Company: PPT
Filing Date: 2025-09-26
Form Type: N-CSR
Source: 0001133228-25-010195
Chunk: 233

Company: PUTNAM PREMIER INCOME TRUST
Filing Date: 2025-09-26
Form: N-CSR
Chunk 233
---
 for companies with a controlling shareholder. |

| • | Putnam will vote against any statutory auditor nominee who attends fewer than 75% of board and committee meeting without            
 valid reasons for the absences (i.e., illness, personal emergency, etc.) (Note that Corporate Law requires disclosure of outsiders’ 
 attendance but not that of insiders, who are presumed to have no more important time commitments.)                                  |

| Ø | For companies that have established an audit committee board structure (one-tier / one committee), Putnam will withhold votes 
 from the entire board of directors if:                                                                                        |

| • | the board does not have at least two outside directors, |

| • | the board does not have at least two independent directors for companies with a controlling shareholder, or |

| • | the board has not established an audit committee composed of a majority of independent directors |

Election of Executive Director and Election of Supervisory Director – REIT

REITs have a unique two-tier board structure with generally one
or more executive directors and two or more supervisory directors. The number of supervisory directors must be greater than, not equal
to, the

number of executive directors. Shareholders are asked to vote on
both types of directors. Putnam will vote as follows, provided each board of executive / supervisory directors meets legal requirements.

| Ø | Putnam will generally vote for the election of Executive Director |

| Ø | Putnam will generally vote for the election of Supervisory Directors |

Definition of outside director and independent director:

The Japanese Companies Act focuses on two director classifications: Insider
or Outsider. An outside director is a director who is not a director, executive, executive director, or employee of the company or its
parent company, subsidiaries or affiliates. Further, a director, executive, executive director or employee, who have executive responsibilities,
of the company or subsidiaries can regain eligibility ten years after his or her resignation, provided certain other requirements are
met. An outside director is designated as an “independent” director based on the Tokyo Stock Exchange listing rules. An outside
director is “independent” if that person can make decisions completely independent from the managers of the company, its parent,
subsidiaries, or affiliates and does not have a material relationship with the company (i.e., major client, trading partner, or other
business relationship; familial relationship with current director or executive; etc.).

The guidelines have incorporated these definitions in applying the board
independence standards above.

Korea

Putnam will withhold