December 18, 2003

The Putnam Funds
One Post Office Square
Boston, MA 02109

Re: Letter of Indemnity

Ladies and Gentlemen:

Reference is made to the administrative proceedings (the "Administrative
Proceedings") commenced on October 28, 2003 against Putnam Investment
Management LLC ("Putnam") by the Securities and Exchange Commission and
by the Massachusetts Securities Division alleging various matters
related to market timing or other improper trading activity in Putnam
Fund shares.  Putnam serves as investment manager for each of the Putnam
Funds (the "Funds") pursuant to Management Contracts which are subject
to termination by the Funds on 60 days notice.  Putnam is an indirect
wholly-owned subsidiary of Putnam Investments LLC, which is in turn an
indirect majority-owned subsidiary of March & McLennan Companies Inc.

Whereas the independent trustees of the Funds have undertaken various
investigations of the matters alleged in the Administrative Proceedings;
and

Whereas these matters and related matters (such as the fair valuation of
portfolio holdings, the disclosure of portfolio holdings and prospectus
disclosures related to the foregoing) may be the basis of further
regulatory actions involving or potentially affecting the Funds or
Putnam;

Whereas these matters and related matters are the basis in whole or in
part for numerous private actions brought by shareholders of the Funds,
in many cases as purported class actions or derivative actions,
variously against the Funds, their Trustees and officers, Putnam and
certain other parties (the "Private Litigation"); and

Whereas these matters and related matters may be the basis for further
private actions against the Funds, their Trustees and officers;

In consideration of the continuation of the current Management Contract
and other contractual and financial arrangements between each Fund and
Putnam and its affiliates, Putnam hereby agrees to indemnify and hold
harmless each of the Funds against any and all loss, damage, liability
and expense, including reasonable fees and expenses of counsel, arising
out of the matters alleged in the Administrative Proceedings, the
Private Litigation or any proceedings or actions that may be threatened
or commenced in the future by any person (including any regulatory
authority) arising out of matters reasonably related to the foregoing
matters, including without limitation:

(i) all legal and other expenses incurred by the Funds in connection
with investigations undertaken by the independent Trustees;

(ii) all legal and other expenses incurred by the Funds in connection
with any such proceedings or actions, including without limitation
expenses related to the defense of any such proceedings or actions,
compliance with disclosure requirements related to the foregoing and any
special communications to Fund shareholders;

(iii) all liabilities and expenses incurred by the Funds in connection
with any judgment resulting from, or settlement of, any such proceedings
or actions; and

(iv) all liabilities and expenses incurred by the Funds under the
provisions of the Agreement and Declaration of Trust of any Fund
providing for indemnification of trustees and officers.

The Funds will use their best efforts to notify Putnam of any proceedings
or actions commenced against them or against their Trustees or officers,
but the failure to provide such notification shall not relieve Putnam of
any liability or obligation hereunder.  The Funds shall be entitled to
defend any such proceedings or action against them using counsel of their
choosing.  Putnam shall be entitled, at its expense, to participate in the
defense of any such proceedings or actions against the Funds and shall be
entitled to defend any such proceedings or actions against Putnam, in each
case using counsel of their choosing.  The Funds will not enter into any
settlement of any such proceeding or action without the consent of Putnam
which consent shall not be unreasonably withheld.

In the event that the foregoing indemnification shall be unavailable to
any Fund, then Putnam hereby agrees to contribute to the amount paid or
payable by a Fund as a result of any loss, damage, liability or expense
in such proportion as is appropriate to reflect the relative fault of
Putnam and such Fund with respect to the matters which resulted in such
loss, damage, liability or expense, as well as any other relevant
equitable considerations.

To the extent Putnam or MMC makes a payment under this indemnity
agreement, Putnam or MMC may seek reimbursement for such payment under any
applicable policies of insurance.

The foregoing undertakings by Putnam shall survive the termination of
any of the aforesaid Management Contracts.

Please acknowledge your receipt and acceptance of the foregoing by
signing the enclosed copy of this letter in the space provided below.

Very truly yours,

Putnam Investment Management LLC

By -----------------------------


The foregoing undertakings are hereby accepted:

The Putnam Funds

By -----------------------------


                             GUARANTY

For good and valuable consideration, the receipt of which is hereby
acknowledged, Marsh & McLennan Companies, Inc. hereby absolutely,
unconditionally and irrevocably guarantees the payment by Putnam when
due of all sums payable by it under this Agreement.

IN WITNESS WHEREOF, it has caused this Guaranty to be executed by its
officers hereunto duly authorized as of the day and year first written
above.

                                      Marsh & McLennan Companies, Inc.

                                      By -----------------------------