Company: PPT
Filing Date: 2025-09-26
Form Type: N-CSR
Source: 0001133228-25-010195
Chunk: 231

Company: PUTNAM PREMIER INCOME TRUST
Filing Date: 2025-09-26
Form: N-CSR
Chunk 231
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y)

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

| • | fewer than a majority of the directors are independent directors, or |

| • | the board has not established audit, nominating and compensation committees each composed of a majority of independent directors. |

Commentary: An “independent director” under the
European Commission’s guidelines is one who is free of any business, family or other relationship, with the company, its controlling
shareholder or the management of either, that creates a conflict of interest such as to impair his judgment. A “non-executive director”
is one who is not engaged in the daily management of the company.

In France, Employee Representatives are employed by the company and represent
rank and file employees. These representatives are elected by company employees. The law also provides for the appointment of employee
shareholder representatives, if the employee shareholdings exceed 3% of the share capital. Employee shareholder representatives are elected
by the company’s shareholders (via general meeting).

Germany

| Ø | For companies subject to “co-determination,” Putnam will vote for the election of nominees to the supervisory 
 board, except:                                                                                                |

| Ø | Putnam will vote against the Supervisory Board if |

| Ø | the board has not established an audit committee comprising an Independent chair. |

| Ø | the audit committee chair serves as board chair. |

| Ø | the board contains more than two former management board members. |

| Ø | Putnam will vote against the election of a former member of the company’s managerial board to chair of the supervisory 
 board.                                                                                                                 |

: German corporate governance is characterized by a two-tier
board system - a managerial board composed of the company’s executive officers, and a supervisory board. The supervisory board appoints
the members of the managerial board. Shareholders elect members of the supervisory board, except that in the case of companies with a
large number of employees, company employees are allowed to elect some of the supervisory board members (one-half of supervisory board
members are elected by company employees at companies with more than 2,000 employees; one-third of the supervisory board members are elected
by company employees at companies with more than 500 employees but fewer than 2,000). This practice is known as co-determination.

Israel

Non-Controlled Banks: Director elections at Non-Controlled
banks are overseen by the Supervisor of the Banks and nominees for election as “other”