INCONF

Legal considerations

This presentation (this “Presentation”) 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 (together with certain of its affiliates, “Warburg Pincus” or the “Firm”). By accepting delivery of this Presentation, each recipient agrees to the foregoing and that it will cause its representatives and advisors to so agree. This Presentation does not constitute an offer to sell, or a solicitation of an offer to buy, an interest in any security or Warburg Pincus private equity fund or other investment vehicle. The information set forth herein does not purport to be complete and is subject to change. The Firm has no responsibility to update any of the information provided in this Presentation. An investment in a Warburg Pincus Fund may only be made on the basis of the information contained in a confidential private placement memorandum, as and when available.

Statements contained in this Presentation (including those relating to current and future market conditions and trends in respect thereof) that are not historical facts are based on current expectations, estimates, projections, opinions and/or beliefs of Warburg Pincus. Such statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon. In addition, no representation or warranty is made with respect to the reasonableness of any estimates, forecasts, illustrations, prospects or returns, which should be regarded as illustrative only, or that any profits will be realized. Certain information contained herein constitutes “forward-looking statements” that relate to, among other things, recent and active prior Warburg Pincus funds and to the financial environment in which any Warburg Pincus Fund will operate, which can be identified by the use of forward-looking terminology such as “may,” “will,” “should,” “expect,” “anticipate,” “project,” “estimate,” “intend,” “continue,” “target,” or “believe” or the negatives thereof or other variations thereon or comparable terminology. Furthermore, any projections or other estimates in this Presentation, including estimates of returns or performance, are “forward-looking” statements and are based upon certain assumptions that may change. Prospective investors should be aware that these statements are estimates or expectations, reflecting only the judgment of Warburg Pincus. Actual results and events could differ materially from those contemplated by these forward-looking statements as a result of various risks and uncertainties, actual events or results or actual performance of any Warburg Pincus Fund may differ materially from those reflected or contemplated in such forward-looking statements. Moreover, actual events are difficult to project and often depend upon factors that are beyond the control of Warburg Pincus and its affiliates. Warburg Pincus does not undertake any obligation to update or revise the forward-looking statements contained in this Presentation to reflect events or circumstances occurring after the date of this Presentation or to reflect the occurrence of unanticipated events. This representation or warranty is made by Warburg Pincus as to the performance or such forward-looking statements.

Historical return information in this Presentation is not necessarily indicative of future performance. Investments in private equity do not have the same diversification and liquidity profiles as the indices selected for general comparison purposes. This Presentation also includes pro forma values and forward-looking statements, which are inherently uncertain and based on assumptions that could change as a result of a portfolio company’s operating performance, capital markets risks and general economic conditions. Unless otherwise indicated, financial information is as of June 30, 2025, and Warburg Pincus Funds or individual portfolio companies may have experienced, in certain instances, negative performance since such date. There can be no assurance that future Warburg Pincus Funds or individual portfolio companies will achieve comparable results as those presented herein or will be able to implement their investment strategies or achieve their investment objectives. Investments in private equity are speculative and risk the loss of capital.

The firm’s continuation, sponsored secondary and real estate funds, (i) WP XI (Asia), which was established primarily to (a) acquire a fixed percentage of ownership interests in certain Asia portfolio investments of WP XI and (b) make follow-on investments in such existing portfolio investments together with WP XI, (ii) WP AUSA, which was established primarily to (a) acquire ownership interests in a single portfolio investment of WP XI and (b) make follow-on investments in such portfolio investment, (iii) WP AUSA I-A, which was established primarily to (a) acquire additional ownership interests in a single portfolio investment alongside WP AUSA and (b) make follow-on investments in such portfolio investment, (iv) WP DVT, which was established primarily to (a) acquire ownership interests in a single portfolio investment of WP XII and (b) make follow-on investments in such portfolio investment, and (v) each of WPRE and WPARE, each of which focused on real estate rather than private equity investments, are generally excluded from the discussions and statements in this Presentation regarding aggregate performance and fundraising. Although the effect of the sale of certain assets to WP XI (Asia), WP AUSA, WP AUSA I-A and WP DVT are reflected in the performance of WP XI and WP XII, the firm believes WP XI (Asia), WP AUSA, WP AUSA I-A and WP DVT do not have substantially similar investment policies, objectives and strategies for the purposes of Warburg Pincus’ private equity track record as they were each offered on the basis of a pre-determined asset(s) rather than on the basis of a blind-pool fund investment strategy. The gross and net returns of WP XI (Asia), WP AUSA, WP AUSA I-A and WP DVT are available upon request. For the avoidance of doubt, references herein to Warburg Pincus private equity funds exclude Warburg Pincus continuation and sponsored secondary funds and real estate funds.

Statements contained in this Presentation (including those relating to current and future market conditions and trends in respect thereof) that are not historical facts are based on current expectations, estimates, projections, opinions and/or beliefs of Warburg Pincus. Such statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon. In addition, no representation or warranty is made with respect to the reasonableness of any estimates, forecasts, illustrations, prospects or returns, which should be regarded as illustrative only, or that any profits will be realized. Certain information contained herein constitutes “forward-looking statements” that relate to, among other things, recent and active prior Warburg Pincus funds and to the financial environment in which any Warburg Pincus Fund will operate, which can be identified by the use of forward-looking terminology such as “may,” “will,” “should,” “expect,” anticipate,” “project,” “estimate,” “intend,” “continue,” “target,” or “believe” or the negatives thereof or other variations thereon or comparable terminology. Furthermore, any projections or other estimates in this Presentation, including estimates of returns or performance, are “forward-looking” statements and are based upon certain assumptions that may change. Prospective investors should be aware that these statements are estimates or expectations, reflecting only the judgment of Warburg Pincus. Actual results and events could differ materially from those contemplated by these forward-looking statements as a result of various risks and uncertainties, actual events or results or actual performance of any Warburg Pincus Fund may differ materially from those reflected or contemplated in such forward-looking statements. Moreover, actual events are difficult to project and often depend upon factors that are beyond the control of Warburg Pincus and its affiliates.

Select investments presented herein are provided to illustrate the investment strategies of Warburg Pincus as they have been applied to investments of prior Warburg Pincus funds, and to illustrate the types of investments that have been made employing investment strategies similar to those detailed in this Memorandum. The selected example investments, including the performance shown herein, may not be representative of all transactions of a given type or types of investments generally. Actual results may differ materially from any forward-looking statements herein. References to portfolio companies are presented to illustrate the applicability of Warburg Pincus’ investment process only, may not be representative of all transactions of a type or types of investments generally and should not be read in any manner as legal, tax, regulatory or investment advice and should not be considered a specific recommendation of any particular security or portfolio company. Past performance is not necessarily indicative of future results and there can be no assurance that WP Funds will be able to achieve its investment objectives.

Warburg Pincus’ valuations of unrealized investments shown herein are based on assumptions that Warburg Pincus believes are reasonable under the circumstances, although actual realized returns will depend on factors such as market conditions, future operating results, the value of the assets at the time of disposition, any related transaction costs and the timing and manner of sale, all of which may differ from the assumptions on which the unrealized values or returns are based. Certain information was provided by the companies and certain statements reflect the Firm’s beliefs as of the date hereof based on prior experience and certain assumptions that the Firm believes are reasonable, but may prove incorrect. A full list of the Firm’s investments and track record is available upon request. Where forecasts are shown in this Presentation, actual results may be materially different from such forecasts presented. These assumptions should not be construed to be indicative of the actual events which will occur. Actual events are difficult to project and depend upon factors that are beyond the control of Warburg Pincus or its respective affiliates, members, partners, stockholders, managers, directors, officers, employees and agents. Other events which were not taken into account, including general economic factors which are not predictable, may occur and may significantly affect the actual returns or performance of a fund and/or any of the companies in which a fund has invested. 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. The inclusion of any third party logos herein does not reflect an endorsement by the entity whose logo is so included nor does it represent or imply any affiliation with such entity.

ESG goals are aspirational and not guarantees or promises that all goals will be met. Statistics and metrics relating to ESG matters are estimates and may be based on assumptions or developing standards (including Warburg Pincus’ internal standards and policies), There can be no assurance that Warburg Pincus’ ESG policies and procedures as described herein will continue throughout the life of any Warburg Pincus Fund and Warburg Pincus’ ESG policies and procedures could change, even materially. Warburg Pincus is permitted to determine in its discretion that it is not feasible or practical to implement or complete certain of its ESG initiatives based on cost, timing or other considerations. ESG factors are only some of the many factors Warburg Pincus considers in making an investment, and there is no guarantee that Warburg Pincus will make investments in companies that create positive ESG impact or that consideration of ESG factors will enhance long-term value and financial returns for limited partners. To the extent Warburg Pincus engages with portfolio companies on ESG-related practices and potential enhancements thereto, there is no guarantee that such engagements will improve the financial or ESG performance of the investment.

For recipients in the United Kingdom, this Presentations is being distributed only to and is directed only at (i) persons who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the “Order”), (ii) high-net-worth entities falling within Article 49(2) of the Order, and (iii) any other persons to whom it may otherwise lawfully be communicated (all such persons together being referred to as “relevant persons”). Persons who are not relevant persons must not act on or rely on this document or any of its contents. Any investment or investment activity to which this document relates is available only too relevant persons and will be engaged in only with relevant persons. Recipients must not distribute, publish, reproduce, or disclose this document, in whole or in part, to any other person. For recipients in the European Economic Area (“EEA”) interests in the Fund, to the extent made available, may be made available in the EEA in accordance with the Alternative Investment Fund Managers Directive (Directive (2011/61/EU)) (the “AIFMD”) as a private placement to a limited number of investors. In relation to each member state of the EEA (each a “Member State”), interests in the Fund may only be made available to professional investors (as such investors are defined in Article 4(1) of the AIFMD) in a Member State to the extent that (1) the Fund is permitted to be marketed to professional investors in the relevant Member State in accordance with the AIFMD (as implemented into the local law/regulation of the relevant Member State); or (2) the Fund may otherwise be made available in that Member State (including at the initiative of the investor). This press release is not an offering document and is only provided to parties which qualify as professional investors as described above.

None of the information contained herein has been filed with the U.S. Securities and Exchange Commission, any securities administrator under any securities laws of any U.S. or non-U.S. jurisdiction or any other U.S. or non-U.S. governmental or self-regulatory authority. No such governmental or self-regulatory authority will pass on the merits of the offering of interests in any Fund or the adequacy of the information contained herein. Any representation to the contrary is unlawful.

Important Disclosures and Notes to Performance Information

Gross IRRs and gross Investment Multiples presented throughout this Presentation are calculated before fund-level fees, expenses and carried interest, which would reduce returns to an investor. Net IRRs, net unlevered IRRs, net Investment Multiples and net Fund Multiples reflect the effects of fees, expenses and carried interest. Past performance can provide no assurance of future results, and there can be no assurance that any Warburg Pincus Fund will achieve comparable results, that returns generated by any Warburg Pincus Fund will equal or exceed those of other investment activities of Warburg Pincus or that any Warburg Pincus Fund will be able to implement its investment strategy and approach or achieve its investment objectives. Certain aggregate returns shown herein reflect aggregate performance across multiple funds which were not managed as a single fund or portfolio, with investments that were made over a long period of time and over the course of various market and macroeconomic circumstances. These circumstances may have differed from those applicable to future Warburg Pincus Funds.

Gross IRRs, net IRRs, net unlevered IRRs and gross and net Multiples include the value of unrealized investments. Actual returns on unrealized investments described herein will depend on, among other factors, future operating results, the value of the assets and market conditions at the time of disposition, legal and contractual restrictions on transfer that may limit liquidity, any related transaction costs or taxes and the timing and manner of sale, all of which may differ from the assumptions and circumstances on which the valuations used in the prior performance data contained herein are based. Accordingly, the actual realized returns on unrealized investments may differ materially from the returns indicated herein. Prospective investors should review carefully the notes and other qualifying information accompanying the performance information throughout this Presentation.

Net investment performance herein is generally shown in respect of limited partners in the aggregate at the applicable fund- or funds-level; however, net investment performance for subsets of investments are estimated. The performance of an individual investor in a fund may also differ from fund-level returns due to factors including: (i) the timing of an investor’s capital contributions, including as a result of a later subscription and related charges or, for performance measures other than net unlevered IRR, the fund’s use of borrowing, (ii) various structuring elections, including the use of one or more blocker entities on a particular transaction that were not common to all investors or other tax determinations, (iii) differences in fees or expenses allocable to certain investors as a result of fee rebates, taxes or other considerations, including fee discounts or reduced carried interest and (iv) the excuse or exclusion of an investor for one or more of such fund’s investments. Accordingly, no investor, even if participating in a fund, necessarily achieved the exact net IRR, net Investment Multiple or net Fund Multiple shown.

The investment-level performance of investments held for a period of less than one year has been annualized for purposes of inclusion in performance presentation of this Presentation. Such annualized performance represents an estimate, and actual performance of any such investment will likely differ, even materially, from such estimate.

“Gross profits” are presented on a “gross” basis (i.e., they do not reflect management or other fees, expenses and carried interest, which will reduce returns and, in the aggregate, are expected to be substantial).

For purposes of this Presentation, loss ratios are defined as the ratio of realized write-downs and write-offs to total dollars of invested capital in the relevant set of investments to date.

LEGAL CONSIDERATIONS (CONTINUED)

Sustainability Strategy (“Sustainability”) goals are aspirational and not guarantees or promises that all goals will be met. Statistics and metrics relating to Sustainability matters are estimates and may be based on assumptions or developing standards (including Warburg Pincus’ internal standards and policies). There can be no assurance that Warburg Pincus’ Sustainability policies and procedures as described herein will continue throughout the life of any Warburg Pincus Fund and Warburg Pincus’ Sustainability policies and procedures could change, even materially. Warburg Pincus is permitted to determine in its discretion that it is not feasible or practical to implement or complete certain of the Sustainability initiatives based on cost, timing or other considerations. Sustainability factors are only some of the many factors Warburg Pincus considers in making an investment, and there is no guarantee that Warburg Pincus will make investments in companies that create positive ESG impact or that consideration of Sustainability factors will enhance long-term value and financial returns for limited partners. To the extent Warburg Pincus engages with portfolio companies on ESG-related practices and potential enhancements thereto, there is no guarantee that such engagements will improve the financial or Sustainability performance of the investment. Gross and net IRRs and multiples include the value of unrealized investments, and aggregate IRRs for more than one fund are computed on a sequential cash flow basis unless otherwise indicated. Net IRRs reflect funds after all fees, expenses and carried interest. Fund-level returns do not necessarily reflect return achieved by any individual investor.

Calculation of Gross and Net IRRs

Gross IRRs for Private Equity Funds are calculated based upon the actual dates of cash outflows from a fund to make investments in portfolio investments and cash inflows to a fund prior to deductions for blended-level taxes and expenses. If any from dispositions of securities in portfolio investments or distributions made by such portfolio investments. The value associated with unrealized investments is determined based upon the valuation methodology determined under the limited partnership agreement for the relevant Warburg Pincus fund and as applied to date of such fund as described in more detail below. For WP Ventures, WP VI and WPEP, distributions in kind are valued based upon the average closing price on the 20 trading days subsequent to the date of the distribution. For WPIP, WP VIII, WP IX, WP X, WP XI, WP XII, WP XIII, WP XIV, WP Global Growth, WPC-SEA II, WPGC II and WPGC 14, distributions in kind are valued based upon the average closing price on the ten trading days commencing with the date of the distribution. Unrealized portfolio investments are assumed to be realized at their carrying value as of June 30, 2025.

Net IRRs for Warburg Pincus funds are calculated based upon the actual due dates of capital call payments by Limited Partners to the funds and the actual distributions, net of fees, expenses and carried interest, from the funds to the Limited Partners as of the dates they occur (and the remaining net asset value, if any, attributable to the Limited Partners as determined for each fund as of June 30, 2025. Because net IRRs are based on the dates of capital call to Limited Partners rather than the dates of fund investments, the use of credit facilities in certain circumstances has the effect of increasing the reported net IRR of a fund.

Unrelevered net IRRs for Warburg Pincus funds utilize the same assumptions as net IRRs, except that they are calculated based upon the dates the funds received cash from credit facility drawdowns, and the dates the funds made credit facility payments, associated with fund or capital distributions and the net asset value of each such quarterly is adjusted for the relevant borrowing amount. As described above, distributions in kind are valued as per the methodologies set forth in the relevant fund agreements. The net asset value represents the fair value of the fund’s portfolio investments and cash and other assets less its liabilities. The net asset value for each fund as of June 30, 2025 is determined after all fees, expenses and unrealized carried interest have been allocated.

There are a number of factors that can impact the difference between gross and net IRRs and net investment multiples, and the other fund measures contained herein. These factors include carried interest, fees and expenses, the timing of capital calls versus investments, the timing and investment performance associated with recycling realized proceeds. The difference between gross and net Multiples is impacted by all of the same factors except timing (1) As with all performance data, past performance can provide no assurance of future results.

1) The use of subscription-based credit facilities generally will result in a higher reported IRR than if such facility had not been utilized. Warburg Pincus utilizes a multi-fund hybrid credit facilities with both subscription- and NAV-based borrowings. Warburg Pincus has historically drawn down capital on the credit facilities for limited periods, therefore the impact on IRR would not be material.

Estimated net IRRs and net Multiples are estimated to reflect fees, expenses and carried interest, as further explained below. Exact net returns which reflect portfolio investments or subsets of such investments and the circumstances pertaining thereto cannot be calculated due to the lack of a mechanism to properly allocate the relevant portions of aggregate fees, expenses and carried interest to each investment or to such investments collectively as a subset of investments made by different funds, as net returns can only be calculated on an exact basis for each fund. Except as with respect to negative performance figures, net unlevered IRRs are estimated to be 75% of gross IRR or 1% if the IRR-based rule that the estimated Investment Multiple is not less than 1.00x, and estimated net Investment Multiple for subsets of portfolio investments are estimated as the midpoint of the range of the net IRR to gross IRR (72.5-77.5%) and net Fund Multiple to gross Investment Multiple (85-95%). Estimated net unlevered IRRs and gross Investment Multiples for some period.

IRRs and estimated net Investment Multiples for performance figures, either for a single portfolio investment or subset, that have a gross performance of 0% or 1.0x, as applicable, or below, are presented as the same value as the gross presentation. Investments which have been permanently written off will be presented with an estimated net IRR and an estimated net Investment Multiple of (100%) and 0.0x, as applicable, provided the investment is prior year-end of entry. Investments which have been sold (realized) less than one year and/or with an exit mark as of a recent fund year-end, and estimated net IRR and estimated net Investment Multiples are hypothetical estimates to which a variety of assumptions have been made by the general partner; and the use of hypothetical fees and expenses in calculating hypothetical performance returns, and there can be no assurance that actual fees and expenses applicable to Warburg Pincus funds or any particular investor will reflect the hypothetical assumptions presented herein. Actual returns may differ materially from any hypothetical returns presented herein. The ratio of net unlevered IRR to gross IRR for the firm’s three most recent Private Equity Funds (WP XII, WPGC and WPGC 14) with broadly similar (i) economic terms and (ii) expected subscription credit facility usage. As with all performance data, past performance can provide no assurance of future results.

In certain circumstances, except as with respect to negative performance figures, Warburg Pincus also calculates an estimated net IRR for the performance of subsets of portfolio investments. Such estimated net IRR is estimated to be 80% of gross IRR on a sequential cash flow basis. Such an estimate, like the ratio for estimated net unlevered IRR, is based upon the ratio of levered net IRR to gross IRR for actual and expected performance of the three most recent Global Funds (WP XII, WPGC and WPGC 14) with broadly similar (i) economic terms and (ii) expected subscription credit facility usage. As with all performance data, past performance can provide no assurance of future results.