February 1, 2006

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Fresno County Employees' Retirement Association

• February 1, 2006

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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.
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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

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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
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Leading Performance
As of June 30, 2005
Private Equity
Warburg Pincus
SP 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
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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
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Fresno County Investment Summary
As of December 31, 2005 (estimate)
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Warburg Pincus Equity Partners (1998)
5.0 Billion, 6.1 Billion Distributed

• Final Closing September 1998
• 12 Year Term 2 Year Extension
• 30 current and 147 total portfolio companies
• 3.2 years average life

• 25 return in 2004
• 54 return in 2003
• Carrying Value 12/31/05 est.
• 15 gross IRR 10 net IRR

Realizations
Driving Returns
FHP
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Warburg Pincus Equity Partners Breakdown
By Geography
By Industry
By Stage
Industrial/ Other
Computer Software/ Services
Leveraged Buyouts
Financial Services/Real Estate
Asia
Europe
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
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Warburg Pincus Equity PartnersAs of 12/31/05 -
estimate
Exited or Significantly Exited Investments ( in
millions)
IRR
Multiple
Total Profit
Total Investment
Description
Company
69.8
8.0x
401.1
57.2
Develops, manufactures and markets medical
devices for treatment of urological and
gynecological disorders
50.2
5.3x
776.8
182.5
Leading operator of telecommunication services
businesses in India
70.1
4.5x
354.7
100.2
Operates health maintenance organizations (HMOs)
122.0
3.2x
525.2
238.1
Leading regional thrift bank
4.6x
206.1
57.5
35.9
Acquires and develops oil and gas properties in
the onshore continental United States
27.7
2.7x
142.1
84.7
Start-up oil and gas exploration and production
company with an initial focus in the waters off
the Gulf of Mexico
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Warburg Pincus Equity PartnersAs of 12/31/05 -
estimate
Exited or Significantly Exited Investments ( in
millions)
IRR
Multiple
Total Profit
Total Investment
Description
Company
Fourth largest cement manufacturer in India
28.2
3.0x
69.8
35.2
Mortgage Bank in India
33.6
3.0x
70.3
35.3
35.7
3.3x
36.8
16.0
Branded children's clothing distributor
104.3
4.4x
84.9
25.1
Global financial services company
55.0
15.8x
1,142.9
77.0
Provides neutral third-party services to the
communications industry
48.4
4.3x
326.6
100.0
Manufacturer and marketer of orthopedic implant
devices for total joint reconstruction
39.8
8.4x
310.5
41.9
Leading Central and Eastern European generic
pharmaceutical company
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Warburg Pincus Equity PartnersAs of 12/31/05 -
estimate
Significant Remaining Investments ( in millions)
IRR
Multiple
Total Investment
Description
Company
-2.9
0.9x
78.6
Outsource provider of document and information
services to medical records departments
91.7
-1.0
0.9x
Provider of software and marketing services to
the automotive retail market
8.2
1.5x
51.6
Leading participant in oral drug delivery
technology and production
-5.3
0.9x
588.5
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
128.7
20.5x
10.0
FHP
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Warburg Pincus Equity PartnersAs of 12/31/05 -
estimate
Significant Remaining Investments ( in millions)
IRR
Multiple
Total Investment
Description
Company
0.0
1.0x
32.5
Internet product directory that links buyers and
sellers of electrical, mechanical and optical
components
11.5
1.3x
83.9
Develops protein therapeutics for pulmonary and
infectious diseases
2.9
1.2x
40.1
Manufactures and markets optical storage media
including recordable CDs, rewritable CDs and
recordable DVDs
-2.7
0.9x
25.2
Specialty pharmaceutical company focused on the
development of therapeutics for the treatment of
bone and dermatological disorders
Platform for financial supply chain management
0.0
1.0x
72.3
8.0
1.5x
75.3
Drug discovery and development company seeking to
identify novel proteins from the human genome and
develop those proteins as pharmaceutical products
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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
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Warburg Pincus Private Equity VIII Breakdown
By Geography
By Industry
By Stage
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
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Warburg Pincus Private Equity VIIIAs of 12/31/05
- estimate
Selected Investments ( in millions)
IRR
Multiple
Total Profit
Total Investment
Description
Company
26.4
2.6x
352.5
222.5
Insurance and reinsurance company
0.0
1.0x
0.0
53.5
The leading domestic pharmaceutical group in China
Manages coalition loyalty programs worldwide
11.6
1.4x
8.3
19.3
53.9
1.9x
42.3
47.7
Early-stage oil exploration and production company
0.0
1.0x
0.0
300.0
Leading luxury retailer that offers distinctive
merchandise and superior customer
service catering to the needs of the affluent
customer
47.1
1.6x
88.4
156.6
Leading worldwide provider of digital speech
imaging and speech recognition products
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Warburg Pincus Private Equity VIIIAs of 12/31/05
- estimate
Selected Investments ( in millions)
IRR
Multiple
Total Profit
Total Investment
Description
Company
0.0
1.0x
0.0
67.8
Provides transaction monitoring software to
financial services companies
58.3
1.8x
165.5
195.1
Midstream energy company
0.0
1.0x
0.0
157.8
Leading provider of core software and services
for major communication service providers
12.1
1.3x
88.9
285.0
Leading manufacturer of highly engineered
aircraft components
0.0
1.0x
0.0
21.5
Leading supplier of BPO services
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For Additional Information
466 Lexington Avenue, 10th Floor New York, NY
10017 Fax [phone] www.warburgpincus.com





Barry E. Taylor Managing Director Tel
650-798-0401 btaylor_at_warburgpincus.com
Rosanne Zimmerman Managing Director Tel
212-878-9358 rzimmerman_at_warburgpincus.com