ADMINISTRATION AGREEMENT

AGREEMENT, dated September 29, 2006, between BlackRock Focus Twenty Fund, Inc. (the Fund), a Maryland corporation and BlackRock Advisors, LLC (the Administrator), a Delaware limited liability company.

WHEREAS, the Administrator has agreed to furnish administration services to the Fund, an open-end management investment company registered under the Investment Company Act of 1940, as amended (the 1940 Act);

WHEREAS, the Fund is one of the feeder funds for and invests all of its assets in Master Focus Twenty Trust, which serves as the master portfolio and has the same investment objective and policies as the Fund;

WHEREAS, this Agreement has been approved in accordance with the provisions of the 1940 Act, and the Administrator is willing to furnish such services upon the terms and conditions herein set forth;

NOW, THEREFORE, in consideration of the mutual premises and covenants herein contained and other good and valuable consideration, the receipt of which is hereby acknowledged, it is agreed by and between the parties hereto as follows:

1. In General. The Administrator agrees, all as more fully set forth herein, to act as administrator to the Fund and to supervise and arrange for the day today operations of the Fund.

2. Duties and Obligations of Administrator with Respect to the Administration of the Fund. The Administrator agrees to furnish office facilities and equipment and clerical, bookkeeping and administrative services (other than such services, if any, provided by the Funds Custodian, Transfer Agent and Dividend Disbursing Agent and other service providers) for the Fund. To the extent requested by the Fund, the Administrator agrees to provide the following administrative services:

(a) Oversee the determination and publication of the Funds net asset value in accordance with the Funds policy as adopted from time to time by the Board of Directors;

(b) Oversee the maintenance by the Funds Custodian and Transfer Agent and Dividend Disbursing Agent of certain books and records of the Fund as required under Rule 31a1(b)(4) of the 1940 Act and maintain (or oversee maintenance by such other persons as approved by the Board of Directors) such other books and records required by law or for the proper operation of the Fund;

(c) Oversee the preparation and filing of the Funds federal, state and local income tax returns and any other required tax returns;

(d) Review the appropriateness of and arrange for payment of the Funds expenses;

(e) Prepare for review and approval by officers of the Fund financial information for the Funds semiannual and annual reports, proxy statements and other communications with shareholders required or otherwise to be sent to Fund shareholders, and arrange for the printing and dissemination of such reports and communications to shareholders;

(f) Prepare for review by an officer of the Fund the Funds periodic financial reports required to be filed with the Securities and Exchange Commission (SEC) on Form NSAR, Form NCSR, Form NPX, Form NQ, and such other reports, forms and filings, as may be mutually agreed upon;

(g) Prepare such reports relating to the business and affairs of the Fund as may be mutually agreed upon and not otherwise appropriately prepared by the Funds custodian, counsel or auditors;

(h) Make such reports and recommendations to the Board of Directors concerning the performance of the independent accountants as the Board of Directors may reasonably request or deems appropriate;

(i) Make such reports and recommendations to the Board of Directors concerning the performance and fees of the Funds Custodian and Transfer and Dividend Disbursing Agent as the Board of Directors may reasonably request or deems appropriate;

(j) Oversee and review calculations of fees paid to the Funds service providers;

(k) Oversee the Funds portfolio and perform necessary calculations as required under Section 18 of the 1940 Act;

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