Company: PIM
Filing Date: 2025-12-01
Form Type: N-CSR
Source: 0001133228-25-012988
Chunk: 237

Company: PUTNAM MASTER INTERMEDIATE INCOME TRUST
Filing Date: 2025-12-01
Form: N-CSR
Chunk 237
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 will not apply |

| Ø | Putnam will vote on a case-by-case on nominees when there are more nominees than seats available. |

Italy

Election of directors and statutory auditors:

| Ø | Putnam will apply the director guidelines to the majority shareholder supported list and vote accordingly (for or against)                   
 if multiple lists of director candidates are presented. If there is no majority shareholder supported slate of nominees, Putnam will support 
 the shareholder slate of nominees that is recommended for approval by Putnam’s service provider.                                             |

| Ø | Putnam will vote against the entire list of director nominees if the list is bundled as one proposal and if Putnam would 
 otherwise be voting against any one director nominee.                                                                    |

| Ø | Putnam will generally vote for the majority shareholder supported list of statutory auditor nominees. |

Note: Pursuant to Italian law, directors and statutory auditors are elected
through a slate voting system whereby candidates are presented in lists submitted by shareholders representing a minimum percentage of
share capital.

| Ø | Putnam will withhold votes from any director not identified in the proxy materials. (Example: Co-opted director nominees.) |

Japan

| Ø | For companies that have established a U.S.-style corporate governance structure, Putnam will withhold votes from the 
 entire board of directors if:                                                                                        |

| • | the board does not have a majority of outside directors, |

| • | the board has not established nominating and compensation committees composed of a majority of outside directors, |

| • | the board has not established an audit committee composed of a majority of independent directors, or |

| • | the board does not have at least two independent directors for companies with a controlling shareholder. |

| Ø | For companies that have established a statutory auditor board structure: |

| • | Putnam will withhold votes from the appointment of members of a company’s board of statutory auditors if a majority 
 of the members of the board of statutory auditors is not independent.                                               |

| Ø | For companies that have established a statutory auditor board structure, Putnam will withhold votes from the entire 
 board of directors if:                                                                                              |

| • | the board does not have at least two outside directors, or |

| • | the board does not have at least two independent directors for companies with a controlling shareholder. |

| • | Putnam will vote against any statutory auditor nominee who attends fewer than 75% of board and committee meeting without            
 valid reasons for the absences (i.e., illness, personal