EX-99

Regulatory matters and litigation

Putnam Management has entered into agreements with the Securities
and Exchange Commission and the Massachusetts Securities Division
settling charges connected with excessive short term trading by
Putnam employees and, in the case of the charges brought by the
Massachusetts Securities Division, by participants in some Putnam
administered 401(k) plans.  Pursuant to these settlement
agreements, Putnam Management will pay a total of $193.5 million
in penalties and restitution, with $153.5 million being paid to
certain open end funds and their shareholders. The amount will be
allocated to shareholders and funds pursuant to a plan developed
by an independent consultant, and will be paid following approval
of the plan by the SEC and the Massachusetts Securities Division.

The Securities and Exchange Commissions and Massachusetts
Securities Divisions allegations and related matters also serve
as the general basis for numerous lawsuits, including purported
class action lawsuits filed against Putnam Management and certain
related parties, including certain Putnam funds.  Putnam
Management will bear any costs incurred by Putnam funds in
connection with these lawsuits.  Putnam Management believes that
the likelihood that the pending private lawsuits and purported
class action lawsuits will have a material adverse financial
impact on the fund is remote, and the pending actions are not
likely to materially affect its ability to provide investment
management services to its clients, including the Putnam funds.

Pursuant to a settlement with the Securities and Exchange
Commission relating to Putnam Managements brokerage allocation
practices, on October 13, 2005 the fund received $1,120,592 in
proceeds paid by Putnam Management.  The fund had accrued a
receivable for this amount in the prior fiscal year.

Putnam Investments has recorded a charge of $30 million for the
estimated cost, excluding interest, that it believes will be
necessary to address issues relating to the calculation of
certain amounts paid by the Putnam mutual funds in previous
years.  The previous payments were cost reimbursements by the
Putnam funds to Putnam for transfer agent services relating to
defined contribution operations.  Putnam currently anticipates
that any payments made by Putnam related to this issue will be
paid to the Putnam funds. Review of this issue is ongoing.

Putnam Management and Putnam Retail Management are named as
defendants in a civil suit in which the plaintiffs allege that
the management and distribution fees paid by certain Putnam funds
were excessive and seek recovery under the Investment Company Act
of 1940.  Putnam Management and Putnam Retail Management have
contested the plaintiffs claims and the matter is currently
pending in the U.S. District Court for the District of
Massachusetts.  Based on currently available information, Putnam
Management believes that this action is without merit and that it
is unlikely to have a material effect on Putnam Managements and
Putnam Retail Managements ability to provide services to their
clients, including the fund.

EX-99

Putnam International Equity Fund, 12/31/05, Semiannual Report

Because the electronic format for filing Form N SAR does not
provide adequate space for responding to certain items correctly,
the correct answers are as follows:

53A For the period ended December 31, 2005, Putnam Management has
assumed $49,367 of legal, shareholder servicing and
communication, audit and Trustee fees incurred by the fund in
connection with certain legal and regulatory matters.

72DD1 	Class A	66,522
		Class B	16,227
		Class C	 3,357

72DD2	Class M	 1,333
		Class R	    30
		Class y	26,171

73A1		Class A	0.528
		Class B	0.319
		Class C	0.328

73A2		Class M	0.389
		Class R	0.500
		Class Y	0.593

74U1		Class A	127,920
		Class B	 50,650
		Class C	 10,297

74U2		Class M	  3,436
		Class R	     63
		Class Y	 45,045

74V1		Class A	26.13
		Class B	25.22
		Class C	25.71

74V2		Class M	25.77
		Class R	25.98
		Class Y	26.29


Additional Information About Errors and Omissions Policy Item 85B

While no claims with respect to the Registrant/Series were filed
under such policy during the period, requests under such policy
for reimbursement of legal expenses and costs arising out of
claims of market timing activity in the Putnam Funds have been
submitted by the investment manager of the Registrant/Series.