Company: PIM
Filing Date: 2025-03-10
Form Type: DEF 14A
Source: 0000928816-25-000374
Chunk: 22

Company: PUTNAM MASTER INTERMEDIATE INCOME TRUST
Filing Date: 2025-03-10
Form: DEF 14A
Chunk 22
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 May
17, 2024.

(5) Includes additional compensation to Mr. Putnam for service as
Chair of the Contract Committee.

(6) Includes additional compensation to Mr. Singh for service as
Chair of the Audit, Compliance and Risk Committee.

(7) Mr. Reynolds and Ms. Trust are "interested persons"
of the funds and Franklin Advisers.

What is the voting requirement for electing Trustees?

For Putnam Managed Municipal Income Trust and Putnam Municipal
Opportunities Trust, if a quorum of preferred shares is present at the annual meeting, the two nominees for election as Trustees by the
holders of the preferred shares, voting as a separate class, who receive the greatest number of affirmative votes cast by holders of the
preferred shares will be elected Trustees. If a quorum of common and preferred shares is present, the applicable number of nominees for
election as Trustees by the holders of the preferred shares and common shares, voting together as a single class, who receive the greatest
number of affirmative votes cast by the holders of the preferred shares and common shares, voting together as a single class, will be
elected as Trustees.

For Putnam Master Intermediate Income Trust and Putnam Premier
Income Trust, if a quorum is present at the annual meeting, the applicable number of nominees for election as Trustees who receive the
greatest number of affirmative votes cast by shareholders will be elected as Trustees.

The current Trustees unanimously recommend that shareholders vote “FOR” the election of your fund’s nominees.

Further Information About Voting and the Annual Meeting

Location.As part of our effort to maintain a safe and healthy
environment at the annual meeting, each fund and the current Trustees closely monitor statements issued by the Centers for Disease Control
and Prevention (cdc.gov). For that reason, the current Trustees reserve the right to reconsider the date, time and/or means of convening
your fund’s meeting. Subject to any restrictions imposed by applicable law, the Trustees may choose to conduct the meeting solely
by means of remote communications, or may hold a “hybrid” meeting where some participants attend in person and others attend
by means of remote communications. If the current Trustees choose to change the date, time and/or means of convening your fund’s
meeting, the fund will announce the decision to do so in advance, and details on how to participate will be issued by press release and
filed with the SEC as additional proxy material. Attendees are also encouraged to review guidance from public health authorities on this