INVESTMENT ADVISORY AGREEMENT
SCHEDULE A
SERIES OF INSTITUTIONAL LIQUIDITY TRUST
GOVERNMENT MASTER SERIES
GOVERNMENT RESERVES MASTER SERIES
MUNICIPAL MASTER SERIES
TAX-EXEMPT MASTER SERIES
TREASURY RESERVES MASTER SERIES
Date: July 27, 2007
INVESTMENT ADVISORY AGREEMENT
SCHEDULE B
SERIES OF INSTITUTIONAL LIQUIDITY TRUST
RATE OF COMPENSATION BASED ON EACH SERIES'
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AVERAGE DAILY NET ASSETS
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GOVERNMENT MASTER SERIES .05%
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GOVERNMENT RESERVES MASTER SERIES .05%
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MUNICIPAL MASTER SERIES .05%
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TAX-EXEMPT MASTER SERIES .05%
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TREASURY RESERVES MASTER SERIES .05%
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Date: July 27, 2007
