TopSource LLC Selects Putnam Investments as Preferred Provider for over 53 Member Companies Representing $5 Billion in DC Assets

Putnam Investments announced that it has entered into an agreement with TopSource LLC to provide full-service retirement plan services to its members. TopSource members include more than 53 retail, wholesale and food industry companies which represent over $125 billion in sales and $5 billion in defined contribution assets.

The services that Putnam Investments will provide include payroll-integrated record-keeping, customized communication, and access to a new suite of participant and plan sponsor websites.

“At TopSource, we worked with our members to aggregate our collective buying power and deliver measurable savings on the highest quality products. Many of our members are looking to improve the retirement plan they offer their own employees while reducing their overall employee benefit costs,” said Dave Picarillo, Senior Vice President, TopSource. “We selected Putnam after a review of many of the leading providers for its superior service model, outstanding communications team and client-dedicated relationship managers. We also valued Putnam’s open architecture investment platform, which will allow each of our members to create an investment offering ideally suited to their employee base.”

“We are pleased that TopSource has selected Putnam Investments to provide services for its members and we look forward to working with many of their members,” said Edmund F. Murphy, III, Managing Director, Head of Defined Contribution, Putnam Investments. In discussing the firm's defined contribution business, Murphy said, “Putnam has significantly bolstered its full service offerings in the past year through the addition of great talent, leading-edge technology, and commitment to innovation and world-class service."

Beginning in March 2009, Putnam expanded the services it offers to retirement plans and developed products to meet the needs of those planning for or already in retirement. Putnam offers a new open-architecture platform that provides flexible and scalable services, state-of-the-art technology and customized plan designs for advisors, consultants and their plan sponsor clients in every segment of the retirement market. Putnam utilizes an open architecture platform that offers access to over 10,000 investment options and qualified default investment alternatives (QDIA) and serves approximately 21,000 retirement plans.

Putnam’s enhanced defined-contribution plan service offering is part of the company’s deepened commitment to the retirement market. Putnam’s President and Chief Executive Officer, Robert L. Reynolds, himself a 30-year retirement industry veteran who has been named among the most influential individuals in the defined-contribution business, has called for sweeping reforms to help meet the nation’s emergent retirement savings challenge.

Under Reynolds leadership, Putnam Investments has focused on strengthening investment performance, industry innovation -- including new products and platforms-- and further development of its retirement products and services. Progress has been demonstrated by an improvement in investment performance across all asset categories, the launch of new products (including the industry’s first suite of target Absolute Return Funds), the revitalization of the firm’s brand, trailblazing new Web-based tools and the use of social media, and an overall strengthening of talent in key roles.

About Putnam Investments

Founded in 1937, Putnam Investments is a leading global money management firm with over 70 years of investment experience. The firm was recently ranked #1 out of 61 fund families based on its funds’ performance during 2009 in a Lipper/Barron’s Fund Families Survey. At the end of February 2010, Putnam had $114 billion in assets under management. Putnam has offices in Boston, London, Frankfurt, Amsterdam, Tokyo, Singapore, and Sydney. For more information, visit putnam.com.

About TopSource LLC

TopSource LLC is a wholly owned subsidiary of Topco Associates LLC, the largest cooperative buying organization in retail food. By applying a structured sourcing process and through spend aggregation, TopSource assists premier grocery, retail and wholesale companies realize significant savings in the area of Not-For-Resale (NFR), often called indirect spend. Across eleven NFR categories, TopSource has saved its customers an average of 18.1% on an annual basis in areas such as store equipment, office products/services, packaging, IT/Telecom, construction, logistics & distribution, marketing, health care, utilities and hired services.

Putnam mutual funds are distributed by Putnam Retail Management.

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