TPG has had a long-standing commitment to fostering strong Environmental, Social and Governance (ESG) performance in its portfolio. 1 Seeking positive ESG outcomes aligns with the core tenets of why – and how – TPG invests. From scrutiny of potential investments in diligence, to business building during ownership, to value creation at exit, we continue to expand the ways we put into practice our enduring commitment to build strong, sustainable companies. While 2020 presented many challenges – the global pandemic, social unrest and, acutely in the United States, a reckoning with our societal failings with respect to diversity, equity and inclusion – it was also a year that brought tremendous progress and innovation within our portfolio, and saw our companies – and our firm – emerge stronger and excited about the possibilities before us. We see increased importance – and value-creation potential – in our long-held commitment as an investor to engage meaningfully with all of our stakeholders.