#1L TPG Gi TR Investor Presentation January 2022#2Disclaimer 7 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, 2021, 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, business strategy and plans and objectives of management for future operations, including, among other things, statements regarding the Reorganization, estimated 2021 operating metrics, 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 SEC, 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#37 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 Disclaimer 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 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 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 Strong 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 $109 Billion Assets Under Management¹ 5 Platforms 17 Products 1. As of September 30, 2021. ........... People ........... 912 Employees 320+ Investment & Operations Professionals ....... 15 Years Median TPG Tenure of Product Leaders IQVIA MMcAfee CAA CreativeArtists Agency WellSky airbnb Kindred Portfolio Chobani TRANSPLACE Continental Airlines G Astound! Broadband C3.ai MEMC TECHNOLOGY IS BUILT ON US Spotify Sabre KOREA FIRST BANK Medical DIRECTV Solutions BEAUTYCOUNTER Ccc Uber TPG petco where the healthy pets go 深圳发展银行 SHENZHEN DEVELOPMENT BANK zscaler BURGER KING lenovo PAR PHARMACEUTICAL Seagate DUCATI D Oxford Health Plans#7Diversified Across Five Multi-Product Platforms Capital Scaled private equity platform .......... $53 Billion AUM¹ TPG Capital TPG Asia ...... TPG Healthcare Partners Continuation Vehicles 1. As of September 30, 2021. Growth Flexible investing platform focused on rapidly growing businesses ......... .......... $22 Billion AUM¹ TPG Growth ...... TPG Tech Adjacencies (TTAD) TPG Digital Media (TDM) Impact Leading impact investing platform pursuing societal benefits and financial returns at scale .. $13 Billion AUM¹ The Rise Funds TPG Rise Climate Evercare Real Estate Multi-product real estate investing platform utilizing TPG's shared expertise and insight ........ .... ........ $11 Billion AUM¹ 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 AUM¹ Public Market Investing Capital Markets SPACS Private Market Solutions 7#8Demonstrated Success Pursuing Market Opportunities Through Organic Innovation Capital Capital I 1994 Growth Impact 1. As of September 30, 2021. 2. Reflects STAR. Capital II Asia I Real Estate Capital III Asia II 3. TREP I represents a hypothetical fund that is based on TPG V/VI and DASA deals. 4. NewQuest was developed inorganically. Market Solutions Growth 1² 2007 Capital IV Asia III Growth II Capital V Asia IV 2012 2017 Growth III Capital VI Asia V TREP 13 2013 Rise I TTAD I Growth IV Capital VII Asia VI TREP II TPEP Rise Climate Evercare Rise II TDM TTAD II Growth V THP Capital VIII Asia VII TREP III TAC+ TRTX TPEP LO TPEP L/S Pace NewQuest4 TGS I TPG $13B AUM¹ $22B AUM¹ $53B AUM¹ $11B AUM¹ $10B AUM¹ 8#9Strong Track Record of Delivering Value for Investors 23% Inception-to-Date Gross IRR1,2,3 Capital 23% Growth 1. As of September 30, 2021. Excludes legacy and discontinued funds. 2. Returns calculated since inception. 3. Net returns were 15%, 16%, 20% and 20%, respectively. 30% 27% Impact Real Estate 48% Capital LTM Value Creation¹ 56% Growth 48% TPG 34% Impact Real Estate#10Deep, Committed Relationships with Our Clients Diversified & Growing <-500 Institutional Limited Partners -30% 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 Partners¹ ......... ............ 76% LPs are Invested in 3+ Products² Note: All data as of September 30, 2021. 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% Financial Institutions 4% Insurance 5% Private Wealth 8% Fund of Funds 16% SWF 16% Retail / High Net Worth Opportunities Other -2% Insurance TPG Pensions 46% Geographic Expansion 10#11Our Firm Attractive Scale → Distinct Positioning Strong Growth Differentiated Strategy 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 80% Diversified AUM Dedicated to High-Growth Private Equity Strategies¹ Capital Growth ~1.45% Fee-Related Revenue per FAUM² Impact 10 New Product Innovations Since the Start of 2016 76% LPS Invested in 3+ Products3 1. Based on Capital, Growth and Impact AUM as a percentage of total AUM. 2. Based on 2020 Pro Forma Non-GAAP Fee-Related Revenue and average of end of 2019 and end of 2020 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 September 30, 2021, including the AUM of the Asia product and the unrealized value of investments in APAC from the Impact and Growth platforms (including co-investments). TPG Increasing International Diversification, Particularly in Asia 30+ Countries Portfolio Company Headquarters $22 Billion AUM Dedicated to APAC4 13 III.#14Strategy Built for the Next Era of Alternatives i Industry Trend TPG Positioning Sector Specialization ......... 37% Capital Invested in Technology Sector¹ 24% Capital Invested in Healthcare Sector¹ ........ Rise of Growth-Oriented Investing ....... 39% of Private Equity² AUM $1.3B Commitments in 2007 Other TDM ............ $34.1B TPG Rise³ TTAD TPG Growth Growth-Oriented AUM as of Sep-2021 1. Based on capital invested since the start of 2018 through September 30, 2021. 2. As of September 30, 2021. 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 September 30, 2021. ... Development of Impact Investing $13 Billion Impact Platform AUM4 RISE RISE TPG ...... CLIMATE evercare 14#15Platform Spotlight: Growth 10-year Industry AUM CAGR¹ 8% Buyout 1. 2010-2020 CAGR; per Preqin. 19% Growth Equity Fender Growth Buyout NUTRITION GoHealth URGENT CARE 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 FANDOM stackcommerce Specialty Capital 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 Portfolio Community Product 2013: Became a signatory to the UN Principles of Responsible Investment Responsible Portfolio Investments 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. dic initiative climat international TCFD TASK FORCE ON CLIMATE-RELATED FINANCIAL DISCLOSURES ||GCC The Institutional Investors Group on Climate Change PLA m SOVEREIGN WEALTH FUNDS TPG WE ARE STILL IN 2016: Launched The Rise Fund 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 16#17Platform Spotlight: Impact Ecosystem Innovation TPG + Climate Investing: Four Forces Corporate Pledges Founders Board Investor Engagement Climate Consumerism Technology Tipping Point 1. As of December 31, 2020. 2. As of September 30, 2021. Includes Rise I and Rise II and excludes platform investments. 3. Inception-to-date as of September 30, 2021. Net IRR is 21%. 4. As of September 30, 2021. ANALYTICS FUND RISE RISE CLIMATE $3.3B Estimated Impact Value of Portfolio¹ Jim Coulter Managing Partner Impact at Scale 44 Investments² Platform Development Hank Paulson Executive Chairman TPG 32% Gross IRR³ $6.0B AUM4 25 Corporate Investors4 17#18Distinct Investing Style -4% 2019-2020 Revenue Growth Russell 2000 Companies¹ -4% S&P 500 Companies¹ -8% MSCI World Index Companies¹ 26% TPG Current Generation Funds² Sector Flywheels 1. Benchmark indices' 2020 revenue growth per Bloomberg. 2. Weighted-average revenue growth where weights are based on unrealized value; includes TPG VIII, TPG Healthcare Partners, Asia VII, Growth V, TPG Tech Adjacencies, and Rise II. Alpha Mining 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 FY15 (year prior to signing). 4. EBITDA growth 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 Growth¹ $5B TEV at Acquisition (2010) 19% EBITDA Margin (2015) 11% Pre-acquisition EBITDA Growth³ $4B TEV at Acquisition (2016) 30% EBITDA Margin (2011) TPG 16% Post-acquisition EBITDA Growth² $43B Exit TEV (2020) McAfee 36% EBITDA Margin (2020) 40% Post-acquisition EBITDA CAGR4 $18B Anticipated 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 INFORMATION SERVICES INC. TTAD EISA Checkmarx Osonatype 1. TTAD also invested in Kaseya. 2. TTAD also invested in C3.ai. 1 Rise 3 Kaseya TPG Growth zscaler DOMO 2 C3.ai RENAISSANCE EVERFI TPG Capital Content Creation Theme: proliferation of digital direct-to-consumer offerings Calm A Prodigy AZ OFF MUSIC TTAD Rise Entertainment ep Partners CAA Shared Themes Course Hero Age of Learning DigitalHouse> Coding School lynda.com dreambox LEARNING TPG Growth TPG Digital Media Real Estate 71% of our partners have led investments across more than one platform Spotify IPSY TPG FANDOM Ci INESPACE FILM STUDIOS 21#22Our Culture Drives Outcomes Unique Culture Entrepreneurial Heritage with West Coast Roots Culture as Strategy Authenticity and Action Diversity, Equity, and Inclusion Recruiting ........... Promotion Portfolio TPG 67% of new hires year-to-date¹ are diverse (vs. 58% 2020 YTD²) ..... .......... 35% of Partners who were promoted since beginning of 2019 were diverse 294 diverse directors added to TPG portfolio company boards since beginning of 20173 1. New Hires from January 1, 2021 to September 30, 2021. 2. New Hires from January 1, 2020 to September 30, 2020. 3. Includes gender and ethnic or racial diversity for US-based companies and gender diversity for international companies, based on self-reported data from portfolio companies as of August 2021. Diverse directors include TPG professionals, other investment firm professionals, company management, and other independent directors. 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 $60 Assets Under Management ($B) 2016 $190 $67 2019 $80 2017 2020 Sep-2021 Pre-Tax Distributable Earnings (DE)¹ ($M) 2018 $247 $85 2020 $90 2019 $109 $534 Post IPO will contribute 20% carry² Sep-2021 LTM $691 2019 $182 2019 Fee-Related Revenue¹ ($M) 26% $727 2020 Sep-2021 LTM Fee-Related Earnings (FRE)¹ ($M) $227 $837 2020 FRE Margin 31% $311 TPG Sep-2021 LTM 37% 1. Figures for 2020 presented on a pro forma basis and give effect to the reorganization as if it occurred as of January 1, 2020. Figures for September 2021 LTM and 2019 are presented on an adjusted basis, consistent with the calculation for 2020. See appendix for a reconciliation to net income and, for September 2021 LTM and 2019, a description of the adjustments. 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 figures in $ billions. 1. Actively fundraising; reflects closed commitments as of September 30, 2021. Growth Platform +70% $3.7 Growth IV 3.7 Prior Gen. $6.4 TDM, 0.5 TTAD I 1.6 Gator 0.7 Growth V 3.6 Current Gen. Impact Platform +291% $2.1 Rise I 2.1 Prior Gen. $8.2 Rise Climate¹ 6.0 Rise II 2.2 Current Gen. Real Estate Platform +129% | $2.1 TREP II 2.1 TPG Prior Gen. $4.7 TAC+ 1.01 TREP III 3.7 Current Gen. 27#28Entering Fundraising Cycles with Broad-Based 1 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 TDM Rise II Rise I TREP III TREP II Performance Momentum as of 9/30/211 Gross IRR 109% 28% 138% 37% 19% NM 31% 68% 30% NM 32% 41% 31% Vintage 2019 2015 2019 2017 2012 2020 2017 2018 2017 2020 2017 2018 2014 Gross MOM 1.7x 2.2x 2.2x 1.9x 2.1x 1.3x 1.7x 1.9x 1.9x 1.3x 2.0x 1.4x 1.8x $22 billion of realizations in the last twelve months Note: Past performance is not indicative of future results. 1. As of September 30, 2021. Net IRRs for were 55% (TPG VIII), 21% (TPG VII), 84% (TPG Healthcare Partners), 24% (Asia VII), 14% (Asia VI), 20% (Growth IV), 56% (TTAD), 24% (TDM), 21% (Rise 1), 27% (TPG RE III) and 21% (TPG RE II). TPG 28