Vote-By-Phone Solicitation Script for
  Putnam Master Intermediate Income Trust
  
  This script provides information to the shareholder and solicits their 
  vote by phone, to
  be confirmed by written confirmation.
  
  Good Morning/ Afternoon/ Evening.  May I please speak with (name of 
  shareholder)?
  I am representing Putnam Investments in Boston. I am calling in 
  connection with the
  upcoming shareholder meeting for Putnam Master Intermediate Income Trust for
  which you recently received a proxy statement requesting your vote.
  
  To verify that I am speaking with the shareholder of record, may I 
  confirm that you  are (name of shareholder of record) and that your 
  address of record is (address of record)?
  
  (If the person is unwilling to confirm this information, thank them for 
  their time and terminate the call.)
  
  We noted that we have not yet received your proxy card. Do you have 
  any questions regarding the proposals being presentedto shareholders at 
  the meeting that I can clarify for you?
  
  (If there are questions regarding the proposal, please refer to the 
  proxy statement.)
  
  Would you like to vote by phone?
  
  (If not, ask the shareholder if they would like another proxy card, 
  thank them for their time and terminate the call. If so, proceed as 
  follows:)
  
  Page 33 of the statement that you received describes our procedures for 
  voting your shares by telephone.
  
  I will now paraphrase the proxy card so that you can provide us with 
  your voting instructions. The proxy card generally states the following:
  
  By authorizing your shares to be voted at the meeting you are approving 
  George Putnam, Hans H. Estin, and Robert E. Patterson, and each of them 
  separately, proxies, with power of substitution, and are authorizing them 
  to represent and vote your shares, at the meeting of shareholders of 
  Putnam Master Intermediate Income Trust, on July 11, 1996, at 2:00 p.m., 
  Boston time, and at any adjournments thereof.  When properly authorized, 
  this proxy will be voted in the manner directed by you.  The proxies are 
  authorized to vote upon such other matters as may properly come
  before the meeting in their discretion.
  
  The proxy card requests your vote on the following proposals.  
  
  Proposal 1
  
   Elect the following Trustees: J.A. Baxter, H.H. Estin, J.A. Hill, E.T. 
   Kennan, L.J. Lasser, R.E. Patterson, D.S. Perkins, W.F. Pounds, 
   G. Putnam, G. Putnam, III, E. Shapiro, A.J.C. Smith, W.N. Thorndike.
  
   The Trustees are recommending that you vote for all of the nominees.
   
   How would you like to vote on this proposal?
   Would you like to vote for all nominees, against all nominees, or would 
   you like to abstain from voting for any or all nominees?  Would you 
   like to withhold authority to vote for one or more of the nominees? 
  
  Proposal 2
  
   Ratify the selection of Coopers & Lybrand L.L.P. as independent 
   auditors of your fund.
   
   The Trustees are recommending that you vote for all of the nominees.
  
   How would you like to vote on this proposal?
   Would you like to vote for the proposal, against the proposal, or would 
   you like to abstain from voting on this proposal?
  
  Proposal 3
  
   Convert your fund from closed-end statusto open-end status and 
   authorizing certain related amendments to the Agreement and Declaration
   of Trust.
  
   The Trustees are recommending that you vote against this proposal.  
  
   How would you like to vote on this proposal?
   Would you like to vote for the proposal, against the proposal, or would 
   you like to abstain from voting on this proposal?  
  
  
    
Thank you.
  
  I will now repeat your instructions:
  
   You voted:       (For, Against, Abstained from) (list all proposals)
   
   Is this correct?
  
  Thank you. We will be sending you a written confirmation of your vote.
  Please call us if the information on the confirmation is incorrect.
  
    
VOTE BY PHONE CONFIRMATION LETTER
  (WRITTEN)
  
  VOTE CONFIRMATION
  
  (Shareholder name & address of record)
  
  Putnam Master Intermediate Income Trust
  Meeting of Shareholders July 11, 1996
  Account:          
  Shares:           
  
  Votes Received: (list proposal as on proxy card)
  
  (FOR) (AGAINST) (ABSTAIN)
  
  Dear Shareholder:
  
  In connection with the above-referenced Meeting of Shareholders, 
  this notice will confirm that your shares have been voted as 
  indicated in accordance with your telephone instructions.  If any of 
  the information is incorrect, please call 1-800-735-3428
  immediately, and in any event no later than 5:00 P.M. Eastern Daylight 
  Time, on  July 10, 1996.
  
  Thank you for your cooperation.
  
  Very truly yours,
  (Solicitation Agent)