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Australia: Prepared for use with wholesale investors in Australia by Putnam Investments Australia Pty Limited, ABN,50 105 178 916, AFSL No. 247032. This material has been prepared without taking account of an investor's objectives, financial situation, and needs. Before deciding to invest, investors should consider whether an investment is appropriate for them.
Canada: Prepared for use in Canada by Putnam Investments Inc. [Investissements Putnam Inc.] (o/a/ Putnam Management in Manitoba). Where permitted, advisory services are provided in Canada by Putnam Investments Inc. [Investissements Putnam Inc.] (o/a Putnam Management in Manitoba) and its affiliate, The Putnam Advisory Company, LLC. This material is directed exclusively at institutional investors.
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