Company: PIM
Filing Date: 2025-12-01
Form Type: N-CSR
Source: 0001133228-25-012988
Chunk: 246

Company: PUTNAM MASTER INTERMEDIATE INCOME TRUST
Filing Date: 2025-12-01
Form: N-CSR
Chunk 246
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 all vacant seats. |

| Ø | Putnam may generally vote against proposals seeking an increase in authorized capital that leaves the company with as                         
 little as 25 percent of the authorized capital outstanding (general request). However, such proposals will be evaluated on a company specific 
 basis, taking into consideration such factors as current authorization outstanding, existence (or lack thereof) of preemptive rights and      
 rationale for the increase.                                                                                                                   |

| Ø | Putnam will vote for corporate split agreement and transfer of sales operations to newly created wholly-owned subsidiaries        
 where the transaction is a purely internal one which does not affect shareholders’ ownership interests in the various operations. 
 All other proposals will be referred back to Putnam for case-by-case review. These reorganizations usually accompany the          
 switch to a holding company structure, but may be used in other contexts.                                                         |

United Kingdom

| Ø | Putnam will not apply the U.S. standard 15% discount cap for employee share purchase schemes at U.K. companies. As such, Putnam will 
 generally vote for ‘Save-As-You-Earn’ schemes in the U.K which allow for no more than a 20% purchase discount,                       
 and which otherwise comply with U.K. law and Putnam standards.                                                                       |

France

| Ø | Putnam will not apply the U.S. standard 15% discount cap for employee share purchase schemes at French companies. As such, Putnam           
 will generally vote for employee share purchase schemes in France that allow for no greater than a 30% purchase discount,                   
 or 40% purchase discount if the vesting period is equal to or greater than ten years, and which otherwise comply with French law and Putnam 
 standards.                                                                                                                                  |

| Ø | Putnam will generally vote for the Remuneration Report (established based on SRD II), however Putnam will vote on a                     
 case-by-case basis when Putnam is voting against both the ex-Post Remuneration Report (CEO) and ex-Ante Remuneration Policy             
 (CEO, or proposal including CEO remuneration package) in the current year, and Putnam’s third party service provider(s) is recommending 
 a vote against.                                                                                                                         |

Canada

| Ø | Putnam will generally vote for Advance Notice provisions for submitting director nominations not less than 30 days prior                  
 to the date of the annual meeting. For Advance Notice provisions where the minimum number of days to submit a shareholder nominee is less 
 than 30 days prior to the meeting date