TPG Results Presentation Deck
Pro Forma GAAP Statements of Operations Notes (Cont'd)
Notes to the Unaudited Pro Forma Condensed Consolidated Statement of Operations and Other Data continued
9) Prior to the IPO, TPG held Common Units representing 78.1% of the Common Units and 100% of the interests in certain intermediate holding companies. In our capacity as the sole
indirect owner of the entities serving as the general partner of the TPG Operating Group partnerships, we indirectly control all of the TPG Operating Group's business and affairs. As a
result, we consolidate the financial results of the TPG Operating Group and its consolidated subsidiaries and report non-controlling interests related to the interests held by the other
partners of the TPG Operating Group and its consolidated subsidiaries in our consolidated statements of operations. Following the IPO, TPG owns 25.6% of the Common Units, and the
other partners of the TPG Operating Group own the remaining 74.4%, excluding the equity-based compensation expense related to our partners' unvested TPG Partner Holdings units
and indirect economic interests in Remain Co, which has been allocated only to non-controlling interest holders. Net income attributable to non-controlling interests represent 74.4% of the
consolidated income before taxes of the TPG Operating Group. Promote Units are not included in this calculation of ownership interest.
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