Amendment No. 1 to Money Manager Agreement


Amendment  No. 1, dated as of March 1,  2001,  to the Money  Manager  Agreement,
dated January 1, 1997 (the  "Agreement"),  between the TIFF Investment  Program,
Inc. ("TIP"),  a Maryland  corporation,  for its TIFF Emerging Markets Fund (the
"Fund") and Emerging Markets Management , L.L.C. (the "Manager").

        WHEREAS, TIP and the Manager have entered into the Agreement;

        WHEREAS, Section 11 of the Agreement provides that the Agreement may be
        amended by mutual consent of both parties to the Agreement;

        WHEREAS, TIP and the Manager have mutually agreed to certain
        modifications to Schedule I of the Agreement;

        NOW, THEREFORE, TIP and the Manager hereby agree to amend the Agreement
        as follows:

Schedule I.  Schedule I is hereby deleted in its entirety and replaced with the
attached Schedule I.


IN WITNESS  WHEREOF,  each of the parties hereto has caused this amendment to be
duly  executed  as an  instrument  under  seal  by its  officer  thereunto  duly
authorized as of the date first written above.




                                           TIFF INVESTMENT PROGRAM, INC.


                                           By:  /s/ William E. Vastardis
                                           Name:  William E. Vastardis
                                           Title:  Treasurer


                                           EMERGING MARKETS MANAGEMENT, L.L.C.


                                           By:  /s/ Antoine W. van Agtmael
                                           Name: Antoine W. van Agtmael
        Title:  President and Chief Investment Officer



Schedule I


Fee Calculation



Compensation

        As compensation for the services performed and the facilities and
personnel provided by the Manager pursuant to this Agreement, the Fund will pay
to the Manager a fee based on the average daily net assets (gross of expenses
except custodian transaction charges) of the Managed Assets.  This fee shall be
payable monthly, and shall equal 1.25% per annum for the first US$100 million of
Managed Assets and 1.00% per annum for any Managed Assets in excess of US$100
million.

Valuation

        For purposes of calculating the Manager's fee hereunder, the securities
in the Fund's portfolio shall be valued in the manner described in the Fund's
propsectus.

Early Termination

        If the Manager ceases to render services hereunder at any time during,
and before the end of, any full calendar month, the Manager's fee shall be
prorated accordingly.