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%
GOVERNMENT RESERVES MASTER SERIES 0.08%
MONEY MARKET MASTER SERIES 0.08%
MUNICIPAL MASTER SERIES 0.25%
PRIME MASTER SERIES 0.08%
TAX-EXEMPT MASTER SERIES 0.25%
TREASURY MASTER SERIES 0.08%
TREASURY RESERVES MASTER SERIES 0.08%
Date: July 25, 2007