0001398344-17-008511 Sample Contracts

STANDSTILL AGREEMENT
Standstill Agreement • July 10th, 2017 • Putnam Municipal Opportunities Trust • New York

This Agreement (“Agreement”) is made and entered into as of the 24th day of May, 2017, by and among Putnam Municipal Opportunities Trust (“PMO” or the “Fund”), Putnam Investment Management, LLC (“Putnam Management” and together with the Fund, the “Fund Parties”), Bulldog Investors, LLC (“Bulldog Investors”), and Full Value Partners, L.P. (“Full Value Partners” and together with Bulldog Investors, the “Bulldog Parties”).

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