0001193125-06-207692 Sample Contracts

SUB-ADVISORY AGREEMENT
Sub-Advisory Agreement • October 13th, 2006 • Blackrock Funds • Delaware

AGREEMENT dated as of September 29, 2006, between BlackRock Advisors, LLC, a Delaware limited liability company (“Adviser”), and BlackRock International, Ltd., a Scotland corporation (“Sub-Adviser”).

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INVESTMENT ADVISORY AGREEMENT
Investment Advisory Agreement • October 13th, 2006 • Blackrock Funds • Delaware

AGREEMENT made as of September 29, 2006 between BLACKROCK FUNDSSM, a Massachusetts business trust (the “Fund”), and BLACKROCK FINANCIAL MANAGEMENT, INC., a Delaware corporation (the “Adviser”).

INVESTMENT ADVISORY AGREEMENT
Investment Advisory Agreement • October 13th, 2006 • Blackrock Funds • Delaware

AGREEMENT made as of September 29, 2006 between BLACKROCK FUNDSSM, a Massachusetts business trust (the “Fund”), and BLACKROCK ADVISORS, LLC, a Delaware limited liability company (the “Adviser”).

PURCHASE AGREEMENT
Purchase Agreement • October 13th, 2006 • Blackrock Funds

BlackRock FundsSM (the “Fund”), a Massachusetts business trust, and BlackRock Distributors, Inc. (“BDI”), a Delaware corporation, hereby agree as follows:

SUB-ADVISORY AGREEMENT
Sub-Advisory Agreement • October 13th, 2006 • Blackrock Funds • Delaware

AGREEMENT dated as of September 29, 2006, between BlackRock Advisors, LLC, a Delaware limited liability company (“Adviser”), and BlackRock Financial Management, Inc., a Delaware corporation (“Sub-Adviser”).

SUB-ADVISORY AGREEMENT
Sub-Advisory Agreement • October 13th, 2006 • Blackrock Funds • Delaware

AGREEMENT dated as of September 29, 2006, between BlackRock Advisors, LLC, a Delaware limited liability company (“Adviser”), and BlackRock Institutional Management Corporation, a Delaware corporation (“Sub-Adviser”).

SUB-ADVISORY AGREEMENT
Sub-Advisory Agreement • October 13th, 2006 • Blackrock Funds • Delaware

AGREEMENT dated as of September 29, 2006, between BlackRock Advisors, LLC, a Delaware limited liability company (“Adviser”), and BlackRock Financial Management, Inc., a Delaware corporation (“Sub-Adviser”).

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