Company: PIM
Filing Date: 2025-12-01
Form Type: N-CSR
Source: 0001133228-25-012988
Chunk: 243

Company: PUTNAM MASTER INTERMEDIATE INCOME TRUST
Filing Date: 2025-12-01
Form: N-CSR
Chunk 243
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 included in the agenda Putnam will vote on a case-by-case 
 basis when there are more candidates than seats. Additionally, Putnam will vote against such nominees when there is insufficient   
 information disclosed.                                                                                                             |

| Ø | Putnam Investments’ policies regarding the provision of professional services and transactional relationship with regard to 
 directors will apply.                                                                                                       |

| Ø | Putnam will vote for independent nominees for alternate director, unless such nominees do not meet Putnam’s individual 
 director standards.                                                                                                    |

Shareholder nominated directors/self-nominated directors

| Ø | Putnam will vote against shareholder nominees if Putnam supports the board of directors. |

| Ø | Putnam will vote on a case-by case basis if Putnam will be voting against the current board. |

| Ø | Putnam will vote on a case-by-case basis if the proposal regarding a self-nominated/shareholder nominated director nominee would add 
 an additional seat to the board if the nominee is approved.                                                                          |

Other Business Matters

Japan

| A. | Article Amendments |

| Ø | The Japanese Companies Act gives companies the option to adopt a U.S.-Style corporate structure (i.e., a board of directors and audit,       
 nominating, and compensation committees). Putnam will vote for proposals to amend a company’s articles of incorporation                      
 to adopt the U.S.-Style “Board with Committees” structure. However, the independence of the outside directors is critical                    
 to effective corporate governance under this new system. Putnam will, therefore, scrutinize the backgrounds of the outside director nominees 
 at such companies, and will vote against the amendment where Putnam believes the board lacks the necessary level of independence             
 from the company or a substantial shareholder.                                                                                               |

| Ø | Putnam will vote on a case-by-case basis on granting the board the authority to repurchase shares at its discretion. |

| Ø | Putnam will vote against amendments to delete a requirement directing the company to reduce authorized capital by the                    
 number of treasury shares cancelled. If issued share capital decreases while authorized capital remains unchanged, then the company will 
 have greater leeway to issue new shares (for example as a private placement or a takeover defense).                                      |

| Ø | Putnam will vote against proposals to authorize appointment of special directors. Under the new Corporate Law, companies                   
 are allowed to appoint, from among their directors, “special directors” who will be authorized to make decisions regarding                 
 the purchase or sale of important assets and major borrowing or lending, on condition that the board has