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

Warburg Pincus’ Predecessor EM Warburg & Company was Founded in 1939 Comments Founded in 1939 Founded by Eric Warburg Founded as EM Warburg & Company Based in New York, NY Source: 2/7/19 Warburg Pincus Web Site; 2/9/09 Warburg Pincus Web Site; Tiburon Research & Analysis 3 3

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 4 4

Warburg Pincus Sold its Asset Management Division and a 19 Warburg Pincus Sold its Asset Management Division and a 19.9% Stake of the Company to Credit Suisse Group in 1999 Comments $22 billion assets under management Sold Warburg Pincus Asset Management & 19.9% stake in parent company Sold for $650 million Source: 2/9/09 Credit Suisse Web Site; 12/24/04 Credit Suisse Press Release; 2/16/99 New York Times; Tiburon Research & Analysis 5 5

Warburg Pincus Repurchased Credit Suisse’s Minority Stake in 2004 Comments Acquired 19.9% stake back in 2004 Source: 2/9/09 Credit Suisse Web Site; 12/24/04 Credit Suisse Press Release; 2/16/99 New York Times; Tiburon Research & Analysis 6 6

Warburg Pincus Raised its First Fund Real Estate Fund in 2006 Comments -- Source: 2/9/09 Warburg Pincus Web Site; Tiburon Research & Analysis 7 7

Warburg Pincus is Not a Frequent Advertiser Advertising Comments -- Source: Tiburon Research & Analysis 8

Warburg Pincus Web Site Warburg Pincus Has a Web Site with Four Core Sections, Including Firm, People, Sectors, & Investments Warburg Pincus Web Site Warburg Pincus Web Site Firm Sectors Investments People Source: 2/11/19 Warburg Pincus Web Site; 2/8/19 Warburg Pincus Web Site; 2/7/19 Warburg Pincus Web Site; 4/30/10 Warburg Pincus Web Site; 2/9/09 Warburg Pincus Web Site; Tiburon Research & Analysis 9

Outside of its core business Warburg Pincus is Not a Frequent Acquirer Acquisitions Comments Outside of its core business -- Source: Tiburon Research & Analysis 10

Warburg Pincus Has a Charitable Giving Program Comments -- Source: Tiburon Research & Analysis 11

Warburg Pincus Has Twelve Offices, Consistent Since 2008 Needs update Warburg Pincus Offices 2009 = 2/9/09 2008 = 2/9/08 Source: 2/9/09 Warburg Pincus Web Site; Tiburon Research & Analysis 12 12 12

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 13 13

Warburg Pincus Has 182 Employees, Up From Twenty in 1950 Needs update Warburg Pincus Employees 2009 = 2/9/09 2008 = 2/9/08 1999 = 2/20/99 1998 = 2/20/99 Source: 2/9/09 Warburg Pincus Web Site; 8/20/99 Warburg Pincus Web Site; Tiburon Research & Analysis 14 14

Warburg Pincus Has Raised Seventeen Funds, Consistent Since 2018 2019 = 2/9/19 Warburg Pincus Funds 2018 = 2/9/19 Source: 2/7/19 Warburg Pincus Web Site; Tiburon Research & Analysis 15 15 15

Warburg Pincus Has Institutional Investors Needs data Warburg Pincus Institutional Investors Source: Tiburon Research & Analysis 16 16 16

Warburg Pincus Has Raised $43 Billion Assets, Consistent Since 2018 2019 = 2/9/19 Warburg Pincus Assets Raised ($ Billions) 2018 = 2/9/19 Source: 2/7/19 Warburg Pincus Web Site; Tiburon Research & Analysis 17 17 17

Warburg Pincus Has Made Investments Needs data Warburg Pincus Investments Source: Tiburon Research & Analysis 18 18 18

Warburg Pincus’ Investments Include Facet Wealth -- -- Source: Tiburon Research & Analysis 19 19

Warburg Pincus Has Invested Capital Needs data Warburg Pincus Invested Capital ($ Billions) Source: Tiburon Research & Analysis 20 20 20

Assets Under Management Warburg Pincus Has Gathered $43 Billion Assets Under Management, Consistent Since 2018 2019 = 2/9/19 Warburg Pincus Assets Under Management ($ Billions) 2018 = 2/9/19 Source: 2/7/19 Warburg Pincus Web Site; Tiburon Research & Analysis 21 21 21

Warburg Pincus Has Portfolio Companies Needs data Warburg Pincus Portfolio Companies Source: Tiburon Research & Analysis 22 22 22

Warburg Pincus’ Portfolio Companies Include Facet Wealth -- -- Source: Tiburon Research & Analysis 23 23

Warburg Pincus Generates Revenues Needs data Warburg Pincus Revenues ($ Millions) Source: Tiburon Research & Analysis 24 24 24

Warburg Pincus Earns $___ Million Needs data Warburg Pincus Net Profits ($ Millions) Source: Tiburon Research & Analysis 25 25 25

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 Employees By Business Warburg Pincus Has Half of its Employees in its Private Equity Business Warburg Pincus Employees By Business Private Equity Real Estate Source: Tiburon Research & Analysis 27

Warburg Pincus’ First Business is Private Equity Average investment period of 5 to 7 years Comments 13 funds $43 billion assets under management Source: 2/9/09 Warburg Pincus Web Site; Tiburon Research & Analysis 28 28

Warburg Pincus’ Private Equity Business Has Employees Needs data Warburg Pincus Private Equity Business Employees Source: Tiburon Research & Analysis 29 29

Warburg Pincus’ Private Equity Business Has Raised Funds Needs data Warburg Pincus Private Equity Business Funds Source: Tiburon Research & Analysis 30 30 30

Warburg Pincus’ Private Equity Business Has Institutional Investors Needs data Warburg Pincus Private Equity Business Institutional Investors Source: Tiburon Research & Analysis 31 31 31

Warburg Pincus’ Private Equity Business Has Raised $XX Billion Assets Needs data Warburg Pincus Private Equity Business Assets Raised ($ Billions) Source: Tiburon Research & Analysis 32 32 32

Warburg Pincus’ Has Made Investments Needs data Warburg Pincus Private Equity Business Investments Source: Tiburon Research & Analysis 33 33 33

Warburg Pincus’ Private Equity Business’ Investments Include… -- -- -- Source: Tiburon Research & Analysis 34 34

Warburg Pincus’ Private Equity Business Has Invested Capital Needs data Warburg Pincus Private Equity Business Invested Capital ($ Billions) Source: Tiburon Research & Analysis 35 35 35

Private Equity Business Assets Under Management Warburg Pincus’ Private Equity Business Has Gathered $XX Billion Assets Under Management Needs data Warburg Pincus Private Equity Business Assets Under Management ($ Billions) Source: Tiburon Research & Analysis 36 36 36

Warburg Pincus’ Private Equity Business Has Portfolio Companies Needs data Warburg Pincus Private Equity Business Portfolio Companies Source: Tiburon Research & Analysis 37 37 37

Warburg Pincus’ Private Equity Business’ Portfolio Companies Include… -- -- -- Source: Tiburon Research & Analysis 38 38

Warburg Pincus’ Private Equity Business Generates Revenues Needs data Warburg Pincus Private Equity Business Revenues ($ Millions) Source: Tiburon Research & Analysis 39 39 39

Warburg Pincus’ Private Equity Business Earns $___ Million Needs data Warburg Pincus Private Equity Business Net Profits ($ Millions) Source: Tiburon Research & Analysis 40 40 40

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

Warburg Pincus’ Private Equity Business’ First Service is… Comments -- Source: Tiburon Research & Analysis 42 42

Warburg Pincus’ Private Equity Business’ Second Service is… Comments -- Source: Tiburon Research & Analysis 43 43

Warburg Pincus’ Second Business is Real Estate Comments -- Source: Tiburon Research & Analysis 44 44

Warburg Pincus’ Real Estate Business Has Employees Needs data Warburg Pincus Real Estate Business Employees Source: Tiburon Research & Analysis 45 45

Warburg Pincus’ Real Estate Business Has Raised Funds Needs data Warburg Pincus Real Estate Business Funds Source: Tiburon Research & Analysis 46 46 46

Warburg Pincus’ Real Estate Business Has Institutional Investors Needs data Warburg Pincus Real Estate Business Institutional Investors Source: Tiburon Research & Analysis 47 47 47

Warburg Pincus’ Real Estate Business Has Raised $XX Billion Assets Needs data Warburg Pincus Real Estate Business Assets Raised ($ Billions) Source: 2/7/19 Warburg Pincus Web Site; Tiburon Research & Analysis 48 48 48

Warburg Pincus’ Real Estate Business Has Made Investments Needs data Warburg Pincus Real Estate Business Investments Source: Tiburon Research & Analysis 49 49 49

Warburg Pincus’ Real Estate Business’ Investments Include… -- -- -- Source: Tiburon Research & Analysis 50 50

Warburg Pincus’ Real Estate Business Has Invested Capital Needs data Warburg Pincus Real Estate Business Invested Capital ($ Billions) Source: Tiburon Research & Analysis 51 51 51

Assets Under Management Warburg Pincus’ Real Estate Business Has Gathered $XX Billion Assets Under Management Needs data Warburg Pincus Real Estate Business Assets Under Management ($ Billions) Source: Tiburon Research & Analysis 52 52 52

Warburg Pincus’ Real Estate Business Has Portfolio Companies Needs data Warburg Pincus Real Estate Business Portfolio Companies Source: Tiburon Research & Analysis 53 53 53

Warburg Pincus’ Real Estate Business’ Portfolio Companies Include… -- -- -- Source: Tiburon Research & Analysis 54 54

Warburg Pincus’ Real Estate Business Generates Revenues Needs data Warburg Pincus Real Estate Business Revenues ($ Millions) Source: Tiburon Research & Analysis 55 55 55

Warburg Pincus’ Real Estate Business Earns $___ Million Needs data Warburg Pincus Real Estate Business Net Profits ($ Millions) Source: Tiburon Research & Analysis 56 56 56

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

Warburg Pincus’ Real Estate Business’ First Service is… Comments -- Source: Tiburon Research & Analysis 58 58

Warburg Pincus’ Real Estate Business’ Second Service is… Comments -- Source: Tiburon Research & Analysis 59 59

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 Organized as an LLC Comments -- Source: Tiburon Research & Analysis

Warburg Pincus Has Assets Needs data Warburg Pincus Assets ($ Millions) Source: Tiburon Research & Analysis 63 63 63

Warburg Pincus Has Liabilities Needs data Warburg Pincus Liabilities ($ Millions) Source: Tiburon Research & Analysis 64 64 64

Warburg Pincus Has Shareholders’ Equity Needs data Warburg Pincus Shareholders Equity ($ Millions) Source: Tiburon Research & Analysis 65 65 65

Warburg Pincus Earns … Per Share Needs data Warburg Pincus Earnings Per Share Source: Tiburon Research & Analysis 66 66 66

Warburg Pincus Declares … Dividends Per Share Needs data Warburg Pincus Dividends Per Share Source: Tiburon Research & Analysis 67 67 67

Warburg Pincus Has a … Dividend Yield Needs data Warburg Pincus Dividend Yield Source: Tiburon Research & Analysis 68 68 68

Warburg Pincus’ Stock Price is … Needs data Warburg Pincus Stock Price Source: Tiburon Research & Analysis 69 69 69

Warburg Pincus Has … Shares Outstanding Needs data Warburg Pincus Shares Outstanding Source: Tiburon Research & Analysis 70 70 70

Warburg Pincus’ Market Capitalization is … Needs data Warburg Pincus Market Capitalization ($ Millions) Source: Tiburon Research & Analysis 71 71 71

Warburg Pincus is Owned by …. Needs data Warburg Pincus Ownership By Owner Source: Tiburon Research & Analysis 72 72 72

Warburg Pincus’ Stock Volume is…. Needs data Warburg Pincus Stock Volume Source: Tiburon Research & Analysis 73 73 73

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