Warburg Pincus: A Leading Private Equity Firm Tiburon Research February 11, 2019

Warburg Pincus Comments Founded in 1939 Founded by Eric Warburg Founded as EM Warburg & Company Based in New York, NY 9 offices 182 employees 17 funds $43 billion assets under management Co-CEOs: Charles Kaye & Joseph Landy Web site: www.warburgpincus.com Source: 2/7/19 Warburg Pincus Web Site; 2/9/09 Warburg Pincus Web Site; 8/20/99 Warburg Pincus Web Site; Tiburon Research & Analysis

EM Warburg & Company Founded Warburg Pincus was Founded in 1939 as EM Warburg & Company and Has Subsequently Evolved through its EM Warburg & Company, Warburg Pincus, & Recent Phases Warburg Pincus History EM Warburg & Company Founded Warburg Pincus Today EM Warburg & Company Phase Warburg Pincus Phase Recent Phase Approximate Dates: 1939 1940 - 1965 1966 - 2015 2016 - 2019 2019 Key Steps: 1939: EM Warburg & Company founded XXXX: -- 1966: Merged with Lionel Pincus & Company 1999: Sold asset management division & minority stake to Credit Suisse Group 2004: Repurchased minority stake from Credit Suisse Group 2006: Raised first real estate fund XXX: -- Source: 2/9/09 Warburg Pincus Web Site; 12/24/04 Credit Suisse Group Press Release; 2/16/99 New York Times; Tiburon Research & Analysis

Pre-Merger Firm Profile Lionel Pincus & Company Warburg Pincus’ Predecessor EM Warburg & Company Merged with Lionel Pincus & Company in 1966 Warburg Pincus Pre-Merger Firm Profile EM Warburg & Company Lionel Pincus & Company Founded in 1939 Founded by Eric Warburg Founded as EM Warburg & Company Based in New York, NY Founded in XXXX Founded by Lionel Pincus CEO: Lionel Pincus Source: 2/9/09 Warburg Pincus Web Site; Tiburon Research & Analysis 3 3

Warburg Pincus is Not a Frequent Advertiser Comments -- Source: Tiburon Research & Analysis 4

Warburg Pincus is Not a Frequent Acquirer Comments -- Source: Tiburon Research & Analysis 5

Warburg Pincus Has a Charitable Giving Program Comments -- Source: Tiburon Research & Analysis 6

Warburg Pincus Has Twelve Offices, Consistent Since 2008 Source: 2/9/09 Warburg Pincus Web Site; Tiburon Research & Analysis 7 7 7

Warburg Pincus Offices Warburg Pincus’ Offices Include Beijing, China; Frankfurt, Germany; Hong Kong, China; London, England; Mumbai, India; New York; San Francisco, CA; Shanghai, China; & Tokyo, Japan Warburg Pincus Offices Hong Kong, China London, England Mumbai, India New York, NY San Francisco, CA Shanghai, China Tokyo, Japan Beijing, China Frankfurt, Germany Source: 2/9/09 Warburg Pincus Web Site; Tiburon Research & Analysis 8 8

Warburg Pincus Has 182 Employees, Up From Twenty in 1950 Source: 2/9/09 Warburg Pincus Web Site; 8/20/99 Warburg Pincus Web Site; Tiburon Research & Analysis 9 9

Warburg Pincus Has Raised Seventeen Funds, Consistent Since 2018 Source: 2/7/19 Warburg Pincus Web Site; Tiburon Research & Analysis 10 10 10

Warburg Pincus Has Raised $43 Billion Assets, Consistent Since 2018 Assets Raised ($ Billions) Source: 2/7/19 Warburg Pincus Web Site; Tiburon Research & Analysis 11 11 11

Warburg Pincus’ Investments Include Facet Wealth -- -- Source: Tiburon Research & Analysis 12 12

Assets Under Management Warburg Pincus Has Gathered $43 Billion Assets Under Management, Consistent Since 2018 Warburg Pincus Assets Under Management ($ Billions) Source: 2/7/19 Warburg Pincus Web Site; Tiburon Research & Analysis 13 13 13

Warburg Pincus’ Portfolio Companies Include Facet Wealth -- -- Source: Tiburon Research & Analysis 14 14

Warburg Pincus Businesses Warburg Pincus Has Two Businesses, Including Private Equity & Real Estate Warburg Pincus Businesses Warburg Pincus Businesses Private Equity Real Estate Source: 2/9/09 Warburg Pincus Web Site; Tiburon Research & Analysis

Warburg Pincus’ First Business is Private Equity Comments 13 funds $43 billion assets under management Source: 2/9/09 Warburg Pincus Web Site; Tiburon Research & Analysis 16 16

Warburg Pincus’ Private Equity Business Provides Services, Including… -- -- Source: Tiburon Research & Analysis

Warburg Pincus’ Second Business is Real Estate Comments -- Source: Tiburon Research & Analysis 18 18

Warburg Pincus’ Real Estate Business Provides Services, Including… -- -- Source: Tiburon Research & Analysis

Warburg Pincus is Led by its Co-CEOs Charles Kaye & Joseph Landy Organizational Chart Charles Kaye Co-CEO Joseph Landy Co-CEO -- Note: Charles Kaye joined the firm in XXXX; Joseph Landy joined the firm in XXXX Source: 2/7/19 Warburg Pincus Web Site; 2/9/09 Warburg Pincus Web Site; Tiburon Research & Analysis

Warburg Pincus Has a Board of Directors Led by its Chairman… -- -- -- -- -- -- -- -- -- -- Source: Tiburon Research & Analysis

Warburg Pincus is Privately Owned Comments -- Source: Tiburon Research & Analysis

Tiburon Strategic Advisors Comments Focus on corporate-level strategy Serve senior executives only at financial services companies Key services: market seminars, market research, & strategy consulting Served over 450 corporate clients and completed over 2,200 projects since 1998 Host semi-annual CEO Summits, offer free weekly research releases, and offer free business benchmarking tools for all types of advisors Chip Roame background McKinsey & Company Charles Schwab & Company Tiburon since 1998 Source: Tiburon Research & Analysis