Company: PPT
Filing Date: 2025-09-26
Form Type: N-CSR
Source: 0001133228-25-010195
Chunk: 234

Company: PUTNAM PREMIER INCOME TRUST
Filing Date: 2025-09-26
Form: N-CSR
Chunk 234
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 votes from the entire board of directors
if:

| • | For large companies (i.e., those with assets of at least KRW 2 trillion); the board does not have at least three independent directors 
 or less than a majority of directors are independent directors,                                                                        |

| • | For small companies (i.e., those with assets of less than KRW 2 trillion), fewer than one-fourth of the directors are independent directors, |

| • | The board has not established a nominating committee with at least half of the members being outside directors, or |

| • | the board has not established an audit committee composed of at least three members and in which at least two-thirds of its members are 
 independent directors.                                                                                                                  |

For purposes of these guidelines, an “outside director”
is a director who is independent from the management or controlling shareholders of the company and holds no interests that might impair
performing his or her duties impartially from the company, management or controlling shareholder. In determining whether a director is
an outside director, Putnam will also apply the standards included in Article 382 of the Korean Commercial Act,i.e., no employment
relationship with the company for a period of two years before serving on the committee, no director or employment relationship with the
company’s largest shareholder, etc.) and may consider other business relationships that would affect the independence of an outside
director.

| Ø | Putnam will generally vote for proposals to amend the Executive Officer Retirement Allowance Policy unless the recipients             
 of the grants include non-executives; the proposal would have a negative impact on shareholders, or the proposal appear to be outside 
 of normal market practice, in which case Putnam will vote against.                                                                    |

Malaysia

| Ø | Putnam will vote against the entire board of directors if: |

| • | less than 50% of the directors are independent directors, or less than a majority of the directors are independent directors for large 
 companies,                                                                                                                             |

| • | the board has not established an audit committee with all members being independent directors, including the committee chair, |

| • | the board has not established a nominating committee with all members being non-executive directors, a majority of whom are independent, 
 including the committee chair; the board chair should not serve as a member of the nomination committee, or                              |

| • | the board has not established a compensation committee with all members being non-executive directors, a majority of whom are independent; 
 the board chair should not serve