| 1EO013 280390 3/13

Not FDIC Insured

May Lose Value

No Bank Guarantee

| 2EO013 280390 3/13

A strong foundation

Source: Bureau of Labor Statistics, Women in the Labor Force: A Databook, 2011.

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%

| 3EO013 280390 3/13

The challenges

• Earnings (still) tend to be lower overall

• Likely to live longer

• Often in the role of caregiver

• Investment behavior is more cautious

| 4EO013 280390 3/13

Receiving lower overall pay

Sources: National Committee on Pay Equity, 2011; The WAGE Project, 2013.

Today

Women are

paid 77 cents for every dollar earned by a man

At retirement

This estimated wage gapcould cost the averagefull-time woman worker

$700,000 to$2 million over thecourse of her work life

| 5EO013 280390 3/13

Enjoying a long retirement

Source: Social Security Administration, 2012.

Health-care costs will outpace therate 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

| 6EO013 280390 3/13

Taking care of others

Source: U.S. Department of Health and Human Services, Office on Women’s Health, July 2012.

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

| 7EO013 280390 3/13

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 tooconservative cannegatively affectyour retirementsavings goals

| 8EO013 280390 3/13

Strategies to move your retirement planin the right direction

| 9EO013 280390 3/13

Will you need more incomein retirement?

*U.S. Dept. of Labor, 2012 Consumer Expenditure Survey Report (based on 2011 data).**Consumer Price Index, 2013, for the period 1948-2012.

The average household requires $49,705 annually, or $994,100 over 20 years, before inflation*

Long-term inflation averages 3.52% per year**

Expenses

Wealthpreservation

| 10EO013 280390 3/13

Do you know how muchyou’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

| 11EO013 280390 3/13

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 currentannual income is You’ll need to save

$50,000 $890,000

$100,000 $1,800,000

$250,000 $3,600,000

| 12EO013 280390 3/13

Save as much as you can 2013 limit

Your employer’s retirement planBefore-tax contributions, tax-deferred earnings

$17,500Traditional IRABefore-tax contributions (if you qualify), tax-deferred earnings

$5,500

Roth IRAAfter-tax contributions, tax-free withdrawals

$5,500Additional contributions for those age 50 and over

Employer’s retirement plan $5,500

Traditional or Roth IRA$1,000Source: IRS, 2013.

| 13EO013 280390 3/13

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, 2013.

What you canexpect fromSocial Security*

Annual income of full-time worker(age 60)

Single Men

Single Women

| 14EO013 280390 3/13

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.

| 15EO013 280390 3/13

Stocks felt the boom and bust of the 1990s and early 2000s.

$504,181Jan. 1993

$1,264,859

Dec. 2012

Diversification can helplower 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

| 16EO013 280390 3/13

Diversification can helplower 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

$509,588Jan. 1993

$542,427Dec. 2012

| 17EO013 280390 3/13

Diversification can helplower 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: $25,000Annual withdrawal: $25,000

$508,236Jan. 1993

$789,994Dec. 2012

| 18EO013 280390 3/13

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.

Highestreturn

Lowestreturn

1992

1994

1996

1998

2000

2002

2004

2006

2008

2010

2012

U.S. Small-Cap Growth Stocks | Russell 2000 Growth Index International stocks | MSCI EAFE IndexU.S. Large-Cap Growth Stocks | Russell 1000 Growth Index U.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

| 20EO013 280390 3/13

Active rebalancing

Stocks

Bonds

Balancedportfolio

Out-of-balanceportfolio

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%

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

33%

67% 71%

| 21EO013 280390 3/13

Active rebalancing

Stocks

Bonds

Balancedportfolio

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%Balancedportfolio

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

| 22EO013 280390 3/13

Putnam Dynamic Asset Allocation Funds

• Asset class diversification

• Global investment perspective

• Active rebalancing

• Individual security selection

EO013 280390 3/13

| 24EO013 280390 3/13

80%

20%

60%

40%30%

70%

Putnam’s three diversified fundsChoices for investors with different objectives

Amount allocated to

stocks

Amount allocated to

bonds

GrowthFund

BalancedFund

ConservativeFund

| 25EO013 280390 3/13

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.

0

10

20

30

40

50

Years

Percentage of your portfolio’s original balance withdrawn each year

It depends on how much you withdraw each year.

10%will last10

years

9%will last11year

s

4%will last

37 years

5%will last22

years

6%will last17

years

7%will last14

years

8%will last12

years

3%will last

50+ years

| 26EO013 280390 3/13

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

| 27EO013 280390 3/13

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

| 28EO013 280390 3/13

Work with a financial advisor

• Be actively engaged in the management of your money and review your financial plan regularly

| 29EO013 280390 3/13

A BALANCED APPROACH

A WORLD OF INVESTING

A COMMITMENT TO EXCELLENCE

| 29EO013 280390 3/13

| 30EO013 280390 3/13

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 at1-800-225-1581. Please read the prospectus carefully before investing.

Putnam Retail Management putnam.com

| 31EO013 280390 3/13