#1TPG Investor Presentation January 2022#2Disclaimer TPG This presentation is being provided by TPG Inc. ("TPG," "we," "our," "us," or the "Company") solely for informational purposes for its public stockholders. To the maximum extent permitted by law, none of us or our affiliates, directors, officers, partners, employees, agents, or advisors or any other person accepts any liability related to the use or misuse of the information contained in this presentation. In addition, while we highlight certain select investments, groups of investments or funds in this presentation, our results of operations also include other less successful or unsuccessful investments. All data included in this presentation is presented as of September 30, 2021, unless otherwise specified. This presentation shall not constitute an offer to sell, or the solicitation of an offer to buy, any securities, products or services nor shall there be any sale of any securities, products or services in any state or jurisdiction in which such offer, solicitation or sale would be unlawful. This presentation shall not constitute an offer to sell, or the solicitation of an offer to buy, interests in any of the funds discussed herein. Forward-Looking Statements This presentation contains "forward-looking" statements based on the Company's beliefs and assumptions and on information currently available to the Company. Forward-looking statements can be identified by words such as "anticipates," "intends," "plans," "seeks," "believes," "estimates," "expects" and similar references to future periods, or by the inclusion of forecasts or projections. Examples of forward-looking statements include, but are not limited to, statements we make regarding the outlook for our future business and financial performance, business strategy and plans and objectives of management for future operations, including, among other things, statements regarding the Reorganization, estimated 2021 operating metrics, expected growth, future capital expenditures, fund performance and debt service obligations. Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, our actual results may differ materially from those contemplated by any forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include regional, national or global political, economic, business, competitive, market and regulatory conditions, including, but not limited to the following: our dependence on our senior leadership and key investment and other professionals; our ability to attract, retain and motivate investment and other key professionals; the performance of our funds; our ability to raise new funds or capital for our funds and obtain favorable economic terms; our fund investors' willingness to commit new capital to our funds in light of our decision to go public; our execution of new investment strategies or expansion into new markets and businesses; increasing scrutiny from fund investors and regulators on environmental, social and corporate governance matters; the variability of part of our revenue, earnings and cash flow; our funds' historical returns not being indicative of returns on investing in our Class A common stock; the performance of our funds' portfolio companies; our investment in companies based outside of the United States; changes in China's governmental policies and interventions by China's government in industries in which we are invested; our ability to maintain the security of our information and technology networks; the COVID-19 pandemic and associated effects; our ability to manage conflicts of interest, including conflicts of interests relating to our funds' investment activities, conflicts of interest with our partners, directors and senior advisors, and conflicts of interest that may arise between our public stockholders and our management and certain other affiliates due to our compensation and incentive model; the potential misconduct, fraud or other deceptive practices of our employees, advisors or third party service providers or our funds' portfolio companies; pending and future litigation and related liabilities and reputational harm; clawback or contingent repayment obligations if and when triggered under our funds' governing agreements; the historical pro forma financial information in this presentation not being predictive of future performance; our reliance on exemptions from certain governance requirements as a "controlled company" within the meaning of the listing standards; our status as a holding company, with our only material asset being our interest in the TPG Operating Group; us potentially being deemed an "investment company" under the Investment Company Act of 1940, as amended; the disparity in the voting rights among the classes of our common stock; our ability to pay dividends; the effect on our share price of the large number of shares eligible for future sale and exchange; the acceleration of payments under the Tax Receivable Agreement; changes in the debt financing markets or higher interest rates; the intense competition in the investment management business; difficult economic and market conditions; the extensive regulation of our businesses and increased regulatory focus on our industry, including proposed legislative changes that would modify the tax treatment of performance allocations or otherwise adversely impact our business model; changes in the U.S. political and financial regulatory environment; and our structure, which involves complex provisions of U.S. federal tax law. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements and risk factors discussed from time to time in the Company's filings with the SEC, which can be found at the SEC's website at http://www.sec.gov. The forward-looking statements in this presentation represent management's views as of the date of this presentation. We undertake no obligation to update or revise any of these forward-looking statements after the date of this presentation, whether as a result of new information, future developments or otherwise, except as may be required by law. No recipient should, therefore, rely on these forward-looking statements as representing the views of the Company or its management as of any date subsequent to the date of the presentation.#3Disclaimer Industry and Market Data TPG This presentation includes market and industry data and forecasts derived from publicly available information, various industry publications, other published industry sources and the management's knowledge of the industry and the good faith estimates of management. This data involves a number of assumptions and limitations, and there can be no assurance these forecasts and estimates will prove accurate in whole or in part. This presentation also includes information and reports provided by our portfolio companies for portfolio company specific revenue and other metrics. Metrics such as portfolio company-specific revenue growth are internal metrics that we monitor and track but are not maintained or audited in accordance with GAAP (as defined below). While we believe that these sources are reliable, we have not independently verified this information. Projections, assumptions and estimates of the Company's future performance and the future performance of the industry in which the Company operates are necessarily subject to a high degree of uncertainty and risk due to a variety of factors. Non-GAAP Financial Measures The historical financial information in this presentation includes information that is not presented in accordance with generally accepted accounting principles in the United States ("GAAP"), including distributable earnings, or "DE," after-tax DE, fee-related earnings, or "FRE," fee-related revenues and fee-related expenses. These measures are not financial measures under GAAP and should not be considered as substitutes for net income, revenues or total expenses, and they may not be comparable to similarly titled measures reported by other companies. These measures should be considered in addition to GAAP measures. We use these measures to assess the core operating performance of our business. See the appendix to this presentation for a reconciliation of each non-GAAP financial measure to its most directly comparable financial measure stated in accordance with GAAP. Performance Information Past performance is not necessarily indicative of future results and there can be assurance that TPG or any TPG fund or strategy will achieve comparable results, or that any investments made by TPG in the future will be profitable. Actual realized value of currently unrealized investments will depend on, among other factors, future operating results, the value of the assets and market conditions at the time of disposition, any related transaction costs and the timing and manner of sale, all of which may differ from the assumptions and circumstances on which the current unrealized valuations are based. Accordingly, the actual realized values of unrealized investments may differ materially from the values indicated herein. Information contained herein may include information with respect to prior investment performance of one or more TPG and TPG funds or investments, including gross and/or net internal rates of return ("IRR") and gross multiple-of-money ("MOM"). Information with respect to prior performance, while a useful tool in evaluating investment activities, is not necessarily indicative of actual results that may be achieved for unrealized investments. The realization of such performance is dependent upon many factors, many of which are beyond the control of TPG. Aggregated return information is not reflective of an investable product, and as such does not reflect the returns of any TPG fund. See the appendix to this presentation for any additional important information.#4Our Firm TPG Attractive Scale Ð Distinct Positioning Strong Growth Purpose-built for growth and innovation in the next era of alternative asset management#5Our Firm Attractive Scale Scaled and Global Platforms Strong Track Record Distinct Positioning Strong Growth TPG#6A Scaled, Experienced Global Firm Platforms $109 Billion Assets Under Management¹ People 912 Employees Portfolio TPG QVIA™ ✓ McAfee ►Zscaler WellSky airbnb Kindred Creative Artists Agency CAA cal Medical DIRECTV Solutions C3.ai TRANSPLACE 5 Platforms 320+ Investment & Operations Professionals Chobani Spotify 17 Products 15 Years Median TPG Tenure of Product Leaders 1. As of September 30, 2021. Continental Airlines Astound Broadband BEAUTYCOUNTER CCC KOREA FIRST BANK BURGER KING Sabre Uber petco.❤❤❤❤ where the healthy pets go lenovo PAR PHARMACEUTICAL Seagate 深圳发展银行 SHENZHEN DEVELOPMENT BANK MEMC TECHNOLOGY IS BUILT ON US DUCATI Oxford Health Plans#7Diversified Across Five Multi-Product Platforms Capital Scaled private equity platform Growth Impact Real Estate TPG Market Solutions Flexible investing platform focused on rapidly growing businesses Leading impact investing platform pursuing societal benefits and financial returns at scale Multi-product real estate investing platform utilizing TPG's shared expertise and insight Platform focused on leveraging the TPG ecosystem to address market opportunities $53 Billion $22 Billion $13 Billion AUM1 AUM1 AUM1 TPG Capital TPG Asia $11 Billion AUM1 $10 Billion AUM1 TPG Growth The Rise Funds TPG Real Estate Partners (TREP) TPG Tech Adjacencies (TTAD) TPG Rise Climate TPG Healthcare Partners Continuation Vehicles TPG Digital Media (TDM) 1. As of September 30, 2021. Evercare Public Market Investing Capital Markets Real Estate Thematic Advantage Core Plus (TAC+) TPG RE Finance Trust (TRTX) Private Market Solutions SPACS .. 7#8Demonstrated Success Pursuing Market Opportunities Through Organic Innovation Capital Growth Impact Real Estate Market Solutions TPG Rise Climate Evercare $13B AUM1 2017 Rise I Rise II TDM TTAD I TTAD II $22B AUM1 Growth 12 Growth II Growth III Growth IV Growth V 2007 THP Capital I Capital II Capital III Capital IV Capital V Capital VI Capital VII Capital VIII $53B AUM1 1994 Asia I Asia II Asia III Asia IV Asia V Asia VI Asia VII TREP 13 TREP II TREP III 2012 TAC+ $11B AUM1 TRTX TPEP LO TPEP 2013 TPEP L/S Pace $10B AUM¹ NewQuest4 1. As of September 30, 2021. 2. Reflects STAR. 3. TREP I represents a hypothetical fund that is based on TPG V/VI and DASA deals. 4. NewQuest was developed inorganically. TGS I#9Strong Track Record of Delivering Value for Investors Inception-to-Date Gross IRR1,2,3 LTM Value Creation¹ 30% 27% 23% 23% Capital Growth 1. As of September 30, 2021. Excludes legacy and discontinued funds. 2. Returns calculated since inception. 3. Net returns were 15%, 16%, 20% and 20%, respectively. 56% 48% 48% TPG 34% Impact Real Estate Capital Growth Impact Real Estate#10Deep, Committed Relationships with Our Clients TPG Diversified & Growing Long-Tenured & Multi-Product Capital Commitments by LP Type³ Financial Institutions 4% Endowments -3% Other -2% ~500 Institutional Limited Partners 15-year Average Tenure of Existing Limited Partners1 Insurance 5% Private Wealth 8% -30% Of Commitments in Active Funds are from New LP Relationships Formed in the Last 5 Years 76% LPs are Invested in 3+ Products² Note: All data as of September 30, 2021. 1. Weighted average based on dollar commitments. 2. Based on LPs who have commitments in active TPG funds raised over the last 10 years (excluding public market investing vehicles). Weighted by committed amounts. 3. Based on LPs who have commitments in active TPG funds (excluding public market investing vehicles). Fund of Funds 16% SWF 16% Opportunities Pensions 46% Retail / High Net Worth Insurance Geographic Expansion 10#11Our Firm Attractive Scale ร Distinct Positioning Differentiated Strategy Operating Model Strong Growth TPG 11#12Strategy Built for the Next Era of Alternatives Levered Beta Mega Fund-centric Returns Transaction Type Alpha Opportunities Targeted Products Returns, ESG, and Impact Sectors and Solutions Fund-centric Relationships Bespoke Firm-centric Relationships "Scaling" Era "Scaled Differentiation❞ Era TPG 12#131 Strategy Built for the Next Era of Alternatives Industry Trend Increasing Demand for Private Equity TPG Demand for Specialized Products and Cross-Platform Relationships Increasing International Diversification, Particularly in Asia 80% Diversified AUM Dedicated to High-Growth Private Equity Strategies1 10 New Product Innovations Since the Start of 2016 30+ Countries Portfolio Company Headquarters Capital Growth TPG Positioning ~1.45% Fee-Related Revenue per FAUM² Impact 76% LPs Invested in 3+ Products³ $22 Billion AUM Dedicated to APAC4 1. Based on Capital, Growth and Impact AUM as a percentage of total AUM. 2. Based on 2020 Pro Forma Non-GAAP Fee-Related Revenue and average of end of 2019 and end of 2020 FAUM. 3. Based on LPs who have commitments in active TPG funds raised over the last 10 years (excluding public market investing vehicles). Weighted by committed amounts. 4. As of September 30, 2021, including the AUM of the Asia product and the unrealized value of investments in APAC from the Impact and Growth platforms (including co-investments). 13#14Strategy Built for the Next Era of Alternatives 1 Rise of Growth-Oriented Industry Trend Sector Specialization Investing 37% Capital Invested in Technology Sector¹ 39% of Private Equity² AUM TPG Positioning 24% Capital Invested in Healthcare Sector¹ $1.3B Commitments in 2007 Development of Impact Investing $13 Billion Impact Platform AUM4 TPG Other TDM $34.1B TPG Rise³ TTAD TPG Growth FUND RISE RISE CLIMATE evercare Growth-Oriented AUM as of Sep-2021 1. Based on capital invested since the start of 2018 through September 30, 2021. 2. As of September 30, 2021. Growth AUM includes Growth Platform, The Rise Funds, and TPG Rise Climate. Private Equity AUM includes the Capital, Growth and Impact platforms. 3. Includes TPG Rise Climate. 4. As of September 30, 2021. 14#15Platform Spotlight: Growth 10-year Industry AUM CAGR¹ 8% TPG Growth Investing Playbook 19% Fender Growth Buyout GoHealth Schiff NUTRITION ✔ URGENT CARE Traditional Growth Equity airbnb Zscaler Uber TPG (D) DREAM11 Solutions Otoast Capital C3.ai Diversified Multi- Sector Focus Spotify Kaseya ☑I Age of Learning Structured Capital GOAL FANDOM stackcommerce Specialty Capital Buyout Growth Equity Operating Value-Add Global Reach Sector Depth 1. 2010-2020 CAGR; per Preqin. Use of Structural Tools Diversified Exits Long-term Business Building Bias 15#16TPG Environmental, Social, and Governance Action Longstanding commitment to fostering strong ESG performance as a firm and in our investment practices Investing Activity Responsible Portfolio Investments Investing in Diverse-Led Managers TPG NEXT Vamos Ventures HD Harlem Capital LANDSPIRE GROUP Environmental Strategy Carbon Neutrality Analyzed and verified firm-wide operational emissions for 2019 and 2020, and offset 2020 and 2021 prospectively Support of Industry Group and Initiatives Ceres Sustainability is the bottom line. ic initiative climat international TCFD TASK FORCE ON FINED DISCLOSURES IIGCC The Institutional Investors Group on Climate Change PL UMM 2 SOVEREIGN WEALTH E T FUNDS WARE STILL IN Consistent, Multifaceted Action Portfolio Community Product 2013: Became a signatory to the UN Principles of Responsible Investment 2016: Launched The Rise Fund 2017: Authored guidance for PCs encouraging preservation of DACA; provided support and financial resources to those impacted 2017: Launched board diversity initiative 2018: Joined the Business Coalition for the Equality Act 2019: Only PE firm to sign Supreme Court amicus brief supporting LGBTQ+ non- discrimination protections 2020: Launched TPG Pace Beneficial Finance 2021: Launched TPG Rise Climate 16#17Platform Spotlight: Impact Ecosystem Innovation TPG + Founders Board ANALYTICS RISE FUND Climate Investing: Four Forces Corporate Pledges Investor Engagement Impact at Scale TPG $3.3B Estimated Impact Value of Portfolio¹ 44 32% Investments² Gross IRR³ Climate Consumerism Technology Tipping Point RISE CLIMATE Jim Coulter Managing Partner 1. As of December 31, 2020. 2. As of September 30, 2021. Includes Rise I and Rise II and excludes platform investments. 3. Inception-to-date as of September 30, 2021. Net IRR is 21%. 4. As of September 30, 2021. Platform Development $6.0B AUM4 Hank Paulson Executive Chairman 25 Corporate Investors4 17#18Distinct Investing Style 2019-2020 Revenue Growth -4% -4% -8% Russell 2000 Companies1 S&P 500 Companies1 MSCI World Index Companies1 26% TPG Current Generation Funds² TPG Sector Flywheels Alpha Mining Bending The Curve 1. Benchmark indices' 2020 revenue growth per Bloomberg. 2. Weighted-average revenue growth where weights are based on unrealized value; includes TPG VIII, TPG Healthcare Partners, Asia VII, Growth V, TPG Tech Adjacencies, and Rise II. 18#19TPG "Bending the Curve": Driving Transformative Growth Partner with Strong Management Teams Best-In-Class Operations Capabilities Organic Growth Investments Strategic M&A imshealth 27% EBITDA Margin (2009) -12% Pre-acquisition EBITDA Growth1 $5B TEV at Acquisition (2010) 30% EBITDA Margin (2011) 16% Post-acquisition EBITDA Growth² $43B Exit TEV (2020) 1. EBITDA growth rate from FY08 to FY09. 2. EBITDA growth rate from FY10 to FY11. 3. EBITDA growth rate from FY14 to FY15 (year prior to signing). 4. EBITDA growth from FY18 to FY20 (after the closing year). 5. Represents combined announced TEV of sales of Enterprise and Consumer businesses. ✓ McAfee 19% EBITDA Margin (2015) 11% Pre-acquisition EBITDA Growth³ $4B TEV at Acquisition (2016) 36% EBITDA Margin (2020) 40% Post-acquisition EBITDA CAGR4 $18B Anticipated Exit5 TEV (2021/2022) 19#20Our Firm Attractive Scale ร Distinct Positioning Differentiated Strategy Operating Model Strong Growth TPG 20#21Shared Teams and Shared Themes Shared Teams... Nehal Raj Head of SET at Capital and TPG Tech Adjacencies (TTAD) Shared Themes TPG Content Creation Theme: proliferation of digital direct-to-consumer offerings TPG Growth lynda.com Spotify A AZOFF MUSIC IPSY Calm Prodigy Entertainment TPG Capital WellSky WNDRVR planview digital.ar ep Partners 1 2 ✓ nintex boomi TPG Growth Kaseya C3.ai TPG Capital CAA All Technologies Zscaler DOMO CCC INFORMATION SERVICES INC. ☑I Age of Learning TTAD EISA RENAISSANCE TTAD Checkmarx Rise EVERFI Osonatype Course Hero DigitalHouse> Coding School Rise TPG Digital Media Real Estate dreambox® LEARNING 1. TTAD also invested in Kaseya. 2. TTAD also invested in C3.ai. 71% of our partners have led investments across more than one platform FANDOM INESPACE FILM STUDIOS 21#22Our Culture Drives Outcomes Unique Culture Entrepreneurial Heritage with West Coast Roots Diversity, Equity, and Inclusion Recruiting TPG 67% of new hires year-to-date¹ are diverse (vs. 58% 2020 YTD²) Culture as Strategy Promotion 35% of Partners who were promoted since beginning of 2019 were diverse Authenticity and Action Portfolio 294 diverse directors added to TPG portfolio company boards since beginning of 20173 1. New Hires from January 1, 2021 to September 30, 2021. 2. New Hires from January 1, 2020 to September 30, 2020. 3. Includes gender and ethnic or racial diversity for US-based companies and gender diversity for international companies, based on self-reported data from portfolio companies as of August 2021. Diverse directors include TPG professionals, other investment firm professionals, company management, and other independent directors. 22#23Our Firm Attractive Scale Distinct Positioning Strong Growth Strong Robust Historical Growth Performance Engine TPG 23#24Next Generation Public Company Structure Alignment of Interests FRE Centricity Balance Sheet Light Well- Defined Governance Plan Partner Compensation only from Salary, Carried Interest, and Equity in TPG 100% of Fee-Related Earnings 20% of Performance Allocations1 1. Primarily current and future generation funds, excluding legacy and former affiliate funds. TPG Capital-light with flexible capital structure Transition to independent board within 5 years 24#25Strong Financial Profile of Consistent, Profitable Growth Assets Under Management ($B) $109 $90 $80 $85 $691 $67 $60 2016 2017 2018 2019 2020 Sep-2021 2019 Pre-Tax Distributable Earnings (DE)1 ($M) $247 $190 2019 2020 $534 Sep-2021 LTM Post IPO will contribute 20% carry² Fee-Related Revenue¹1 ($M) $727 2020 $837 TPG Sep-2021 LTM Fee-Related Earnings (FRE)1 ($M) $182 $227 $311 2019 2020 FRE Margin Sep-2021 LTM 26% 31% 37% 1. Figures for 2020 presented on a pro forma basis and give effect to the reorganization as if it occurred as of January 1, 2020. Figures for September 2021 LTM and 2019 are presented on an adjusted basis, consistent with the calculation for 2020. See appendix for a reconciliation to net income and, for September 2021 LTM and 2019, a description of the adjustments. These non-GAAP metrics should be viewed in conjunction with the GAAP metrics that are included in the appendix herein. 2. Based primarily on current and future generation funds, excluding legacy and former affiliate funds. 25#26FRE Growth Engine 1 Fundraising 2 3 for Existing + Shadow FAUM Operating Leverage Products TPG 4 Organic + Growth Opportunities 5 Inorganic + Growth Opportunities 26#27Fundraising for Existing Products Capital Platform Growth Platform $18.8 TPG Impact Platform Real Estate Platform +37% +70% $6.4 Asia VII 4.6 TDM, 0.5 $8.2 $13.8 THP TTADI 1.6 $4.7 Asia VI 3.3 2.7 $3.7 +291% TAC+ Gator 0.7 Rise Climate¹ 6.0 +129% 1.01 $2.1 TPG VII 10.5 TPG VIII 11.5 Growth Growth IV V $2.1 TREP III 3.7 3.7 3.6 Rise I 2.1 Rise II 2.2 TREP II 2.1 Prior Gen. Current Gen. Prior Gen. Current Gen. Prior Gen. Current Gen. Prior Gen. Current Gen. Note: All figures in $ billions. 1. Actively fundraising; reflects closed commitments as of September 30, 2021. 27#28Real Impact Estate Growth Capital Entering Fundraising Cycles with Broad-Based 1 Momentum Across Recent Vintages Performance Momentum as of 9/30/211 Fund TPG VIII TPG VII Vintage 2019 Gross IRR 109% Gross MoM 1.7x 2015 28% 2.2x TPG Healthcare Partners 2019 138% 2.2x Asia VII Asia VI Growth V Growth IV TTAD TDM Rise II Rise I TREP III TREP II 2017 37% 1.9x 2012 19% 2.1x 2020 NM 1.3x 2017 31% 1.7x 2018 68% 1.9x 2017 30% 1.9x 2020 NM 1.3x 2017 32% 2.0x 2018 41% 1.4x 2014 31% 1.8x $22 billion of realizations in the last twelve months Note: Past performance is not indicative of future results. 1. As of September 30, 2021. Net IRRs for were 55% (TPG VIII), 21% (TPG VII), 84% (TPG Healthcare Partners), 24% (Asia VII), 14% (Asia VI), 20% (Growth IV), 56% (TTAD), 24% (TDM), 21% (Rise I), 27% (TPG RE III) and 21% (TPG RE II). 28 TPG#292 Shadow Fee-Paying AUM AUM Not Yet Earning Fees $6.9 Billion (as of 9/30/2021) FAUM Subject to Fee Step-Up $3.2 Billion (as of 9/30/2021) TPG Embedded Fee-Related Revenue Opportunity ~$50 - $60 Million Annual Revenue Opportunity1 1. Represents the sum of the gross revenue opportunity for each non-legacy fund with unallocated capital, the deployment of which would result in incremental management fees being earned. Revenue opportunity for each fund is calculated as (a) the incremental amount of unallocated capital that would be invested to achieve a range of 90%-100% total deployment of the original commitments of the fund, multiplied by (b) the incremental fee rate that the Company anticipates would be earned on invested capital and (c) the proportion of the fund's commitments that are expected to pay fees based on the amount of invested capital. 29#303 Operating Leverage FRE Margin¹ Expanding as Newer Products Scale 37% 31% 26% 2019 2020 Sep-2021 LTM >45% Target² TPG 1. Figures for 2020 presented on a pro forma basis and give effect to the reorganization as if it occurred as of January 1, 2020. Figures for September 2021 LTM and 2019 are presented on an adjusted basis, consistent with the calculation for 2020. See appendix for a reconciliation to net income and, for September 2021 LTM and 2019, a description of the adjustments. These non-GAAP metrics should be viewed in conjunction with the GAAP metrics that are included in the appendix herein. No offering related adjustments have been included in these metrics because they are not currently estimable. 2. There is no guarantee that we will be able to achieve the illustrative target FRE margin indicated, or, if the target percentage is achieved that the increase will be based off our historical results. See Forward-Looking Statements. 30#31Embedded Earnings from Accrued Performance Allocations YTD Accrued Performance Allocations Evolution ($M)1 $676 Reflects allocation of 20% of performance allocation to Public Company² $392 Dec-2020 3 39% Portion of Accrued Performance Allocations Realized in YTD Period -$151 $433 YTD Realized Gains 4 5 YTD Value Creation 3 Sep-2021 1. Figures for 2020 presented on a pro forma basis and give effect to the reorganization as if it occurred as of January 1, 2020. 2. Based primarily on current and future generation funds, excluding legacy and former affiliate funds. 3. Accrued performance allocations represents on a pro forma basis the amounts allocable to the TPG Operating Group Common Unit holders based on the estimated allocation percentages. 4. YTD Realized Gains represents the performance allocation realized gains on a pro forma basis attributable to the TPG Operating Group Common Unit holders for the nine months ended September 30, 2021. 5. YTD Value Creation represents on a pro forma basis the net appreciation in accrued performance allocations attributable to the TPG Operating Group Common Unit holders based on the performance of the underlying funds and their investments. TPG 31#324/5 Organic and Inorganic Growth Opportunities Organic Growth Opportunities Launch Adjacent Funds + Inorganic Growth Opportunities Significant Whitespace TPG Corporate Credit Infrastructure $15 Billion raised for five new products from 2018 to September 2021 Real Estate Credit Secondaries 32 8༎#33Our Firm Attractive Scale Scaled and Global Platforms Strong Track Record Ð Distinct Positioning Differentiated Operating Strategy Model Strong Growth Strong Historical Performance Robust Growth Engine Purpose-built for growth and innovation in the next era of alternative asset management TPG 33#34Appendix#35Summary Balance Sheet Unaudited Pro Forma Non-GAAP Balance Sheet Measures¹ TPG Operating Group ($M) Cash Restricted Cash Accrued Performance Fees Other Investments Other Assets, Net Total Book Assets Accounts Payable, Accrued Expenses and Other Securitized Borrowing, Net Senior Unsecured Term Loan Total Book Liabilities Net Book Value Balance Sheet 9/30/21 Pro Forma $640 13 677 794 637 $2,761 339 245 200 $784 $1,977 TPG 35 1. See appendix for a reconciliation of Unaudited Pro Forma Assets and Liabilities measures to our Unaudited Non-GAAAP Pro Forma Assets and Liabilities as of September 30, 2021.#36FRR and FRE Bridge - ($M) GAAP Revenue - Capital-allocation income - Deconsolidation of former affiliate - Expense reimbursements + Investment income and other Fee-Related Revenue RemainCo Asset Mgmt Fee¹ - Assets to RemainCo - FRE¹ Pro Forma Fee-Related Revenue Distributable Earnings - Realized performance allocations, net - Realized investment income and other, net + Depreciation expense + Interest expense, net Total Fee-Related Earnings - RemainCo Asset Mgmt Fee¹ - Assets to RemainCo - FRE1 + PB Paid from Carry Pool² Pro Forma Fee-Related Earnings Note: Figures above may not sum due to rounding. 1. The asset management fee and transfer of FRE assets to RemainCo in 2019 are considered to offset. 2. Reduction of cash partner bonus paid from FRE. TPG 2019 2020 Sep'21 LTM $1,988 $2,115 $5,447 (956) (1,231) (4,538) (240) (87) (152) (110) (117) 51 30 $691 $716 35 $827 17 21 (6) (11) $691 $727 $837 $399 $451 $1,189 (286) (313) (946) (54) (57) (83) 6 7 6 4 15 15 $69 $101 $182 17 21 (6) (11) 113 114 119 $182 $227 $311 36#37DE Bridge TPG ($M) 2019 2020 Sep'21 LTM GAAP Net Income $1,180 $1,439 + Net loss attributable to redeemable interests in Public SPACS 10 196 $4,966 63 +/- Net (income) loss attributable to non-controlling interests inconsolidated TPG Funds +/- Net (income) loss attributable to other non-controlling interests (58) 12 (10) (561) (549) (2,284) - Gain on deconsolidation +/- Unrealized performance allocations + Unrealized investment income + Unrealized loss on derivatives + Proceeds from sale of non-controlling interests + Non-recurring items After-tax Distributable Earnings - - RemainCo Asset Mgmt Fee¹ - Assets to RemainCo - FRE¹ - Assets to RemainCo - RII² + PB Paid from Carry Pool³ (402) (153) (267) (1,190) (37) (20) (370) 2 21 4 11 11 $393 $441 $1,179 17 21 (6) (11) (57) (33) (26) 113 114 119 - Interest from Debt Pushdown (4) (4) (4) - - New Promote Splits 5 (261) (273) (754) + Non-Recurring Transaction and Reorganization Costs (19) - Income Taxes After-tax Pro Forma Distributable Earnings + Income Taxes Pre-tax Pro Forma Distributable Earnings Note: Figures above may not sum due to rounding. 1. The asset management fee and transfer of FRE assets to RemainCo in 2019 is considered to offset. 2. Investment income related to strategics investments + investment income from non-securitized funds. 3. Reduction of cash partner bonus paid from FRE. 4. Additional interest incurred as a result of the debt pushdown, assumed to be equal across all years. 5. Reduction of promote public company would receive based on new promote splits across funds. (6) (5) (20) $179 $233 $505 11 14 30 $190 $247 $534 37#38Unaudited Pro Forma Non-GAAP Balance Sheet Measures Bridge TPG ($M) Total Pro Forma GAAP Assets Impact of consolidated TPG Funds and Public SPACs Impact of other consolidated entities Impact of Promote Units Total Pro Forma Book Assets Total Pro Forma GAAP Liabilities Impact of consolidated TPG Funds and Public SPACS Accrued performance allocation compensation Impact of other consolidated entities Total Pro Forma Book Liabilities Total Pro Forma GAAP Redeemable equity from consolidated Public SPACS Impact of consolidated TPG Funds and Public SPACs Total Pro Forma Book Redeemable equity from consolidated Public SPACS Total Pro Forma GAAP Equity Impact of consolidated TPG Funds and Public SPACS Accrued performance allocation compensation Impact of other consolidated entities Impact of Promote Units Total Pro Forma Net Book Value Note: Figures above may not sum due to rounding. Q3'21 $9,994 (1,291) (5,429) (513) $2,761 $5,518 (89) (3,475) (1,170) $784 $1,285 (1,285) $0 $3,191 83 3,475 (4,259) (513) $1,977 38