#1TPG HERE Investor Presentation June 2022 22-0#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 March 31, 2022, 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, estimated operational metrics, business strategy and plans and objectives of management for future operations, including, among other things, statements regarding 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 United States Securities and Exchange Commission (the "SEC"), including but not limited to those described under the section entitled "Risk Factors" in the Company's Quarterly Report on Form 10-Q filed with the SEC on May 12, 2022, 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. 2#3Disclaimer TPG Industry and Market Data 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, or "FRR," 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 no 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. 3#4Our Firm Attractive Scale Distinct Positioning MStrong Growth TPG Purpose-built for growth and innovation in the next era of alternative asset management#5Our Firm € Attractive Scale Scaled and Global Platforms → Distinct Positioning Strong Growth Strong Track Record TPG#6A Scaled, Experienced Global Firm ........ ... Platforms $120 Billion Assets Under Management 5 Platforms 17 Products Note: All data as of March 31, 2022. ........... People ........... 1,032 Employees 350+ Investment & Operations Professionals ....... 16 Years Median TPG Tenure of Product Leaders Selected Investments IQVIA™ WellSky CAA Creative Artists Agency Chobani 3 TRANSPLACE Spotify Continental Airlines Astound! Broadband MEMC TECHNOLOGY IS BUILT ON US McAfee C3.ai DIRECTV zscaler airbnb 深圳发展银行 SHENZHEN DEVELOPMENT BANK BURGER KING BEAUTYCOUNTER KOREA FIRST BANK where the healthy TPG WNDRVR ccc Sabre lenovo Uber PAR PHARMACEUTICAL Kindred NT NOVOTECH The Asia Pacific CRO Medical Solutions Seagate DUCATI Oxford Health Plans#7Diversified Across Five Multi-Product Platforms Capital Scaled private equity platform $57 Billion AUM TPG Capital TPG Asia ..... TPG Healthcare Partners Continuation Vehicles Note: All data as of March 31, 2022. Growth Flexible investing platform focused on rapidly growing businesses $22 Billion AUM TPG Growth ...... TPG Tech Adjacencies (TTAD) TPG Digital Media (TDM) Impact Leading impact investing platform pursuing societal benefits and financial returns at scale .. $14 Billion AUM The Rise Funds TPG Rise Climate Evercare Real Estate Multi-product real estate investing platform utilizing TPG's shared expertise and insight ... $18 Billion AUM ........ TPG Real Estate Partners (TREP) Real Estate Thematic Advantage Core Plus (TAC+) TPG RE Finance Trust (TRTX) TPG Market Solutions Platform focused on leveraging the TPG ecosystem to address market opportunities $10 Billion AUM Public Market Investing Capital Markets Private Market Solutions SPACS 7#8Demonstrated Success Pursuing Market Opportunities Through Organic Innovation Capital Capital I 1994 Growth Impact Capital II Asia I Real Estate Capital III Asia II Note: All data as of March 31, 2022. 1. Reflects STAR. 2. TREP I represents a hypothetical fund that is based on TPG V/VI and DASA deals. 3. NewQuest was developed inorganically. Market Solutions Growth 11 2007 Capital IV Asia III Growth II Capital V Asia IV TREP 1² 2012 Growth III 2017 Capital VI Asia V TREP II 2013 Rise I TTAD I Growth IV Capital VII Asia VI TREP III TPEP Rise Climate Evercare Rise II TDM TTAD II Growth V THP Capital VIII Asia VII TREP IV TAC+ TRTX TPEP LO TPEP L/S Pace New Quest³ TGS I TPG $14B AUM $22B AUM $57B AUM $18B AUM $10B AUM 8#9Strong Track Record of Delivering Value for Investors 23% Inception-to-Date Gross IRR ¹,2 Capital 22% Growth 31% Impact Note: All data as of March 31, 2022. Past performance is not indicative of future results. 1. Returns calculated since inception. Excludes legacy and discontinued funds. 2. Net returns were 15% for Capital, 16% for Growth, 21% for Impact and 20% for Real Estate. 27% Real Estate 39% LTM Value Creation 23% Capital Growth 31% TPG 26% Impact Real Estate 9#10Deep, Committed Relationships with Our Clients Diversified & Growing ~500 Institutional Limited Partners -35% Of Commitments in Active Funds are from New LP Relationships Formed in the Last 5 Years Long-Tenured & Multi-Product 15-year Average Tenure of Existing Limited Partners ¹ ......... ............ 77% Of LPs are Invested in 3+ Products² Note: All data as of March 31, 2022. 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). Capital Commitments by LP Type³ Endowments 3% Other -2% Financial Institutions 4% Insurance 4% Private Wealth 7% Fund of Funds 18% SWF 16% Opportunities Retail / High Net Worth TPG Insurance Pensions 46% Geographic Expansion 10#11Our Firm Attractive Scale → Distinct Positioning Strategy Strong Growth Differentiated Operating Model TPG 11#12Strategy Built for the Next Era of Alternatives Levered Beta Mega Fund-centric Returns Transaction Type Fund-centric Relationships "Scaling" Era Alpha Opportunities Targeted Products Returns, ESG, and Impact Sectors and Solutions Bespoke Firm-centric Relationships "Scaled Differentiation" Era TPG 12#13Strategy Built for the Next Era of Alternatives Demand for Specialized Products and Cross-Platform Relationships i Industry Trend TPG Positioning Increasing Demand for Private Equity 77% Diversified AUM Dedicated to High-Growth Private Equity Strategies ¹ Capital Growth -1.58% Fee-Related Revenue per FAUM² Impact 10 New Product Innovations Since the Start of 2016 77% Of LPs Invested in 3+ Products 3 International Diversification, Particularly in Asia 1. Based on Capital, Growth and Impact AUM as a percentage of total AUM as of March 31, 2022. 2. Based on 2021 Pro Forma Non-GAAP Fee-Related Revenue and average of end of 2020 and end of 2021 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 March 31, 2022, including the AUM of the Asia product and the unrealized value of investments in APAC from the Impact and Growth platforms (including co-investments). Excludes NewQuest. TPG ~30 Countries Portfolio Company Headquarters $24 Billion AUM Dedicated to APAC4 13#14Strategy Built for the Next Era of Alternatives i Industry Trend TPG Positioning Sector Specialization ......... 36% Capital Invested in Technology Sector¹ 25% Capital Invested in. Healthcare Sector¹ Rise of Growth-Oriented Investing ....... 38% of Private Equity² AUM $1.3B Commitments in 2007 Other TDM $35.2B TPG Rise ³ TTAD TPG Growth ....... Growth-Oriented AUM as of Mar-2022 1. Based on capital invested since the start of 2018 through March 31, 2022. 2. As of March 31, 2022. 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 March 31, 2022. ... Development of Impact Investing $14 Billion Impact Platform AUM4 RISE RISE TPG ...... CLIMATE evercare 14#15Platform Spotlight: Growth Industry AUM CAGR¹ 9% 20% Buyout Growth Equity 1. December 2010 September 2021 CAGR; per Preqin. Fender Growth Buyout GoHealth URGENT CARE NUTRITION Traditional Growth Equity airbnb zscaler Spotify Kaseya MI Age of Learning Structured Capital Operating Value-Add Uber TPG Global Reach GOAL (D DREAM11 Solutions Otoast Capital stackcommerce Specialty Capital FANDOM 3 C3.ai Sector Depth Growth Investing Playbook Diversified Multi- Sector Focus TPG Use of Structural Tools Diversified Exits Long-term Business Building Bias 15#16Environmental, Social, and Governance Action Longstanding commitment to fostering strong ESG performance as a firm and in our investment practices Investing Activity Environmental Strategy Consistent, Multifaceted Action Responsible Portfolio Portfolio Community Product 2013: Became a signatory to the UN Principles of Responsible Investment 2016: Launched The Rise Fund Investments Ownership w Works Investing in Diverse-Led Managers TPG NEXT Vamos Ventures HD Harlem Capital LANDSPIRE GROUP 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. Sic initiative climat international TCFD TASK FORCE ON CLIMATE-RELATED FINANCIAL DISCLOSURES IIGCC The Institutional Investors Group on Climate Change PLA m SOVEREIGN WEALTH FUNDS TPG WE ARE STILL IN 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 2022: Signed on as a founding partner of Ownership Works to accelerate broad employee ownership in PE- owned firms 16#17Platform Spotlight: Impact Ecosystem Innovation TPG + Climate Investing: Four Forces Corporate Pledges Founders Board Investor Engagement Climate Consumerism Technology Tipping Point ANALYTICS 1. As of December 31, 2021. Value is estimated cumulative impact value to date and excludes terminal value. 2. As of March 31, 2022. Includes Rise I, Rise II, and Rise Climate and excludes platform investments. 3. Inception-to-date as of March 31, 2022. Net IRR is 21%. 4. As of March 31, 2022. FUND RISE RISE CLIMATE $4.4B Estimated Impact Value of Portfolio ¹ Jim Coulter Managing Partner Impact at Scale 52 Investments² Platform Development Hank Paulson Executive Chairman TPG 31% Gross IRR³ $7.3B AUM4 28 Corporate Investors4 17#18Distinct Investing Style 12% 2020-2021 Revenue Growth Russell 2000 Companies¹ 17% S&P 500 Companies¹ 11% MSCI World Index Companies¹ 36% TPG Current Generation Funds² Sector Flywheels Alpha Mining 1. Benchmark indices' 2021 revenue growth per Bloomberg. 2. Weighted-average revenue growth where weights are based on unrealized value as of December 31, 2021; includes TPG VIII, TPG Healthcare Partners, Asia VII, Growth V, TPG Tech Adjacencies, and Rise II. TPG Bending The Curve 18#19"Bending the Curve": Driving Transformative Growth Partner with Strong Management Teams Best-In-Class Operations Capabilities Organic Growth Investments 1. EBITDA growth rate from FY08 to FY09. 2. EBITDA growth rate from FY10 to FY11. 3. EBITDA growth rate from FY14 to FY 15 (year prior to signing). 4. EBITDA growth rate from FY18 to FY20 (after the closing year). 5. Represents combined announced TEV of sales of Enterprise and Consumer businesses. Strategic M&A .... imshealth 27% EBITDA Margin (2009) -12% Pre-acquisition EBITDA Growth ¹ $5B TEV at Acquisition (2010) 19% EBITDA Margin (2015) 11% Pre-acquisition EBITDA Growth ³ M McAfee $4B TEV at Acquisition (2016) 30% EBITDA Margin (2011) 16% Post-acquisition EBITDA Growth² $43B Exit TEV (2020) TPG 36% EBITDA Margin (2020) 40% Post-acquisition EBITDA CAGR4 $18B Exit5 TEV (2021/2022) 19#20Our Firm Attractive Scale → Distinct Positioning Strong Growth Differentiated Strategy Operating Model TPG 20#21Shared Teams and Shared Themes Nehal Raj Head of SET at Capital and TPG Tech Adjacencies (TTAD) Shared Teams... WellSky WNDRVR TPG planview digital.ar Capital nintex boomi ccc TTAD 1. TTAD also invested in Kaseya. 2. TTAD also invested in C3.ai. INFORMATION SERVICES INC. EISA Checkmarx Osonatype TPG Kaseya Growth Rise 1 3 zscaler DOMO C3.ai RENAISSANCE EVERFI 2 TPG Capital Content Creation Theme: proliferation of digital direct-to-consumer offerings Calm IPSY A Prodigy TTAD Rise ...Shared Themes Entertainment ep Partners CAA Age of Learning Course Hero lynda.com DigitalHouse> Coding School dreambox LEARNING TPG Growth TPG Digital Media Real Estate 70% of our Partners have led investments across more than one platform Spotify TPG FANDOM C INESPACE FILM STUDIOS 21#22Our Culture Drives Outcomes Unique Culture Entrepreneurial Heritage with West Coast Roots Culture as Strategy Authenticity and Action Recruiting ........... Diversity, Equity, and Inclusion Promotion Portfolio 1. Diverse defined as global gender diverse, US only ethnically / racially diverse, and / or LGBTQ+. 2. New hires from January 1, 2022 to May 1, 2022. 3. New hires from January 1, 2021 to May 1, 2021. 4. As of March 31, 2022. Diverse directors include TPG professionals, other investment firm professionals, company management, and other independent directors. TPG 66% of new hires year-to-date ¹,² are diverse (vs. 57% 2021 YTD 1,3) ..... .......... 36% of Partners who were promoted since beginning of 2019 were diverse¹ 185 gender-diverse directors added to TPG portfolio company boards since beginning of 20174 22#23Our Firm M Attractive Scale → Distinct Positioning Strong Growth Strong Historical Performance Robust Growth Engine TPG 23#24Next Generation Public Company Structure Alignment of Interests Partner Compensation only from Salary, Carried Interest, and Equity in TPG FRE Centricity 100% of Fee-Related Earnings 20% of Performance Allocations 1 1. Primarily current and future generation funds, excluding legacy and former affiliate funds. Balance Sheet Light Capital-light with flexible. capital structure Well- Defined Governance Plan TPG Transition to independent board within 5 years 24#25Strong Financial Profile of Consistent, Profitable Growth $67 2017 Assets Under Management ($B) $247 $80 2020 2018 $85 2019 $572 $90 2021 2020 $114 Pre-Tax Distributable Earnings (DE)¹ ($M) 2021 $120 Mar-2022 $718 Mar-2022 LTM TPG Operating Group receives 20% of Performance Allocations ² $727 2020 $227 2020 Fee-Related Revenue ¹ ($M) 31% $874 2021 Fee-Related Earnings (FRE)¹ ($M) $326 $921 2021 FRE Margin 37% Mar-2022 LTM $351 TPG Mar-2022 LTM 38% 1. All periods shown are on a pro form a basis adjusted for the Reorganization as if it occurred January 1, 2020. See appendix for a reconciliation to GAAP revenue and net income, as applicable. 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 for Existing Products 2 Shadow FAUM 3 Operating Leverage 4 Organic Growth Opportunities + 5 TPG Inorganic Growth Opportunities 26#271 Fundraising for Existing Products Capital Platform +37% $13.8 Asia VI 3.3 TPG VII 10.5 Prior Gen. $18.8 Asia VII 4.6 THP 2.7 TPG VIII 11.5 Current Gen. Note: All data as of March 31, 2022. All figures in $ billions. Growth Platform +37% | $5.3 TTAD I 1.6 Growth IV 3.7 Prior Gen. $7.3 TDM, 0.5 TTAD II 2.5 Gator 0.7 Growth V 3.6 Current Gen. Impact Platform +348% $2.1 Rise I 2.1 Prior Gen. $9.4 Rise Climate 7.3 Rise II 2.2 Current Gen. Real Estate Platform +64% $3.7 TREP III 3.7 TPG Prior Gen. $6.1 TAC+ 1.8 TREP IV 4.3 Current Gen. 27#28Entering Fundraising Cycles with Broad-Based Momentum Across Recent Vintages Capital Growth Impact Real Estate Fund TPG VIII TPG VII TPG Healthcare Partners Asia VII Asia VI Growth V Growth IV TTAD I TDM Rise II Rise I TREP III TREP II Performance Momentum as of 3/31/221 Gross IRR 81% 30% 78% 36% 20% NM 31% 53% 30% 85% 30% 41% 30% Vintage 2019 2015 2019 2017 2012 2020 2017 2018 2017 2020 2017 2018 2014 $29 billion of realizations in the last twelve months Note: All data as of March 31, 2022. Past performance is not indicative of future results. 1. Net IRRs for were 50% (TPG VIII), 23% (TPG VII), 46% (TPG Healthcare Partners), 24% (Asia VII), 15% (Asia VI), 21% (Growth IV), 43% (TTAD I), 24% (TDM), 44% (Rise II), 21% (Rise I), 31% (TPG RE III) and 21% (TPG RE II). Gross MOM 1.7x 2.4x 1.8x 1.9x 2.3x NM 1.8x 1.9x 2.1x 1.4x 2.1x 1.5x 1.8x TPG 28#292AUM Subject to Fee Earning Growth AUM Not Yet Earning Fees $6.7 Billion FAUM Subject to Fee Step-Up $2.3 Billion TPG Embedded Fee-Related Revenue Opportunity ~$47 Million Annual Revenue Opportunity at 1Q'22¹ 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 we anticipate 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 31% 2020 FRE Margin¹ Expanding as Newer Products Scale 37% 2021 38% Mar-2022 LTM >45% Target ² TPG 1. FRE Margin is calculated as Fee Related Earnings divided by Fee Related Revenues. All periods shown are on a pro form a basis adjusted for the Reorganization as if it occurred January 1, 2020. See appendix for a reconciliation to GAAP revenue and net income, as applicable. 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 Net Accrued Performance Allocations Reflects allocation of 20% of performance allocation to TPG Operating Group² $769 YTD Net Accrued Performance Allocations Evolution ($M)¹ Dec-2021³ 16% Portion of Net Accrued Performance Allocations Realized in YTD Period ($122) YTD Realized Gains 1. Figures for December 2021 presented on a pro form a 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. $149 YTD Value Creation and Other 5 $796 Mar-2022 3. Accrued performance allocations represents on a pro form a basis the amounts allocable to the TPG Operating Group Common Unit holders based on the estimated allocation percentages. 4. YTD Realized Gains represents realized performance allocations, net attributable to the TPG Operating Group Common Unit holders for the three months ended March 31, 2022. 5. YTD Value Creation represents the net appreciation in net 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 $18 Billion raised for five new products from 2018 to March 2022 + Inorganic Growth Opportunities Significant Whitespace Corporate Credit Real Estate Credit Infrastructure Secondaries TPG 32#33Our Firm Attractive Scale Scaled and Global Platforms Distinct Positioning Strong Growth Strong Track Record Differentiated Strategy Strong Historical Performance Operating Model Robust Growth Engine Purpose-built for growth and innovation in the next era of alternative asset management TPG 33#34E Appendix#35Summary Balance Sheet TPG Operating Group ($M) Cash and Cash Equivalents Restricted Cash Accrued Performance Allocations Investment in Funds Other Assets, Net Total Book Assets Unaudited Non-GAAP Balance Sheet Measures ¹ Accounts Payable, Accrued Expenses and Other Securitized Borrowing, Net Senior Unsecured Term Loan Total Book Liabilities Net Book Value Balance Sheet 3/31/22 1. See Page 38 for a reconciliation of Unaudited Assets and Liabilities measures to our Unaudited Non-GAAP Assets and Liabilities as of March 31, 2022. $583 13 796 575 646 $2,614 59 245 199 $503 $2,110 TPG 35#36FRR and FRE Bridge ($M) GAAP Revenue - Capital-allocation income - Deconsolidation of former affiliate - Expense reimbursements + Investment income and other Fee-Related Revenue + Reorganization Adjustments¹ 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 + Reorganization Adjustments¹ Pro Forma Fee-Related Earnings 2020 $2,115 (1,231) (87) (110) 30 $716 11 $727 $451 (313) (57) 7 15 $101 125 $227 2021 $4,976 (3,998) (133) 22 $867 7 $874 $1,249 (1,000) (93) 7 15 $179 148 $326 1Q'22 $1,111 (838) (33) 0 $241 $241 $215 (122) (7) 2 4 $92 $92 Note: Figures above may not sum due to rounding. 1. See the public TPG 4Q21 Earnings Release dated March 28, 2022 and the public TPG 1Q22 Earnings Release dated May 10, 2022 for a full description of pro forma adjustments for 2020 and 2021, and 1Q'22 and 1Q'22 LTM, respectively. TPG 1Q'22 LTM $4,882 (3,842) (135) 9 $915 CO 6 $921 $1,362 (1,056) (92) 7 16 $237 114 $351 36#37DE Bridge ($M) GAAP Net Income +/- Net (income) loss attributable to redeemable interests in Public SPACS +/- Net (income) loss attributable to non-controlling interests in consolidated TPG Funds Net (income) attributable to other non-controlling interests - Gain on deconsolidation + Amortization expense + Equity-based compensation - Unrealized performance allocations, net - Unrealized investment income +/- Unrealized (gain) loss on derivatives - Income taxes +/- Non-recurring items and other After-tax Distributable Earnings - 1 - Reorganization Transaction Adjustments 1 - Offering Transaction Adjustments ¹ After-Tax Pro Forma Distributable Earnings + Income taxes Pre-Tax Pro Forma Distributable Earnings 2020 $1,439 196 12 (549) (402) (267) (20) 21 11 $441 (184) (25) $232 15 $247 2021 $4,656 (155) (19) (2,081) 14 (857) (295) (21) (2) $1,240 (677) (24) $538 34 $572 1Q'22 $163 (1) (119) 3 190 (36) (3) (1) (1) 3 $199 $199 16 $215 Note: Figures above may not sum due to rounding. 1. See the public TPG 4Q21 Earnings Release dated March 28, 2022 and the public TPG 1Q22 Earnings Release dated May 10, 2022 for a full description of pro forma adjustments for 2020 and 2021, and 1Q'22 and 1Q'22 LTM, respectively. TPG 1Q'22 LTM $3,657 (93) (25) (1,711) 17 190 (490) (171) (35) (1) 1 $1,339 (644) (24) $672 46 $718 37#38Unaudited Pro Forma Non-GAAP Balance Sheet Bridge ($M) Total GAAP Assets Impact of consolidated TPG Funds and Public SPACS Impact of other consolidated entities Impact of reclassification adjusments¹ Total Book Assets Total GAAP Liabilities Impact of consolidated TPG Funds and Public SPACs Impact of other consolidated entities Impact of reclassification adjusments¹ Total Book Liabilities Total GAAP Redeemable equity from consolidated Public SPACs Impact of consolidated TPG Funds and Public SPACs² Total Book Redeemable equity from consolidated Public SPACS Total GAAP Equity Impact of consolidated TPG Funds and Public SPACs Impact of other consolidated entities Reclassification adjusments¹ Net Book Value 1Q'22 $9,664 (1,011) (6,051) 11 $2,614 $5,239 (48) (4,702) 14 $503 $1,000 (1,000) $0 $3,425 37 (1,349) (3) $2,110 TPG Note: Figures above may not sum due to rounding. 1. Certain amounts were reclassified to reflect how we utilize our non-GAAP balance sheet measures. We separately analyze our investments on a non-GAAP basis between accrued performance fees and other investments, which consists of co-investments into our funds and other equity method investments. Additionally, we reclassified GAAP financial statement amounts due from affiliates and certain amounts within other assets, net for non-GAAP purposes and reclassified GAAP financial statement amounts due to affiliates and other liabilities within accounts payable, accrued expenses and other for non-GAAP purposes. 2. The $1,000 million redeemable equity represents ownership interest in each SPAC that is not owned by the TPG Operating Group and is presented separately form GAAP partners' capital in the accompanying condensed consolidated financial statements. 38