TPG Results Presentation Deck

AUM Subject to Fee Earning Growth AUM Subject to Fee Earning Growth totaled $9.4 billion at 4Q'21, and represents capital commitments that can grow fees when deployed through earning new management fees (AUM Not Yet Earning Fees) or when invested from a higher rate of management fees (FAUM Subject to Step-Up) ■ ■ ■ AUM Not Yet Earning Fees and FAUM Subject to Step-Up represent 6% and 4% of AUM and FAUM, respectively, for 4Q'21 Potential fee-related revenue opportunity associated with current AUM Subject to Fee Earning Growth is estimated at $50 to $55 million annually at 4Q'21(1) Real Estate $1,201 AUM Not Yet Earning Fees ($M) Market Solutions $1,056 Impact $258 Total $6,848 Capital $1,054 Growth $3,279 FAUM Subject to Step-Up ($M) Real Estate $678 Total $2,543 Capital $1,865 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. TPG | 21

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