X0306 4 2017-12-13 0 0001630472 TPG RE Finance Trust, Inc. TRTX 0001712073 Ginsberg Deborah J. C/O TPG RE FINANCE TRUST, INC., 888 SEVENTH AVENUE, 35TH FLOOR NEW YORK NY 10106 0 1 0 0 Vice President & Secretary Common Stock 2017-12-13 4 A 0 5916 0.00 A 5916 D Class A Common Stock 2017-12-13 4 J 0 7716 0.00 A Common Stock 7716 14506 I See Explanation of Responses Class A Common Stock Common Stock 1894 D The shares of common stock ("Common Stock") of TPG RE Finance Trust, Inc. (the "Issuer") awarded to Ms. Deborah Ginsberg will vest ratably in four annual installments beginning on June 30, 2018. The shares of Common Stock are subject to the terms of a lock-up agreement entered into by Ms. Ginsberg in connection with the Issuer's initial public offering. On December 13, 2017, Ms. Ginsberg acquired shares of Class A common stock ("Class A Common Stock") of the Issuer from TPG RE Finance Trust Management, L.P. (the "Manager"), the Issuer's external manager, pursuant to a grant made by the Manager to Ms. Ginsberg in accordance with the terms of a compensatory plan adopted by the Manager. The Manager acquired the shares of Class A Common Stock prior to the completion of the Issuer's initial public offering and granted the shares to Ms. Ginsberg as compensation for services Ms. Ginsberg provided to the Issuer. The shares of Class A Common Stock are subject to the terms of a lock-up agreement entered into by Ms. Ginsberg in connection with the Issuer's initial public offering. The shares of Class A Common Stock awarded to Ms. Ginsberg will vest ratably in four annual installments beginning on June 30, 2018. Upon vesting, the shares of Class A Common Stock will be delivered to Ms. Ginsberg. Pursuant to the Articles of Amendment and Restatement of the Issuer, each share of Class A Common Stock is convertible at any time or from time to time, at the option of the holder, for one share of Common Stock. (5) Matthew Coleman is signing on behalf of Ms. Ginsberg pursuant to the power of attorney dated July 5, 2017, which was previously filed with the Securities and Exchange Commission. /s/ Matthew Coleman, By: Matthew Coleman, on behalf of Deborah Ginsberg (5) 2017-12-14