0000898432-09-000723 Sample Contracts

ADMINISTRATION AGREEMENT
Administration Agreement • May 29th, 2009 • Lehman Brothers Institutional Liquidity Funds • New York

This Agreement is made as of May 4, 2009, between Lehman Brothers Institutional Liquidity Funds, a Delaware statutory trust (“Trust”), and Neuberger Berman Management LLC, a Delaware limited liability company (“Administrator”), with respect to the Classes of shares (each, a “Class”) of the series listed on Schedule A (“Series”).

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DISTRIBUTION AGREEMENT LEHMAN BROTHERS INSTITUTIONAL LIQUIDITY FUNDS
Distribution Agreement • May 29th, 2009 • Lehman Brothers Institutional Liquidity Funds • New York

This Agreement is made as of May 4, 2009, between Lehman Brothers Institutional Liquidity Funds, a Delaware statutory trust (“Trust”), and Neuberger Berman Management LLC, a Delaware limited liability company (the “Distributor”), on behalf of each class of each series listed on Schedule A attached hereto (each, a “Class”) of the Trust.

MANAGEMENT AGREEMENT
Management Agreement • May 29th, 2009 • Lehman Brothers Institutional Liquidity Funds • New York

This Agreement is made as of May 4, 2009, between Lehman Brothers Institutional Liquidity Funds, a Delaware statutory trust (“Trust”), and Neuberger Berman Management LLC, a Delaware limited liability company (“Manager”).

INVESTMENT ADVISORY AGREEMENT
Investment Advisory Agreement • May 29th, 2009 • Lehman Brothers Institutional Liquidity Funds • New York

This Agreement is made as of May 4, 2009, between Neuberger Berman Management LLC, a Delaware limited liability company (“Manager”) and Neuberger Berman Fixed Income LLC, a Delaware limited liability company (“Adviser”).

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