#1TPG Investor Presentation November 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, 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. Throughout this presentation, all current period amounts are preliminary and unaudited; totals may not sum due to rounding. 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 November 9, 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#4TPG A Leading Global Alternative Asset Manager ▼TPG A global investment firm with a 30-year $135B Five Distinct Platforms Capital Scaled private equity and $68B leveraged buyouts AUM 390 Our Scale 1,101 employees investment and ops professionals Growth 12 global offices Growth equity and buyouts, $22B flexible capital AUM 300+ active portfolio companies history of innovation, purpose-built for growth into the next Impact Societal benefits alongside $16B Total AUM financial returns AUM Real Estate era of alternative asset management Multi-product real estate investing $20B AUM Market Solutions Addressing distinct market opportunities $10B AUM and impact investing Our Approach entrepreneurial, West Coast roots shared teams, shared themes investment style authentic leadership in ESG Note: As of September 30, 2022.#5TPG's Strategy is Built for the Next Era of Alternatives "Scaling" Eral Levered Beta Mega Fund-centric Returns "Scaled Differentiation” Era Alpha Opportunities Targeted Products Returns, ESG, and Impact Transaction Type Fund-centric Relationships Sectors and Solutions Bespoke Firm-centric Relationships TPG is leading the way as the alternative industry transitions from "scale" to "scaled differentiation" TPG 5#6Note: Estimates are inherently uncertain and subject to change. Actual results may vary. Attractive Scale and Go-Forward Growth#7Scale Across Five Multi-Product Platforms TPG Capital $68 Billion Growth Impact $22 Billion $16 Billion AUM Scaled private equity and leveraged buyouts TPG Capital TPG Asia AUM Flexible investing platform focused on rapidly growing businesses TPG Growth AUM Leading impact investing platform pursuing societal benefits and financial returns at scale The Rise Funds Evercare TPG Rise Climate TPG Digital Media (TDM) TPG Healthcare Partners (THP) TPG Technology Adjacencies (TTAD) TPG NEXT McAfee IQVIA™ CAA Kindred Creative Artists Agency NT NOVOTECH Astound! Broadband The Asia Pacific CRO □ 深圳发展银行 SHENZHEN DEVELOPMENT BANK FANDOM D) greenhouse DREAM11 FREEDOM.PAY Note: AUM figures as of September 30, 2022. Selected investments for each platform shown for illustrative purposes. Zscaler airbnb RENAISSANCE HEALTH evolent Medical Uber InStride evercare Solutions MATRIX RENEWABLES benevity Intersect Power TATA MOTORS nextracker. Real Estate $20 Billion AUM Multi-product real estate investing platform utilizing TPG's shared expertise and insight TPG Real Estate Partners (TREP) TPG RE Finance Trust (TRTX) Real Estate Thematic Advantage Core-Plus (TAC+) Market Solutions $10 Billion AUM Platform focused on leveraging the TPG ecosystem to address market opportunities Public Market Investing Capital Markets Private Market Solutions ALLOY PROPERTIES taylor morrison Homes Inspired by You L LOGISTIC PARKS EVERGREEN Industrial Properties TPG PUBLIC EQUITY PARTNERS TPG STRATEGIC CAPITAL DOGWOOD INDUSTRIAL PROPERTIES MILESTONE STUDENT PROPERTIES NEWQUEST CAPITAL PARTNERS TPG GP SOLUTIONS 7#8Anchored in Asset Classes Experiencing Meaningful Growth 11% Expected Alternative Industry CAGR $23.3 $21.0 $19.3 $17.8 $16.2 $15.0 $13.7 $11.6 $10.1 $9.0 $8.4 Private Equity Alternative Industry AUM Forecast 2017 – 2027E | $Trillions Real Estate All Other¹ $2.1 $1.9 $1.7 $1.6 $1.4 $1.4 PE and RE $1.3 $1.1 12% CAGR $1.0 $0.8 $2.3 $2.5 $0.9 $3.0 $3.6 $4.2 $4.8 $5.3 $5.7 $6.2 $6.9 $7.6 2017 2018 2019 2020 2021 2022E 2023E 2024E 2025E 2026E 2027E TPG Strong Secular Tailwinds 1 Increasing allocation to alternatives globally 2 Consolidation of limited partner relationships to leading, scale managers 3 Significant runway for ongoing 4 product and distribution. innovation Evolution of impact investing as an asset class Source: Preqin Special Report - The Future of Alternatives in 2027 (October 5, 2022). 1. Other asset classes include venture capital, hedge funds, private debt, infrastructure, and natural resources.#9Demonstrated Success Pursuing Market Opportunities Through Organic Innovation Capital Growth Impact Real Estate Market Solutions Rise I Rise II TPG TPG NEXT Rise Climate Evercare Rise III $16B AUM TDM 2017 $22B TTAD I TTAD II 2007 AUM Growth 11 Growth II Growth III Growth IV Growth V THP I THP II $68B TPG I TPG II TPG III TPG IV TPG V TPG VI TPG VII TPG VIII TPG IX AUM 1994 Asia | Asia II Asia III Asia IV Asia V Asia VI Asia VII Asia VIII TREP 12 TREP II TREP III TREP IV 2012 $20B TAC+ AUM TRTX TPEP LO TPEP 2013 TPEP L/S $10B TSCF Note: As of September 30, 2022. 1. Also known as STAR. 2. TREP I represents a hypothetical fund that is based on TPG V/VI and DASA deals. 3. NewQuest was developed inorganically. NewQuest³ TGS I AUM#10Deep Limited Partner Relationships with Significant Opportunity for Expansion Our Reach TPG Limited Partners by Type³ Limited Partners by Geography³ >550 Institutional limited partners Endowments Other 15 year Average tenure of existing LPs¹ Financial Institutions_ 3% 2% 4% >75% of LPs invested in three or more Products² Insurance. 4% Private Wealth 30%+ of commitments in active funds are from new LP relationships formed in the last 5 years 7% Levers for Growth • Deepen institutional relationships • Expand geographic footprint • Channel expansion • Grow private wealth distribution Fund of Funds 17% SWF 18% Note: As of September 30, 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). Pensions 45% EMEA 17% Asia 19% Canada 8% Latin America 1% United States 56% 10#11Rapid and Diversified Platform Growth... Growth 16% Real Estate 6% 2016 Market Solutions 3% AUM Evolution % Real Estate 15% Impact 12% 30'22 Market Solutions 7% Total Number of Products 6 Capital 50% 3 17 3 ~2X 3 4 TPG Capital 75% 22 4 Growth 16% 3 2 Real Estate and Impact platforms have scaled considerably since 2016 2016 3Q'22 Capital Growth Impact Real Estate Market Solutions Note: As of September 30, 2022. 11#12...Driving Strong and Consistent Scaling of AUM and FRE Assets Under Management $Billions Fee-Related Revenue (FRR) 1 $Millions $67 $60 $80 15% CAGR $90 $85 $114 $135 2016 2017 2018 2019 2020 2021 3Q'22 TPG 19% CAGR $1,017 $874 $691 $727 $535 2018 2019 2020 2021 LTM 3Q'22 Fee-Related Earnings (FRE) 1 FRE Margin $Millions 40% 37% 31% 26% $406 $326 9% $227 $182 $48 2018 2019 2020 2021 LTM 3Q'22 1. All periods shown are on a pro forma 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 connection with the GAAP metrics that are included in the appendix herein. 12#13FRE-Centric Public Company Model with Attractive Yield TPG FRE Centricity Prioritization of FRE, allowing stable growth through cycles 100% of Fee-Related Earnings; 20% of Performance Allocations¹ ---- Profitable Growth Balance Sheet Light Attractive Yield Targeting 45%+ FRE margin² by the end of 2023 driven by benefits of scale and operating leverage Capital-light business model, limiting exposure and risk Intend to pay out at least 85% of After-Tax Distributable Earnings as dividend each quarter 1. Primarily current and future generation funds, excluding legacy and former affiliate funds. 2. There is no guarantee that we will be able to achieve the 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. 13#14Real Estate Impact Growth Capital Excellent Investment Performance Across Recent Fund Vintages Performance Momentum as of 9/30/22 Note: All data as of September 30, 2022. Past performance is not indicative of future results. Fund Vintage Gross IRR Gross MoM Net IRR Net MoM TPG VIII 2019 59% 1.6x 37% 1.4x TPG VII 2015 28% 2.4x 22% 2.0x THP I 2019 57% 1.6x 32% 1.3x Substantial realization cycle over the last few years during a constructive market environment Asia VII 2017 28% 1.8x 18% 1.5x Asia VI 2012 17% 2.2x 13% 1.8x Growth V 2020 48% 1.5x 31% 1.3x Growth IV 2017 26% 1.8x 17% 1.5x TTADI 2018 40% 1.8x 32% 1.6x TDM 2017 27% 2.2x 22% 1.9x Rise II 2020 48% 1.4x 28% 1.3x Rise | 2017 26% 2.0x 18% 1.6x $47 Billion of realizations since 2020 TREP III TREP II 2018 28% 1.5x 20% 1.3x 2014 29% 1.7x 19% 1.5x 14 TPG#15Scaling of Next Generation of Existing Funds Capital Growth Impact Real Estate TPG $18.8 +37% $7.4 TDM 0.5 $8.6 Asia VII +39% $9.4 TAC+ 4.6 1.8 $13.8 Asia $5.3 THP TTAD II 2.6 +132% TDM Asia VI 2.7 Rise Climate TAC+2 3.3 TTADI THP TTAD +348% 1.6 Gator 0.7 TPG Growth Rise Climate 7.3 TREP Rise $3.7 TPG VII 10.5 TPG VIII 11.5 TREP IV 6.8 Growth IV 3.7 Growth V 3.6 $2.1 TREP III 3.7 Rise | 2.1 Rise II 2.2 Prior Gen. Current Gen. Next Gen Prior Gen. Current Gen. Next Gen Prior Gen. Current Gen. Next Gen! Prior Gen. Current Gen. Next Gen $29 billion of new capital raised in the last twelve months driving stable FRE growth Note: Figures denote capital committed for each fund. As of September 30, 2022. 1. For Next Gen, size of bars is illustrative. Height may not correlate to the size of the fund sought or achieved. There is no guarantee that we will be able to raise capital in the illustrative amounts indicated. See Forward-Looking Statements. 2. Anticipating conversion of TAC+ into an open-ended vehicle. Reflects expectation for additional funds raised. 15#16Record Levels of Dry Powder Available Capital $Billions $26 ~2X $28 $46 Dry powder represents 57% of fee earning AUM¹ 2020 2021 3Q'22 1. As of September 30, 2022. Strong position to deploy capital in an increasingly interesting and attractive investment environment TPG 16#17Broad Array of Meaningful Growth Opportunities Ahead TPG 1 2 Scale Existing Businesses • Carefully size and raise successor funds • Greater operating · leverage as new products. scale High FRE margin on incremental AUM New Adjacent Products raised for six $21B new products since 2018 Secondaries Inaugural US/Europe fund in-market Life Sciences Inaugural fund in-market TPG NEXT Inaugural fund in-market 3 Inorganic Growth Significant whitespace in complementary asset classes. and distribution channels Credit Infrastructure Private Wealth Note: As of September 30, 2022. 17#18Our Differentiated Approach#19Distinct Investment Style Sector Flywheels Long-term, thematic investors across core sectors • Build deep conviction and ecosystems behind go-to-market approach over many years • Research-based and relationship-driven THP/Capital AskBio PRECISION for medicine Growth Pharma Outsourcing Capital QUINTILES NT NOVOTECH Asia Focus on what is interesting, even if not immediately actionable • Pursue areas of change and disruptive strategies • Disciplined around sector Mining for Alpha themes, but flexible expression of capital Shared Teams, Shared Themes Investment teams organized around sectors and ideas ⚫• Sharing of intellectual capital across platforms • Over 70% of our Partners have led investments across more than one platform TPG Growth Calm Spotify IPSY Prodigy TPG Capital Bending the Curve Content proliferation of digital Creation direct-to-consumer offerings Real Estate Digital Media INESPACE FILM STUDIOS FANDOM Inflect growth and performance of our companies • Invest both organically and inorganically • Combine exceptional management teams with operational excellence Partner with Strong Management Teams Entertainment ep Partners CAA lynda.com TTAD ☑I Course Hero Age of Learning Best-In-Class Operations Capabilities Note: Companies and logos reflected herein may not represent all relevant logos. TPG Strategic M&A Organic Growth Investments 19#20TPG Operations as Partners in Value Creation Sector Leadership Functional Experts TPG Sector-focused Leadership in theme development, deal underwriting, and due diligence • "Own" portfolio companies as core part of investment team + HR Transformation Finance General Management Procurement Lean/Supply Chain Pricing Marketing Salesforce Effectiveness Cross-Portfolio Programs Information Technology ⚫ Flow across sectors, carrying deep. domain expertise • Embedded full-time in portfolio companies Assist in underwriting of key operational questions Consistent operating standards in onboarding to ensure a fast start and strong early performance Rigorous assessment and development of leadership teams Build high impact and diverse boards Execution of value creation levers, with a shift toward driving growth in addition to traditional cost-oriented programs Sector and functional ops leaders integrated with deal teams and portfolio companies to drive value across the life cycle of a deal 20#21Demonstrated Commitment to ESG Excellence PRI Became a signatory to the UN Principles of Responsible Investment Authored guidance for PCs encouraging preservation of DACA THE BUSINESS COALITION FOR THE EQUALITY ACT Joined the Business Coalition for the Equality Act 2013 Commitment to Authentic Action Note: As of September 30, 2022. 2016 2017 2018 2019 TPG Launched TPG Rise Climate TPG RISE CLIMATE Ownership Works Signed on as a founding partner of Ownership Works to accelerate broad employee ownership in PE-owned firms 2021 2022 Launched Launched board The Rise Fund diversity initiative FUND RISE Responsible Portfolio Investments . Focus on material ESG factors throughout our diligence and • ownership using SASB Standards • • Drives enhanced long- term financial returns Ownership Works Driving value through culture of ownership Financial inclusivity creating economic opportunity Only PE firm to sign Supreme Court amicus brief supporting LGBTQ+ non- discrimination protections Advancing DEI Investing in Diverse-Led Managers TPG NEXT Vamos Ventures HD Harlem Capital LANDSPIRE TPG Rise named to Fortune's Change the World list; first private equity firm to be recognized ~50% of TPG's last two associate classes were women and/or racially or ethnically diverse Since 2017, 390+ diverse¹ directors have joined TPG's portfolio company boards • FORTUNE CHANGE THE WORLD 2022 Environment Analyzed and verified firm-wide operational emissions for 2019 and 2020, and offset 2020 and 2021 prospectively GROUP 1. Diverse defined as global gender diverse, US only ethnically / racially diverse, and/or LGBTQ+. Diverse directors include TPG professionals, other investment firm professionals, company management, and other independent directors. 21#22Appendix#23Summary Balance Sheet ▼TPG TPG Operating Group ($M) Cash and cash equivalents Restricted cash Accrued performance allocations Investments in funds Other assets, net Unaudited Non-GAAP Balance Sheet Measures Total Book Assets Accounts payable, accrued expenses and other Securitized borrowing, net Senior unsecured term loan Total Book Liabilities Net Book Value Balance Sheet 9/30/22 $572 13 725 582 570 2,462 45 245 199 489 $1,973 Note: Figures may not sum due to rounding. 23#24FRR and FRE Bridge TPG 2018 2019 2020 2021 3Q22 3Q22 LTM GAAP Revenue $1,404 $1,988 $2,115 $4,976 $561 $2,643 Capital-allocation income (557) (956) (1,231) (3,998) (228) (1,454) Deconsolidation of former affiliate (207) (240) (87) Expense Reimbursements (125) (152) (110) (133) (54) (173) Investment income and other 19 51 30 22 3 2 Fee-Related Revenue 535 691 716 867 282 1,018 Reorganization adjustments¹ Pro Forma Fee-Related Revenue 11 7 (1) $535 $691 $727 $874 $282 $1,017 Distributable Earnings $387 $399 $451 $1,249 $121 $819 Realized performance allocations, net (325) (286) (313) (1,000) (5) (439) Realized investment income and other, net (102) (54) (57) (93) 0 (38) Depreciation expense 8 6 7 7 0 5 Interest expense, net 3 4 15 15 4 16 Total Fee-Related Earnings (29) 69 101 179 121 364 Reorganization adjustments¹ 77 113 125 148 42 Pro Forma Fee-Related Earnings $48 $182 $227 $326 $121 $406 Note: Figures may not sum due to rounding. 1. See the public TPG Prospectus dated January 12, 2022 for a full description of pro forma adjustments for 2018 and 2019, and the TPG 4Q21 Earnings Release dated March 28, 2022 for a full description of pro forma adjustments for 2020 and 2021. 24#25DE Bridge TPG 2018 2019 2020 2021 3Q22 3Q22 LTM GAAP Net Income $711 $1,180 $1,439 $4,656 $53 $787 Net (income) attributable to redeemable interests in Public SPACS 27 10 196 (155) (7) (35) Net (income) attributable to non-controlling interests in consolidated TPG Funds Net (income) attributable to other non-controlling interests (19) (58) 12 (19) (11) (407) (561) (549) (2,081) (15) (421) Gain on deconsolidation (402) Amortization expense Equity-based compensation Unrealized performance allocations, net Unrealized investment income Unrealized (gain) on derivatives Income tax Proceeds from sale of non-controlling interests Non-recurring and other After-tax Distributable Earnings Reorganization and offering adjustments¹ After-Tax Pro Forma Distributable Earnings Income taxes Pre-Tax Pro Forma Distributable Earnings Note: Figures may not sum due to rounding. 14 3 23 144 481 -- 82 (153) (267) (857) (48) (61) (17) (37) (20) (295) (2) 36 2 2 21 (21) (0) (5) (8) (11) 11 11 11 (10) (2) (7) (3) 380 393 441 1,240 113 781 (310) (214) (209) (702) (170) 71 179 232 538 113 611 11 15 34 9 44 $75 $190 $247 $572 $121 $655 1. See the public TPG Prospectus dated January 12, 2022 for a full description of pro forma adjustments for 2018 and 2019, and the TPG 4Q21 Earnings Release dated March 28, 2022 for a full description of pro forma adjustments for 2020 and 2021. 25#26Unaudited Pro Forma Non-GAAP Balance Sheet Bridge 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 3Q22 $8,597 (1,010) (5,174) 50 $2,462 $4,829 (377) (3,974) 11 Total GAAP Redeemable equity from consolidated Public SPACS Impact of consolidated TPG Funds and Public SPACS² Total Book Redeemable equity from consolidated Public SPACS $489 $651 (651) Total GAAP Equity Impact of consolidated TPG Funds and Public SPACS Impact of other consolidated entities Reclassification adjusments- Net Book Value 1 $3,117 18 (1,201) 39 $1,973 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 U.S. GAAP financial statement amounts due from affiliates and certain amounts within other assets, net for non-GAAP purposes and reclassified U.S. GAAP financial statement amounts due to affiliates and other liabilities within accounts payable, accrued expenses and other for non-GAAP purposes. 2. The $651.4 million redeemable equity represents ownership interest in each SPAC that is not owned by the TPG Operating Group and is presented separately from U.S. GAAP partners' capital. 26