0001193125-09-216536 Sample Contracts

INVESTMENT MANAGEMENT AGREEMENT
Investment Management Agreement • October 29th, 2009 • Blackrock Municipal Bond Fund, Inc. • New York

AGREEMENT, dated October 27, 2006, between BlackRock Municipal Bond Fund, Inc. (the “Corporation”), a Maryland corporation, on behalf of BlackRock Municipal Insured Fund, BlackRock National Municipal Fund and BlackRock Short-Term Municipal Fund (each a “Fund” and together the “Funds”), and BlackRock Advisors, LLC (the “Advisor”), a Delaware limited liability corporation.

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