databook, More likely (than men) to attend college More than half of management and professional jobs 47% Nearly half of the U.S. labor force 52% 74%

| 3 EO /13 The challenges Earnings (still) tend to be lower overall Likely to live longer Often in the role of caregiver Investment behavior is more cautious

| 4 EO /13 Receiving lower overall pay Sources: National Committee on Pay Equity, 2011; The WAGE Project, Today Women are paid 77 cents for every dollar earned by a man At retirement This estimated wage gap could cost the average full-time woman worker $700,000 to $2 million over the course of her work life

| 5 EO /13 Enjoying a long retirement Source: Social Security Administration, Health-care costs will outpace the rate of inflation The average woman who retires at age 65 today can expect to live 20 years in retirement A longer lifespan means more years in retirement

| 6 EO /13 Taking care of others Source: U.S. Department of Health and Human Services, Office on Women’s Health, July More than half of employed women caregivers adjust their work schedules to provide care 61% of those who provide unpaid care to an elderly or disabled adult are women

| 7 EO /13 Being too conservative. Sources: Hewitt Associates, "Total Retirement Income at Large Companies: The Real Deal," July 2008; Society of Actuaries, “Risks and Process Retirement Survey Report,” May 2008, which is the most recent data available. Women ’ s patience in investing is often rewarded However, being too conservative can negatively affect your retirement savings goals

| 8 EO /13 Strategies to move your retirement plan in the right direction

| 9 EO /13 Will you need more income in retirement? *U.S. Dept. of Labor, 2012 Consumer Expenditure Survey Report (based on 2011 data). **Consumer Price Index, 2013, for the period The average household requires $49,705 annually, or $994,100 over 20 years, before inflation * Long-term inflation averages 3.52% per year ** Expenses Wealth preservation

| 10 EO /13 Do you know how much you ’ ll need to save? Source: Employee Benefit Research Institute and Mathew Greenwald & Associates, Inc., 2012 Retirement Confidence Survey. Less than $250,000 Less than $500,000 Less than $1,000,000 At least $1,000,000 Survey responses

| 11 EO /13 Because reality can be startling Assumes 25 years of retirement, and a retirement nest egg growing at 6% annually, compounded monthly and adjusted for 3% inflation. If your current annual income isYou ’ ll need to save $50,000 $890,000 $100,000 $1,800,000 $250,000 $3,600,000

| 12 EO /13 Save as much as you can 2013 limit Your employer ’ s retirement plan Before-tax contributions, tax-deferred earnings $17,500 Traditional IRA Before-tax contributions (if you qualify), tax-deferred earnings $5,500 Roth IRA After-tax contributions, tax-free withdrawals $5,500 Additional contributions for those age 50 and over Employer ’ s retirement plan $5,500 Traditional or Roth IRA $1,000 Source: IRS, 2013.

| 13 EO /13 Social Security won ’ t cover it all *In today’s dollars. Assumes retirement at age 66. The maximum Social Security benefit in 2012 for an individual at full retirement age (66) is $30,156. Sources: Bureau of Labor Statistics, Highlights of Women’s Earnings in 2011, Social Security Administration, What you can expect from Social Security * Annual income of full-time worker (age 60) Single Men Single Women

| 14 EO /13 Actively manage your nest egg Diversify to reduce risk, while seeking to optimize returns Rebalance regularly Take sustainable withdrawals Diversification and rebalancing will not necessarily prevent you from losing money; however, they may reduce volatility and potentially limit downside losses.

| 15 EO /13 Stocks felt the boom and bust of the 1990s and early 2000s. $504,181 Jan $1,264,859 Dec Diversification can help lower volatility Illustration is based on a hypothetical investment of $500,000 in the S&P 500 Index. The S&P 500 Index is an unmanaged index of common stock performance. You cannot invest directly in an index. Annual withdrawals are $25,000 increased by 3% annually for inflation Annual withdrawal: $25,000

| 16 EO /13 Diversification can help lower volatility Illustration is based on a hypothetical investment of $500,000 in the S&P 500 Index and the Barclays U.S. Aggregate Bond Index. The Barclays U.S. Aggregate Bond Index is an unmanaged index of U.S. investment-grade fixed-income securities. You cannot invest directly in an index Annual withdrawals are $25,000 increased by 3% annually for inflation Bonds were steady, but lagged behind stocks. Annual withdrawal: $25,000 $509,588 Jan $542,427 Dec. 2012

| 17 EO /13 Diversification can help lower volatility Illustration is based on a hypothetical investment of $500,000 in the S&P 500 Index, the Barclays U.S. Aggregate Bond Index, and a diversified portfolio composed of a 25% investment in the S&P 500 Index and a 75% investment in the Barclays U.S. Aggregate Bond Index. Refer to slide 19 for index definitions. You cannot invest directly in an index. Annual withdrawals are $25,000 increased by 3% annually for inflation. Diversified portfolio is rebalanced annually. A diversified portfolio outpaced bonds with far less volatility. Annual withdrawal: $25,000 $508,236 Jan $789,994 Dec. 2012

| 18 EO /13 Diversify across opportunities Past performance does not indicate future results. Indexes are unmanaged and show broad market performance. It is not possible to invest directly in an index. Highest return Lowest return U.S. Small-Cap Growth Stocks | Russell 2000 Growth IndexInternational stocks | MSCI EAFE Index U.S. Large-Cap Growth Stocks | Russell 1000 Growth IndexU.S. Bonds | Barclays U.S. Aggregate Bond Index U.S. Small-Cap Value Stocks | Russell 2000 Value IndexCash | BofA Merrill Lynch U.S. 3-Month Treasury Bill Index U.S. Large-Cap Value Stocks | Russell 1000 Value Index Changes in market performance, 1992–2012

| 19 EO /13 Small-Cap Growth Stocks are represented by the Russell 2000 Growth Index, which is an unmanaged index of those companies in the Russell 2000 Index chosen for their growth orientation. Large-Cap Growth Stocks are represented by the Russell 1000 Growth Index, which is an unmanaged index of capitalization-weighted stocks chosen for their growth orientation. Small-Cap Value Stocks are represented by the Russell 2000 Value Index, which is an unmanaged index of those companies in the Russell 2000 Index chosen for their value orientation. Large-Cap Value Stocks are represented by the Russell 1000 Value Index, which is an unmanaged index of capitalization-weighted stocks chosen for their value orientation. International Stocks are represented by the MSCI EAFE Index, which is an unmanaged index of international stocks from Europe, Australasia, and the Far East. U.S. Bonds are represented by the Barclays U.S. Aggregate Bond Index, which is an unmanaged index used as a general measure of fixed-income securities. Cash is represented by the Bank of America Merrill Lynch U.S. 3-Month Treasury Bill Index, which is an unmanaged index used as a general measure for money market or cash instruments.

| 20 EO /13 Active rebalancing Stocks Bonds Balanced portfolio Out-of- balance portfolio Stocks are represented by the S&P 500 Index and bonds by the Barclays U.S. Aggregate Bond Index. Indexes are unmanaged and represent broad market performance. It is not possible to invest directly in an index. Data is historical. Past performance is not a guarantee of future results. Diversification and rebalancing will not necessarily prevent you from losing money; however, they may reduce volatility and potentially limit downside losses. Without rebalancing: The market controls asset allocation 29% % 67% 71%

| 21 EO /13 Active rebalancing Stocks Bonds Balanced portfolio Stocks are represented by the S&P 500 Index and bonds by the Barclays U.S. Aggregate Bond Index. Indexes are unmanaged and represent broad market performance. It is not possible to invest directly in an index. Data is historical. Past performance is not a guarantee of future results. Diversification and rebalancing will not necessarily prevent you from losing money; however, they may reduce volatility and potentially limit downside losses. With rebalancing: Asset allocation remains consistent 67% 33% 57% 43% 67% 33% 67% 33% Balanced portfolio

| 22 EO /13 Putnam Dynamic Asset Allocation Funds Asset class diversification Global investment perspective Active rebalancing Individual security selection EO /13

| 23 EO /13 Consider these risks before investing: Putnam Dynamic Asset Allocation Funds can invest in international investments, which involve risks such as currency fluctuations, economic instability, and political developments. The funds invest some or all of their assets in small and/or midsize companies. Such investments increase the risk of greater price fluctuations. The use of derivatives involves special risks and may result in losses. The funds can also have a significant portion of their holdings in bonds. Mutual funds that invest in bonds are subject to certain risks including interest-rate risk, credit risk, and inflation risk. As interest rates rise, the prices of bonds fall. Long-term bonds have more exposure to interest-rate risk than short-term bonds. Lower-rated bonds may offer higher yields in return for more risk. Unlike bonds, funds that invest in bonds have ongoing fees and expenses.

| 24 EO /13 Putnam ’ s three diversified funds Choices for investors with different objectives Amount allocated to stocks Amount allocated to bonds Growth Fund Balanced Fund Conservative Fund

| 25 EO /13 How long will your savings last? This example assumed a 95% probability rate. These hypothetical illustrations are based on rolling historical time period analysis and do not account for the effect of taxes, nor do they represent the performance of any Putnam fund or product, which will fluctuate. These illustrations use the historical rolling periods from 1926 to 2010 of stocks (as represented by an S&P 500 composite), bonds (as represented by a 20-year long-term government bond (50%) and a 20-year corporate bond (50%)), and cash (U.S. 30-day T-bills) to determine how long a portfolio would have lasted given various withdrawal rates. A one-year rolling average is used to calculate performance of the 20-year bonds. Past performance is not a guarantee of future results. The S&P 500 Index is an unmanaged index of common stock performance. You cannot invest directly in an index. Years Percentage of your portfolio ’ s original balance withdrawn each year It depends on how much you withdraw each year. 10% will last 10 years 9% will last 11 years 4% will last 37 years 5% will last 22 years 6% will last 17 years 7% will last 14 years 8% will last 12 years 3% will last 50 + years

| 26 EO /13 Put your plan into action Understand your investment challenges and consider how they may impact your retirement Develop an effective retirement plan to determine what you can do today to ensure you ’ ll have the income you ’ ll need later on

| 27 EO /13 Prepare for the unexpected Life events – Family and home emergencies – Change in health – Change in career or income – Divorce or death of a spouse Estate planning

| 28 EO /13 Work with a financial advisor Be actively engaged in the management of your money and review your financial plan regularly

| 29 EO /13 A BALANCED APPROACH A WORLD OF INVESTING A COMMITMENT TO EXCELLENCE | 29 EO /13

| 30 EO /13 Investors should carefully consider the investment objectives, risks, charges, and expenses of a fund before investing. For a prospectus, or a summary prospectus if available, containing this and other information for any Putnam fund or product, call your financial representative or call Putnam at Please read the prospectus carefully before investing. Putnam Retail Management putnam.com

| 31 EO /13