0000891092-12-004916 Sample Contracts

Amendment No. 1 to the Investment Management Agreement
Investment Management Agreement • August 28th, 2012 • Managed Account Series

This Amendment No. 1 to the Investment Management Agreement dated as of June 1, 2011 (the “Amendment”) is entered into by and between Managed Account Series, a Delaware statutory trust (the “Trust”), on behalf of Mid Cap Value Opportunities Portfolio, U.S. Mortgage Portfolio and Global SmallCap Portfolio (each a “Fund” and together the “Funds”), each a series of the Trust, and BlackRock Advisors, LLC, a Delaware limited liability company (the “Advisor”).

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