Company: PIM
Filing Date: 2025-12-01
Form Type: N-CSR
Source: 0001133228-25-012988
Chunk: 244

Company: PUTNAM MASTER INTERMEDIATE INCOME TRUST
Filing Date: 2025-12-01
Form: N-CSR
Chunk 244
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 at least six directors, including 
 at least one non-executive director. At least three special directors must participate in the decision-making process and decisions shall  
 be made by a majority vote of the special directors. However, the law does not require any of the special directors to be non-executives,  
 so in effect companies may use this mechanism to bypass outsiders.                                                                         |

| Ø | Putnam will generally vote for proposals to create new class of shares or to conduct a share consolidation of outstanding 
 shares to squeeze out minority shareholders.                                                                              |

| Ø | Putnam will vote against proposals seeking to enable companies to establish specific rules governing the exercise of 
 shareholder rights. (Note: Such as, shareholders’ right to submit shareholder proposals or call special meetings.)   |

B. Compensation Related Matters

| Ø | Putnam will vote against option plans which allow the grant of options to suppliers, customers, and other outsiders. |

| Ø | Putnam will vote against stock option grants to independent internal statutory auditors. The granting of stock options                     
 to internal auditors, at the discretion of the directors, can compromise the independence of the auditors and provide incentives to ignore 
 accounting problems, which could affect the stock price over the long term.                                                                |

| Ø | Putnam will vote against the payment of retirement bonuses to directors and statutory auditors when one or more of the                   
 individuals to whom the grants are being proposed has not served in an executive capacity for the company. Putnam will also vote against 
 payment of retirement bonuses to any directors or statutory auditors who have been designated by the company as independent. Retirement  
 bonus proposals are all-or-nothing, meaning that split votes against individual payments cannot be made. If any one individual does not  
 meet Putnam’s criteria, Putnam will vote against the entire bundled item.                                                                |

C. Other Business Matters

| Ø | Putnam votes for mergers by absorptions of wholly-owned subsidiaries by their parent companies. These deals do not require              
 the issuance of shares, and do not result in any dilution or new obligations for shareholders of the parent company. These transactions 
 are routine.                                                                                                                            |

| Ø | Putnam will vote for the acquisition if it is between parent and wholly-owned subsidiary. |

| Ø | Putnam will vote for the formation of a holding company, if routine. Holding companies are once again legal in Japan                      
 and a number of companies, large and small, have sought approval to adopt a holding company structure. Most of the proposals are intended