Company: PIM
Filing Date: 2025-03-10
Form Type: DEF 14A
Source: 0000928816-25-000374
Chunk: 15

Company: PUTNAM MASTER INTERMEDIATE INCOME TRUST
Filing Date: 2025-03-10
Form: DEF 14A
Chunk 15
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 character and integrity of the person; and |

| • |     | whether or not the selection and nomination of the person would be consistent with the requirements of the fund’s retirement policies. |

Pricing and Valuation Committee. The fund’s Pricing
and Valuation Committee will be composed of all of the Independent Trustees. The principal function of the Pricing and Valuation Committee
will be to assist the Board with its oversight of the process for valuing portfolio securities in light of applicable law, regulatory
guidance and applicable policies and procedures adopted by the fund.

Compensation Committee. The fund’s Compensation Committee
will be composed entirely of all of the Independent Trustees. The principal function of the Compensation Committee will be to recommend
the appropriate compensation of the Independent Directors for their service on the Board and the committees of the Board. The Compensation
Committee will operate under a written charter adopted and approved by the Board, a copy of which will be available on the fund’s
website at www.franklintempleton.com/investments/options/closed-end-funds and click on the name of the fund.

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Risk Oversight. The Board’s role in risk oversight
of the fund reflects its responsibility under applicable state law to oversee generally, rather than to manage, the operations of the
fund. In line with this oversight responsibility, the Board will receive reports and make inquiries at its regular meetings and as needed
regarding the nature and extent of significant fund risks (including investment, compliance and valuation risks) that potentially could
have a materially adverse impact on the business operations, investment performance or reputation of the fund, but will rely upon the
fund’s management (including the fund’s portfolio managers) and Chief Compliance Officer, who reports directly to the Board,
and Franklin Advisers to assist it in identifying and understanding the nature and extent of such risks and determining whether, and to
what extent, such risks may be eliminated or mitigated. In addition to reports and other information received from fund management and
Franklin Advisers regarding the fund’s investment program and activities, the Board as part of its risk oversight efforts will meet
at its regular meetings and as needed with the fund’s Chief Compliance Officer to discuss, among other things, risk issues and issues
regarding the policies, procedures and controls of the fund. The Board may be assisted in performing aspects of its role in risk oversight
by the Audit Committee and such other standing or special committees as may be established from time to time by the Board. For example,
the Audit