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Dear Shareholder:

We need your immediate attention on this important matter.

We are writing to you for a third time because we have not yet received your vote on proposals that affect your investments in the Putnam funds.

Please vote promptly by returning the enclosed proxy card in the postage-paid return envelope provided, by calling the toll-free number on the card, or online.

Further solicitations will increase the costs borne by all shareholders.

If you have any questions or need more information, please call our proxy information line at 1-866-963-5821 or contact your financial representative.

Sincerely,