Company: PIM
Filing Date: 2025-03-10
Form Type: DEF 14A
Source: 0000928816-25-000374
Chunk: 11

Company: PUTNAM MASTER INTERMEDIATE INCOME TRUST
Filing Date: 2025-03-10
Form: DEF 14A
Chunk 11
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 | Since 2020, Senior Vice President, Fund Board Management, Franklin Templeton. Since 2015, Officer and/or Trustee/Director of 123 funds associated with Franklin Templeton Fund Advisor, LLC (“FTFA”) or its affiliates, and President and Chief Executive Officer of FTFA. From 2018 to 2020, Senior Managing Director of Legg Mason & Co., LLC (“Legg Mason & Co.”). From 2016 to 2018, Managing Director of Legg Mason & Co. In 2015, Senior Vice President of FTFA. | None. |

The address of each current Trustee is 100 Federal Street,
Boston, MA 02110.

Each current Trustee will serve until the election
and qualification of his or her successor, or until he or she sooner dies, resigns, retires, or is removed.

* Ms. Murphy is the founder, controlling member, and Chief Executive
Officer of Runa Digital Assets, LLC (“RDA”), the investment manager of Runa Digital Partners, LP (“RDP”), a private
investment fund. Ms. Murphy also holds a controlling interest in RDP’s general partner and is a limited partner in RDP. A subsidiary
of Franklin Resources, Inc. (“Franklin Templeton”), and certain individuals employed by Franklin Templeton or its affiliates
have made passive investments as limited partners in RDP (one of whom serves on the advisory board for RDA, which has no governance or
oversight authority over RDA), representing in the aggregate approximately 33% of RDP as of September 30, 2024. In addition, if certain
conditions are met, Franklin Templeton will be entitled to receive a portion of any incentive compensation allocable to RDP’s general
partner. For so long as Franklin Templeton maintains its investment in RDP, Ms. Murphy also has agreed upon request to advise and consult
with Franklin Templeton and its affiliates on the market for digital assets. Ms. Murphy provides similar service to other limited partners
in RDP that request her advice. Ms. Murphy also is entitled to receive deferred cash compensation in connection with her prior employment
by an affiliate of Franklin Templeton, which employment ended at the end of 2021. With regard to Ms. Murphy, the relationships described
above may give rise to a potential conflict of interest with respect to the funds.

** Trustee who is an "interested person" (as defined in
the 1940 Act