TIFF Endowment Asset Management LLC

Item 5 – Fees and Compensation

TEAM receives a management fee payable quarterly in advance from TKF, calculated by
applying a management fee rate to the balance of each limited partner’s beginning total capital
account value as of the beginning of each calendar quarter. TEAM’s annual management fee
rate for TKF ranges from 0.40% to 0.50%, depending upon TKF’s assets. For TKF investors who
invest after October 15, 2004, TEAM’s annual management fee on a portion of non-redeemable
holdings are 0.95%. Certain of TKF’s assets are be invested in underlying funds managed by
TEAM or TAS (“affiliated acquired funds”). TEAM will waive or reduce (to an amount not less
than zero) TKF’s management fee by an amount equal to that portion of the management fee
received by TEAM or TAS from affiliated acquired funds as a result of TKF’s investments in such
affiliated acquired funds.

TEAM 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. TEAM’s advisory fees for TKF are
calculated independently by Citco Fund Services (Cayman Islands) Limited (“Citco”) as part of
Citco’s enumerated duties as administrator for TKF. Citco calculates these fees in accordance
with TKF’s fee schedule using the administrative and other records that Citco prepares and
maintains for TKF. After TEAM verifies the accuracy of Citco’s advisory fee calculations, Citco
pays TEAM’s advisory fees out of TKF’s account via wire transfer to TEAM.

TEAM will not receive incentive compensation or carried interest directly from TKF, but TEAM
or TAS receives incentive compensation or carried interest from affiliated acquired funds in
which TKF invests, if applicable.

In addition to investment advisory fees, TKF typically will incur brokerage and other transaction
costs either directly, or indirectly as an investor in a fund that incurs such costs. Item 12
describes the factors that TEAM considers in selecting or recommending broker-dealers for
client transactions and determining the reasonableness of their compensation (e.g.,
commissions).

TKF pays for certain specific and/or customary fund expenses, including those detailed in its
governing documents and/or agreements. These fees and expenses typically include: all fees
and expenses related to its operations, including without limitation, research expenses
(including research-related travel expenses), expenses related to the purchase, sale, or

transmittal of investments and securities lending costs, fees, costs and expenses related to the
development, negotiation, structuring, purchase, holding, monitoring and, to the extent
applicable, disposal, sale or liquidation of securities or portfolio investments actually made or
prospective portfolio investments not ultimately made (including without limitation, brokerage,
custody or hedging costs), legal counsel, accountants, administrators, tax advisers, consultants
and other advisers and professionals (including audit and certification fees and the costs of
financial and tax reports, and the costs of printing and distributing reports), the costs and
services associating with proxy voting, any compliance or regulatory (including any required
regulatory filings, notices or disclosures, as well as ongoing regulatory compliance matters,
relating to a fund and its activities, including, for example, in connection with Form PF and / or
CFTC-related matters and similar laws and regulations in any other relevant jurisdiction and any
related regulations) costs, fees or expenses, any custodial and settlement fees or expenses, any
expenses and interest incurred in respect of borrowings or lines of credit, credit facilities, filing
fees, registration fees and expenses, transaction costs including brokerage commissions and
transaction taxes, costs of quotation services, insurance, indemnity or litigation expense, any
other bank service fees and other investment costs, fees and expenses, and any taxes and/or
tax-related interest, fees or other governmental charges (including any penalties incurred
where the manager lacks sufficient information from third parties to file a timely and complete
tax return) levied against or incurred by TKF, along with applicable licensing fees, fees of pricing
services or valuation services and administration fees as well as any costs and expenses incurred
in connection with attending meetings related to investments, and meetings with
representatives thereof, and certain other customary expenses related to TKF’s activities.
Investors should carefully review TKF’s offering documents and agreements for a more
complete description of fund expenses.

Item 7 – Types of Clients

TEAM, through its role as general partner, currently provides investment advisory services to
TKF, a privately offered investment fund.