May 23, 2018 

Putnam Absolute Return 500 Fund 

Putnam Funds Trust 

One Post Office Square 

Boston, Massachusetts 02109 

Putnam Absolute Return 700 Fund 

Putnam Funds Trust 

One Post Office Square 

Boston, Massachusetts 02109 

Ladies and Gentlemen:

We hereby consent to the filing, as an exhibit to your Post-Effective Amendment No. 1 to your Registration Statement on Form N-14 (File Nos. 333-222933; 811-07513), of our opinion, dated April 27, 2018, addressed to you as to certain tax matters related to the acquisition of the assets of Putnam Absolute Return 500 Fund by Putnam Absolute Return 700 Fund.

Very truly yours, 

/s/ Ropes & Gray LLP