<SUBMISSION>
<ACCESSION-NUMBER>0000928816-07-000974
<TYPE>SC TO-I/A
<PUBLIC-DOCUMENT-COUNT>2
<FILING-DATE>20070718
<DATE-OF-FILING-DATE-CHANGE>20070718
<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/A
<ACT>34
<FILE-NUMBER>005-82455
<FILM-NUMBER>07986774
</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/A
</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/A
<SEQUENCE>1
<FILENAME>a_074sctoiafinal.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 size=2>______________</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>
<B><FONT face=serif size=2>AMENDMENT NO. 2</FONT></B><BR>
<FONT face=serif size=2>_______________</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 size=2>_______________</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 size=2>_______________</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>
<P align=center><B><FONT face=serif size=2>CALCULATION OF FILING FEE</FONT></B></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="24%" background="">&nbsp;</TD>
     <TD vAlign=center noWrap align=center width="38%">
<P><B><FONT face=serif size=1>Transaction Valuation*</FONT></B>&nbsp;</P></TD>
     <TD vAlign=center noWrap align=center width="38%">
<P><B><FONT face=serif size=1>Amount Of Filing Fee**</FONT></B>&nbsp;</P></TD></TR>
<TR>
     <TD noWrap align=left width="24%" background=""></TD>
     <TD vAlign=center noWrap align=center width="38%" background=""><FONT face=serif size=2>$</FONT><FONT face=serif size=2>59,266,259&nbsp;</FONT></TD>
     <TD vAlign=center noWrap align=center width="38%" background=""><FONT face=serif size=2>$1,819.47</FONT></TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=2>*</FONT> <FONT face=serif size=1>Estimated solely for purposes of calculating the filing fee pursuant to Rules 0-11 under the Securities Exchange Act of 1934, as amended, based on the product of (x) $6.485, the average of the high and low sale prices of common shares on the New York Stock Exchange on May 29, 2007 and (y) 9,138,976, the maximum number of shares that will be purchased in the tender offer described in this Schedule TO.</FONT></P>
<P align=left><FONT face=serif size=2>** Th</FONT><FONT face=serif size=1>e fee is calculated as 0.00307% of the transaction value.</FONT></P>
<P align=left><FONT face=serif size=2>[x]</FONT><FONT face=serif size=2> 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 previously paid. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.</FONT></P>
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<TR vAlign=bottom>
     <TD noWrap align=left width="14%" colSpan=2><FONT face=serif size=2>Amount Previously Paid: $1,819.47</FONT>&nbsp;</TD>
     <TD noWrap align=left width="85%"><FONT face=serif size=2></FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%" colSpan=2><FONT face=serif size=2>Form or Registration No.: Schedule TO</FONT>&nbsp;</TD>
     <TD noWrap align=left width="85%"><FONT face=serif size=2></FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=serif size=2>Filing Party: Putnam Master Intermediate Income Trust</FONT>&nbsp;</TD>
     <TD noWrap align=left width="7%" background=""><FONT face=serif size=2></FONT>&nbsp;&nbsp;</TD>
     <TD noWrap align=left width="85%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=serif size=2>Date Filed: June 4, 2007</FONT>&nbsp;</TD>
     <TD noWrap align=left width="7%" background=""><FONT face=serif size=2></FONT>&nbsp;&nbsp;</TD>
     <TD noWrap align=left width="85%"></TD></TR></TABLE><BR>
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<P><FONT face=serif size=2><FONT size=3>&#9633;</FONT>&nbsp;Check the box if the filing relates solely to preliminary communications made before the commencement of a tender offer.</FONT></P>
<P align=left><FONT face=serif size=2>Check the appropriate boxes below to designate any transactions to which the statement relates:</FONT></P>
<P align=left><FONT face=serif size=2><FONT size=3>&#9633;</FONT> third-party tender offer subject to Rule 14d-1.</FONT></P>
<P align=left><FONT face=serif size=2>[x]</FONT><FONT face=serif size=2>&nbsp; issuer tender offer subject to Rule 13e-4.</FONT></P>
<P align=left><FONT face=serif size=2><FONT size=3>&#9633;</FONT> going-private transaction subject to Rule 13e-3.</FONT></P>
<P align=left><FONT face=serif size=2><FONT size=3>&#9633;</FONT>&nbsp;amendment to Schedule 13D under Rule 13d-2.</FONT></P>
<P align=left><FONT face=serif size=2>Check the following box if the filing is a final amendment reporting the results of the tender offer: <FONT size=2>[x]</FONT></FONT></P>
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<P align=left><FONT face=serif size=2>This Amendment No. 2 (this &#147;Amendment&#148;) amends and supplements the Tender Offer Statement on Schedule TO originally filed with the Securities and Exchange Commission (the &#147;SEC&#148;) on June 4, 2007 (the &#147;Schedule TO&#148;), the Amendment No. 1 to Schedule TO filed with the SEC on July 12, 2007 by Putnam Master Intermediate Income Trust, a Massachusetts business trust (the &#147;Fund&#148;), pursuant to Rule 13e-4 under the Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;), in connection with the Fund&#146;s offer to purchase up to 9,138,976 outstanding common shares of beneficial interest without par value of the Fund, at a purchase price equal to 98% of net asset value per share (that is, the value of the Fund&#146;s assets minus its liabilities, divided by the number of shares outstanding) determined as of the expiration date of the tender offer, net to the seller in cash, without interest, upon the terms and subject to the conditions set forth in the Offer to Purchase dated June 4, 2007 (the &#147;Offer to Purchase&#148;) and in the related Letter of Transmittal (the &#147;Letter of Transmittal&#148; which, together with the Offer to Purchase, as each may be amended and supplemented from time to time, constitute the &#147;Offer&#148;).</FONT></P>
<P align=left><FONT face=serif size=2>This Amendment to Schedule TO is intended to satisfy the reporting requirements of Rule 13e-4(c)(4) promulgated under the Exchange Act.</FONT></P>
<P align=left><FONT face=serif size=2>The information in the Letter of Transmittal and the Offer to Purchase, previously filed with the Schedule TO as Exhibits (a)(1) and (a)(2), respectively, is incorporated into this Amendment by reference in answer to all of the items of the Schedule TO, except that such information is hereby amended and supplemented to the extent specifically provided herein.</FONT></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face=serif size=2>ITEM 11. ADDITIONAL INFORMATION</FONT></TD></TR></TABLE></P>
<P align=left><FONT face=serif size=2>Item 11 of the Schedule TO is hereby amended and supplemented to add the following:</FONT></P>
<P align=left><FONT face=serif size=2>On July 18, 2007 the Fund issued a press release announcing the final results of the Offer, which expired at 5:00 p.m., New York City time, on Wednesday, July 11, 2007. A copy of the press release is filed as Exhibit (a)(12) to this Schedule TO and is incorporated herein by reference.</FONT></P>
<P align=left><FONT face=serif size=2>ITEM 12. EXHIBITS</FONT></P>
<P align=left><FONT face=serif size=2>The information contained in Item 12 of the Schedule TO and the Exhibit Index is hereby amended and supplemented to add the following:</FONT></P>
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<TR vAlign=bottom>
     <TD noWrap align=left width="10%"><B><FONT face=serif size=2>EXHIBIT</FONT></B>&nbsp;</TD>
     <TD noWrap align=left width="3%" background=""></TD>
     <TD noWrap align=left width="87%">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%"><B><FONT face=serif size=2>NUMBER&nbsp;</FONT></B></TD>
     <TD noWrap align=left width="3%" background=""></TD>
     <TD noWrap align=left width="87%"><B><FONT face=serif size=2>DOCUMENT</FONT></B>&nbsp;</TD></TR>
<TR>
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     <TD width="3%" background="">&nbsp;</TD>
     <TD width="87%">
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<TR vAlign=bottom>
     <TD noWrap align=left width="10%"><FONT face=serif size=2>(a)(12)</FONT>&nbsp;</TD>
     <TD noWrap align=left width="3%" background=""></TD>
     <TD noWrap align=left width="87%"><FONT face=serif size=2>Press Release issued on July 18, 2007, filed herewith.</FONT>&nbsp;</TD></TR></TABLE><BR>
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<P align=center><FONT face=serif size=2>SIGNATURES</FONT></P>
<P align=left><FONT face=serif size=2>After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="33%">&nbsp; </TD>
     <TD noWrap align=left width="66%" colSpan=2><FONT face=serif size=2>PUTNAM MASTER INTERMEDIATE INCOME</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=center width="33%"></TD>
     <TD align=left width="22%" background=""><FONT face=serif size=2>TRUST</FONT> </TD>
     <TD align=center width="44%" background="">&nbsp;</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="33%"><FONT face=serif size=2>Dated: July 18, 2007</FONT>&nbsp; </TD>
     <TD noWrap align=left width="66%"><FONT face=serif size=2>By: /s/ Jonathan S. Horwitz</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="33%">&nbsp; </TD>
     <TD noWrap align=left width="66%"><FONT face=serif size=2>Name:</FONT>&nbsp; <FONT face=serif size=2>Jonathan S. Horwitz</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="33%">&nbsp; </TD>
     <TD noWrap align=left width="66%"><FONT face=serif size=2>Title:</FONT>&nbsp; <FONT face=serif size=2>Senior Vice President and Treasurer</FONT>&nbsp; </TD></TR> </TABLE><BR>
<P align=center><FONT face=serif size=2>-3-</FONT></P>
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<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD align=center width="99%" colSpan=2><FONT face=serif size=2>EXHIBIT INDEX</FONT> </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="18%"><B><FONT face=serif size=1>EXHIBIT NUMBER</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="81%"><B><FONT face=serif size=1>DOCUMENT</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>
<HR noShade SIZE=1>
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<TR vAlign=bottom>
     <TD noWrap align=left width="18%"><FONT face=serif size=2>(a)(1)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="81%"><FONT face=serif size=2>Form of Letter of Transmittal.*</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="18%"><FONT face=serif size=2>(a)(2)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="81%"><FONT face=serif size=2>Offer to Purchase dated June 4, 2007.*</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="18%"><FONT face=serif size=2>(a)(3)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="81%"><FONT face=serif size=2>Form of Notice of Guaranteed Delivery.*</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="18%"><FONT face=serif size=2>(a)(4)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="81%"><FONT face=serif size=2>Form of Letter to Brokers, Dealers, Banks, Trust Companies and Other Nominees.*</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="18%"><FONT face=serif size=2>(a)(5)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="81%"><FONT face=serif size=2>Form of Letter to Clients for Use by Brokers, Dealers, Banks, Trust Companies and Other</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="18%">&nbsp; </TD>
     <TD noWrap align=left width="81%"><FONT face=serif size=2>Nominees.*</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="18%"><FONT face=serif size=2>(a)(6)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="81%"><FONT face=serif size=2>Form of Letter to Clients.*</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="18%"><FONT face=serif size=2>(a)(7)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="81%"><FONT face=serif size=2>Form of Letter to Brokers.*</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="18%"><FONT face=serif size=2>(a)(8)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="81%"><FONT face=serif size=2>Press Release issued on June 4, 2007.*</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="18%"><FONT face=serif size=2>(a)(9)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="81%"><FONT face=serif size=2>Form of Account Reactivation Letter to Brokers.*</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="18%"><FONT face=serif size=2>(a)(10)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="81%"><FONT face=serif size=2>Form of Account Reactivation Letter to Shareholders.*</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="18%"><FONT face=serif size=2>(a)(11)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="81%"><FONT face=serif size=2>Press Release issued on July 12, 2007.**</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="18%"><FONT face=serif size=2>(a)(12)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="81%"><FONT face=serif size=2>Press Release issued on July 18, 2007, filed herewith.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="18%"><FONT face=serif size=2>(g)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="81%"><FONT face=serif size=2>Q&amp;A Furnished to Individuals Making Oral Solicitations.*</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=2>* Previously filed as an exhibit to the Schedule TO filed with the SEC on June 4, 2007.</FONT></P>
<P align=left><FONT face=serif size=2>** Previously filed as an exhibit to the Schedule TO Amendment No. 1 filed with the SEC on July 12, 2007.</FONT></P>
<P align=center><FONT face=serif size=2>-4-</FONT></P>
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<BR>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR>
     <TD width="43%"></TD>
     <TD width="14%"></TD>
     <TD width="7%"></TD>
     <TD width="35%"></TD></TR>
<TR>
     <TD></TD>
     <TD colSpan=3></TD></TR>
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     <TD noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">SHAREHOLDERS</FONT>&nbsp; </TD>
     <TD noWrap align=left></TD>
     <TD noWrap align=left background=""></TD>
     <TD noWrap align=left background=""><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">MEDIA</FONT>&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="43%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">1-800-225-1581</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"></TD>
     <TD noWrap align=left width="7%" background=""></TD>
     <TD noWrap align=left width="35%" background=""><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Sinead Martin: 617-760-8515</FONT>&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</TD></TR></TABLE><BR>
<P align=center><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">PUTNAM ANNOUNCES FINAL RESULTS OF TENDER OFFERS FOR TWO</FONT></B><BR>
<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">CLOSED-END FUNDS</FONT></B></P>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">BOSTON, July 18, 2007 &#150; Putnam Investments today announced final results of issuer tender offers for 10% of the outstanding common shares of two closed-end funds, Putnam Master Intermediate Income Trust (NYSE: PIM) and Putnam Municipal Bond Fund (NYSE: PMG). These offers expired at 5:00 p.m. Eastern Time on July 11, 2007.</FONT></P>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">The tender offer for each fund was oversubscribed, meaning that pursuant to the terms of the offers, not all shares that were tendered were accepted for payment by the funds. Pursuant to the pro-ration procedures disclosed in the fund&#146;s tender offer materials provided to shareholders, the funds accepted for payment the maximum number of shares covered by the offer (approximately 10% of their outstanding common shares), including all shares tendered by shareholders owning fewer than 100 shares. For shareholders owning 100 or more shares, each fund applied its pro-ration percentage (given below) and accepted for payment that percentage of the shares tendered. Those shares that were tendered but not accepted for payment will continue to be held by their record owners. Shareholders who tendered certificated shares and whose tenders were pro-rated will receive new share certificates representing the balance of their shares.</FONT></P>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Below are the final results of the tender offers for these funds.</FONT></P>
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     <TD width="75%"></TD>
     <TD width="24%"></TD></TR>
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     <TD noWrap align=left><U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Putnam Master Intermediate Income Trust</FONT></U>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Number of shares properly tendered:</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">41,220,414.093</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Approximate percentage of common shares tendered:</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">45.10%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Number of shares accepted for repurchase:</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">9,138,976</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Pro-ration percentage:</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">21.47630%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Per-share purchase price (98% of NAV as of</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">July 11, 2007):</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">$6.98</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Aggregate proceeds to be distributed:</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">$63,790,052.67</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=2>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Putnam Municipal Bond Fund</FONT></U>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Number of shares properly tendered:</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">5,034,323.833</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Approximate percentage of common shares tendered:</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">29.99%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Number of shares accepted for repurchase:</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">1,678,471</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Pro-ration percentage:</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">32.79803%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Per-share purchase price (98% of NAV as of</FONT>&nbsp; </TD>
     <TD noWrap align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">July 11, 2007):</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">$13.02</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Aggregate proceeds to be distributed:</FONT>&nbsp; </TD>
     <TD noWrap align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">$21,853,694.12</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">The number of shares tendered for each fund reflects shares properly tendered and not withdrawn. Proceeds of the tender offer will be distributed to shareholders promptly.</FONT></P>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">In approving the tender offer program for these funds, the Trustees considered that tender offers would give shareholders an opportunity to sell at least some of their shares at a price close to NAV, and that the tender offer price of 98% of NAV would help offset the costs that shareholders who retain their shares would otherwise bear in connection with the tender offers. </FONT></P>
<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 June 30, 2007, Putnam managed $193 billion assets. Mutual fund assets were $121 billion. Institutional assets were $72 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>
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