Company: PIM
Filing Date: 2025-12-01
Form Type: N-CSR
Source: 0001133228-25-012988
Chunk: 231

Company: PUTNAM MASTER INTERMEDIATE INCOME TRUST
Filing Date: 2025-12-01
Form: N-CSR
Chunk 231
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-registration. Shares must be re-registered out of the name of the local custodian or nominee into the name of the client 
 for the meeting and, in many cases, then re-registered back. Shares are normally blocked in this period.                          |

| (3) | Powers of Attorney. Detailed documentation from a client must be given to the local sub-custodian. In many cases Putnam is not authorized 
 to deliver this information or sign the relevant documents.                                                                               |

Putnam’s policy is to weigh the benefits to clients from voting in
these jurisdictions against the detriments of not doing so. For example, in a share blocking jurisdiction, it will normally not be in
a client’s interest to freeze shares simply to participate in a non- contested routine meeting. More specifically, Putnam will normally
not vote shares in non-US jurisdictions imposing burdensome proxy voting requirements except in significant votes (such as contested elections
and major corporate transactions) where directed by portfolio managers.

Putnam recognizes that the laws governing non-US issuers will vary
significantly from US law and from jurisdiction to jurisdiction. Accordingly, it may not be possible or even advisable to apply these
guidelines mechanically to non-US issuers. However, Putnam believes that shareholders of all companies are protected by the existence
of a sound corporate governance and disclosure framework. Accordingly, Putnam will vote proxies of non-US issuers in accordance with the foregoing guidelines where applicable, except as follows:

| Ø | Putnam will vote for shareholder proposals calling for a majority of the directors to be independent of management. |

| Ø | Putnam will vote for shareholder proposals that implement corporate governance standards similar to those established                       
 under U.S. federal law and the listing requirements of U.S. stock exchanges, and that do not otherwise violate the laws of the jurisdiction 
 under which the company is incorporated.                                                                                                    |

| Ø | Putnam will vote on a case-by-case basis on proposals relating to (1) the issuance of common stock in excess of 20%              
 of a company’s outstanding common stock where shareholders do not have preemptive rights, or (2) the issuance of common stock in 
 excess of 100% of a company’s outstanding common stock where shareholders have preemptive rights.                                |

| Ø | Putnam will vote for proposals to authorize share repurchase programs that are recommended for approval by Putnam’s              
 proxy voting service provider, otherwise Putnam will vote against such proposals; except that Putnam will vote on a case-by-case