TPG Global Advisors LLC

ITEM 5 – FEES AND COMPENSATION

Fees Generally. The TPG Management Companies generally charge asset-based investment
advisory fees (which in other contexts we commonly refer to as “management fees”) to the
applicable Global Vehicle. Advisory fees paid by a Global Vehicle are indirectly borne by its
investors. Such Global Vehicles’ advisory fees are deducted from Global Vehicle assets and
generally are payable quarterly or semi-annually in advance or monthly in arrears, depending upon
the Global Vehicle. With respect to the TPG T-POP Fund, we also charge a maintenance fee that
is paid by the TPG T-POP Fund and is indirectly borne by its investors, and certain investors in
the TPG T-POP Fund are charged a servicing fee that is typically payable to certain financial
intermediaries. Such maintenance fees and, in certain cases, servicing fees are deducted from the
TPG T-POP Fund’s net asset value and are payable monthly in arrears. The amount of any
investment advisory fee is prorated for periods of less than a full billing cycle at the beginning or
end of our provision of investment advisory services, and any prepaid amount in excess of the
prorated fee will be returned upon termination of our investment advisory services. To the extent
the base upon which we charge advisory fees changes during the course of the relevant period
(e.g., due to an increase/reduction in actively invested capital), we generally are not required to
make any adjustment, true-up or refund. As a result, we have an incentive to time the termination
of the applicable Global Vehicle’s commitment period or the disposal of a particular investment
in a manner that increases the aggregate amount of advisory fees we receive. Our Advisory
Services Agreements generally impose some restrictions on a Global Vehicle’s ability to terminate
the agreement. The specific restrictions vary depending on the nature of the Global Vehicle.

Each TPG Management Company establishes and negotiates with investors in the applicable
Global Vehicle the precise amount of, and the manner and calculation of, the advisory fees. Such
Global Vehicle’s Advisory Services Agreement, organizational documents, offering documents

and/or other documentation, which we refer to collectively as, together with any applicable side
letters, the “Governing Documents,” set forth the precise amount of, and the manner and
calculation of, the advisory fees.

Certain investors in a Fund, including, for example, a Global Vehicle’s general partner, its
affiliates and certain “friends of the firm” (including any related entity established by any of the
foregoing, such as trusts, charitable programs, endowments or related programs, family investment
vehicles and other estate planning vehicles), pay reduced or no advisory fees at our discretion
(though these investors generally pay their pro rata share of certain Global Vehicle expenses).

For certain Global Vehicles, the management fee after the end of the investment period is based
on actively invested capital. Portfolio fees (as described below) allocated to a Portfolio Investment
at the time of investment are generally capitalized into the amount of actively invested capital.
Actively invested capital generally includes the value of other capitalized fees, expenses and costs,
including those payable or reimbursable to us or our affiliates. Accordingly, to the extent that
management fees for a Global Vehicle are calculated based on actively invested capital, this would
increase the amount of management fees paid to us. Such amounts are in addition to portfolio fees
paid to us and/or our affiliates. We are incentivized to have such amounts be capitalized into the
cost of a transaction, not only to avoid having portfolio companies pay such amounts out of
available operating cash, but also to increase the base on which future management fees will be
calculated.

With respect to certain Global Vehicles, the management fee when based on actively invested
capital is subject to reduction for certain dispositions. Pursuant to the Governing Documents of
certain Global Vehicles, and as a general matter, dividends a Global Vehicle receives from its
portfolio companies are not dispositions and do not reduce actively invested capital for purposes
of calculating the management fee base, except for dividends in respect of complete liquidations
of a Global Vehicle’s investment in an applicable Portfolio Investment. Accordingly, there will
generally be no reduction or refund of management fees, in whole or in part, in connection with
distributions or dividends, including those arising from refinancing, recapitalizations,
restructurings or similar transactions.

Please see Item 11 for a description of the side letter agreements we and our related advisers enter
into with certain investors in Global Vehicles that provide such investors with customized terms,
including with respect to reduced advisory fees.

Please see Item 6 for more information on incentive compensation.

Termination Fee. RE Finance Trust Management is entitled to a fee upon termination of the
Advisory Services Agreement by TRTX (absent a cause event by RE Finance Trust Management).
The termination fee would also be payable to RE Finance Trust Management upon termination of
the Advisory Services Agreement by RE Finance Trust Management if TRTX materially breaches
the Advisory Services Agreement.

Fund Expenses. In addition to the investment advisory or other fees described above,

      certain Funds reimburse us or our affiliates for certain organizational expenses, generally
       up to a specified cap, that are incurred in connection with the formation of the Funds and
       the offering of interests in them to potential investors, including:

           o fees and expenses of our counsel, including for preparing offering materials and
             preparing and negotiating the Governing Documents and other documents such as
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