Putnam High Yield Trust Fund Sample Contracts

PUTNAM FUNDS AMENDED AND RESTATED SUB-MANAGEMENT CONTRACT
Putnam Funds • May 24th, 2006 • Putnam High Yield Trust Fund

Amended and Restated Sub-Management Contract dated as of January 1, 2006 between PUTNAM INVESTMENT MANAGEMENT, LLC, a Delaware limited liability company (the "Manager") and PUTNAM INVESTMENTS LIMITED, a company organized under the laws of England and Wales (the "Sub-Manager"), amending and restating in its entirety that certain Sub-Management Contract dated as of September 13, 2004, as amended (the “Prior Agreement”), between the Manager and the Sub-Manager.

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