0001193125-07-164220 Sample Contracts

SUB-INVESTMENT ADVISORY AGREEMENT
Sub-Investment Advisory Agreement • July 27th, 2007 • Cma Multi State Municipal Series Trust • 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”).

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INVESTMENT MANAGEMENT AGREEMENT
Investment Management Agreement • July 27th, 2007 • Cma Multi State Municipal Series Trust • New York

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

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