INCONF

Legal Considerations

This presentation (this “Presentation”) is being furnished upon your request 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, “WP”, “Warburg”, “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 (each, a “Warburg Pincus Fund”). 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 the confidential private placement memorandum of such Warburg Pincus Fund (the “Memorandum”), as and when available, which will describe certain risks related to an investment in the Warburg Pincus Fund and other important information about the Warburg Pincus Fund.

By accepting this Presentation, the recipient agrees that the recipient will, and will cause the recipient’s representatives and advisors to, use the Presentation, as well as any information derived by the recipient from the Presentation, only for the evaluation of the performance of the Warburg Pincus Funds and the Warburg Pincus Funds’ investments and for no other purpose.

Neither Warburg Pincus, any Warburg Pincus Fund nor any of their respective affiliates makes any representation or warranty, express or implied, with respect to the fairness, correctness, accuracy, reasonableness or completeness of any of the information contained herein (including but not limited to economic, market or other information obtained from third parties and the sponsors or managers of prior investments included herein), and each expressly disclaims any responsibility or liability therefor.

The recipient acknowledges and agrees that the recipient is a sophisticated investor with such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of the opportunities described herein, and shall independently and without reliance upon Warburg Pincus, make its own appraisal of, and investigation into the business, operations, property, financial and other conditions, creditworthiness, likelihood of success, merits and consequences of the opportunities described herein.

The Presentation is based upon information reasonably available to Warburg Pincus as of the date hereof. The delivery of this Presentation shall not, under any circumstances, create any implication that the Presentation is correct in all respects, including as of any time subsequent to the date hereof, and Warburg Pincus does not undertake any obligation to update such information at any time after such date. Certain of the information contained herein, particularly in respect of market data, economic and other forecasts and performance data, has been obtained from third-party sources. While Warburg Pincus believes such sources to be reliable, none of Warburg Pincus, any Warburg Pincus Fund or their respective affiliates has updated any such information through the date hereof or undertaken any independent review of such information.

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.

Any discussion and/or inclusion of pipeline investments is for illustrative purposes only. These investments are not subject to a letter of intent, memorandum of understanding or any other binding obligation of Warburg Pincus or any Warburg Pincus Fund to make these investments. Nothing herein should be relied upon as a promise or representation as to potential investments by Warburg Pincus or any Warburg Pincus Fund. No assurance can be given that any such pipeline transaction will be allocated to or consummated by Warburg Pincus or any Warburg Pincus Fund or, if any such transaction is consummated, that Warburg Pincus or any Warburg Pincus Fund will be able to implement its business plans with respect to such investment or that such investment will perform to expectations.

Actual returns on unrealized or partially realized 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 or partially realized investments may differ materially from the returns indicated herein. There can be no assurance that historical trends will continue. Case studies presented herein are for illustrative purposes only, have been selected in order to provide examples of the types of investments made by the Firm and do not purport to be a complete list thereof. Case studies are compiled to illustrate the broad industry knowledge, geographic reach and multiple stages of development in which Warburg Pincus invests. It should not be assumed that investments made in the future will be comparable in quality or performance to the investments described herein. Further, references to the investments included in the illustrative case studies should not be construed as a recommendation of any particular investment or security.

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)

Any discussion and/or inclusion of pipeline investments is for illustrative purposes only. These investments are not subject to a letter of intent, memorandum of understanding or any other binding obligation of Warburg Pincus or any Warburg Pincus Fund to make these investments. Nothing herein should be relied upon as a promise or representation as to potential investments by Warburg Pincus or any Warburg Pincus Fund. No assurance can be given that any such pipeline transaction will be allocated to or consummated by Warburg Pincus or any Warburg Pincus Fund or, if any such transaction is consummated, that Warburg Pincus or any Warburg Pincus Fund will be able to implement its business plans with respect to such investment or that such investment will perform to expectations.

Actual returns on unrealized or partially realized 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 unrealized values or returns are based. Accordingly, no assurance can be given that unrealized valuations or returns will be achieved and the actual realized returns of unrealized investments may differ materially from the returns indicated herein. Summary statements of Warburg Pincus’ investment performance, as well as references to “Invested Capital”, unless otherwise indicated, include the total amount invested across all applicable Warburg Pincus funds.

Important Disclosures and Notes to Performance Information (Continued)

Calculation of Gross IRRs and Net IRRs

Gross IRRs for Warburg Pincus 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 distributions to limited partners and equivalent to, 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 agreements for the relevant Warburg Pincus fund and as applied to date for such fund as described in Exhibit A—”Important Disclosures and Notes to Performance Information” and footnote 11 below. For unrealized investments as of June 30, 2025, certain of the portfolio investments reflected in the performance above were valued during the 25 trading days subsequent to the date of the distribution. For WPIP, WP VIII, WP IX, WP X, WP XI, WP XII, WP Global Growth, WPGC, WPC-SEA II and WPGC 14, distributions in kind are valued based upon the average closing price of the last twenty approximate trading days prior to the distribution.

Unrealized carried interest, distributions and net investment income and realized and unrealized capital gains from the funds to the Limited Partners are determined as each fund so directs and based on such fund’s fund contribution and distribution terms as set forth in such fund’s applicable partnership agreements.

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 distribution net fees, fees, expenses and carried interest, from the funds to the Limited Partners after fees, expenses and carried interest from such partnership. Because particular investors may have different fee arrangements, an investor-by-investor analysis is required to determine the net IRR for a particular 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.

Limited Partners IRRs for most Warburg Pincus funds are calculated based on fee disclosure pursuant to Section 204(b) of the Investment Advisers Act. Because particular Limited Partners may have varied arrangements for fees, fund or limited-by-limited partner distributions of interests expenses associated with credit facilities come by the funds are treated as capital distributions and the net asset value of the end of such quarter is adjusted for the relevant borrowing amount.

As described above, distributions to Limited Partners are presented net of fund management fees. As an investor in a particular Warburg Pincus fund where 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 affect differences between gross and net IRRs and net Investment Multiples. These include carried interest, fees and expenses, the timing of capital calls and distributions, 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 recycling.

IRR Representation Methods

For aggregate reporting purposes and IRRs, aggregate gross Investment Multiples, net Fund Multiples and net Investment Multiples and distribution information based on investments made by separate funds, no single investor necessarily participated in each of such funds performance or achieved a reasonable rate of return. For WPIP, investment in such an sequenced fund or obtained the necessary diversification described in this Presentation. “Pre-tax” basis from time to time to match the fees hereof to result in Fund BI to result in the net Fee from both pre-tax and post-tax loss than one year.

Sequential Cash Flow Basis: Unless otherwise indicated for the purpose of presenting IRRs herein or time to compare returns of multiple Warburg Pincus funds for investments from multiple funds to an index, as well as IRRs with respect to investment performance attributed to certain Warburg Pincus investment professionals, IRRs are based upon the actual dates that cash flows of the fund to or from the portfolio investments occurred during the period presented. Unrealized portfolio investments are assumed to be realized at their carrying value as of June 30, 2025, as described above.

Fund Concurrent Basis: For calculations on a fund concurrent basis, the IRRs for multiple funds were calculated by aggregating the cash flows as they occurred relative to each fund’s inception date and determining the resulting IRR as though they were one fund with the same inception date. Unrealized portfolio investments are assumed to be realized after a timeframe equal to their actual holding period based upon their carrying value as of June 30, 2025, as described above.

Calculation of Gross Investment Multiples and Net Fund Multiples

Gross Investment Multiple is calculated to reflect the gross return on one or more portfolio investments as a multiple of the total amount invested in such investment by the applicable fund. Gross Investment Multiple reflects the total invested proceeds to an investment such that capturing some amount invested by the portfolio investment.

Net Fund Multiples are calculated to reflect the net return on investment to Limited Partners. Distributions to paid-in capital (“DPI”) reflect the dollars distributed from a fund to Limited Partners divided by the amount of capital paid into the fund by such Limited Partners. Remaining value to paid-in capital (“RVPI”) reflects the amount of a fund’s remaining net asset value attributable to Limited Partners (after all fees, expenses and carried interest allocable as of June 30, 2025) divided by the amount of capital paid into the fund by such Limited Partners. The amount of capital paid into the fund by such Limited Partners is the amount of capital called from Limited Partners and does not include amounts that have been recalled from the proceeds distributed to such Limited Partners (“a.k.a., recycled capital”) (i.e., the denominator used to calculate Net Fund Multiples only reflects the amount of capital called from Limited Partners and does not include amounts that have been recalled from the proceeds distributed to such Limited Partners).

As with all performance data, past performance can provide no assurance of future results.

Calculation of Estimated Net IRRs and Estimated Net Investment Multiples

Estimated net IRRs and estimated net Investment Multiples are hypothetical and estimated to reflect fees, expenses and carried interest, as further explained below. Estimated net returns do not represent historical, historic performance for any specific portfolio investment or subset of such investments, rather, it seeks to illustrate how a historic investment or subset of such investments may have performed if such investment had been made by a fund with similar terms as WPARE II. Also note that exact net returns which reflect the exact historic performance of portfolio investments or subsets of such investments and the circumstances thereof cannot be estimated since such investments and the circumstances thereof were not subject to the exact terms, fees, expenses and carried interest of a Warburg Pincus Fund. However, with respect to Asia real estate investments, some of which were made by funds which did not have a real-estate focused investment strategy, and the terms of which may have differed, potentially materially, from WPARE herein relates to Asia real estate investments, some of which were made by funds which did not have a real-estate focused investment strategy, and the terms of which may have differed, potentially materially, from WPARE II. Except as with respect to historical performance fees, estimated net IRR and estimated net Investment Multiple for individual and subsets of portfolio investments by modeling the expected gross net return differential of estimated expenses based upon fund level expenses, excluding carried interest 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. Investment hurdles for WP have been terminated or will be essentially terminating from one year out. In the rare event when investments are held less than a year and the IRR is not calculable (for example, when an investment is made on the last day of a quarter), both gross and estimated net IRR will be noted as “NM” with such footnoted calculation not yet being determined. For estimated net IRR and estimated net Investment Multiples (for which an estimated approach has been taken as detailed in this presentation), and no individual investor has received such returns, as is the case with any performance model, there are significant limitations on the applicability and uses of hypothetical fees and expenses in calculating hypothetical performance returns, and there can be no assurance that certain assumptions used in hypothetical calculations will apply to a particular investor. Estimated performance presented herein. Actual returns may differ materially from such estimated or hypothetical results.

As with all performance data, past performance can provide no assurance of future results.

Please refer to the important disclosures at the beginning of this presentation and in the Memorandum in Exhibit F—”Notes on Financial Presentation” for important information regarding cumulative performance and Financial O—Financial Summaries of Select Warburg Pincus Funds” and Exhibit E—”Select Warburg Pincus Funds Track Record” for the full track record of the Global Funds, the Real Estate Funds, WPC and WPC-SEA II. Note that the estimated net IRRs, estimated net unlevered IRRs and estimated net Investment Multiples, as further described in Exhibit F—”Notes on Financial Presentation” of the Memorandum, are based on the ratio of expenses based on hypothetical expected performance of certain recent funds.

⁽¹⁾ The use of subscription-based credit facilities generally will result in a higher reported IRR than if such facility had not been utilized. Please refer to Exhibit C—”Certain Risk Factors, Potential Conflicts of Interest and Tax, ERISA and Legal Considerations—Investment Strategy Risks—Portfolio Investment Leverage; Fund and Intermediate Level Borrowing” of the Memorandum for more information. Warburg Pincus utilizes a multi-fund hybrid credit facilities with 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.