MANAGEMENT AGREEMENT
SCHEDULE A
SERIES OF INSTITUTIONAL LIQUIDITY TRUST
GOVERNMENT MASTER SERIES
GOVERNMENT RESERVES MASTER SERIES
MONEY MARKET MASTER SERIES
MUNICIPAL MASTER SERIES
PRIME MASTER SERIES
TAX-EXEMPT MASTER SERIES
TREASURY MASTER SERIES
TREASURY RESERVES MASTER SERIES
Date: July 25, 2007
MANAGEMENT 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 0.08%
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GOVERNMENT RESERVES MASTER 0.08%
SERIES
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MONEY MARKET MASTER SERIES 0.08%
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PRIME MASTER SERIES 0.08%
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TREASURY MASTER SERIES 0.08%
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TREASURY RESERVES MASTER 0.08%
SERIES
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MUNICIPAL MASTER SERIES 0.250% of the first $500 million of average daily net assets
TAX-EXEMPT MASTER SERIES 0.225% of the next $500 million of average daily net assets
0.200% of the next $500 million of average daily net assets
0.175% of the next $500 million of average daily net assets
0.150% of average daily net assets in excess of $2 billion
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Date: August 23, 2007
