tpg1q25earningsreleasefi

TPG Reports First Quarter 2025 Financial Results Quarter Ended March 31, 2025

TPG | 2 San Francisco and Fort Worth, Texas – May 7, 2025 – TPG Inc. (NASDAQ: TPG), a leading global alternative asset management firm, reported its unaudited first quarter 2025 results. TPG issued a full detailed presentation of its first quarter ended March 31, 2025 results, which can be viewed through the Investor Relations section of TPG’s website at shareholders.tpg.com. “TPG’s investment performance and financial results for the first quarter continued to demonstrate the strength and durability of our business. As we look ahead, our experience has been that periods of dislocation often create some of the most interesting investment opportunities, and with $57 billion of dry powder across the firm, we are in a strong position to take advantage of this environment,” said Jon Winkelried, Chief Executive Officer. “We also announced yesterday that TPG has agreed to acquire Peppertree Capital Management, a leading specialized digital infrastructure firm with a focus on wireless communications towers. The addition of Peppertree, which underscores our continued focus on strategic growth where we have a natural competitive advantage, will create differentiated investment opportunities for our clients and drive meaningful value for our shareholders.” Dividend TPG has declared a quarterly dividend of $0.41 per share of Class A common stock to holders of record at the close of business on May 19, 2025, payable on June 2, 2025. Conference Call TPG will host a conference call and live webcast at 11:00 am ET. It may be accessed by dialing (800) 245-3047 (US toll-free) or (203) 518-9765 (international), using the conference ID TPGQ125. The number should be dialed at least ten minutes prior to the start of the call. A simultaneous webcast will also be available and can be accessed through the Investor Relations section of TPG's website at shareholders.tpg.com. A webcast replay will be made available on the Events page in the Investor Relations section of TPG's website. About TPG TPG is a leading global alternative asset management firm, founded in San Francisco in 1992, with $251 billion of assets under management and investment and operational teams around the world. TPG invests across a broadly diversified set of strategies, including private equity, impact, credit, real estate, and market solutions, and our unique strategy is driven by collaboration, innovation, and inclusion. Our teams combine deep product and sector experience with broad capabilities and expertise to develop differentiated insights and add value for our fund investors, portfolio companies, management teams, and communities. Shareholders Media Gary Stein Luke Barrett 212-601-4750 415-743-1550 [email protected] [email protected] TPG Reports First Quarter 2025 Results

TPG | 3 TPG Reports First Quarter 2025 Results Forward Looking Statements; No Offers; Non-GAAP Information This document may contain “forward-looking” statements. 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, dividends and dividend policy, 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 the inability to recognize the anticipated benefits, or unexpected costs related to the integration, of acquired companies; our ability to manage growth and execute our business plan; and regional, national or global political, economic, business, competitive, market and regulatory conditions and uncertainties, among various other risks discussed in the Company’s SEC filings. For the reasons described above, we caution you against relying on any forward-looking statements, which should be read in conjunction with the other cautionary statements included elsewhere in this document 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. Any forward-looking statement in this document speaks only as of the date of this document. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to update or revise any forward-looking statement after the date of this document, 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 document. This document does not constitute an offer of any TPG fund. Throughout this document, all current period amounts are preliminary and unaudited; totals may not sum due to rounding. See the Reconciliations and Disclosures Section of this document for reconciliations of Non-GAAP to the most comparable GAAP measures.

First Quarter 2025 Results

TPG | 5 ▪ Net income of $88 million for 1Q’25 compared to 1Q’24 net loss of $9 million ▪ Net income attributable to TPG Inc. of $25 million for 1Q’25 compared to $16 million in 1Q’24 GAAP Statements of Operations (Unaudited) 1. Operating profit margin, defined as net income divided by total revenue, was (1.1%) for 1Q’24 and 8.5% for 1Q’25. ($ in thousands, except share and per share amounts) 1Q’24 1Q’25 Revenues Fees and other $ 512,295 $ 543,455 Capital allocation-based income 311,776 491,421 Total revenues 824,071 1,034,876 Expenses Compensation and benefits: Cash-based compensation and benefits 206,336 223,570 Equity-based compensation 227,908 205,832 Performance allocation compensation 196,434 298,705 Total compensation and benefits 630,678 728,107 General, administrative and other 151,632 164,311 Depreciation and amortization 32,965 31,382 Interest expense 21,122 24,060 Total expenses 836,397 947,860 Investment income (loss) Net gains (losses) from investment activities (5,198) (2,087) Interest, dividends and other 12,904 9,248 Total investment income (loss) 7,706 7,161 Income (loss) before income taxes (4,620) 94,177 Income tax expense 4,386 6,349 Net income (loss)(1) (9,006) 87,828 Net income (loss) attributable to non-controlling interests in TPG Operating Group (55,037) (12,099) Net income (loss) attributable to other non-controlling interests 30,512 74,534 Net income (loss) attributable to TPG Inc. $ 15,519 $ 25,393 Net income (loss) per share data: Net income (loss) available to Class A common stock per share Basic $ 0.09 $ 0.08 Diluted $ (0.11) $ 0.00 Weighted-average shares of Class A common stock outstanding Basic 89,113,782 117,408,263 Diluted 364,350,918 369,358,961

TPG | 6 Operating Metrics ($B) Non-GAAP Financial Measures ($M) First Quarter and Last Twelve Months Highlights 1Q’24 1Q’25 1Q’24 LTM 1Q’25 LTM Fee-Related Revenues (“FRR”) $451 $476 $1,523 $1,857 Fee-Related Earnings (“FRE”) 182 182 689 763 Realized Performance Allocations, Net 32 40 101 203 After-Tax Distributable Earnings (“After-tax DE”) 181 187 678 843 1Q’24 4Q’24 1Q’25 Assets Under Management (“AUM”) $223.6 $245.9 $250.6 Fee Earning Assets Under Management (“FAUM”) 137.0 141.3 142.8 Net Accrued Performance 0.9 1.0 1.0 Available Capital 51.2 57.6 57.0 1Q’24 1Q’25 1Q’24 LTM 1Q’25 LTM Capital Raised $4.7 $5.9 $18.4 $31.4 Capital Invested 6.5 7.3 26.4 33.8 Realizations 4.9 4.3 13.0 22.3 ▪ 1Q’25 FRR of $476 million increased 6% versus 1Q’24, with 1Q’25 FRE of $182 million and 1Q’25 After-tax DE of $187 million ▪ Total AUM of $251 billion, up 12% in the last twelve months; FAUM of $143 billion, up 4% over the same period Includes activity from TPG AG starting November 1, 2023, the date of the Acquisition. See the Reconciliations and Disclosures Section of this presentation for a full reconciliation of Non-GAAP to the most comparable GAAP measures and adjustment descriptions.

TPG | 7 Non-GAAP Financial Measures ▪ 1Q’25 FRE remained largely flat compared to 1Q’24; FRE margin decreased from 40% in 1Q’24 to 38% in 1Q’25 ▪ After-tax DE of $187 million in 1Q’25, an increase from $181 million in 1Q’24, primarily driven by realized performance allocations, net, partially offset by an increase in interest expense, net Includes activity from TPG AG starting November 1, 2023, the date of the Acquisition. See the Reconciliations and Disclosures Section of this presentation for a full reconciliation of Non-GAAP to the most comparable GAAP measures and adjustment descriptions. 1. Realized investment income and other, net includes activity considered non-core to our Fee-Related Earnings operations, including 1Q’25 expenses of $10 million related to our unoccupied lease space and $9 million related to pre-signing diligence costs for our proposed acquisition of the Peppertree business. ($ in thousands) 1Q’24 1Q’25 1Q’24 LTM 1Q’25 LTM Fee-Related Revenues Management fees $ 402,684 $ 413,160 $ 1,333,407 $ 1,636,186 Fee-related performance revenues 3,875 6,201 5,517 35,358 Transaction, monitoring and other fees, net 34,155 53,973 137,196 167,462 Other income 10,494 2,930 46,889 17,507 Fee-Related Revenues 451,208 476,264 1,523,010 1,856,512 Fee-Related Expenses Cash-based compensation and benefits, net 181,683 193,549 533,798 700,867 Fee-related performance compensation 1,938 3,100 3,339 17,678 Operating expenses, net 85,216 98,053 296,454 374,549 Fee-Related Expenses 268,837 294,702 833,591 1,093,094 Fee-Related Earnings 182,371 181,562 689,419 763,418 Realized performance allocations, net 31,552 39,621 100,554 202,651 Realized investment income and other, net(1) (9,315) (3,962) (51,381) (2,350) Depreciation expense (5,615) (4,950) (11,073) (19,722) Interest expense, net (9,987) (14,492) (7,553) (40,614) Distributable Earnings 189,006 197,779 719,966 903,384 Income taxes (8,381) (11,043) (41,876) (59,999) After-Tax Distributable Earnings $ 180,625 $ 186,736 $ 678,091 $ 843,386

TPG | 8 $1,333 $1,636 $543 $491 $158 $172 $203 $214 $125 $319$86 $217 $143 $142 $76 $81 1Q’24 LTM 1Q’25 LTM $182 $182 1Q’24 1Q’25 $689 $763 1Q’24 LTM 1Q’25 LTM $403 $413 $135 $112 $40 $45 $48 $64 $75 $83 $52 $60 $34 $35$19 $16 1Q’24 1Q’25 ▪ 1Q’25 FRR increased 6% over 1Q’24 primarily driven by an increase in capital markets fees and management fees ▪ Fee-related expenses in 1Q’25 increased 10% over 1Q’24 ▪ FRE margin decreased from 40% in 1Q’24 to 38% in 1Q’25; 1Q’25 LTM FRE margin of 41% Includes activity from TPG AG starting November 1, 2023, the date of the Acquisition. See the Reconciliations and Disclosures Section of this presentation for reconciliations of Non-GAAP to the most comparable GAAP measures and adjustment descriptions. 1. Catch-up management fees totaled $19 million and $16 million for 1Q’24 and 1Q’25, respectively. Fee-Related Earnings Management Fees by Platform(1) ($M) ($M) +3% Capital Growth Impact TPG AG Credit +23% TPG AG Real Estate Real Estate Market Solutions Fee-Related Earnings

TPG | 9 $181 $187 1Q’24 1Q’25 $678 $843 1Q’24 LTM 1Q’25 LTM Distributable Earnings ▪ After-tax DE increased from $181 million in 1Q’24 to $187 million for 1Q’25, primarily driven by an increase in realized performance allocations, net After-Tax DE ($M) Includes activity from TPG AG starting November 1, 2023, the date of the Acquisition. See the Reconciliations and Disclosures Section of this presentation for reconciliations of Non-GAAP to the most comparable GAAP measures and adjustment descriptions. Distributable Earnings Mix FRE All Other Sources of Pre-tax DE 68% 32% 92% 8% 4Q’24 1Q’25

TPG | 10 Capital $73 Growth $32 Impact $11 TPG AG Credit $71 TPG AG Real Estate $5 Real Estate $7 Market Solutions $3 1Q’25 LTM Realized Performance Allocations, Net Capital $27 Impact $5 TPG AG Credit $6 Real Estate $2 ▪ Realized performance allocations, net were $40 million in 1Q’25, primarily driven by TPG VII and TPG VIII in the Capital platform, Rise Climate I in the Impact platform, and MMDL IV in TPG AG Credit ▪ Realized performance allocations, net for 1Q’25 LTM were $203 million, primarily driven by TPG VIII and TPG VII in the Capital platform, Growth IV in the Growth platform, MMDL IV and MVP Fund in TPG AG Credit, and Rise Climate I in the Impact platform Realized Performance Allocations, Net 1Q’25 Realized Performance Allocations, Net ($M) ($M) Total $203 Total $40 Capital Growth Impact TPG AG Credit TPG AG Real Estate Real Estate Market Solutions

TPG | 11 $489 $237 $115 $80 $61 $31 $7 Net Accrued Performance Net Accrued Performance by Fund Vintage ($M) 4Q’24 1Q’25 2019 & Prior $684 $682 2020 117 117 2021 78 80 2022 87 126 2023 5 9 2024 3 6 Total $974 $1,020 1Q’25 Net Accrued Performance Total $1.0B ($M) $974 +$86 ($40) $1,020 4Q’24 Value Creation & Other Realized Gains 1Q’25 1Q’25 Net Accrued Performance Walk ($M) Investment Appreciation / (Depreciation) Platform 1Q’25 1Q’25 LTM Capital 3.4% 10.9% Growth 2.1% 9.3% Impact 0.7% 8.5% TPG Angelo Gordon TPG AG Credit 2.5% 12.5% TPG AG Real Estate 0.6% 2.6% Real Estate 7.3% 12.5% Market Solutions(1) 3.0% 7.1% Loan Level Return CLOs 1Q’25 1Q’25 LTM U.S. CLOs 0.7% 6.6% European CLOs 0.7% 7.1% 1. Due to the nature of their strategy, Appreciation / (Depreciation) in the Market Solutions platform above includes information for certain funds as of December 31, 2024. Accordingly, those funds’ performance information does not reflect any fund activity for the quarter ended March 31, 2025 and therefore does not cover the same period presented for other funds. Any activity occurring during the quarter ended March 31, 2025 will be reflected in the performance information presented in future reporting. Capital Growth Impact TPG AG Credit TPG AG Real Estate Real Estate Market Solutions

TPG | 12 GAAP Balance Sheet (Unaudited) ▪ Cash and cash equivalents totaled $0.8 billion at the end of 1Q’25; borrowings of $180 million on the Senior Unsecured Revolving Credit Facility during 1Q’25 drove total debt obligations to $1.5 billion ▪ Investments increased $0.4 billion from $7.5 billion in 4Q’24 to $7.9 billion in 1Q’25 primarily resulting from appreciation of accrued performance allocations and investments in our funds 1. Includes TPG Inc. Class A and Class B common stock as well as additional paid-in-capital and retained earnings. ($ in thousands) 4Q’24 1Q’25 Assets Cash and cash equivalents $ 808,017 $ 821,971 Investments 7,503,281 7,906,088 Other assets 1,254,025 1,642,805 Intangible assets, net and goodwill 969,786 943,160 Total assets 10,535,109 11,314,024 Liabilities and equity Liabilities Debt obligations 1,281,984 1,483,287 Accrued performance allocation compensation 4,376,523 4,435,527 Other liabilities 1,284,613 1,896,495 Total liabilities 6,943,120 7,815,309 Equity TPG Inc.(1) 784,101 823,079 Non-controlling interests 2,807,888 2,675,636 Total equity 3,591,989 3,498,715 Total liabilities and equity $ 10,535,109 $ 11,314,024

TPG | 13 ▪ Cash and cash equivalents totaled $120 million at the end of 1Q’25 ▪ At the end of 1Q’25, our net debt(1) was $1.4 billion and our undrawn Senior Unsecured Revolving Credit Facility capacity was $1.0 billion ▪ Our borrowings primarily include Senior and Subordinated Notes with a principal amount of $1.0 billion and Secured Notes with a principal amount of $250 million (which are backed by $657 million in pledged assets as of 1Q’25) Senior Notes, Mar-2034 Subordinated Notes, Mar-2064 Secured Notes, Jun-2038(3) Senior Unsecured Revolving Credit Facility Non-GAAP Balance Sheet Highlights Note, figures above are as of March 31, 2025. In April 2025, we drew an additional $150 million on our revolver, and in May 2025 we increased our total capacity from $1.2 billion to $1.65 billion. See the Reconciliations and Disclosures Section of this presentation for reconciliations of Non-GAAP to the most comparable GAAP measures and adjustment descriptions. 1. Net debt comprised of $1.5 billion in debt principal less $120 million of cash and cash equivalents. 2. Excludes certain short term lines of credit. 3. If the Secured Notes are not redeemed on or prior to June 20, 2028, we are required to pay additional interest equal to 4.0% per annum. ($ in thousands) 4Q’24 1Q’25 Cash and cash equivalents $ 147,056 $ 119,846 Net accrued performance 973,567 1,019,798 Investments in funds 1,189,868 1,262,736 Cash and investments, net 2,310,491 2,402,380 Debt obligations $ 1,281,984 $ 1,483,287 $600 $400 $250 $180 1Q’25 Long Term Debt Obligations(2) Total $1.4B ($M) Credit Ratings Moody’s A3 S&P BBB+ Fitch BBB+ Available Liquidity $1.1 billion Cash, cash equivalents, and available revolver

Operating Metrics

TPG | 15 $137 $143 $39 $36 $12 $13 $14 $19 $41 $44 $14 $15 $12 $12$6 $5 1Q’24 1Q’25 $224 $251 $71 $76 $27 $29 $19 $28 $61 $73 $19 $19 $18 $18 $8 $8 1Q’24 1Q’25 Assets Under Management and Fee Earning AUM ▪ 1Q’25 AUM rose 12% over 1Q’24 to $250.6 billion, primarily driven by capital raised of $31.4 billion, including $5.5 billion in Rise Climate II within the Impact platform and $2.6 billion in Credit Solutions III within AG Credit, partially offset by realizations of $22.3 billion ▪ 1Q’25 FAUM increased 4% over 1Q’24 to $142.8 billion, primarily driven by deployment of $14.3 billion, including $2.4 billion in Essential Housing III and $2.0 billion in MMDL V within AG Credit, and fee earning capital raised of $11.8 billion; realizations were $15.8 billion Assets Under Management Fee Earning AUM ($B) ($B) +12% +4% Capital Growth Impact TPG AG Credit TPG AG Real Estate Real Estate Market Solutions

TPG | 16 22% 48% 19% 3% 8% —% 19% 67% 6% 8% FAUM by Remaining Duration Assets Under Management and Fee Earning AUM Duration AUM by Duration at Inception For the grouping of years on duration, 0-4 Years represents a term equal to 4 years or less; 5-9 Years represents a term greater than 4 and less than or equal to 9; 10+ Years represents a term greater than 9. 1. Defined as the number of years between fund activation and contractual fund winddown, prior to any extensions, as of March 31, 2025. 2. Defined as the number of years between March 31, 2025 and contractual fund winddown, prior to any available extensions. ▪ At the end of 1Q’25, approximately 72% of our AUM and 71% of our FAUM were in perpetual or long-dated funds with a duration(1) of 10 or more years (prior to any available extensions) ▪ At the end of 1Q’25, approximately 69% of our FAUM had a remaining lifespan(2) of 5 or more years, with 22% in vehicles that have 10 or more years remaining (including those considered perpetual) Total $251B Total $143B FAUM by Duration at Inception Total $143B ~71% ~69%~72% 0-4 Years 5-9 Years 10+ Years Perpetual Capital Subject to Periodic Redemption <1 21% 68% 3% 8%

TPG | 17 Capital $0.7 TPG AG Credit $6.3 TPG AG Real Estate $2.3 Capital $3.0 Growth $2.5 Impact $1.7 TPG AG Credit $6.7 TPG AG Real Estate $0.9 Real Estate $2.6 Market Solutions $0.3 ▪ AUM Subject to Fee Earning Growth totaled $27.1 billion at the end of 1Q’25 and includes AUM Not Yet Earning Fees (capital commitments that generate new management fees once deployed) and FAUM Subject to Step-Up (capital commitments that generate a higher rate of management fees as deployed or over time) ▪ At the end of 1Q’25, our AUM Subject to Fee Earning Growth represents 19% of FAUM and the potential fee- related revenue opportunity associated with both AUM Not Yet Earning Fees and FAUM Subject to Step-Up is estimated at approximately $147 million annually(1) AUM Not Yet Earning Fees FAUM Subject to Step-Up ($B) ($B) Total $18 Total $9 AUM Subject to Fee Earning Growth 1. Represents the sum of the gross revenue opportunity for each fund with AUM Subject to Fee Earning Growth. For AUM Not Yet Earnings Fees, this is calculated as the incremental amount of uncalled capital that would be called to achieve an expected range of total deployment, factoring in leverage where applicable, multiplied by the fee rate that we anticipate would be earned on such capital. For FAUM Subject to Step Up, this is calculated as the increase to management fees from either (i) certain funds whose fee rates increase as capital is deployed or (ii) certain funds where fee rates increase for certain investors over the life of the fund. Capital Growth Impact TPG AG Credit TPG AG Real Estate Real Estate Market Solutions

TPG | 18 Capital $55.6 Growth $23.7Impact $16.3 TPG AG Credit $48.4 TPG AG Real Estate $7.9 Real Estate $4.0 Market Solutions $6.1 Capital $56.5 Growth $24.9 Impact $24.5 TPG AG Credit $63.0 TPG AG Real Estate $18.6 Real Estate $18.0 Market Solutions $6.4 ▪ Performance Eligible AUM refers to AUM that is currently producing, or may eventually produce, performance revenues, and totaled $212.0 billion, or 85% of total AUM, at the end of 1Q’25 ▪ Performance Generating AUM refers to AUM that is currently producing performance revenues, and totaled $162.1 billion, or 65% of total AUM, at the end of 1Q’25 Performance Eligible AUM Performance Generating AUM ($B) ($B) Total $212 Total $162 Performance Eligible and Generating AUM Capital Growth Impact TPG AG Credit TPG AG Real Estate Real Estate Market Solutions

TPG | 19 AUM Rollforward Three Months Ended March 31, 2025 TPG Angelo Gordon ($ in millions) Capital Growth Impact Credit Real Estate Real Estate Market Solutions Total AUM Balance as of Beginning of Period $ 74,408 $ 28,062 $ 26,569 $ 72,359 $ 18,674 $ 17,622 $ 8,179 $ 245,873 Capital Raised 1,046 814 1,722 1,650 516 142 16 5,906 Realizations (1,000) (421) (340) (1,673) (580) (230) (58) (4,302) Outflows(1) — — — (170) — — (338) (508) Changes in Investment Value and Other(2) 1,562 336 79 1,264 25 517 (131) 3,652 AUM as of end of period $ 76,016 $ 28,791 $ 28,030 $ 73,430 $ 18,635 $ 18,051 $ 7,668 $ 250,621 Twelve Months Ended March 31, 2025 TPG Angelo Gordon ($ in millions) Capital Growth Impact Credit Real Estate Real Estate Market Solutions Total AUM Balance as of Beginning of Period $ 71,418 $ 27,316 $ 19,175 $ 61,316 $ 18,555 $ 17,567 $ 8,245 $ 223,593 Capital Raised 5,255 2,057 8,535 11,940 1,716 555 1,309 31,369 Realizations (5,801) (2,966) (1,108) (7,735) (2,591) (1,495) (634) (22,329) Outflows(1) — — — (461) — — (1,591) (2,052) Changes in Investment Value and Other(2) 5,144 2,384 1,428 8,369 955 1,424 337 20,041 AUM as of end of period $ 76,016 $ 28,791 $ 28,030 $ 73,430 $ 18,635 $ 18,051 $ 7,668 $ 250,621 1. Outflows represent redemptions and withdrawals. 2. Changes in Investment Value and Other consists of changes in fair value, capital invested, available capital and net fund-level asset related leverage activity plus other investment activities.

TPG | 20 FAUM Rollforward Three Months Ended March 31, 2025 TPG Angelo Gordon ($ in millions) Capital Growth Impact Credit Real Estate Real Estate Market Solutions Total FAUM Balance as of Beginning of Period $ 37,075 $ 12,334 $ 17,357 $ 43,005 $ 14,379 $ 11,759 $ 5,377 $ 141,286 Fee Earning Capital Raised(1) — 548 1,173 244 508 — 15 2,488 Deployment(2) 39 355 187 1,964 199 51 22 2,816 Realizations(3) (149) (117) (142) (1,828) (265) (83) (31) (2,614) Reduction in Fee Base(4) (940) — — — (271) — — (1,211) Outflows(5) — — — (169) — — (336) (505) Market Activity and Other(6) — — — 417 109 (7) 15 534 FAUM as of end of period $ 36,025 $ 13,120 $ 18,575 $ 43,633 $ 14,659 $ 11,720 $ 5,062 $ 142,794 Twelve Months Ended March 31, 2025 TPG Angelo Gordon ($ in millions) Capital Growth Impact Credit Real Estate Real Estate Market Solutions Total FAUM Balance as of Beginning of Period $ 38,877 $ 12,214 $ 13,648 $ 40,930 $ 14,017 $ 11,539 $ 5,734 $ 136,959 Fee Earning Capital Raised(1) 334 1,206 7,165 954 1,298 — 873 11,829 Deployment(2) 640 901 782 10,001 1,103 673 155 14,255 Realizations(3) (2,832) (1,201) (303) (9,074) (1,428) (688) (242) (15,767) Reduction in Fee Base(4) (970) — (2,717) (96) (349) — (194) (4,326) Outflows(5) — — — (446) — — (1,545) (1,991) Market Activity and Other(6) (24) — — 1,364 18 196 281 1,835 FAUM as of end of period $ 36,025 $ 13,120 $ 18,575 $ 43,633 $ 14,659 $ 11,720 $ 5,062 $ 142,794 Note, in 1Q’25 we began reporting Fee-Earning Deployment and Realizations separately from Net Change in Investment Activity. We believe this additional disclosure is helpful to understand key drivers associated with our FAUM. Updating the presentation did not have any impact on total FAUM. 1. Fee Earning Capital Raised represents capital raised by our funds for which management fees calculated based on commitments or subscriptions were activated during the period. 2. Deployment represents increases in investment cost and CLO collateral assets, as well as capital called for investments. 3. Realizations represent decreases in investment cost and CLO collateral assets, as well as distributions of investment related proceeds. 4. Reduction in Fee Base represents decreases in the fee basis for funds where the investment or commitment fee period has expired, and the fee base has reduced from commitment base to actively invested capital. It also includes reductions for funds that are no longer fee paying. 5. Outflows represent redemptions and withdrawals. 6. Market Activity and Other represents income activity for our funds for which management fees are calculated based on invested net capital or net asset value, as well as foreign exchange fluctuations.

TPG | 21 Other Operating Metrics Capital Raised 1Q’24 1Q’25 1Q’24 LTM 1Q’25 LTM Capital $ 1,303 $ 1,046 $ 9,327 $ 5,256 Growth 435 814 2,710 2,058 Impact 78 1,722 765 8,535 TPG Angelo Gordon TPG AG Credit 2,134 1,650 2,828 11,940 TPG AG Real Estate 632 516 1,002 1,716 Real Estate — 142 941 555 Market Solutions 78 16 804 1,309 Total $ 4,660 $ 5,906 $ 18,377 $ 31,368 ▪ We have invested approximately $33.8 billion during the last twelve months with $57.0 billion of capital available for deployment at the end of 1Q’25 Available Capital 1Q’24 1Q’25 Capital $ 17,441 $ 13,455 Growth 4,981 5,220 Impact 4,710 11,154 TPG Angelo Gordon TPG AG Credit 7,595 12,073 TPG AG Real Estate 7,617 6,889 Real Estate 7,262 6,161 Market Solutions 1,641 2,047 Total $ 51,247 $ 56,999 Capital Invested 1Q’24 1Q’25 1Q’24 LTM 1Q’25 LTM Capital $ 771 $ 1,478 $ 10,418 $ 6,642 Growth 493 690 2,448 2,014 Impact 396 272 3,145 2,047 TPG Angelo Gordon TPG AG Credit 3,118 4,003 6,199 17,120 TPG AG Real Estate 518 460 840 2,996 Real Estate 1,065 190 2,543 2,402 Market Solutions 108 253 843 602 Total $ 6,469 $ 7,346 $ 26,436 $ 33,822 Realizations 1Q’24 1Q’25 1Q’24 LTM 1Q’25 LTM Capital $ 1,906 $ 1,000 $ 6,985 $ 5,801 Growth 240 421 757 2,966 Impact 639 340 883 1,108 TPG Angelo Gordon TPG AG Credit 1,444 1,673 2,085 7,735 TPG AG Real Estate 503 580 796 2,590 Real Estate 63 230 1,124 1,494 Market Solutions 90 58 355 635 Total $ 4,885 $ 4,302 $ 12,985 $ 22,328 (All tables in $M) Includes activity from TPG AG starting November 1, 2023, the date of the Acquisition.

Supplemental Details

TPG | 23 GAAP and Non-GAAP Performance Allocations 1. Includes certain TPG Operating Group Excluded entities whose performance allocations are not a component of net income attributable to TPG following the Reorganization; however, the TPG general partner entities continue to be consolidated by us. We transferred the rights to the performance allocations the TPG Operating Group historically would have received to RemainCo on December 31, 2021. As such, net income available to controlling interest holders will be zero for each of the TPG Operating Group Excluded entities beginning January 1, 2022. 2. Non-GAAP adjustments represent the exclusion of performance allocations that are not attributable to the TPG Operating Group Common Unit holders. Three Months Ended March 31, 2025 GAAP Less: GAAP GAAP Less: Non-GAAP Non-GAAP ($ in thousands) Total(1) Unrealized Realized Adjustments(2) Realized Capital $ 243,889 $ 116,245 $ 127,644 $ 100,783 $ 26,861 Growth 74,196 51,091 23,105 23,105 — Impact 15,568 (5,842) 21,410 16,891 4,519 TPG Angelo Gordon TPG AG Credit 68,749 38,008 30,741 24,593 6,148 TPG AG Real Estate (51,374) (51,374) — — — Real Estate 107,892 97,427 10,465 8,372 2,093 Market Solutions (8,360) (8,360) — — — Total $ 450,560 $ 237,195 $ 213,365 $ 173,744 $ 39,621 Last Twelve Months Ended March 31, 2025 GAAP Less: GAAP GAAP Less: Non-GAAP Non-GAAP ($ in thousands) Total(1) Unrealized Realized Adjustments(2) Realized Capital $ 715,676 $ 369,373 $ 346,303 $ 273,412 $ 72,891 Growth 299,928 172,601 127,327 94,929 32,398 Impact 130,016 79,312 50,704 40,002 10,702 TPG Angelo Gordon TPG AG Credit 373,558 13,694 359,864 288,416 71,448 TPG AG Real Estate (134,456) (162,409) 27,953 23,009 4,944 Real Estate 101,055 59,422 41,633 34,594 7,039 Market Solutions (23,094) (39,240) 16,146 12,917 3,229 Total $ 1,462,683 $ 492,753 $ 969,930 $ 767,279 $ 202,651

TPG | 24 GAAP and Non-GAAP Net Accrued Performance As of December 31, 2024 TPG Angelo Gordon ($ in millions) Capital Growth Impact Credit Real Estate Real Estate Market Solutions Total GAAP Total $ 2,926 $ 1,589 $ 593 $ 364 $ 377 $ 64 $ 45 $ 5,958 Less: Excluded Assets(1) 45 230 — — — 8 — 283 Less: Non-GAAP Adjustments(2) 2,413 1,133 477 291 306 45 36 4,701 Non-GAAP Total $ 468 $ 226 $ 116 $ 73 $ 71 $ 11 $ 9 $ 974 1. The TPG Operating Group Excluded entities’ performance allocations are not a component of net income attributable to TPG following the Reorganization; however, the TPG general partner entities continue to be consolidated by us. We transferred the rights to the performance allocations the TPG Operating Group historically would have received to RemainCo on December 31, 2021. As such, net income available to controlling interest holders will be zero for each of the TPG Operating Group Excluded entities beginning January 1, 2022. 2. Non-GAAP adjustments represent the exclusion of performance allocations that are not attributable to the TPG Operating Group Common Unit holders. As of March 31, 2025 TPG Angelo Gordon ($ in millions) Capital Growth Impact Credit Real Estate Real Estate Market Solutions Total GAAP Total $ 3,041 $ 1,641 $ 587 $ 402 $ 326 $ 162 $ 37 $ 6,196 Less: Excluded Assets(1) 48 233 — — — 9 — 290 Less: Non-GAAP Adjustments(2) 2,504 1,171 472 322 265 122 30 4,886 Non-GAAP Total $ 489 $ 237 $ 115 $ 80 $ 61 $ 31 $ 7 $ 1,020

TPG | 25 Participating Shares Outstanding (shares) 12/31/2024 Net Change 3/31/2025 Net Change Estimated Record Date 5/19/2025(1) TPG Inc. Diluted Shares Outstanding Class A common stock outstanding 109,211,355 14,340,896 123,552,251 44,664 123,596,915 Common Units exchangeable into Class A common stock 255,756,502 (9,786,354) 245,970,148 — 245,970,148 Diluted Class A common stock outstanding 364,967,857 4,554,542 369,522,399 44,664 369,567,063 Restricted Stock Units Special Purpose Awards(2) 16,602,058 (4,378,638) 12,223,420 Ordinary Service Awards 8,773,845 907,862 9,681,707 Total participating shares outstanding(3) 390,343,760 1,083,766 391,427,526 1. For the purposes of calculating our per share metrics, estimated record date share count as of our earnings announcement is used given our dividend is based on our After-tax DE and all holders of Class A common stock at record date will be entitled to our dividend. 2. Includes 583,821 Market Condition awards that have vested, but have not yet been settled. 3. Excludes unvested Market and Performance Condition awards, as these awards are not considered participating as they (i) do not participate in dividends or (ii) accrue dividends only to be paid upon vesting.

TPG | 26 FRE, After-Tax DE, and Dividends Per Class A Common Stock ▪ FRE attributable to TPG Inc. of $0.49 per share for 1Q’25 and $2.08 per share for 1Q’25 LTM ▪ After-tax DE attributable to TPG Inc. of $0.48 per share for 1Q’25, and $2.04 per share for 1Q’25 LTM ▪ Declared dividend of $0.41 per share for 1Q’25 on May 7, 2025, with a record date of May 19, 2025 and payable date of June 2, 2025; dividends declared total $1.74 per share for 1Q’25 LTM ($ in thousands, except share and per share amounts) 4Q’24 1Q’25 After-tax Distributable Earnings attributable to TPG Inc. Class A common stockholders Pre-tax Distributable Earnings $ 278,659 $ 197,779 Less: subsidiary-level income taxes(3) (4,306) (5,958) Distributable Earnings before corporate income taxes 274,353 191,821 Percent to TPG Inc. 31% 33% TPG Inc. Distributable Earnings before corporate income taxes 84,439 64,152 Less: corporate income taxes attributable to TPG Inc.(3) (13,787) (5,085) TPG Inc. After-tax Distributable Earnings 70,652 59,067 Estimated Class A common stock outstanding at Record Date(2) 113,714,161 123,596,915 TPG Inc. After-tax Distributable Earnings per Class A common stock 0.62 0.48 Target dividend policy 85% 85% Dividend per Class A common stock $ 0.53 $ 0.41 Note: TPG Inc. effective DE corporate income tax rate 16.3% 7.9% 1. Fee-Related Earnings does not include income tax expense. 2. For the purposes of calculating our per share metrics, estimated record date share count as of our earnings announcement is used given our dividend is based on our After-tax DE and all holders of Class A common stock at record date will be entitled to our dividend. 3. Total income taxes consist of subsidiary-level income taxes at the TPG Operating Group level and corporate income taxes borne by TPG Inc. ($ in thousands) 4Q’24 1Q’25 Subsidiary-level income taxes $ 4,306 $ 5,958 Corporate income taxes 13,787 5,085 Total income taxes $ 18,093 $ 11,043 ($ in thousands, except share and per share amounts) 4Q’24 1Q’25 Fee-Related Earnings attributable to TPG Inc. Class A common stockholders Total Fee-Related Earnings(1) $ 189,825 $ 181,562 Percent to TPG Inc. 31% 33% TPG Inc. Fee-Related Earnings 58,424 60,721 Estimated Class A common stock outstanding at Record Date(2) 113,714,161 123,596,915 TPG Inc. Fee-Related Earnings per Class A common stock $ 0.51 $ 0.49

TPG | 27 Equity-Based Compensation Summary ($ in millions, except for share and per share amounts, as of March 31, 2025) Category Units Outstanding Compensation Expense QTD Unrecognized Compensation Expense Remaining Recognition Period(1) Other Awards: Legacy Equity, IPO-Related and Acquisition Awards(2) N/A $ 121.4 $ 1,395.7 0.2 - 3.8 years Restricted Stock Units: Special Purpose Awards 11,639,599 32.1 296.1 3.1 years Ordinary Service Awards 9,681,707 42.8 419.4 3.1 years Total 21,321,306 196.3 2,111.2 Less: Non-employee portion of Awards(3) (351,780) (4.4) Add: Market / Performance Condition Awards(4)(5) 4,253,913 12.4 Add: Other(6) N/A 1.5 Total Statement of Operations Equity-based compensation $ 205.8 1. Represents the weighted average remaining recognition period across outstanding Restricted Stock Unit grants and other awards. 2. Represents units granted in TPG Partner Holdings and RemainCo Partner Holdings, plus other awards granted in conjunction with the IPO. Also includes unvested common units in TPG Operating Group granted in conjunction with the Acquisition. 3. Considered a General, Administrative and Other expense for GAAP purposes. 4. Market and Performance Condition awards are not considered participating; these awards either (i) do not participate in dividends or (ii) accrue dividends only to be paid upon vesting. 5. Excludes 583,821 Market Condition awards that have vested, but have not yet been settled. 6. Represents units granted in TPG RE Finance Trust, Inc. and AG Mortgage Investment Trust, Inc. ▪ Equity-based compensation related to TPG Inc. Ordinary Service Awards totaled $43 million in 1Q’25; the total unrecognized compensation expense related to these Ordinary Service Awards amounted to $419 million at the end of 1Q’25, and is expected to be recognized over the next 3.1 years(1)

TPG | 28 Fund Performance Metrics ($ in millions, as of 3/31/25) Vintage Capital Capital Realized Unrealized Total Gross Gross Net Net Fund Year(1) Committed(2) Invested(3) Value(4) Value(5) Value(6) IRR(7) MoM(7) IRR(8) MoM(9) Platform: Capital Capital Funds Air Partners 1993 $ 64 $ 64 $ 697 $ — $ 697 81% 10.9x 73% 8.9x TPG I 1994 721 696 3,095 — 3,095 47% 4.4x 36% 3.5x TPG II 1997 2,500 2,554 5,010 — 5,010 13% 2.0x 10% 1.7x TPG III 1999 4,497 3,718 12,360 — 12,360 34% 3.3x 26% 2.6x TPG IV 2003 5,800 6,157 13,734 — 13,734 20% 2.2x 15% 1.9x TPG V 2006 15,372 15,564 22,074 — 22,074 6% 1.4x 5% 1.4x TPG VI 2008 18,873 19,220 33,360 169 33,529 14% 1.7x 10% 1.5x TPG VII 2015 10,495 10,255 21,780 3,290 25,070 26% 2.4x 20% 2.0x TPG VIII 2019 11,505 10,738 5,541 14,571 20,112 27% 1.8x 18% 1.5x TPG IX 2022 12,014 8,203 12 10,795 10,807 41% 1.4x 23% 1.2x Capital Funds 81,841 77,169 117,663 28,825 146,488 23% 1.9x 15% 1.6x Asia Funds Asia I 1994 96 78 71 — 71 (3%) 0.9x (10%) 0.7x Asia II 1998 392 764 1,669 — 1,669 17% 2.2x 14% 1.9x Asia III 2000 724 623 3,316 — 3,316 46% 5.3x 31% 3.8x Asia IV 2005 1,561 1,603 4,089 — 4,089 23% 2.6x 17% 2.1x Asia V 2007 3,841 3,257 5,439 117 5,556 10% 1.7x 6% 1.4x Asia VI 2012 3,270 3,285 4,061 2,444 6,505 13% 2.0x 9% 1.6x Asia VII 2017 4,630 4,583 3,565 4,650 8,215 18% 1.7x 11% 1.4x Asia VIII 2022 5,259 2,694 — 3,602 3,602 37% 1.4x 15% 1.2x Asia Funds 19,773 16,887 22,210 10,813 33,023 20% 2.0x 14% 1.6x Healthcare Funds THP I 2019 2,704 2,430 889 3,119 4,008 22% 1.6x 13% 1.4x THP II 2022 3,576 1,976 2 2,683 2,685 50% 1.5x 26% 1.2x Healthcare Funds 6,280 4,406 891 5,802 6,693 26% 1.6x 15% 1.3x Continuation Vehicles TPG AAF 2021 1,317 1,314 2,720 — 2,720 43% 2.1x 37% 1.9x TPG AION 2021 207 207 — 149 149 (9%) 0.7x (9%) 0.7x Continuation Vehicles $ 1,524 $ 1,521 $ 2,720 $ 149 $ 2,869 35% 1.9x 29% 1.7x These fund performance metrics do not include co-investment vehicles, SMAs or certain other legacy or discontinued funds. Additionally, these fund performance metrics exclude the firm’s CLOs and real estate investment trusts. Past performance is not indicative of future results. See notes on the following pages.

TPG | 29 Fund Performance Metrics (Cont’d) ($ in millions, as of 3/31/25) Vintage Capital Capital Realized Unrealized Total Gross Gross Net Net Fund Year(1) Committed(2) Invested(3) Value(4) Value(5) Value(6) IRR(7) MoM(7) IRR(8) MoM(9) Platform: Growth Growth Funds STAR 2007 $ 1,264 $ 1,259 $ 1,895 $ — $ 1,895 12% 1.5x 6% 1.3x Growth II 2011 2,041 2,185 4,847 504 5,351 21% 2.6x 15% 2.0x Growth III 2015 3,128 3,377 4,912 2,079 6,991 24% 2.0x 16% 1.6x Growth IV 2017 3,739 3,624 3,194 4,606 7,800 21% 2.1x 15% 1.7x Gator 2019 726 686 771 517 1,288 27% 1.9x 21% 1.6x Growth V 2020 3,558 3,280 781 4,884 5,665 23% 1.7x 16% 1.4x Growth VI 2023 2,337 994 2 1,289 1,291 156% 1.4x 64% 1.2x Growth Funds 16,793 15,405 16,402 13,879 30,281 20% 2.0x 14% 1.6x Tech Adjacencies Funds TTAD I 2018 1,574 1,497 1,179 1,497 2,676 20% 1.7x 15% 1.5x TTAD II 2021 3,198 2,461 219 2,996 3,215 17% 1.3x 12% 1.2x TTAD III 420 — — — — NM NM NM NM Tech Adjacencies Funds 5,192 3,958 1,398 4,493 5,891 19% 1.5x 14% 1.4x TDM 2017 1,326 593 — 1,063 1,063 13% 1.8x 10% 1.5x LSI 2023 410 180 — 183 183 (13%) 0.9x (44%) 0.7x TECA 2025 402 52 — 52 52 NM NM NM NM Platform: Impact The Rise Funds Rise I 2017 2,106 2,035 1,623 2,122 3,745 16% 1.8x 10% 1.5x Rise II 2020 2,176 2,052 341 2,986 3,327 19% 1.6x 12% 1.4x Rise III 2022 2,700 1,827 43 2,510 2,553 44% 1.5x 22% 1.2x The Rise Funds 6,982 5,914 2,007 7,618 9,625 19% 1.6x 11% 1.4x Rise Climate Funds Rise Climate I 2021 7,268 5,649 1,280 6,370 7,650 25% 1.4x 13% 1.2x Rise Climate II(20) 5,484 — — — — NM NM NM NM Rise Climate Global South(20) 424 — — — — NM NM NM NM Rise Climate TI 1,308 — — — — NM NM NM NM Rise Climate Funds 14,484 5,649 1,280 6,370 7,650 25% 1.4x 13% 1.2x TSI 2018 333 133 368 — 368 35% 2.8x 25% 2.1x Evercare 2019 621 446 32 471 503 2% 1.1x (2%) 0.9x TPG NEXT(11) 2023 $ 565 $ 6 $ — $ 6 $ 6 NM NM NM NM These fund performance metrics do not include co-investment vehicles, SMAs or certain other legacy or discontinued funds. Additionally, these fund performance metrics exclude the firm’s CLOs and real estate investment trusts. Past performance is not indicative of future results. See notes on the following pages.

TPG | 30 Fund Performance Metrics (Cont’d) ($ in millions, as of 3/31/25) Vintage Capital Capital Realized Unrealized Total Gross Gross Net Net Fund Year(1) Committed(2) Invested(3) Value(4) Value(5) Value(6) IRR(7) MoM(7) IRR(8) MoM(9) Platform: Real Estate TPG Real Estate Partners TREP II 2014 $ 2,065 $ 2,213 $ 3,555 $ 19 $ 3,574 28% 1.7x 18% 1.5x TREP III 2018 3,722 4,275 3,292 2,615 5,907 15% 1.5x 10% 1.3x TREP IV 2022 6,820 3,615 558 3,624 4,182 18% 1.2x 3% 1.0x TPG Real Estate Partners 12,607 10,103 7,405 6,258 13,663 21% 1.5x 13% 1.3x TAC+ 2021 1,797 1,062 100 956 1,056 (1%) 1.0x (2%) 0.9x TRECO 2024 691 598 390 236 626 24% 1.1x 6% 1.0x Platform: Market Solutions NewQuest Funds NewQuest I(11) 2011 390 291 767 — 767 48% 3.2x 37% 2.3x NewQuest II(11) 2013 310 342 667 86 753 24% 2.3x 19% 1.8x NewQuest III(11) 2016 541 543 535 324 859 11% 1.5x 7% 1.3x NewQuest IV(11) 2020 1,000 958 146 1,186 1,332 13% 1.4x 8% 1.2x NewQuest V(11) 2022 673 341 143 397 540 60% 1.9x 43% 1.6x NewQuest Funds 2,914 2,475 2,258 1,993 4,251 33% 1.8x 20% 1.5x TGS(11) 2022 1,864 516 1 711 712 224% 1.5x 135% 1.3x Platform: TPG Angelo Gordon Credit Solutions Credit Solutions Credit Solutions I 2019 1,805 1,801 1,980 748 2,728 16% 1.6x 12% 1.4x Credit Solutions I Dislocation A 2020 909 602 795 — 795 34% 1.3x 27% 1.3x Credit Solutions I Dislocation B 2020 308 176 211 — 211 28% 1.2x 21% 1.2x Credit Solutions II 2021 3,134 3,040 777 3,057 3,834 16% 1.3x 12% 1.2x Credit Solutions II Dislocation A 2022 1,310 868 899 137 1,036 20% 1.2x 15% 1.2x Credit Solutions III 2024 2,649 117 — 237 237 NM NM NM NM Credit Solutions 10,115 6,604 4,662 4,179 8,841 18% 1.4x 13% 1.3x Essential Housing Essential Housing I 2020 642 456 571 6 577 15% 1.3x 12% 1.2x Essential Housing II 2021 2,534 1,071 778 577 1,355 16% 1.3x 12% 1.2x Essential Housing III 2024 1,619 509 — 522 522 NM NM NM NM Essential Housing 4,795 2,036 1,349 1,105 2,454 16% 1.3x 12% 1.2x Hybrid Solutions $ 155 $ — $ — $ — $ — NM NM NM NM These fund performance metrics do not include co-investment vehicles, SMAs or certain other legacy or discontinued funds. Additionally, these fund performance metrics exclude the firm’s CLOs and real estate investment trusts. Past performance is not indicative of future results. See notes on the following pages.

TPG | 31 Fund Performance Metrics (Cont’d) ($ in millions, as of 3/31/25) Vintage Capital Capital Realized Unrealized Total Gross Gross Net Net Fund Year(1) Committed(2) Invested(3) Value(4) Value(5) Value(6) IRR(7) MoM(7) IRR(8) MoM(9) Structured Credit & Specialty Finance ABC Fund I 2021 $ 1,005 $ 904 $ 111 $ 1,059 $ 1,170 18% 1.3x 14% 1.2x ABC Fund II 2024 393 305 — 303 303 NM NM NM NM Structured Credit & Specialty Finance 1,398 1,209 111 1,362 1,473 18% 1.3x 14% 1.2x Middle Market Direct Lending(12) MMDL I 2015 594 572 846 — 846 14% 1.6x 10% 1.4x MMDL II 2016 1,580 1,563 1,896 440 2,336 14% 1.7x 10% 1.5x MMDL III 2018 2,751 2,547 2,491 1,183 3,674 13% 1.6x 10% 1.4x MMDL IV 2020 2,671 2,586 1,305 2,207 3,512 15% 1.5x 11% 1.4x MMDL IV Annex 2021 797 767 310 658 968 15% 1.4x 11% 1.3x MMDL V 2022 3,924 2,159 213 2,196 2,409 18% 1.2x 14% 1.1x Middle Market Direct Lending 12,317 10,194 7,061 6,684 13,745 14% 1.5x 10% 1.4x U.S. Real Estate Realty Realty I 1994 30 30 65 — 65 27% 2.2x 20% 1.9x Realty II 1995 33 33 81 — 81 31% 2.4x 22% 2.2x Realty III 1997 61 94 120 — 120 5% 1.3x 3% 1.3x Realty IV 1999 255 332 492 — 492 11% 1.5x 8% 1.5x Realty V 2001 333 344 582 — 582 32% 1.7x 26% 1.6x Realty VI 2005 514 558 657 — 657 5% 1.2x 3% 1.1x Realty VII 2007 1,257 1,675 2,543 1 2,544 17% 1.7x 12% 1.5x Realty VIII 2011 1,265 2,136 2,774 152 2,926 15% 1.7x 11% 1.4x Realty IX 2015 1,329 1,985 2,269 221 2,490 8% 1.4x 5% 1.2x Realty Value X 2018 2,775 4,542 3,978 1,675 5,653 13% 1.4x 9% 1.2x Realty Value XI 2022 2,589 2,133 818 1,538 2,356 11% 1.1x 1% 1.0x Realty 10,441 13,862 14,379 3,587 17,966 14% 1.4x 9% 1.3x Core Plus Realty Core Plus Realty I 2003 534 532 876 — 876 20% 1.6x 18% 1.5x Core Plus Realty II 2006 794 1,112 1,456 — 1,456 11% 1.4x 8% 1.3x Core Plus Realty III 2011 1,014 1,420 2,231 — 2,231 23% 1.8x 19% 1.6x Core Plus Realty IV 2015 1,308 2,016 2,043 260 2,303 5% 1.2x 2% 1.1x Core Plus Realty $ 3,650 $ 5,080 $ 6,606 $ 260 $ 6,866 15% 1.5x 11% 1.4x These fund performance metrics do not include co-investment vehicles, SMAs or certain other legacy or discontinued funds. Additionally, these fund performance metrics exclude the firm’s CLOs and real estate investment trusts. Past performance is not indicative of future results. See notes on the following pages.

TPG | 32 Fund Performance Metrics (Cont’d) ($ in millions, as of 3/31/25) Vintage Capital Capital Realized Unrealized Total Gross Gross Net Net Fund Year(1) Committed(2) Invested(3) Value(4) Value(5) Value(6) IRR(7) MoM(7) IRR(8) MoM(9) Asia Real Estate Asia Realty Asia Realty I 2006 $ 526 $ 506 $ 645 $ — $ 645 6% 1.3x 3% 1.2x Asia Realty II 2010 616 602 1,071 — 1,071 24% 1.8x 16% 1.6x Asia Realty III 2015 847 866 1,009 217 1,226 13% 1.5x 8% 1.3x Asia Realty IV 2018 1,315 1,276 1,216 640 1,856 16% 1.5x 10% 1.3x Asia Realty V 2022 2,007 847 51 963 1,014 28% 1.2x 9% 1.1x Asia Realty 5,311 4,097 3,992 1,820 5,812 13% 1.4x 9% 1.3x Japan Value Japan Value(13) 2023 417 204 — 225 225 NM NM NM NM Japan Value 417 204 — 225 225 NM NM NM NM Europe Real Estate Europe Realty I 2014 570 1,187 1,714 11 1,725 24% 2.0x 17% 1.7x Europe Realty II 2017 843 1,753 1,710 601 2,311 9% 1.4x 6% 1.3x Europe Realty III(14) 2019 1,515 2,098 780 1,451 2,231 11% 1.3x 7% 1.2x Europe Realty IV(14) 2023 2,270 410 64 408 472 NM NM NM NM Europe Realty 5,198 5,448 4,268 2,471 6,739 15% 1.5x 10% 1.4x Net Lease Net Lease Realty I 2006 159 209 457 — 457 18% 2.4x 14% 2.2x Net Lease Realty II 2010 559 1,060 1,854 — 1,854 16% 2.4x 11% 2.0x Net Lease Realty III 2013 1,026 2,407 2,568 879 3,447 12% 2.0x 8% 1.7x Net Lease Realty IV 2019 997 1,931 1,356 866 2,222 9% 1.3x 6% 1.2x Net Lease Realty V 2024 213 197 131 73 204 NM NM NM NM Net Lease $ 2,954 $ 5,804 $ 6,366 $ 1,818 $ 8,184 15% 1.9x 10% 1.6x These fund performance metrics do not include co-investment vehicles, SMAs or certain other legacy or discontinued funds. Additionally, these fund performance metrics exclude the firm’s CLOs and real estate investment trusts. Past performance is not indicative of future results. See notes on the following pages.

TPG | 33 Significant Perpetual Funds ($ in millions, as of 3/31/25) Vintage AUM Total Fund Year(1) Return(10) Platform: Market Solutions TPEP Long/Short(15) 2013 $ 1,150 140% TPEP Long Only(16) 2019 817 53% Platform: TPG Angelo Gordon Credit Solutions Corporate Credit Opportunities(17) 1988 323 10% Structured Credit & Specialty Finance MVP Fund(18) 2009 6,265 11% ABC Evergreen(18) 2024 1,312 NM Middle Market Direct Lending TCAP(19) 2022 3,508 10% MMDL Evergreen 2022 1,776 10% MMDL Offshore Evergreen 2024 862 NM Multi-Strategy Super Fund(18) 1993 $ 1,010 9% These fund performance metrics do not include co-investment vehicles, SMAs or certain other legacy or discontinued funds. Additionally, these fund performance metrics exclude the firm’s CLOs and real estate investment trusts. Past performance is not indicative of future results. See notes on the following pages.

TPG | 34 Fund Performance Metrics Notes “NM” signifies that the relevant data would not be meaningful. Performance metrics are generally deemed “NM” when, among other reasons, there has been limited time since initial investment. Performance metrics generally exclude amounts attributable to the fund’s general partner, its affiliated entities and “friends-of-the-firm” entities that generally pay no or reduced management fees and performance allocations. These metrics also represent an average of returns for all included investors and do not necessarily reflect the actual return of any particular investor. Amounts shown are in U.S. dollars. Unless otherwise noted, when an investment is made in another currency, (i) Capital Invested is calculated using the exchange rate at the time of the investment, (ii) Unrealized Value is calculated using the exchange rate at the period end and (iii) Realized Value reflects actual U.S. dollar proceeds to the fund. 1) Vintage Year represents the year in which the fund consummated its first investment (or, if earlier, received its first capital contributions from investors). For platforms other than TPG Angelo Gordon, for consistency with prior reporting, however, the Vintage Year classification of any fund that held its initial closing before 2018 represents the year of such fund’s initial closing. 2) Capital Committed represents the amount of inception to date commitments a particular fund has received. Certain of our newer vintage funds are actively fundraising and capital committed is subject to change. 3) Capital Invested represents cash outlays by the fund for its investments, whether funded through investor capital contributions or borrowing under the fund’s credit facility. For TPG AG Credit funds, Capital Invested represents inception-to-date investor contributed capital net of returned contributions, excluding borrowings under the fund’s credit facility. 4) Realized Value represents total cash received or earned by the fund in respect of such investment or investments through the period end, including all interest, dividends and other proceeds. For TPG AG Credit funds, Realized Value represents inception-to-date capital distributed by the fund, including any performance distributions net of recalled distributions, if any. 5) Unrealized Value, with respect to an investment in a publicly traded security, is based on the closing market price of the security as of the period end on the principal exchange on which the security trades, as adjusted by the general partner for any restrictions on disposition. Unrealized Value, with respect to an investment that is not a publicly traded security, represents the general partner’s estimate of the unrealized fair value of the fund’s investment. Unrealized Value, with respect to TPG AG Credit funds, represents the ending NAV for such fund, which is the period end ending capital balances of the investors and general partner. Valuations entail a degree of subjectivity, and therefore actual value may differ from such estimated value and these differences may be material and adverse. Except as otherwise noted, valuations are as of the period end. 6) Total Value is the sum of Realized Value and Unrealized Value of investments. 7) Gross IRR and Gross MoM represent investment level performance by the fund and incorporates the impact of fund level credit facilities, to the extent utilized by the fund. Gross IRR and Gross MoM are calculated by adjusting Net IRR and Net MoM to generally approximate investor performance metrics excluding management fees, fund expenses (other than interest expense and other fees arising from amounts borrowed under the fund’s credit facility to fund investments) and performance allocations. Gross IRR is the discount rate at which (i) the present value of all Capital Invested in an investment or investments is equal to (ii) the present value of all realized and unrealized returns from such investment or investments. Gross IRR and Gross MoM for TPG AG Credit funds are calculated at the fund level and do not consider the impact of credit facilities and exclude fund expenses. 8) Net IRR represents the compound annualized return rate (i.e., the implied discount rate) of a fund, which is calculated using investor cash flows in the fund, including cash received from capital called from investors, cash distributed to investors and the investors’ ending capital balances as of the period end. Net IRR is the discount rate at which (i) the present value of all capital contributed by investors to the fund (which excludes, for the avoidance of doubt, any amounts borrowed by the fund in lieu of calling capital) is equal to (ii) the present value of all cash distributed to investors and the investors’ ending capital balances. 9) Net MoM represents the multiple-of-money on contributions to the fund by investors. Net MoM is calculated as the sum of cash distributed to investors and the investors’ ending capital balances as of the period end, divided by the amount of capital contributed to the fund by investors (which amount excludes, for the avoidance of doubt, any amounts borrowed by the fund in lieu of calling capital). 10) Total Return represents net performance data for investors (excluding certain classes/series with special fee arrangements), net of all expenses including actual quarterly management fees payable by the fund and the accrual of carried interest to the general partner. 11) Unless otherwise specified, the fund performance information presented above for certain funds is, due to the nature of their strategy, as of December 31, 2024. 12) Each Middle Market Direct Lending fund is comprised of four vehicles: onshore levered, onshore unlevered, offshore levered and offshore unlevered. Capital Committed, Capital Invested, Realized Value, Unrealized Value and Total Value for each fund are presented on a consolidated basis across the four vehicles. Performance metrics are presented only for the onshore levered vehicle of each fund. The Net IRRs and Net MoMs for TPG AG Middle Market Direct Lending funds on a consolidated basis were: (i) for the onshore unlevered vehicles, 7% and 1.3x, (ii) for the offshore levered vehicles, 9% and 1.3x and (iii) for the offshore unlevered vehicles, 7% and 1.2x.

TPG | 35 Fund Performance Metrics Notes (Cont’d) 13) Japanese-Yen denominated fund. Commitments, Capital Invested and Realized Value are calculated using the exchange rate at the end of the quarter in which the relevant commitment was made or transaction occurred, as applicable. 14) Includes Euro denominated fund entity with Commitments, Capital Invested and Realized Value calculated using the exchange rate at the end of the quarter in which the relevant commitment was made or transaction occurred, as applicable. Performance metrics only reflects capital committed in U.S. dollars, which represents the majority of capital committed to each fund. Net IRR and Net MoM were: (i) for the euro-denominated vehicle of Europe Realty III, 5% and 1.2x and (ii) for the euro-denominated vehicle of Europe Realty IV, NM and NM. 15) These performance estimates represent the composite performance of TPG Public Equity Partners, LP and TPG Public Equity Partners Master Fund, L.P., adjusted as described below. The performance estimates are based on an investment in TPG Public Equity Partners, LP made on September 1, 2013, the date of TPEP’s inception, with the performance estimates for the period from January 1, 2016 to present being based on an investment in TPG Public Equity Partners Master Fund, L.P. made through TPG Public Equity Partners-A, L.P., the “onshore feeder.” As of March 31, 2025, TPEP Long/Short had estimated inception-to-date gross returns of 193% and net returns of 140%. Gross performance figures (i) are presented after any investment-related expenses, net interest, other expenses and the reinvestment of dividends; (ii) include any gains or losses from “new issue” securities; and (iii) are adjusted for illustration purposes to reflect the reduction of a hypothetical 1.5% annual management fee. 16) These performance estimates represent performance for TPEP Long Only and are based on an investment in TPEP Long Only made on May 1, 2019, the date of TPEP Long Only’s inception, through TPG Public Equity Partners Long Opportunities-A, L.P., the “onshore feeder.” As of March 31, 2025, TPEP Long Only had estimated inception-to-date gross returns of 53% and net returns of 53%. Gross performance figures are presented after any investment-related expenses, a 1% annual management fee, net interest, other expenses and the reinvestment of dividends, and include any gains or losses from “new issue” securities. 17) Total Return includes onshore investors participating directly through the master fund and investors through the offshore vehicle. Total Return for the offshore vehicle was 4%. 18) Total Returns for onshore funds only. Total Returns for the offshore vehicles were: (i) for the MVP Fund, 11%, (ii) for ABC Evergreen, NM and (iii) for the Super Fund, 8%. 19) TCAP launched on January 1, 2023. Total Return includes AGTB Private BDC, which commenced operations on May 10, 2022 and merged with TCAP on January 1, 2023. Total Return is calculated as the change in NAV per share during the period, plus distributions per share (assuming dividends and distributions are reinvested) divided by the beginning NAV per share. Inception-to-date figures for Class I, Class D, and Class S shares use the initial offering price per share as the beginning NAV. Total Return presented is for Class I and is prior to the impact of any potential upfront placement fees. An investment in TCAP is subject to a maximum upfront placement fee of 1.5% for Class D and 3.5% for Class S, which would reduce the amount of capital available for investment, if applicable. There are no upfront placement fees for Class I shares. Total Return has been annualized for periods less than or greater than one year. On July 28, 2023, TCAP completed its merger with AGTB where TCAP paid cash consideration for each share of common stock of AGTB. TCAP will continue as the surviving company. At the completion of the merger, AGTB’s final Net IRR was 6.1%. 20) The Rise Climate Global South Fund excludes a $500 million commitment ($305 million of which was closed as of March 31, 2025) from ALTÉRRA Transformation LP made to a separate vehicle for purposes of deploying catalytic capital in connection with investments located in the Global South made by the Rise Climate II Fund and the Rise Climate Global South Fund.

TPG | 36 GAAP Statements of Operations Expanded (Unaudited) ($ in thousands) 1Q’24 2Q’24 3Q’24 4Q’24 1Q’25 1Q’25 LTM Revenues Fees and other $ 512,295 $ 522,800 $ 524,733 $ 527,248 $ 543,455 $ 2,118,236 Capital allocation-based income 311,776 221,394 330,670 549,166 491,421 1,592,651 Total revenues 824,071 744,194 855,403 1,076,414 1,034,876 3,710,887 Expenses Compensation and benefits: Cash-based compensation and benefits 206,336 191,486 205,641 231,865 223,570 852,562 Equity-based compensation 227,908 227,542 242,405 308,457 205,832 984,236 Performance allocation compensation 196,434 133,753 223,637 376,229 298,705 1,032,324 Total compensation and benefits 630,678 552,781 671,683 916,551 728,107 2,869,122 General, administrative and other 151,632 170,184 141,262 120,655 164,311 596,412 Depreciation and amortization 32,965 32,079 32,400 37,942 31,382 133,803 Interest expense 21,122 21,502 21,789 23,098 24,060 90,449 Total expenses 836,397 776,546 867,134 1,098,246 947,860 3,689,786 Investment income (loss) Net gains (losses) from investment activities (5,198) (16,652) (8,483) 1,007 (2,087) (26,215) Interest, dividends and other 12,904 13,816 12,670 43,353 9,248 79,087 Total investment income (loss) 7,706 (2,836) 4,187 44,360 7,161 52,872 Income (loss) before income taxes (4,620) (35,188) (7,544) 22,528 94,177 73,973 Income tax expense 4,386 22,390 13,881 11,434 6,349 54,054 Net income (loss) (9,006) (57,578) (21,425) 11,094 87,828 19,919 Net income (loss) attributable to non-controlling interests in TPG Operating Group (55,037) (57,292) (33,503) (30,095) (12,099) (132,989) Net income (loss) attributable to other non-controlling interests 30,512 13,691 3,117 28,209 74,534 119,551 Net income (loss) attributable to TPG Inc. $ 15,519 $ (13,977) $ 8,961 $ 12,980 $ 25,393 $ 33,357

TPG | 37 Non-GAAP Financial Measures Expanded See the Reconciliations and Disclosures Section of this presentation for reconciliations of Non-GAAP to the most comparable GAAP measures and adjustment descriptions. ($ in thousands) 1Q’24 2Q’24 3Q’24 4Q’24 1Q’25 1Q’25 LTM Fee-Related Revenues Management fees $ 402,684 $ 413,275 $ 407,163 $ 402,588 $ 413,160 $ 1,636,186 Fee-related performance revenues 3,875 4,485 5,557 19,116 6,201 35,358 Transaction, monitoring and other fees, net 34,155 34,146 43,153 36,189 53,973 167,462 Other income 10,494 7,090 3,969 3,518 2,930 17,507 Fee-Related Revenues 451,208 458,996 459,842 461,410 476,264 1,856,512 Fee-Related Expenses Cash-based compensation and benefits, net 181,683 164,746 174,514 168,058 193,549 700,867 Fee-related performance compensation 1,938 2,242 2,778 9,558 3,100 17,678 Operating expenses, net 85,216 90,744 91,783 93,969 98,053 374,549 Fee-Related Expenses 268,837 257,732 269,075 271,585 294,702 1,093,094 Fee-Related Earnings 182,371 201,264 190,767 189,825 181,562 763,418 Realized performance allocations, net 31,552 25,979 32,112 104,939 39,621 202,651 Realized investment income and other, net (9,315) 5,910 (2,529) (1,769) (3,962) (2,350) Depreciation expense (5,615) (4,722) (5,045) (5,005) (4,950) (19,722) Interest expense, net (9,987) (7,672) (9,118) (9,332) (14,492) (40,614) Distributable Earnings 189,006 220,759 206,187 278,659 197,779 903,384 Income taxes (8,381) (14,120) (16,742) (18,093) (11,043) (59,999) After-Tax Distributable Earnings $ 180,625 $ 206,639 $ 189,445 $ 260,566 $ 186,736 $ 843,386

Reconciliations and Disclosures

TPG | 39 GAAP to Non-GAAP Financial Measures Reconciliation ($ in thousands) 1Q’24 2Q’24 3Q’24 4Q’24 1Q’25 1Q’25 LTM GAAP Revenue $ 824,071 $ 744,194 $ 855,403 $ 1,076,414 $ 1,034,876 $ 3,710,887 Capital-allocation based income (311,776) (221,394) (330,670) (549,166) (491,421) (1,592,651) Expense reimbursements (45,667) (50,227) (62,652) (58,503) (59,409) (230,791) Investment income and other (15,420) (13,577) (2,239) (7,335) (7,782) (30,933) Fee-Related Revenues $ 451,208 $ 458,996 $ 459,842 $ 461,410 $ 476,264 $ 1,856,512 GAAP Expenses $ 836,397 $ 776,546 $ 867,134 $ 1,098,246 $ 947,860 $ 3,689,786 Depreciation and amortization expense (32,965) (32,079) (32,400) (37,942) (31,382) (133,803) Interest expense (21,122) (21,502) (21,789) (23,098) (24,060) (90,449) Expense reimbursements (45,667) (50,227) (62,652) (58,503) (59,409) (230,791) Performance allocation compensation (196,434) (133,753) (223,637) (376,229) (298,705) (1,032,324) Equity-based compensation (227,908) (227,542) (242,405) (308,457) (205,832) (984,236) Non-core expenses and other (43,464) (53,711) (15,176) (22,432) (33,770) (125,089) Fee-Related Expenses $ 268,837 $ 257,732 $ 269,075 $ 271,585 $ 294,702 $ 1,093,094 ($ in thousands) 1Q’24 2Q’24 3Q’24 4Q’24 1Q’25 1Q’25 LTM Net (loss) income $ (9,006) $ (57,578) $ (21,425) $ 11,094 $ 87,828 $ 19,919 Net income attributable to other non-controlling interests (30,512) (13,691) (3,117) (28,209) (74,534) (119,551) Amortization expense 23,998 24,004 24,003 25,580 23,737 97,324 Equity-based compensation 225,422 225,919 243,287 310,297 211,380 990,883 Unrealized performance allocations, net (24,481) (13,417) (46,395) 4,358 (45,825) (101,279) Unrealized investment income (20,227) (5,344) (11,525) (40,186) (17,668) (74,723) Income taxes (4,178) 8,585 (2,863) (6,932) (4,652) (5,862) Non-recurring and other 19,609 38,161 7,480 (15,436) 6,470 36,675 After-tax Distributable Earnings 180,625 206,639 189,445 260,566 186,736 843,386 Income taxes 8,381 14,120 16,742 18,093 11,043 59,998 Distributable Earnings 189,006 220,759 206,187 278,659 197,779 903,384 Realized performance allocations, net (31,552) (25,979) (32,112) (104,939) (39,621) (202,651) Realized investment income and other, net 9,315 (5,910) 2,529 1,769 3,962 2,350 Depreciation expense 5,615 4,722 5,045 5,005 4,950 19,722 Interest expense, net 9,987 7,672 9,118 9,332 14,492 40,614 Fee-Related Earnings $ 182,371 $ 201,264 $ 190,767 $ 189,825 $ 181,562 $ 763,418

TPG | 40 GAAP to Non-GAAP Balance Sheet Highlights Reconciliation ($ in thousands) 4Q’24 1Q’25 Cash and cash equivalents - GAAP $ 808,017 $ 821,971 Impact of other consolidated entities (660,961) (702,125) Cash and cash equivalents - Non-GAAP 147,056 119,846 GAAP Investments 7,503,281 7,906,088 Equity method and other investments (1,545,202) (1,710,215) Accrued performance allocation compensation (4,376,523) (4,435,527) Impact of other consolidated entities (607,989) (740,548) Net accrued performance 973,567 1,019,798 GAAP Investments 7,503,281 7,906,088 Accrued performance allocations (5,958,079) (6,195,873) Impact of other consolidated entities (355,334) (447,479) Investments in funds $ 1,189,868 $ 1,262,736

TPG | 41 Additional Information Dividend Policy Our current intention is to pay holders of our Class A common stock and nonvoting Class A common stock a quarterly dividend representing at least 85% of TPG Inc.’s share of distributable earnings attributable to the TPG Operating Group, subject to adjustment as determined by our board of directors and, until the Sunset, our Executive Committee to be necessary or appropriate to provide for the conduct of our business, to make appropriate investments in our business and funds, to comply with applicable law, any of our debt instruments or other agreements, or to provide for future cash requirements such as tax-related payments and clawback obligations. Although we expect to pay at least 85% of our DE as a dividend, the percentage of our DE paid out as a dividend could fall below that target minimum. All of the foregoing is subject to the further qualification that the declaration and payment of any dividends are at the sole discretion of our board of directors and, until the Sunset, our Executive Committee and the board of directors and Executive Committee may change our dividend policy at any time, including, without limitation, to reduce such dividends or even to eliminate such dividends entirely. Any future determination as to the declaration and payment of dividends, if any, will be at the discretion of our board of directors and, until the Sunset, our Executive Committee after taking into account various factors, including our business, operating results and financial condition, current and anticipated cash needs, plans for expansion and any legal or contractual limitations on our ability to pay dividends. Certain of our existing credit facilities include, and any financing arrangement that we enter into in the future may include restrictive covenants that limit our ability to pay dividends. In addition, the TPG Operating Group is generally prohibited under Delaware law from making a distribution to a limited partner to the extent that, at the time of the distribution, after giving effect to the distribution, liabilities of the TPG Operating Group (with certain exceptions) exceed the fair value of its assets. Subsidiaries of the TPG Operating Group are generally subject to similar legal limitations on their ability to make distributions to the TPG Operating Group. Non-GAAP Financial Measures In this presentation, we disclose non-GAAP financial measures, including Distributable Earnings (“DE”), After-tax DE, Fee-Related Earnings (“FRE”), Fee-Related Earnings margin (“FRE Margin”), fee-related revenues (“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, and further definitions can be found on the following pages.

TPG | 42 Definitions Acquisition refers to the Company’s acquisition of Angelo Gordon and certain of its affiliates (collectively, “Angelo Gordon” or “AG,” and after the Acquisition, “TPG Angelo Gordon” or “TPG AG”). After-tax Distributable Earnings (“After-tax DE”) is a non-GAAP performance measure of our distributable earnings after reflecting the impact of income taxes. We use it to assess how income tax expense affects amounts available to be distributed to our Class A common stockholders and Common Unit holders. After-tax DE differs from U.S. GAAP net income computed in accordance with U.S. GAAP in that it does not include the items described in the definition of DE herein; however, unlike DE, it does reflect the impact of income taxes. Income taxes, for purposes of determining After-tax DE, represent the total U.S. GAAP income tax expense adjusted to include only the current tax expense (benefit) calculated on U.S. GAAP net income before income tax and includes the current payable under our Tax Receivable Agreement. Further, the current tax expense (benefit) utilized when determining After-tax DE reflects the benefit of deductions available to the Company on certain expense items that are excluded from the underlying calculation of DE, such as equity-based compensation charges. We believe that including the amount currently payable under the Tax Receivable Agreement and utilizing the current income tax expense (benefit), as described above, when determining After-tax DE is meaningful as it increases comparability between periods and more accurately reflects earnings that are available for distribution to shareholders. Assets Under Management (“AUM”) represents the sum of: i) fair value of the investments and financial instruments held by our private equity, credit and real estate funds (including fund-level asset-related leverage), other than as described below, as well as related co-investment vehicles managed or advised by us, plus the capital that we are entitled to call from investors in those funds and vehicles, pursuant to the terms of their respective capital commitments, net of outstanding leverage associated with subscription-related credit facilities, and including capital commitments to funds that have yet to commence their investment periods; ii) the gross amount of assets (including leverage where applicable) for our real estate investment trusts and BDCs; iii) the net asset value of certain of our hedge funds; and iv) the aggregate par amount of collateral assets, including principal cash, for our collateralized loan obligation vehicles. Our definition of AUM is not based on any definition of AUM that may be set forth in the agreements governing the investment funds that we manage, or calculated pursuant to any regulatory definitions. AUM Not Yet Earning Fees represents the amount of capital commitments to TPG’s funds and co-investment vehicles that has not yet been invested or considered active, and as this capital is invested or activated, the fee-paying portion will be included in FAUM. AUM Subject to Fee Earning Growth represents capital commitments that when deployed have the ability to grow our fees through earning new management fees (AUM Not Yet Earning Fees) or when management fees can be charged at a higher rate as capital is invested or for certain funds as management fee rates increase during the life of a fund (FAUM Subject to Step- Up). Available capital is the aggregate amount of unfunded capital commitments and recallable distributions that partners have committed to our funds and co-investment vehicles to fund future investments. Available capital is reduced for investments completed using fund-level subscription-related credit facilities. We believe this measure is useful to investors as it provides additional insight into the amount of capital that is available to our investment funds and co-investment vehicles to make future investments. Capital invested is the aggregate amount of capital invested during a given period by our investment funds, co-investment vehicles and CLOs, as well as increases in gross assets of certain perpetual funds. It excludes certain hedge fund activity, but includes investments made using investment financing arrangements like credit facilities, as applicable. We believe this measure is useful to investors as it measures capital deployment across the firm. Capital raised is the aggregate amount of subscriptions and capital raised by our investment funds and co-investment vehicles during a given period, as well as the senior and subordinated notes issued through our CLOs and equity raised through our perpetual vehicles. We believe this measure is useful to investors as it measures access to capital across TPG and our ability to grow our management fee base. Catch-up fees, also known as out of period management fees, represent fees paid in any given period that are related to a prior period, usually due to a new limited partner coming into a fund in a subsequent close.

TPG | 43 Definitions (Cont’d) Distributable Earnings (“DE”) is used to assess performance and amounts potentially available for distributions to partners. DE is derived from and reconciled to, but not equivalent to, its most directly comparable U.S. GAAP measure of net income. DE differs from U.S. GAAP net income computed in accordance with U.S. GAAP in that it does not include (i) unrealized performance allocations and related compensation expense, (ii) unrealized investment income, (iii) equity-based compensation expense, (iv) amortization, (v) net income (loss) attributable to non-controlling interests in consolidated entities, or (vi) certain other items, such as contingent reserves. Excluded Assets refers to the assets and economic entitlements transferred to RemainCo listed in Schedule A to the master contribution agreement entered into in connection with the Reorganization (as defined herein), which primarily include (i) minority interests in certain sponsors unaffiliated with TPG, (ii) the right to certain performance allocations in TPG funds, (iii) certain co-invest interests and (iv) cash. FAUM Subject to Step-Up represents capital raised within certain funds where the management fee rate increases once capital is invested or as a fund reaches a certain point in its life where the fee rate for certain investors increases. FAUM Subject to Step-Up is included within FAUM. Fee-Related Earnings (“FRE”) is a supplemental performance measure and is used to evaluate our business and make resource deployment and other operational decisions. FRE differs from net income computed in accordance with U.S. GAAP in that it adjusts for the items included in the calculation of DE and also adjusts to exclude (i) realized performance allocations and related compensation expense, (ii) realized investment income from investments and financial instruments, (iii) net interest (interest expense less interest income), (iv) depreciation, and (v) certain non-core income and expenses. We use FRE to measure the ability of our business to cover compensation and operating expenses from fee revenues other than capital allocation- based income. The use of FRE without consideration of the related U.S. GAAP measures is not adequate due to the adjustments described herein. Fee-Related Earnings margin (“FRE margin”) is defined as Fee-Related Earnings divided by fee-related revenues. Fee-related expenses is a component of FRE. Fee-related expenses differs from expenses computed in accordance with U.S. GAAP in that it is net of certain reimbursement arrangements and does not include performance allocation compensation. Fee-related expenses is used in management’s review of the business. Fee-related revenues (“FRR”) is a component of FRE. Fee-related revenues is comprised of (i) management fees, (ii) fee-related performance revenues, (iii) transaction, monitoring and other fees, net, and (iv) other income. Fee-related performance revenues refers to incentive fees from perpetual capital vehicles that are: (i) measured and expected to be received on a recurring basis and (ii) not dependent on realization events from the underlying investments. Fee-related revenues differs from revenue computed in accordance with U.S. GAAP in that it excludes certain reimbursement expense arrangements. Fee earning AUM (“FAUM”) represents only the AUM from which we are entitled to receive management fees. FAUM is the sum of all the individual fee bases that are used to calculate our management fees and differs from AUM in the following respects: (i) assets and commitments from which we are not entitled to receive a management fee are excluded (e.g., assets and commitments with respect to which we are entitled to receive only performance allocations or are otherwise not currently entitled to receive a management fee) and (ii) certain assets, primarily in our credit and real estate funds, have different methodologies for calculating management fees that are not based on the fair value of the respective funds’ underlying investments. We believe this measure is useful to investors as it provides additional insight into the capital base upon which we earn management fees. Our definition of FAUM is not based on any definition of AUM or FAUM that is set forth in the agreements governing the investment funds and products that we manage. Investment Appreciation / (Depreciation) represents fund appreciation for our private equity and real estate funds and gross returns for our credit funds. IPO refers to our initial public offering of Class A common stock of TPG Inc. that was completed on January 18, 2022. Loan Level Return, with respect to our CLOs, represents gross returns which are presented on a total return basis for invested assets held, excluding any financing costs or operating fees incurred and using a time-weighted return methodology. Returns over multiple periods are calculated by geometrically linking each period’s return over time. Net accrued performance represents both unrealized and undistributed performance allocations and fee-related performance revenues resulting from our general partner interests in investment funds that we manage. We believe this measure is useful to investors as it provides additional insight into the accrued performance to which the TPG Operating Group Common Unit holders are expected to receive. Non-GAAP Financial Measures represent financial measures that are calculated and presented on the basis of methodologies other than in accordance with generally accepted accounting principles in the United States of America. These non-GAAP financial measures should be considered in addition to and not as a substitute for, or superior to, financial measures presented in accordance with U.S. GAAP. We use these measures to assess the core operating performance of our business.

TPG | 44 Definitions (Cont’d) Operating profit margin is defined as U.S. GAAP net income divided by U.S. GAAP total revenue. Performance Eligible AUM refers to the AUM that is currently, or may eventually, produce performance allocations or fee-related performance revenues. All funds for which we are entitled to receive a performance allocation, incentive fee or fee-related performance revenue are included in Performance Eligible AUM. Performance Generating AUM refers to the AUM of funds we manage that are currently above their respective hurdle rate or preferred return, and profit of such funds are being allocated to, or earned by, us in accordance with the applicable limited partnership agreements or other governing agreements. Realizations represent proceeds from the disposition of investments and current income, and in the case of credit funds, distributions sourced from realization proceeds. RemainCo refers to, collectively, Tarrant Remain Co I, L.P., a Delaware limited partnership, Tarrant Remain Co II, L.P., a Delaware limited partnership, and Tarrant Remain Co III, L.P., a Delaware limited partnership, which owns the Excluded Assets, and Tarrant Remain Co GP, LLC, a Delaware limited liability company serving as their general partner. Reorganization refers to the corporate reorganization, which included a corporate conversion of TPG Partners, LLC to a Delaware corporation named TPG Inc., in conjunction with the IPO. Unless the context suggests otherwise, references in this report to “TPG”, “the Company”, “we”, “us” and “our” refer (i) prior to the completion of the Reorganization and IPO to TPG Group Holdings SBS, L.P. and its consolidated subsidiaries and (ii) from and after the completion of the Reorganization and IPO to TPG Inc. and its consolidated subsidiaries. Total participating shares outstanding refers to the sum of (i) shares (Class A voting, Class A non-voting and TPG Operating Group Common Units) and (ii) share-based payment awards with non-forfeitable rights to dividends that benefit from the distribution of profits from TPG Operating Group at the end of any given period. This does not include shares or restricted stock units (i) whose dividends accrue to be paid on vesting or (ii) which do not participate in dividends. TPG Operating Group refers (i) for periods prior to giving effect to the Reorganization, to the TPG Operating Group partnerships and their respective consolidated subsidiaries; (ii) for periods beginning after giving effect to the Reorganization through November 1, 2023, (A) to the TPG Operating Group partnerships and their respective consolidated subsidiaries and (B) not to RemainCo and (iii) for periods after November 1, 2023, to TPG Operating Group II, L.P., a Delaware limited partnership, and its respective consolidated subsidiaries, including TPG Operating Group I, L.P. and TPG Operating Group III, L.P.