Exhibit (h5)
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CAPITAL SERVICES
May 8, 2006
Ms. ▇▇▇▇▇▇ ▇▇▇▇▇
Vice President
TIFF Advisory Services, Inc.
▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇
▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇
Dear ▇▇▇▇▇▇:
This letter confirms our agreement to extend the existing Operations Monitoring
Agreement between ▇▇▇▇▇▇▇▇▇ Fund Services LLC (formerly EOS Fund Services LLC)
and TIFF Investment Program, Inc. for a period of six months, extending the
period-end from August 31, 2006, to February 27, 2007. All other terms and
conditions, including the fee schedule, remain the same. We provide this
extension at your request to parallel your extension of the custodian,
delegation, administration, transfer agency, and distribution contracts with
Investors Bank & Trust Company.
We appreciate the opportunity to provide a proposal for full administration
services and look forward to continuing our relationship with TIFF.
Sincerely,
/s/ ▇▇▇▇▇▇ ▇▇▇▇
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▇▇▇▇▇▇ ▇▇▇▇
Managing Director
Agreed and accepted:
TIFF Investment Program, Inc.
By: ___________________
▇▇▇▇▇▇ ▇▇▇▇▇
Vice President
Date: ___________________