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

2. 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:
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

3. 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
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

4. 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

5. 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

6. 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

7. 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

8. 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

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

10. 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

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

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

13. 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

14. 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

15. 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

16. 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

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

18. 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

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

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

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

22. 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

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

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

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

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

27. 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

28. 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

29. 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

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

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

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

33. 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

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

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

36. 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

37. 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

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

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

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

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

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

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

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

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

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

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

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

49. 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

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

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

52. 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

53. 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

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

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

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

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

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

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

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

61. 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

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

63. Warburg Pincus is Privately Owned
Organized as an LLC
Comments --
Source: Tiburon Research & Analysis

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

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

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

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

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

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

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

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

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

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

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

75. 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