0001193125-06-198121 Sample Contracts

SUB-INVESTMENT ADVISORY AGREEMENT

Sub-Investment Advisory Agreement • September 27th, 2006 • Merrill Lynch Municipal Intermediate Term Fund of Merrill Lynch Municipal Series Trust • New York

• Contract Type
  Sub-Investment Advisory Agreement
• Filed
  September 27th, 2006
• Company
  Merrill Lynch Municipal Intermediate Term Fund of Merrill Lynch Municipal Series Trust
• Jurisdiction
  New York

AGREEMENT dated September 29, 2006, between BlackRock Advisors, LLC, a Delaware limited liability company (the “Advisor”), and BlackRock Investment Management, LLC, a Delaware limited liability company (the “Sub-Advisor”).

INVESTMENT MANAGEMENT AGREEMENT

Investment Management Agreement • September 27th, 2006 • Merrill Lynch Municipal Intermediate Term Fund of Merrill Lynch Municipal Series Trust • New York

• Contract Type
  Investment Management Agreement
• Filed
  September 27th, 2006
• Company
  Merrill Lynch Municipal Intermediate Term Fund of Merrill Lynch Municipal Series Trust
• Jurisdiction
  New York

AGREEMENT, dated September 29, 2006, between BlackRock Municipal Series Trust, a Massachusetts business trust (the “Trust”), on behalf of BlackRock Intermediate Municipal Fund (the “Fund”), a series of the Trust, and BlackRock Advisors, LLC (the “Advisor”), a Delaware limited liability company.

FEE WAIVER AGREEMENT

Fee Waiver Agreement • September 27th, 2006 • Merrill Lynch Municipal Intermediate Term Fund of Merrill Lynch Municipal Series Trust

• Contract Type
  Fee Waiver Agreement
• Filed
  September 27th, 2006
• Company
  Merrill Lynch Municipal Intermediate Term Fund of Merrill Lynch Municipal Series Trust

THIS FEE WAIVER AGREEMENT (the “Fee Waiver Agreement”) is signed as of September 29, 2006 by BlackRock Advisors, LLC (the “Manager”) and BlackRock Municipal Series Trust (the “Trust”).