Company: PIM
Filing Date: 2025-12-01
Form Type: N-CSR
Source: 0001133228-25-012988
Chunk: 240

Company: PUTNAM MASTER INTERMEDIATE INCOME TRUST
Filing Date: 2025-12-01
Form: N-CSR
Chunk 240
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 board does not have a majority of directors independent
from the company and management. (Sweden, Finland, Norway)

• The board does not have at least two directors independent
from the company and its major shareholders holding > 10% of the Company’s share capital. (Sweden, Finland, Norway)

• An executive director is a member of the board. (Norway)

Audit Committee:

• The audit committee does not consist of a majority of directors
independent from the company and management. (Sweden, Finland)

• The audit committee does not have at least one director
independent from the company and its major shareholders holding > 10% of the Company’s share capital. (Sweden, Finland)

• The audit committee is not majority independent. (Norway)

Remuneration Committee:

• The remuneration committee is not fully independent of
the company, excluding the chair. (Sweden)

• The remuneration committee is not majority independent
of the company. (Finland)

• The remuneration committee does not consist fully of non-executive
directors. (Finland)

• The remuneration committee is not fully independent of
management (Norway)

• The remuneration committee is not majority independent
from the company and its major shareholders holding > 50% of the Company’s share capital. (Sweden, Finland, Norway)

Board Nomination Committee:

• The nomination committee does not consist of a majority
of directors independent from the company. (Finland)

• An executive is a member of the nomination committee. (Finland)

External Nomination Committee:Vote against the establishment
of the nomination committee and its guidelines when:

• The external committee is not majority independent of the
company and management. (Sweden)

• The external committee does not have at least one director
not affiliated to largest shareholder on the committee. (Sweden)

• The external committee does not meet best practice based
on ISS analysis. (Finland)

• The external committee is not majority independent of the
board and management. (Norway)

• The external committee has more than one member of the
board of the directors sitting on the committee. (Norway)

• There is insufficient disclosure provided for new nominees
(Norway)

• An executive is a member of the committee. (Norway)

Russia

| Ø | Putnam will vote on a case-by-case basis for the election of nominees to the board of directors. |

In Russia, director elections are handled through a cumulative
voting