TPG Results Presentation Deck

AUM Subject to Fee Earning Growth AUM Subject to Fee Earning Growth totaled $8.9 billion at 1Q'22, and represents capital commitments that generate new management fees (AUM Not Yet Earning Fees) or generate a higher rate of management fees (FAUM Subject to Step-Up) when deployed ■ ■ ■ AUM Not Yet Earning Fees and FAUM Subject to Step-Up represent 6% and 4% of AUM and FAUM, respectively, for 1Q'22 Potential fee-related revenue opportunity associated with current AUM Subject to Fee Earning Growth is estimated at approximately $47 million annually at 1Q'22(1) Real Estate $1,393 AUM Not Yet Earning Fees ($M) Market Solutions $1,056 Impact $240 Total $6,656 Capital $1,039 Growth $2,928 Real Estate $767 FAUM Subject to Step-Up ($M) Total $2,275 Capital $1,508 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. TPG | 18

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