2017 Annual Ges Report

2017 ANNUAL GES REPORT

1 TABLE OF CONTENTS

FOREWORD FROM TPG LEADERSHIP 3

RESPONSIBLE INVESTORS 4

GLOBAL ENVIRONMENT: GLOBAL BUSINESS 6

SOLUTIONS CAPITAL 7

ASSESSMENT AND IMPACT 8

TPG FEATURED HIGHLIGHT 11

GOVERNANCE 12

ENVIRONMENTAL 13

SOCIAL 18

EXIT 24

DIVERSITY & INCLUSION INITIATIVE 25

COMMUNITY 26

CLOSING LETTER 27

TABLE OF CONTENTS 2 FOREWORD FROM TPG LEADERSHIP Creating Impact Through Sustainability and ESG

We are proud to present our 2017 TPG “GES” Report which describes our activities, outcomes and the impacts that our program has on our investors, our portfolio companies, and our firm. Governance is a priority for TPG and, in fact, we believe, through effective governance as active investors, we can have the greatest impact on environmental and social issues. Everything follows from Governance and thus, we have titled our TPG report as a “GES” report.

This report is our 3rd Annual Report on a subject that has been critical to who we are and what we do as a firm since our founding. Looking back at how this subject has evolved over time, we of course have experienced significant, even dramatic, changes in the growth of our firm and the external context in which we do business — the business sectors, the geographies, government policies, global economic factors, and the ebb and flow of domestic and international politics. That said, no matter how these changes unfold, we have changed neither our beliefs, nor the fundamental principles that drive how we do business with respect to Sustainability and ESG. We have developed a Sustainability and ESG Program that adapts, responds, and seizes the opportunities present in those changes because the program is integrated into every aspect of the our business: due diligence on new investments; the operation of our portfolio companies; and our engagement with and reporting to our investors, partners, and the broader public.

We believe that these principles and the TPG Sustainability and ESG Program are now more important than ever, and indeed, that now is the time to double down on our efforts. TPG and our portfolio companies will continue to play a constructive role in developing solutions to the challenges of climate change, human health, education, energy, clean water, agriculture and food supply, transportation, finance, and many others. We will deploy the talents of our people, capital in partnership with our investors, and the knowledge and experience of our portfolio companies to address these challenges. We will also continue to play a leadership role in advancing the agenda of organizations like the Principles for Responsible Investment.

Our Sustainability and ESG Program and the underlying principles define who we are. We believe that our continued efforts to improve and drive the program more broadly and deeply across our investments and portfolio companies are essential to our responsibility to produce the best returns for our investors. The irrefutable evidence continues to come in from every business and every sector — energy, manufacturing, mining, transportation, communications, real estate, retail, tourism — that careful attention to safety, environmental protection, and governance oversight produces the highest value. We understand that simply asserting that conventional wisdom is not sufficient, and, as you will read in this report, we are refining our systems for measuring those results and driving value to our investors.

David Bonderman Jim Coulter Jon Winkelried Beth Lowery Chairman and Co-Chief Executive Officer Co-Chief Executive Officer Senior Director Founding Partner and Founding Partner and Partner and Program Lead

FORWARD FROM TPG LEADERSHIP 3 RESPONSIBLE INVESTORS Since its founding, TPG has focused on responsible investing through the life cycle of our investments. TPG has dedicated full-time resources to support its long-standing commitment to the Sustainability and ESG Program. The Firm’s Global Sustainability and ESG Policy (as described below) does not take a one- size-fits-all approach. We seek to be opportunistic where ESG initiatives can assist in creating enterprise value. TPG’s Global Sustainability and ESG Policy TPG’s Sustainability and Environmental, Social, and Governance (“ESG”) Program supports the Firm’s long-standing consideration of environmental, health, and safety practices in due diligence, investment decisions, and operations. The broad set of Sustainability issues (including social and governance issues) have material influence on TPG Capital’s assessments of risk, valuation, profitability, and opportunity, across the portfolio.

Our focus on Sustainability and ESG TPG’s commitment is to: issues enables: • Incorporate Sustainability and ESG considerations • Better investment decisions into our investment diligence and decisions

• Enhanced results for investors, portfolio companies, • Ensure that Sustainability and ESG practices are stakeholders, and TPG implemented and that measurable results are achieved in our companies and our operations • TPG companies to be better global citizens • Strive for greater transparency from our companies

PRE-INVESTMENT OWNERSHIP EXIT Sustainability and ESG Highlights

8 SUSTAINABILITY LEADERSHIP 8% COUNCIL SUMMITS INCREASE IN ANNUAL HELD SELF-ASSESSMENT 110 PARTICIPANTS MEMBERS ON TPG VERSUS 2015 SUSTAINABILITY LEADERSHIP COUNCIL PORTFOLIO COMPANY YAMMER WEB PORTAL 116 PORTFOLIO COMPANIES ENGAGED ON SUSTAINABILITY AND 53 ESG INITIATIVES SUSTAINABILITY AND 50+ ESG PERFORMANCE TPG COLLEAGUES THAT SELF-ASSESSMENT SIT ON NON-PROFIT 4.0 PARTICIPANTS BOARDS

RESPONSIBLE INVESTORS 4 RESPONSIBLE INVESTORS To further our commitment to responsible investment and support the need for greater transparency within the industry, TPG became a signatory to the United Nations-backed Principles for Responsible Investment (PRI) in 2013. Our annual PRI Framework Report can be found here.

How TPG Aligns with the 6 PRI Principles

We will incorporate ESG issues into We will promote acceptance and investment analysis and decision- implementation of the Principles within 1 making processes 4 the investment industry

• TPG Global Sustainability and ESG • Regular dialogue with limited Policy partners

• ESG due diligence and Investment • Working with industry bodies Review Committee • Public speaking engagements • Tools, guidelines and training

We will be active owners and We will work together to enhance incorporate ESG issues into our our effectiveness in implementing 2 ownership policies and practices 5 the Principles • Dedicated Sustainability and ESG • Share best practices team • TPG-led annual conferences • Portfolio Company engagement • PRI Private Equity Advisory and monitoring Committee • Annual Sustainability and ESG Performance Self-Assessment

We will seek appropriate disclosure on We will each report on our activities ESG issues by the entities in which we and progress towards implementing 3 invest 6 the Principles

• Establish, measure and report on • PRI framework progress of ESG policies • TPG website: external and internal • Report through a TPG portfolio • Annual GES report company work plan and framework

• Public disclosure of information

RESPONSIBLE INVESTORS 5 GLOBAL ENVIRONMENT: GLOBAL BUSINESS A Truly Global Organization Our extensive network is comprised of well-established teams and long-term, local relationships around the world. We recognize that the changes in the global environment affect our global business. As we grow and become more diverse, we will continue to ensure that Sustainability and ESG are integrated into all aspects of our Firm’s business and global matters of interest, as highlighted below, are addressed and widely understood.

USA: NY PE UK: MODERN JAPAN: DBJ BECOMES ESG WORKING SLAVERY ACT SIGNATORY TO PRI GROUP

MONTREAL: ASIA: CARBON RESPONSIBLE PLEDGE SUPPLY CHAIN

USA: SF ESG INVESTORS WORKING GROUP

PARIS: COP21 TPG AT WORLD AUSTRALIA: AGREEMENT ECONOMIC FORUM RENEWABLES CARBON PLEDGE IN DAVOS

GLOBAL ENVIRONMENT 6 SOLUTIONS CAPITAL At TPG, we are investors who provide the capital, expertise, and support our partners need to reach their full potential and create greater possibilities. We believe great investments and great returns come from building true partnerships with the leaders, innovators, and companies in which we invest. We integrate ESG into our overall business-building capabilities across the deal cycle.

How TPG’s Sustainability & ESG Team Engages Across the Deal Cycle

Pre-Investment Pre-Investment / Business Building

Business– Investment ESG-Focused Screening Due Diligence Building Monitoring Efforts Collaboration

•Theme •Identify ESG •Annual ESG •Cost •TPG Development risks and Assessment Reduction Leveraged •Expert Calls opportunities •PC ESG •Revenue Procurement •Network •Develop scope Framework / Growth •Field Building of work for Workplans •Risk Operations specialized •Sustainability Reduction diligence Leadership •Brand •Introduce deal Council Building to relevant TPG •Reporting HOW WEHOW INTEGRATE PCs •Supply Chain

•Energy •200+ PC •Energy Efficiency Contacts Procurement •Electronic •54 PC •Waste Mobility Respondents Procurement •Supply Chain •TPG GES •HVAC •Waste Report •Lighting

EXAMPLES Reduction •LP Reporting •PRI Framework Report

SOLUTIONS CAPITAL 7 ASSESSMENT AND IMPACT Dynamic Elements of Our ESG Program While our Sustainability and ESG Program has been in place for many years, our approach and tools remain flexible and dynamic given our firm’s growth and changing market conditions.

IRC AN ANNUAL SUSTAINABILITY & ESG AN ESG SUMMARY PROGRAM An inclusive body where all persons PERFORMANCE SELF-ASSESSMENT Aggregates our Sustainability involved in the investment process Consists of 40 questions, sent to and ESG work during TPG ownership are invited to participate all portfolio companies in the SLC SUSTAINABILITY ASSESSMENT ESG factors are incorporated into DASHBOARD TOOL the TPG due diligence process which AN ESG FRAMEWORK is embedded in the Highlights leading practices and AN ESG WORKPLAN Investment Review Committee opportunities for value creation Collaborate on 3-5 actionable ESG initiatives to be implemented THE SUSTAINABILITY LEADERSHIP COUNCIL (SLC) during TPG ownership Made up of representatives of portfolio companies engaged in sustainability practices: the function of the council is to enable leaders to share best practices, CEO AND PORTFOLIO COMPANY drive results, reduce costs, and identify cross-portfolio opportunities SUSTAINABILITY AWARDS

2017 Sustainability Dashboard Tool — Illustrative Data The TPG Sustainability Assessment Dashboard integrates portfolio company ESG data from the annual self-assessment, with financial data and general company statistics.

FEATURES BENEFITS •Integrates ESG data with financial performance •Translates ESG data into business initiatives •Accessible by firm professionals •Highlights best practices and opportunities

Portfolio Company Fund Sector Deal Team PCs by Fund Utility Spend ESG Goals ESG Report Yes No In-Progress Yes Planning No TPG VII $280M 6

TPG VI 21% 18 TPG V 32% 28% 69% 8 10% $103M $60M $56M 40% Growth Other 10 11 Energy Fuel Waste Water

2016 Utility Spend ($) Goal Setting & Reporting Company Name Fund Energy Fuel Waste Water ESG Goals ESG Report PC1 TPG V, TPG VI $5.5 $25.0 $0.6 $0.6 No No PC2 TPG V $2.0 $0.8 $0.5 $0.3 In-progress Yes PC3 TPG VII $1.0 $0.03 Yes Yes PC4 TPG VII, Asia VI $12.6 $0.6 In-progress Yes PC5 TPG VI $7.6 $0.3 $0.4 $1.2 In-progress No PC6 TPG VI $5.9 $0.2 $0.5 $0.3 No No

ASSESSMENT AND IMPACT 8 ASSESSMENT AND IMPACT TPG’s Sustainability and ESG Performance Self-Assessment and Framework Analysis A systematic process: as a part of TPG’s Sustainability and ESG Program, portfolio companies are asked to: 1) Establish ESG policies; 2) Participate in the TPG Sustainability and ESG Leadership Council; 3) Complete an Annual Sustainability and ESG Performance Self-Assessment, Framework Analysis and Workplan; 4) Measure and report on the progress of their goals and action plans.

Through the Sustainability and ESG Performance Self-Assessment and Framework Analysis process, we are able to determine the current state of the program and where we can focus initiatives to drive progress and value.

ANNUAL ESG ESG SELF-ASSESSMENT FRAMEWORK WORKPLAN COMMUNICATION 1 2 3 4 Measure Performance Present Leading Collaborate on Track & Share and Identify Practices 3-5 Actionable ESG Performance Portfolio Trends and Opportunities ESG Initiatives and Lessons Learned OBJECTIVES

1 • Fourth-annual • GES Report assessment • Annual conference • 40-50 ESG • Webinar/Yammer questions INSIGHTS / EXAMPLES

1. The logos displayed are a few examples of the TPG portfolio companies participating in the Assessment and Framework process. Portfolio companies were selected for non-performance based reasons

External Network of Expertise

Sponsors for Educational Opportunity

ASSESSMENT AND IMPACT 9 ASSESSMENT AND IMPACT

Since our 2016 GES report, we have remained committed to the view that investment capital, and our ability to deploy it, has a critical role to play in addressing challenges in vital areas such as education, healthcare, access to capital and economic opportunities, transportation, communication, energy, adequate and clean water, clean air, and waste disposal.

In December 2016, TPG Growth Founder and Managing Partner Bill McGlashan, U2 lead singer Bono, a well-known activist and a special partner with TPG Growth, and Jeff Skoll, a global entrepreneur, film producer, and impact investor, co-founded The Rise Fund. They were joined by a group of influential thought leaders with a deep personal and professional commitment to driving social and environmental progress, who came together to form the Founders Board.

In addition to a rigorous financial assessment, each investment must meet an impact threshold that, similar to financial return, will be maximized throughout the investment process.

Complete Returns Unique Platform IRR & IMPACT Rise Founder’s Board Societal Leadership Competitive financial returnsand measurable social or environmental outcomes Rise Council Institutional Investor Leadership

A GLOBAL SCALE IMPACT FUND; $1B+ INVESTING PLATFORM

Sector-Based Approach Rigorous Assessment Identify business models that help address Develop and utilize rigorous impact the societal challenges identified by the UN’s assessment methodologies, based upon Sustainable Development Goals (“SDGs”) independent research

ASSESSMENT AND IMPACT 10 TPG FEATURED HIGHLIGHT TPG’s Jim Coulter and Bill McGlashan on Social Impact Investing

TPG Co-CEO Jim Coulter and TPG Growth CEO Bill McGlashan discuss their investing philosophy. From the World Economic Forum in Davos, Switzerland on Bloomberg Daybreak: Americas Bloomberg TV, January 18, 2017, (Source: Bloomberg)

Climate change risks and opportunities are included in TPG’s investment analysis and due diligence process depending on the sector, nature of business, geography, potential environmental impact, level of maturity/time of investment, ownership interest, or as we may otherwise deem appropriate. We also have robust systems in place for managing ESG issues during ownership, including TPG’s systematic annual portfolio company Sustainability and ESG Performance Self-Assessment, and TPG’s Sustainability Leadership Council, which allows cross- portfolio efforts and best-practice sharing. Moreover, we expect our TPG portfolio companies to be “report-ready” and ask them, where it aligns with their business objectives, to consider following GRI and/or CDP.

Global Reporting Initiative Guidelines (GRI) Carbon Disclosure Project (CDP)

Preparation Alignment Tools and guidance to help with the reporting process Services to help make GRI reports easier to navigate Tools and services for report preparers and report users Services to give sustainability Tools to give you insights into reporting a wider reach sustainability reporting data Analysis Communication

Both TPG and our portfolio companies will continue to play a constructive role in developing solutions to societal challenges that create real impact for our investors, our portfolio companies, and our firm. TPG FEATURED HIGHLIGHT 11 GOVERNANCE Governance is a priority for TPG so much so that we believe “GES” is a more appropriate acronym than “ESG.” Since its founding, TPG has focused on governance as a critical element in achieving business success and financial returns for our investors, including a focus on Board governance.

TPG expects its personnel and portfolio companies to conduct their activities in full compliance with all applicable anti-corruption laws, including the U.S. Foreign Corrupt Practices Act, the U.K. Bribery Act and the laws of the countries in which the company and its personnel operate.

In addition, TPG does not tolerate bribery, kickbacks, or corruption of any kind, directly or through third parties, whether or not explicitly prohibited by law. When evaluating potential investment opportunities in emerging markets, TPG conducts a risk assessment focused on fraud and corruption, in addition to customary business, accounting and legal due diligence.

Once an investment is made by TPG, TPG seeks to ensure its portfolio company engages a reputable auditor and continues to monitor the portfolio company on an on-going basis to help ensure it maintains a culture committed to compliance with applicable anti-corruption laws.

Portfolio Company Highlights As part of our annual portfolio company Sustainability and ESG Self-Assessment, we dedicate a section to Governance. This allows us to understand our portfolio companies’ most important governance issues, determine their levels of transparency and stakeholder engagement, and helps us actively manage risk and opportunity.

Rumo is listed in Novo Mercado, Bovespa’s segment for companies seeking the highest standards of corporate governance and transparency in Brazil.

Governance Regulation FCPA

• Board of Directors includes 5 • Rumo’s core railway business • Rumo adopted an independent members is highly regulated by the Anticorruption Policy in 2015 Brazilian agency ANTT • Rumo has created ancillary Disclosure governance bodies • All discussions pertaining

to concessions follow highly • Rumo’s IR team is preparing a • TPG members have actively transparent processes Sustainability Report, which will participated in the Board be released on an annual basis, of Directors, Compensation starting in 2017 Committee and Fiscal Council

GOVERNANCE 12 ENVIRONMENTAL TPG Capital Portfolio Company Highlight

CUSHMAN & WAKEFIELD is a global leader in commercial real estate services with operations in more than 60 countries.

Well-managed sustainability strategies not only reduce pressure on our resources, they also yield operational cost savings, healthier and more productive work environments, and more valuable assets.

For Cushman and Wakefield (C&W) clients and their own operations, C&W creates action plans and a program of continuous improvement to deliver sustainability strategies that make a positive impact on the environment, local communities, and the long term value of their clients’ assets. Supported by a dedicated Sustainability Strategies Team, professionals throughout C&W understand the importance of integrating sustainability best practices into all real estate services, engaging their clients and on-site staff in the pursuit of industry-leading sustainability advantages.

Building Sustainability into the Client Experience

C&W is integrating sustainability services within its client- facing services to identify opportunities for resource efficiency, employee engagement and goal setting.

The new C&W platform will include sustainability dashboarding, reporting, and benchmarking to augment the client experience and provide an overview of how the company can further develop its sustainability mission and goals.

ENVIRONMENT 13 ENVIROMENTAL TPG Asia Portfolio Company Highlight

The only Distillery in Myanmar that Treats 100% of their Waste In 2016, TPG Asia portfolio company Grand Royal Group, the maker of Grand Royal Whiskey Brands in Myanmar, celebrated its successful audit to receive the ISO 14001 Environmental Management Standard certification for its wastewater treatment facilities.

We believe that the wastewater from our plant can pay back the cost of the facility in three to five years. This way, people will also come in [to Myanmar] and invest in companies that will do the same. Myanmar Business Today | Jason M. Murphy, June 23, 2016 — Somboon Pavavongsak, Director, Grand Royal Group

Grand Royal’s wastewater treatment plan reduces environmental impacts at the distillery. Large particles from wastewater, pushed through static filters,

are sold to local fish farms and used for animal feed. TPG is working with Grand Royal suppliers to explore investing in waste-water treatment.

In addition to environmental management, Grand Royal Corporate Social Responsibility projects provide practical help to the communities around them. Since 2008, Grand Royal has provided funding into a sight-saving project, providing eye treatment to those unable to afford it, particularly in rural areas, where there is minimal access to medical care. The project has resulted in over 8,200 surgical operations and nearly 74,000 treatments being provided across Myanmar. Grand Royal’s Eye Program: Treating 4,000 Patients In One Week — May 2017

In 2016, Grand Royal also helped tackle the shortage of access to clean water in Myanmar with a campaign that funds the construction of wells and supporting facilities in order to give villagers a safe daily supply of clean water. ENVIRONMENTAL 14 ENVIRONMENTAL TPG Capital Portfolio Company Highlight

Taylor Morrison Home Corporation is a leading national homebuilder and developer operating as Taylor Morrison and Darling Homes. The commitment to building quality homes means creating the best possible living environments for our customers and the world around us. Taylor Morrison accepts the responsibility of helping to protect our planet. In honor of our commitment, we pledge to build more energy efficient homes.

Taylor Morrison is a proud ENERGY STAR® partner committed to providing energy-efficient homes

Providing Clean Energy to New Home Buyers in California – Highlights •In select home communities in CA, Taylor Morrison is installing solar systems as part of the complete home package for no extra out-of-pocket cost, and customers can upgrade to larger units for an incremental price

•This initiative is providing incremental revenue and differentiating the brand

There are a number of attributes that form leaders, including the courage to try new things. It’s also about being accessible, approachable and authentic. This role is what I do, but it’s not who I am, and I stay grounded with that.

— Sheryl Palmer, CEO, Taylor Morrison on Leadership Styles. New York Times, January 2017

ENVIRONMENTAL 15 ENVIRONMENTAL TPG Alternative and Renewable Technologies (ART) Portfolio Company Highlight

Anuvia, a producer of specialty fertilizers from organic waste, reduces energy consumption and minimizes nitrogen runoff vis-à-vis conventional fertilizers.

50% less nitrogen runoff and groundwater leaching for each ton of applied fertilizer

• Anuvia’s proprietary production process upgrades organic wastes to produce an enhanced-efficiency, slow-release specialty fertilizer

• Anuvia’s sustainability advantage is multi-faceted: re-utilization of organic wastes, reduced energy usage vs. traditional fertilizer production, and reduced nitrogen runoff and leaching into groundwater

ANUVIA PRODUCT LIFECYCLE Relative to one ton of nitrogen delivered to a plant from a traditional fertilizer like urea, Anuvia’s enhanced-efficiency fertilizer results in:

PRODUCTION PROCESS NUTRIENT ABSORPTION RUNOFF AND LEACHING

•30% less energy consumption •69% less N2O volatization •50% less nitrogen runoff and groundwater leaching •30% less CO2e emissions •0.3 incremental tons carbon sequestration

40% LOWER CO2e EMISSIONS | 30% LOWER ENERGY USE

1. GHG reduction calculation based on Anuvia’s production in tons multiplied by 16% (nitrogen content factor) multiplied by 3.8MT of CO2e reduction per ton of nitrogen content. 2. Energy reduction based on Anuvia’s production in tons multiplied by 16% multiplied by 12.0MWh energy reduction per ton. Source: CDM Smith, Water Environment Research Foundation, and Company analysis ENVIRONMENTAL 16 ENVIRONMENTAL TPG Leveraged Procurement Featured Highlight Collaboration with the TPG Leverage Procurement Platform Leveraging the volume of our companies to reduce spend and drive innovation in key natural resource categories.

Our portfolio companies spend over $1B1 annually on energy, waste,

water, and transportation fuel. We have established programs

to help our companies buy smarter while reducing demand:

ENERGY LIGHTING WASTE In partnership with our We are exploring energy We are working with procurement colleagues, efficiency financing leading waste we are scaling our mechanisms to increase companies to identify energy procurement and adoption and velocity in reduction projects, demand-reduction companies such as ATD report usage and platform with help from and Savers, which are encourage goal setting, third-party groups, such as piloting lighting-as-a- like finding higher value Insight Sourcing Group. service mechanisms. uses for coffee grounds. For more information, visit Philz Coffee.

1. Data from 4.0 Sustainability and ESG Performance Self-Assessment

ENVIRONMENTAL 17 SOCIAL Social Impact Program Highlight

CREATIVE ARTISTS AGENCY (CAA) is a talent and literary agency with offices in Los Angeles, New York, Nashville, London, Beijing, Chicago, St. Louis, Calgary, and Stockholm. CAA represents the most creative and successful artists working in music, film, television, theatre, sports, and games, and provides a range of strategic marketing services to corporate clients.

ACROSS ALL EMPLOYEES WE SPENT THE EQUIVALENT OF

You brought holiday cheer to VOLUNTEERING IN THE COMMUNITY

WE HOSTED

in our communities through our annual Adopt-a-Familyand other School Day at Whitsitt Elementary Veterans Day in NYC holiday gifting programs

We spent the first day of school assisting ESL students Working alongside the Iraq and Afghanistan Veterans and their families in finding their classrooms and Association (IAVA), we served breakfast and gave STUDENTS IN OUR BUILDINGS THROUGH navigating the campus. thanks to our veterans at the beginning of the NY EDUCATION WORKSHOPS Veterans Day Parade.

WE SERVED World Book Day at STEAM Workshop with Communities Melcombe Primary School in Schools

We dressed up as some of our favorite CAA IT launched a series of innovative and unique workshops childhood characters and went to our partner school to for at-risk high school students aimed to promote Science, read and deliver a fresh set of books to each classroom. Technology, Engineering, ART and Math (STEAM) education.

DIRECTLY THROUGH PROGRAMS AT OUR PARTNER SCHOOLS

CAA HOCKEY CAMP City Year Beautification Day at Hamilton High School CAA EMPLOYEES VOLUNTEER Our young hockey recruits spent the afternoon THEIR TIME AND RESOURCES sharing their stories and discussing the importance of We painted murals and inspirational quotes both OF EVERY $1 DONATED THROUGH PROVIDE DISASTER RELIEF ON teamwork, practice and dedication with students from inside and outside of the school. One student PAYROLL DEDUCTIONS said, “Finally! Our school got the Hamilton name THE GROUND TO TO AmeriSCORES LA. COMMUNITIES IN NEED up on a wall.”AmeriSCORES LA.

In partnership with Habitat for Humanity and girls inc. Each year, an all- St. Bernard Project, 25 employees went to We sponsored 20 girls ages female group and an Rockaway, Queens to make repairs to homes Save the ChildrenVirginia 6-18 to attend a 7-week all-male group goes that were damaged by Hurricane Sandy. flooding in West College Readiness program down to New Orleans Severe Camp CAA brought up by powerful storms during the summer through to work with Habitat our partners at Girls Inc. for Humanity and St. We sent 80 middle school caused widespread damage to Bernard project to students from Communities local schools’ material resources; our donation build homes for In Schools to their first purchased music supplies for families still displaced weekend away at overnight camp. This was an experience classrooms in need. by Hurricane Katrina. In partnership with Habitat for Humanity, a team of that fostered new friendships, 40 employees assisted with the ongoing rebuild leadership skills, creativity following the 2011 tornado. and a love of the outdoors.

CAA TASK FORCE RAISED OVER

Is the largest, most effective dropout prevention Dedicated to transforming the lives Ensuring all children have equal organization dedicated to keeping kids in of vulnerable children and adults access to quality education and books. school and helping them to succeed. through music therapy.

FOR OUR PARTNER ORGANIZATIONS SOCIAL 18 SOCIAL Chobani Food Incubator Program Highlight

Making staple foods healthier, fighting food waste and supporting entrepreneurs. Chobani is a leading producer of Greek yogurt in the U.S. and Australia. Chobani’s founder, Hamdi Ulukaya, acquired a factory from Kraft in upstate NY in 2005, started producing Greek yogurt in 2007, and had grown the company into a category leader at the time of TPG’s investment in 2014.

The Chobani Food Incubator Program is a program for companies taking on broken food systems to bring better food to more people. In addition to investment, we give growing food and beverage companies access to our network and expertise in order to scale up their operations and achieve significant growth. Watch the Chobani Food Incubator Journey

HOW IT WORKS

We look for innovative We provide equity free We get together We tap into our early stage food and capital with a $25,000 regularly for extended network of beverage startups. grant – no strings mentorship from experts, founders, attached. Chobani’s leaders in retailers and investors operations, finance, to help your business sales, and marketing. grow.

We learned so much from the Chobani Food Incubator about moving into retail. We came in as an online-heavy business and graduated 6 months later with a strong retail plan, 150%+ retail growth, and a Whole Foods national rollout approval. None of this would have happened without CFI. — Justin Mares, Kettle & Fire

SOCIAL 19 SOCIAL TPG Africa Portfolio Company Highlight

The educational approach of Ecoles Yassamine was originally built on two pillars: the academic excellence and personal development of its students. 30 years on, teachers and support staff still maintain those pillars of success of the school’s origin, devoting their skills, experience, and love of the profession to their students, in order to accompany them in their personal development from kindergarten to preparatory classes. For more information, visit the Ecoles Yassamine website.

INCLUSION The Ecoles Yassamine group has been growing rapidly in response to increasing demand for quality education in Morocco. Its mission from the very beginning, over 30 years ago, has been to offer a high-quality bilingual (French and Arabic) curriculum that places an equal emphasis on the students’ academic performance and psychological fulfillment – what Ecoles Yassamine refers to as “epanouissement psychologique.”

GROWTH Since TPG’s investment, two years ago, the group has increased its capacity from 7,000 to 19,000 students and doubled the student count. It has also expanded from being predominantly a Casablanca-based school group now operating schools in seven cities. Importantly, the group has helped broaden access to good quality education with the some of the schools charging tuition rates of under $1,000 per annum per student.

COMMUNITY The group is also known for a community group of parents that it started – “Les Ateliers Happy Mamans” – which organizes discussion series led by experts around issues topical for parents. Recent presentations have covered topics such as:

What is the parent’s role in helping Being a parent children becomes good citizens? in a digital era. Help for parents: how to manage stress before exams.

ADAPTATION The group has also invested in an enhanced English-language program for students – the first of its kind in Morocco – in partnership with Berlitz to better prepare students to thrive in an increasingly interconnected world and equip them with broader skills for opportunities after graduation. SOCIAL 20 SOCIAL TPG Growth Portfolio Company Highlight

TPG’s investments in financial services provide capital, industry expertise, and support to leaders and businesses that are transforming the financial services landscape. From being the first foreign firm to own a South Korean commercial bank to investing in microlending platforms in India and Indonesia, we have leveraged our global resources and relationships to support cutting-edge businesses in the U.S., Europe, and Asia.

Building Financial Inclusion in India In 2000, Ramesh Ramanathan set up India’s first urban microfinance initiative in Bengaluru’s slums. After six years of work, this project became the foundation for Janalakshmi financial services.

• Janalakshmi is re-inventing financial services for a population that banks have been unable to reach

• Janalaskshmi is now India’s largest microfinance institution, serving about 5.6 million customers, more than 95% of whom are women

• Janalaskshmi uses digital technology, such as biometric fingerprint scanners, to create credible, low-risk proxies for traditional documentation

• Creation of financial records for unbanked clients, helps Janalaskhmi More than 95% of Janalakshmi’s clients are women, understand it’s customer needs and behaviours, even avoiding crisis by who form small groups and guarantee one another anticipating when customers will struggle with payments

• TPG recognized the potential of Janalaksmi and its visionary leader, and in 2014, TPG Capital Asia invested $54 million in the business

• TPG helped Janalakshmi improve its evaluation of asset quality by implementing new credit analytics, and guided business expansion to broaden the company’s focus from primarily group lending to MSMEs (micro, small, and medium enterprises).

TPG Partnership for Growth In India, there is a tremendous opportunity to fill the gap between what is being offered by traditional banks and what the nation’s growing population needs. Janalakshmi is a pioneer of microfinance and is at the forefront of addressing this opportunity in a meaningful way. — Puneet Bhatia, TPG Managing Partner and India Country Head

Ramesh Ramanathan meets with a client in Bengaluru, India This is not a pilot program. This is not about our personal salvation. It’s about fundamentally altering the trajectory of our country. Janalakshmi uses customized mobile Janalakshmi will become a Small Finance — Ramesh Ramanathan biometric scanners to provide secure Bank, allowing it to expand the services transactions to clients who lack formal it offers and reach more customers. identification documents. SOCIAL 21 SOCIAL Life Time and Life Time Foundation Highlight

Watch this inspirational video high- lighting how Life Time and the Life Time Foundation are pioneering a simple, actionable and sustainable approach to remove unhealthy and harmful food being served at schools across the nation.

With the generous support of Life Time and the general public, the Life Time Foundation, a public charity: •Helps school partners get rid of the “Harmful 7,” which includes trans fats and hydrogenated oils, high-fructose corn syrup, hormones and antibiotics, processed and artificial sweeteners, artificial colors and flavors, artificial preservatives and bleached flour from their meal programs

•Offers financial grants to improve procurement and purchase capital equipment for school kitchens

•Conducts comprehensive school kitchen and nutrition assessments

•Provides education and training for school kitchen staff

•Provides nutrition lessons for children and their teachers and families

•Affecting change across the country, serving millions of healthy meals to school children

BECAUSE LIFE TIME, INC. COVERS ALL ADMINISTRATIVE EXPENSES, 100% OF ALL PUBLIC DONATIONS SERVE THE LIFE TIME FOUNDATION’S MISSION. TO LEARN MORE, PLEASE VISIT LTFFOUNDATION.ORG.

SOCIAL 22 SOCIAL TPG Featured Highlight

TPG Veteran’s Initiative TPG served as co-host and facilitator with The Blackstone Group, Apollo, The Carlyle Group and KKR at the 2nd annual Veterans Summit in November 2016, to share best practices of veteran hiring programs. TPG portfolio companies included CAA, Caesars Entertainment, Cushman & Wakefield, Enlivant, Life Time Fitness, RentPath, Taylor Morrison, The Warranty Group, Uber and XOJET. The Summit convened representatives from the White House, U.S. Military, U.S. Departments of Labor and Veterans Affairs and private equity portfolio companies, to advocate and advance veteran hiring, retention, and career development.

This event demonstrates a shared belief among leaders in our industry that hiring veterans merits special focus. These highly capable employees often lack access to job opportunities because they haven’t followed a typical path into the business world. But helping place veterans in jobs is only part of the solution. Ensuring they succeed by providing ongoing education, mentorship, and sponsorship is essential. — Jon Winkelried, Co-CEO of TPG

EXTERNAL NETWORK OF EXPERTISE 23 EXIT CASE STUDY

TPG and Petco management worked together to establish Petco sustainability initiatives and identify leadership opportunities.

TPG invests in • VP – • EPA ENERGY • Founding ESG Summary Petco and Sustainability and STAR leader; member • Solar System at Petco San identifies Energy manager first LEED1 Pet Industry Diego HQ opportunities for hired store Sustainability efficiency and Coalition • Decrease of energy use of 10.2% • Operational • Expanded industry as a % of sales since 2008 leadership in improvements: water, • Leading role sustainable recycling, waste, in Retail • 40% waste diversion rate in stores logistics, paper energy, Sustainability partnerships 100% of coral and live rock and 33% and packaging and Initiative • of marine species sold in Petco reduction recycling of RILA2 stores are aqua-cultured programs • Named to World’s Most Ethical Companies list 2012-2016

MARCH 2016

DECEMBER 2009

Planet PETCO • 1% for the Planet • 2011 – hosted Collaboration with WWF4 TPG exits launched to offer donating 1% of gross TPG’s Fourth Annual bringing together the Petco natural products sales from Planet Sustainability manufacturers, retailers, investment at an for the LOHAS3 Petco products to Leadership Council in NGOs and other approximate 19% eco-conscious environmental causes San Diego HQ stakeholders to address increase in customer pet food sustainability EBITDA multiple • Growth of natural, • Supply chain organic product line accountability audits integrates consumers’ initiated ESG requirements

1. ‘LEED’ – Leadership in Energy and environmental Design 2. ‘RILA’ – Retail Industry Leaders Association 3. ‘LOHAS’ – Lifestyle of Health and Sustainability 4. ‘WWF’ – World Wildlife Fund

Sustainable products, energy efficiency and supply chain focused on natural resource conservation contributed to value creation

EXIT 24 DIVERSITY & INCLUSION INITIATIVE TPG Diversity and Inclusion is driven by a committee from different offices and business units, with varying tenures at the firm. The committee was formed with the stated purpose of: 1) Creating tangible, measurable action to ensure a TPG culture of diversity and inclusion 2) Building a growing group of ambassadors who can drive discussion and action at the firm

TPG Diversity & Inclusion Philosophy At TPG, we believe that the quality of our investments and our ability to build great companies depend on the originality of our insights. We are committed to having a diverse, inclusive workplace to: • Foster diversity of thought; • Create an organization reflective of the breadth of the limited partners, portfolio companies and communities we serve; and • Attract, develop, retain and promote the best talent, TPG’s greatest asset

We believe that sponsoring the success of every member of our team – including all ethnicities, genders and sexual orientations, with a wide variety of personal and educational backgrounds, professional experiences and perspectives – makes TPG more innovative, more creative and more effective in our overall approach. Supportive policies for WORKING FAMILIES AND LGBTQ EMPLOYEES Research and training to DEVELOP BEST PRACTICES Engagement, mentorship and networking for WOMEN, VETERANS AND LGBTQ EMPLOYEES Talks @TPG Speaker Series on MANAGEMENT, LEADERSHIP AND DIVERSITY

Industry Events And Organizations TPG sponsored employees’ membership to or TPG sponsored conferences in attendance at numerous events and organizations, support of diverse recruiting, for example: for example:

LGTBQ EXECUTIVE LEADERSHIP PROGRAM

DIVERSITY & INCLUSION 25 COMMUNITY At TPG, our founders have created a culture of making the right choices throughout TPG’s investment cycle by actively engaging with our portfolio companies. We make it about personal choices, rather than corporate responsibility, encouraging everyone to become personally involved. Social Impact is a TPG global initiative focused on enabling TPG employees to make a tangible difference in their local communities while creating growth and leadership opportunities. We believe in being active participants in the communities in which we live and work. TPG team members take on volunteer initiatives together in addition to their individual involvement in their own unique projects and causes. We believe that it’s simply good business to empower employees to not only be active in but to lead initiatives they are passionate about. TPG employees sit on more than 50 non-profit boards across the world, bringing their passion and partnership to a variety of great causes. 2016 IMPACTS 23 Leadership and Engagement Grants in support of Board memberships across the firm, including 50 organizations focused on: EDUCATION | HEALTH | SOCIAL SERVICES | ENVIRONMENTAL ISSUES | PUBLIC POLICY | INTERNATIONAL AID | DIPLOMACY

14 Random Acts of Kindness nominated, including: