TIFF Advisory Services LLC

Item 5 – Fees and Compensation

TAS receives fees from each fund it advises, and from certain Advisory Clients, for providing
investment advisory services. The TIP Board approves the advisory agreement between TAS
and MAF, including the fee schedule. The fee arrangements between TAS and each fund are
disclosed in such fund’s Offering Materials. The fee arrangements for Advisory Clients are
individually negotiated.

TAS does not have unilateral authority to, and will not, make direct withdrawals from the
accounts of any of its clients to pay its advisory fees. TAS’s advisory fees for TIP and the PI
funds are calculated independently by Ultimus Fund Solutions, LLC and Ultimus Private Fund
Solutions, LLC, respectively (together, “Ultimus”), as part of Ultimus’s enumerated duties as
administrator for each of these investment funds. In the case of the TIFF Private Funds, TAS’s
advisory fees are calculated independently by CITCO Fund Services (Cayman Islands) Limited
(“CITCO”), as part of CITCO’s enumerated duties as administrator for each fund. Ultimus and
CITCO (the “Administrators”) calculate these fees in accordance with the fee schedule set forth
in the applicable investment advisory agreement or operating agreement to which each such
fund is a party using the custody and other records that the Administrators prepare and
maintain for each such fund. After TAS verifies the accuracy of the Administrators’ advisory fee
calculations, the Administrators pay TAS’s advisory fees out of the account of the applicable
fund via wire transfer to TAS. TAS calculates the amount of any advisory fees due and payable
by Advisory Clients and invoices such clients for such amount. Advisory Clients that are charged
an advisory fee by TAS pay such fee directly to TAS.

Pursuant to TAS’s advisory agreement with TIP, TAS receives an advisory fee payable monthly in
arrears from TIP, calculated by applying an advisory fee rate to MAF’s average daily net assets.
TAS’s annual advisory fee rate for TIP ranges from 0.25% (on amounts up to $1 billion) to 0.18%
(on amounts over $3 billion), and the specific advisory fee schedule for MAF can be found in
MAF’s prospectus. TAS also provides certain administrative services to TIP under a Services
Agreement and for those services is paid a monthly fee.

Pursuant to TAS’s advisory agreements with the TIFF Private Funds, TAS receives an advisory
fee payable quarterly in advance from each TIFF Private Fund, calculated by applying an
advisory fee rate to the net asset value attributable to the capital account of each fund limited
partner. TAS’s current annual advisory fee rates for the TIFF Private Funds range from 0.45% to
1.00% and the specific advisory fee schedules can be found in their Offering Materials. For one
of the TIFF Private Funds, limited partners who have invested in Series 2 interests do not pay an
asset-based advisory fee and instead pay an annual incentive fee of 30% of the prior year’s
excess return of each limited partner’s capital account over a hurdle, subject to a high-water
mark that calls for a reduced incentive fee of 15% under certain conditions. Certain of the TIFF
Private Funds’ assets are invested in underlying funds managed by TAS or its affiliates
(“affiliated acquired funds”). TAS will waive or reduce (to an amount not less than zero) each
TIFF Private Fund’s management fee (but not incentive or other performance-based fees) by an
amount equal to that portion of the management fee received by TAS or its affiliates from
affiliated acquired funds as a result of such TIFF Private Fund’s investments in such affiliated
acquired funds.

For the PI funds, TAS’s management fees are paid by the PI funds monthly in advance and
prorated for any period less than a full calendar month. The specific management (or advisory)
fee schedules for the PI funds can be found in such funds’ Offering Materials. In general, TAS is

paid management fees, which vary by year and typically are paid based on committed capital
amounts, and carried interest, which typically is paid based on net profits after a full return of
capital to investors and in some cases is capped and/or subject to a preferred rate of return.
TAS’s annual management fee rates for the PI funds range from 1.00% (typically in earlier years)
to 0.15% (typically in later years) and TAS’s carried interest rates range from 2% to 15%. For
certain PI funds, Series 2 interests do not pay carried interest and instead pay higher
management fee rates of 1.00% (in earlier years). In addition to TAS’s management fees, all
costs related to the operations and organization of the applicable PI fund typically will be borne
by the fund, with a cap on aggregate organization and start-up expenses that is disclosed in
such fund’s Offering Materials. All costs with respect to any interest held in portfolio
investments (e.g., any management fees, incentive allocations or other performance fees
associated with any underlying funds in which the applicable PI fund holds an interest) passed
through from underlying funds or expenses of any direct investment in operating companies
will be borne by the applicable PI fund. In an effort to encourage investment in TAS-affiliated
funds, TAS waives the management fees and carried interest for commitments to new PI funds
by eligible TAS employees and TAS advisory board members.

TAS’s advisory fees for Advisory Clients are negotiable and vary by Advisory Client. TAS
generally will bill its advisory fees for Advisory Clients on a quarterly basis in arrears. TAS’s
annual advisory fee schedule for Advisory Clients typically starts at 0.45% of assets under
management and is subject to decreasing fee rates typically based on a number of factors
including but not limited to: the Advisory Client’s total assets under management, historic fee
rates no longer in effect, total assets with TAS, customized servicing requirements, the
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Item 7 – Types of Clients

TAS provides investment advisory services to a registered mutual fund and to privately offered
investment funds.

TAS also offers investment advisory services to Advisory Clients by contracting directly to
provide discretionary investment management services and oversee investment-related tasks
including investment policy development, asset allocation, portfolio construction and
implementation, rebalancing, and manager monitoring. Advisory Clients typically also receive
customized reporting and client relationship management servicing. Advisory Client accounts
are customized to each client based upon the applicable client’s investment guidelines and
other criteria.