PPT Putnam Premier Income Trust

Please replace the release dated May 18, 2009 with the following corrected version due to multiple revisions.

The corrected release reads:

PUTNAM ANNOUNCES DIVIDEND RATES FOR OPEN-END FUNDS

The Trustees of The Putnam Funds declared the following distributions at a meeting held today.

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RECORD

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PAYMENT

FUND NAME AND DISTRIBUTIONS

DATE

DATE

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Putnam American Government Income Fund � Class B Shares (PAMBX)

$ 0.0270 per share investment income 5/18/09 5/20/09 �

Putnam American Government Income Fund � Class C Shares (pending)

$ 0.0280 per share investment income 5/18/09 5/20/09 �

Putnam American Government Income Fund � Class M Shares (PAMMX)

$ 0.0310 per share investment income 5/18/09 5/20/09 �

Putnam American Government Income Fund � Class R Shares (PAMRX)

$ 0.0320 per share investment income 5/18/09 5/20/09 �

Putnam American Government Income Fund � Class Y Shares (pending)

$ 0.0350 per share investment income 5/18/09 5/20/09 �

Putnam Asset Allocation Conservative Fund � Class B Shares (PACBX)

$ 0.0190 per share investment income 5/18/09 5/20/09 �

Putnam Asset Allocation Conservative Fund � Class C Shares (PACCX)

$ 0.0190 per share investment income 5/18/09 5/20/09 �

Putnam Asset Allocation Conservative Fund � Class M Shares (PACMX)

$ 0.0210 per share investment income 5/18/09 5/20/09 �

Putnam Asset Allocation Conservative Fund � Class R Shares (PACRX)

$ 0.0220 per share investment income 5/18/09 5/20/09 �

Putnam Asset Allocation Conservative Fund � Class Y Shares (PACYX)

$ 0.0260 per share investment income 5/18/09 5/20/09