Company: PIM
Filing Date: 2025-12-01
Form Type: N-CSR
Source: 0001133228-25-012988
Chunk: 235

Company: PUTNAM MASTER INTERMEDIATE INCOME TRUST
Filing Date: 2025-12-01
Form: N-CSR
Chunk 235
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 directors, 
 with an independent chair.                                                                                                                |

Brazil

| Ø | Putnam will vote against proposals requesting cumulative voting unless there are more candidates than number of seats 
 available, in which case vote for.                                                                                    |

| Ø | Putnam will vote for proposals for the proportional allocation of cumulative votes if Putnam is supporting the entire 
 slate of nominees. Putnam will vote against such proposals if Putnam is not supporting the entire slate.              |

| Ø | Putnam will abstain on individual director allocation proposals if Putnam is voting for the proportional allocation           
 of cumulative votes. Putnam will vote on a case-by-case basis on individual director allocation proposals if Putnam is voting 
 against the proportional allocation of votes.                                                                                 |

| Ø | Putnam will vote for proposals to cumulate votes of common and preferred shareholders if the nominees are known and         
 Putnam is supporting the applicable nominees; Putnam will vote against such proposals if Putnam is not supporting the known 
 nominees, or if the nominees are unknown.                                                                                   |

| Ø | Putnam will generally vote against proposals seeking the recasting of votes for amended slate (as new candidates could 
 be included in the amended slate without prior disclosure to shareholders).                                            |

| Ø | Putnam will vote against proposals regarding instructions if meeting is held on second call if election of directors 
 is part of the recasting as the slate can be amended without (prior) disclosure to shareholders.                     |

| Ø | Putnam will vote against proposals regarding the casting of minority votes to the candidate with largest number of votes. |

Canada

Canadian corporate governance requirements mirror corporate governance reforms
that have been adopted by the NYSE and other U.S. national securities exchanges and stock markets. As a result, Putnam will vote on matters
relating to the board of directors of Canadian issuers in accordance with the guidelines applicable to U.S. issuers.

: Like the UK’s Combined Code on Corporate Governance,
the policies on corporate governance issued by Canadian securities regulators embody the “comply and explain” approach to
corporate governance. Because Putnam believes that the board independence standards contained in the proxy voting guidelines are integral
to the protection of investors in Canadian companies, these standards will be applied in a prescriptive manner.

Continental Europe (ex-Germany)

| Ø | Putnam will vote against the entire board of directors if |

| • | fewer than a majority of the directors are independent directors, or |

| • | the board has not established audit, nominating and