Fresno County Employees' Retirement Association

1. Fresno County Employees' Retirement Association February 1, 2006

2. 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.

3. 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

4. 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 (2005) $8.0B WP VIII (2001) $5.3B WPIP* (2000) $2.5B WPEP (1998) $5.0B WPVI* (1997) $.8B Mature Funds WPV (1994) $2.0B WPI (1989) $1.8B WPCC (1986) $1.2B WPCP (1983) $341MM WPA (1980) $101MM EMWV (1971) $41MM * International fund

5. Leading Performance As of June 30, 2005 *Private Equity Warburg Pincus 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

6. 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

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

8. Warburg Pincus Equity Partners (1998) $5.0 Billion, $6.1 Billion Distributed • 25% return in 2004 • 54% return in 2003 • Carrying Value – 12/31/05 est. • 15% gross IRR; 10% net IRR • Final Closing – September 1998 • 12 Year Term + 2 Year Extension • 30 current and 147 total portfolio companies • 3.2 years average life Realizations Driving Returns FHP

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

10. Warburg Pincus Equity PartnersAs of 12/31/05 - estimate Exited or Significantly Exited Investments ($ in millions) Company Description Total Investment Total Profit Multiple IRR 57.2 401.1 8.0x 69.8% Develops, manufactures and markets medical devices for treatment of urological and gynecological disorders 182.5 776.8 5.3x 50.2% Leading operator of telecommunication services businesses in India Operates health maintenance organizations (HMOs) 100.2 354.7 4.5x 70.1% Leading regional thrift bank 238.1 525.2 3.2x 122.0% 57.5 206.1 4.6x 35.9% Acquires and develops oil and gas properties in the onshore continental United States 84.7 142.1 2.7x 27.7% Start-up oil and gas exploration and production company with an initial focus in the waters off the Gulf of Mexico

11. Warburg Pincus Equity PartnersAs of 12/31/05 - estimate Exited or Significantly Exited Investments ($ in millions) Company Description Total Investment Total Profit Multiple IRR Fourth largest cement manufacturer in India 35.2 69.8 3.0x 28.2% Mortgage Bank in India 35.3 70.3 3.0x 33.6% Branded children's clothing distributor 16.0 36.8 3.3x 35.7% Global financial services company 25.1 84.9 4.4x 104.3% 77.0 1,142.9 15.8x 55.0% Provides neutral third-party services to the communications industry 100.0 326.6 4.3x 48.4% Manufacturer and marketer of orthopedic implant devices for total joint reconstruction 41.9 310.5 8.4x 39.8% Leading Central and Eastern European generic pharmaceutical company

12. Warburg Pincus Equity PartnersAs of 12/31/05 - estimate Significant Remaining Investments ($ in millions) Company Description Total Investment Multiple IRR 78.6 0.9x -2.9% Outsource provider of document and information services to medical records departments 91.7 0.9x -1.0% Provider of software and marketing services to the automotive retail market 51.6 1.5x 8.2% Leading participant in oral drug delivery technology and production 588.5 0.9x -5.3% Medical device company focused on identifying and developing new technologies in underserved treatment markets for cardiovascular, neurovascular and peripheral vascular diseases Leads and operates skilled nursing facilities in Florida 10.0 20.5x 128.7% FHP

13. Warburg Pincus Equity PartnersAs of 12/31/05 - estimate Significant Remaining Investments ($ in millions) Company Description Total Investment Multiple IRR 32.5 1.0x 0.0% Internet product directory that links buyers and sellers of electrical, mechanical and optical components 83.9 1.3x 11.5% Develops protein therapeutics for pulmonary and infectious diseases 40.1 1.2x 2.9% Manufactures and markets optical storage media including recordable CDs, rewritable CDs and recordable DVDs 25.2 0.9x -2.7% Specialty pharmaceutical company focused on the development of therapeutics for the treatment of bone and dermatological disorders Platform for financial supply chain management 72.3 1.0x 0.0% 75.3 1.5x 8.0% Drug discovery and development company seeking to identify novel proteins from the human genome and develop those proteins as pharmaceutical products

14. Warburg Pincus Private Equity VIII (2001) $5.3 Billion, $1.1 Billion Distributed • 92% capital called • Carrying Value – 12/31/05 est. • 20% gross IRR; 10% net IRR • Final Closing – April 2002 • 12 Year Term + 2 Year Extension • 65 current and 79 total portfolio companies • 1.6 years average life Realizations Driving Returns

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

16. Warburg Pincus Private Equity VIIIAs of 12/31/05 - estimate Selected Investments ($ in millions) Company Description Total Investment Total Profit Multiple IRR Insurance and reinsurance company 222.5 352.5 2.6x 26.4% 53.5 0.0 1.0x 0.0% The leading domestic pharmaceutical group in China Manages coalition loyalty programs worldwide 19.3 8.3 1.4x 11.6% 47.7 42.3 1.9x 53.9% Early-stage oil exploration and production company 300.0 0.0 1.0x 0.0% Leading luxury retailer that offers distinctive merchandise and superior customer service catering to the needs of the affluent customer 156.6 88.4 1.6x 47.1% Leading worldwide provider of digital speech imaging and speech recognition products

17. Warburg Pincus Private Equity VIIIAs of 12/31/05 - estimate Selected Investments ($ in millions) Company Description Total Investment Total Profit Multiple IRR 67.8 0.0 1.0x 0.0% Provides transaction monitoring software to financial services companies Midstream energy company 195.1 165.5 1.8x 58.3% 157.8 0.0 1.0x 0.0% Leading provider of core software and services for major communication service providers Leading manufacturer of highly engineered aircraft components 285.0 88.9 1.3x 12.1% Leading supplier of BPO services 21.5 0.0 1.0x 0.0%

18. For Additional Information 466 Lexington Avenue, 10th 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