On March 4, 2024, TPG Inc., TPG Operating Group I, L.P., TPG Operating Group III, L.P. and TPG Holdings II Sub, L.P., each indirect subsidiaries of the Company, and TPG Operating Group II, L.P., an indirect subsidiary of the Company (the ?Issuer?), completed an offering of $400,000,000 aggregate principal amount of its 6.950% Fixed-Rate Junior Subordinated Notes due 2064 (the ?Notes?), pursuant to an underwriting agreement dated February 28, 2024 (the ?Underwriting Agreement?) among the Issuer, the Guarantors and Morgan Stanley & Co. LLC, BofA Securities Inc., UBS Securities LLC, Wells Fargo Securities, LLC and Goldman Sachs & Co. LLC, as representatives of the several underwriters named therein.

The Notes were issued pursuant to a subordinated indenture, dated as of March 4, 2024 (the ?Base Indenture?), as supplemented by the first supplemental indenture, dated as of March 4, 2024 (the ?First Supplemental Indenture? and, together with the Base Indenture, the ?Indenture?), with U.S. Bank Trust Company, National Association, as trustee (the ?Trustee?). The Notes have been registered under the Securities Act of 1933, as amended, by a shelf registration statement on Form S-3ASR (Registration No.

333-277384). The Notes bear interest at an annual rate of 6.950% accruing from March 4, 2024. Interest is payable quarterly on March 15, June 15, September 15 and December 15 of each year, commencing on June 15, 2024.

The Issuer may defer interest payments during one or more deferral periods for up to five consecutive years as described in the Indenture. The Notes are unsecured and subordinated obligations of the Issuer. The Notes will mature on March 15, 2064, unless earlier redeemed.

The Notes are fully and unconditionally guaranteed (the ?Guarantees?), jointly and severally, on a subordinated basis, by each of the Guarantors. The Guarantees are unsecured and subordinated obligations of the Guarantors.