SubManagement Contract between Putnam Investment Management, LLC and Putnam Investments Limited dated February 27, 2014; Schedule A amended as of March 24, 2016 Incorporated by reference to PostEffective Amendment No. 165 to the Registrants...

SubManagement Contract between ▇▇▇▇▇▇ Investment Management, LLC
and ▇▇▇▇▇▇ Investments Limited dated February 27, 2014; Schedule
A amended as of March 24, 2016 Incorporated by reference to
PostEffective Amendment No. 165 to the Registrants Registration
Statement filed on March 25, 2016.