Company: PIM
Filing Date: 2025-03-10
Form Type: DEF 14A
Source: 0000928816-25-000374
Chunk: 20

Company: PUTNAM MASTER INTERMEDIATE INCOME TRUST
Filing Date: 2025-03-10
Form: DEF 14A
Chunk 20
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*       |                                      $0 |                       $32,989 |
| Hillary A. Sale*   |                                      $0 |                       $32,989 |
| Interested Trustee |                                         |                               |
| Jane E. Trust      |                                     N/A |                           N/A |

(1) The “Franklin funds complex” includes other funds
advised by Franklin Advisers or its affiliates.

* Effective November 15, 2024, Ms. Sale and Messrs. Grillo and Mason
became Directors of certain funds advised by affiliates of Franklin Advisers.

Putnam Funds Board

Each current Independent Trustee of the funds receives an annual
retainer fee and additional fees for each Trustee meeting attended and for certain related services. The current Independent Trustees
also are reimbursed for expenses they incur relating to their service as Trustees. All of the current Independent Trustees of the funds
are Trustees of all of the funds in the Putnam family of funds.

The Putnam Funds Board periodically review the fees to ensure that
they continue to be appropriate in light of their responsibilities as well as in relation to fees paid to trustees of other mutual fund
complexes. The Board Policy and Nominating Committee, which consists solely of current Independent Trustees of the funds, estimates that
committee and Trustee meeting time, together with the appropriate preparation, requires the equivalent of at least four business days
per regular Trustee meeting.

Under a retirement plan in effect for Trustees of Putnam funds
elected to the Board before 2003 (the “Plan”), each eligible Trustee who retires with at least five years of service as a
Trustee of the funds is entitled to receive an annual retirement benefit equal to one-half of the average annual attendance and retainer
fees paid to such Trustee for calendar years 2003, 2004 and 2005. This retirement benefit is payable during a Trustee’s lifetime,
beginning the year following retirement, for the number of years of service through December 31, 2006. A death benefit, also available
under the Plan, ensures that the Trustee and his or her beneficiaries will receive benefit payments for the lesser of an aggregate period
of (i) ten years or (ii) such Trustee’s total years of service.

The Plan Administrator (currently the Board Policy and Nominating
Committee) may terminate or amend the Plan at any time, but no termination or amendment will result in a reduction in the amount of benefits
(i) currently