Fresno County Employees Retirement Association February 1 2006

Fresno County Employees' Retirement Association February 1, 2006

This presentation is being furnished on a confidential basis solely for informational purposes and may not be reproduced or provided to others without the prior written consent of Warburg Pincus LLC. By accepting delivery of this presentation, each recipient agrees to the foregoing. This presentation does not constitute an offer to sell, nor a solicitation of an offer to buy, an interest in Warburg Pincus Private Equity IX, L. P. (“WP IX”) or any other Warburg Pincus private equity fund. This presentation may also include pro forma values and forward-looking statements relating to existing Warburg Pincus private equity funds, which are inherently uncertain and based on assumptions that could change as a result of company operating performance, capital markets risks and general economic conditions. The recipient acknowledges that it is aware that federal and state securities laws prohibit any person who has material, non-public information about a company from purchasing or selling securities of such a company or from communicating such information to any other person under circumstances in which it is reasonably foreseeable that such person is likely to purchase or sell such securities.

Warburg Pincus Experienced investors · Over three decades of private equity investing · $22 billion invested in 525 companies · 58 partners currently investing $8 billion Compelling strategy · Industry and geographic specialization · Venture capital to late stage · Specialized investors create diversified funds Leading performance · 30% net return for last 10 years · 27% net IRR for mature funds · Consistently top quartile in IRR and multiple Unparalleled distributions · $13 billion in last 5 years · $30 billion in last 10 years · 2% of investments and 7% of distributions in US private equity industry in last 10 years 2

Experienced Investors · 145 investment professionals · Industry focused for decades - Healthcare/Life Sciences, Natural Resources, Financial Services, Industrial, Computer Software/Services, Communications Hardware/Services, Media/Business Services · Global presence - New York (1966), Menlo Park - London (1987), Frankfurt - Hong Kong (1994), Beijing, Shanghai, Tokyo, Seoul, Mumbai · 11 funds – $27 billion of committed capital Recent Funds WP IX WP VIII WPIP* WPEP WPVI* (2005) (2001) (2000) (1998) (1997) $8. 0 B $5. 3 B $2. 5 B $5. 0 B $. 8 B Mature Funds WPV (1994) WPI (1989) WPCC (1986) WPCP (1983) WPA (1980) EMWV (1971) $2. 0 B $1. 8 B $1. 2 B $341 MM $101 MM $41 MM * International fund 3

Leading Performance As of June 30, 2005 Warburg Pincus *Private Equity S&P 500 Nasdaq Russell 2000 1 Year 26. 6% 19. 9% 6. 3% 0. 4% 9. 4% 3 Year 12. 4% 7. 6% 8. 3% 12. 0% 12. 8% 5 Year 6. 2% -0. 5% (2. 4)% (12. 2)% 5. 7% 10 Year 30. 0% 12. 6% 9. 9% 8. 2% 9. 9% 20 Year 22. 6% 14. 2% 12. 3% 10. 2% 10. 5% 30 Year 18. 9% 14. 3% 12. 4% 11. 1% N/A * Source: Venture Economics 4

Unparalleled Distributions · 1 year distributions $6 billion · 3 year distributions $10 billion · 5 year distributions $13 billion · 10 year distributions $30 billion 2% of investments and 7% of distributions of the US Private Equity Industry in the last 10 years 5

Fresno County Investment Summary As of December 31, 2005 (estimate) 6

Warburg Pincus Equity Partners (1998) $5. 0 Billion, $6. 1 Billion Distributed · Final Closing – September 1998 · 25% return in 2004 · 12 Year Term + 2 Year Extension · 54% return in 2003 · 30 current and 147 total portfolio companies · Carrying Value – 12/31/05 est. · 3. 2 years average life Realizations - 15% gross IRR; 10% net IRR Driving Returns FHP 7

Warburg Pincus Equity Partners Breakdown By Stage By Industry Leveraged Buyouts Financial Services/ Real Estate Venture Capital Recaps/ Special Situations Natural Resources Growth Capital Communications Hardware/ Services By Geography Industrial/ Other Computer Software/ Services Europe Asia Media/ Consumer Goods Health Care/ Life Sciences North America Note 1: Cost of investments 1998 through 2005 8

Warburg Pincus Equity Partners As of 12/31/05 - estimate Exited or Significantly Exited Investments ($ in millions) Company Total Investment Total Profit Multiple IRR Develops, manufactures and markets medical devices for treatment of urological and gynecological disorders 57. 2 401. 1 8. 0 x 69. 8% Leading operator of telecommunication services businesses in India 182. 5 776. 8 5. 3 x 50. 2% Operates health maintenance organizations (HMOs) 100. 2 354. 7 4. 5 x 70. 1% Leading regional thrift bank 238. 1 525. 2 3. 2 x 122. 0% Acquires and develops oil and gas properties in the onshore continental United States 57. 5 206. 1 4. 6 x 35. 9% Start-up oil and gas exploration and production company with an initial focus in the waters off the Gulf of Mexico 84. 7 142. 1 2. 7 x 27. 7% Description 9

Warburg Pincus Equity Partners As of 12/31/05 - estimate Exited or Significantly Exited Investments ($ in millions) Company Total Investment Total Profit Multiple IRR Fourth largest cement manufacturer in India 35. 2 69. 8 3. 0 x 28. 2% Mortgage Bank in India 35. 3 70. 3 3. 0 x 33. 6% Branded children's clothing distributor 16. 0 36. 8 3. 3 x 35. 7% Global financial services company 25. 1 84. 9 4. 4 x 104. 3% Provides neutral third-party services to the communications industry 77. 0 1, 142. 9 15. 8 x 55. 0% Manufacturer and marketer of orthopedic implant devices for total joint reconstruction 100. 0 326. 6 4. 3 x 48. 4% Leading Central and Eastern European generic pharmaceutical company 41. 9 310. 5 8. 4 x 39. 8% Description 10

Warburg Pincus Equity Partners As of 12/31/05 - estimate Significant Remaining Investments ($ in millions) Multiple IRR 78. 6 0. 9 x -2. 9% Provider of software and marketing services to the automotive retail market 91. 7 0. 9 x -1. 0% Leading participant in oral drug delivery technology and production 51. 6 1. 5 x 8. 2% Medical device company focused on identifying and developing new technologies in underserved treatment markets for cardiovascular, neurovascular and peripheral vascular diseases FHP Total Investment Outsource provider of document and information services to medical records departments Company 588. 5 0. 9 x -5. 3% Leads and operates skilled nursing facilities in Florida 10. 0 20. 5 x 128. 7% Description 11

Warburg Pincus Equity Partners As of 12/31/05 - estimate Significant Remaining Investments ($ in millions) Company Total Investment Multiple Internet product directory that links buyers and sellers of electrical, mechanical and optical components 32. 5 1. 0 x 0. 0% Develops protein therapeutics for pulmonary and infectious diseases 83. 9 1. 3 x 11. 5% Manufactures and markets optical storage media including recordable CDs, rewritable CDs and recordable DVDs 40. 1 1. 2 x 2. 9% Specialty pharmaceutical company focused on the development of therapeutics for the treatment of bone and dermatological disorders 25. 2 0. 9 x -2. 7% Platform for financial supply chain management 72. 3 1. 0 x 0. 0% Drug discovery and development company seeking to identify novel proteins from the human genome and develop those proteins as pharmaceutical products 75. 3 1. 5 x 8. 0% Description IRR 12

Warburg Pincus Private Equity VIII (2001) $5. 3 Billion, $1. 1 Billion Distributed · Final Closing – April 2002 · 92% capital called · 12 Year Term + 2 Year Extension · Carrying Value – 12/31/05 est. · 65 current and 79 total portfolio companies - 20% gross IRR; 10% net IRR · 1. 6 years average life Realizations Driving Returns 13

Warburg Pincus Private Equity VIII Breakdown By Stage Leveraged Buyouts Recaps/ Special Situations By Industry Venture Capital Computer Software/ Services Industrial/ Other Financial Services/ Real Estate Growth Capital By Geography Natural Resources Europe Media/ Consumer Goods Asia Health Care/ Life Sciences Communications Hardware/ Services North America Note 1: Cost of investments 2001 through 2005 14

Warburg Pincus Private Equity VIII As of 12/31/05 - estimate Selected Investments ($ in millions) Company Total Investment Total Profit Multiple IRR Insurance and reinsurance company 222. 5 352. 5 2. 6 x 26. 4% The leading domestic pharmaceutical group in China 53. 5 0. 0 1. 0 x 0. 0% Manages coalition loyalty programs worldwide 19. 3 8. 3 1. 4 x 11. 6% Early-stage oil exploration and production company 47. 7 42. 3 1. 9 x 53. 9% Leading luxury retailer that offers distinctive merchandise and superior customer service catering to the needs of the affluent customer 300. 0 1. 0 x 0. 0% Leading worldwide provider of digital speech imaging and speech recognition products 156. 6 88. 4 1. 6 x 47. 1% Description 15

Warburg Pincus Private Equity VIII As of 12/31/05 - estimate Selected Investments ($ in millions) Company Total Investment Total Profit Multiple Provides transaction monitoring software to financial services companies 67. 8 0. 0 1. 0 x 0. 0% Midstream energy company 195. 1 165. 5 1. 8 x 58. 3% Leading provider of core software and services for major communication service providers 157. 8 0. 0 1. 0 x 0. 0% Leading manufacturer of highly engineered aircraft components 285. 0 88. 9 1. 3 x 12. 1% Leading supplier of BPO services 21. 5 0. 0 1. 0 x 0. 0% Description IRR 16

For Additional Information 466 Lexington Avenue, 10 th Floor New York, NY 10017 Fax: 212 -878 -6167 www. warburgpincus. com Rosanne Zimmerman Managing Director Tel: 212 -878 -9358 rzimmerman@warburgpincus. com Barry E. Taylor Managing Director Tel: 650 -798 -0401 btaylor@warburgpincus. com 17