EXPENSE LIMITATION AGREEMENTExpense Limitation Agreement • September 28th, 2010 • Blackrock Municipal Series Trust • New York
This EXPENSE LIMITATION AGREEMENT (the “Agreement”), dated as of July 1, 2009, by and between BlackRock Funds, BlackRock Funds II, BlackRock Large Cap Series Funds, Inc., Master Large Cap Series LLC, Quantitative Master Series LLC, BlackRock Series Fund, Inc., BlackRock Focus Growth Fund, Inc., Master Focus Growth LLC, BlackRock Bond Fund, Inc., BlackRock Global Dynamic Equity Fund, BlackRock Liquidity Funds, WCMA Government Securities Fund, WCMA Tax-Exempt Fund, WCMA Treasury Fund, WCMA Money Fund, BlackRock Municipal Series Trust, BlackRock Focus Value Fund, Inc., BlackRock Index Funds, Inc., (each, a “Fund”, and collectively, the “Funds”) and, on behalf of each share class (each a “Share Class”, and collectively, the “Share Classes”) of each Fund, and its portfolios (if applicable) (each a “Portfolio”, and collectively, the “Portfolios”), set forth in Schedule A, Schedule B, Schedule C, Schedule D, Schedule E or Schedule F of this Agreement (collectively, the “Schedules”), and Black
