<SUBMISSION>
<ACCESSION-NUMBER>0000928816-07-000703
<TYPE>SC TO-I
<PUBLIC-DOCUMENT-COUNT>4
<FILING-DATE>20070524
<DATE-OF-FILING-DATE-CHANGE>20070524
<SUBJECT-COMPANY>
<COMPANY-DATA>
<CONFORMED-NAME>PUTNAM MASTER INTERMEDIATE INCOME TRUST
<CIK>0000830622
<IRS-NUMBER>046584465
<FISCAL-YEAR-END>0930
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>SC TO-I
<ACT>34
<FILE-NUMBER>005-82455
<FILM-NUMBER>07877300
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>ONE POST OFFICE SQ
<CITY>BOSTON
<STATE>MA
<ZIP>02109
<PHONE>6172921562
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>ONE POST OFFICE SQ
<CITY>BOSTON
<STATE>MA
<ZIP>02109
</MAIL-ADDRESS>
</SUBJECT-COMPANY>
<FILED-BY>
<COMPANY-DATA>
<CONFORMED-NAME>PUTNAM MASTER INTERMEDIATE INCOME TRUST
<CIK>0000830622
<ASSIGNED-SIC>0000
<IRS-NUMBER>046584465
<FISCAL-YEAR-END>0930
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>SC TO-I
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>ONE POST OFFICE SQ
<CITY>BOSTON
<STATE>MA
<ZIP>02109
<PHONE>6172921562
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>ONE POST OFFICE SQ
<CITY>BOSTON
<STATE>MA
<ZIP>02109
</MAIL-ADDRESS>
</FILED-BY>
<DOCUMENT>
<TYPE>SC TO-I
<SEQUENCE>1
<FILENAME>a_miitsctoi.htm
<DESCRIPTION>PUTNAM MASTER INTERMEDIATE INCOME TRUST
<TEXT>

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<P align=center><B><FONT face=serif>UNITED STATES </FONT></B><BR>
<B><FONT face=serif>SECURITIES AND EXCHANGE COMMISSION</FONT></B><BR>
<B><FONT face=serif size=2>WASHINGTON, D.C. 20549</FONT></B><BR>
<FONT face=serif>______________</FONT><BR>
<BR>
<B><FONT face=serif>SCHEDULE TO</FONT></B><BR>
<B><FONT face=serif>TENDER OFFER STATEMENT</FONT></B><BR>
<B><FONT face=serif size=2>UNDER SECTION 14(D)(1) OR SECTION 13(E)(1) OF THE SECURITIES EXCHANGE ACT OF 1934</FONT></B><BR>
<FONT face=serif>_______________</FONT><BR>
<BR>
<B><FONT face=serif>PUTNAM MASTER INTERMEDIATE INCOME TRUST</FONT></B><BR>
<FONT face=serif size=1>(Name Of Subject Company (Issuer))</FONT><BR>
<FONT face=serif>_______________</FONT><BR>
<BR>
<B><FONT face=serif>PUTNAM MASTER INTERMEDIATE INCOME TRUST</FONT></B><BR>
<FONT face=serif size=1>(Name of Filing Persons (Offeror))</FONT><BR>
<BR>
<B><FONT face=serif size=2>Common Shares of Beneficial Interest Without Par Value</FONT></B><BR>
<FONT face=serif size=1>(Title of Class of Securities)</FONT><BR>
<BR>
<B><FONT face=serif size=2>746909100</FONT></B><BR>
<FONT face=serif size=1>(CUSIP Number of Class of Securities)</FONT><BR>
<FONT face=serif>_______________</FONT><BR>
<BR>
<B><FONT face=serif size=2>Charles E. Porter</FONT></B><BR>
<B><FONT face=serif size=2>Executive Vice President</FONT></B><BR>
<B><FONT face=serif size=2>Putnam Master Intermediate Income Trust</FONT></B><BR>
<B><FONT face=serif size=2>One Post Office Square</FONT></B><BR>
<B><FONT face=serif size=2>Boston, Massachusetts 02109</FONT></B><BR>
<B><FONT face=serif size=2>(617) 292-1000</FONT></B><BR>
<FONT face=serif size=1>(Name, address and telephone number of person authorized</FONT><BR>
<FONT face=serif size=1>to receive notices and communications on behalf of filing persons)</FONT><BR>
<BR>
<B><I><FONT face=serif size=2>with copies to:</FONT></I></B><BR>
<BR>
<B><FONT face=serif size=2>John W. Gerstmayr, Esq.</FONT></B><BR>
<B><FONT face=serif size=2>Ropes &amp; Gray LLP</FONT></B><BR>
<B><FONT face=serif size=2>One International Place</FONT></B><BR>
<B><FONT face=serif size=2>Boston, Massachusetts 02110</FONT></B><BR>
<B><FONT face=serif size=2>(617) 951-7000</FONT></B></P>
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<TR vAlign=bottom>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=center width="96%" colSpan=3><B><FONT face=serif size=2>CALCULATION OF FILING FEE</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="99%" background="" colSpan=4>
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</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=center width="56%" colSpan=2><FONT face=serif size=2>Transaction Valuation</FONT>&nbsp; </TD>
     <TD noWrap align=center width="40%"><FONT face=serif size=2>Amount Of Filing Fee</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=center width="56%" colSpan=2><FONT face=serif size=2>Not Applicable*</FONT>&nbsp; </TD>
     <TD noWrap align=center width="40%"><FONT face=serif size=2>Not Applicable*</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=4>
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</TD></TR>
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     <TD noWrap align=left width="3%"><FONT face=serif size=2>*</FONT>&nbsp; </TD>
     <TD noWrap align=left width="96%" colSpan=3><FONT face=serif size=1>A filing fee is not required in connection with this filing as it relates solely to preliminary communications made before the</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="56%" colSpan=2><FONT face=serif size=1>commencement of a tender offer.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="40%">&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="3%" background=""></TD>
     <TD noWrap align=left width="96%" background="" colSpan=3></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%"><FONT face=serif></FONT>&#9633;&nbsp; </TD>
     <TD noWrap align=left width="96%" colSpan=3><FONT face=serif size=1>Check the box if any part of the fee is offset as provided by Rule 0-11(a)(2) and identify the filing with which the offsetting fee was</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="96%" colSpan=3><FONT face=serif size=1>previously paid. Identify the previous filing by registration statement number or the Form or Schedule and the date of its filing.</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="3%" background=""></TD>
     <TD noWrap align=left width="56%" background="" colSpan=2></TD>
     <TD noWrap align=left width="40%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="28%"></TD>
     <TD noWrap align=left width="28%" background=""><FONT face=serif size=1>Amount Previously Paid:</FONT>&nbsp;&nbsp;&nbsp;</TD>
     <TD noWrap align=left width="40%"><FONT face=serif size=1>N/A</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="28%"></TD>
     <TD noWrap align=left width="28%" background=""><FONT face=serif size=1>Form or Registration No.:</FONT>&nbsp;&nbsp;&nbsp;</TD>
     <TD noWrap align=left width="40%"><FONT face=serif size=1>N/A</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="28%"></TD>
     <TD noWrap align=left width="28%" background=""><FONT face=serif size=1>Filing Party:</FONT>&nbsp;&nbsp;&nbsp;</TD>
     <TD noWrap align=left width="40%"><FONT face=serif size=1>N/A</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="28%"></TD>
     <TD noWrap align=left width="28%" background=""><FONT face=serif size=1>Date Filed:</FONT>&nbsp;&nbsp;&nbsp;</TD>
     <TD noWrap align=left width="40%"><FONT face=serif size=1>N/A</FONT>&nbsp; </TD></TR></TABLE><BR>
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<TR vAlign=bottom>
     <TD noWrap align=left width="4%"><FONT face=serif size=2></FONT><FONT face=Wingdings>x</FONT>&nbsp; </TD>
     <TD noWrap align=left width="95%"><FONT face=serif size=1>Check the box if the filing relates solely to preliminary communications made before the commencement of a tender offer.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%" colSpan=2><FONT face=serif size=1>Check the appropriate boxes below to designate any transactions to which the statement relates:</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%"><FONT face=serif size=2></FONT>&#9633;&nbsp; </TD>
     <TD noWrap align=left width="95%"><FONT face=serif size=1>third-party tender offer subject to Rule 14d-1.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%"><FONT face=serif size=2></FONT><FONT face=Wingdings>x</FONT>&nbsp; </TD>
     <TD noWrap align=left width="95%"><FONT face=serif size=1>issuer tender offer subject to Rule 13e-4.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%"><FONT face=serif size=2></FONT>&#9633;&nbsp; </TD>
     <TD noWrap align=left width="95%"><FONT face=serif size=1>going-private transaction subject to Rule 13e-3.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%"><FONT face=serif size=2></FONT>&#9633;&nbsp; </TD>
     <TD noWrap align=left width="95%"><FONT face=serif size=1>amendment to Schedule 13D under Rule 13d-2.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%" colSpan=2><FONT face=serif size=1>Check the following box if the filing is a final amendment reporting the results of the tender offer: </FONT>&#9633;</TD></TR></TABLE><BR>
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     <TD noWrap align=left width="15%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">SHAREHOLDERS</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%" background="">&nbsp;</TD>
     <TD noWrap align=left width="7%" background=""><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">MEDIA</FONT>&nbsp;&nbsp;&nbsp;</TD>
     <TD noWrap align=left width="70%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%" colSpan=2><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">1-800-225-1581</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%" background=""><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Sinead Martin: 617-760-8515</FONT>&nbsp;&nbsp;&nbsp;</TD>
     <TD noWrap align=left width="70%"></TD></TR>
<TR>
     <TD width="99%" colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center width="29%" colSpan=3><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">PUTNAM TO PAY JUNE DIVIDEND IN CASH TO ALL SHAREHOLDERS OF</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="70%" background="">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=center width="29%" colSpan=3><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">CLOSED-END FUNDS</FONT></B> </TD>
     <TD align=center width="70%" background="">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=center width="29%" colSpan=3><I><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif">Suspension of dividend reinvestment plan for the month of June</FONT></I> </TD>
     <TD align=center width="70%" background="">&nbsp;</TD></TR></TABLE><BR>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">BOSTON, May 24, 2007 &#150; Putnam announced that it will suspend the dividend reinvestment plans of eight closed-end funds in June 2007 in connection with the previously announced tender offers. Instead, the June 2007 regular monthly dividends will be paid in cash to all shareholders of the following funds: </FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%" background="">&nbsp;</TD>
     <TD noWrap align=left width="90%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Putnam High Income Securities Fund (NYSE: PCF)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%" background=""></TD>
     <TD noWrap align=left width="90%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Putnam High Yield Municipal Trust (NYSE: PYM)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%" background=""></TD>
     <TD noWrap align=left width="90%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Putnam Investment Grade Municipal Trust (NYSE: PGM)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%" background=""></TD>
     <TD noWrap align=left width="90%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Putnam Managed Municipal Income Trust (NYSE: PMM)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%" background=""></TD>
     <TD noWrap align=left width="90%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Putnam Master Intermediate Income Trust (NYSE: PIM)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%" background=""></TD>
     <TD noWrap align=left width="90%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Putnam Municipal Bond Fund (NYSE: PMG)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%" background=""></TD>
     <TD noWrap align=left width="90%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Putnam Municipal Opportunities Trust (NYSE: PMO)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%" background=""></TD>
     <TD noWrap align=left width="90%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Putnam Premier Income Trust (NYSE: PPT)</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Putnam expects to resume the dividend reinvestment plans for subsequent regular monthly dividends.</FONT></P>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">On February 15, 2007, the Trustees of the Putnam Funds announced that they had authorized each of these eight closed-end funds to conduct tender offers for up to 10% of its outstanding shares, at a purchase price equal to 98% of the fund&#146;s per-share net asset value (NAV) as of the closing date of the offer. As previously disclosed, the funds will commence these tender offers in the second quarter of 2007.</FONT></P>
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<P align="left">
<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">About Putnam Investments</FONT></B><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">: Founded in 1937, Putnam Investments is one of the nation's oldest and largest money
management firms. As of April 30, 2007, Putnam managed &#36;192 billion assets. Mutual fund assets were &#36;121 billion. Institutional assets were &#36;71 billion. Putnam has offices in Boston, London, and Tokyo. For more information, go to
</FONT><U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">www.putnam.com</FONT></U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">.</FONT></P>
<P align="left">
<I><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif">This announcement is not a recommendation, an offer to purchase or a solicitation of an offer to sell shares of any fund. None of the funds has commenced any self-tender offer
described in this press release. Upon commencement of each tender offer, the applicable fund will file with the Securities and Exchange Commission a tender offer statement on Schedule TO and related exhibits, including an offer to purchase, letter
of transmittal, and other related documents. Shareholders of each such fund should read the offer to purchase and the tender offer statement on Schedule TO and related exhibits when such documents are filed and become available, as they will contain
important information about that fund's tender offer. Shareholders can obtain these documents when they are filed and become available free of charge from the Securities and Exchange Commission's website at </FONT></I><I><U><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif">www.sec.gov</FONT></U></I><I><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif">, or from Putnam Investments by directing a request to Putnam Investments' shareholder
servicing group at 1-800-225-1581.</FONT></I></P>

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<P align="left">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">May 2007</FONT></P>
<P align="left">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Dear Investment Colleague:</FONT></P>
<P align="left">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">The Trustees of the Putnam Funds announced on February 15, 2007 that they had authorized each of eight Putnam closed-end funds to conduct tender offers to purchase up to 10% of its
outstanding shares, at a price equal to 98% of the fund&#146;s per-share net asset value (NAV) as of the purchase date. As previously disclosed, the funds will commence these tender offers in the second quarter of 2007. </FONT></P>
<P align="left">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">As a result of the tender offers, the Dividend Reinvestment Plans (DRPs) for each of the affected funds will be suspended for the regular monthly dividend distributions to be declared
in June 2007. June 2007 dividends will accordingly be paid in cash to all shareholders. Your clients who hold shares of the funds and take advantage of this program will receive the enclosed letter, which outlines these consequences for their June
dividend. We expect that the DRPs will resume for subsequent regular monthly dividends. </FONT></P>
<P align="left">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">If you have additional questions about the Dividend Reinvestment Plans, please call Putnam Dealer Marketing Services at 1-800-354-4000. Thank you for your continued support of Putnam
Investments. </FONT></P>
<P align="left">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Sincerely,</FONT></P>
<IMG src="mgdmunibrokerltrx1x1.jpg" border=0>
<BR>
<P align="left">
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Steven D. Krichmar</FONT></P>
<P align="left">
<I><FONT size=2 face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif">This announcement is not a recommendation, an offer to purchase, or a solicitation of an offer to sell shares of any fund. None of the funds has commenced any self-tender
offer described in this letter. Upon commencement of each tender offer, the applicable fund will </FONT></I><I><FONT size=2 face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif"> </FONT></I><I><FONT size=2 face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif">file with the Securities and Exchange Commission a tender offer statement on Schedule TO and related exhibits, including an offer to purchase, letter of transmittal, and other related documents. Shareholders of each such fund
should read the offer to purchase and the tender offer statement on Schedule TO and related exhibits when such documents are filed and become available, as they will contain important information about that fund&#146;s tender offer. Shareholders can
obtain these documents when they are </FONT></I><I><FONT size=2 face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif"> </FONT></I><I><FONT size=2 face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif">led and become available free of
charge from the Securities and Exchange Commission&#146;s Web site at www.sec.gov, or from Putnam Investments by directing a request to Putnam Investments&#146; shareholder servicing group at 1-800-225-1581. </FONT></I></P>
<P align="left">
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Putnam Retail Management </FONT><FONT size=1 face="TimesNewRomanPSMT,Times New Roman,Times,serif">245087 5/07</FONT></P>

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<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>May 2007 </FONT></P>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Dear Shareholder: </FONT></P>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>As you may know, on February 15, 2007, the Trustees of the Putnam Funds announced that they had authorized each of eight Putnam closed-end funds to conduct tender offers to purchase up to 10% of its outstanding shares, at a price equal to 98% of the fund&#146;s per-share net asset value (NAV) as of the purchase date. The Putnam Trustees authorized the tender offers after considering requests from certain fund shareholders for enhanced fund liquidity and after undertaking extended discussions with Putnam Investments. As previously disclosed, the funds will commence these tender offers in the second quarter of 2007. The eight funds that will conduct tender offers are:</FONT></P>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Putnam High Income Securities Fund (NYSE: PCF)</FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Putnam High Yield Municipal Trust (NYSE: PYM)</FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Putnam Investment Grade Municipal Trust (NYSE: PGM)</FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Putnam Managed Municipal Income Trust (NYSE: PMM)</FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Putnam Master Intermediate Income Trust (NYSE: PIM)</FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Putnam Municipal Bond Fund (NYSE: PMG)</FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Putnam Municipal Opportunities Trust (NYSE: PMO)</FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Putnam Premier Income Trust (NYSE: PPT)</FONT></P>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>We are sending this letter to notify you that in connection with the tender offers, the Dividend Reinvestment Plans for each of these funds will be suspended for the regular monthly dividend distributions to be declared in June 2007. The June 2007 dividend will accordingly be paid in cash to all shareholders. We expect that the Dividend Reinvestment Plans will resume for subsequent regular monthly dividends.</FONT></P>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>If you have any questions about the Dividend Reinvestment Plans, please contact your </FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2></FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>nancial representative or call Putnam at 1-800-225-1581.</FONT></P>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Sincerely,</FONT></P>
<IMG src="mgdmunishrhldrltrx1x1.jpg" border=0>
<BR>
<P align=center><I><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif">(over, please)</FONT></I></P>
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<P align=center><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=1>245086 5/07 </FONT></P>
<P align=left><I><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>This announcement is not a recommendation, an offer to purchase, or a solicitation of an offer to sell shares of any fund. None of the funds has commenced any self-tender offer described in this letter. Upon commencement of each tender offer, the applicable fund will </FONT></I><I><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2></FONT></I><I><FONT face="TimesNewRomanPS-ItalicMT,Times &#13;&#10;New Roman,Times,serif" size=2>file with the Securities and Exchange Commission a tender offer statement on Schedule TO and related exhibits, including an offer to purchase, letter of transmittal, and other related documents. Shareholders of each such fund should read the offer to purchase and the tender offer statement on Schedule TO and related exhibits when such documents are </FONT></I><I><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2></FONT></I><I><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>led and become available, as they will contain important information about that fund&#146;s tender offer. Shareholders can obtain these documents when they are </FONT></I><I><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2></FONT></I><I><FONT face="TimesNewRomanPS-ItalicMT,Times New Roman,Times,serif" size=2>led and become available free of charge from the Securities and Exchange Commission&#146;s Web site at www.sec.gov, or from Putnam Investments by directing a request to Putnam Investments&#146; shareholder servicing group at 1-800-225-1581. </FONT></I></P>
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