February 13, 2019 

Putnam Global Equity Fund 

100 Federal Street 

Boston, Massachusetts 02110 

Ladies and Gentlemen:

We have acted as counsel to Putnam Global Equity Fund in connection with the Registration Statement of Putnam Global Equity Fund on Form N-14 (the “Registration Statement”), under the Securities Act of 1933, as amended, relating to the proposed combination of Putnam Global Equity Fund with Putnam Global Consumer Fund, Putnam Global Financials Fund, Putnam Global Sector Fund, and Putnam Global Utilities Fund, and the issuance of shares of Putnam Global Equity Fund in connection therewith (the “Shares”), all in accordance with the terms of the Agreement and Plan of Reorganization by and among Putnam Global Equity Fund, Putnam Global Utilities Fund, Putnam Funds Trust, on behalf of its Putnam Global Consumer Fund, Putnam Global Financials Fund, and Putnam Global Sector Fund series, and, with respect to Section 5 only, Putnam Investment Management, LLC (the “Agreement”).

We have examined Putnam Global Equity Fund’s Amended and Restated Agreement and Declaration of Trust on file in the office of the Secretary of The Commonwealth of Massachusetts (the “Agreement and Declaration of Trust”), as well as Putnam Global Equity Fund’s Amended and Restated Bylaws, as amended, and are familiar with the actions taken by the Trustees in connection with the issuance and sale of the Shares. We have also examined such other documents and records as we have deemed necessary for the purposes of this opinion.

Based upon the foregoing, we are of the opinion that:

1. Putnam Global Equity Fund is a duly established and validly existing unincorporated voluntary association with transferable shares of beneficial interest under the laws of The Commonwealth of Massachusetts and is authorized to issue an unlimited number of its shares of beneficial interest.

2. The Shares have been duly authorized and, when issued in accordance with the Agreement, will be validly issued, fully paid, and nonassessable by Putnam Global Equity Fund.

The foregoing opinions are limited to matters arising under the laws of The Commonwealth of Massachusetts.

Putnam Global Equity Fund is an entity of the type commonly known as a “Massachusetts business trust.” Under Massachusetts law, shareholders could, under certain circumstances, be held personally liable for the obligations of Putnam Global Equity Fund. However, the

Agreement and Declaration of Trust disclaims shareholder liability for acts or obligations of Putnam Global Equity Fund and requires that notice of such disclaimer be given in each note, bond, contract, instrument, certificate, or undertaking entered into or executed by Putnam Global Equity Fund or the Trustees. The Agreement and Declaration of Trust provides for indemnification out of the property of Putnam Global Equity Fund for all loss and expense of any shareholder of Putnam Global Equity Fund held personally liable solely by reason of his being or having been a shareholder. Thus, the risk of a shareholder incurring financial loss on account of shareholder liability is limited to circumstances in which Putnam Global Equity Fund itself would be unable to meet its obligations.

We consent to the filing of this opinion as an exhibit to the Registration Statement and to the reference to Ropes & Gray LLP in the statement of additional information constituting a part thereof.

Very truly yours, 

/s/ Ropes & Gray LLP 

Ropes & Gray LLP