Company: PIM
Filing Date: 2025-12-01
Form Type: N-CSR
Source: 0001133228-25-012988
Chunk: 230

Company: PUTNAM MASTER INTERMEDIATE INCOME TRUST
Filing Date: 2025-12-01
Form: N-CSR
Chunk 230
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 which case the proposal would be reviewed on 
 a case-by-case basis.                                                                                                                  |

| Ø | Putnam will vote on a case-by-case basis on shareholder proposals that conflict with board-approved proposals. |

Environmental and Social

| Ø | Putnam believes that sustainable environmental practices and sustainable social policies are important components of long-term value         
 creation. Companies should evaluate the potential risks to their business operations that are directly related to environmental and social   
 factors (among others). In evaluating shareholder proposals relating to environmental and social initiatives, Putnam takes into account      
 (1) the relevance and materiality of the proposal to the company’s business, (2) whether the proposal is well crafted (e.g., whether         
 it references science-based targets, or standard global protocols), and (3) the practicality or reasonableness of implementing the proposal. |

Putnam may support well-crafted and well-targeted proposals that
request additional reporting or disclosure on a company’s plans to mitigate risk to the company related to the following issues
and/or their strategies related to these issues: Environmental issues, including but not limited to, climate change, greenhouse gas emissions,
renewable energy, and broader sustainability issues; and Social issues, including but not limited to, fair pay, employee diversity and
development, safety, labor rights, supply chain management,privacy and data security.

In addition, Putnam will consider proposals related to Artificial
Intelligence (“AI”) on a case-by-case basis.

Putnam will consider factors such as (i) the industry in which
the company operates, (ii) the company’s current level of disclosure, (iii) the company’s level of oversight, (iv) the company’s
management of risk arising out of these matters, (v) whether the company has suffered a material financial impact. Other factors may also
be considered.

Putnam will consider the recommendation of its third-party proxy
service provider and may consider other factors such as third-party evaluations of ESG performance.

Additionally, Putnam may vote on a case-by-case basis
on proposals which ask a company to take action beyond reporting where our third-party proxy service provider has identified one or more
reasons to warrant a vote FOR.

III. Voting Shares of Non-US Issuers

Many non-US jurisdictions impose material burdens on voting proxies. There
are three primary types of limits as follows:

| (1) | Share blocking. Shares must be frozen for certain periods of time to vote via proxy. |

| (2) | Share re