Company: PIM
Filing Date: 2025-12-01
Form Type: N-CSR
Source: 0001133228-25-012988
Chunk: 242

Company: PUTNAM MASTER INTERMEDIATE INCOME TRUST
Filing Date: 2025-12-01
Form: N-CSR
Chunk 242
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-Executive Chair, or                                                                                                           |

| • | the board has not established a Compensation committee composed of (1) at least three directors (in the case of smaller companies,       
 as defined by the Combined Code, two directors) and (2) solely of independent non-executive directors. The company chair may be a member 
 of, but not chair, the Committee provided he or she was considered independent on appointment as chair, or                               |

| • | The board has not established an Audit Committee composed of, (1) at least three directors (in the case of smaller companies as defined 
 by the Combined Code, two directors) and (2) solely of independent non-executive directors. The board chair may not serve on the audit  
 committee of large or small companies.                                                                                                  |

All other jurisdictions

| Ø | In the absence of jurisdiction specific guidelines, Putnam will vote as follows for boards/supervisory boards: |

| 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 compensation committees each composed of a majority of independent directors. |

Additional Commentary regarding all Non-US jurisdictions:

Whether a director is considered “independent” or not will be
determined by reference to local corporate law or listing standards.

Some jurisdictions may legally require or allow companies to have a certain
number of employee representatives, employee shareholder representatives (e.g., France) and/or shareholder representatives on their board.
Putnam generally does not consider these representatives independent. The presence of employee representatives or employee shareholder
representatives on the board and key committees is generally legally mandated. In most markets, shareholders do not have the ability to
vote on the election of employee representatives or employee shareholder representatives. In some markets, significant shareholders have
a legal right to nominate shareholder representatives. Shareholders are required to approve the election of shareholder representatives
to the board. Unlike employee representatives, there are no legal requirements regarding the presence of shareholder representatives on
the board or its committees.

| Ø | Putnam will not include employee or employee shareholder representatives in the independence calculation of the board 
 or key committees, nor in the calculation of the size of the board.                                                   |

| Ø | Putnam will include shareholder representatives in the independence calculation of the board and key committees, and 
 in the calculation of the size of the board.                                                                         |

| Ø | Putnam will generally support shareholder or employee representatives if