Warburg Pincus LLC: investment adviser

We are headquartered in New York, with additional investing offices around the world in Beijing, Berlin, Dubai, Hong Kong, Houston, London, Mumbai, San Francisco, São Paulo, Shanghai, Singapore and Tokyo. The Managing Directors of the Firm are our principal owners. No person owns more than 25% of the Firm. Warburg Pincus affiliates serve as advisers, sponsors, general partners, and/or managers of our Funds. Interests in our Funds are privately offered to qualified investors. Along with our own capital commitments to our Funds, we invest third party investors’ capital contributions to our Funds on a discretionary basis, primarily through growth and other investments made by our Funds into operating businesses. Our global Funds are generally offered on the basis of a diversified private equity investment strategy rather than to meet individual objectives of investors. The Firm has also offered, and expects to offer in the future, other funds, including sector or geographically focused companion funds to invest alongside a global fund in certain subsets of investment opportunities. The Firm has also offered, and expects to offer in the future, other purpose funds such as continuation funds, sponsored secondary funds, capital solutions funds, long-term investment funds, real estate funds and semi-liquid funds. Our Funds’ governing documents establish discretionary authority for us to manage the investment and other day-today activities of the Funds, although certain limits on investments such as concentration limits and geographic sub-limits may be established on a Fund-specific basis. Our investment advisory business primarily consists of identifying and selecting investment opportunities for our Clients, and participating in the acquisition, investment management, monitoring and ultimate disposition of our Clients’ investments. Since its founding, the Firm has followed a growth-oriented investment strategy. We seek to make thesisdriven growth capital transactions, early growth platforms, buyout, recapitalizations and other special situation investments across a variety of business sectors and geographic regions to maximize long-term investment returns for our Clients. Our Senior Management, including the committees of the Firm’s Investment Management Group (“IMG”), coordinates the investment advisory business of the Firm on a global basis. The Firm’s Operating Management Group (“OMG”) is made up of the senior operating leadership of Warburg Pincus and oversees the operations of the Firm outside its core investing activities. The IMG and OMG are led by the Firm’s Chief Executive Officer, Jeffrey D. Perlman. Warburg Pincus is a globally integrated tri-asset class investment firm, recognized for its history, scale, and breadth within the private equity industry. We select companies for investment after conducting due diligence and developing a detailed investment thesis. As a fundamental aspect of our private equity investment advisory strategy, we typically take an active role on the boards of directors of the Firm’s portfolio companies—either by designating our employees to such boards of directors or, as deemed appropriate, through nonemployee designees—providing assistance in developing and executing their strategic plans and realizing our investment theses. We invest in privately held and publicly traded

companies. The Firm’s investment professionals focus primarily on growth investing in the following core industry sectors: Technology, Financial Services, Healthcare and Industrials. Additionally, geographyspecific opportunities are pursued in select areas such as Real Estate, select consumer investments in Asia. Our primary existing private equity, capital solutions, long-term investment, and real estate funds are: As of December 31, 2025, Warburg Pincus Private Equity Funds1 Warburg Pincus Global Growth 15, L.P., a global private equity fund established in 2025. Warburg Pincus Financial Sector III, L.P., a financial sector-focused companion fund established in 2024. Warburg Pincus Global Growth 14, L.P., a global private equity fund established in 2022. Warburg Pincus Financial Sector II, L.P., a financial sector-focused companion fund established in 2021. Warburg Pincus China-Southeast Asia II, L.P., a China- and Southeast Asia-focused private equity fund established in 2019. Warburg Pincus Global Growth, L.P., a global private equity fund established in 2018. Warburg Pincus Financial Sector, L.P., a financial sector-focused companion fund established in 2017. Warburg Pincus China, L.P., a China-focused companion fund established in 2016. Warburg Pincus Private Equity XII, L.P., a global private equity fund established in 2015. Warburg Pincus Energy, L.P., an energy-focused-companion fund established in 2014. Warburg Pincus Private Equity XI, L.P., a global private equity fund established in 2012. Warburg Pincus Private Equity X, L.P., a global private equity fund established in 2007. Warburg Pincus Capital Solutions Funds Warburg Pincus Capital Solutions Founders Fund, L.P., a capital solutions-focused private investment fund established in 2023 (together with its parallel funds and alternative investment vehicles, “WPCS FF” and, together with any subsequent capital solutions-focused funds, the “Capital Solutions Funds”). Warburg Pincus Long-Term Investment Funds WP Dynasty Holdings I, L.P., a long-term investment vehicle established in 2023 primarily to acquire “new economy” real estate companies across Asia-Pacific (together with its parallel funds and

The following funds, together with their respective parallel funds and alternative investment vehicles, the “Private Equity Funds” and each, a “Private Equity Fund.”

alternative investment vehicles, “WP Dynasty”). Warburg Pincus Real Estate Funds Warburg Pincus Asia Real Estate, L.P., a Pan Asia-focused asset-level real estate fund established in 2021 (together with its parallel funds and alternative investment vehicles, “WPARE” and, together with any subsequent real estate-focused funds, the “Real Estate Funds”). In addition to the Funds identified above, after December 31, 2025, but prior to filing this Brochure, WP formed Warburg Pincus Partnership Solutions Founders Fund, L.P. a GP-led secondaries fund (together with any subsequent GP-led secondaries-focused funds, the “Secondaries Funds”); Warburg Pincus Access Fund, L.P. a semi-liquid fund (together with any subsequent semi-liquid funds, the “Semi-Liquid Funds”); Warburg Pincus Aegis, SCSp, a European defense fund (together with any subsequent defensefocused funds, “Aegis”); and Warburg Pincus Asia Real Estate II, L.P., a successor fund to WPARE. The Firm has established and generally has discretion to establish other investment vehicles, including managed partnerships and co-investments vehicles for current or prospective investors, subject to the provisions of the applicable Fund governing documents (see Item 11. Code of Ethics, Participation in Client Transactions and Personal Trading, Co-Investments for more information). In addition, Warburg Pincus has established other investment vehicles, including: (i) continuation and sponsored secondary funds, which were utilized in part to generate liquidity for certain Funds or assets, and (ii) investment vehicles established to provide certain investors with access to certain investments through or alongside the Funds.2 Warburg Pincus has also entered into a sub-advisory agreement (the “Sub-Advisory Agreement”) with, and serves as the sub-adviser to, accounts benefiting a reinsurance company, whereby the Firm provides investment sub-advisory services in respect of the reinsurance company’s private fund investments. As of December 31, 2025, Warburg Pincus manages approximately $75.4 billion of net assets (excluding approximately $26.4 billion of uncalled capital commitments) on behalf of its Clients on a discretionary basis, and no assets on a non-discretionary basis.

Warburg Pincus also manages Warburg Pincus XI (Asia), L.P.; WP AUSA, L.P.; WP AUSA I-A, L.P.; WP DVT, L.P.; Warburg Pincus Jovian GG, L.P.; and Warburg Pincus Jovian FS, L.P., private investment funds established in 2017, 2019, 2020, 2022, 2024 and 2024, respectively. Warburg Pincus XI (Asia), L.P. was formed primarily to acquire a fixed percentage of the ownership interests in certain Asia portfolio investments of Warburg Pincus Private Equity XI, L.P. WP AUSA, L.P. was formed primarily to acquire ownership interests in a single portfolio company that was owned partially by Warburg Pincus Private Equity XI, L.P. WP AUSA I-A, L.P. was formed primarily to make follow-on investments in the same portfolio company as WP AUSA, L.P. WP DVT, L.P. was formed primarily to acquire ownership interests in a single portfolio company that was owned partially by Warburg Pincus Private Equity XII, L.P. Warburg Pincus Jovian GG, L.P. was formed primarily to acquire ownership interests in certain portfolio companies that were owned partially by Warburg Pincus Global Growth, L.P., and Warburg Pincus Jovian FS, L.P. was formed primarily to acquire ownership interests in certain portfolio companies that were owned partially by Warburg Pincus Financial Sector, L.P. Warburg Pincus also manages: WPARE N CoInvest, L.P.; WPARE S Co-Invest, L.P.; Verdite Gem Co-Invest, L.P.; Stannite Gem Co-Invest, L.P.; Lazurite Gem Co-Invest, L.P.; and Wulfenite Gem Co-Invest, L.P. as vehicles formed to co-invest with certain investments of Warburg Pincus Asia Real Estate, L.P. Warburg Pincus also manages Warburg Pincus Prosvasi 2023, L.P. in connection with certain investors’ access to investments of Warburg Pincus Global Growth 14, L.P.

Management fee percentages for the Private Equity Funds, the Capital Solutions Funds, the Real Estate Funds, and the Secondaries Funds generally range from 1.0 % to 1.5% per annum. As a general matter, management fees will be payable during term extensions unless otherwise agreed with investors. Except as otherwise agreed, the general partner and limited partners who are affiliates, employees, or other designees of Warburg Pincus will not be subject to a Fund’s management fee or other performance-based fees. Typically, the affiliated general partner of our Funds will receive carried interest equal to 20% of the net profits of a Fund.3 From the Semi-Liquid Funds, we will generally receive a management fee payable monthly, in arrears in an amount up to 1.25% per annum of the month-end net asset value attributable to the applicable class investor units of a Semi-Liquid Fund. The management fee will be pro-rated for partial periods. The Semi-Liquid Funds do not have a Stepdown Date (as described below). Warburg Pincus may elect to receive the management fee in cash, investor units in a Semi-Liquid Fund, and/or shares or units of any intermediate entities. Each management fee payment will, as determined in the sole discretion of the general partner of such Semi-Liquid Fund, either (i) result in a reduction of the net asset value of the applicable class of units to which such payment relates, or (ii) result in a reduction in units held by the unitholders of the applicable class. As is typically the case in private equity funds, management fees will be calculated and charged on a basis that generally is not based on the respective Fund’s then-current net asset value. Subject to the Funds’ governing documents and related management agreements, from the effective date of the relevant Fund until a date specified (the “Stepdown Date”), management fees generally will be charged based on a percentage of the relevant Fund’s aggregate commitments (or, in limited circumstances, invested capital). Following the Stepdown Date, management fees generally will be charged and calculated in part based on the average cost basis of all remaining portfolio investments (including, where applicable, a Fundborrowing component (including interest expenses) and the amount of any capitalized transaction-specific expenses, fees, compensation or other similar payments (including transaction-specific expenses, fees, compensation or other similar payments, including any consulting fees, monitoring fees, investment banking fees, advisory fees, transaction fees, fees for services provided by the Value Creation Team or similar fees paid to Warburg Pincus or an affiliate (such fees, the “Portfolio Company Fees”)), less any write-offs. Where the fair market value of an investment exceeds the cost basis relating to such investment, management fees will not be calculated based upon such appreciated value and will instead continue to be calculated based on the cost basis of the applicable investment. Conversely, the relevant private equity Funds’ governing documents do not require management fees to be reduced or refunded following the occurrence of a write-down, decrease (including a significant decrease) in fair value or

Certain continuation Funds and other Funds formed by Warburg Pincus, including a Capital Solutions Fund, a Secondaries Fund, and WP Dynasty, charge reduced management fees and/or carried interest.

other event not constituting a complete realization, such as a partial sale or disposition, reorganization, recapitalization (including recapitalizations involving dividends), roll-over investment in connection with a sale or dividend distribution, except in the case of investments that have been written off pursuant to the relevant governing documents. As a result, with the exception of the Semi-Liquid Funds, the amount of management fees typically will not correspond with fluctuations in the net asset value of individual investments or of a Fund, and will not be reduced in connection with any write-downs (whether temporary or permanent), except in the case of investments written off. The cost basis component of the management fee will include capitalized transaction-specific fees and expenses of unrealized investments including certain fees (such as Portfolio Company Fees) and expenses paid to Service Providers (as defined below), Warburg Pincus or its affiliates. Warburg Pincus will evaluate multiple investments in a portfolio company, on an aggregated basis, to determine whether a Private Equity Fund’s investment in such portfolio company, collectively, should be written off. However, the basis by which the management fee is calculated is described in the relevant Fund’s governing documents, and certain Funds provide for a different methodology for calculating management fees. Each Fund’s governing documents and related management agreements set forth the full list of terms under which management fees will be reduced, offset or otherwise be limited, and consequently investors should expect to bear the full specified management fee rate in the governing documents and related management agreements until they are reduced in the circumstances and on the date(s) specified therein. In addition, Warburg Pincus calls capital from limited partners into Funds as needed to fund investments, cover expenses and other obligations and pay management fees. Management fees payable and other obligations will also be deducted from proceeds from investment realizations. In the event an investment management agreement or a Fund itself would be terminated, any pre-paid fees would be reimbursed to the Fund pro rata based on the portion of the quarter (or other period) for which fees were paid but for which services were not rendered. The Semi-Liquid Funds expect to charge a 15% performance participation allocation on the Excess Profits (as defined in each Semi-Liquid Fund’s governing documents) which will accrue monthly to the general partner (or an affiliate thereof) of a Semi-Liquid Fund (subject to pro-rating for partial periods) and be paid annually. The general partner of a Semi-Liquid Fund will also be allocated a performance participation allocation with respect to any investor units of such Semi-Liquid Fund repurchased during the relevant period, and proceeds received by the relevant investor will be reduced by the amount of such incentive allocation. Performance participation allocations are subject to modification, waiver, or reduction in Warburg Pincus’ sole discretion. The performance participation allocation will, as determined in the general partner’s sole discretion, either: (i) result in a reduction of the net asset value of the applicable class of units to which such payment relates, or (ii) result in a reduction in units held by unitholders of the applicable class. The general partner of a Semi-Liquid Fund may elect to receive the performance participation allocation in units of such Semi-Liquid Fund and/or interests in any lower entity, which may be repurchased by such Semi-Liquid Fund at net asset value at the general partner’s election. Investors holding units reserved for Warburg Pincus and its affiliates will not be charged incentive allocations. Fees assessed, including incentive allocation and management fees, have been and may be in the future substantially reduced or, as is more typical, waived altogether for these investors. Please also see Item 11. Code of Ethics, Participation or Interest in Client Transactions and Personal Trading below regarding allocation and for additional information relating to how the Firm generally addresses conflicts of interests. While Warburg Pincus generally does not charge transaction fees, such as sponsor, advisory or monitoring fees, nor does it generally charge fees for any other services that its employees provide to

portfolio companies, Warburg Pincus reserves the right to receive and/or allow an affiliate to receive payment for value creation services or otherwise receive a fee, in certain situations, such as: (i) where Funds are acquiring only a portion of a portfolio investment alongside one or more other investors; (ii) the payment of such fees to one or more entities that supports or is advisable in respect of certain non-U.S. investments for the benefit of a Fund, where Warburg Pincus and/or an affiliate of Warburg Pincus receives a fee; (iii) when a co-investor in the transaction receives a fee; (iv) arranger fees in the case of a Capital Solutions Fund; (v) where certain value creation resources are provided to underlying portfolio companies of Fund investments; or (vi) investment banking fees, consulting fees or monitoring fees or the benefit of any “break-up” fees or advisory, transaction fees or similar fees for services rendered to a Fund or to underlying portfolio investments in which such Fund is making or has an investment. In certain circumstances, employees of Warburg Pincus are permitted to receive directors’ fees, including non-cash compensation, for their service as directors of underlying portfolio companies. A Fund’s pro rata share of any such fee (net of any unreimbursed out-of-pocket expenses incurred in connection therewith) received by Warburg Pincus from a portfolio company is applied 100% to offset the management fee payable by the relevant Fund or is otherwise allocated to the relevant Fund. The allocable portions of any fees (net of any unreimbursed out-of-pocket expenses incurred in connection therewith) paid to Warburg Pincus employees for service as directors of portfolio companies are also applied 100% to offset the management fee or are otherwise allocated to the relevant Fund. Additionally, in the event that certain Warburg Pincus employees and/or investment professionals are specifically allocated fees or carried interest in respect of one or more investment structures utilized for legal, tax, structuring, and/or other reasons in one or more non-U.S. jurisdictions, such amounts generally offset the management fee or the carried interest of the relevant Fund and it is generally intended that such amounts would offset other economic entitlements, as described in the applicable Fund’s governing documents. A portion of such directors’ fees are typically paid in non-cash form (such as stock or options issued by a portfolio company). The Firm seeks to take commercially reasonable steps to realize the value of non-cash directors’ fees and will apply a Fund’s pro rata share of any net realized value to reduce management fees. Such securities are subject to fluctuations in value over time, and may lose some or all value pending any realization, including due to the Firm’s determination as to the timing of such realization (often subsequent to a full exit from the corresponding Fund investment) in which case any management fee offset or other allocation to the relevant Fund would be a lesser value when received. For the avoidance of doubt, fees received in respect of a co-investor or other parties’ allocable share of a portfolio company (which could include co-investment vehicles managed by Warburg Pincus, third parties, portfolio company management or employees, and/or others) in connection with a transaction will not offset the management fee payable by the relevant Fund or otherwise be allocated to the relevant Fund. As a result, in certain situations a Fund will not benefit from (and Warburg Pincus and its affiliates potentially will be permitted to retain) the portion of any fee related to, among other items: (i) co-investors or potential co-investors (which could include co-investment vehicles managed by Warburg Pincus, Service Providers, third parties, current or former portfolio company management or personnel, sellers or members of management that have rolled their interest or reinvested proceeds in the portfolio company and/or other owners); or (ii) the value of profits, participation or equity interests in or relating to the relevant portfolio company, including interests owned by current or former portfolio company management, which have the potential to be significant. Warburg Pincus’ ability to receive such amounts provides it with an incentive to increase the portion of each relevant investment held by such persons. When determining directors of portfolio companies, the Firm in some situations designates a non-Warburg Pincus employee, including a consultant, who has specific skills and experience that would benefit the portfolio company. In such situations, the non-Warburg Pincus employee is generally entitled to retain any consideration received as a director of the portfolio company and such amounts are generally not applied to offset management fees or otherwise allocated to the applicable Fund. As such, when determining directors for portfolio companies, the Firm seeks to maximize the long-term value of the investment, not the amount of the management fee offset, and is not required to seek to maximize the amount of

management fee offset. In addition, we are permitted to retain certain former partners of the Firm— designated at times as Special Limited Partners—on behalf of a portfolio company, a prospective portfolio company or group of portfolio companies (or portfolio companies may retain such persons directly) and we also engage certain personnel to perform jurisdiction-specific administrative functions at one or more registered or administrative offices in a non-U.S. jurisdiction in connection with one or more investments in such jurisdiction. Such persons or personnel, including the Special Limited Partners, could receive compensation, including fees, incentive equity or other stock awards (which, for the avoidance of doubt, may be structured through loans, profit interests or similar arrangements provided by the applicable Fund) from any portfolio company and, in the case of Special Limited Partners, may receive fees directly from Warburg Pincus for services that Warburg Pincus believes are performed in order to benefit Warburg Pincus as a whole. Any such amounts received by such Special Limited Partners and such personnel will not offset the management fee. Management fees pay for our overhead, including certain expenses relating to investments that we pursue for our Funds that are not consummated. The Funds are responsible for their organizational expenses (typically subject to a cap) and most other administrative and transaction expenses associated with their operations and investment activities, as described below. Some of these types of expenses will be incurred by the Funds for investments that we pursue for our Funds but are not consummated. The Firm’s management fees and carried interest are generally not negotiable, although Warburg Pincus may, in its sole discretion, reduce, or waive management fees and/or carried interest with respect to a particular Fund, investor or co-investor. Additionally, limited partners in certain Funds who have made or subscribed for capital commitments above certain thresholds or prior to certain specific dates pay a reduced management fee and/or bear a reduced carried interest. Warburg Pincus or its affiliates will provide: (i) services with respect to the Real Estate Funds’ investments (including property management, leasing, development and construction management services, mortgage servicing, brokerage, loan servicing, property, title, and/or other types of insurance and other similar operational matters) (“Property Management Services”) and (ii) functions or services that would otherwise be performed for the Real Estate Funds’ investments by third parties, including accounting, fund administration, legal, financial, reporting, tax, internal audit and any other similar services (“Legal and Accounting Services”), including reimbursement of “employment costs” and related overhead expenses allocated thereto as determined by the general partner of a Real Estate Fund; provided that any fees payable shall not exceed the amount that would be otherwise payable by a Real Estate Fund if such functions or services were provided by unaffiliated third parties, unless otherwise consented to by such Real Estate Fund’s advisory committee. Any such compensation or reimbursement of expenses in relation to Legal and Accounting Services or Property Management Services will not offset the management fee payable by the Real Estate Funds. Additionally, given the nature of investment opportunities pursued by the Capital Solutions Funds, the Firm expects to charge arranger fees in respect of certain of such investment opportunities; however, any such amounts attributable to the Fund’s allocable share will offset the management fee payable by limited partners of a the Capital Solutions Fund as described in the governing agreements of such Capital Solutions Fund. Fund Expenses Subject to each Fund’s governing documents, to the extent not borne by portfolio investments, a Fund will bear all of its own professional and direct operating expenses, typically including, without limitation: (i) the management fee; (ii) reasonable fees and expenses of attorneys, advisors, accountants, auditors, consultants, appraisers, administrators (including fund administrators), finders, experts and other

professionals retained by a Fund or by the Firm or the applicable general partner (or their affiliates) on behalf of a Fund, including fees or other compensation (whether in the form of cash or equity in the applicable portfolio company) and fees for certain personnel to perform jurisdiction-specific administrative functions at one or more registered or administrative offices in a non-U.S. jurisdiction in connection with one or more investments in such jurisdiction; (iii) expenses for banking, rating, depositary, safekeeping, custodial, trustee, recordkeeping and other bank or similar services; (iv) expenses associated with the preparation of a Fund’s financial statements, tax returns, tax estimates, Schedules K-1 and similar forms; (v) principal, interest and any fees and expenses in connection with any borrowing or guarantee or other credit support or hedging permitted pursuant to a Fund’s governing documents (whether or not consummated); (vi) expenses of any advisory committee, any valuation committee and any technical advisory board established by a Fund, including meetings thereof and any travel or out-of-pocket expenses related to such meetings, expenses incurred in connection with the engagement of third party advisors and any other expenses incurred by any advisory committee (including non-voting observers), any valuation committee or any technical advisory board and their respective members in connection with the advisory committee’s, the valuation committee’s or such technical advisory board’s activities, as applicable, as contemplated in a Fund’s governing documents; provided that travel and related (such as food and lodging) expenses of non-voting observers of the advisory committee of a Fund shall be limited to one advisory committee meeting annually held on or around the date of a meeting of the partners of such Fund; (vii) taxes and other governmental charges, fees and duties payable by a Fund to federal, state, local and other governmental agencies (including any value added tax (VAT) applicable on any fees, costs, expenses, liabilities and obligations relating to a Fund and/or its activities) other than with respect to taxes on investments; (viii) fees, costs and expenses incurred by a Fund, the general partner of such Fund or any other Warburg Pincus professional in connection with the annual meetings and any other meetings of the Fund investors (whether in person or via webcast or other video conference (and any subscription or hosting costs related thereto)), including any costs associated with venue, set-up, room and board, dining, entertainment, gifts, events or speakers and other meeting or conference-related costs attributable to the Fund investors, portfolio company management or personnel and/or other Fund constituents in connection with any such meetings; (ix) fees, costs and expenses of reporting to investors on Fund or portfolio investment-related matters and any other Fund-specific reporting, notification or other filing obligations (including the preparation and filing of Form PF, filings required under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (including, without limitation, Form 13F, Form 13H, Section 16 filings, Schedule 13D filings and Schedule 13G filings), U.S. Treasury TIC and BEA filings, any forms, schedules, reports, filings, information or other documents prepared with respect to the U.S. Foreign Account Tax Compliance Act and any comparable non-U.S. filings (such as filings required by the Commission de Surveillance du Secteur Financier de Luxembourg), and reports to be filed with the Commodities Futures Trading Commission), as well as software, hardware, technology and systems development and implementation, developing, acquiring and maintenance costs related to each of the foregoing to the extent attributable to the activities undertaken for the benefit of a Fund or the Fund investors (but not the Firm); (x) legal, regulatory and compliance expenses of a Fund and its activities (but not of the Firm), including a Fund’s (but not the Firm’s) compliance with the Directive 2011/61/EU of the European Parliament and of the Council of June 8, 2011 on Alternative Investment Fund Managers, as implemented in any relevant jurisdiction, together with Commission Delegated Regulation (EU) No 231/2013, as well as any similar or supplementary law, rule or regulation, in each case as amended from time to time, including as implemented in the United Kingdom pursuant to applicable legislation including the UK Alternative Investment Fund Managers Regulations 2013/1773, and retained and amended from time to time (“AIFMD”), the Swiss Collective Investment Schemes Act dated 23 June, 2006 (as amended from time to time), the Swiss Financial Services Act 2018 (as amended from time to time), the EU Sustainable Finance Disclosure Regulation (EU) 2019/2088 and the EU Taxonomy Regulation (EU) 2020/825 or any similar law, rule or regulation, any reporting, environmental, social and governance or other obligations or standards (including fees, costs and expenses relating to the use of any alternative investment fund manager (for AIFMD purposes), paying agent, depositary, legal, administrator,

consulting or other third party service provider utilized in connection with any of the foregoing), and the cost of complying with side letter arrangements (“Side Letters”), including any “most favored nations” provisions and elections, and all fees, costs and expenses incurred in connection with the organization, management, operation, dissolution, liquidation and final winding up of any alternative investment vehicles or special purpose vehicles; (xi) actual, potential, contemplated, and/or threatened litigation, mediation, arbitration or other dispute resolution process-related expenses, including damages, settlements, and/or reimbursement obligations; (xii) indemnification and advancement payments and expenses; (xiii) insurance expenses related to protecting a Fund and any indemnified persons in connection with the affairs of a Fund, including directors and officers liability, fidelity bond, cybersecurity, errors and omissions liability, crime coverage and general partnership liability premiums and other insurance (including costs related to any retention or deductibles and broker costs and commissions) for a Fund, the general partner of a Fund, the Firm, and each of their employees, directors and officers, and the costs of any consultants or other advisors utilized in the procurement, review, maintenance and analysis of insurance; (xiv) organizational expenses in connection with establishing a Fund (subject to any cap); (xv) expenses incurred in connection with winding up and liquidating a Fund; (xvi) unreimbursed costs and expenses incurred in connection with any withdrawal, transfer or proposed transfer of an interest in a Fund or any investor’s name change, internal restructuring or change in trustee, registered agent or custodian; (xvii) fees, costs and expenses of developing, licensing, subscribing for, implementing, maintaining, upgrading or otherwise associated with any web portal, extranet tools, computer software (including portfolio tracking, investor onboarding and subscription processing, investor reporting and communications, Service Provider oversight, side letter compliance, accounting, “know-your-client,” ledger systems, financial management, communication and cybersecurity) or other administrator tools (including subscription-based services); (xviii) costs and expenses involving amendments to, and waivers, consents or approvals pursuant to, a Fund’s governing documents, including the preparation, distribution or implementation thereof; (xix) costs and expenses (including legal, financing and litigation fees and expenses) incurred in connection with a defaulting limited partner; (xx) expenses incurred in connection with any activities with respect to protecting the confidential or non-public nature of any information or data; (xxi) any costs and expenses arising from any foreign exchange or other currency transaction; (xxii) fees, costs and expenses relating to any audit, investigation, regulatory or governmental inquiry or public relations undertaking; and (xxiii) any other fees, costs, expenses, liabilities and obligations approved by a Fund’s advisory committee. To the extent not included in the expenses set forth in the foregoing, a Fund will also bear all reasonable out-of-pocket expenses directly related to all proposed or prospective or consummated investments and the investigating, structuring, holding, monitoring, assistance, maintenance and disposition thereof (whether or not consummated and including any such expenses incurred by any acquisition, holding or alternative investment vehicle formed to facilitate or finance Fund investments), including, without limitation, (a) all reasonable professional fees and expenses, such as those for attorneys, advisors, accountants, auditors, Executives/Entrepreneurs-inResidence, consultants, appraisers, experts, finders, investment bankers, underwriters, loan and other servicers, valuation agents, collection and administrative agents, pricing Service Providers and other professionals or custodians; (b) due diligence expenses; (c) research, tracking, monitoring and data collection expenses related to specific portfolio companies or prospective portfolio companies or otherwise attributable to the activities undertaken for the benefit of a Fund or the Fund investors (but not the Firm), including expenses related to third parties’ research, data or obtaining investment activity related market data, tracking and reporting; (d) brokerage and other intermediaries’ commissions and similar fees and other investment costs incurred by or on behalf of a Fund; (e) travel (including, where appropriate as determined by a general partner of a Fund, the cost of using private aircraft or other private or chartered air travel (including the use of a private or chartered aircraft owned, partially owned or leased by the Firm, its affiliates or any of their respective beneficial owners or employees), in each case, at a cost not to exceed the cost of first class commercial airfare for the same itinerary at substantially the same travel times, unless otherwise agreed by the advisory committee) and related (such as food and lodging) and entertainment expenses but excluding certain travel and entertainment expenses for transactions not

consummated as set forth in a Fund’s governing documents; (f) transfer taxes and costs related to the registration or qualification for sale of securities; (g) insurance expenses; (h) expenses incurred in respect of banking, depositary, safekeeping, custodial and other bank services; (i) any reverse “break-up” or similar fees or expenses, or liabilities incurred by a Fund or any acquisition vehicle on behalf of a Fund in connection with investments not consummated by a Fund; (j) any other out-of-pocket expenses in connection with the investigation, acquisition, holding, monitoring, assistance, maintenance or disposition of investments, including the costs incurred by any intermediate entity utilized to hold or facilitate investments or other non-U.S. structures that facilitate investments in certain non-U.S. geographies, including salary and benefits of any personnel and related overhead for persons that are not full-time employees of the Firm and which persons are deemed necessary for maintaining such investments and operating any holding vehicles for such assets, in each case, to the extent not paid for by a portfolio company or prospective portfolio company; (k) fees, costs, expenses and liabilities relating to derivatives and hedging transactions; (l) information technology expenses, including licensing and maintenance fees; (m) expenses incurred in connection with any tax audit, inquiry, investigation, settlement or review of a Fund and any costs of or related to the “partnership representative” of a Fund; (n) fees and expenses relating to or attributable to filing, title, transfer, survey, registration and other similar activities; (o) costs and expenses of the type described in (ix)-(xxiii) above, in each case to the extent not borne by a portfolio company or prospective portfolio company (it being understood that it is the intent of a Fund’s investors that any Fund expenses and liabilities, if applicable, that are directly or indirectly incurred in connection with consummating, maintaining or disposing of a portfolio investment would be allocated by the Fund to the investors participating in the consummation, maintenance or disposition of such portfolio investment, as applicable); and (p) with respect to the Real Estate Funds, (A) indebtedness of, or guarantees made by, a Real Estate Fund, the Firm, the general partner of such Real Estate Fund, or any affiliate on behalf of such Real Estate Fund (including any credit facility, letter of credit or similar credit support), including interest with respect thereto, or seeking to put in place any such indebtedness or guarantee, (B) financing, commitment, origination and similar fees and expenses, (C) property management, development management, leasing, development and construction management services, mortgage servicing, group purchasing, healthcare, consulting/brokerage, capital markets/credit origination, loan servicing, property, title, and/or other types of insurance, management consulting and other similar operational matters (including fees and reimbursements contemplated in a Real Estate Fund’s governing agreements), and (D) any third party experts, including independent appraisers, engaged by the general partner of a Real Estate Fund in connection with such Real Estate Fund considering, making, or holding an investment in the same entity as one or more other Funds. Fund expenses will be deducted in computing net profits. Except where the relevant governing documents or Side Letter(s) expressly provide to the contrary, broken deal expenses and other expenses relating to the diligence or evaluation of a prospective investment generally are allocated among investors within a Fund regardless of whether any individual investor negotiated for an elective or automatic contractual right that would have excused them from participating in the investment. Certain Funds, including the Secondaries Funds, shall bear their respective share of any performance-based allocations or fees, carried interest, management fees, and/or other expenses incurred by any portfolio investment entities that are themselves investment funds or other managed vehicles, which are in addition to any fees and expenses borne by the applicable Funds. The Funds bear fees and expenses indirectly to the extent a portfolio company (or intermediate entity) pays fees and expenses, including fees and expenses of Warburg Pincus and/or its affiliates and company-level fees and expenses not covered by the list of permissible expenses set forth in the Funds governing documents; the relative percentage of these expenses that are borne by various stakeholders (including the relevant Fund, any co-investors, portfolio company management and other persons) is expected to depend upon the level at which such expenses are charged or incurred, and as a result, some stakeholders are expected to bear an amount of fees or expenses disproportionate to the benefits they receive, or in some cases without receipt of any direct benefits. Expenses charged at the level of a portfolio company or intermediate entity, or capitalized into the cost of a transaction, generally will not be reflected as Fund

expenses in calculating the gross and net performance of the relevant Fund, and so Warburg Pincus expects to be subject to potential conflicts of interest in determining whether certain expenses should be charged to the portfolio company or intermediate entity or capitalized into transaction costs. To the extent holding or intermediate entities include one or more special purpose acquisition companies (“SPACs”), the relevant Fund(s) will bear the costs of organizing and offering such SPACs, as well as the amount and dilutive effect of any founders’ equity or similar interests issued thereby that are not held directly or indirectly by the Fund, and except where prohibited by the Funds’ governing documents, such interests are permitted to be issued to Warburg Pincus and its personnel. The relevant general partner of each Fund reserves the right to agree with operating partners, joint venture or similar partners, Service Providers, portfolio company management or other persons that all or a portion of certain expense reimbursements, payments or other amounts owed to such persons relating to one or more investments will be paid in the form of a profits, participation or equity interest granted in the relevant investments or related intermediate entities. While such an arrangement is more favorable to the relevant Fund in that it does not involve an initial cash outlay for the payment of expenses, and could be further favorable to the relevant Fund if the investment does not increase in value, in the event of appreciation in the relevant investment any such profits, participation or equity interest generally would have a dilutive impact on the Fund’s investment, as well as the potential to result in economic gains to the recipient greater than the original amount of compensation, which in either case could be substantial. Warburg Pincus expects to be subject to potential conflicts of interest where certain administrative and other functions would not be chargeable to the Funds under the applicable governing documents if performed by Warburg Pincus personnel, but third parties performing the same services generally would be chargeable to the Funds thereunder, and outsourcing to third parties effectively enables Warburg Pincus and its affiliates to reduce its personnel compensation costs. Each Fund also generally will bear the costs of implementing, reporting (as applicable), monitoring and complying with investment guidelines and directives relating to the Fund’s strategy, including in Side Letters relating thereto, and (where applicable) environmental, social, governance and other standards to which the relevant general partner has committed in making investments on behalf of the Fund. Additionally, subject to the applicable governing documents, a Fund typically will bear certain unreimbursed expenses of portfolio companies and intermediate holding vehicles through which the Fund invests. The inclusion of an expense category in a Fund’s governing documents will not impose on Warburg Pincus an obligation to charge an expense (or the full amount of that expense) to that Fund; instead, permitted expenses will be allocated and charged in Warburg Pincus’ discretion to the Fund(s) it deems appropriate. Detailed information regarding all the fees to be paid by each Fund is contained in the relevant Fund’s governing documents. Fund investors should review the applicable Funds’ governing documents to understand the expenses borne by each Fund. Consultants The Firm utilizes a group of individuals as consultants and advisors (including third party consultants who are not employees of the Firm but who generally are expected to be paid fees for services provided to the Firm, the Funds, and/or the Funds’ portfolio companies (each, a “Consultant”)). This includes advisors engaged by deal teams to assist in specific sub-sectors and geographies of their respective expertise. A Fund will bear its share of fees and expenses for services provided by Consultants, including those engaged with respect to certain industry sector- or geography-specific considerations more broadly. The terms of engagement, including the compensation arrangements for Consultants, are generally agreed between the Consultant and the Firm (or one of its affiliates or portfolio companies) at the time of engagement. Each such engagement is negotiated individually, depends upon anticipated services, and will likely differ as between different individuals and mandates. In addition to periodic fees and the reimbursement of

expenses, Consultants often receive compensation arrangements from portfolio companies composed of a discretionary performance-related bonus (whether or not based on pre-determined milestones), grants of equity, stock awards (which, for the avoidance of doubt, may be structured through loans, profit interests or similar arrangements provided by the applicable Fund) and/or co-investment opportunities in the portfolio companies in which such Consultants play a significant role. From time to time, certain Consultants will be permitted to participate in equity interests in the applicable portfolio companies, including through structured interests, loans or similar arrangements provided by the applicable Funds or portfolio companies. Consultants are permitted to serve on the boards of directors of portfolio companies or otherwise serve directly as consultants or advisors to portfolio companies and receive directors’ fees, consulting fees and other compensation from portfolio companies. These fees and expenses are generally allocated to the Fund (or Funds, to the extent applicable) that benefit from the services and are not paid by the Firm out of management fees. In circumstances where Consultants provide services (including due diligence services) in connection with a portfolio company investment that is not consummated, the relevant Fund(s) and not co-investors or other equity holders generally will bear the related amounts. Compensation in the form of profits or equity interests in a portfolio company or intermediate holding company generally has a dilutive impact on the Fund’s investment, and the relevant Fund will bear the costs of all such compensation of Consultants, as well as fees, costs and expenses of structuring Consultant arrangements. To the extent that Consultants are paid retainers or guaranteed minimum compensation amounts, there is the possibility that certain portfolio companies or Funds will bear a greater share of such compensation due to the utilization of the Consultants’ services at a time when fewer portfolio companies or Funds make use of such Consultants. Compensation paid to Consultants is not subject to the offset of management fees due from a Fund to the Firm. Consultants are not employees, however, and some are exclusive to the Firm and permitted to use titles that relate to the Firm such as Executive/Entrepreneur-in-Residence, Industry Advisor or Senior Advisor for reasons relating to business objectives, market and cultural perceptions and social considerations. Such titles or exclusivity are not intended to be prescriptive for purposes of allocating expenses as between the Firm and the Funds or their portfolio investments. The Firm has adopted policies and procedures addressing internal approvals, whether particular Consultants should be subject to the Firm’s Code of Ethics, restrictions on access to information regarding the Firm, the Funds, or portfolio companies, and allocation of fees and expenses related to Consultants. Consultants are expected to include former employees of Warburg Pincus or certain portfolio companies, and in some circumstances, former Consultants are expected to become Warburg Pincus employees or employees of portfolio companies. Consequently, the determination of whether individuals are Consultants is expected to vary and/or be revisited. Special Limited Partners The Firm has created a special designation—Special Limited Partner—for certain former partners of the Firm who are expected to continue to have a relationship with the Firm. Special Limited Partners are designated by the Firm’s Chief Executive Officer. These individuals are not partners or employees of Warburg Pincus, nor are they Consultants (in the context described above). Special Limited Partners do not accrue carried interest. Special Limited Partners receive certain perquisites and privileges from the Firm in recognition of their special contribution to the Firm during their tenure as a partner of the Firm and during their continuing relationship with the Firm. Special Limited Partners generally are eligible to coinvest in specific portfolio companies in which a Special Limited Partner has been significantly involved or demonstrated significant value-add to the investment. Further, Special Limited Partners generally are eligible to invest in a Warburg Pincus-sponsored fund on a no-fee, no-carry basis. The Firm is permitted to designate, and has designated, Special Limited Partners to the board of directors of portfolio companies when the Special Limited Partner has specific skills or experience that the Firm

believes would benefit the portfolio company. Special Limited Partners generally will receive compensation, including fees, incentive equity or other stock awards (which, for the avoidance of doubt, may be structured through loans, profit interests or similar arrangements provided by the applicable Fund), from or in respect of any portfolio company or holding company for these and other services, and are generally expected to receive fees directly from the Firm for services that the Firm believes are performed in order to benefit the Firm as a whole. Any such amounts received by a Special Limited Partner are retained by the Special Limited Partner and generally would not be applied to offset the management fees due from the relevant Fund to the Firm. Special Limited Partners generally also receive reimbursement of expenses from the portfolio company, the Firm, or the relevant Fund. Senior Strategic Partner The Firm has created a category of Senior Strategic Partner (an “SSP”) and may designate additional SSPs in the future. As is the case with Special Limited Partners, an SSP will not be a partner or employee of Warburg Pincus, or a Consultant. An SSP is eligible to have a passive equity interest (or other economic interest) in one or more affiliates of the Firm and as a limited partner in Funds managed by the Firm (which may include investing, directly or indirectly, in or alongside such Funds on a no-fee, no-carried interest basis) and be permitted to co-invest in specific co-investment opportunities, subject to and in accordance with the Firm’s co-investment policies (see Item 11. Code of Ethics, Participation or Interest in Client Transactions and Personal Trading, Co-Investments for more information). An SSP or its affiliates may also provide services, including broad strategic assistance to the Firm in one or more aspects of the Firm’s business and/or Funds.

The Firm will form parallel or co-investment vehicles to facilitate investments in or alongside the Funds, with or without fees or carried interest (including reduced fees and/or carried interest), by its partners and employees as well as by other individuals (including their related estate and tax planning vehicles). The Firm will also, in its sole discretion, provide co-investment opportunities or form managed accounts or similar arrangements, with or without fees or carried interest, to current and prospective limited partners or other persons, including other sponsors, market participants, finders, Consultants and other service providers (including suppliers, vendors, lenders, law firms (including Fund or transaction counsel), transaction service providers and their respective affiliates, personnel and related investment vehicles (together, “Service Providers”)), portfolio company management or personnel, or other third parties for a variety of reasons including strategic reasons relating to our investment advisory business (see Item 11. Code of Ethics, Participation in Client Transactions and Personal Trading, Co-Investments for more information). The existence of carried interest and performance participation allocations creates an incentive for Warburg Pincus to operate the relevant Fund in a riskier, more speculative or other manner that is less favorable to investors than it would otherwise be the case in the absence of such carried interest, although Warburg Pincus generally considers performance-based compensation to better align its interests with those of its investors, particularly in instances where a Fund’s governing documents include terms requiring clawback or giveback of performance-based compensation amounts at the end of the relevant Fund’s life or at certain interim intervals.

The Firm has also offered, and may offer in the future, other Funds, including industry-sector or geographically focused companion Funds, Semi-Liquid Funds, and/or managed accounts or similar arrangements, to invest alongside a global Fund in investment opportunities. The allocation of investment opportunities as between a global Fund and such other Fund, if applicable, would be subject to guidelines and restrictions set forth in each Fund’s governing documents and as determined by Warburg Pincus in good faith is appropriate after taking into account such considerations as the allocation guidelines applicable to the Funds and/or Accounts, the capital available to the Funds and/or Accounts, the size of the transactions, portfolio diversification, investment guidelines, risk allocation, contractual prohibitions, the potential amount of follow-on investing that may be required for such investments and the other portfolio investments of such Funds, and the relation of such opportunities to the investment strategies of the Funds and/or Accounts, as well as portfolio balance, subject, in each case, to the applicable requirements of each Fund’s or Account’s respective governing documents. Allocations will also be subject to legal, tax, regulatory, accounting and other similar considerations. In addition, as described above in Item 4. Advisory Business, Warburg Pincus has established other investment vehicles, including continuation, co-investment and sponsored secondary funds that were utilized in part to generate liquidity for certain Funds. Funds generally pay varying management fees and carried interest at different stages in their timeline and, in the context of carried interest, based on the outcome of the investments they have made. The Firm has an incentive to allocate more time, resources or investment opportunities to Funds that pay higher management fees and/or carried interest or for other reasons that will present conflicts of interest. The Firm’s practice is generally to make investment decisions with respect to a particular portfolio company concurrently for all applicable Funds and co-investment vehicles. The Firm, however, will only be required to do this pursuant to the terms of the applicable Funds’ governing documents. Potential conflicts of interest associated with the allocation of investment opportunities are mitigated in that the Firm generally makes new investments for one Fund and, as applicable, one or more companion Funds at a given time and does not make investments for another Fund with similar investment objectives until the predecessor Fund is substantially fully invested or committed. A follow-on investment opportunity in a portfolio company is generally reserved for the Fund or Funds that originally invested in the portfolio company, subject to the guidelines and restrictions of the Fund’s governing documents and/or approval of the applicable Fund advisory committees and various factors including the availability of capital in a Fund. During the transition period from a predecessor Fund to a successor Fund, investment opportunities are permitted to be allocated between the two Funds (in addition to companion Funds, Semi-Liquid Funds, and/or managed accounts or similar arrangements) pursuant to guidelines and restrictions of the respective Fund’s governing documents and/or as approved by the relevant Fund advisory committees and allocations of investments and fees and expenses associated with such investments may be appropriately made and adjusted based on such governing documents and/or approvals (see Item 11. Code of Ethics, Participation or Interest in Client Transactions and Personal Trading, Allocation of Investment Opportunities with Other Entities for additional information regarding the allocation of investment opportunities).

employees, and other individuals. Our Funds are not registered or required to be registered under the Investment Company Act of 1940. While the other Funds are also exempt from registration under the Exchange Act, a Semi-Liquid Fund has registered its units under the Exchange Act when so required. When offered, the Funds typically require a minimum commitment from investors, which may differ by type of investor, and which may differ from Fund to Fund depending on the Firm’s view of the prevailing market terms at the time of the offering; however, we have discretion to accept a lower commitment amount.

Across the range of the Firm's investments, our aim is to build lasting companies that will perform well in growing industries. Our investment philosophy prioritizes operational performance, especially growth in earnings, rather than exclusively through financial engineering or multiple expansions, positioning the Funds for attractive long-term investment returns throughout economic and capital markets cycles. Warburg Pincus is typically the largest or lead investor in its Private Equity Fund transactions, and, as such, the Firm generally seeks the right to appoint Warburg Pincus representatives to the boards of directors of its portfolio companies. The Firm's Value Creation Team collaborates closely with the Private Equity Funds' portfolio companies and seeks to assist portfolio company management teams strike a balance between driving an efficient cost structure, optimizing investments for revenue growth and leveraging disruptive innovations that can materially improve operating performance. The Firm believes portfolio diversification allows it to preserve a wide range of exit options. The Firm believes that by maintaining a well-diversified portfolio across industry sectors and geographies, it can retain the flexibility to drive timing and structure of exit, enabling it to seize opportunities in varying market conditions. Industry Specialization Our Firm takes a specialized “sector” approach to investing in industries and companies. The Firm’s investment professionals focus primarily on growth investing in the following core industry sectors: Technology, Financial Services, Healthcare and Industrials. Additionally, geography-specific opportunities are pursued in select areas such as Real Estate, select consumer investments in Asia, and defense-related investments in Europe. We believe that this sector approach and the knowledge of our Firm’s professionals in these sectors often provides us with advantages in sourcing, selecting or conceiving investment opportunities and realizing investments.

A Global Investor Warburg Pincus has a long tradition of investing internationally. The Firm is headquartered in New York with additional investment offices around the world in Beijing, Berlin, Dubai, Hong Kong, Houston, London, Mumbai, San Francisco, São Paulo, Shanghai, Singapore and Tokyo. The Firm also has administrative offices in New York, Amsterdam, Luxembourg and Mauritius. Our global approach includes a focus on investing in emerging markets, including China and Southeast Asia, India, Brazil and Central and Eastern Europe, as well as certain frontier markets. We believe these regions are well-suited to the Firm’s growth-oriented investing style and sector expertise. Investment Process & Monitoring Warburg Pincus employs a rigorous investment decision-making process that emphasizes iterative discussions and conviction-building to evaluate potential portfolio investments. The decision-making process begins early in the due diligence phase and involves extensive deliberation within relevant groups—whether by geography, industry sector, or cross-functional teams—to seek to ensure diverse perspectives are thoroughly considered. The Firm’s partnership-oriented culture is aimed to foster informed, transparent, and candid dialogue among decision-makers, drawing on the deep experience of its professionals across industry sectors and geographies. This structured and well-defined process is a key component of the Firm’s ability to navigate complex investment opportunities effectively. All final investment decisions at the Firm are made by the Firm’s Senior Management with the recommendation of, and input from, the applicable IMG Committees. In addition, members of the other IMG Committees are invited as needed to provide sector or geographic input. Our investment professionals perform appropriate due diligence in evaluating potential investments. Our processes and sector specialization also enable us to react quickly to special situations that may develop. Beyond the due diligence process, we believe that much of the investment value is created by working with a portfolio company through the life of an investment. Because of the Firm’s substantial experience with the issues faced by management teams of growth companies, its industry sector knowledge and its advisory network, value creation, and other professionals of the Firm are routinely involved with portfolio companies in broad strategic matters, assisting with finding key management personnel, identifying and evaluating acquisitions, and other strategic decisions and financing issues, all with the objective to build and grow lasting companies that generate attractive returns for our Funds. Investments are reviewed at least quarterly by our Senior Management, including the committees of the Firm’s IMG, and discussed at the Firm’s regular quarterly review meetings. Risks and Conflicts of Interest Associated with the Firm’s Investment Strategies and Methods Risk of Loss The types of investments we seek to make involve a high degree of business and financial risk. Investors in a Fund should be aware that all investments in securities involve a risk of loss of capital that they should be prepared to bear. No guarantee or representation is made that a Fund will achieve its investment objective or avoid substantial losses. An investment in a Fund is speculative and involves certain considerations and risk factors. Each Fund’s offering memorandum includes additional applicable risks to those set out below, and not all of the risks set out below are necessarily applicable to every Fund.

Business and Market Risks A Fund’s investment portfolio will include, among other investments, securities and/or other interests issued by privately held companies, and operating results in a specified period will be difficult to predict. In addition, it is expected that a Fund’s investment portfolio will include, among other investments, companies in an early stage of development, which may not have a proven operating history, may face competition from companies with greater resources or fewer liabilities and may require substantial additional capital to support their operations or to finance expansion. It is expected that a Fund’s investment portfolio will also include investments in public companies listed on exchanges in the U.S. and elsewhere, including, potentially, in each case, formerly privately held portfolio companies that have consummated initial public offerings or been acquired by SPACs during a Fund’s holding period. Public companies are subject to public reporting requirements that could have a significant impact on the valuation of their shares on any given trading day. The foregoing investments involve a high degree of business and financial risk that can result in substantial losses. In particular, these risks could arise from changes in the financial condition or prospects of the company or entity in which the investment is made, changes in national or international economic and market conditions (including the global credit markets and exchange rates), and changes in laws, regulations, fiscal policies or political, diplomatic and socioeconomic conditions of countries in which investments are made, including the risks of war, revolutions, pandemics and the effects of terrorist attacks, among others. The possibility of partial or total loss of capital will exist, and investors should not invest unless they can readily bear the consequences of such loss. Lack of Diversification; Limited Number of Investments While Warburg Pincus has historically sought to balance domestic and international investments in its global Funds across its core industry sectors and across all stages of company development, there is no assurance as to the degree of diversification that will actually be achieved in a Fund’s investments. The Firm’s sector and geographic-focused companion funds will likely offer less diversification than the Firm’s global Funds. Furthermore, a Fund may, subject to the terms of the applicable partnership agreement, ultimately make only a limited number of investments, and accordingly, the performance of one or more substantial investments may have a significant impact on the overall performance of a Fund. To the extent that a Fund concentrates its investments in a particular issuer, sector or subsector, industry, asset type or geographic location, its investments will become more susceptible to fluctuations in value resulting from adverse economic or business conditions with respect thereto. Furthermore, to the extent that the capital commitments raised are less than the targeted amount or a Fund requires an extended period of time to raise such capital commitments, such Fund may not be able to implement its investment strategy or achieve its investment objectives in the intended manner or on the intended timeline. Such Fund will likely invest in fewer portfolio companies and/or decline certain investment opportunities if there is insufficient capital available, and thus be less diversified. Additionally, a Fund’s organizational expenses could be higher if its fundraising period continues for an extended period. Changes in Investment Focus Other than in the case of industry-focused companion funds, the Real Estate Funds, WP Dynasty, Aegis, and continuation funds, Funds are generally not restricted in terms of the percentage of their capital that can be invested in a particular industry and are subject to only very limited restrictions on their permissible investments, but may be restricted as to the percentage of their capital that may be invested in a single portfolio company, or as to geographic concentration. Many factors are expected to contribute to changes in emphasis in the construction of a Fund’s portfolio, including changes in market or economic conditions or regulation as they affect various industries and changes in the political or social situations,

in particular countries and investment opportunities that Warburg Pincus believes may be available at attractive prices. In addition, Funds reserve the right to employ other investment techniques and invest in other instruments that Warburg Pincus believes will help achieve the Funds’ investment objectives, whether or not such investment techniques or instruments, as well as the inherent risks related thereto, are specifically defined or described in such Fund’s offering documents. Such investment techniques or instruments may be more speculative than earlier investment strategies and techniques. There can be no assurance that the investment portfolio of a Fund will resemble the portfolio of any prior Fund. Reliance on Portfolio Company Management The day-to-day operations of each portfolio company will be the responsibility of such portfolio company’s management team. Although Warburg Pincus will seek to monitor the performance of each investment and a Fund will seek to invest in companies operated by (or otherwise put in place) strong management teams, there can be no assurance that a portfolio company’s existing management team, or any successor team, will be able to operate such company in accordance with a Fund’s expectations. In addition, a Fund in certain circumstances will not be the controlling shareholder in a portfolio company or represent a majority of its board of directors, and thus in such circumstances will exert less influence than a controlling shareholder. Risks Relating to Due Diligence of and Conduct at Portfolio Investments Before making investments, Warburg Pincus will typically conduct such due diligence as it deems reasonable and appropriate based on the facts, circumstances, access and timing applicable to each investment, including the dynamics of any competitive investment process, the type of investment to be made and any structural protections involved. Due diligence may entail a third party valuation process, prior evaluations of comparable companies, marketing studies, business plan development, evaluation of important and complex business, financial, tax, accounting, environmental and legal issues as well as background investigations of individuals, as Warburg Pincus deems appropriate in connection with the proposed investment. Outside professionals, consultants, legal advisors, accountants, investment banks and other third parties may in certain circumstances be involved in the due diligence process to varying degrees depending on the type of investment and the facts and circumstances related thereto and Warburg Pincus reserves the right to rely on the advice received from such third parties. The involvement of such third parties may present a number of risks primarily relating to reduced control of the functions that are outsourced and may entail significant third party expenses, which will be borne by a Fund. In addition, if a Fund is unable to timely engage third party providers, its ability to evaluate and acquire more complex assets could be adversely affected. The due diligence process also at times requires a Fund to rely on the limited resources available to it, including information provided by the target of the investment and third party consultants, legal advisors, accountants and investment banks. As a result, the due diligence investigation may not reveal or highlight all relevant facts that are necessary or helpful in evaluating an investment opportunity. A Fund’s due diligence investigations cannot ensure that all associated risks will be identified, or the success of its investments. There can be no assurance that Warburg Pincus or such third parties will be able to detect or prevent irregular accounting, employee misconduct, corruption or fraudulent practices during the due diligence and negotiation phases or in its efforts to monitor investments on an ongoing basis, or that any riskmanagement procedures implemented on behalf of a Fund will be adequate. In the event of fraud by any portfolio investment or asset, or any of their respective affiliates, a Fund is expected to suffer a partial or total loss of capital invested in that investment. An additional concern is the possibility of material misrepresentation or omission on the part of the portfolio investment or the seller of any portfolio investment, whether intentional or otherwise. Such inaccuracy or incompleteness may adversely affect the value of a Fund’s investments in such portfolio investment, and the terms of acquiring such vehicle may

limit recourse, or such recourse may be unavailable due to local laws, the inability to enforce judgments against a company in local courts or the solvency of the seller. There exists a risk that the due diligence investigation carried out with respect to any investment opportunity does not reveal or highlight all relevant facts that are necessary or helpful in evaluating such investment opportunity. Moreover, such an investigation will not always necessarily result in an investment being successful or even ensure a return on invested capital. Conduct occurring at portfolio investments or assets, even activities that occurred prior to a Fund’s investment therein, could have an adverse impact on a Fund or such investment. Other investors in portfolio investments may not perform the level of due diligence as Warburg Pincus and should not be viewed as supporting the investment decisions. Political Activities A portfolio investment or its management or employees may, in the ordinary course of its business, make political contributions to elected officials, candidates for elected office or political organizations, hire lobbyists or engage in other permissible political activities in U.S. and/or non-U.S. jurisdictions with the intent of furthering its business interests or otherwise for their own personal political purposes. Portfolio investments are not considered affiliates of Warburg Pincus under applicable governing documents, and therefore such activities are not subject to any relevant policies of Warburg Pincus and may be undertaken by a portfolio investment without the direction or authorization of Warburg Pincus. The interests advanced by a portfolio investment through such activities may, in certain circumstances, not align with or be adverse to the interests of other portfolio investments, a Fund and/or the relevant limited partners. There can be no assurance that any such activities will be successful in advancing the interests of a portfolio investment or otherwise benefit such portfolio investment or a Fund. Unionization Certain portfolio investments and/or their service providers, agents, or other counterparties may have a unionized work force or relationships with individuals who are otherwise covered by a collective bargaining agreement, which could subject any such entity’s activities and labor relations matters to complex laws and regulations relating thereto, and additional risk of litigation. Moreover, a portfolio investment’s operations and profitability could suffer if there are labor relations problems with respect to its workforce or the workforce of any of its service providers, agents or other counterparties. Upon the expiration of any of such collective bargaining agreements, a portfolio investment or any of its service providers, agents or other counterparties may be unable to negotiate new collective bargaining agreements on terms favorable to it, and its business operations at one or more of its facilities could be interrupted as a result of labor disputes or difficulties and delays in the process of renegotiating its collective bargaining agreements. A work stoppage at one or more of any such portfolio investment’s facilities (or at that of any service provider, agent or other counterparty) could have a material adverse effect on its business, results of operations and financial condition. Additionally, any such problems may bring scrutiny and attention to the applicable Fund itself, which could adversely affect that Fund’s ability to implement its investment objectives. Lack of Liquidity of Investments Many, if not substantially all, of the investments to be made by a Fund are likely to be illiquid. Illiquidity would result from the absence of an established market for the investments, limited trading volume relative to a Fund’s ownership (in the case of public equities), as well as legal, contractual, regulatory or other restrictions on the resale of investments by a Fund. Dispositions of investments may be subject to contractual, legal, regulatory, and/or other limitations on transfer or other restrictions that would interfere with subsequent sales of such investments or adversely affect the terms that could be obtained upon any disposition thereof. Losses on unsuccessful investments may be realized before gains on successful investments are realized. Investments in publicly traded companies or assets held by a Fund may also be

subject to legal, contractual, regulatory, practical, applicable company policy or other restrictions on purchase and/or resale, including the possibility that a Fund will be in possession of material non-public information about a company, as well as statutory volume limitations. Warburg Pincus is permitted in certain instances to restrict or otherwise limit a Fund’s ability to make an investment in a publicly traded company to avoid subjecting a Fund to such restrictions. In addition, the ability to exit an investment through the public markets (and the terms of such exit) will depend on market conditions, and particularly the market for public offerings. In addition, in acquiring an asset or stock, a Fund may agree to lock-up provisions that materially restrict it from selling that asset or stock for a period of time or that imposes other restrictions, such as a limitation on the amount of debt that can be placed on that asset or stock. A Fund’s investment strategies should be considered speculative, as there can be no assurance that Warburg Pincus’ assessment of the short-term or long-term prospects of investments will generate a profit for investors. A Fund is only obligated to make distributions to the extent of distributable cash, if any, after taking into account reserves for future obligations, and reserves the right to, subject to certain limitations set forth in the Fund’s governing documents, reinvest, rather than distribute, or otherwise recall certain proceeds from investments. Lack of Sufficient Investment Opportunities The business of identifying, completing, structuring and realizing private equity transactions is highly competitive and involves a high degree of uncertainty. It is possible that a Fund will never be fully invested if enough sufficiently attractive investments are not identified or if policy, legal, political, regulatory or other factors prevent a Fund from having access to identified attractive investments. However, Fund investors will be required to pay management fees for an extended period of time based partially on the entire amount of their respective commitments, even if a Fund is never fully invested. The availability of investments generally will be subject to market conditions, including perceptions of Warburg Pincus’ ability to consummate transactions. In particular, in light of changes in such conditions, certain types of investments may not be available to a Fund on terms that are attractive. Moreover, the market for sourcing and executing transactions of the kind targeted by the Funds is highly competitive, evolving rapidly and involves a high degree of uncertainty. In such an environment, the sourcing and execution of transactions for a Fund, whether on a proprietary basis or otherwise, becomes more challenging, and there is no guarantee that investments meeting a Fund’s investment criteria will be available to a Fund or that a Fund will be able to fully invest its committed capital. A Fund will be competing for investments with many other private equity, credit and hedge fund investors, as well as companies, governments, public equity market participants, individuals, financial institutions, family offices, sovereign wealth funds and numerous other types of other investors. Sponsors may elect to retain assets for longer than in previous fund vintages, or form continuation or similar vehicles to retain assets that might otherwise have been available to a Fund. In addition to the Firm’s traditional competitors, SPACs could also lead to a further source of competition for investments and executives and management teams. Additional investment funds with similar objectives as a Fund could be formed in the future by other related or unrelated parties. Some of these competitors may have more relevant experience, greater financial resources and/or purchasing power, greater negotiating power, a greater willingness to take on risk, a lower cost of capital, beneficial regulatory structures, and/or more personnel or more local resources than Warburg Pincus and its affiliates. Further, there continues to be a significant amount of equity capital available for investment by such other investors. In such an environment, the sourcing and execution of transactions for a Fund, whether on a proprietary basis or otherwise, become more challenging and there is no guarantee that investments meeting a Fund’s investment criteria will be available to such Fund or that such Fund will be able to fully invest its committed capital. To the extent that a Fund encounters competition for investments, returns to limited partners are expected to decrease, including as a result of higher pricing, forgoing opportunities, or negotiating fewer transactional protections in order to remain

competitive. Additionally, a Fund may incur bid, due diligence, negotiating, consulting or other costs on investments that may not be successful, and may bear such costs on behalf of potential co-investors. As a result, a Fund may not recover all of its costs through investments, which would adversely affect returns. Economic turmoil, governmental intervention and regulations on foreign investment may also limit the availability of investment opportunities to a Fund. Moreover, certain investment opportunities may depend upon Warburg Pincus’ ability to enter into satisfactory relationships with joint venture, co-invest or operating partners or management teams or receive approval from third parties who have greater control over critical aspects of contractual relationships. There can be no assurance that Warburg Pincus will be able to enter into or continue any such relationships, including because of the factors above. Concentration of Investors To the extent that a Fund’s investor base is concentrated such that a more limited number of limited partners hold a significant portion of the aggregate capital commitments to the Fund, these risks would increase as it would heighten the risk that in the event of the excuse or exclusion or a default by any such limited partner in respect of an investment, the participation of other limited partners in such investment would be increased and the aggregate returns realized by the participating limited partners could be adversely affected in a material manner by the unfavorable performance of such investment, or the Fund may be unable to consummate such investment entirely. A small or highly concentrated investor base could also pose issues in a Fund obtaining a credit facility and utilizing the benefits of such credit facility. Additionally, for matters requiring the consent or approval of limited partners under the applicable partnership agreement, one or more limited partners representing a significant portion of aggregate capital commitments could alone or in the aggregate have a controlling interest with respect to such matters, even if contrary to the position held by a majority in number of the limited partners and the other limited partners will not have sufficient votes to take a particular action without also having received the affirmative vote of those limited partners representing a significant portion of aggregate capital commitments with respect to such matters. Finally, to the extent any limited partners comprise a substantial percentage of a Fund’s commitments, any excuse rights granted thereto may also have the effect of deterring the general partner of such Fund from making investments that would trigger such excuse rights, thereby causing the Fund to not make investments it would otherwise pursue absent such excuse rights, and if the Fund were to make an investment and such excuse rights were exercised, such rights would, subject to any limitations of the applicable governing agreement, materially increase the contribution obligations for such investments and related expenses of other limited partners, and thereby increase the percentage interest of such other limited partners in such investments. The size of certain investor commitments, on a relative basis, could make the occurrence of these events more likely to the extent such excuse rights are triggered by certain ownership thresholds. Valuation Because certain Funds make distributions based on capital accounts derived in part based on the value of unrealized investments, the applicable general partner is subject to conflicts of interest in connection with the valuation of those investments as their valuation has the potential to impact the ability of such general partner to make carried interest distributions and, following the Step-down Date, the calculation and amount of management fees received by Warburg Pincus. Other than the valuation of marketable securities to be distributed in kind based on trading prices, quarterly valuations of a Fund’s assets shall generally be made by Warburg Pincus, subject to the approval by the applicable valuation committee (a subcommittee of the respective Fund’s advisory committee) and based on Warburg Pincus’ valuation policies and procedures. When estimating fair value, Warburg Pincus will apply a methodology it determines to be appropriate based on accounting guidelines and the applicable nature, facts and circumstances of the respective investments. However, the process of valuing assets for which reliable market quotations are not available is based on inherent uncertainties, and the resulting values may differ materially from values that would have been determined had an active market existed and may differ materially from the prices at which

such assets ultimately may be sold. A Fund’s valuation committee, by a vote of the majority of such valuation committee, can elect to review any quarterly valuation of such Fund’s portfolio investments. If the valuation committee does not elect to review the valuation for a particular quarter, such valuation shall be final and binding on the Fund’s limited partners, in the absence of proof of willful fraud or manifest error. If the valuation committee elects to review any quarterly valuation, any such valuation approved by the valuation committee by the affirmative vote of at least 75% of the non-abstaining members thereof will be deemed final in the absence of proof of willful fraud or manifest error. Any valuation that the valuation committee elects to review and that is approved by the valuation committee by the affirmative vote of less than 75% of the non-abstaining members thereof will be subject to independent appraisal at the request of a majority of a Fund’s limited partners. Investors should be aware that the approval of a valuation of a Fund’s portfolio investments by the valuation committee reflects the valuation committee’s approval of an overall Fund valuation and not separate approvals of the valuation of any specific portfolio investment. Moreover, the members of the valuation committee are representatives of the Fund’s limited partners and are not required to be experts in valuation. None of a Fund’s limited partners that are not members of the valuation committee will be entitled to review or approve of any quarterly valuation. The liability of members of a valuation committee is also limited by the terms of the applicable partnership agreement. Given the Semi-Liquid Funds will strike a valuation on a monthly basis, while the other Funds are typically valued on a quarterly basis, it is possible that a Semi-Liquid Fund, for a temporary period between quarterly marks, will hold the same portfolio investment at a different valuation from the other Funds that undergo valuations on a quarterly basis. In the case of the Secondaries Funds, there is no established market for continuation vehicles or privatelyheld underlying portfolio companies, and there may not be any comparable companies for which public market valuations exist. As a result, the valuation of the Secondaries Funds’ investments will be difficult, may be based on imperfect information and is subject to inherent uncertainties, and the resulting values may differ from values that would have been determined had a ready market existed for such investments, from values placed on such investments by other investors and from prices at which such investments may ultimately be sold. In addition, third party pricing information may at times not be available regarding certain of the portfolio investments’ and the Secondaries Funds’ assets or, if available, may not be considered reliable. The Secondaries Funds will typically rely on, and take into account, the reported net asset values of underlying portfolio companies and assets that they receive from the relevant GPs (as defined below). The general partner of a Secondaries Fund will generally have limited ability to assess the accuracy of the valuations received from the GPs in connection with such Secondaries Fund’s portfolio investments. Furthermore, the net asset values received by the general partner of a Secondaries Fund in respect of the portfolio investments may be outdated, estimates or subject to further confirmation and will typically be unaudited. However, a Secondaries Fund will be entitled to rely upon, and take into account, such net asset values in its own valuation of such Secondaries Fund’s investments and reporting. Transfers by the General Partner To the extent a Fund’s general partner, its partners, and/or their respective affiliates commit to make a direct or indirect investment in or alongside a Fund, such general partner reserves the right that a material participation in, or a material portion of, such investment be thereafter transferred or sold to others (including unaffiliated third parties or other Warburg Pincus Clients) at any time, subject to any express limitations thereon in the relevant Fund’s governing agreements. Following such transfer or sale, Warburg Pincus or an affiliate thereof potentially will be entitled to receive a carried interest or

management fee on the interest previously held by the relevant Fund’s general partner, its partners, and/or such affiliates. Monetary Policy and Governmental Intervention Inflation risk is the risk that the value of certain investments or income thereon will be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of a Fund’s investments can decline. Deflation risk is the risk that prices decline over time—the opposite of inflation. Deflation may have an adverse effect on the creditworthiness of portfolio companies in which the Fund invests and may make defaults more likely, which may result in a decline in the value of the Fund’s investments. High rates of inflation and rapid increases in the rate of inflation generally have a negative impact on financial markets and the broader economy. Actions by the Board of Governors of the U.S. Federal Reserve System (the “Federal Reserve”) and certain non-U.S. governments and central banks, including changes in policies, imposing wage and price controls, and other actions to stabilize markets, combat inflation, and/or restart or encourage economic growth, have had and would be expected to continue to have a significant effect on interest rates, inflation and on the U.S. and world economies and financial markets generally, which in turn may adversely affect the performance of a Fund’s investments on an absolute and/or relative basis. Inflation in the U.S. and other countries in which a Fund expects to invest could adversely affect a Fund’s investments. Higher inflation and rising input costs can put pressure on portfolio investments’ profit margins, particularly where pricing power is lacking. For example, heightened competition for workers, supply chain issues and rising energy and commodity prices have contributed to increasing cost of wages and other inputs. Inflation and rapid fluctuations in interest rates have had, and may in the future have, negative effects on the economies and securities markets of certain emerging economies in which a Fund is expected to invest, including by contributing to declines in business and consumer spending in addition to other adverse market conditions. There can be no assurance that economic and financial difficulties will not adversely affect the value of a Fund’s investments or make it more difficult for a Fund to locate appropriate investment opportunities. If a portfolio investment is unable to increase its revenue in times of higher inflation, its profitability could be adversely affected. A Fund’s portfolio investments could, in some cases, have long-term rights to income linked to some extent to inflation, including, without limitation, by government regulations and contractual arrangements. Typically, as inflation rises, a portfolio investment will earn more revenue but also will incur higher expenses; as inflation declines, a portfolio investment might be unable to reduce expenses in line with any resulting reduction in revenue. A rise in real interest rates would likely result in higher financing costs for portfolio investments and could therefore result in a reduction in the amount of cash available for distribution to partners. Additionally, in the cases where a Fund has a preferred return, because such preferred return is not linked to the rate of inflation, as the rate of inflation increases, the proportion of real returns (i.e., the nominal rate of return less the rate of inflation) treated as preferred return decreases and the proportion of real returns subject to performancebased compensation increases. There can be no assurance that high rates of inflation will not have a material adverse effect on the investments of a Fund. Further, there can be no assurance that inflation will not become a serious problem in the future and thereby negatively affect a Fund’s investment returns. In addition to inflation, possible stagflation, which is a combination of slow economic growth and increasing prices for goods and services, could also have an adverse effect on a Fund and its portfolio investments. In the event that interest rates are at relatively low rates by historical standards, a Fund could incur certain additional costs. For example, at times, certain U.S. banks, citing the costs and/or decreased profitability of holding capital deposits, pursued imposing a negative interest rate and/or a balance sheet utilization fee on certain deposits from institutional customers. If such conditions were to return, a Fund may choose to keep

less cash or reserves on hand, which could result in a greater frequency of capital calls from limited partners and/or greater reliance on borrowing, along with related costs. The availability of leverage is subject to governmental and regulatory oversight, and there can be no assurance that such governmental bodies or regulators will not restrict or otherwise discourage lending in the future. To the extent leveraged lending is curtailed, private equity funds may need to finance portfolio investments with a greater proportion of equity relative to prior periods and the terms of debt financing may be less flexible or advantageous for borrowers compared to prior periods. Changes in policy of this type may impair a Fund’s ability to consummate transactions and/or cause a Fund to seek alternative capital sources and/or to enter into transactions on less favorable terms, including both acquisitions and exits as borrowings may be limited or certain loan terms may no longer be available to potential buyers. Financial Institution Risk; Distress Events An investment in a Fund is subject to the risk that one or more of the banks, brokers, counterparties, clearinghouses, exchanges, lenders or other custodians (each, a “Financial Institution”) of some or all of a Fund’s (or any portfolio investment’s) assets, or the portfolio investments themselves, fail to timely perform or otherwise default on their obligations or experiences insolvency, closure, seizure, receivership or other financial distress or difficulty (each, a “Distress Event”). Distress Events can be caused by factors including, but not limited to, eroding market sentiment, significant withdrawals, fraud, malfeasance, poor performance, undercapitalization, market forces or accounting irregularities. If a Financial Institution experiences a Distress Event, Warburg Pincus, the general partners, the Funds or one or more of the Funds’ portfolio investments could be unable to access deposits, borrowing facilities or other services, either permanently or for an extended, potentially indeterminate, period of time. Although assets held by regulated Financial Institutions in the United States frequently are insured up to stated balance amounts by government-sponsored organizations such as the Federal Deposit Insurance Corporation, in the case of banks, and the Securities Investor Protection Corporation, in the case of certain broker-dealers, amounts in excess of the stated amounts are subject to risk of total loss, and any non-U.S. Financial Institutions that are not subject to similar regimes pose comparable risk of loss. While in recent years governmental intervention has resulted in additional protections for depositors and counterparties in connection with Distress Events, there can be no assurance that such intervention will occur in connection with any future Distress Event or that any such intervention undertaken will be successful or avoid the risks of loss, delays or negative impacts on banking or brokerage conditions or markets. Any Distress Event could have a potentially adverse effect on the ability of a general partner to manage a Fund and its investments, and on the ability of a general partner, a Fund and any portfolio investment to maintain operations, which, in each case, could result in additional operational burdens, as well as significant losses and in unconsummated investment acquisitions and dispositions. Such losses could include: (i) a loss of funds; (ii) an obligation to pay fees and expenses in the event a Fund is unable to close a transaction (whether due to the inability to draw capital on a credit line provided by a Financial Institution experiencing a Distress Event, the inability of a Fund to access capital contributions or otherwise); (iii) the inability of a Fund to acquire or dispose of investments, including at prices that the general partner believes reflect the fair value of such investments; and (iv) the inability of Warburg Pincus or portfolio investments to make payroll, fulfill obligations or maintain operations. If a Distress Event leads to a loss of access to a Financial Institution’s services, it is also possible that Warburg Pincus or a portfolio investment will experience additional operational burdens and expenses, and a Fund will incur additional expenses or delays, or incur additional expenses, in putting in place alternative arrangements, or that such alternative arrangements will be less favorable than those formerly in place (with respect to economic terms, service levels, availability, access to capital or otherwise). To the extent a general partner is able to exercise contractual remedies under agreements with Financial Institutions in the event

of a Distress Event, there can be no assurance that such remedies will be successful or avoid losses, delays or other negative impacts. The Funds and their portfolio investments are subject to similar risks as well as additional risks, including an enhanced risk of investor defaults, if a Financial Institution utilized by investors in a Fund or Service Providers or other counterparties of a Fund or a portfolio investment becomes subject to a Distress Event, which could have a material adverse effect on a Fund and/or one or more of its portfolio investments. Many Financial Institutions require, as a condition to using certain of their services (often including lending services), that a general partner and/or a Fund maintain all or a set amount or percentage of their respective accounts or assets with that Financial Institution, which heightens the risks associated with a Distress Event with respect to such Financial Institutions. Although Warburg Pincus seeks to do business with Financial Institutions that it believes are capable of fulfilling their respective obligations to the Funds, Warburg Pincus is under no obligation to use a minimum number of Financial Institutions with respect to a Fund or to maintain account balances at or below the relevant insured amounts. Under certain circumstances, such as receiving capital contributions pursuant to a capital call or proceeds from a disposition, the Funds will generally not be able to manage account balances so that they remain at or below any relevant insured amounts. In addition, a Fund’s general partner may not be able to identify all potential solvency or stress concerns with respect to a Financial Institution (either during diligence of a bank or vendors that have banking relationships) or to transfer assets from one bank to another in a timely manner in the event of a Distress Event. In the event of a situation where a general partner, in its sole and good-faith discretion, believes it is in the best interest of a Fund to move assets quickly to another Financial Institution without sufficient time to open new accounts corresponding to such Fund, if possible, such general partner may seek to establish sub-accounts or other tracking processes within a general account or otherwise seek to take steps to segregate assets into separate accounts as soon as practicable. It is also possible that any failure of a Financial Institution with which a Fund, its portfolio investments and/or the general partner transact could increase the risk of regulatory scrutiny with respect to their respective activities. For the foregoing reasons, there can be no assurances that conditions in the banking sector and in global financial markets will not worsen and/or adversely affect a Fund, its portfolio investments or their respective financial performance. The distress, impairment or failure of one or more Financial Institutions may be protracted and could lead to acute and/or prolonged periods of volatility among U.S. and non-U.S. financial institutions and the financial markets at large. SEC Examinations and Investigations There can be no assurance that the Funds, their respective portfolio investments, Warburg Pincus or any of their affiliates will avoid regulatory examination and possibly enforcement actions in the future. Past SEC enforcement actions and settlements involving U.S.-based private fund advisers have involved a number of issues, including, among others, the undisclosed (or insufficient disclosure of) allocation of the fees, costs and expenses, including those related to unconsummated co-investment transactions (i.e., the allocation of broken deal expenses), and the undisclosed (or insufficient disclosure of) legal fee arrangements affording the applicable adviser with greater discounts than those afforded to funds advised by such adviser. Although Warburg Pincus believes certain practices related to the foregoing and other general practices have been common historically among private fund advisers within the U.S. private funds industry and are well known to market participations, if the SEC or any other governmental authority, regulatory agency, or similar body were to take issue with past or future practices of Warburg Pincus, then Warburg Pincus and/or such affiliates may be at risk for regulatory sanctions. Even if an investigation or proceeding did not result in a sanction, or the sanctions imposed against Warburg Pincus

were small in monetary amount, the Funds, Warburg Pincus or their respective affiliates may be subject to adverse publicity relating to the investigation, proceeding or imposition of any such sanction. Any such investigations could be costly, distracting and/or time consuming for Warburg Pincus management. There is also a risk that regulatory agencies in the United States and beyond will continue to adopt new laws or regulations (including tax laws or regulations), or change existing laws or regulations, or enhance the interpretation or enforcement of existing laws and regulations in a manner that is unfavorable to the Funds. In October 2022, the SEC notified Warburg Pincus that it is conducting a nonpublic, fact-finding investigation concerning Warburg Pincus’ policies and procedures with respect to the use of electronic communications by its employees for business purposes, including compliance with certain recordkeeping requirements. The firm believes this matter is part of a sweep of inquiries conducted by the SEC into various advisers’ practices concerning the use of electronic communications by their employees for business purposes and their compliance with related recordkeeping requirements. Warburg Pincus is cooperating fully with the SEC with respect to this matter. The SEC has stated that the existence of this investigation should not be construed as an indication that any violation of law has occurred. Warburg Pincus does not believe this investigation to be material to the firm or any Fund. Enhanced Scrutiny and Regulation of the Private Equity Industry The regulatory environment for private investment funds is evolving and could undergo more scrutiny during the life of a Fund. Additional changes in the regulation of private investment funds may adversely affect the value of investments held by a Fund and the ability of a Fund to effectively employ its investment and trading strategies. Increased scrutiny and potential legislation applicable to private investment funds and their sponsors may also impose significant administrative burdens on Warburg Pincus and may divert time and attention from portfolio management activities. In addition to, and in particular in light of, the changing global regulatory climate, a Fund may be required to register under certain foreign laws and regulations, and need to engage distributors or other agents in certain non-U.S. jurisdictions in order to market interests to potential investors. The effect of any future regulatory change(s) on a Fund could be substantial and adverse. In addition, the securities and futures markets are subject to comprehensive statutes, regulations and margin requirements. The SEC, other regulators and self-regulatory organizations and exchanges are authorized to take extraordinary actions in the event of market emergencies. The regulation of derivatives transactions and funds that engage in such transactions is an evolving area of law and is subject to modification by government and judicial action. The SEC has proposed, and is expected to continue to propose, rules that will impact the Firm’s business and the business of the Funds. Such current and future rulemaking is expected to impact Warburg Pincus and its affiliates, the Funds, and/or their portfolio investments, and the Funds have the potential to bear significant increased costs as a result of such rules. In addition to the risks regarding regulatory approvals, it should be noted that government counterparties or agencies may have rights and remedies under applicable law in addition to any contractual rights they may have. A Fund’s investment in portfolio investments also could be materially and adversely affected as a result of statutory or regulatory changes or judicial or administrative interpretations of existing laws and regulations that impose more comprehensive or stringent requirements on the portfolio investments. Governments have considerable discretion in implementing regulations, including, for example, the possible imposition or increase of taxes on income earned by the portfolio investments that could impact their respective businesses, as well as a Fund’s return on with respect to the portfolio investments. In light of the heightened regulatory environment in which Warburg Pincus operates and the ever-increasing regulations applicable to private investment funds and their investment advisers, it has become increasingly expensive and time-consuming for Warburg Pincus and its affiliates to comply with such regulatory reporting and compliance-related obligations. Any further increases in the regulations applicable to private investment funds generally or a Fund, its general partner or Warburg Pincus in particular may result in increased expenses associated with a Fund’s activities and additional resources of

Warburg Pincus being devoted to such regulatory reporting and compliance-related obligations, which may reduce overall returns for investors in a Fund or have an adverse effect on the ability of a Fund to effectively achieve their investment objective. Increased reporting, registration and compliance requirements may divert the attention of personnel and the management teams of a general partner and may furthermore place a Fund at a competitive disadvantage to the extent that Warburg Pincus is required to disclose sensitive business information. Impact of Natural or Man-Made Disasters; Public Health Emergencies Certain regions are at risk of being affected by natural disasters or catastrophic natural events. Considering that the development of infrastructure, disaster management planning agencies, disaster response and relief sources, organized public funding for natural emergencies, and natural disaster early warning technology may be immature and unbalanced in certain countries, the natural disaster toll on an individual portfolio investment or the broader local economic market may be significant. Prolonged periods may pass before essential communications, electricity and other power sources are restored and operations of the portfolio investment can be resumed. Warburg Pincus, a Fund and its portfolio investments could also be at risk in the event of such a disaster. The magnitude of future economic repercussions of natural disasters may also be unknown, may delay a Fund’s ability to invest in certain companies, and may ultimately prevent certain investments entirely. Portfolio investments of a Fund may also be negatively affected by man-made disasters. For example, certain countries’ consumer food industries have been subject to the threat of inappropriate food tampering. Publicity of such types of man-made disasters may have a significant negative impact on overall consumer confidence, which in turn may materially and adversely affect the performance of portfolio investments, whether or not the portfolio investments are involved in such man-made disasters. Pandemics and other widespread public health emergencies, including outbreaks of infectious diseases such as SARS, H1N1/09 flu, avian flu, Ebola and COVID-19, have resulted in historic market volatility and disruptions, and in the future, such emergencies have the potential to materially and adversely impact economic production and activity in ways that are impossible to predict, all of which may result in significant losses to the Funds. In an effort to contain such health emergencies, national, regional, and local governments, as well as private businesses and other organizations, have previously taken or have the potential to take severely restrictive measures, including instituting local and regional quarantines, restricting travel (including closing certain international borders), prohibiting public activity (including “stay-at-home” and similar orders), and ordering the closure of large numbers of offices, businesses, schools, and other public venues. Any such measures have the potential to significantly diminish economic production and activity of all kinds and contribute to volatility in financial markets, demand across categories of consumers and businesses, as well as in the credit and capital markets. Restrictive measures, whether on an initial or reimposed basis, also have the potential to cause labor force and operational disruptions, slowing or complete idling of certain supply chains and manufacturing activity, increases in unemployment levels, and strain and uncertainty for businesses and households, with a particularly acute impact on industries dependent on travel, and especially international and business travel, such as transportation and public accessibility, hospitality, tourism, retail, sports and entertainment. The ultimate impact of any such health emergency—and the resulting decline in economic activity—on global economic conditions, and on the operations, financial condition and performance of any particular industry or business, is impossible to predict, but could have a significant adverse impact and result in significant losses to the Funds. The extent of the impact on the Funds’ and their portfolio investments’ operational and financial performance will depend on many factors, all of which are highly uncertain and

cannot be predicted, and this impact may include significant reductions in revenue and growth, unexpected operational losses and liabilities, impairments to credit quality and reductions in the availability of capital. These same factors may limit the ability of the Funds to source, diligence and execute new investments and to manage, finance and exit investments in the future, and governmental mitigation actions may constrain or alter existing financial, legal and regulatory frameworks in ways that are adverse to the investment strategy the Funds intend to pursue, all of which could adversely affect the Funds’ ability to fulfill their investment objectives. They may also impair the ability of portfolio investments or their counterparties to perform their respective obligations under debt instruments and other commercial agreements (including their ability to pay obligations as they become due), potentially leading to defaults with uncertain consequences. In addition, the operations of the Funds, their portfolio investments and Warburg Pincus may be significantly impacted, or even temporarily or permanently halted, as a result of any such health emergencies, or any measures, restrictions, remote-working requirements and other factors related thereto, including its potential adverse impact on the health of any such entity’s personnel. These measures may also hinder such entities’ ability to conduct their affairs and activities as they normally would, including by impairing usual communication channels and methods, hampering the performance of administrative functions such as processing payments and invoices, and diminishing their ability to make accurate and timely projections of financial performance. Volatility of Commodity Prices The performance of certain investments of a Fund may be dependent upon prevailing market prices of certain commodities, including the price and supply of electricity, oil and fuel. Historically, the markets for certain commodities, including oil, gas, coal, and power, have been volatile, and such markets are likely to continue to be volatile in the future. Prices for certain commodities are subject to significant fluctuations over a short period of time in response to relatively minor changes in the supply of and demand for such commodities, market uncertainty and a variety of additional factors that are beyond the control of Warburg Pincus or the Funds. These factors include, without limitation, the following: (i) worldwide and regional economic conditions impacting the global supply and demand for commodities generally, including natural gas, coal, natural gas liquids and oil; (ii) the price and quantity of imports of foreign natural gas, including liquefied natural gas; (iii) international political conditions in or affecting other producing countries, including conflicts in the Middle East, Africa, South America and Russia; (iv) the level of global exploration and production and the success of exploration projects; (v) the level of global inventories; (vi) prevailing prices on local price indexes; (vii) localized and global supply and demand fundamentals and transportation availability; (viii) weather conditions; (ix) technological advances affecting energy consumption; (x) the price and availability of alternative fuels; (xi) domestic, local and foreign governmental regulation and taxes; (xii) refining capacity; (xiii) actions of the Organization of Petroleum Exporting Countries (“OPEC”) (and other oil and natural gas producing nations), including the ability of the OPEC member countries, and other oil exporting countries, including Russia, to agree upon and to maintain price stability through production limits/quotas and the level of production by non-OPEC countries; (xiv) force majeure events; (xv) changes in law, governmental regulations, relative price and availability of alternative forms of fuels and energy sources; (xvi) energy conservation; (xvii) armed conflicts; (xviii) the capacity of U.S. and international refiners to use U.S. supplies of oil, natural gas and natural gas liquids; and (xix) the economic growth of countries that are large consumers of energy. In addition, governments may intervene in certain instances, directly and by regulation, with the intent to influence price directly, which may cause rapid movement in commodity prices. The occurrence of events related to the foregoing makes it extremely difficult to predict future oil and natural gas price movements with any certainty and may have a material adverse effect on the Funds and their portfolio investments, including notably portfolio investments in or related to the ETS industry sector.

Climate Change Global climate change is widely considered to be a significant threat to the global economy. Any investments located in coastal regions may be affected by any future increases in sea levels or in the frequency or severity of hurricanes and tropical storms, whether such increases are caused by global climate changes or other factors. There may be significant physical effects of climate change that have the potential to have a material effect on a Fund’s business and operations. Physical impacts of climate change may include increased storm intensity and severity of weather (e.g., floods or hurricanes), sea level rise, and extreme temperatures. As a result of these physical impacts from climate-related events, a Fund is expected to be vulnerable to the following: risks of property damage to the Fund’s investments; indirect financial and operational impacts from disruptions to the operations of the Fund’s investments from severe weather; increased insurance premiums and deductibles or a decrease in the availability of coverage, for investments in areas subject to severe weather; decreased net migration to areas in which investments are located, resulting in lower-than-expected demand for the products and services of the investments; increased insurance claims and liabilities; increase in energy cost impacting operational returns; changes in the availability or quality of water or other natural resources on which the business depends; decreased consumer demand for consumer products or services resulting from physical changes associated with climate change (e.g., warmer temperature or decreasing shoreline could reduce demand for residential and commercial properties previously viewed as desirable); incorrect long-term valuation of an equity investment due to changing conditions not previously anticipated at the time of the investment; and economic distributions arising from the foregoing. Additionally, regulatory and voluntary initiatives launched by international, federal, state, and regional policymakers and regulatory authorities, as well as private actors, seeking to reduce greenhouse gas (“GHG”) emissions may expose businesses to so-called “transition risks,” such as: (i) political and policy risks (e.g., changing regulatory incentives and legal requirements, including with respect to GHG emissions, that could result in increased costs or changes in business operations), (ii) regulatory and litigation risks (e.g., changing legal requirements that could result in increased permitting, tax and compliance costs, changes in business operations, or the discontinuance of certain operations, and litigation seeking monetary or injunctive relief related to impacts related to climate change), (iii) technology and market risks (e.g., declining market for assets, products and services seen as GHG intensive or less effective than alternatives in reducing GHG emissions) and (iv) reputational risks (e.g., risks tied to changing investor, customer or community perceptions of an investment’s relative contribution to GHG emissions). Portfolio investments in or related to the ETS industry sector could face heightened exposure to such risks to the extent such investments have increased exposure or dependency on government subsidies or incentives or physical climate risks such as extreme weather events that can damage infrastructure. A Fund cannot rule out the possibility that climate change-related risks could result in unanticipated delays or expenses and, under certain circumstances, could prevent completion of investment activities or the effective management of investments once undertaken, any of which could have a material adverse effect on an investment, or a Fund’s business and operations. Social Unrest Recent events have led to protests, demonstrations, marches and other forms of political and social activism on a local, regional, national and international level, as well as rioting in some instances. Such activism, which has ranged from peaceful forms to, in some instances, violent activities, has resulted in curfews, the deployment of police and other local and national involvement, and could lead to increased political and social volatility and uncertainty. While the overall effect of such activism remains unknown, investors should note that this type of volatility and uncertainty could materially adversely impact the securities and other assets in which a Fund invests. For example, as a result of social unrest, a Fund and its portfolio investments could be affected by property damage, economic uncertainty and other byproducts of social unrest.

Consumer, corporate and financial confidence may be adversely affected by current or future tensions around the world, fear of terrorist activity and/or military conflicts, localized or global financial crises, pandemics or other sources of political, social or economic unrest. Such erosion of confidence may lead to or extend a localized or global economic downturn. A climate of uncertainty may reduce the availability of potential investment opportunities, and increases the difficulty of modeling market conditions, potentially reducing the accuracy of financial projections. In addition, limited availability of credit for consumers, homeowners and businesses, including credit used to acquire businesses, in an uncertain environment or economic downturn may have an adverse effect on the economy generally and on the ability of the Funds and their portfolio investments to execute their respective strategies and to receive an attractive multiple of earnings on the disposition of businesses. This may slow the rate of future investments by the Funds and result in longer holding periods for investments. Furthermore, such uncertainty or general economic downturn may have an adverse effect upon the Funds’ portfolio investments. Sustainability Matters Warburg Pincus maintains a sustainability policy (“Sustainability Policy”) that it intends to apply as applicable to its investment process consistent with and subject to its fiduciary or other duties and any applicable legal, regulatory or contractual requirements. There is no guarantee that Warburg Pincus will be able to successfully implement its Sustainability Policy while achieving its investment strategy. Depending on the investment, certain sustainability factors, such as cybersecurity, employment practices and policies, health and safety, human rights and environmental factors, could have a material effect on the return and risk profile of the investment. The act of selecting and evaluating material sustainability factors and applying such sustainability factors to investment decisions is qualitative and subjective by nature, and Warburg Pincus expects to be subject to competing demands from different investors and other stakeholder groups with divergent views on sustainability matters, including the role of sustainability factors in the investment process. There is no guarantee that the criteria utilized or judgment exercised by a general partner of a Fund, a portfolio investment or a third party advisor will reflect the views, internal policies or preferred practices of any particular investor in a Fund, or other asset managers or reflect market trends. Warburg Pincus’ interpretations and decisions may differ from others’ views and could also evolve over time. Additionally, sustainability factors are only some of the many factors that a general partner expects to consider in making an investment. Although Warburg Pincus views the consideration of sustainability factors to be an opportunity to potentially enhance or protect the performance of its investments over the long term, Warburg Pincus cannot guarantee that its sustainability strategy, which depends in part on qualitative judgments, will positively impact the performance of any individual investment or a Fund as a whole. Similarly, to the extent a general partner, a portfolio investment or a third-party advisor engages with portfolio investments on sustainability-related practices and potential enhancements thereto, there is no guarantee that such engagements will improve the performance of the investment. Successful engagement efforts on the part of the general partner, a portfolio investment or a third-party advisor will depend on the general partner’s, or any relevant third-party advisor’s, ability to engage with the relevant investment and skill in properly identifying and analyzing material sustainability and other factors and their value, and there can be no assurance that the strategy or techniques employed will be successful. The materiality of sustainability factors on an individual asset or issuer and on a portfolio as a whole depends on many factors, including the relevant industry, location, asset class and investment strategy. Sustainability factors, issues, and considerations do not apply in every instance or with respect to each investment held, or proposed to be made, by a Fund, and will vary greatly based on numerous criteria, including, but not limited to, location, industry, investment strategy, and issuer-specific and investmentspecific characteristics. In addition, Warburg Pincus’ sustainability strategy and policies may change over time. Warburg Pincus, in certain circumstances, is permitted to determine in its discretion that it is not

feasible or practical to implement or complete certain of its initiatives based on cost, timing or other considerations. It is possible that market dynamics or other factors will make it impractical, inadvisable or impossible for Warburg Pincus to adhere to all elements of a general partner’s investment strategy, including sustainability-related considerations, whether with respect to one or more individual investments or to a Fund’s portfolio generally. In evaluating a prospective investment, Warburg Pincus may depend upon information and data provided by the entity or obtained via third-party reporting or advisors, which may be incomplete or inaccurate, and could cause Warburg Pincus to incorrectly identify, prioritize, assess or analyze the entity’s sustainability practices and/or related risks and opportunities. Warburg Pincus does not intend to independently verify certain of the information reported by investments of a Fund or third parties and may decide in its discretion not to utilize, report on or consider certain information provided by such investments. Any sustainability reporting will be provided in Warburg Pincus’ sole discretion. Sustainability-related statements, initiatives and goals with respect to an investment strategy, portfolio and investments are aspirational and not guarantees or promises that all or any such initiatives and goals will be achieved other than as set out in any applicable regulatory disclosures, including those made pursuant to Regulation (EU) 2019/2088 (“SFDR”). For avoidance of doubt, however, Warburg Pincus does not expect to subordinate a Fund’s investment returns or increase a Fund’s investment risks as a result of (or in connection with) the consideration of any sustainability factors. Further, sustainability integration and responsible investing practices as a whole are evolving rapidly and there are different principles, frameworks, methodologies and tracking tools being implemented by asset managers, and Warburg Pincus’ adoption of and adherence to such viewpoints, principles, frameworks, methodologies and tools are expected to vary over time. Any sustainability-related initiatives to which Warburg Pincus is or becomes a signatory, member or supporter may not align with the approach used by other asset managers (or preferred by investors) or with future market trends or government policies. There is no guarantee that Warburg Pincus will remain a signatory, supporter or member of or continue to report in the manner, at the intended cadence, or at all under or in alignment with such initiatives or any other similar industry frameworks. Further, Warburg Pincus’ Sustainability Policy and associated procedures and practices are proprietary and do not represent a universally recognized standard for assessing sustainabilityrelated considerations. Regulation and Enforcement with Respect to Asset Managers’ Sustainability Disclosures There is growing regulatory interest across jurisdictions, particularly in the United States, United Kingdom, and European Union (“EU”), in improving transparency around the role of sustainability in asset managers’ investment processes in order to allow investors to better understand, scrutinize, and validate sustainability-related and other claims. For example, the SEC sometimes reviews compliance with sustainability commitments in examinations, and it has taken enforcement actions against registered investment advisers for not establishing adequate or consistently implementing sustainability policies and procedures to meet sustainability commitments to investors. Compliance with regulations concerning asset managers’ sustainability disclosures, including those set forth below, results in management burdens and costs because of, for example, the need to obtain advice from third-party advisors, implement specific governance, risk-management systems, and internal controls, and collect information from and about investments. Further, changes to existing regulations, enactment of new regulations, and changes to enforcement patterns could subject a Fund to additional compliance burdens, costs, and/or enforcement risks, or impact a Fund’s ability to deliver on its investment strategy. Warburg Pincus cannot guarantee that its current approach to sustainability (including the Sustainability Policy) will meet future regulatory requirements. Moreover, in recent years, anti-ESG sentiment has gained momentum across the U.S., with several states, the executive branch and federal agencies, and Congress having proposed or enacted “anti-ESG” policies,

legislation or initiatives, issued related legal opinions, and pursued related investigations and litigation. Additionally, asset managers have been subject to recent scrutiny related to ESG-focused industry working groups, initiatives, and associations, including organizations advancing action to address ESG matters, climate change or climate-related risk. Further, some conservative groups and federal and state officials have asserted that the Supreme Court’s decision striking down race-based affirmative action in higher education in 2023 should be analogized to private employment matters and private contract matters. Media campaigns and cases alleging discrimination based on such arguments have been initiated since the decision, and in 2025, the Trump Administration signed a number of Executive Orders focused on diversity, equity, and inclusion (“DEI”), which caution the private sector to end “illegal DEI discrimination and preferences,” impose specific requirements on federal contractors and preview compliance investigations of private entities. Agencies across the federal government, including the Department of Justice, the Federal Communications Commission, and the Equal Employment Opportunity Commission, have been focusing on DEI-related investigations and enforcement. It is uncertain how the interpretation, application, and enforcement of laws (including U.S. state and federal nondiscrimination laws), policies, and public sentiment related to DEI will evolve, and it may become increasingly challenging to establish global DEI-related policies and programs that meet the varied laws, policies, and norms of different jurisdictions. Anti-ESG and anti-DEI-related policies, legislation, initiatives, litigation, legal opinions and scrutiny could result in Warburg Pincus, the Funds, or portfolio companies facing additional compliance obligations, becoming the subject of investigations or challenges, demands or delays in connection with transaction approvals, enforcement actions, penalties or litigation, business losses (including the termination of federal grants and contracts) or reputational harm, require changes to existing or future policies and programs, or require certain investors to divest or discourage certain investors from investing in the Funds. Warburg Pincus and its sustainability strategy and people initiatives could become subject to additional regulation and/or risk of regulatory scrutiny, penalties or enforcement in the future, and Warburg Pincus cannot guarantee that its current approach (including the Sustainability Policy) or any Fund investments will meet future regulatory requirements, reporting frameworks or best practices, increasing the risk of related enforcement. Compliance with new requirements may lead to increased management burdens and costs. Compliance with European Sustainability-Related Regimes The EU has established frameworks for disclosure and reporting on sustainability-related matters, including Regulation (EU) 2020/852 (the “Taxonomy Regulation”). The Taxonomy Regulation, among other things, introduces mandatory disclosure and reporting requirements and supplements the framework set out in the SFDR, which requires certain disclosures in relation to whether and, if so, how sustainability risks and adverse impacts on sustainability factors are taken into account in the investment process. While in force, each of the Taxonomy Regulation and the SFDR remains subject to change and, as a result, a Fund may be obliged to update existing disclosures provided to investors and/or regulators. In addition, the UK Sustainability Labelling and Disclosure of Sustainability-Related Financial Information Instrument 2023 introduces an ‘anti-greenwashing’ rule which applies to all UK-authorized firms in their communications with clients in the UK in relation to a product or service when communicating or approving a financial promotion to a person in the UK. Compliance with frameworks of this nature may create an additional compliance burden and increased legal, compliance, governance, reporting and other costs to Funds, Fund managers and/or portfolio companies because of the need to collect certain information to meet the disclosure requirements and/or because of investor commitments and disclosure obligations. In addition, where there are uncertainties regarding the operation of the framework, a lack of official, conflicting or inconsistent regulatory guidance,

a lack of established market practice and/or data gaps or methodological challenges affecting the ability to collect relevant data, funds and/or fund managers may be required to engage third-party advisors and/or Service Providers to fulfil the requirements, thereby exacerbating any increase in compliance burden and costs. Compliance with requirements of this nature also increase risks relating to financial supervision and enforcement action. To the extent that any applicable jurisdictions enact similar laws and/or frameworks, there is a risk that a Fund may not be able to maintain alignment of a particular investment with such frameworks, and/or may be subject to additional compliance burdens and costs, which might adversely affect the investment returns of such Fund. Sustainability Disclosure Laws Warburg Pincus and/or a Fund’s portfolio investments may be subject to disclosure laws and regulations related to a range of sustainability matters, including, but not limited to: (i) greenhouse gas emissions; (ii) climate change risks; (iii) diversity, equity and inclusion; and (iv) human rights matters (collectively, “Sustainability Disclosure Laws”). For example, in the fall of 2023, California passed the Voluntary Carbon Market Disclosures Act (AB-1305), which is focused on the voluntary carbon market for carbon credits but also includes disclosure requirements for companies with a required nexus to California making certain climate-related claims. Other jurisdictions have also enacted or are considering enacting mandatory climate and sustainability reporting laws (in many cases based on the recommendations of the Task Force on Climate-related Financial Disclosures or the standards published by the International Sustainability Standards Board), as well as laws requiring reporting of information on other sustainability topics, such as human capital. Compliance with Sustainability Disclosure Laws may require the implementation of or changes to systems and procedures for the collection and processing of relevant data and related internal and external controls, changes to management and/or operational obligations, and dedication of substantial time and financial resources. The compliance burden and related costs may increase over time. Failure to comply with applicable Sustainability Disclosure Laws may lead to investigations and audits, fines, other enforcement action or liabilities, or reputational damage. Sustainability Due Diligence Laws Warburg Pincus and/or a Fund’s portfolio investments may be subject to laws and regulations requiring due diligence processes and internal compliance systems in relation to a range of human rights and environmental matters (collectively, “Sustainability Due Diligence Laws”). For example, a number of jurisdictions have passed or proposed mandatory due diligence requirements in relation to forced labor and human rights matters across corporate groups and supply chains. Compliance with Sustainability Due Diligence Laws may require the development or update of internal compliance and enterprise riskmanagement policies and related procedures, assigning board and/or management oversight as well as dayto-day operational responsibility for in-scope human rights and environmental matters, implementation of periodic compliance risk assessments, updates to contractual frameworks and agreements, the development of preventative and/or corrective action plans, changes to purchasing, design, and distribution practices, where relevant, and the development or update of notification mechanisms and complaints procedures. The compliance burden and related costs may increase over time. Failure to comply with applicable Sustainability Due Diligence Laws may lead to investigations and audits, fines, exclusion from public procurement, other enforcement action or liabilities, including civil liability or liability from third-party claims, and reputational damage. Participation on Creditors’ Committees A Fund and/or its designees, including Warburg Pincus personnel, can serve on committees formed by creditors (“Creditors’ Committees”) to negotiate with the management of financially troubled companies that may or may not be in bankruptcy. A Fund can also seek to negotiate directly with debtors with respect

to restructuring issues. Even if a Fund chooses to join a Creditors’ Committee, there can be no assurance that such Fund would be successful in obtaining results favorable to it in such proceedings, and the Fund can incur significant legal fees and/or other expenses in attempting to do so, as Creditors’ Committees generally consist of many participants, each of which attempts to obtain an outcome that is in its individual best interests. As a result of a Fund’s service on such Creditors’ Committees, such Fund may be deemed to have duties to other creditors represented by the Creditors’ Committees, which might thereby expose the Fund to liability to such other creditors who disagree with the Fund’s actions. The applicable general partner or Warburg Pincus, on behalf of the Fund, may elect to serve on Creditors’ Committees, equity holders’ committees, or other groups to ensure preservation or enhancement of the Fund’s position as a creditor or equity holder. A member of any such Creditors’ Committee or group may owe certain obligations generally to all parties similarly situated that the Creditors’ Committee represents. If the applicable general partner or Warburg Pincus concludes that its obligations owed to the other parties as a Creditors’ Committee or group member conflict with its duties owed to the Fund, it expects to resign from that Creditors’ Committee or group, and the Fund may not realize the benefits, if any, of the applicable general partner’s or Warburg Pincus’ service on the Creditors’ Committee or group. Additionally, if a Fund is represented on a Creditors’ Committee or group, it could be restricted or prohibited under applicable law from disposing of its investments in the subject company while it continues to be represented on such Creditors’ Committee or group. False Claims Act Considerations The U.S. False Claims Act (1 U.S.C. §§ 3729-3733) (“FCA”) imposes civil and criminal liability on individuals or entities that submit false or fraudulent claims for payment to the federal government. The federal government and a number of courts have also taken the position that claims presented in violation of certain other statutes can be considered a violation of the FCA. Violations of the FCA may result in treble damages, civil monetary penalties and exclusion from the Medicare, Medicaid and other federally funded healthcare programs. If certain criteria are satisfied, the FCA allows a private individual to bring a qui tam suit on behalf of the government and, if the case is successful, to share in any recovery. FCA suits brought directly by the U.S. Department of Justice or private individuals against healthcare providers, such as healthcare and healthcare IT businesses of the type in which a Fund can invest, are increasingly common and are expected to continue to increase. For example, in recent years, an electronic health records (“EHR”) vendor has agreed to pay $155 million to resolve a FCA lawsuit that alleged it gave customers kickbacks for publicly promoting its products when it falsely obtained a certification that requires EHR vendors’ software to satisfy, under the American Recovery and Reinvestment Act’s HITECH Act, criteria by an accredited testing body so that customers can use it to attest for EHR reimbursement under the meaningful use program. Additionally, in recent FCA complaints—one against a pharmacy company that is owned and controlled by a private equity sponsor and another against a medical device company purchased by a private equity sponsor—the U.S. Department of Justice named the private equity sponsor as a defendant in the case. Both cases settled and each private equity sponsor agreed to pay a settlement that was based on their ability to pay. In addition, in May 2021, an FCA lawsuit, involving a private equity sponsor that purchased a provider of mental health services, has proceeded for the first time through summary judgment, where the court held that the established principles of scienter and causation can be applied to a private equity sponsor. Given the foregoing, there is a risk that a Fund’s portfolio company, a Fund and/or Warburg Pincus may be named in an FCA complaint and, if such complaint were adversely decided, the result could have a negative impact on such Fund. Non-U.S. Investments Generally A Fund is permitted to, subject to the terms of the applicable Fund’s governing documents, invest in the securities of issuers and other assets located outside of the U.S. Additionally, certain of the Funds that are

geographic-focused companion funds anticipate investing a significant portion of their assets in the securities of issues and other assets located outside of the U.S. Investing in non-U.S. companies, assets and entities, including in non-U.S. OECD Jurisdictions, involves certain factors not typically associated with investing in the U.S., including, but not limited to, risks relating to: (i) currency exchange matters, including fluctuations in the rate of exchange between the U.S. Dollar and the various non-U.S. currencies in which a Fund’s non-U.S. investments are denominated, and costs associated with conversion of investment capital and income from one currency into another and/or the repatriation of capital from such jurisdictions; (ii) inflation matters, including rapid fluctuations in inflation rates; (iii) differences between the U.S. and many non-U.S. securities markets, including potential price volatility in and relative illiquidity of some non-U.S. securities markets, the absence of uniform accounting, auditing and financial reporting standards, practices and disclosure requirements and the potential of less government supervision and regulation; (iv) economic, social and political risks, including potential exchange control regulations and restrictions on non-U.S. investment and repatriation of capital, sanctions, the risks of political, economic or social instability and the possibility of expropriation or confiscatory taxation; (v) the possible imposition of nonU.S. taxes on income and gains recognized with respect to such securities; (vi) less developed corporate laws regarding creditors’ rights (including the rights of secured parties), fiduciary duties, corporate responsibility, governance and the protection of minority or significant investors; (vii) differences in conventions relating to documentation, settlement, corporate actions, board matters, stakeholder rights and other matters; and (viii) the current U.S. presidential administration’s possible imposition of restrictions on and/or heightened regulatory burdens with respect to non-U.S. investments, particularly in China, and possible imposition by the Chinese and other non-U.S. governments of additional restrictions on inbound capital, particularly from the U.S. Any such restrictions could substantially limit the ability of a Fund to make non-U.S. investments, and as a result, are expected to negatively affect the performance of a Fund. In addition, laws and regulations of non-U.S. countries may impose restrictions that would not exist in the U.S. and may require financing and structuring alternatives that differ significantly from those customarily used in the U.S. Non-U.S. countries also may impose taxes on a Fund and/or the investors of a Fund. Warburg Pincus intends to analyze risks in the applicable non-U.S. countries before making such investments, but no assurance can be given that a change in political or economic climate, or particular legal or regulatory risks, including changes in regulations regarding non-U.S. ownership of assets or repatriation of funds or changes in taxation, will not adversely affect a Fund, investors or an investment by a Fund. International Conflicts and Geopolitical Events Wars and other international conflicts have caused disruption to global financial systems, oil prices, trade and transport, among other things. In response, multiple other countries have put in place sanctions and other severe restrictions or prohibitions on certain of the countries involved, as well as related individuals and businesses. The ultimate impact of these conflicts (and other geopolitical events, including national referenda, elections, interest rates, political movements, humanitarian crises, national and international policy changes, actual or perceived trade wars, import or export controls, executive orders, laws, legal systems and regulatory regimes) and their effect on global economic and commercial activity and conditions, and on the operations, financial condition and performance of the Funds or any particular industry, business or investee country and the duration and severity of those effects, is impossible to predict. In certain cases, such conflicts may increase demand for products and services provided by companies operating in the sectors or industries in which the Funds invest. Although difficult to predict in certain instances, these matters may have a significant adverse impact and result in significant losses to the Funds and their portfolio investments. This impact may include reductions in revenue and growth, unexpected operational losses and liabilities, supply chain disruptions

and reductions in the availability of capital. It may also limit the ability of a Fund to source, diligence and execute new investments and to manage, finance and exit investments in the future. Developing and further governmental actions (military or otherwise) may cause additional disruption and constrain or alter existing financial, legal and regulatory frameworks and systems in ways that are adverse to the investment strategy that any Fund intends to pursue, all of which could adversely affect the Fund’s ability to fulfill its investment objectives. Sovereign Risk The right of certain of a Fund’s portfolio investments to generate, produce or sell products may be granted by or derive from approval by governmental entities and be subject to special risks, including the risk that the relevant governmental entity will exercise sovereign rights and take actions contrary to the rights or interests of such Fund or the relevant portfolio investment. There can be no assurance that any governmental entity will not legislate, impose regulations, or change applicable laws or act contrary to the law in a way that would materially and adversely affect the business of any portfolio investment. Investments in Emerging Markets Generally A Fund is permitted to, subject to the terms of the applicable Fund’s governing documents, invest in securities of issuers located in emerging markets, such as China, Southeast Asia, India, various Latin American countries and some emerging countries in Central and Eastern Europe, as well as investments in certain other emerging and frontier markets. Investing in emerging markets involves additional risks and special considerations not typically associated with investing in other, more established economies or markets. Such risks may include, among others: (i) increased risk of nationalization or expropriation of assets or confiscatory taxation; (ii) greater social, economic and political uncertainty, including conflict or social unrest; (iii) greater governmental involvement in, and control over, the economy; (iv) governmental decisions to cease support of economic reform programs or to impose central planning of the economy; (v) less extensive regulation of financial and other markets; (vi) greater regulatory uncertainty; (vii) greater volatility, less liquidity and smaller capitalization of markets; (viii) greater volatility and greater governmental involvement in monetary policy and currency exchange rates; (ix) greater risk of inflation; (x) higher dependence on exports and the corresponding importance of international trade; (xi) greater controls on foreign investment and limitations on the realization of investments, repatriation of invested capital and on the ability to exchange local currencies for U.S. Dollars; (xii) less developed corporate laws, including greater uncertainty regarding the extent of the duties of officers and directors, the limitations of their liabilities and the protection of investors; (xiii) longer settlement periods for transactions and less reliable clearance and custody arrangements; (xiv) maintenance of a Fund’s investments (as well as cash pending investment consummation or distribution) with non-U.S. brokers and securities depositories that may be subject to fewer regulations in terms of segregation of cash and assets and adequate capitalization; (xv) risks associated with differing cultural expectations and norms regarding business practices, gifts and hospitality; (xvi) less developed compliance infrastructure and less availability of qualified personnel with experience in compliance and risk management; (xvii) differences in auditing and financial reporting standards, which may result in the unavailability of material information about portfolio investments; (xviii) less developed, reliable or independent judicial systems for the enforcement of contracts or claims; (xix) threats or incidents of corruption or fraud; (xx) less developed cybersecurity and technology infrastructure and greater risk of misappropriation of intellectual property and/or personal information; (xxi) national security-related investment clearance regimes; and (xxii) public health issues, including less developed public health infrastructure that is not able to adequately respond to public health emergencies, including outbreaks of infectious diseases such as SARS, H1N1/09 flu, avian flu, Ebola and COVID-19. Any or all of the foregoing may cause a Fund not to pursue certain investments, or to alter certain activities, liquidate certain portfolio investments or liquidate such investments prior to or after the time when Warburg Pincus would otherwise choose to liquidate to achieve optimal returns, and any or all of

the foregoing risks may cause losses or have other negative impacts on a Fund or its portfolio investments. Repatriation of investment income, assets and the proceeds of sales by foreign investors, such as a Fund, may require governmental registration and/or approval in some emerging markets. A Fund could be adversely affected by delays in or a refusal to grant any required governmental registration or approval for such repatriation or by withholding taxes imposed by emerging market countries on interest or dividends paid on financial instruments held by the Fund or gains from the disposition of such financial instruments and other assets. In emerging markets, there can be less government supervision of or a less predictable application of regulations towards business and industry practices, stock exchanges, over-the-counter markets, brokers, dealers, counterparties and issuers than in other more established markets. Any regulatory supervision that is in place may be subject to manipulation or control. Many emerging market countries do not have mature legal or regulatory systems comparable to those of more developed countries. Moreover, the process of legal and regulatory reform may not proceed at the same pace as market developments, which could result in investment risks. Legislation to safeguard the rights of private ownership may not yet be in place in certain areas, and there may be the risk of conflict among tribal, local, regional and national requirements or authorities. In certain cases, the laws and regulations governing investments in securities and/or assets may not exist or may be subject to inconsistent or arbitrary application or interpretation. Both the independence of judicial systems and their immunity from economic, political or nationalistic influences remain largely untested in some countries. A Fund may also encounter difficulties in pursuing legal remedies or in obtaining and enforcing judgments in non-U.S. courts. Certain of the markets in which Warburg Pincus expects to invest are frontier markets that are subject to many of the same risks as investments in emerging markets, as well as heightened or additional risks, including political and/or economic instability, conflict, or corruption. Investments may be made in territories where border disputes exist, making the legal, political and security climate uncertain, and there can be no assurances that such potential instability will ease. Transactions in such regions may depend upon accessing appropriate and reputable intermediaries. Despite a growing trend toward democratic processes, some frontier economies are in countries with a history of military conflict and corruption. If such activities were to recur, they could reverse favorable trends toward economic and market reform, privatization and the removal of trade barriers, and result in significant disruptions in markets. Investments in Brazil Investments in Brazil involve a high degree of risk and special considerations not typically associated with investing in more developed and stable environments, including, but not limited to, those set forth below. The overall value of any portfolio investments in Brazil will be affected by Brazil’s distinctive economic, political and regulatory environment, including, without limitation, interest rate levels, inflation, the availability of financing in local markets, as well as changes to the legal environment. The Brazilian economy has been characterized by government intervention, including drastic intervention in certain circumstances, which has often changed monetary, credit, tax and other policies to influence Brazil’s economy. The Brazilian government’s actions to control inflation and affect other policies have often involved the determination of minimum wages and price controls in certain industries, fluctuation of the Central Bank of Brazil’s base interest rates and modifications of the taxation of foreign investments. Actions taken by the Brazilian government concerning the economy may have important effects on Brazilian entities and investment vehicles, including local private equity funds (Fundos de Investimento em Participações (“FIP”)), and on market conditions and prices of Brazilian securities, including those that may be held by a Fund. For example, in the past, the Brazilian government maintained price controls, and

Warburg Pincus cannot assure investors that price controls will not be imposed in the future. A Fund’s investments in Brazil may also be materially and adversely affected by the following factors and the Brazilian government’s actions in response to them: (i) devaluations and other exchange rate movements; (ii) monetary policies; (iii) inflation rates; (iv) economic and social instability; (v) interest rates; (vi) exchange controls and certain taxes levied on remittances abroad, for which rates may vary; (vii) liquidity of the domestic capital and lending markets; (viii) tax policy; and (ix) commodity price instability and other political, diplomatic, social and economic policies or developments in or affecting Brazil. The operation and cash flows of any portfolio investment may depend, in some cases, upon prevailing or improving market prices for energy commodities (such as oil, gas, coal and power). Market prices of these energy commodities as well as other inputs may fluctuate materially depending on a variety of factors beyond the control of Warburg Pincus or a Fund. Uncertainty over whether the Brazilian government will implement changes in policy or regulation affecting these or other factors in the future may contribute to economic uncertainty in Brazil. Historically, the political scenario in Brazil has influenced the performance of the Brazilian economy; in particular, political crises have affected the confidence of investors and the public in general, which adversely affected the economic development in Brazil. These and other future developments in the Brazilian economy and governmental policies may adversely affect a Fund. A Fund may invest in Brazilian portfolio investments substantially through one or more FIPs, directly or indirectly, which may pose certain risks to such Fund and its limited partners. Any FIP will be regulated by Brazilian law and will be subject to changes of such laws. There can be no assurances that such laws will not change in a manner adverse to a Fund and/or its limited partners. In addition, a FIP will be governed by its bylaws, which may be amended by its investors. The ability of a Fund to obtain favorable tax treatment on its investments in Brazil depends on the ability of an investment structure to comply with all of a FIP’s tax benefit requirements. No assurance can be given that the FIP tax benefit requirements will be met generally or at any particular time, and that such requirements will not be modified. If the FIP tax benefit requirements are not met, or if there are changes in Brazilian tax laws, a Fund could be subject to significantly more tax in Brazil, which could result in significantly lower returns for investors. Investments in China Investing in China involves certain risks not typically associated with investments in other countries or more developed markets. The economy of China is generally heavily dependent upon international trade and, accordingly, may be affected materially adversely by global geopolitical influences, including protective trade barriers, weaknesses in world prices for its commodity exports, nationalist policies and sentiment, and economic conditions in the countries with which it trades. There can be no assurance that any reform-oriented economic policies will continue with the current and future political leaderships of China or be applied consistently across different industries and regions. The Chinese government continues to own, directly or indirectly, a substantial portion of China’s productive assets and continues to play a significant role in regulating development through industrial policies, taxation, allocating resources, regulating payments of foreign currency obligations, imposing credit policies on commercial banks, setting monetary policy and currency exchange rates and providing preferential treatment to particular industries or companies. Moreover, the implementation of tariffs on Chinese goods, increasing tension between the U.S. and China and a potential trade war between the U.S. and China could have a negative impact on the Chinese economy, imperil relations among other countries, escalate

geopolitical instability and adversely impact a Fund’s investments. It is also possible that during the term of a Fund, China could experience a recession, generally defined as two or more consecutive quarters of contraction of gross domestic product. Volatility in the Chinese stock markets reflects the unpredictability of the economy in China, and has prompted the Chinese government to implement a number of policies and restrictions with regards to the securities markets, for instance, a temporary moratorium on the sale of certain securities, subject to certain conditions. While the Chinese government has implemented various measures to promote economic development and to reduce its debt, some of these initiatives may have a negative effect on a Fund’s investments (e.g., by resulting in higher refinancing and default risk). Additionally, to the extent China continues to limit foreign investments generally in industries deemed important to national interests and prohibit foreign investments in certain of these industries, a Fund will have less or even no access to these types of investments. Warburg Pincus will seek to manage each Fund in a manner designed to mitigate these risks relative to the potential for gain, but such risks cannot be eliminated entirely, and may in any case be beyond the control of a Fund. There can be no assurance that a change in political or economic climate, or particular legal or regulatory risks, including changes in regulations regarding non-U.S. ownership of assets or repatriation of funds or changes in taxation, will not adversely affect a Fund, investors in such Fund or an investment by such Fund. China has in the past and may in the future experience significant political, economic and social instability, any of which could adversely affect a Fund’s investments. A Fund may have limited legal recourse in the event of a dispute, and remedies might have to be pursued in the courts of the country in question where it may be difficult to obtain and enforce a judgment. In addition, government policies and internal rules may have a retroactive effect and, as a result, a Fund or its investment may not be aware of any violation of these policies and rules until sometime after the violation. The Chinese government, courts and other regulatory agencies (including certain industrial self-regulatory organizations) have broad discretion in dealing with violations of laws and regulations, including levying fines, revoking business and other licenses and requiring actions necessary for compliance. Other matters such as exchange control regulations and taxation could adversely affect the assets of a Fund, and a Fund may also face difficult registration procedures when making or disposing of investments, and, as a foreign investor, may be subject to legal or regulatory constraints or prejudices that do not affect local investors. There can be no assurance as to the economic and tax policies that the Chinese government may pursue in the future. Income received by a Fund may be denominated in the Renminbi, whereas capital contributions and distributions from a Fund will be made in U.S. Dollars. It is difficult to predict how market forces or PRC or U.S. government policy may impact the exchange rate between Renminbi and the U.S. Dollar in the future. In addition, there are limited instruments available for a Fund to reduce its foreign currency risk exposure at reasonable costs. A Fund could be adversely affected by delays in, or a refusal to grant, any required governmental approval for repatriation of equity and debt capital, interest and dividends paid on investments held by a Fund. A Fund may lose a source of liquidity if any of its portfolio investments organized under the laws of China are restricted from paying dividends or making other distributions to it. In addition, Chinese bankruptcy law remains underdeveloped as compared to the U.S. and other OECD member countries that, together with the lack of transparency in China’s judicial system and local protectionism, may prevent a Fund from accurately anticipating the outcome of any bankruptcy proceedings in China. As a result of regulators’ focus on anti-monopoly and anti-unfair competition compliance and enhanced regulation of platform enterprises, investment in China may be subject to heightened regulatory scrutiny. In order to comply with existing laws and regulations and new laws and regulations that may be enacted in the future, a Fund may need to devote significant resources and efforts, including restructuring affected

businesses and adjusting investment activities, which could adversely affect a Fund’s investments. In addition, any anti-monopoly or anti-unfair competition-related lawsuit, regulatory investigations or administrative proceedings initiated against portfolio investments of a Fund could also result in regulatory actions and constraints on a Fund’s investments. The PRC government has enacted various laws and regulations with respect to cybersecurity, data security and protection of personal information from any inappropriate collection activities, abuse or unauthorized disclosure and the regulatory and enforcement regime is consistently evolving and may be subject to different interpretations or significant changes. Moreover, different PRC regulatory bodies have enforced data privacy and protections laws and regulations with varying standards and applications. There is no guarantee that a Fund’s investment in China will be subject to cybersecurity or national security review, which could require a Fund to change its business practices or incur additional operating expenses, thereby negatively affect a Fund’s investment returns. Investments in Europe There is often a high degree of regulation in European economies, and action by European governments, the EU Commission or other national independent and competition authorities could have a significant effect on market conditions and the value of securities and investments held by a Fund. Action by such governments may directly affect foreign investment in securities of European companies, including through changes in policy with regard to taxation, fiscal and monetary policies, labor laws, repatriation of profits, antitrust and anti-cartel laws, and other economic and trade regulations. The European economies may differ favorably or unfavorably from the other economies with regard to the rate of growth of gross domestic product, the rate of inflation, capital reinvestment resource self-sufficiency and balance of payments. The economies of certain European countries depend heavily on international trade and can be adversely affected by the enactment of trade barriers or changes in the economic conditions of their trading partners. Changing political environments, regulatory restrictions and changes in government institutions and policies in Europe could adversely affect private investments and the performance of a Fund’s investments. The economies of certain Eurozone countries have periodically suffered high unemployment, low or stagnant economic growth, a decline in the real value of living wages, large current account deficits, lack of competitiveness, high government borrowing relative to GDP and higher interest rates on government bonds, reflecting a perceived risk of being unable to meet future financial obligations. While the devaluation of a nation’s currency would be expected to stimulate competitiveness, reduce unemployment, increase GDP and ultimately raise taxes to reduce a budget deficit, it is not within the control of individual Eurozone countries to devalue the Euro. Without reasonable prospects for growth, and the inability to devalue their national currency, some Eurozone countries have, or have been forced to, reduce public spending on the one hand, which has resulted in lower growth, higher unemployment and lower tax revenues, while on the other hand attempting to introduce structural reforms to improve competitiveness over the longer term. Without the means to stimulate economic growth through currency devaluation, critics of the single currency question the suitability of the Euro to function in the diverse economies of the Eurozone and, if a single currency is unsuitable, the risk of the re-introduction of individual currencies in one or more Eurozone countries, or, in more extreme circumstances, the possible dissolution of the Euro entirely. A particularly high level of government debt may be unsustainable for a country that has, and continues to endure, weak economic growth, high unemployment and has yet to implement or benefit from long-term economic reforms. A default on sovereign debt, although now a more remote risk than after the crisis, could have a material impact on economic conditions and market activity in the Eurozone and elsewhere in the European Union. For example, default by a participating member state could result in, or contribute to, the defaulting member state ceasing to use the Euro as its national currency, or even provide a stimulus for one or more member states to withdraw from European Union membership, any of which would likely have an adverse impact on a Fund. Moreover, any structural instability of the

Eurozone would likely have negative implications for the global economy. A potential effect would be an immediate reduction of liquidity for particular investments in economically connected countries, thereby impairing the value of such investments. Volatility in the global credit markets may make it more difficult for issuers and borrowers to obtain favorable financing or refinancing arrangements that may be needed to execute a Fund’s investment strategy. Uncertainty in the Eurozone could have an adverse effect on a Fund by affecting the performance of its investments and its ability to fulfill its investment objectives. Investments in India Investing in India involves certain risks not typically associated with investments in other countries or more developed markets including risks associated with: (i) fluctuating currency and governmental interventions related thereto; (ii) less developed and sophisticated securities markets; (iii) different accounting, auditing and disclosure standards; (iv) unusual regulatory burdens and government regulation of foreign investments; (v) different legal protections for investors and in particular non-resident Indian investors; and (vi) proposed regulation of the technology sector in India. Additionally, India has in the past experienced, and may in the future experience, political and social instability such as: (i) popular unrest and internal insurgencies associated with demands for improved political, economic and social conditions, (ii) hostile relations with neighboring countries and (iii) ethnic, racial and religious conflict that could adversely affect the relevant Fund’s portfolio investments. The Government of India has exercised and continues to exercise substantial influence over many aspects of the private sector, and certain industries may be subject to significant governmental regulation. Future actions taken by the Government of India could have significant effects on economic conditions in the country. Foreign investment in securities of Indian companies is still restricted or controlled to varying degrees. The availability of attractive investment opportunities for a Fund is expected to depend in part on the government in India continuing to liberalize their policies regarding foreign investment and, in some cases, to further encourage private sector initiatives. Portfolio companies in India may be dependent upon the grant, renewal, or continuance in force of appropriate contracts, licenses, permits, and regulatory approvals and consents that may be valid only for a defined time period, may be subject to limitations, and may provide for withdrawal in certain circumstances. There can be no assurance that such contracts, licenses, permits, and regulatory approvals and consents would be granted, renewed, or continue in force, or, if so, on what terms. These may be susceptible to revision or cancellation and legal redress may be uncertain or delayed. There can be no assurance that joint ventures, licenses, license applications, or other legal arrangements will not be adversely affected by the actions of government authorities or others and the effectiveness of and enforcement of such arrangements cannot be assured. Further, compliance with respect to foreign investments in permitted sectors may at times lead to increased costs and expenses of investments by a Fund in Indian companies and may require the approval of the Reserve Bank of India (“RBI”), the Government of India and/or other governmental entities. The sale of securities by a Fund to Indian residents and other non-residents of India may also require the prior approval of government entities and the RBI. In addition, such approval will generally be required to convert the proceeds from the sale of portfolio investments from the currency of investment to U.S. Dollars and to repatriate such amounts. There can be no assurance that a Fund will be able to obtain all the approvals necessary to implement its investment program fully. The ability to invest in Indian securities, exchange INR into United States Dollars and repatriate investment income, capital and proceeds of sales realized from its investments in Indian securities is subject to Indian foreign exchange laws, and the Government of India’s foreign investment policy and regulations. Under certain circumstances, such as a change in law or regulation or loss of FPI authorization, governmental

registration or approval for the repatriation of investment income, capital or the proceeds of sales of securities by foreign investors may be required. In addition, if there is a deterioration in India’s balance of payments or for other reasons, India may impose temporary restrictions on foreign capital remittances abroad. A Fund could be adversely affected by delays in, or a refusal to grant, any required governmental approval for repatriation of capital, as well as by the application to a Fund of any restrictions on investments. A Fund could be subject to Indian income tax and withholding tax, as may be applicable on the various streams of income earned directly or indirectly from India. The Securities and Exchange Board of India (“SEBI”) has broad power to issue interpretations of such standards, including in a manner that may be inconsistent with prior practice or market expectations. The value and marketability of portfolio investments may be affected by changes or developments in the legal and regulatory climate in India. SEBI regulates the securities market in India and legislates from time to time on matters affecting the stock market. SEBI has issued regulations that affect investment in India, including regulations on takeovers, preferential allotments of shares, and insider dealing. The regulations affect the pricing, cost of a transaction and the ability to conduct due diligence. SEBI and/or the Indian Ministry of Finance may make changes to regulations which could affect the ability of a Fund to make, or exit, portfolio investments. There is a difference between the level of regulation and monitoring of the activities of investors, brokers and other participants in the Indian securities market, as compared to the level of regulation and monitoring of securities markets in more developed economies. India’s securities regulator, SEBI, has been accorded the statutory authority to oversee and supervise the Indian securities markets. SEBI has issued regulations and guidelines on disclosure requirements, insider trading and other matters. There may, however, be less publicly available information about Indian companies than is regularly made available by public companies in developed countries and other aspects of securities regulation in India may not be as well developed or strictly enforced as they are in the U.S. and Western Europe, among other jurisdictions. The securities law and regulations in India are continuously evolving and could have a material adverse effect on a fund, its limited partners and portfolio investments. Indian takeover regulations contain certain provisions that may delay, deter or prevent a future takeover or change in control of Indian companies. In addition, foreign investment in Indian companies is subject to certain minimum valuation and pricing guidelines. The RBI has also prescribed certain maximum valuation and pricing guidelines for persons and corporations resident outside India that sell shares of Indian companies to resident Indian persons and corporations. Such pricing guidelines may restrict the ability of a Fund to sell its investments in Indian companies at attractive prices. Legal, tax and regulatory changes in the Indian investment environment and the jurisdictions through which such investments are made could have a material adverse effect on a Fund and the Indian Investments. Such changes could include changes in applicable tax law, treaties or regulations or their interpretation. A Fund reserves the right to invest, directly or indirectly, in Indian portfolio investments through (or restructure existing Indian portfolio investments such that such Fund’s investments in such portfolio investments are through) one or more Alternative Investment Funds formed under and regulated by Indian law (each, an “AIF”), which may pose certain risks to such Fund and its limited partners and result in the incurrence of additional expenses by such Fund and its limited partners. Furthermore, an AIF or another non-U.S. structure may have an investment committee with members that are independent of Warburg Pincus and/or include different representatives than typically included in Warburg Pincus’ independent investment decision process and such committee could have the right to approve or reject certain decisions and such investment decisions could differ from those that would be taken by Warburg Pincus or the relevant Fund acting other than through the AIF Manager or other applicable entity. A Fund may be exposed to additional tax liabilities with respect to Indian portfolio investments made through the AIF.

Investments in Japan Certain of the Funds have made, or will in the future make, investments in Japan. Japan is the thirdlargest economy in the world, but it has suffered relatively weak economic performance since 1990, including chronic deflation since the latter half of the 1990s. It is unclear whether the current government’s stated policies to combat deflation and stimulate economic growth will be fully implemented or prove effective, or whether they could result in unintended adverse consequences, including sovereign debt concerns. Additionally, like many western nations, Japan is facing demographic uncertainty as a result of its aging population and relatively rigid and difficult immigration laws and policies that make it very difficult for foreign workers to permanently settle in Japan. As the Japanese generally have longer life expectancies than other nations and the birth rate keeps falling, there are significant concerns that the workforce will continue to shrink over the next few decades. Therefore, demographic trends are causing the Japanese labor market to tighten. In addition, the Japanese government has recently been focused on improving the work environment, which has led, among other things, to a strengthening of enforcement of laws related to overtime work (including limiting the amount of overtime that workers may work). These demographic and regulatory trends are making it more difficult for Japanese companies to obtain and maintain sufficient staffing and are increasing labor-related costs, which may have an adverse effect on the profitability of the portfolio investments. Japan has been subject to regional political tensions. Territorial disputes between China and a number of its neighboring countries over ownership of certain islands, atolls and “maritime features” in the South China Sea, have recently become more frequent and contentious. Escalation of territorial disputes could adversely impact the security and stability of the region. Any further increase in tension could have a material adverse effect on the economies of Japan. Furthermore, since the death of the North Korean ruler Kim Jong-il in December 2011, there has been increased uncertainty with respect to the future of North Korea’s political leadership under his successor, Kim Jong-un. In recent years, there have also been heightened security concerns stemming from North Korea’s nuclear weapons and long-range missile programs. Any further increase in tension could have a material adverse effect on the Japanese economy. Over the last several years, Japan has enacted a series of major revisions to many of its commercial laws and regulations, including its corporate and securities laws. Because these legal reforms are extensive and there has been a lack of sufficient judicial precedent giving guidance as to proper interpretation of relevant statutes and regulations, ongoing uncertainties could arise in connection with structuring certain types of transactions in which a Fund may be involved. Japan has historically experienced numerous earthquakes, including the Great East Japan Earthquake of March 2011, and other natural disasters, including typhoons, tidal waves, and volcanic eruptions, and may be subject to relatively high risk and frequency of natural disasters and one or more of a Fund’s portfolio investments may be subject to possible loss from seismic activity. While a Fund’s portfolio investments may maintain casualty insurance on properties in such amounts and on such terms as they deem commercially reasonable, there can be no assurance that such insurance will be available or that the terms will be acceptable, and, if available, any such insurance will only cover a portion of any resulting losses. If a natural disaster comparable to the Great East Japan Earthquake were to occur and, as a result, portfolio investment assets are destroyed, public utilities such as electricity, gas, and water at the facilities suspend their services or there is a shortage of necessary energy supply for domestic industries, the returns on a Fund’s portfolio investments may be materially and adversely affected. Similar to the accident that occurred at the Fukushima Daiichi Nuclear Power Station in March 2011, an earthquake or tsunami could damage a nuclear power plant, causing a large amount of radiation to be released. If such radiation reaches a Fund’s portfolio investments and exceeds the radiation standards set by importing countries, or the radiation levels exceed national radiation standards and affected areas become quarantine zones, or electricity supply

becomes unstable for long periods of time due to a shut-down of nuclear plants, the portfolio investments may be materially and adversely affected. Investments in Australia Certain of the Funds have made, or will in the future make, investments in Australia. Australia’s foreign investment regime, which requires prior approval for certain inbound foreign investments, is likely to apply to any investments in Australia resulting in an increased risk that a Fund’s investments in Australian assets will require Australian regulatory review and approval prior to the acquisition. If such review and approval are required for an investment, a Fund may be required to disclose to the Australian regulatory authorities as part of the approval process the identities of the limited partners whose commitment to a Fund exceeds a certain percentage of such Fund’s aggregate commitments as well as the identities of some or all nonAustralian government limited partners. The requirements for disclosure are subject to change and the Australian regulatory agencies may require the disclosure of the identities of all of a Fund’s limited partners depending on government policy at that time and the nature of the investment. Economic Sanctions and Export Controls; Anti-Money Laundering Economic sanctions and export control laws in the United States and other jurisdictions may prohibit or otherwise restrict Warburg Pincus, its professionals, a Fund and its portfolio investments from engaging in transactions with companies based in, doing business with, or otherwise relating to certain countries, industry sectors, and/or certain individuals and entities. In the United States, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”), U.S. Department of Commerce, and U.S. Department of State, among others, administer and enforce laws, Executive Orders and regulations establishing U.S. economic and trade sanctions and export controls. Such sanctions and regulations prohibit, among other things, transactions with, and the provision of certain services or goods to, certain non-U.S. countries, territories, industry sectors, entities and individuals. These entities and individuals include specially designated nationals, specially designated narcotics traffickers and other parties the subject of OFAC sanctions programs and export control restrictions. The lists of OFAC prohibited countries, territories, persons and entities, including the List of Specially Designated Nationals and Blocked Persons, as such list may be amended, can be found on the OFAC website at www.treas.gov/ofac. Certain programs administered by OFAC prohibit dealing with individuals or entities in certain countries regardless of whether such individuals or entities appear on the lists maintained by OFAC, and may restrict or prohibit dealing in certain debt and equity securities. In addition, export regulations may prohibit or require pre-approval of exports of certain restricted goods or technology to certain persons and certain jurisdictions. Jurisdictions where the Funds and their portfolio investments operate enforce similar economic sanctions and export controls to the United States, although the specific non-U.S. countries, territories, industry sectors, entities and individuals targeted by such laws may differ from or be in addition to those targeted by the United States. The economic sanctions and related laws of different jurisdictions in which a Fund and its portfolio investments may operate also may conflict with one another, such that compliance with all applicable laws may be difficult or impossible. In addition, risks of sanctions violations in the banking industry are elevated, and OFAC has taken significant actions in response to U.S. and non-U.S. companies perceived failures, including in China, to comply with OFAC sanctions. Failure by a Fund or its portfolio investments to comply with OFAC or other relevant sanctions could have serious legal and reputational consequences. Economic sanctions restrictions may prevent or delay consummation of an investment based on the need for enhanced due diligence or additional measures to mitigate sanctions risks, including regulatory permissions, which may include causing the investment or prospective portfolio investment to terminate business that may violate sanctions that will become applicable to the portfolio investment because of its affiliation with a Fund.

In addition, certain regulated companies are required to implement the various applicable anti-money laundering and/or anti-terrorism laws, rules or regulations of the United States or other jurisdictions and other related screening requirements. These anti-money laundering obligations have increased in complexity in recent years and are being introduced in a number of jurisdictions where Warburg Pincus and/or a Fund’s portfolio investments may do business in certain instances. For example, the United States Treasury has amended the regulations implementing certain portions of the U.S. Bank Secrecy Act to require SEC-registered investment advisers to adopt anti-money laundering policies and procedures. The implementation of such policies and procedures to ensure compliance with such laws, rules or regulations can give rise to considerable expenses. Further, such policies and procedures cannot guarantee compliance and any material failure by the Firm or any of a Fund’s portfolio investments to comply with OFAC, the U.S. PATRIOT Act and the U.S. Bank Secrecy Act, as applicable, and other similar anti-money laundering or anti-terrorism restrictions or in connection with any investigation relating thereto could result in significant fines or penalties. Such expenses, fines or penalties could have a material adverse effect on a Fund and/or its portfolio investments, and violations may give rise to negative legal and reputational consequences. Industry Sector Risks Energy Transition & Sustainability. Investments in the energy and energy services sectors by a Fund may be subject to a variety of risks including, but not limited to: (i) the risk that the technology employed in an energy project will not be effective or efficient; (ii) risks that regulations affecting the energy industry will change in a manner detrimental to the industry; (iii) environmental liability risks related to energy properties and projects; (iv) risks of equipment failures, fuel interruptions, loss of sale and supply contracts or fuel contracts, decreases or escalations in power contract or fuel contract prices, bankruptcy of key customers or suppliers, tort liability in excess of insurance coverage (if any), inability to obtain desirable amounts of insurance at economic rates and acts of God or other catastrophes; and (v) the risk of changes in values of companies in the energy sector whose operations are affected by changes in prices and supplies of energy fuels. Prices and supplies of energy fuels can fluctuate significantly over a short period of time due to changes in international politics, political instability, armed conflicts, energy conservation, the tax and other regulatory policies of various governments, and the economic growth of countries that are large consumers of energy, as well as other factors. Moreover, a Fund may make investments in energy companies operating outside of North America and developed Europe, including Africa and the Middle East. Some energy projects may be located in emerging market countries where corruption and security may raise significant risks, in addition to the other risks of investing in emerging markets. In addition, the Middle East, where a Fund’s portfolio companies may operate, continues to see widespread social unrest. Additionally, investments in the energy and energy services sectors are subject to force majeure and other catastrophic events, such as fires, earthquakes, adverse weather and climate conditions, changes in law, eminent domain, war, riots, terrorist attacks, labor strikes, pandemics and similar risks. These events could result in the partial or total loss of an investment or significant down time resulting in lost revenues, among other potentially detrimental effects. Individual asset investments in the energy industry generally and other related industries tend to be large due to the general nature and size of facilities and assets, including power plants, transmission lines, storage or distribution properties and related facilities and assets. The values for these assets can range significantly, and a Fund may acquire portfolios of assets that are not easily separated into individual asset acquisitions or dispositions. There are limited pools of capital available in the sector that can make such sizeable investments and limited numbers of market participants. As a result, a Fund may have to pursue alternative investment exit strategies that may not be typical of private equity funds in order to generate liquidity from certain of its investments, and there can be no assurance that such Fund will be able to dispose of certain of its investments on favorable terms, in a timely manner or at all.

There are certain risks inherent in the sub-sectors that a Fund may invest in as part of Warburg Pincus’ current focus on investments in the energy transition areas, including power and renewables and decarbonization. For example, with respect to renewable energy, the market for renewable energy is rapidly evolving. Diverse factors, including the cost effectiveness, performance and reliability of renewable energy technology, changes in weather and climate and availability of government subsidies and incentives, as well as the potential for unforeseeable disruptive technology and innovations, present potential challenges to investments in renewable technology. If the historical political support for renewable energy deployment changes materially (including as a result of changes in market conditions, such as a decrease in the price of fossil fuels), or changes in state or federal subsidies (including federal investment tax credits and federal production tax credits, U.S. Department of the Treasury grants, various renewable and alternative portfolio standard requirements enacted by several states, and renewable energy credits and state-level utility programs), a Fund’s investments in renewable energy and storage projects generally could be adversely affected. Because the renewable energy and storage industries are still emerging, investments tend to be more volatile and are more uncertain. Renewable energy and storage resources can be materially adversely affected by weather conditions, including, but not limited to: (i) the impact of severe weather, which can directly influence the demand for, and price of, electricity; (ii) altering a renewable energy resource’s electrical output and/or a storage resource’s ability to charge or discharge; and (iii) damage to a renewable energy and/or storage resource or associated equipment. With respect to investments in the power subsector, growth in customer accounts and growth of customer usage each directly influence demand for power and the need for additional power generation and delivery facilities. Customer growth and customer usage are affected by a number of factors outside the control of a Fund, such as mandated energy efficiency measures, demand-side management goals, distributed generation resources and economic and demographic conditions, such as population changes, job and income growth, housing starts, new business formation, growth or failure of energy-intensive businesses, like data centers, and the overall level of economic activity. Additionally, power generation is generally a seasonal business. In most parts of the United States, demand for power peaks during the warmer summer months, with market prices typically peaking at that time. In other areas, demand for power peaks during the winter. Further, extreme weather conditions such as heat waves or winter storms could cause these seasonal fluctuations to be more pronounced. As a result, in the future, the overall operating results of the portfolio companies may fluctuate substantially on a seasonal and quarterly basis and thus make period-toperiod comparison less relevant. A Fund may further make investments in portfolio companies that will be engaged in solar power generation and power transmission and development and operation of wind farms. The development and construction of solar and wind power plants can require long periods of time and substantial initial capital investments, and there are significant risks related to the development of solar and wind power plants, including competition from other sources of electric power, regulatory difficulties including obtaining necessary permits, technical difficulties in integrating into new markets, difficulties in negotiating power purchase agreements with potential customers, educating the market regarding the reliability and benefits of solar and wind energy products and services, costs associated with environmental regulatory compliance and competing with other solar or wind energy companies and utilities. Historically, technological changes in the energy sector have resulted in gradual incremental improvements with no disruptive technology impacts. However, the renewable energy sector could see unforeseeable disruptive technology and innovations that could present potential challenges to investments in renewable technology. In addition, technological improvements in the energy sector (e.g., increased usage of digital technology) potentially may adversely affect, and increase risks associated with, worker safety and environmental safeguards. There is no assurance that technology innovation will favor companies of the type held by a Fund, which would place such Fund at a competitive disadvantage. In the event that a disruptive technology in the power generation sector is successfully developed and implemented, certain of investments held by a Fund might be adversely affected.

Investments in the energy industry may be subject to technical risks, including the risk of mechanical breakdown, spare parts shortages, failure to perform according to design specifications and other unanticipated events that adversely affect operations. While Funds intend to seek investments in companies in which creditworthy and appropriately bonded and insured third parties bear much of these risks, there can be no assurance that any or all such risks can be mitigated or that such parties, if present, will perform their obligations. The generation and transmission of electricity requires the use of expensive and complicated equipment. While Funds generally intend to cause its applicable portfolio companies to implement maintenance programs, generating plants are subject to unplanned outages because of equipment failure. If such an equipment failure occurs while a Fund or one of its portfolio companies is party to a power purchase contract, such Fund or its relevant portfolio company may be subject to financial penalties to its customers or may be required either to produce replacement power from potentially more expensive units or purchase power from others at unpredictable and potentially higher costs in order to supply its customers and perform its contractual agreements. Any of these results could increase costs materially and adversely affect the amount of funds available for distribution to investors. Financial Services. Financial services companies often have asset and liability structures that are directly affected by many factors, including domestic and international economic and political conditions, broad trends in business and finance, legislation and regulation affecting the local, national and international business and financial communities (including, e.g., the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”), the rules and procedures governing global bank capital standards introduced by the Basel Committee to strengthen regulatory capital, liquidity and other requirements for banks, known as “Basel III,” Basel IV, which began implementation in 2023, and the European Union directive 2009/138/EC known as “Solvency II”), monetary and fiscal policies, interest rates, inflation, currency values, market conditions, the availability and cost of short-term or long-term funding and capital, the credit capacity or perceived creditworthiness of customers and counterparties, and the level and volatility of trading markets. Fluctuations in interest rates, which affect the value of assets and the cost of funding liabilities, are not predictable or controllable and may affect economic activity in various regions. Such factors can affect financial services companies, including through effects on their customers, counterparties and the value of financial instruments they hold. The profitability of investments in financial services companies may be adversely affected by a worsening of general economic conditions in domestic and international markets and by monetary, fiscal or other policies that are adopted by various governmental authorities and international bodies. Monetary policies have had, and will continue to have, significant effects on the operations and results of such businesses. There can be no assurance that a particular business will not experience a material adverse effect on its net interest income in a changing interest rate environment. Factors such as the liquidity of the global financial markets, the level and volatility of prices of financial instruments, investor sentiment and the availability and cost of credit may significantly affect the activity levels of customers with respect to size, number and timing of transactions. All or any of these factors could lead to a decline in the volume of transactions that financial services companies execute for their customers and thus lead to a decline in revenues from fees, commissions and spreads. The brokerage and investment management industry can be significantly affected by changes in regulations, brokerage commission structure, and a competitive environment combined with the high operating leverage inherent in companies in this sector. The performance of companies in this industry can be closely tied to the stock and bond markets and can suffer during market declines, and revenues can depend on overall market activity. A Fund may also make investments in financial technology (“FinTech”) companies. Such companies may have limited product lines, markets, financial resources or personnel. The FinTech industry is challenged by various factors, including rapidly changing market conditions and/or participants, new competing products, services and/or improvements in existing products. Additionally, in the U.S., many FinTech activities are regulated on a state-by-state basis with varying levels of requirements that often are subject

to inconsistent judicial interpretations. These requirements include consumer protections (such as disclosure requirements and usury), licensing (such as non-bank lending, money transmission and debt collection) and supervision (in particular banking and insurance). While the Dodd-Frank Act clarified certain pre-emption issues, there often is a tension between these state regulatory regimes and federal regulation. A Fund’s portfolio investments in this industry will compete in this volatile and highly competitive environment. There is no assurance that products or services sold by these portfolio investments will not be rendered obsolete or adversely affected by competing products and services or that these portfolio investments will not be adversely affected by other challenges, including the changing regulatory environment. Instability, fluctuations or an overall decline within the technology industry may not be offset by increases in other industries not so affected. FinTech oriented companies are heavily dependent on patent and intellectual property rights. The loss or impairment of these rights may adversely affect the profitability of these companies. Financial services investing is competitive, and competitive conditions in the industry may continue to intensify. Merger activities in financial services have resulted in larger institutions with greater financial and other resources that are capable of offering a wider array of financial products and services. The financial services industry has become considerably more concentrated as numerous financial institutions have been acquired by or merged into other institutions. In addition, technological advances and the growth of e-commerce have made it possible for nonfinancial institutions to offer competing products and services that have been traditionally offered by financial services institutions. It is expected that cross-industry competition will continue to grow. As a result, the competitive position of the financial services opportunities in which a Fund may invest could be weakened, which could adversely affect such Fund. The financial services industry, most notably FinTech, is highly dependent on communications and information systems and is exposed to many types of operational risks, including the risk of fraud or security breaches by employees or other parties, recordkeeping errors, errors resulting from faulty or “hacked” computer or telecommunication systems, computer failures or interruptions, and damage to computer and telecommunication systems caused by internal or external events. New technologies and improved products and services are continually being developed, rendering older technologies, products and services obsolete, leading to expensive replacement costs and implementation closures. Further, the failure of these systems could cause significant interruptions in the operations of a Fund’s portfolio investments and could harm the reputation of Warburg Pincus and/or any such portfolio investment, subject any such entity and their respective affiliates to legal claims and adverse publicity and otherwise affect their business and financial performance. Warburg Pincus will be using third party and, in some cases, affiliated (including newly created), Service Providers to service certain financial assets and structured financial sector opportunities assets it acquires or to otherwise provide services to the Funds’ portfolio investments. To the extent a Service Provider becomes incapacitated, is negligent, breaches its agreement with a Fund or other counterparts, violates applicable law or in some other way is unable to effectively service the assets, this would likely adversely affect the performance of the assets it is servicing and thus a Fund by delaying the collection of funds or causing such Fund to be unable to collect some or all of monies it is due or require replacement of such servicer and incurrence of additional costs. Further, misconduct by Service Providers could cause significant losses to a Fund. Warburg Pincus may have an incentive to recommend an affiliated Service Provider because of its financial or other business interests. The amount of fees collected by such Service Providers from a Fund and its assets over time may represent a substantial portion of the income for one or more of the service businesses, who may not have other clients besides such Fund and affiliated Warburg Pincus entities. Additionally, it is possible that an affiliated Service Provider will not be exclusive to one Fund in particular. As such, professionals of such affiliated Service Provider may have time and attention

commitments to other Fund entities and may refer transactions or other opportunities to persons other than one Fund in particular. Healthcare. Healthcare and life sciences-related companies are generally subject to greater governmental regulation than most other industries at the U.S. state and federal levels and internationally. Healthcare reform continues to be a significant factor in the profitability of healthcare companies, particularly with the focus on coordinated and value-based care initiatives and departures from fee for service driven models. The nature and scope of healthcare regulations are generally subject to political forces and market considerations. In recent years, both local and national governmental budgets have come under pressure to reduce spending and control healthcare costs, which could both adversely affect regulatory processes and public funding available for healthcare products, services and facilities. In March 2010, comprehensive healthcare reform legislation was enacted in the United States through the Patient Protection and Affordable Care Act, as amended by the Health Care and Education Reconciliation Act, or PPACA (collectively, the “Health Care Reform Act”). These laws are intended to increase health insurance coverage through individual and employer mandates, subsidies offered to lower income individuals, tax credits available to smaller employers and broadening of Medicaid eligibility. While one intent of healthcare reform is to expand health insurance coverage to more individuals, it may also involve additional regulatory mandates and other measures designed to constrain medical costs, including coverage and reimbursement for healthcare services. The Health Care Reform Act has had a significant impact on the healthcare sector in the U.S. and consequently has the ability to affect the companies within the healthcare industry. The ultimate effects of federal healthcare reform or any future legislation or regulation, or healthcare initiatives, if any, on the healthcare sector, whether implemented at the federal or state level or internationally, cannot be predicted with certainty and such reform, legislation, regulation, interpretations, decisions, or initiatives, including the Health Care Reform Act, may adversely affect the performance of a Fund’s investments. In addition, U.S. state and federal governments have recently increased their scrutiny of private equity healthcare investors and investments, with particular attention to concerns that investments by private equity firms may have resulted in increased costs to patients and adverse impacts on patient care, as well as other detrimental effects on hospitals and the medical system more generally. Increased transparency and ownership in healthcare companies continue to be a priority of the federal government, including the public release of ownership data for certain providers including Medicare-certified hospitals, nursing homes and home health agencies. This increased scrutiny could result in additional legislation affecting, regulation of and restrictions on the ability of private equity funds to make certain healthcare investments, or could make such investments more regulated, complex, subject to additional costs and expenses and/or otherwise less profitable. Legislation could go so far as to grant to the U.S. Department of Health and Human Services (“HHS”) the authority to prohibit certain mergers or acquisitions from taking place for an indeterminate length of time. Increased governmental scrutiny of any healthcare investments made by a Fund could have an adverse effect on such Fund. Furthermore, state and federal regulators are closely scrutinizing private equity funds and private equitybacked companies as a buyer or seller of healthcare companies. Currently, numerous U.S. states have implemented notice or approval processes, requiring certain buyers and sellers of healthcare companies to provide notice or obtain approval from state governmental authorities, typically within or related to the applicable state’s Office of the Attorney General. These laws grant government regulators broad authority that can delay, condition, impose fines on, or disallow a proposed transaction from proceeding. Certain transactions that a Fund or its portfolio investments may intend to enter into could be challenged by U.S. federal and/or state regulators, and there is no guarantee that the transactions will be allowed to proceed, and if they are allowed to proceed, there is no guarantee that they will do so unchallenged or unadulterated. Furthermore, more U.S. states or the U.S. federal government could impose additional requirements or prohibitions concerning private equity-backed investments in healthcare, which could restrict a Fund or its portfolio investments from pursuing desired investments or entering into certain transactions.

Changes in governmental policies may have a material effect on the demand for or costs of certain healthcare and life sciences products and services. A healthcare or life sciences-related company may require government approval before introducing new drugs and medical devices or procedures. The research, development, preclinical and clinical trials, manufacturing, labeling and marketing related to a healthcare industry company’s pharmaceutical or medical device products are subject to an extensive regulatory approval process by the U.S. Food and Drug Administration (“FDA”) and other regulatory agencies in the United States and abroad. The process for obtaining FDA and other required regulatory approvals, including the required pre-clinical and clinical testing, is very lengthy, costly and uncertain. This process may delay the introduction of these products and services to the marketplace, resulting in increased development costs, delayed cost recovery and loss of competitive advantage to the extent that rival companies have developed competing products or procedures, adversely affecting the company’s revenues and profitability. Failure to obtain governmental approval of a key drug or device or other regulatory action could have a material adverse effect on the business of a portfolio investment. Furthermore, regulatory authorities are placing greater focus on monitoring products originally approved on a conditional basis and on whether the sponsors of such products have met the conditions of the conditional approval. If a portfolio investment or one of its significant customers or counterparties is unable to fulfill the conditions of its products’ conditional approval, it may not receive full approval for these products and may be required to change the products’ labeled indications or withdraw the products from the market, which could have an adverse effect on the value of the portfolio investment. Moreover, even after approval, products may still be the subject of regulatory action if new facts concerning their safety and efficacy come to light. Additionally, expansion of facilities by healthcare-related providers is subject to “determinations of need” by the appropriate government authorities. This process not only increases the time and cost involved in these expansions, but also makes expansion plans uncertain, limiting the revenue and profitability growth potential of healthcare-related facilities operators and negatively affecting the price of their securities. Additionally, certain healthcare and life sciences-related companies depend on the exclusive rights or patents for the products they develop and distribute. Such dependence may expose a Fund’s portfolio investments to specific risks which may include: (i) rapidly changing science and technologies; (ii) new competing products and improvements in existing products that may quickly render existing products or technologies obsolete; (iii) scarcity of management, technical, scientific, research, and marketing personnel with appropriate training; (iv) the possibility of lawsuits related to patents and other intellectual property and their associated rights; and (v) rapidly changing investor sentiments and preferences with regard to technology sector investments. Patents have a limited duration and, upon expiration, other companies may market substantially similar “generic” products that are typically sold at a lower price than the patented product, causing the original developer of the product to lose market share and/or reduce the price charged for the product, resulting in lower profits for the original developer. As a result, the expiration of patents may adversely affect the profitability of these companies. The profitability of healthcare and life sciencesrelated companies may also be affected, among other factors, by restrictions on government and other thirdparty reimbursement for medical expenses (particularly for newly approved healthcare products), continuing efforts of governmental and third-party payors to contain or reduce the costs of healthcare, rising or falling costs of medical products and services, pricing pressure, an increased emphasis on outpatient services, a limited product offering, industry innovation, changes in technologies and other market developments. Finally, because the products and services of healthcare and life sciences-related companies affect the health and well-being of many individuals, these companies are especially susceptible to product liability lawsuits. Many healthcare and life sciences-related companies obtain limited product liability insurance; however, there can be no assurance that a healthcare company will be able to maintain its product liability insurance on reasonable terms or that any product liability insurance obtained will provide adequate coverage against potential liabilities. The litigation and liability environment in the healthcare industry is constantly evolving, and new judicial decisions and legislative activity may increase exposure to any of these types of claims. Even if liability insurance is maintained by a healthcare and life sciences-related

company, it may not be adequate to cover potential liabilities, including as a result of warranty and product liability claims. Artificial intelligence (“AI”), particularly generative AI, is an emerging technology subject to a complex and evolving regulatory landscape at both the federal and state level. AI has the potential to be used in a broad range of direct and indirect healthcare applications from drug development and manufacturing to patient diagnosis and treatment decisions. Regulatory considerations surrounding AI in healthcare are still developing and may encompass concerns about the functionality, safety, efficacy and privacy of AI and machine learning technologies. The increased cost and difficulty with complying with any applicable legal requirements, or a failure to do so, may have an adverse effect upon a Fund’s portfolio investments. Consumer. The consumer sector can be significantly affected by various factors, including the performance of domestic and international economies, exchange rates, changing consumer preferences, demographics, marketing campaigns, cyclical revenue generation, consumer confidence, commodity price volatility, labor relations, interest rates, import and export controls, intense competition, technological developments and government regulation. Companies engaged in the design, production or distribution of products or services for the consumer discretionary sector are subject to the risk that their products or services may quickly become obsolete. The success of these companies can depend heavily on disposable household income and consumer spending. The consumer goods industry may be strongly affected by trends, marketing campaigns, demographics, changing consumer preferences and other factors affecting consumer demand. Governmental regulation affecting the use of various food additives may affect the profitability of certain companies in the consumer goods industry. Consumer goods that are marketed globally may be affected by the demand and market conditions in other countries and regions. The success of consumer product manufacturers and retailers depends heavily on disposable household income and consumer spending. Companies in the consumer staples sector may be subject to risks pertaining to the supply of, demand for and prices of raw materials. The prices of raw materials may fluctuate in response to a number of factors, including, without limitation, changes in government agricultural support programs, exchange rates, import and export controls, changes in international agricultural and trading policies, and seasonal and weather conditions. Industrials. Investments in the industrial sector can entail risks associated with more mature businesses and heavily regulated industries, including aerospace and defense, aftermarket vehicle, distribution, industrial technology, packaging, specialty chemicals, commercial and industrial services, residential services, utility, infrastructure and environmental, health and safety services, testing, inspecting, certification and compliance services and other industrial companies generally. These portfolio companies of a Fund may also serve customers that include governmental entities. Investments that are subject to greater amounts of governmental regulation, or with significant customer concentration with governmental entities, pose additional and unique risks. Governmental budgeting and procurement requirements could adversely affect profitability. Changes in applicable laws or regulations, or in the interpretations of these laws and regulations, could result in increased operating costs, increased compliance costs or the need for additional capital expenditures generally. Additionally, certain industrial portfolio companies may have a unionized work force or employees who are covered by a collective bargaining agreement, which could subject a portfolio company to complex laws and regulations, as well as labor relations disputes or difficulties generally. Business operations at one or more facilities may be interrupted as a result of work stoppages and delays in the process of renegotiating collective bargaining agreements. A Fund is also permitted to pursue business services investments, including logistics, facility management, delivery and distribution businesses, which are generally highly fragmented, can be subject to heavy competition and low barriers to entry, and can be adversely affected by business cycles, economic downturns and the availability of skilled and unskilled labor. With respect to the availability of labor in particular, the ability of a Fund’s portfolio company to meet its labor needs while controlling labor costs is

subject to many external factors, including competition for and availability of qualified personnel in a given market, the comparative efficiency of such portfolio company’s logistics and transport operations and the productivity of any manufacturing plants, unemployment levels within those markets, wage rates, union membership levels and activity among any employees and changes in employment and labor or other workplace regulation. The labor costs of a portfolio company could also increase due to, among other things, any potential re-characterization of independent contractors as employees, or other challenge to employment or compensation arrangements with the personnel of such portfolio company. If a Fund is unable to pass on such higher costs to customers or otherwise mitigate such increases, these higher labor costs could have a material adverse effect on such portfolio company’s business, financial condition and results of operations. Technology. Technology companies often face specific risks that a Fund will necessarily also be exposed to by investing in such companies. Such risks typically include: (i) rapidly changing science and technologies; (ii) new competing products and improvements in existing products that may quickly render existing products or technologies obsolete; (iii) changing consumer preferences; (iv) short product life cycles; (v) exposure to government regulation and changing and/or increasing regulations; (vi) scarcity of management, technical, scientific, research and marketing personnel with appropriate training; (vii) the possibility of lawsuits related to patents and other intellectual property and their associated rights; and (viii) rapidly changing investor sentiments and preferences with regard to technology sector investments. The market for technology is characterized by periodic new product introductions, innovations and evolving industry standards. The emerging nature of these products and services with their rapid evolution will require technology companies that are portfolio investments of a Fund—especially portfolio companies in the software sector—to continually improve the performance, features and reliability of their products or services, particularly in response to possible competitive offerings. The increasing sophistication of consumers and low barrier to entry, among other factors, means that there can be no assurance that these companies will be successful in achieving widespread acceptance of their products or services before competitors offer products and services with features and performance similar to those of such technology companies. In addition, the widespread adoption of new technologies or standards could require substantial expenditures by such technology companies to modify or adapt their products or services. Such expenditures could affect the profitability of these technology companies and in turn the operating results and financial condition of a Fund. A Fund can invest in portfolio companies that rely on a combination of patent, copyright, trademark and trade secret protection and non-disclosure agreements to establish and protect proprietary rights. There can be no assurance that such a Fund or a portfolio company will be able to protect these rights or will have the financial resources to do so, or that competitors will not develop technologies substantially equivalent or superior to a portfolio company’s technologies. For example, the loss of trade secret protection could make it easier for others to compete with such portfolio company’s products by copying their functionality, which could adversely affect such portfolio company’s revenue and operating margins. Piracy may adversely affect portfolio company revenue and its impact on revenue from outside the United States may particularly be significant in countries where laws are less protective of intellectual property rights. The absence of harmonized patent laws makes it more difficult to ensure consistent protection of intellectual property rights. Reductions in the legal protections for software intellectual property rights could also adversely affect portfolio companies. A Fund may make investments in communications companies. Communications companies are subject to changes in their businesses due to evolving levels of governmental regulation or deregulation as well as the development of communication technologies. Competitive pressures within the communications industry are intense and the securities of communications companies may be subject to significant price volatility. In addition, because the technology and communications industries are subject to significant changes in technology, the companies that a Fund may invest in may face competition from technologies being

developed or to be developed in the future by other entities, which may make such companies’ products and services obsolete. Finally, while all companies may be susceptible to network security breaches, certain technology and communication companies may be particular targets of hacking and potential theft of proprietary or consumer information or disruptions in service, which could have a material adverse effect on their businesses. Real Estate. Investments in real estate may be subject to a variety of risks, including, but not limited to, risks associated with the burdens of ownership of real property, general and local economic conditions, changes in environmental and zoning laws, casualty or condemnation losses, regulatory limitations on rents, decreases in asset values, changes in the appeal of assets to tenants or lessees, changes in supply of and demand for competing assets in an area (as a result, for instance, of overbuilding), fluctuations in the average occupancy, operating income and room rates for hotel assets, the financial resources of tenants or lessees, changes in availability of debt financing, which may render the sale or refinancing of assets difficult or impracticable, changes in building, environmental and other laws, energy and supply shortages, various uninsured or uninsurable risks, natural disasters, political events, changes in government regulations (such as rent control), changes in real property tax rates and operating expenses, changes in interest rates, and the availability of mortgage funds, which may render the sale or refinancing of assets difficult or impracticable, increased mortgage defaults, increases in borrowing rates, negative developments in the economy or political climate that depress travel activity, environmental liabilities, contingent liabilities on disposition of assets, acts of God, terrorist attacks, war and other factors that are beyond the control of Warburg Pincus. There can be no assurance that there will be a ready market for the resale of real estate investments because such portfolio investments will generally not be liquid. Illiquidity may result from the absence or a disruption of an established market for the portfolio investments, as well as legal or contractual restrictions on their resale by a Fund. Nature of Capital Solutions Opportunities Certain Funds will focus on investing in portfolio investments, including equity, structured equity, equityrelated and debt and other positions senior to common equity, including convertible securities, illiquid and liquid debt, cash flowing and other hard assets that offer current income and/or capital growth that Warburg Pincus believes are capable of achieving a particular range of gross internal rate of return while offering downside protection to such Fund (“Capital Solutions Opportunities”), including hybrid capital, assets plus and opportunistic investments opportunities that offer various types of downside protection, such as liquidation preferences, contracted returns, transactions underpinned by assets and/or structural seniority. Such investments may encompass a broad range of instruments, assets, and structures that each carry separate and distinct risks. In making investments in Capital Solutions Opportunities, a Fund will seek to invest opportunistically in a broad range of assets consisting primarily of private securities and instruments, including equity, structured equity, equity-related and debt and other positions senior to common equity, including convertible securities, illiquid and liquid debt, cash flowing, and other hard assets that offer current income and/or capital growth. Certain Capital Solutions Opportunities that are hybrid capital transactions are expected to involve portfolio investment opportunities where a Fund provides financing solutions beyond where traditional banks and direct lenders are typically comfortable lending or capital investments by a Fund that are more flexible and solutions-oriented than traditional credit, while offering a lower cost of capital than traditional private equity capital. Certain Capital Solutions Opportunities that are asset plus transactions are expected to involve portfolio investment opportunities where returns are driven primarily by underlying contract cash flows and liquidation or run off value at the asset level with upside potential if franchise value is built.

Nature of Partnership Solutions Opportunities Certain Funds, including the Secondaries Funds, invest into a portfolio of direct and/or indirect equity investments in private equity assets or funds, primarily through third-party investment manager (“GP”)led secondary transactions including leading or co-leading single-asset and concentrated multi-asset continuation vehicles. Investments in such funds are speculative and volatile, requiring a long-term commitment, with no certainty of any return. Such Funds will partner with GPs and participate in secondary transactions through which the Funds will indirectly invest in underlying portfolio companies, which could include portfolio companies that are experiencing or are expected to experience severe financial difficulties, which difficulties may never be overcome. Since the range or portfolio of investments of a portfolio investment will only cover a limited number of underlying portfolio companies, investments or assets, and because many of such underlying portfolio companies, investments and assets may involve a high degree of risk, poor performance by a few of the underlying investments or assets could significantly reduce the total returns of the relevant portfolio investment to its investors (including the Funds). No assurances can be given that a portfolio investment will achieve its investment objectives or avoid substantial losses or that the investors of any portfolio investment (including the Funds) will receive a return of any of their capital. Defense and National Security Sector Risks The European defense industry is highly regulated. Various agencies and departments of governments regulate the defense industry, and new and existing regulations and burdens of regulatory compliance may have a material adverse effect on the Funds’ portfolio investments that operate in the defense and national security sector. Further, the ability of a Fund, including a Defense Fund, to complete an investment in a portfolio investment that operates in the defense and national security sector may depend on obtaining required security clearance and any necessary deal-by-deal approvals. In addition, the changing regulatory landscape may adversely affect a Fund’s investment in any portfolio investment operating within the defense or national security sectors. Such portfolio investments may be subject to investigation and audit for compliance with the requirements governing government contracts, including requirements related to procurement integrity, manufacturing practices and quality procedures, export control, employment practices, the accuracy of records and the recording of costs and information security requirements. A failure to comply with these requirements could result in suspension of these contracts, and suspension or debarment from government contracting or subcontracting. Failure to comply with any of these regulations could result in civil and criminal liability, monetary and non-monetary penalties, fines, disruptions to business, limitations on the ability to export products and services, and damage to a portfolio investment’s reputation that, in each case, would negatively impact a relevant Fund. Nature of Defense Products and Services Due to the nature of defense-related products and services, a product safety failure, quality issue or other failure affecting the products or systems of any portfolio investment of a Fund, including a Defense Fund, could seriously harm the business of such portfolio investment. Such products and services are highly sophisticated and specialized, involve complex advanced technologies, are often integrated with thirdparty products and services, and are utilized for specific purposes that require precision, reliability and durability. Many defense-related products and services include both hardware and software that involve industrial machinery and intricate aviation and defense systems, including commercial and military jet engines, power and control systems and other aircraft parts, air and missile defense systems and military sensors and command and control systems. Technical, mechanical, quality, electronic and other failures may occur from time to time, whether as a result of manufacturing or design defect, operational process or production issue attributable to portfolio investments and their customers, suppliers, partners, third party integrators or others. Product design changes and updates could also have associated cost and

schedule impacts. In addition, products could fail as a result of cyber-attacks, such as those that seize control and result in misuse or unintended use of such products or other intentional acts. The impact of a catastrophic product or system failure or similar event affecting such products or services could be significant, and could result in injuries or death, property damage, loss of strategic capabilities, loss of intellectual property, loss of reputation and other significant negative effects to a portfolio investment. A product or system failure, or perceived failure, could lead to negative publicity, a diversion of management attention and damage to the reputation of a portfolio investment that could reduce demand for its products and services. It could also result in product recalls and product liability and warranty claims (including claims related to the safety or reliability of a portfolio investment’s products) and related expenses, other service, repair and maintenance costs, labor and material costs, customer support costs, significant damages and other costs, including fines and other remedies and regulatory and environmental liabilities. Portfolio investments could also incur increased costs, delayed payments, reputational harm or lost equipment or services revenue in connection with a significant issue with a third party’s product with which a portfolio investment’s products are integrated. Any of the foregoing could have a material adverse effect on a portfolio investment’s competitive position, results of operations, financial condition or liquidity, and each of the foregoing is subject to change depending on applicable governmental administrations. European Defense Spending Certain of the Funds, including Aegis, are permitted to invest in the European defense industry. Investments in European defense opportunities are subject to risks arising from regional tensions and divergent national interests within the EU. These factors may lead to fragmented defense spending, delays, or complications in joint procurement projects, and a preference for national suppliers over crossborder collaboration. Such dynamics can result in inefficiencies, increased costs, and uncertainty regarding the timing and scope of defense contracts. These risks may adversely affect the performance and competitiveness of defense or defense-related companies operating in the EU, including any crossborder owned enterprises. Additionally, evolving regulatory frameworks and shifting political priorities within member states can introduce further unpredictability to the sector. Changes in government policy or defense budgets may also impact the long-term stability and growth prospects of portfolio investments involved in European defense initiatives. Reliance on Government Contracts It is expected that most of the portfolio investments of certain Funds, including most, if not all of the portfolio investments made by Aegis, will be heavily dependent on contracts with governments. Government contracts can be very different from commercial contracts. Government contracts typically give the customer a right to terminate for its convenience and often are subject to the availability of appropriations. In addition, these contracts are and will remain subject to a government’s political and budgetary constraints, changes in short-range and long-range plans, and identity or views of political leaders (e.g., in the lead up to or following an election), policy changes, the timing of contract awards, the congressional/legislative budget authorization and appropriation processes, a difference of interpretation or a default, as well as other risks such as contractor suspension or debarment in the event of certain violations of legal and regulatory requirements. Portfolio investments providing services under government contracts are also subject to extensive regulation and oversight, including audits and investigations by government agencies. Some portfolio investments may be required to obtain and/or maintain facilities clearances or other government licenses and approvals to operate their businesses. In addition, some portfolio investments may require their employees to obtain and/or maintain certain levels of security clearance. Obtaining and

maintaining security clearances for portfolio investments and their employees is a lengthy and expensive process, and losing any such clearance could be detrimental to the success of the portfolio investment. In addition, actions that may be taken with respect to fiscal stimulus measures, the failure to approve government budgets or secure ongoing funding, issues related to government borrowing limits, international trade policies and tariffs, among other factors, could potentially delay the awarding of contracts, delay timing of payments, result in the suspension or termination of existing contracts, and create significant economic, market, political, and regulatory uncertainty in the defense, security, and resilience sectors, which could adversely affect the performance of a Fund and its portfolio investments. Moreover, government contracts and/or disputes, audits, or investigations with respect to such contracts may become publicized, and any negative publicity with respect to such contracts could have an adverse effect on a portfolio investment’s reputation and ability to obtain government contracts in the future. Furthermore, potential portfolio investments in the government contract space often team with other companies to fulfill their obligations under government contracts, and failure by a portfolio investment’s teaming partner, subcontractor, or vendor to fulfill its obligations to the portfolio investment could affect the portfolio investment’s ability to meet its obligations under a government contact and receive compensation under the relevant contract. Operational Hazards Certain portfolio investments of certain Funds, including Aegis, are expected to be engaged in designing, developing, and manufacturing advanced defense, technology, and communications systems, and may provide products and services related to hazardous and high-risk operations. New technologies associated with these systems and products may be untested or unproven, and components of certain defense systems and products developed by such portfolio investments are inherently dangerous. Failures of satellites, missile systems, air traffic control systems, electronic warfare systems, space superiority systems, command, control, computers, communications, cyber, ISR, homeland security applications, and aircraft have the potential to cause loss of life and extensive property damage. Other examples of unforeseen problems that could result, either directly or indirectly, in the loss of life or property or otherwise negatively affect revenue and profitability include loss on launch of spacecraft, premature failure of products that cannot be accessed for repair or replacement, problems with quality and workmanship, country of origin, delivery of subcontractor components or services, and unplanned degradation of product performance. In addition, problems and delays in development or delivery as a result of issues with respect to design, technology, licensing and patent rights, labor, learning curve assumptions, or materials and components could prevent a portfolio investment from achieving contractual requirements. Portfolio investments are also expected to use and provide energetic materials, including in propulsion systems, which are highly explosive and flammable, and are subject to the risk of the unintended release or initiation of energetic materials and explosions, whether in the development, test, or use of such energetic materials or the improper storage, handling and disposal of radioactive and other hazardous or flammable materials and any changes in related regulations. Certain products of portfolio investments, such as medium and large caliber ammunition and propulsion systems, could involve the use, manufacture, and/or handling of a variety of explosive and flammable materials or other hazardous substances. These activities have resulted and may result in incidents that cause workplace injuries and fatalities, the temporary shut down or other disruption of manufacturing, production delays, environmental harm and expense, fines, and liabilities to third parties. In addition, customers of portfolio investments may use, handle, or test products and services in ways that can be unusually hazardous or risky or in ways that are not intended, not authorized or inconsistent with

guidance and warnings, which could create potential liabilities for such portfolio investments, as well as reputational harm. Platform Companies A Fund may establish or invest in portfolio investments that in turn seek to acquire interests in related companies, businesses, branches, or assets. Warburg Pincus may structure these portfolio investments in a variety of ways, including as an operating company, partnership, joint venture, holding company, structured finance vehicle, incubator, or other platform company. If a Fund makes such an investment, such Fund would continue to be involved in the strategy, governance, and oversight of the platform company as it would for any other portfolio investment, and a platform company would also likely have its own management team to operate, administer, and manage the company on a day-to-day basis. Such a team may provide services that are substantially similar to, and may overlap with, services that Warburg Pincus provides to the Funds. Members of certain platform company management teams may have provided, or may currently provide, services to the Funds or other portfolio investments. A platform company may compensate its management team in a number of ways, including through annual salaries and bonuses, incentive-based compensation (such as profits interests, promote, equity, loans, phantom equity, options and warrants, or a combination thereof) and fees for services. In such a case, the applicable Fund would generally bear the cost of such compensation as well as all other platform company expenses, including start-up, operating, and overhead expenses, through its indirect interest in the platform company. Although Warburg Pincus would form the relevant platform company on behalf of the applicable Fund, and identify and retain the team (and negotiate the compensation), the platform company (and indirectly, the Fund) would bear the costs and expenses. Warburg Pincus may have preexisting relationships with a platform company’s management team (which may include current or former Warburg Pincus employees, portfolio company employees, consultants, executives/entrepreneursin-residence, and Special Limited Partners) that may reduce Warburg Pincus’ incentive to minimize compensation. Risk of Early-Stage Investments A Fund may make early-stage investments, including investing in start-ups, and/or committing to pay expenses of management teams engaged in the discovery, development or exploration of resources, technologies or strategies. While such investments offer the opportunity for significant gains, they also involve a high degree of business and financial risk and can result in substantial losses. Among these risks are the general risks associated with investing in companies at an early stage of development or with little or no operating history, companies operating at a loss or with substantial variations in operating results from period to period, and companies with the need for substantial additional capital to support expansion or to achieve or maintain a competitive position. There can be no assurance that such companies will ever be profitable or even have assets or products that generate meaningful revenue. Investment by a Fund in start-ups or other early-stage companies is expected to depend significantly on an entrepreneur or management team that Warburg Pincus has selected. Early-stage companies may face intense competition, including from companies with greater financial resources, more extensive development, marketing and service capabilities and a larger number of qualified managerial and technical personnel. Early-stage companies may have significant capital expenditures and there is greater uncertainty regarding valuations, both of which could impact a Fund’s ability to complete investments or pursue exit strategies for its portfolio investments. Portfolio Investment Leverage; Fund- and Intermediate-Level Borrowing A Fund is permitted to make investments in portfolio investments that have a leveraged capital structure, thereby increasing the degree of credit risk inherent in each investment. A Fund could directly or indirectly

incur leverage on a portfolio or investment basis at the level of portfolio investments or assets or any other asset-level holding entities or intermediate entities, whether on a temporary or long-term basis. Effective leverage could also take the form of direct borrowing, trading on margin, use of derivative instruments or other forms of direct and indirect borrowings. To the extent that any investment is made in a company (or through an entity) with a leveraged capital structure, such investment may be subject to increased exposure to adverse economic factors such as a significant rise in interest rates, a downturn in the global or local economy or deterioration in the condition of such company or its industry, or the relevant asset or asset class. These risks generally are expected to increase if and as interest rates rise, including in circumstances where a portfolio investment’s creditworthiness is such that it must borrow at higher interest rates. The relevant Fund’s investments may be unsecured and subordinated to substantial amounts of senior indebtedness, all or a significant portion of which may be secured and bear floating interest rates. In the event that such a company or other asset- or intermediate-level entity (or group of companies or asset- or intermediate-level entities) is unable to generate sufficient cash flow (including through operations other than borrowings or payments) to timely meet principal and interest payments on its indebtedness, the value of a Fund’s investment in such portfolio investment, asset or entity could be significantly reduced or even eliminated. In addition to external factors, a Fund’s ability to obtain leverage on attractive terms may be negatively affected by, among other things, its size, the composition of a Fund’s limited partners, the composition of unencumbered wholly owned assets, a Fund’s investment concentration in the financial services industry, the performance of its portfolio or its ability to secure or review a line of credit (or achieve favorable terms on such line). In the event that the global credit markets deteriorate, it may be difficult for a Fund or its portfolio investments to obtain leverage on attractive terms and a Fund’s ability to generate attractive investment returns may be adversely affected. Except where otherwise required by the relevant governing documents, a Fund will not be obligated to borrow on behalf of a portfolio company, even in circumstances where the Fund’s creditworthiness would permit borrowing at a lower rate than is available to the portfolio investment. Additionally, the Funds reserve the right to use back leverage for certain portfolio investments. To date, back leverage entered into by Funds has primarily been of limited recourse, collateralized mainly by shares of the respective investments that are the subject of leverage. However, it is possible that a Fund could enter into back leverage that is guaranteed by such Fund or otherwise has recourse to such Fund. The use of back leverage potentially enhances the return profile of investments, and accordingly, of the applicable Fund overall, but also increases the risk profile of such investments. While Fund-level borrowings generally will be subject to limitations set forth in the applicable Fund governing documents and interim in nature, asset- or intermediate entity-level leverage generally will not be subject to any limitations. The Funds are generally authorized to borrow funds and otherwise incur indebtedness obligations in certain instances for investment purposes, to pay partnership expenses or for other specific business purposes, and to provide guarantees of or other credit support for the obligations of third parties (including portfolio investments), subject to certain limitations provided in a Fund’s governing documents. Such borrowing for certain or all Funds is permitted to be used for, among other purposes, the purchase of portfolio investments as they become available in advance of the receipt of anticipated funds from capital contributions from investors or realizations or otherwise when capital contributions are limited in amount or purpose, including following a Fund’s primary investment period. As security for such borrowing, guarantees or other credit support, a Fund is permitted to grant liens on any of a Fund’s or its subsidiaries’ assets to the lender or other counterparty, which assets may not necessarily be limited to a single portfolio investment. Such lender or other counterparty would, accordingly, have a claim that has priority over any claim by an investor of a Fund to such assets in an insolvency event or proceeding. In addition, to support borrowing, a Fund and Warburg Pincus, as applicable, will have the right, at its option, to pledge all or a portion of uncalled capital commitments, the right of Warburg Pincus to deliver notices to investors demanding capital contributions, the right to enforce all remedies provided in a Fund’s governing documents against defaulting investors and

any account into which capital contributions are made; provided that no investor will be obligated to pledge or charge its interest in a Fund. Accordingly, the general partner of a Fund or a lender may demand that limited partners contribute capital if the Fund fails to repay the amounts borrowed or experiences an event of default. If a Fund enters into any indebtedness with another Fund or another co-investor on a joint and several basis, and such other Fund or co-investor initially funds the full amount of such borrowing, Warburg Pincus will be subject to conflicts of interest, for example, between a Fund with a reimbursement obligation and a Fund or a co-investor seeking reimbursement. In addition, Fund-level borrowing will result in incremental expenses that will be borne by such Fund’s investors. These expenses typically include interest on the amounts borrowed, non-utilization fees on the available but unfunded portion of a borrowing facility, an upfront fee, and/or other one-time and recurring fees and expenses, as well as legal and other Service Provider fees relating to the establishment, negotiation and structuring of the terms of the borrowing facility and expenses relating to maintaining, renegotiating or terminating the facility (which may include reimbursement of lender’s expenses). Because the interest rate attributable to a Fund’s borrowing is based in part on the creditworthiness of such Fund’s investors and the terms of such Fund’s governing document, it may be higher than the interest rate a particular investor could obtain individually. To the extent a particular investor’s cost of capital is lower than the Fund’s cost of borrowing, Fund-level borrowing can negatively impact an investor’s absolute overall individual financial returns even if it increases the Fund’s reported net returns in certain methods of calculation. Conflicts of interest have the potential to arise in that the use of Fund-level borrowing typically delays the need for limited partners to make contributions to a Fund, or results in short-term gains to a Fund, which in certain circumstances enhances the relevant Fund’s return calculations and thereby may be deemed to benefit the marketing efforts of the general partner and its affiliates and, in cases where the Fund has a hurdle or preferred return, increases the likelihood that any hurdle or preferred return component in the Fund’s carried interest arrangements will be met. A portfolio company financing from a subscription line, rather than from a Fund-level equity commitment, has the potential to increase such returns, particularly in instances where the relevant amount has been drawn for an extended period of time. In other circumstances, the use of Fund-level borrowing can increase the base of a Fund’s management fee calculation, such as during periods where management fees are based in whole or in part on an acquisition cost that includes a borrowing component. Because management fees are incurred whether an investment is financed through capital calls or borrowings, and a Fund’s preferred return (if any) typically does not accrue on outstanding borrowings, the relevant general partner has an incentive to cause the Fund to make investments and/or pay such amounts using a subscription line rather than making capital calls. A credit agreement or borrowing facility frequently will contain other terms that restrict the activities of a Fund and the investors or impose, or are expected to impose, additional obligations on them. For example, certain lenders or facilities are expected to impose restrictions on Warburg Pincus’ ability to consent to the transfer of an investor’s interest in the Fund or impose concentration or other limits on the Fund’s investments and/or financial or other covenants that could affect the implementation of the Fund’s investment strategy. In addition, in order to secure a subscription line, Warburg Pincus may request certain financial information and other documentation from investors to share with lenders. A Fund’s general partner will have significant discretion in negotiating the terms of any subscription line for a Fund and, because borrowing is at the Fund-level or below, may agree to terms that are not the most favorable to one or more investors based on their particular circumstances. In certain circumstances, due to separate evaluations of creditworthiness by lenders or facility providers, a portfolio investment or other Fund subsidiary is expected to bear higher rates under a borrowing facility than are borne by the Fund, resulting in a potential net benefit to the Fund, or additional potential liquidity constraints or other burdens on the relevant portfolio investment or Fund subsidiary.

Fund-level borrowing involves a number of additional risks. For example, drawing down on a subscription line or other credit facility (whether entered provided by an unaffiliated third party or the sponsor or one or more designees) allows Warburg Pincus to fund investments and pay partnership expenses without calling capital, potentially for extended periods of time. Calling a large amount of capital at once to repay the thencurrent amount outstanding under a subscription line or credit facility could cause short-term liquidity concerns for investors that would not arise had Warburg Pincus called smaller amounts of capital incrementally over time as needed by a Fund. This risk would be heightened for an investor with commitments to other funds that employ similar borrowing strategies or with respect to other leveraged assets in its portfolio; a single market event could trigger simultaneous capital calls, thereby requiring the limited partner to meet the accumulated, larger capital calls at the same time. The general partner of a Fund is authorized to use Fund-level borrowing to pay management fees and to reimburse Warburg Pincus for expenses incurred on behalf of the Fund. A Fund is also permitted to utilize Fund-level borrowing when Warburg Pincus expects to repay the amount outstanding through means other than investor capital, including as a bridge for equity or debt capital with respect to an investment and for other purposes not prohibited by the applicable partnership agreement. If the Fund ultimately is unable to repay the borrowings through those other means, investors would end up with increased exposure to the underlying investment, which could result in greater losses. The use of leverage involves a high degree of financial risk and will increase a Fund’s exposure to adverse economic factors such as rising interest rates, downturns in the economy or deteriorations in the condition of its investments. Although borrowings by a Fund, its subsidiaries and portfolio investments have the potential to enhance returns and provide for administrative convenience, they could further diminish returns (or increase losses) to the extent returns during the borrowing are less than a Fund’s cost of funds or in the event of default. A Fund is permitted to incur leverage on a joint and several basis with one or more other Funds and each such vehicle is expected to have a right of contribution, subrogation or reimbursement from or against such entities. In the event that a Fund engages in financings where several investments are crosscollateralized, thereby subjecting multiple investments to the risk of loss, such Fund could lose its interests in performing investments in the event such investments are cross-collateralized with poorly performing or non-performing investments. The use of leverage has the potential to result in costs to a Fund that are not covered by distributable proceeds of the Fund or appreciation of its investments. The costs and expenses of any borrowings incurred on a joint and several basis will generally be allocated among the borrowing Funds pro rata (and to limited partners of such Funds pro rata), which will increase the expenses borne by investors and would be expected to diminish net investment returns if not offset by the benefits of such leverage. Conflicts of interest also have the potential to arise to the extent that a financing is used to make an investment that is later sold in part to co-investors (potentially including one or more co-investing Funds, Service Providers, Consultants, third parties, current or former portfolio company management or personnel, sellers or members of management that have rolled their interest or reinvested proceeds in the portfolio company and/or other owners), as to the extent co-investors are not required to act as guarantors under the relevant facility or pay related costs or expenses, co-investors nevertheless stand to receive the benefit of the use of the borrowing and neither a Fund nor investors generally will be compensated for providing the relevant guarantee(s) or being subject to the related costs, expenses, and/or liabilities, including all expenses associated with negotiating and putting in place a subscription line and all other related and associated expenses with such subscription line. Investors should note that, unless otherwise indicated, certain calculations of net IRRs in respect of investment and performance data with respect to the applicable Fund, as reported to investors in certain instances, are and will be calculated based upon the actual due dates of capital call payments made by investors to the Funds and actual distributions. This treatment also applies in instances where a Fund utilizes borrowings under a Fund’s subscription-based credit facility in advance of receiving capital contributions from investor to repay any such borrowings and related interest expense, and, as a result, the use of such subscription-based credit facility or the use of borrowing by entities below a Fund generally will result in

a higher reported net IRR than if the facility had not been utilized and instead such investors’ capital had been contributed at the inception of an investment. Conflicts of interest have the potential to arise in that the use of fund-level borrowing can delay or eliminate the need for investors to make contributions to a Fund, or results in short-term gains to such Fund, which in certain circumstances enhances the Fund’s net IRR calculations and thereby may be deemed to benefit the marketing efforts of the general partner and its affiliates. In other circumstances, the use of fund-level borrowing will increase the base of a Fund’s management fee calculation. Subject to the restrictions contained in a Fund’s governing documents, a Fund is permitted to make loans and other advances to, or borrow sums from, the sponsor or one or more designees (which may include one or more Senior Strategic Partners). The loaning to or borrowing from affiliates of the sponsor or one or more designees by a Fund could involve conflicts of interest with respect to the terms applicable to the loans. The sponsor may have an incentive to favor its own interests over those of a Fund and its investors in determining the terms, timing, and amount of such loans or borrowings, which may not reflect market conditions or the best interests of a Fund and its investors. Investment- and Intermediate Entity-Level Borrowing Under the applicable Fund’s governing documents, a Fund is authorized to incur indebtedness that is secured by any assets of the Fund (e.g., asset-based borrowing, as well as “back leverage” and net asset value (“NAV”) facilities), and is permitted directly or indirectly through one or more intermediate entities (e.g., special purpose vehicles) to incur indebtedness, including to borrow money from any person, to make guarantees or provide other credit support to any person or to incur any other obligation (including other extensions of credit). Indebtedness is permitted to be incurred for any purpose relating to the activities of a Fund, including, without limitation, to: (i) finance any investment-related activities of the Fund; (ii) increase the buying power of the Fund; (iii) provide interim financing to the extent necessary to consummate the purchase of investments prior to the receipt of permanent financing or capital contributions or distributions (as applicable); (iv) pay for Fund expenses or fund the payment of management fees or other amounts; (v) make, hold or dispose of investments; (vi) provide financing or refinancing to portfolio companies; (vii) fund the payment of amounts to withdrawing limited partners; (viii) fund distributions to the partners; and (ix) provide collateral to secure outstanding letters of credit or to create reserves, in each case in accordance with the governing documents. Further, the Funds are expected to provide credit support (including letters of credit) or guarantee the obligations of one or more intermediate entities or portfolio companies that are joined as “qualified borrowers” or “portfolio company borrowers” under a Fund’s financing facility for the purpose of providing financing to one or more of such entities in support of one or more investments. Other investors or owners of such intermediate entities (or portfolio companies) generally will not share in the obligations, risk, and/or cost of such financing, or the guarantees or other credit support the relevant Fund provides in respect thereof under the relevant subscription facility. As a result, in a situation where additional credit support is required, the Fund and not such other investors or owners would be obligated to provide such amounts. However, these other investors or owners have the potential to benefit indirectly therefrom, to the extent the financing improves portfolio company performance. Although in many cases the governing documents impose limits on borrowings at the Fund-level, portfolio investments and intermediate entities generally do not have such limits on their ability to engage in borrowings or incur leverage with respect to all or a portion of the relevant investments. For example, any indebtedness obtained by any special purpose vehicle established by the Fund to hold a single, multiple or all investments (such as a lending facility collateralized or secured by a Fund’s holdings in some or all of its investments) generally would not be subject to the limits on borrowing or guarantees by the Fund in the applicable governing documents. Additionally, letters of credit and/or other guarantees or forms of credit support are generally not subject to any limitation on indebtedness or any other limitation in the governing documents.

Risks in Effecting Operating Improvements In some cases, the success of a Fund’s investment strategy will depend, in part, on the ability of a Fund or the management of a portfolio company to restructure and implement improvements in the operations of a portfolio company. The activity of identifying and implementing restructuring programs and operating improvements at portfolio companies entails a high degree of risk and uncertainty. There can be no assurance that a Fund will be able to successfully identify and implement such restructuring programs and improvements, or that, if implemented, such programs and improvements will have a positive impact on the performance of the portfolio company. Uncertainty of Financial Projections A Fund will use financial projections to help analyze a potential investment or future capital raises by, and financing for, portfolio investments or other transactions. Projected operating results will often be based on management judgments, with adjustments to such projections made by Warburg Pincus in its discretion. In all cases, projections are only estimates of future results that are based, in whole or in part, upon information received from third parties, including company management and assumptions made at the time that the projections are developed. The inaccuracy of certain assumptions, the failure to satisfy certain financial requirements and the occurrence of other unforeseen events could impair the ability of a portfolio investment to realize projected values. In certain circumstances, there can be a delay by the portfolio investment in compiling and sharing projections with Warburg Pincus, which can limit the reliability of the data. There can be no assurance that the projected results will be obtained, and actual results may vary significantly from the projections. General economic conditions, which are not predictable, can have a material adverse effect on the reliability of such financial projections. Control Person Liability The exercise of control over a portfolio company may cause a court to ignore the presumption of separateness with respect to a Fund and such portfolio company. Such a determination would impose additional risks of liability for environmental damage, product defects, pension and other fringe benefits, failure to supervise management, violation of laws and governmental regulations (including securities and antitrust laws) and other types of liability, for which limited liability should otherwise generally be afforded to a private equity fund in respect of a portfolio company. For example, if deemed to be a direct owner or operator of any of a portfolio company’s facilities or operations under such laws, a Fund could face strict, joint and/or several liability under environmental laws for hazardous substance or contamination related liabilities. The exercise of control over an investment also could expose the assets of a Fund to claims by third parties, including creditors of a portfolio company. It is possible that creditors of portfolio investments owned by Funds may also seek to make certain claims (including, by way of example only, environmental, consumer protection, and pension/labor law matters and liabilities) against a Fund due to its common control relationship with other Funds. The laws of certain jurisdictions provide not only for carve-outs from limited liability protection for a portfolio investment that has incurred certain liabilities, but also for recourse to assets of other entities under common control with, or that are part of the same economic group as, such company. For example, if a portfolio investment of a Fund is subject to bankruptcy or insolvency proceedings in a jurisdiction and is found to have liabilities under the local consumer protection laws, the laws of that jurisdiction may permit authorities or creditors to file a lien on, or to otherwise have recourse to, assets held by entities under common control or that form part of the same economic group, potentially including portfolio investment of another Fund. While the Firm intends to manage its Funds in a manner that will minimize the exposure of these risks and successfully “piercing the corporate veil” is a rare and extraordinary legal remedy in most circumstances, the possibility of successful claims against a Fund and/or one or more of its affiliates or subsidiaries cannot be precluded. In addition, it is expected that representatives of Warburg Pincus will serve as directors of certain of the portfolio companies, including

public companies, and as such, may have duties to persons other than a Fund. Further, director positions could increase the risk that courts or regulators will hold a Fund responsible for noncompliance issues at a portfolio company. If such liabilities were to arise, a Fund may suffer significant losses. Under certain circumstances, regulators may look to the shareholders of a depository institution to guarantee deposits, contribute equity to restore capital deficiencies, or otherwise act as a source of financial strength to the portfolio investment depository institution by committing resources to support such portfolio investment. In the U.S., these types of obligations generally are imposed only on the party that controls the depository institution, and a Fund will structure its U.S. bank investments to be non-controlling. However, non-U.S. regulators may broaden such source of strength obligations to encompass significant minority shareholders, and U.S. regulations impose similar obligations on minority investors when a failed depository institution is purchased with the assistance of the Federal Deposit Insurance Corporation. If any of these types of obligations or liabilities were to arise, a Fund may suffer significant losses, incur significantly increased compliance or defense costs, be required to refrain from making distributions or need to maintain a certain level of available capital commitments for an extended period of time, any one of which could have a material adverse effect on the performance of a Fund. Lack of Unilateral Control Even if the Firm is the majority investor in certain circumstances, Warburg Pincus will not have unilateral control of all of its portfolio investments. In addition, a Fund is expected to make minority or non-control equity or debt investments in portfolio investments with the possibility that the portfolio investments may be controlled or influenced by persons who have economic or business interests or goals or tax or other considerations that differ from or are inconsistent with those of a Fund or its investors, or may be in a position to take action contrary to a Fund’s business interests, and a Fund may not be in a position to limit such contrary actions or otherwise protect the value of a Fund’s investment. When taking non-control positions, to the extent consistent with applicable regulations, a Fund will in certain instances seek to obtain negative controls and veto rights on major decisions. However, even if a Fund has contractual rights to seek liquidity of a Fund’s minority interests in such companies, it may be very difficult to sell such interests or seek a sale of such company upon terms acceptable to a Fund, especially in cases where the other investors in such company have different business and investment objectives and goals. As such, there can be no assurance that a Fund will be able to control the timing or occurrence of an exit strategy for such portfolio companies in a manner that maximizes or protects value or that there will be any minority rights or that such rights will provide sufficient protection of a Fund’s interests. A Fund’s inability to control the timing of the making, restructuring, refinancing and exiting of its portfolio investments may adversely affect performance. In addition, a Fund may in certain circumstances be liable for the actions of the third-party investors that participate in the investment. The applicable Fund reserves the right to invest alongside third-party investors, thereby acquiring a noncontrolling interest in companies. In such cases, a Fund will not have control over the investment and, therefore, may have limited ability to protect its position therein. This type of investment will involve risks not present in majority investments where a third party is not involved and such third parties may have economic or business interests or goals or tax or other considerations that differ from or are inconsistent with those of a Fund or its investors or may be in a position to take action contrary to a Fund’s business, tax or other interests, and a Fund may not be in a position to limit such contrary actions or otherwise protect the value of its investment. In addition, a Fund may in certain circumstances be liable for the actions of the third-party investors that participate in the investment.

Toehold Investments A Fund could in certain instances accumulate minority positions in the outstanding voting stock or securities convertible into the voting stock, of potential portfolio investments or could otherwise accumulate positions in debt securities of issuers, with the intention of accumulating a sufficient position to enable such Fund to influence the activities of the issuers including through investor activism. While any such Fund would seek to achieve such accumulation through open market purchases, registered tender offers, negotiated transactions, or private placements, it could be unable to accumulate a sufficiently large position in a target company to execute the investment strategy formulated in respect of that company. In such circumstances, such Fund could dispose of its position in the target company within a short time of acquiring it; there can be no assurance that the price at which such Fund can sell such securities will not have declined since the time of acquisition. This could be exacerbated by the fact that securities of the companies that a Fund targets could be thinly traded and that such Fund’s position could nevertheless have been substantial and its disposal could depress the market price for such stock. Reliance on the General Partner, Professionals and Personnel Control over the operation of the Funds, including decisions with respect to structuring, negotiating, purchasing, financing and divesting investments, will be vested with the relevant general partner, and limited partners generally have no right or power to take part in the management of the Funds. Consequently, limited partners will be relying on the ability of the relevant general partner to locate and evaluate the investments to be made by the Fund. The success of the Funds will depend in large part on the skill and expertise of Warburg Pincus’ investment professionals and other personnel. There can be no assurance that such personnel will continue to be associated with or remain in the same roles at Warburg Pincus, and a loss of the services of any such personnel for any reason and for any period of time could impair Warburg Pincus’ ability to implement its investment program or avoid losses. In light of everincreasing competition among alternative asset firms, financial institutions, fund sponsors and other industry participants (including portfolio companies) for hiring and retaining qualified personnel, there can be no assurance that any personnel will continue to be associated with, or remain in the same roles, at Warburg Pincus. The composition of the Warburg Pincus investment professionals has and is expected to continue to change over time, and the loss or reduction of service of one or more employees could have an adverse effect on a Fund or one or more of its investments. Third-Party Involvement A Fund may co-invest in portfolio investments with other institutional investors including, on occasion, private equity or real estate funds of other sponsors or investors. Such investments will involve risks not present in investments in which such co-investors are not involved, including the possibility that a coinvestor of a Fund may at any time have economic or business interests or goals that are inconsistent with those of a Fund or may be in a position to take action contrary to the investment objectives of a Fund or may not have capital available for follow-on investments. In addition, an investor that participates in coinvestments may be in a position to obtain additional information regarding the investee portfolio company that may not generally be available to the investors in a Fund or, in some cases, the Fund itself. Insufficient Capital for Follow-On Investments Following its initial investment in a portfolio investment, a Fund may have the opportunity to increase its investment in such portfolio investment or may be asked to provide additional funds to such portfolio investment (whether for opportunistic reasons, to fund the needs of the business, as an equity cure under applicable debt documents or for other reasons). There is no assurance that a Fund will make follow-on investments or that a Fund will have sufficient available capital or capacity under any credit agreements to,

or be permitted to (including as a result of regulatory restrictions), make such investments or to make an investment up to its full allocation. Any decision not to make follow-on investments, or a Funds’ inability to make them, may have a substantial negative effect on a portfolio investment in need of such an investment (including an event of default under applicable debt documents in the event an equity cure cannot be made), result in missed opportunities for such Fund, or result in dilution of such Fund’s economic and/or governance rights in such investment if a third party or co-investor is permitted to invest. In the event that a certain Fund does not make a potential follow-on investment, such follow-on investment, subject to any requirements under the Fund’s governing documents, may be made by one or more global Funds, companion Funds or other Funds, in some cases without consent, whether or not such Fund has participated in the initial investment in such portfolio investment and notwithstanding that such follow-on investment by another Fund may be dilutive to the Fund’s interest in the portfolio investment. To the fullest extent permitted by law, none of the general partner of a Fund or any of its affiliates will have any liability to the Fund or its limited partners in connection with a follow-on investment made by another Fund in a portfolio investment. Follow-on investments present risks and may involve conflicts of interest, including the determination of the equity component and other terms (including valuation) of the new investment or financing as well as the allocation of the investment or financing opportunity in the case of follow-on acquisitions by a Fund in a portfolio company in which other Funds have previously invested. There may be circumstances in which a portfolio company of another Fund requires additional capital, whether in connection with a disposition, refinancing or otherwise. While the additional investment in such portfolio company may be appropriate for a certain Fund, and in fact may not be within the investment objectives of such other Fund or may exceed the capital available to such other Fund, the Fund will not have any entitlement to participate in such investment. In such cases, the Firm or its affiliates may determine that such follow-on investment should be allocated to the Fund that initially made the applicable investment. Timing and Distributions In connection with the sale of (or certain other events at) a portfolio company, while Warburg Pincus intends to timely distribute the amounts owed to investors and/or the relevant Fund(s), Warburg Pincus reserves the right to retain certain amounts to establish various escrow, holdback, and reserve accounts relevant to the portfolio company and/or relevant Fund(s). Such amounts generally are not subject to any pre-defined limits in the applicable governing documents, transaction agreements or any of Warburg Pincus’ policies and procedures. All amounts withheld from proceeds owed to investors and/or the relevant Fund(s) will be monitored by Warburg Pincus personnel on an ongoing basis. Warburg Pincus will have potential conflicts of interest in determining the amount and timing of distributions to limited partners and/or the relevant Fund(s), and regarding the timing in which such distribution is made. As a general matter, to the extent reserve amounts are held in cash by a Fund, intermediate entity, or portfolio company, such amounts will not accrue a preferred return (if applicable) under the relevant Fund’s carried interest arrangements unless and until they are used to make an investment or pay certain expenses or other liabilities. To the extent these amounts do not accrue a preferred return, or are not reflected in the relevant Fund’s performance figures, Warburg Pincus expects to have incentives to continue to hold the amounts for extended periods. Contingency Reserves and Adequacy of Reserves A Fund may be permitted to establish holdbacks or reserves, including for estimated accrued expenses, management fees, pending or anticipated liabilities, investments, claims, and contingencies relating to such Fund, which would include corresponding additional amounts thereof relating to its investments in portfolio investments. Under certain circumstances, the general partner of a Fund may find it necessary to call capital for, or in connection with a distribution to establish, one or more reserves for contingent

liabilities by holding back a portion of amounts otherwise distributable to the limited partners of the Fund until resolution of such contingency or contingencies. As such, limited partners of such Fund may be delayed in receiving certain distributions or unable to realize their entire investment in the Fund until such time as the general partner of the Fund has determined that the need for such reserves has ceased, which may be after the end of the Fund’s term. For example, such a reserve might be established if the Fund or a portfolio investment were subject to an audit by the IRS or involved in litigation, or the general partner of the Fund determines it is necessary to reserve capital for ongoing expenses of the Fund. Estimating the appropriate amount of such reserves is difficult, and inadequate or excessive reserves could impair the investment returns to limited partners of a Fund. If a Fund’s reserves are inadequate and the general partner of the Fund is unable to draw down capital commitments pursuant to the Fund’s governing agreement or other cash is unavailable, the Fund would be unable to take advantage of attractive investment opportunities or protect its existing investments. Regulation and Enforcement; Litigation The growth of the private equity industry, and the increasing size and reach of transactions, has prompted additional governmental and public attention to the industry and its practices. Certain industry segments in which a Fund may invest, including various segments of the healthcare, financial services, energy and telecommunications industries, operate in a highly regulated environment and are subject to extensive national, local and international legal and regulatory restrictions and limitations, as well as supervision, examination, licensing and enforcement by regulatory authorities. There can be no assurance that any such scrutiny, regulation or focus will not have an adverse impact on a Fund’s activities, including the ability of a Fund to effectively and timely address new rules and regulations or otherwise execute its investment strategy or achieve its investment objectives. In particular, a Fund may be required to incur additional costs and expenses in implementing structural changes in the conduct of its business, including to establish greater substance in certain jurisdictions in which it invests or proposes to invest, and a Fund may also become directly or indirectly subject to additional tax liabilities (for example, through restrictions on or denial of the deductibility of interest expenses against taxable profits). The foregoing may make it less attractive or impractical to continue to invest in one or more jurisdictions. New and existing regulations and burdens of regulatory compliance may directly impact the business and results of the operations of, or otherwise have a material adverse effect on, portfolio investments that are subject to regulation. Failure to comply with any of these laws, rules or regulations, some of which are subject to interpretation and may be subject to change, could result in a variety of adverse consequences, including civil penalties, fines, suspension or expulsion, and termination of deposit insurance. Certain segments may be highly dependent upon various government (or private) reimbursement programs. While Funds intend to invest in companies that seek to comply with applicable laws and regulations, the laws and regulations relating to certain industries, including in particular the healthcare, financial services, energy and telecommunications industries, are complex, may be ambiguous or may lack clear judicial or regulatory interpretive guidance. An adverse review or determination by any applicable judicial or regulatory authority of any such law or regulation, or an adverse change in applicable regulatory requirements or reimbursement programs, could have a material adverse effect on the operations and/or financial performance of the companies in which a Fund invests. By way of example, the healthcare and financial services industries have been, and will likely continue to be, significantly impacted by recent legislative changes, and as various U.S. federal, state or local or non-U.S. legislative proposals related to such industries are introduced in certain instances, which, if adopted, could have a significant impact on such industries in general and/or on companies in which a Fund may invest. In addition, numerous regulatory initiatives were launched and significant legislation was enacted as a result of the severe global market volatility and dislocations, financial institution failures and defaults and large

financial frauds that occurred during and after the 2008 global financial crisis. Regulation generally, as well as regulation more specifically addressed to the private equity industry, including tax laws and regulation, whether in the U.S. or outside of it, could further increase the cost of acquiring, holding or divesting portfolio investments and the cost of operating a Fund, as well as harm the profitability of enterprises and interfere with the ability of a Fund to engage in certain transactions. In particular, a Fund may be required to incur additional costs and expenses in implementing structural changes in the conduct of a Fund’s business, including to establish greater substance in certain jurisdictions in which a Fund invests or proposes to invest, and a Fund may also become directly or indirectly subject to additional tax liabilities (for example, through restrictions on or denial of the deductibility of interest expenses against taxable profits). Additional regulation could increase the risks of third-party litigation. The transactional nature of the business of a Fund exposes a Fund and Warburg Pincus generally to this risk of third-party litigation. Such litigation has become increasingly common regarding private equity transactions and particularly with respect to transactions where a private equity sponsor has a sizeable stake. Warburg Pincus and its related affiliates are and have been subject, historically, to litigation of various kinds. There can be no assurance that any such litigation, once begun, would be resolved in favor of a Fund, Warburg Pincus or their respective affiliates. Any such litigation could be prolonged and expensive and settlement or other resolutions thereof may result in material costs to a Fund, Warburg Pincus or their respective affiliates. In addition, it is by no means unusual for participants in reorganizations to use the threat of, as well as actual, litigation as a negotiating technique. In addition, in certain instances, past or current members/employees of Warburg Pincus may disagree with Warburg Pincus and/or its management over terms related to separation or other issues. If not resolved, such disputes could lead to litigation or arbitration, which could be costly, distracting, and/or time consuming for Warburg Pincus management. Subject to certain limitations contained in a Fund’s governing documents, a Fund will generally be responsible for indemnifying Warburg Pincus and related parties for costs they may incur with respect to such litigation not covered by insurance. Anti-Corruption Law Considerations; Anti-Bribery Warburg Pincus is committed to complying with the aspects of the U.S. Foreign Corrupt Practices Act (“FCPA”), the U.K. Bribery Act (“UKBA”) and other anti-corruption and anti-bribery laws and regulations, as well as anti-boycott regulations administered and enforced by the U.S. Department of Commerce and the U.S. Internal Revenue Service, to which it is subject. As a result, a Fund may be adversely affected or miss out on opportunities because of its or Warburg Pincus’ unwillingness to participate in transactions that potentially violate such laws and regulations. Such laws and regulations may make it difficult in certain circumstances for a Fund to act successfully on investment opportunities and for portfolio investments to obtain or retain business. While Warburg Pincus has developed and implemented policies and procedures designed to ensure strict compliance by Warburg Pincus and its personnel with the FCPA and the UKBA, such policies and procedures may not be effective in all instances to prevent violations. In addition, in spite of Warburg Pincus’ policies and procedures, portfolio investments or their affiliates and agents, particularly in cases where a Fund or another Warburg Pincus-sponsored fund or vehicle does not control such portfolio investment, may engage in activities that could result in violations of FCPA, UKBA, and/or similar applicable anti-corruption laws. The FCPA may require any portfolio investment that is or becomes a U.S. issuer to maintain anti-corruption policies, procedures, and internal controls. Any determination that Warburg Pincus or a Fund’s portfolio investment has violated the FCPA, the UKBA or other applicable anti-corruption laws or anti-bribery laws could entail, among other things, civil and criminal penalties, material fines, profit disgorgement, injunctions on future conduct, debarment, securities litigation, advisor fees for investigation and remediation, and/or a general loss of investor confidence, any one of which could adversely affect Warburg Pincus’ business prospects and/or financial position, as well as a Fund’s ability

to achieve its investment objective and/or conduct its operations. Moreover, any determination that a portfolio company has violated the FCPA, the UKBA or other applicable anti-corruption laws or antibribery laws could adversely affect the performance of such company and may result in negative publicity and loss of investor confidence for Warburg Pincus and the applicable Fund. Pay-to-Play Laws, Regulations and Policies A number of U.S. states and municipal pension plans have adopted so-called “pay-to-play” laws, regulations or policies that prohibit, restrict or require disclosure of payments to (and/or certain contacts with) state officials by individuals and entities seeking to do business with such state entities, including those seeking investments by public retirement funds. The SEC has adopted a rule that, among other things, prohibits an investment adviser from providing advisory services for compensation to a government client for two years after the adviser or certain of its executives or employees makes a contribution to certain elected officials or candidates. If Warburg Pincus, any of its employees or affiliates or any Service Provider acting on their behalf fails to comply with such laws, regulations or policies, such noncompliance could have an adverse effect on Warburg Pincus or a Fund. Investors may also seek to pursue individual remedies, including withdrawal rights, which may be included in Side Letters or other similar agreements or otherwise imposed by applicable law, regulation or policy. Significant Developments Stemming from the U.S. Presidential Administration Presidential administrations generally seek to enact changes to numerous areas of law and regulations currently in effect. Any such changes, whether enacted by the current administration or a future administration, could significantly impact a Fund or its investments. Specific legislative and regulatory proposals discussed during election campaigns and more recently that might materially impact a Funds or its investments include, but are not limited to, changes to climate policies, trade agreements, immigration policy, import and export regulations, tariffs and customs duties, energy regulations, income tax regulations (including capital gains tax rate adjustments) and the federal tax code (including added scrutiny of management fee and carried interest waivers), public company reporting requirements and antitrust enforcement. Changes in U.S. federal policies, including tax policies, and at regulatory agencies occur over time through policy and personnel changes following elections, which lead to changes involving the level of oversight and focus on the financial services industry or the tax rates paid by corporate entities. The nature, timing and economic effects of potential changes to the current legal and regulatory framework affecting financial institutions remain highly uncertain. None of Warburg Pincus, the Funds or their respective affiliates can predict the ultimate impact of the foregoing on the Funds, their business and investments, or the private equity industry generally, and any prolonged uncertainty could also have an adverse impact on the Funds and their investment objectives. Such changes, whether enacted by the current administration or a future administration, may adversely affect a Fund’s operating environment and therefore a Fund’s business, operating costs, financial condition and results of operations. Further, any extended federal government shutdown and any negative sentiments towards the United States as a result of such changes could adversely affect the performance of a Fund’s investments. Negative sentiments towards the United States among non-U.S. customers and among non-U.S. employees or prospective employees could adversely affect sales or hiring and retention, respectively. Moreover, media (including social media) has the potential to influence public sentiment and escalate tensions both within the U.S. and in international relations, which could cause social unrest and could negatively impact stock markets and economics around the globe as well as a Fund’s investments. Warburg Pincus also cannot predict how other countries will respond to a U.S. presidential administration’s actions. For example, Warburg Pincus is unable to predict whether legislation or

regulations that would have adverse impacts on a Fund or its investments may be passed in other jurisdictions in response or related to any measures that may be imposed by the current or future U.S. presidential administration, including the imposition of tariffs on U.S. goods imported into such jurisdictions, increased inspections on U.S. companies, delays on approvals for mergers and acquisitions involving U.S. companies, preferential treatment of non-U.S. companies, media campaigns against U.S. companies and/or goods, and delays on license approvals in such jurisdictions, shutdowns resulting from failing to pass budget appropriations, adopt continuing funding resolutions, or raise the debt ceiling, and other budgetary decisions limiting or delaying deferral government spending, may negatively impact U.S. or global economic conditions, including corporate and consumer spending, and liquidity of capital markets. There can be no assurance that any changes in laws, regulations or governmental policy will not have an adverse impact on a Fund and its investments, including the ability of a Fund to execute its investment objectives and to receive attractive returns. In addition, any changes in U.S. social, political, regulatory and economic conditions or in laws and policies governing the financial services industry, foreign trade, tariffs, foreign alliances (e.g., a pullback from the North Atlantic Treaty Organization), manufacturing, outsourcing, development and investment in the territories and countries or types of investments in which a Fund is permitted to invest, and any negative sentiments towards the United States as a result of such changes, could adversely affect the performance of a Fund’s investments. Investments in Public Companies A Fund may invest in public companies (subject to restrictions set forth in relevant governing documents) and may also make investments in connection with one or more take privates of formerly public portfolio investments or hold public securities following an initial public offering of a portfolio investment. Investments in public companies may subject a Fund to risks that differ in type or degree from those involved with investments in privately-held investments. Such risks include, without limitation, movements in the relevant stock market and trends in the economy, greater volatility in the valuation of such companies, increased obligation to disclose information regarding such companies, limited trading volume of such securities relative to the scale of a Fund’s ownership, limitations on the ability of a Fund to dispose of such securities at certain times (including due to the possession of material nonpublic information), increased likelihood of shareholder litigation against such companies’ board members, which may include Warburg Pincus personnel, regulatory action by the SEC or other regulatory agencies and increased costs associated with each of the aforementioned risks. Debt, Credit or Other Similar Investments in Portfolio Investments A Fund may, in certain circumstances, make investments in debt instruments and convertible debt securities, including in connection with investments in equity or equity-related securities and/or other debt investments that have an expected return comparable to equity or equity-related securities or credit investments. In such circumstances, debt may be unsecured or structurally or contractually subordinated to substantial amounts of senior indebtedness, all or a significant portion of which may be secured. Moreover, such debt investments may not be protected by financial covenants or limitations upon additional indebtedness and there is no minimum credit rating for such debt investments. Other factors may materially and adversely affect the market price and yield of such debt investments, including investor demand, currency exchange matters, including fluctuations in the rate of exchange between the U.S. Dollar and the various non-U.S. currencies in which a Fund’s investments are denominated, costs associated with conversion of investment capital and income from one currency into another, changes in the financial condition of the applicable issuer, government fiscal policy and domestic or worldwide economic conditions. Certain debt securities are also subject to other creditor risks, including: (i) the possible invalidation of an investment transaction as a “fraudulent conveyance” under relevant creditors’ rights laws, which can result in the avoidance of collateral securing the investment or the cancellation of the obligation representing the investment; (ii) the recovery as a “preference” of liens perfected or payments made on

account of a debt in the 90 days before a bankruptcy filing; (iii) equitable subordination claims by other creditors; (iv) so-called lender liability claims by the issuer of the obligations; and (v) environmental liabilities that may arise with respect to collateral securing the obligations. Additionally, adverse credit events with respect to any portfolio investment or other issuer in which a Fund invests, such as missed or delayed payment of interest and/or principal, bankruptcy, receivership, or distressed exchange, can significantly diminish the value of a Fund’s investment in any such issuer. Any such debt investment may also be subject to early redemption features, refinancing options, pre-payment options, or similar provisions which, in each case, could result in the issuer repaying the principal on an obligation held by a Fund earlier than expected. In addition, depending on fluctuations of the equity markets and other factors, warrants and other equity securities may become worthless. Furthermore, there could be circumstances in which the Firm deems it appropriate for one or more Funds to invest in the debt securities of existing portfolio investments of another Fund, in each case subject to the terms of the governing agreements of such Funds. A Fund’s debt investments and debt-related instruments are subject to credit risk, which is the risk that an issuer will be unable to make principal and interest payments on its outstanding debt obligations when due, among other covenants and requirements. A Fund’s returns to its limited partners would be adversely impacted if an issuer of debt or debt-related instruments in which the Fund invests were to become unable to make such payments when due. Even if a Fund makes investments that its general partner believes are secured by specific collateral the value of which initially exceeds the principal amount of such investments, there can be no assurance that the liquidation of any such collateral would satisfy the borrower’s obligation in the event of non-payment of scheduled interest or principal payments with respect to such investment, or that such collateral could be readily liquidated. In addition, in the event of bankruptcy of a borrower, a Fund could experience delays or limitations with respect to its ability to realize the benefits of any collateral securing an investment. Under certain circumstances, collateral securing an investment may be released without the consent of a Fund. Moreover, a Fund’s investments in secured debt may be unperfected for a variety of reasons, including the failure to make required filings by lenders and, as a result, the Fund may not have priority over other creditors as anticipated. Furthermore, a Fund’s right to payment and its security interest, if any, would be subordinated to the payment rights and security interests of any senior lenders. Certain of these investments may have interest-only payment schedules, with the principal amount remaining outstanding and at risk until the maturity of the investment. In such cases, a portfolio investment’s ability to repay the principal of an investment would be dependent upon a liquidity event or the long-term success of such portfolio investment, the occurrence of which is uncertain. Interest rate changes may also affect the value of a debt and debt-related investment directly and indirectly. In general, rising interest rates will negatively impact the price of a fixed-rate debt and debt-related investment and falling interest rates will have a positive effect on price. Interest rate sensitivity is generally more pronounced and less predictable in portfolio investments with uncertain payment or prepayment schedules. During periods of rising interest rates, the average life of certain fixed-rate debt and preferred equity securities is extended because of slower than expected principal payments. This may lock in a belowmarket interest rate and extend the duration of these securities, making them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, these securities may exhibit additional volatility and additional loss in value. Cybersecurity Breaches and Identity Theft Cyber-attacks and other malicious Internet-based activity continue to increase in frequency and magnitude. Techniques used to sabotage, or to obtain unauthorized access to, systems or networks change frequently and generally are not recognized until launched against a target. Therefore, Warburg Pincus, the Funds and their portfolio investments, as well as their third-party partners (including Service Providers), may be unable to anticipate these techniques, react in a timely manner, or implement adequate preventive measures. Warburg Pincus and its Funds’ portfolio investments’ information and technology systems and the data

that they hold or process and each of their respective abilities to operate may be vulnerable to actual or perceived damage or interruption from computer viruses, malware, network failures, computer and telecommunication failures, infiltration by unauthorized persons and security breaches, usage errors by their respective professionals, power outages and catastrophic events such as fires, tornadoes, floods, hurricanes and earthquakes. In addition, critical infrastructure, including projects and companies in which Warburg Pincus invests, may attract particular interest from cyber criminals and therefore be the subject of such infiltration and attacks. The use of the internet generally heightens these risks. Such risks may be more prevalent in emerging markets where cybersecurity and compliance infrastructure may be less developed. Cyber-attacks may also take the form of socially-engineered frauds, such as “phishing.” There have been reports of alleged Chinese and Russian hacking attempts on American corporate intellectual property, and Warburg Pincus (including a Fund and its portfolio investments) may be at risk of cyberattacks. Additionally, certain U.S. government agencies have issued warnings that the Russia-Ukraine conflict heightens the risk of destructive malware and other cyberattacks, which could impact Warburg Pincus, its Funds and its portfolio investments. Third parties may also attempt to fraudulently induce employees, customers, third-party Service Provides or other users of Warburg Pincus’ systems to disclose sensitive or personal information in order to gain access to Warburg Pincus’ data or that of a Fund’s investors or portfolio investments. Warburg Pincus, the Funds, their portfolio investments, and/or their Service Providers may be subject to ransomware or other attacks that could cause a substantial business disruption or loss of availability of data that could prevent a Fund and Warburg Pincus from executing its investment strategy or accessing an account or other critical systems, which could lead to financial losses. In addition, the use of AI by malicious actors could heighten the sophistication and effectiveness of cyberattacks Warburg Pincus, the Funds, their portfolio investments, and/or their Service Providers experience. The practice of making ransomware payments is itself one that presents risks, including risk that payment could unknowingly be made to a sanctioned party that could entail significant civil and/or criminal penalties. To the extent there is ongoing consideration of implementing laws that would prohibit the payment of ransom, a Fund’s portfolio investments and Warburg Pincus could be exposed to meaningful business disruption, costs and other harm that could be significant and could impair the value of an investment. As further evidence of the increasing and potentially significant impact of recent cybersecurity breaches, the U.S. government and several multinational companies, including financial institutions and retailers, reported cybersecurity breaches affecting their computer systems that resulted in the personal information of millions of citizens, customers, and employees being compromised. Threat actors are increasingly deploying tools and techniques (including those powered by AI) specifically designed to circumvent security measures, evade detection, maintain persistence in an environment and obfuscate forensic evidence, which means that Warburg Pincus and/or a Fund’s portfolio investments may be unable to identify, investigate, contain, or remediate cyberattacks and other security incidents in a timely or effective manner. In addition, continued remote and hybrid working arrangements can increase cybersecurity risks due to the high prevalence of security vulnerabilities and social engineering attacks associated with many non-corporate and home networks and devices, and such networks and devices are prevalent across Warburg Pincus and/or a Fund’s portfolio investments. An extended period of remote work arrangements could strain a Fund’s or its portfolio investments’ business continuity plans, introduce operational risk, including, but not limited to, cybersecurity risks, and impair a Fund’s or its portfolio investments’ ability to manage its business. Although Warburg Pincus has implemented various measures to manage risks relating to these types of events, including forming a cybersecurity committee, if these systems are compromised, become inoperable for extended periods of time or cease to function properly, Warburg Pincus, a Fund, and/or a portfolio investment may incur specific time or expense to fix or replace them and to seek to remedy the effects of such issues. The failure of these systems and/or of disaster recovery plans for any reason could cause: (i) potential financial losses or significant interruptions in Warburg Pincus’, a Fund’s, a portfolio company’s and/or a Service Provider’s operations and result in corruption, deletion or destruction of data;

(ii) physical damage and repairs to systems; (iii) disruptions of operations; and (iv) a failure to maintain the security, confidentiality or privacy of sensitive data, including confidential or proprietary client information and/or personal information relating to investors (and the beneficial owners of investors). Such a failure could harm Warburg Pincus’, a Fund’s, and/or a portfolio investment’s reputation, subject any such entity and its respective affiliates to legal claims, regulatory penalties, or otherwise affect their business and financial performance. Cyber threats and/or incidents could cause financial costs from the theft of a Fund’s assets (including proprietary information and intellectual property), as well as numerous unforeseen costs including, but not limited to: litigation costs, preventative and protective costs and remediation costs. Each of the foregoing risks applies equally to third-party Service Providers (and therefor indirectly to a Fund) and portfolio companies with respect to their own implementation of their cybersecurity programs and their risk vis à vis third-party Service Providers. Moreover, to the extent policies and processes are implemented, as with all policies and processes, there are expected to be gaps and instances of non-compliance, and ongoing opportunities for improvement to the current cyber posture of each of these entities. This is especially the case given the pace with which threats and vulnerabilities evolve on the cyber landscape on an ongoing basis. The particular cybersecurity risks may vary by portfolio company depending on the maturity of the business, including the particular business’ policies, procedures, and controls. Portfolio companies may also have material weaknesses or vulnerabilities in their cybersecurity policies, procedures, or controls of which Warburg Pincus is unaware because Warburg Pincus often has limited visibility into the daily operation of such companies. In addition, Warburg Pincus’, the Funds’, and/or a portfolio investment’s insurance coverage may be insufficient to compensate any such entity and its respective affiliates or counterparties for incurred liabilities. The cyber insurance market has been continually tightening over recent years with increasing premiums and coverage limitations due in large part to the escalating cyber threat landscape and significant claims involving ransomware and other cyber-extortion payments. Warburg Pincus, the Funds, and the Fund’s portfolio companies may not have insurance coverage that applies in all cyber-related situations and/or policies may be insufficient to cover all costs and liability incurred in the event of a significant attack or incident. Even where cyber insurance is available, oftentimes the choice of vendor under insurance policies is limited and Warburg Pincus or a portfolio company may forego insurance coverage and incur incremental costs (which in the aggregate may be substantial) in order to retain the advisers who are the best situated to respond effectively, and a Fund may bear some or all of such incremental costs. Warburg Pincus and the Funds’, investors’ and portfolio investments’ information and technology systems may be vulnerable to actual or perceived damage or interruption from computer viruses, infiltration by unauthorized persons and security breaches, and other disruptive behavior including denial-of-service attacks. Such activities may also create liabilities in respect of Warburg Pincus and/or its portfolio investments to third parties. Furthermore, Warburg Pincus and its portfolio investments may be vulnerable to actual or perceived usage errors by their respective professionals, network failures, computer and telecommunication failures, power outages and catastrophic events such as fires, tornadoes, floods, hurricanes and earthquakes. The use of internet- or cloud-based programs, technologies and data storage applications generally heightens these risks, and the risks of attack are expected to be heightened in remote work environments. Any of such circumstances could subject a portfolio investment, or a Fund, to substantial losses, including losses relating to: (i) misappropriation of assets, intellectual property or confidential information; (ii) corruption, deletion or destruction of data; (iii) physical damage and repairs to systems; (iv) reputational harm; (v) financial losses from remedial actions; and/or (vi) disruption of operations. Third parties, including activist, criminal, nation-state or terrorist actors, may also attempt fraudulently to induce portfolio investments or their personnel to disclose sensitive information (including passwords) in order to gain access to data, accounts, funds or other assets, or otherwise to inflict harm. In addition, in the event that such a cyber-attack or other unauthorized access is directed at Warburg Pincus or one of its

Service Providers holding its financial or investor data, Warburg Pincus, its affiliates, or the Funds may also be at risk of loss, despite efforts to prevent and mitigate such risks under Warburg Pincus’ policies and practices. Privacy and Data Protection Law Compliance Risk The adoption, interpretation, and application of consumer protection, data protection, and/or privacy laws and regulations in the United States, Europe, and other jurisdictions (collectively, “Privacy Laws”) could significantly impact current and planned privacy and information security related practices, the collection, use, sharing, retention and safeguarding of personal data and current and planned business activities of Warburg Pincus, the Funds, and/or their portfolio companies, and increase compliance costs and require the dedication of additional time and resources to compliance for such entities. A failure to comply with such Privacy Laws by any such entity or their Service Providers could result in fines, sanctions or other penalties, which could materially and adversely affect the results of operations and overall business, as well as have a negative impact on reputation and Fund performance. As Privacy Laws are implemented, interpreted and applied, compliance costs for Warburg Pincus, the Funds, and/or their portfolio companies are likely to increase, particularly in the context of ensuring that adequate data protection and data transfer mechanisms are in place. Certain jurisdictions, including U.S. states, have proposed, adopted or are considering similar Privacy Laws, which if enacted could impose significant costs, potential liabilities and operational and legal obligations. Industry organizations also regularly adopt and advocate for new standards in this area. In the United States, these include rules and regulations promulgated under the authority of federal government bodies and agencies, state attorneys general, legislatures and consumer protection agencies. Such Privacy Laws and regulations are expected to vary from jurisdiction to jurisdiction, thus increasing costs, operational and legal burdens, and the potential for significant liability for regulated entities, which could include Warburg Pincus, the Funds, and/or their portfolio companies. Material Non-Public Information Warburg Pincus and its personnel will come into possession of material non-public information concerning specific companies, including as a result of certain Warburg Pincus professionals serving on the boards of directors of portfolio investments. Under applicable securities laws, this will limit the flexibility of Warburg Pincus to buy or sell securities issued by such companies. A Fund’s investment flexibility is expected to be constrained as a consequence of the inability of Warburg Pincus to use such information for investment purposes. Warburg Pincus has policies and procedures in place that are intended to prevent the misuse of material non-public information by its personnel, although there can be no assurance that such misuse will never take place. If such misuse takes place or is alleged to have taken place, an investigation by the SEC or other authorities could negatively impact the Firm and/or the Funds. Additionally, in certain instances, a limited partner (particularly if such limited partner has designated an advisory committee representative or participates in a co-investment) could receive material non-public information that in certain circumstances would limit such limited partner’s trading activities outside of the relevant Fund. Non-Compete Arrangements While Warburg Pincus has sought to, and will continue to seek to, resist, mitigate, and/or manage contractual restrictions requested by investment counterparties, non-competition undertakings and analogous agreements are becoming increasingly prevalent in mergers and acquisitions. Situations may arise in which a Fund, the general partner, and/or other members of Warburg Pincus may be required to enter into certain non-compete or similar exclusivity arrangements with third parties in order to avoid the acquisition of investments that could compete with other investments held, or previously held, by a Fund

or by one or more other Funds. While appropriate protections will typically be sought to limit the scope of such non-compete or exclusivity arrangements (for example, by limiting any non-compete or similar exclusivity arrangements by duration, to specifically identified companies and/or according to specific criteria such as business sector or industry, geographical scope of business operations and/or size of business operations, etc.), such non-compete or similar exclusivity arrangements may nonetheless have the effect of restricting the ability of a Fund to pursue certain investment opportunities that may otherwise have been considered as potentially suitable for such Fund. Dependence on Patents, Trademarks and Other Intellectual Property Certain of a Fund’s investments could depend heavily on intellectual property rights, including patents, trademarks, trade secret protection, non-disclosure agreements and service marks. The ability to effectively enforce patent, trademark and other intellectual property laws will affect the value of many of these companies. Patent disputes are frequent and can preclude commercialization of products, and patent litigation is costly and could subject an issuer to significant liabilities to third parties. The presence of patents or other proprietary rights belonging to other parties could lead to the termination of the research and development of an issuer’s particular product. Social Media and Publicity Risk The use of social networks, message boards, internet channels and other platforms has become widespread within the United States and globally. As a result, individuals now have the ability to rapidly and broadly disseminate information or misinformation, without independent or authoritative verification. Any such information or misinformation regarding Warburg Pincus, the Funds or one or more portfolio companies could have a material and adverse effect on the value of the Funds. Artificial Intelligence, Machine Learning and Compliance Risk Recent technological advances in AI and machine learning technologies (collectively, “AI Technologies”), as well as the rapid growth and widespread use thereof, have the potential to pose risks to Warburg Pincus, the Funds and the portfolio companies. AI Technologies have the potential to result in significant and disruptive changes in companies, sectors or industries, including those in which the Funds invest. Warburg Pincus may incorporate the use of AI Technologies into its business, operations and offerings, and anticipates that usage and adoption of AI Technologies in the marketplace will continue to grow. As with many disruptive innovations, AI Technologies present risks and challenges that could affect their accuracy and adoption and therefore a Fund’s businesses. While Warburg Pincus intends the use of AI Technologies to make processes more efficient, AI Technologies models may not achieve sufficient levels of accuracy. AI Technologies algorithms may be flawed, the datasets on which such algorithms are trained may be insufficient, raise privacy concerns or contain biased information, which could undermine the decisions, predictions or analysis of AI Technologies applications produce, subjecting Funds, their portfolio investments, and/or Warburg Pincus, and each of their affiliates, to competitive harm, legal liability, and brand or reputational harm. AI Technologies are generally highly reliant on the collecting and analysis of large amounts of data, and it is not possible or practicable to incorporate all relevant data into the model that AI Technologies use to operate. Certain data in AI Technologies potentially will contain a degree of inaccuracy and error and could otherwise be inadequate or flawed, which would be likely to degrade the effectiveness of such AI Technologies. Even where AI Technologies are utilizing accurate data, they may, nonetheless, output results that contain, in whole or in part, inaccurate information, which may be difficult or impossible to identify, and it may be difficult or impossible to modify such AI Technologies to eliminate these occurrences. Additionally, the ongoing development, maintenance and operation of AI Technologies is expensive and complex, and may involve unforeseen difficulties including material performance problems and undetected defects or errors. Any such inaccuracies or errors could have

adverse impacts on the operations and/or performance of Warburg Pincus, the Funds, and/or the portfolio companies. In addition, use of AI Technologies poses various risks related to confidentiality, privacy and cybersecurity. Warburg Pincus personnel also could utilize AI Technologies in contravention of any policies, confidentiality agreements or applicable law. Any of such risks or misuse could have an adverse effect on Warburg Pincus, the Funds, and/or the portfolio companies. Many jurisdictions have passed or are considering laws and regulations concerning AI Technologies, which could adversely affect Warburg Pincus, the Funds, their portfolio investments and their operations. In addition, some AI Technologies scenarios present ethical issues. If Warburg Pincus uses, enables or offers AI Technologies solutions that are controversial because of their impact on human rights, privacy, employment, or other social issues, Warburg Pincus may experience brand or reputational harm. Additional risks relating to technological developments include that the technology can also be misused, or used for inappropriate use cases, by malicious third parties (such as cyber criminals), Warburg Pincus personnel, senior advisors or others, including portfolio investments and their employees, and Service Providers to Warburg Pincus or a Fund. Warburg Pincus will not be able to control the use of AI Technologies in third-party products or services, including those provided by Warburg Pincus’ and its affiliates’ Service Providers. Additional unanticipated risks may emerge as use cases for AI Technologies tools are developed further and as the technology underlying such tools continues to evolve. Any of these technological innovations could damage a Fund’s investments, or contemplated investments, significantly disrupt the market in which it operates or its portfolio investments and subject it to increased competition, which could materially and adversely affect its business, financial condition and results of investments. Additionally, Warburg Pincus could base investment decisions on views about the direction or degree of innovation that prove inaccurate and lead to losses. In order to successfully implement AI Technologies-related tools for itself (if any) and/or for its portfolio investments, a Fund and/or its portfolio investments may need to spend significant amounts of time and/or money on development, testing, and/or implementation, and it is expected that to the extent such costs are appropriate partnership expenses, they will be borne by such Fund even if the same or similar costs that were incurred historically that could have been borne by a Fund were not. Such amounts may be substantial. Hedging Risks In connection with certain portfolio investments, a Fund, and/or its portfolio investments are authorized to, but generally are under no obligation to, employ hedging techniques designed to reduce the risks of adverse movements in commodity prices, interest rates, and/or currency exchange rates. While such transactions may reduce certain risks, such transactions themselves entail certain other risks and costs. Therefore, while a Fund is expected to benefit from the use of hedging mechanisms, unanticipated changes in commodity prices, interest rates or currency exchange rates will result in additional costs and/or not fully benefit from favorable pricing or rate movements, which could result in a weaker overall performance for a Fund than if it had not entered into such hedging transactions. There can be no assurance that adequate hedging arrangements will be entered into or even available on an economically viable basis or that such hedging arrangements, if entered into, will achieve the desired effect. Where a Fund elects to employ hedging techniques, it is permitted to incur costs related to hedging arrangements, which are permitted to be undertaken in exchange-traded or over-the-counter (“OTC”) markets, including futures, forwards, swaps, options and other similar instruments. Where a Fund elects not to, or is unable to, employ hedging techniques, the lack of a hedge may expose a Fund to risks of adverse commodity price, interest rate or currency exchange rate movements. In some cases, hedging arrangements may result in losses greater than if hedging had not been used. In some cases, particularly in OTC contexts, hedging arrangements will subject a Fund to the risk of a counterparty’s inability or refusal to perform under a hedging contract, or the potential loss of assets held

by a counterparty, clearinghouse, custodian or intermediary in connection with such hedging. OTC hedging contracts may expose a Fund to additional liquidity risks if such contracts cannot be adequately settled. Certain hedging arrangements may create for Warburg Pincus and/or one of its affiliates an obligation to register with the U.S. Commodity Futures Trading Commission (the “CFTC”) or another regulator or comply with an applicable exemption. If the CFTC or another regulator imposes position limits or other regulatory requirements on certain hedging arrangements, the ability of a Fund or a portfolio company to hedge its exposures may be limited by such requirements. Under current and proposed rules concerning position limits with respect to CFTC-regulated products, including futures, swaps and certain other contracts on or linked to certain physical commodities, the positions in such contracts held by a Fund and certain Fund-owned portfolio investments may be required to be aggregated. To the extent aggregation applies to a Fund and its portfolio investments, it may not be feasible to hedge one or more risks in their respective operations, or the costs of hedging such risks may increase substantially, either of which could have an adverse effect on a Fund. Rules concerning position limits with respect to CFTC-regulated products, including futures, swaps and certain other contracts on or linked to certain physical commodities, may make hedges in those products more expensive or unavailable, either of which could have an adverse effect on a Fund. Unfunded Pension Liabilities of Portfolio Companies In at least one circuit, a court found that, in certain circumstances, an investment fund could be treated as a “trade or business” for purposes of determining pension liability under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). Therefore, where an investment fund owns 80% or more (or, possibly, under certain circumstances less than 80%) of a portfolio company, such fund (and any other 80%-owned portfolio companies of such fund) might be found liable for certain pension liabilities of such a portfolio company to the extent the portfolio company is unable to satisfy such liabilities. A Fund is permitted to invest in a portfolio company that has unfunded pension fund liabilities, including structuring the investment in a manner where the Fund owns an 80% or greater interest in such a portfolio company. If a Fund (or other 80%-owned portfolio companies of the Fund) were deemed to be liable for such pension liabilities, this could have a material adverse effect on the operations of the Fund and the companies in which the Fund invests. Sanctioned Investors If after subscribing to a Fund, a limited partner is included on a list of prohibited persons maintained by a relevant regulatory or governmental authority (including OFAC or equivalent non-U.S. authorities), the relevant general partner will have the sole discretion to determine the resolution, remedy and manner of compliance of the Fund with applicable laws, including, without limitation, a “freeze” on distributions and/or capital calls from the relevant limited partner and reporting to the relevant authorities. Adverse actions by any such authorities, including temporary or permanent stays or holds on the Fund’s activities, could materially and adversely affect such Fund. Foreign Investment Clearance Considerations Certain investments by a Fund that involve the acquisition of, or investment in, a U.S. business (including a U.S. subsidiary of a portfolio company domiciled outside of the United States) or U.S. assets could be subject to review and approval by the U.S. Committee on Foreign Investment in the United States (“CFIUS”) depending on, among other factors, the structure, beneficial ownership and control of interests in the Fund and the nature of the U.S. business. CFIUS reform legislation (the Foreign Investment Risk Review Modernization Act) and related regulations empower CFIUS to scrutinize more closely investments in U.S. “sensitive personal data,” “critical infrastructure” and “critical technology”

companies, including investments involving non-U.S. limited partners or co-investors that may be deemed “non-passive.” Certain transactions involving non-U.S. persons and U.S. “critical technology” companies, as well as sovereign investments in “critical technology,” infrastructure or data businesses, can be subject to mandatory pre-closing notification requirements, and monetary penalties may attach to a party’s failure to file such a notification. In addition, non-U.S. countries are increasingly taking action to strengthen their own foreign investment clearance (“FIC”) regimes, and as a result, certain investments by a Fund could likewise be subject to review by non-U.S. FIC regimes if the investments are perceived to implicate national security policy priorities. CFIUS and other FIC regulatory practices are evolving rapidly, and CFIUS and other FIC regulators have substantial discretion in deciding how to interpret, apply and enforce the relevant regulations. Any review and approval of a Fund investment by CFIUS or another FIC regulator could have outsized impacts on transaction certainty, timing, feasibility and cost, among other things. In the event that CFIUS or another FIC regulator reviews one or more of a Fund’s proposed or existing investments, it may seek to impose limitations on or prohibit such investments, and there can be no assurances that such Fund will be able to proceed with, or maintain, such investments on terms acceptable to such Fund. Such limitations or restrictions could adversely affect a Fund’s performance with respect to such investments (if consummated) and thus the Fund’s performance as a whole. Failure to submit required CFIUS filings could result in significant financial penalties for each transaction party, as well as reputational damage and potential legal restrictions on future investments. In addition, CFIUS is actively pursuing transactions that were not notified to it and may ask questions regarding, or impose restrictions or mitigation on, transactions post-closing. Certain Fund investors are expected to be non-U.S. investors, and in the aggregate, could comprise a substantial portion of a Fund’s commitments, which increases the risk that such Fund’s investments could be subject to review by CFIUS. To the extent that restrictions are reasonably likely to be imposed on an investment by a Fund due to the non-U.S. status of a limited partner or group of limited partners or other related CFIUS or FIC considerations, such Fund’s general partner is permitted to restrict such limited partner’s or group’s ability to participate in any investment and further, if applicable, restrict such limited partner’s or group’s rights to participate in or vote on certain decisions of the relevant advisory committee with respect to such investment. However, there can be no assurance that any such restrictions will allow the Fund to maintain, or proceed with, any investment on terms acceptable to the Fund. Additionally, a Fund is permitted to invest in portfolio companies that have previously taken capital from, or may in the future take capital from, third-party investors that are considered “foreign persons” for CFIUS purposes. In certain cases, notifications to CFIUS in connections with such third-party investments may be mandatory, and failure to make a notification could result in the imposition of fines or penalties on the investor and/or the portfolio company. In the event that CFIUS reviews such investors’ investments in portfolio companies, CFIUS may impose limitations or restrictions on the investors or the companies, which could adversely impact such companies’ performance and thus the performance of the Fund as a whole. In addition, heightened scrutiny of foreign investment in companies by CFIUS and similar non-U.S. FIC regulators could potentially constrain the universe of suitable buyers for an investment, thereby making it more difficult for a Fund to recognize value from exits and/or making exit transactions more difficult. Outbound Investment Regulation In August 2023, the President of the United States issued an executive order setting forth a framework to implement outbound investment controls regulating U.S. investment in certain countries and companies deemed to be adverse to U.S. national security and foreign policy interests. In October 2024, the U.S.

Department of the Treasury issued a final rule to implement the executive order and establish an outbound investment security program (“OISP”), which became effective on January 2, 2025. OISP imposes notification requirements for, and certain prohibitions relating to, investments by “U.S. persons” as well as their “controlled foreign entities” into certain entities that have both a nexus to China and that involve semiconductors and microelectronics, quantum information technologies or artificial intelligence. On February 21, 2025, the President of the United States signed a National Security Presidential Memorandum entitled “America First Investment Policy,” which indicates that the OISP restrictions may be expanded to cover biotechnology, hypersonics, aerospace, advanced manufacturing and directed energy, among other sectors, and it is likely that the number of targeted sectors will expand over the life of a Fund. The OISP restrictions could limit the universe of prospective investments available to a Fund, making it more difficult to deploy capital and/or identify buyers for investments on exit. Any failure to comply with OISP could result in significant legal and monetary penalties and/or adverse reputational and other consequences. U.S. Taxation of Carried Interest U.S. federal income tax law treats certain allocations of capital gains to service providers by partnerships such as the Funds as short-term capital gain (taxed at higher ordinary income rates) unless the partnership has held the asset that generated such gain for more than three years. Similar rules may operate in other jurisdictions. This creates the potential for conflicts of interest between the relevant general partner and limited partners. For example, the relevant general partner could: (i) cause the relevant Fund to borrow more frequently, in greater amounts, or for longer periods; (ii) hold investments for longer than it would absent adverse tax consequences to the general partner from a shorter holding period; or (iii) waive or defer the distribution or allocation of carried interest to the general partner, potentially changing the character or amount of income allocated to limited partners. Secondaries and Other GP-Led Transactions There is a significant and growing market in the private fund sector for secondary sales, GP-led transactions, continuation funds, successor fund investments and other transactions for the disposition of investments. Many of these transactions involve an auction process run by an investment bank and a buyer (or buyer group) that agrees to purchase a portion of one or more investments that will continue to be managed by Warburg Pincus following the transaction. Such transactions are undertaken for various reasons, including, for example, to balance competing interests between offering liquidity to existing limited partners and maintaining exposure to an asset where Warburg Pincus believes there is the potential for additional value generation. There is no certainty if any such transaction will be undertaken, or the structure it would take. In certain instances with respect to such deals, existing limited partners typically are offered certain options relating to receiving liquidity from the transaction or continuing to maintain exposure to the asset, assets or a new portfolio of assets (including a portfolio that combines assets from multiple Funds sponsored by Warburg Pincus and its affiliates). However, certain of such transactions are expected to require a third party to invest additional capital in the existing Fund’s investments and/or other investment vehicles, a greater exposure to one or more particular portfolio investments, and/or a delay in the full liquidation of the Fund’s investment. In other circumstances, even limited partners that continue to hold a direct or indirect interest in the relevant portfolio investment will have their interest adjusted as if distributed (i.e., a portion of such interest will be allocated Warburg Pincus to the extent of its right to receive carried interest, if any), effectively diluting their interests. In certain cases, Warburg Pincus has and may in the future determine that it would be in the best interest of a Fund to provide an opportunity for investors to obtain liquidity for all or a portion of their interests or their interests in particular investments prior to the end of such Fund’s term. In such situations, Warburg Pincus may seek to raise capital from third parties (including investors) who wish to directly or indirectly

acquire interests in one or more portfolio investments from such Fund, including through the creation of a new investment fund or similar continuation vehicle that would be advised by Warburg Pincus, in which Warburg Pincus may invest, and from which Warburg Pincus may receive fees and/or carried interest. Warburg Pincus may, but will not be obligated to, offer for the selling limited partners to reinvest in the relevant investment through the applicable continuation fund via roll-over equity. Warburg Pincus may seek to require the purchasers to make commitments to a successor fund and/or its parallel funds advised by Warburg Pincus or accept the terms of disposition offered by the new investors for the portfolio investment interests that may or may not accurately reflect fair market value of such interests in circumstances where it has the right to receive such ongoing economics. Warburg Pincus or its affiliates may also invest in any such continuation vehicle, including through a rollover of its existing ownership interest and/or carried interest entitlement. Because Warburg Pincus and/or its affiliates will have the opportunity to earn additional management fees and/or receive additional carried interest and other economic benefits in respect of such transactions, because Warburg Pincus may also invest in any such vehicle, and because each purchaser’s commitment to acquire interests in a successor fund and/or its parallel funds could be conditioned upon completion of the transaction, Warburg Pincus will have potential conflicts of interest with respect to any such transaction, including in determining the terms and participants in connection with such transaction. Such transactions may present other additional inherent conflicts of interest. Each of these transactions has the potential for conflicts between the interests of a Fund or limited partner and those of Warburg Pincus or any buyer group that typically are not applicable to more traditional investment sales. For example, in circumstances where Warburg Pincus or an affiliate will continue to manage and receive fees and/or performance-based compensation relating to the subject assets following the transaction, their incentives are expected to diverge from those of limited partners who elect or are required to sell their interests. Similarly, there are potential conflicts of interest among the selling Fund, Warburg Pincus and any buyer group relating to the valuation and consideration offered for the investment(s) subject to the transaction. Further, Warburg Pincus is expected to be incentivized, to make investments in portfolio companies with the view of holding such investments for longer periods of time or to make investments that it would not otherwise have made if the possibility of liquidity through a secondary transaction did not exist. Where co-investors historically have been invested in an investment subject to such a transaction, there can be no assurance that they will receive the same liquidity or other options as limited partners in the relevant Fund, and in such circumstances, Warburg Pincus reserves the right to compel co-investors to receive cash or continue to hold an interest in the relevant investment. In other circumstances, certain limited partners will not be permitted to continue to maintain exposure to the asset(s) due to a lack of eligibility to invest in a continuation vehicle under relevant securities, tax or other considerations. Although relevant potential conflicts of interest are disclosed to limited partners and/or the relevant advisory committee prior to the closing of the transaction, there can be no assurance that Warburg Pincus will successfully identify all conflicts of interest or resolve or mitigate all such conflicts of interest in favor of Fund or any individual limited partner or group of limited partners. However, Warburg Pincus reserves the right, in its sole discretion, to determine to engage in such transactions, subject to any approvals required in the relevant governing documents of the applicable Funds (if any). Advisory Committee One or more limited partner representatives will be appointed to the advisory committee of each Fund, pursuant to the terms of the applicable Fund’s governing documents, or in the case of the Semi-Liquid Funds, a board of directors (the “Board,” and where the context requires, references to a Fund’s advisory committee shall include the Board). Under the Funds’ governing documents, a Fund’s advisory committee generally has the ability to review and waive compliance with certain provisions thereof, including consenting to conflict of interest situations, as well as certain approvals or consents required by U.S. federal securities laws. Pursuant to the terms of the applicable governing documents, all limited

partners are bound by the determinations of the advisory committee, regardless of whether an individual limited partner is represented by a member of the advisory committee. A Fund’s advisory committee is expected to be comprised of representatives of limited partners with divergent interests, objectives, regulatory treatment, tax sensitivities, portfolio compositions, experience and other factors. In addition, certain advisory committee members are expected to have various business and other relationships with Warburg Pincus (including longstanding investing relationships) and its partners, employees and affiliates. In certain circumstances, these factors will influence advisory committee members to be more aligned with Warburg Pincus and the relevant general partner and favor proposals brought to the advisory committee; in other circumstances, these factors will make advisory committee members more likely to oppose these proposals. Such limited partners have the potential to disproportionately represent one or more of the vehicles or categories of limited partners comprising a Fund. Such limited partners will, in certain instances, have interests in one or more Warburg Pincus affiliates, other Funds, funds managed by other private equity sponsors, or direct interests in existing or prospective portfolio investments of a Fund. Advisory committee members are expected to be subject to potential conflicts of interest in approving or rejecting proposals based on factors that are applicable to the firms they individually represent, rather than considerations relevant to limited partners as a whole. To the extent members of a Fund’s advisory committee vote on any matter regarding conflicts or otherwise participate in matters involving a vote or action thereby, any such limited partners may have interests in another Fund or other interests unrelated to any Fund and, as a result, may not vote (and will be exculpated from liability for not voting) solely in accordance with their interests related to the applicable Fund and may vote in a manner that is beneficial to such limited partners’ other interests at the expense of the applicable Fund. For example, certain limited partners could have representatives on the advisory committee of a Fund and the advisory committee of another Fund where they have more substantial investments and, therefore, may be required to vote, among other matters, on issues regarding conflicts between such Fund on the one hand and such other Fund on the other. Such limited partners and their representatives are unrestricted from voting, do not owe a Fund or any other limited partner any fiduciary duties, and have the potential to affirmatively vote in a manner that is in their own interest and adverse to the interest of other limited partners and the applicable Fund, including where it may benefit a co-investment opportunity, a continuation vehicle or similar transaction in which it is participating or a position held outside of the applicable Fund. Additionally, it is expected that limited partners who designate representatives to participate on the advisory committee may, by virtue of such participation, have more information about a Fund and portfolio investments in certain circumstances than other limited partners generally and may be disseminated information in advance of communication to other limited partners generally. Although such limited partners are subject to confidentiality obligations, there is no guarantee that such persons will not use information received as a member of the advisory committee for purposes unrelated to, and potentially harmful to, a Fund. Advisory committee members may choose to abstain from voting on certain issues, which means that certain votes and issues could be decided only by non-abstaining members and less than a complete group of advisory committee members. For additional information on a Fund’s material risks, including material risks not related to the Fund’s investment strategies, investors should see the disclosure in the respective offering documents for each Fund. Board for the Semi-Liquid Funds Overall responsibility for the oversight of the Semi-Liquid Funds rests with their respective general partners, subject to certain oversight rights held by such Fund's board of directors, certain members of whom are independent of the Fund and Warburg Pincus ("Independent Directors"). Specifically, a majority of nonabstaining Independent Directors is authorized to give such Fund’s consent or approval required of the Fund under the Advisers Act, including under Section 206(3) thereof, and other matters involving actual or potential conflicts of interest. It is possible that the Independent Directors will have different views from the

Firm, or make determinations that the Firm does not believe are in the best interest of the Semi-Liquid Funds, or that have a negative impact on other Warburg Pincus Funds. Also, the Board members’ roles with other Funds, if any, may create conflicts in prioritizing duties and decisions as between the Semi-Liquid Funds and other Funds. The functions and duties that members of the Board (some of whom may be affiliated with Warburg Pincus) undertake for the benefit of the SemiLiquid Funds will not be exclusive and such members of the Board may perform similar functions and duties for other Warburg Pincus entities (including, without limitation, Warburg Pincus) and/or other Funds and/or third parties and accordingly conflicts of interest may arise in allocating time, services and/or functions among such other Warburg Pincus entities, other Funds, one or more third parties and the Semi-Liquid Funds. Certain members of the Board have significant other responsibilities in addition to their responsibilities in respect of the Semi-Liquid Funds. This may present a conflict of interest if such persons pursue the interests of a Semi-Liquid Fund or a third party-managed fund and an other Fund simultaneously. Certain members of the Board who are affiliated with Warburg Pincus may also, as part of their services to Warburg Pincus, be appointed to the board of a portfolio company of an other Fund and situations may arise in which such a member has a duty to or an interest in a portfolio company which conflicts with its duties to, or the interests of, the Semi-Liquid Funds or an other Fund. Similar conflicts may arise with the interests of members of the Board of Directors which are not affiliated with Warburg Pincus, including with respect to their engagement with third party sponsors of investment funds, some of which may compete with the interests of Other Warburg Pincus Funds. Side Letters Warburg Pincus and/or its affiliates are expected to enter into Side Letters or other similar agreements with certain limited partners in a Fund without the approval of any other limited partner, which will have the effect of establishing rights under or supplementing the terms of a Fund’s governing documents with respect to such limited partners in a manner more favorable to such limited partners than those applicable to other limited partners and such rights have the potential to be significant. Such rights or terms in any such Side Letter or other similar agreement may include, without limitation: (i) excuse, exclusion or withdrawal rights applicable to particular investments or limited partners (which may increase the percentage interest of other limited partners in, and contribution obligations of other limited partners with respect to, certain investments); (ii) reporting and/or notice obligations of Warburg Pincus; (iii) waiver of certain confidentiality obligations; (iv) consent of Warburg Pincus to certain transfers by such limited partner; (v) rights or terms necessary in light of particular legal, regulatory or public policy characteristics of such limited partner; (vi) limitations or conditions on the Limited Partner’s obligations to fund capital contributions and/or rights to cancel all or a portion of an unfunded commitment; (vii) certain additional investment restrictions with respect to certain Funds’ ability to make certain investments; or (viii) altered redemption rights. Limited partners may request to see such Side Letters and to obtain certain rights applicable to them under such Side Letters subject to certain exceptions provided in a Fund’s governing documents. To the extent a limited partner is subject to statutory or other limitations on indemnification, or otherwise negotiates rights relating thereto, other limited partners may be subject to increased losses, or be required to bear an increased portion of indemnification amounts. Certain other Side Letter rights are likely to confer benefits on the relevant limited partner at the expense of the relevant Fund or of limited partners as a whole, including in the event that a Side Letter confers additional reporting, information rights, and/or transfer rights, the costs and expenses of which are expected in certain circumstances to be borne by the relevant Fund. As a consequence of one or more limited partners being excused or excluded from certain fundings or portfolio companies, including because of regulatory, tax or other factors altering or limiting their participation in investments or ability to bear certain liabilities or obligations, the aggregate returns realized by participating or non-participating limited partners could be adversely affected in a material manner by

the unfavorable performance of particular investments; similar considerations apply in the event a limited partner defaults on a drawdown in respect of an investment. Excuse or other rights requested or received by one or more limited partners (or such regulatory, tax or other factors applicable to such limited partners) representing a substantial percentage of a Fund have the potential to create significant variations in limited partner investment returns or exposures to liabilities or obligations, or to influence or affect the investment strategy and pursuit of investment opportunities by the general partner on behalf of the relevant Fund as a whole. A limited partner’s voting rights for regulatory or other reasons can be limited in circumstances specified in the governing documents of the Fund; conversely, a limitation on one or more limited partners’ voting rights generally will increase the voting rights percentage of other limited partners in the relevant Fund. Other Investment Activities Except to the extent prohibited by the Funds’ governing documents, Warburg Pincus, its affiliates and personnel are permitted to market, organize, sponsor or act in other capacities (including as director, founder or manager) for other pooled investment vehicles, SPACs, co-invest vehicles, managed accounts, and similar arrangements and to receive compensation (including in the form of management fees, performance-based compensation, founders’ equity or similar interests) relating thereto. Subject to any limitations imposed by the Funds’ governing documents and anti-“assignment” provisions of the Advisers Act, Warburg Pincus, its affiliates and personnel are also permitted to make personal investments subject to the Firm’s Code of Ethics (see Item 11. Code of Ethics, Participation or Interest in Client Transactions and Personal Trading for more information) and to offer, restructure and monetize a portion of the revenue streams they currently receive directly or indirectly from the Funds, or expect to receive from the Funds in the future. Subject to any restrictions in the Funds’ governing documents, this monetization could occur in many forms (and has occurred in certain circumstances as described in Item 10. Other Financial Industry Activities and Affiliations), including: public offerings of Warburg Pincus or an affiliate; borrowing against Warburg Pincus’ or the applicable general partner’s investment in, or right to receive revenues from, one or more Funds; preferred financing or other strategic investment by a third party in one or more Warburg Pincus entities in which a third party provides liquidity in exchange for the right to receive a specified return; selling or contributing their interests in the Funds or in one or more Warburg Pincus entities to third parties; or other financial arrangements, including those in which Warburg Pincus, its affiliates and personnel agree to pledge, sell, securitize, syndicate, participate or otherwise encumber or transfer their respective interests. Although Warburg Pincus and its personnel intend to abide by any “key person” or “time and attention” requirements in the Funds’ governing documents, they expect to be subject to potential conflicts of interest in that they will have financial and other incentives to pursue such monetization arrangements, or to operate Warburg Pincus in a manner designed to maximize potential proceeds relating to any potential monetization arrangements in the future. To the extent third-party funding or borrowings are used to finance a Fund’s sponsor commitment amounts, Warburg Pincus and/or its personnel generally will be less aligned with limited partners than would otherwise be the case. The governing documents of the Funds provide Warburg Pincus with wide-ranging authority to make determinations, including those related to investment purchases and dispositions, valuation and other matters, such as the cessation of the relevant Fund investment period and the later commencement of a successor Fund’s investment period (including timing determinations relating to each of the foregoing) that in each case have the potential to affect the compensation of Warburg Pincus and its affiliates, which can subject Warburg Pincus to potential conflicts of interest. Furthermore, Warburg Pincus does not generally charge deal fees, but expects to, in certain circumstances, charge investment banking fees, consulting fees or monitoring fees or receive the benefit of any “break-up” fees or advisory, transaction fees or similar fees for services rendered to a Fund or to portfolio companies (or, in the case of secondary investments, portfolio companies of the Fund’s portfolio investments) in which such Fund is making or

has an investment, and in certain circumstances employees of Warburg Pincus are permitted to receive directors’ fees, including non-cash compensation, for their service as directors of portfolio companies. In addition, there may be certain situations, such as where certain value creation resources are provided to portfolio companies or the payment of fees to one or more entities that supports or is advisable in respect of certain non-U.S. investments for the benefit of a Fund, where Warburg Pincus and/or an affiliate of Warburg Pincus receives a fee. Accordingly, at such times during the life of a Fund when management fees are calculated based upon the cost basis of investments of a Fund, to the extent any transactionspecific expenses, fees, compensation, or other similar payments, including any consulting fees, monitoring fees, investment banking fees, advisory fees, transaction fees, fees for services provided by its Value Creation Team, or similar fees in respect of any unrealized investment were capitalized (in connection with the initial investment and any follow-on investment and irrespective of the time such investment(s) are made and the time such compensation or other similar payments are paid) into the purchase price paid in respect of such investment, such compensation or other similar payments have the effect of increasing the management fee base on which management fees payable by the limited partners are charged. In such cases, Warburg Pincus will face a potential conflict of interest in being incentivized to charge and to cause portfolio companies to pay such compensation or other similar payments while at the same time earning additional management fees as a result thereof. In the event that Warburg Pincus or any of its affiliates were to receive any such fees, such amounts will be subject to the management fee offset. This also has the effect of increasing the size of the relevant investment for reporting and other purposes in respect of Fund performance. For example, the potential to earn additional compensation creates an incentive for Warburg Pincus or its affiliates to make investments and to hold investments longer than otherwise would be the case in the absence of the relevant Fund’s management fee and carried interest compensation arrangements. The nature of any compound preferred return in a Fund’s carried interest arrangements, if applicable, provides incentives for the relevant general partner to accelerate actions that would result in earlier gains, such as dispositions, dividends, distributions and recapitalizations. Warburg Pincus expect to be incentivized to cause a Fund to make, hold, value, and/or dispose of investments (and to delay or forego a determination that the investments are written off investments) in order to receive greater ongoing management fees and, potentially, earlier and/or larger carried interest distributions than would otherwise be the case. Where the management fee is calculated taking into account the valuation of an investment, Warburg Pincus will have an incentive to make determinations that result in the continued payment of, or a higher, management fee. Where the governing documents do not require management fees to be reduced in connection with investment reorganizations, restructurings, roll-over investments, extraordinary dividends or similar transactions, Warburg Pincus is incentivized to pursue such transactions. In many circumstances, the calculation of post-Stepdown Date management fees will include the value of capitalized Portfolio Company Fees, expenses, costs or other amounts relating to, unrealized investments, including such amounts payable or reimbursable to Warburg Pincus and its affiliates. Warburg Pincus and its affiliates have incentives to capitalize such amounts into a transaction, not only to avoid having portfolio companies pay such amounts out of available operating cash, but also to increase the base on which future management fees will be calculated. These incentives run counter to Warburg Pincus’ incentives to reduce the amount of fees, expenses and costs borne by the Funds’ investments in light of the effect of these amounts on the Funds’ carried interest calculations. Additionally, the amount of carried interest owed to the relevant general partner is dependent in part on the amount and timing of investment dispositions, as well as in certain instances determinations that investments are investments written off, and the relevant general partner expects to be subject to related potential conflicts of interest in determining whether and when to dispose of investments, make distributions, and/or determine that an investment is an investment written off, within the requirements of the relevant governing documents. Even in circumstances where Portfolio Company Fees would be offset against Management Fees under the governing documents of a Fund, Warburg Pincus’ receipt of Portfolio Company Fees when due from portfolio companies provides a benefit to Warburg Pincus in that it generally results in earlier availability of such amounts relative to Management

Fee due dates. In accordance with the governing documents of a Fund, investors will not receive interest or other compensation for the time period between Portfolio Company Fee receipt and the later date of offset of the relevant amounts (if any) against the relevant Management Fees. Warburg Pincus’ wide-ranging authority on the determination of investments written off and the criteria used by the relevant general partner or its affiliates in valuing an investment, or determining whether an investment is an investment written off, have the potential to be subjective, to be influenced by market information and other factors and to vary over time. There can be no assurance that a third party or investor would agree with the substance or timing of the relevant general partner’s determination that an investment is an investment written off, and except as set forth in the governing documents, neither the general partner nor its affiliates are obligated to follow any third-party methodology in making their determination on whether an investment meets the relevant standards or whether value can be recovered or retained during the Fund’s holding period. In making its determination, the general partner is entitled to make its own determination taking into account all facts and circumstances it deems relevant, subject to the provisions of the governing documents. As a general matter, the standards for determining investments written off are intended to be high and are not intended to apply to investments experiencing partial or temporary declines in value. Because the amount of Warburg Pincus’ compensation is dependent in part on an investment’s status as an investment written off, the relevant general partner faces potential conflicts of interest in determining whether an investment meets, or continues to meet, the relevant criteria. Although the relevant general partners intend to operate in accordance with the governing documents, as well as its valuation policy, in order to mitigate the potential for subjectivity in making such determinations, there can be no assurance that such policy will address all of the necessary factors to do so, or completely eliminate all potential conflicts of interest in such determinations. Positions with Portfolio Investments Where a Secondaries Fund makes investments in other funds, Warburg Pincus expects often to have one or more representatives that sit on the limited partner advisory committee of a portfolio investment and/or act as an “observer” to the board of directors of such fund’s portfolio companies. Often the general partner of such a portfolio investment will ask the limited partner advisory committee to review and consent to certain transactions that present a conflict of interest for the applicable GP. Such a transaction may involve another Fund or affiliate as a party (e.g., as a buyer or seller vis-à-vis the portfolio investment). In exercising its limited partner advisory committee voting rights under such circumstances (to the extent applicable), a Secondaries Fund’s representatives on the limited partner advisory committee will vote in a manner that the general partner of such Secondaries Fund determines, in its sole discretion, to be fair and reasonable; however, such general partner’s determination could be influenced by the Firm’s role as itself a sponsor of private equity funds. Additionally, the general partner of such Secondaries Fund reserves the right to abstain from participating in any vote as it determines to be appropriate. Conflicts Precluding Participation in Certain Investment Opportunities The Firm or other Funds can be expected to enter into covenants that restrict or otherwise limit the ability of a particular Fund or its portfolio investments and their respective affiliates to make investments in, or otherwise engage in, certain businesses or activities. For example, other Funds could grant exclusivity to a joint venture partner that limits or restricts such Fund and other Funds from owning assets within a certain strategy or distance of any of the joint venture’s assets, or the Firm or another Fund could enter into a non-compete in connection with a sale or other transaction. These types of restrictions are likely to negatively impact the ability of such Fund to implement its investment program. Finally, Firm personnel who are members of the investment team or investment committee could be excluded from participating in certain investment decisions due to conflicts involving other Firm businesses or for other reasons, in

which case the applicable Fund will not benefit from their experience or viewpoint. The limited partners of such Fund will not receive a benefit from any fees earned by Warburg Pincus or its personnel from these other businesses. Reputational Considerations Given the nature of its broader platform, Warburg Pincus has an interest in preserving its reputation, including with respect to certain of its affiliates’ statuses as publicly traded vehicles, and in certain circumstances, such reputational considerations may conflict with the interests of a Fund. Warburg Pincus will likely make decisions on behalf of the Funds for reputational reasons that may not be directly aligned with the interests of limited partners or consistent with the determination the general partner of any such Fund otherwise would have made absent its interest in Warburg Pincus’ broader reputation. For example, Warburg Pincus may forego or limit otherwise attractive transactions and activities on behalf of a particular Fund for reputational or other reasons, including where Warburg Pincus is providing (or may provide) advice or services to an entity involved in such activity or transaction, where another Fund is or may be engaged in the same or a related activity or transaction to that being considered on behalf of such particular Fund, where another Fund has an interest in an entity involved in such activity or transaction, or where such activity or transaction on behalf of or in respect of such particular Fund could affect partners, Warburg Pincus, other Funds, or their activities. Combination or “Layering” of Multiple Risk Factors Although the various risks discussed herein are generally described separately, where more than one risk factor is present, the risk of loss to a Fund, any portfolio investment and/or the limited partners of such Fund could be significantly increased, due to the potential effects of the interplay of multiple risk factors. Enumerated Risks Not Exhaustive While the risk factors and conflicts of interest detailed herein attempt to cover the applicable risks and conflicts of interest that may be associated with a Fund’s investments generally, these risk factors and conflicts of interest cannot, and do not, purport to be a complete enumeration or explanation of the risks and conflicts of interest involved in an investment in a Fund or any individual investment by a Fund. It would be impossible to attempt to list all business, regulatory, accounting, legal, political risks, or other risks that a Fund’s investments may be subject to, especially since certain Funds have the flexibility to engage in a wide range of investment strategies with respect to investments, and the full range of strategies, assets, and markets in which certain Funds may invest cannot be specified in advance. In addition, as a Fund’s investment strategy can be expected to develop and change over time, an investment in a Fund may be subject to additional and different risk factors and conflicts of interest (including, without limitation, additional or different regulatory, legal, tax, market, and/or other similar considerations). Reinsurance Activities Investments in Insurance or Reinsurance Companies or Businesses The Firm has invested, and may invest in the future, in insurance or reinsurance companies or businesses. In parallel, an affiliate of a reinsurance company has engaged the Firm to provide investment advice with respect to a portion of its investable assets pursuant to a Sub-Advisory Agreement, and the Firm expects to primarily invest such assets in the Funds. The Funds will therefore indirectly bear credit risk resulting from risks impacting the reinsurance industry. In general, reinsurance transactions are risk transfer arrangements with respect to insurance liabilities. In such transactions, one insurance company transfers or “cedes” the relevant insured risk to another insurance company as the reinsurer, which in connection with the reinsurer

assuming such liabilities, will also be entitled to the associated insurance premiums, and enjoy the benefits (and bear the risks) of the asset portfolio backing such reinsured liabilities. This results in the transfer of some or all of the risks and benefits of the reinsured liabilities and of the asset portfolio backing such liabilities to the reinsurer pursuant to the terms of a reinsurance agreement entered into between the reinsurer and the transferring insurance company. Generally, a reinsurance company’s ability to pay dividends or other distributions is regulated by its regulators and such dividends or other distributions may only be paid out of certain “surplus” capital held by such reinsurer. Adverse developments in the risk exposure of insurance liabilities assumed by an insurer or reinsurer, all else being equal, generally reduces such reinsurer’s “surplus” capital. Thus, for example, a decline in the creditworthiness of a borrower in a financing transaction or a decline in the value of assets securing such borrower’s payment obligations will, all else being equal, lower the reinsurer’s ability to return capital to the applicable Fund. The Accounts will make co-investments, direct investments or other investments in the Funds and in funds advised by other advisers. In such instances where the Accounts invest in Funds, the Accounts will be subject to the risks inherent in the Funds in which they invest, including the risks and conflicts of interest discussed herein. Because Warburg Pincus earns carried interest and management fees with respect to investments by the Accounts into the Funds, but not in connection with investments by the Accounts in funds advised by other advisers, Warburg Pincus is incentivized to advise the Accounts to invest all, or most of their investable funds, into Funds. Additionally, Warburg Pincus has broad authority to manage the investments of the Accounts and is authorized to establish new investment vehicles to facilitate such investments and to charge such vehicles management fees and/or carried interest. In this context, Warburg Pincus may be incentivized to create such new vehicles, to cause a Fund to transfer one or more of its existing portfolio companies to such a vehicle, including a continuation vehicle in which the Accounts participate, and/or to delay the sale of the portfolio companies held in such continuation vehicles. Warburg Pincus also has discretion to transfer certain portions of its interest in the Funds to the Accounts and may be incentivized to do so to reduce its aggregate exposure to the Funds or to pursue the Accounts’ objectives. The Firm receives a portion of the management fees earned by the insurance company that sponsors and manages the assets of the reinsurance company. Cyclical Fluctuations in Insurance Markets The insurance and reinsurance business has historically been a cyclical industry, with significant fluctuations in operating results due to competition, catastrophic events, general economic and social conditions and other factors. This cyclicality has produced periods characterized by intense price competition due to excess underwriting capacity as well as periods during which shortages of capacity permitted favorable premium levels. In addition, increases in the frequency and severity of losses suffered by reinsurers can significantly affect these cycles. It is difficult to predict the timing of such events with certainty or to estimate the amount of loss that any given event will generate. The Firm can be expected to be exposed to the effects of such cyclicality. Moreover, in respect of certain derivatives, there can be significant fluctuations in operating results due to competition, catastrophic events and other factors. Legal and Regulatory Activities Relating to the Insurance Industry Recently, the insurance and reinsurance regulatory framework has been subject to increased scrutiny in the United States and various states within the United States. In the past, there have been Congressional and other initiatives in the United States regarding increased supervision and regulation of the insurance industry, including proposals to supervise and regulate alien reinsurers. It is not possible to predict the future impact, if any, of changing law or regulation on the operations of the Firm or the Accounts.

In addition to the regulatory requirements imposed by the jurisdictions in which they are licensed, reinsurers are subject to indirect regulatory requirements imposed by U.S. jurisdictions in which their U.S. ceding companies are domiciled through laws regulating “credit for reinsurance.” In general, a U.S. ceding company that obtains reinsurance from a reinsurer that is licensed, accredited or approved by the U.S. jurisdiction in which the ceding company files statutory financial statements is permitted to reflect in its statutory financial statements a credit in an aggregate amount equal to the liability for unearned premiums and loss reserves and loss adjustment expenses reserves ceded to the reinsurer. In the United States, many states allow credit for reinsurance ceded to a reinsurer that is domiciled and licensed in another state of the United States and meets certain financial requirements. A few states do not allow credit for reinsurance ceded to non-licensed reinsurers except in certain limited circumstances and others impose additional requirements that make it difficult to become accredited. The great majority of states, however, permit credit for reinsurance obtained from a non-licensed or non-accredited reinsurer (including a non-U.S. reinsurer) to the extent that the reinsurer provides a letter of credit or other acceptable collateral arrangements. In recent years, some states have begun to permit credit for reinsurance obtained from certain qualifying non-U.S. reinsurers domiciled in certain specified foreign jurisdictions with reduced or even no collateral requirements. Moreover, recent changes to the North American Industry Classification System (“NAICS”) model credit for reinsurance law would allow credit for reinsurance obtained from reinsurers domiciled in certain foreign jurisdictions without the need for collateral.

Industry Relationships We have numerous business relationships throughout the financial industry that assist us with the full spectrum of our investment activities and administrative matters for our Funds, including providing credit facilities to both the Funds and Warburg Pincus. We do not have any specific relationships with third party financial institutions that we consider to be material to our advisory business. In connection with fundraising efforts, we have entered into arrangements with financial institutions to sponsor or arrange feeder funds to invest in existing Funds and have engaged placement agents (each, a “Placement Agent,” and together, the “Placement Agents”) with respect to Funds generally or in particular jurisdictions or with respect to specific categories of investors, and in such capacity would not (to Warburg Pincus’ knowledge) act as investment advisers to potential investors in connection with the offering of the interests, even if a separate investment advisory or trustee relationship were to exist independent of the investment in a Fund. The Placement Agents will, in certain circumstances, receive a fee or other compensation based upon the amount of interests committed to by investors that each such Placement

Agent introduces to Warburg Pincus or such other basis as Warburg Pincus determines to be reasonable. Such compensation may include a share of management fees, carried interest, performance fees and/or other fee revenue. At various times, the Placement Agents will act as placement agents for other fund sponsors and funds, including unaffiliated fund sponsors and funds, which may offer interests that are similar to a Fund’s interests. Those unaffiliated sponsors may pay placement fees on terms different from the fees that the Placement Agents will receive from Warburg Pincus, and this difference in fees will likely influence the Placement Agents to introduce or not introduce potential investors to Warburg Pincus. Two institutional investors receive, in the aggregate, approximately 10% of the Firm’s carried interest stream, and other institutional investors receive a share of the economics of individual Funds. In each case, the institutional investors’ investments are passive, providing them with no approval, veto or similar governance rights with respect to investment decisions by the Firm. We believe that these primary investments strengthen the Firm and ultimately benefit our Funds and limited partners. Warburg Pincus reserves the right to, but is under no contractual duty to, offer co-investment opportunities to these investors, subject to and in accordance with the Firm’s co-investment policies (see Item 11. Code of Ethics, Participation in Client Transactions and Personal Trading, Co-Investments for more information). These investors have extensive worldwide holdings that may include enterprises that provide services or engage in transactions with Warburg Pincus and portfolio companies, which Warburg Pincus believes would be on an arm’s-length basis. They may also invest, directly or indirectly, in or alongside Funds, including on a no-fee, no-carried-interest basis. They also hold interests in certain of the Funds and in certain other investment advisers unaffiliated with Warburg Pincus that may compete with Warburg Pincus for investment opportunities. The Firm’s Capital Markets Group manages our relationships with broker-dealers and investment and commercial banks. In addition to providing transaction execution, these relationships will serve to provide insight and opportunities to the Firm, our Funds and portfolio companies. We select financial institutions to execute transactions on behalf of the Clients on a “best execution” basis (see Item 12. Brokerage Practices for more information) and also assist portfolio companies with their selection of financial institutions for capital markets transactions entered into by portfolio companies, such as debt and equity financings or mergers and acquisitions. Although the Firm does not charge fees to portfolio companies for assisting with capital markets transactions, such relationships will give rise to conflicts of interest as between the Firm, the Funds and portfolio companies. As with other private equity fund sponsors, as part of Warburg Pincus’ business, the Firm and its personnel have developed many relationships with third parties that have the potential to raise conflicts of interest. Such third parties include, but are not limited to, investment bankers, consultants, professional advisors (such as attorneys and accountants), private equity, venture capital and debt investors and their affiliated investment funds, other sponsors, investors in the Funds, co-investors, current and former directors, officers and employees of current and former portfolio companies and former employees and partners of Warburg Pincus. Certain of such third parties and/or their affiliates will: (i) introduce investment opportunities to Warburg Pincus; (ii) arrange for, or facilitate the financing of, the purchase or recapitalization of actual or potential portfolio companies; (iii) introduce portfolio companies to potential acquisition or merger candidates; (iv) introduce Warburg Pincus to potential buyers of portfolio company securities; (v) facilitate the acquisition or disposition of portfolio company securities; (vi) provide investment banking, consulting or advisory services to Warburg Pincus, the Funds or portfolio companies; invest in Funds (including on a no-fee, no-carry basis); (vii) co-invest in portfolio companies; or (viii) provide other significant business or investment services to or otherwise transact with, including the direct purchase or sale of portfolio companies from or to, Warburg Pincus, the Funds and portfolio companies. In other circumstances, these third parties provide personal banking, private wealth or lending arrangements and other investment services and opportunities to Warburg Pincus personnel and their

estate-planning vehicles. Such third parties will in certain cases receive direct commercial compensation from a portfolio company, a Fund, Warburg Pincus or its personnel for providing these services, which compensation and services are intended to be on an arm’s-length basis, and such amounts are not offset against the management fee of the relevant Fund. Certain consultants are permitted to participate in equity interests in the portfolio companies, including through structured interests, loans, profit interests or similar arrangements provided by a Fund (see Item 5. Fees and Compensation, Consultants for more information). Warburg Pincus seeks to reduce potential conflicts of interest resulting from such arrangements by structuring compensation packages for such persons in a manner that Warburg Pincus believes will align such persons’ interests with those of the applicable Fund’s limited partners. However, there can be no assurance that no other Service Provider is more qualified to provide the applicable services or could provide such services at a lesser cost. Additionally, certain personnel of Warburg Pincus may invest into investment funds, vehicles or accounts sponsored by other third parties, including private equity, public equities, venture capital, real estate, credit and other investment strategies as well as brokerage accounts, and have family members or relatives employed by such third parties. Partners of Warburg Pincus will obtain personal financial and other services on arm’s-length terms from banking institutions, asset managers, investment advisors, fund sponsors and other third parties that also provide services to the Funds and portfolio companies, which include arrangements relating to financing personal commitments to Funds. Warburg Pincus has certain programs under which portfolio companies owned by the Funds are given the option to participate in purchasing, vendor or similar arrangements with Warburg Pincus, its affiliates and other portfolio companies. Program participants expect to receive discounts negotiated and/or higher service levels with certain, but not all, Service Providers on a group-wide basis. Participants voluntarily participate without any program related charges being assessed. Warburg Pincus and its affiliates have in the past and may also in the future participate in the program and receive similar benefits and discounts as the portfolio companies participating therein. No such amounts will result in additional offsets to the management fee borne by a Fund. In certain cases, such arrangements will involve the sharing of risk, such as under group insurance arrangements where deductibles are shared or calculated with regard to the group rather than individual insured parties. Warburg Pincus believes the potential for conflicts relating to such arrangements is mitigated by the anticipated benefit (i.e., cost savings) to portfolio companies (which is expected to be to the benefit of the applicable Fund(s)) that will result if the negotiated rates for goods and services are offered at a greater discount than widely available in the market (though the Firm will not undertake any benchmarking of market terms to confirm). Although the Firm will not actively seek for itself discounts from Service Providers to a Fund, in certain circumstances, certain Service Providers charge different rates or have different arrangements for services provided or provide tangible and/or intangible benefits to Warburg Pincus as compared to services provided to a Fund and/or its portfolio companies, which will result in Warburg Pincus receiving more favorable rates or arrangements with respect to services provided to it by such Service Providers than those payable by a Fund and/or its portfolio companies, or Warburg Pincus receiving a discount on services even though a Fund and/or its portfolio companies receive a lesser, or no, discount. Warburg Pincus has incentives to use or to recommend products or services of one portfolio company to another, which generally will involve fees, commissions, servicing payments or other compensation being paid from one portfolio company to another. Potential conflicts of interest arise in making such recommendations, as Warburg Pincus has incentives to maintain goodwill between it and its former, existing and prospective portfolio companies, and as a result the products or services recommended may not necessarily be the best or lowest cost option. In most cases, the relevant Fund(s) will not consent, participate in the negotiations or be directly involved in such arrangements. Warburg Pincus and its affiliates and personnel are permitted to receive the benefit of “friends and family” and similar discounts from portfolio companies owned by the Funds under which such portfolio companies make their goods

and/or services available at reduced rates. Since many portfolio companies typically offer such discounts to customers other than Warburg Pincus and other such persons as part of their standard commercial practices to expand their respective customer bases, Warburg Pincus believes that the potential for conflicts relating to such discounts is mitigated. Warburg Pincus and its affiliates and personnel generally refrain from requesting or negotiating for such discounts in the ordinary course. Discounted prices or better terms offered by a portfolio company to Warburg Pincus, any other portfolio company or third parties will affect the returns of the portfolio company. While Warburg Pincus will seek such arrangements that it believes at the time are of mutual benefit to both portfolio companies, there can be no assurance that the benefits will be symmetrical. Although the governing documents generally contain broad exculpation and indemnification provisions, Warburg Pincus will not interpret such provisions to constitute a waiver of any person’s non-waivable federal fiduciary duties to the relevant Fund under the Advisers Act. The relevant liability standards under insurance coverage procured by Warburg Pincus are expected to vary by carrier, and such standards are expected to vary depending on, for example, coverage features or limitations then-available from the carrier at the time of insurance contract renewal. As a result, insurance coverages are expected to vary from relevant liability and/or indemnity standards in the Funds’ governing documents. Investors generally will be responsible for insurance premiums, as set forth in the applicable Funds’ governing documents. regardless of whether the liability and/or indemnity standards in Warburg Pincus’ insurance coverage are higher or lower than that set forth in the Funds’ governing documents. Additionally, while co-investors and/or co-investment vehicles have the potential to benefit from a Fund’s general partner’s appointment of portfolio company directors, they typically will not bear the cost of liability insurance related to such appointment, to the extent liability insurance is purchased by the relevant Fund. Potential conflicts of interest arise through Warburg Pincus’ equity interest in the Accounts while also serving as a sub-adviser to the Accounts, and through the compensation structure of the sub-advisory relationship, whereby Warburg Pincus provides discretionary investment advisory services to the Accounts, but is incentivized to cause the Accounts only to invest in Funds (rather than funds advised by third-party investment advisers). Additionally, Funds, their portfolio companies and/or Warburg Pincus itself will engage investment banks or other similar financial advisors in connection with specific projects. In most cases, the costs and expenses of these third parties will be borne (directly or indirectly) by the applicable Funds and their respective limited partners (and not Warburg Pincus). However, one of the tangible and/or intangible benefits from these relationships includes general referral of investment opportunities, which opportunities will potentially inure to the benefit of other Funds and/or Warburg Pincus (and not necessarily the parties bearing the cost of the particular engagement that created, enhanced or supported the underlying relationship that came to produce such opportunities in the first place). In selecting brokers, banks and dealers to effect portfolio transactions, Warburg Pincus expects to consider several such factors as price, the ability of the brokers, banks and dealers to effect transactions, their facilities, reliability and financial responsibility, as well as any products or services provided, or expenses paid, by such brokers, banks, and dealers. Warburg Pincus, however, receives research reports free of charge and from paid subscription services from certain brokers, banks and dealers that may provide or seek to provide services to Warburg Pincus that could be viewed as incentivizing Warburg Pincus to select or recommend a broker, bank or dealer based on its interest in receiving such benefits rather than on receiving the lowest transaction fees. Throughout its history, Warburg Pincus has been an active investor, through the Funds, in the financial services sector and in banking and insurance opportunities in particular, and the Funds’ portfolios will often include financial services companies. Portfolio companies, including financial services companies, of

Funds will provide services to Warburg Pincus, the Funds and to portfolio companies. In addition, funds of funds or feeder funds organized by financial institutions have in the past and may in the future invest in the Funds. Warburg Pincus reserves the right to, in its discretion, determine to apply a Fund’s default, excuse, exclusion, voting and other similar provisions only to the portion of a particular feeder fund’s interest in a Fund that corresponds to the indirect interest in such fund of the relevant defaulting, excused or excluded investor in such feeder fund. Warburg Pincus has also worked with certain entrepreneurs and management teams and consultants repeatedly with respect to portfolio companies of the Funds and anticipates doing the same in the future. Certain consultants will participate in equity interests in the applicable portfolio companies, including through structured interests, loans, profit interests or similar arrangements provided by a Fund. Although such loans are typically collateralized by the underlying equity interests in the portfolio companies, the applicable Fund will bear the general credit risks associated with these arrangements, including the risks of inability of borrowers to make principal and interest payments on outstanding loan when due. Warburg Pincus seeks to reduce potential conflicts of interest resulting from such arrangements by structuring compensation packages for such persons in a manner that Warburg Pincus believes will align such persons’ interests with those of a Fund’s limited partners. However, there can be no assurance that no other Service Provider is more qualified to provide the applicable services or could provide such services at a lesser cost. While Warburg Pincus believes that developing such relationships will be beneficial to the Funds, such relationships will raise conflicts of interest and there can be no assurance that another entrepreneur or management team or consultants would not out-perform the individuals Warburg Pincus has worked with. Warburg Pincus also offers investment services to help support and grow the Funds’ portfolio companies. The services provided include: (i) tech innovation & generative AI; (ii) revenue acceleration; (iii) operating leverage; (iv) global public policy; (v) political risks and communications; (vi) sustainability strategy; (vii) portfolio talent services and (viii) in-house capital markets assistance. These investment services are also supported by Consultants (sometimes referred to as “operating advisors”). The fees and expenses associated with such Consultants are generally allocated as partnership operational expenses to one or more Funds and do not offset management fees payable by the Funds (see Item. 5. Fees and Compensation, Consultants for more information). It is possible that Service Providers consider the overall level of work performed for Warburg Pincus, the Funds or their portfolio companies in determining whether to provide reduced rates or benefits to Warburg Pincus. Based on the foregoing factors, limited partners should not expect Service Providers to Warburg Pincus or any Fund to provide services that will be the most beneficial to any limited partner or group of limited partners. Warburg Pincus has compliance policies and procedures designed to monitor and, as necessary, mediate such relationships and transactions as the foregoing, which may also be subject to restrictions under the governing documents of the respective Funds. Warburg Pincus seeks to assure that such transactions are conducted on an arm’s-length basis and at prevailing market rates (or similar formulations) (although Warburg Pincus will not necessarily undertake any benchmarking of market terms to confirm) and that Service Providers are chosen based on their ability to benefit the Funds and their portfolio companies. Benchmarking data generally includes information relating only to hourly or projectbased rates, and so generally does not include the value of any profits, participation or equity interests (including co-investment opportunities) in or relating to portfolio companies with respect to which the relevant services are provided; as such, references to “market” or “arm’s-length” (or similar formulations) rates or terms refer only to the contracted-for hourly or project-based rates. Whether or not Warburg Pincus has a relationship or receives financial or other benefit from recommending a particular Service Provider, there can be no assurance that no other Service Provider is more qualified to provide the applicable services or could provide such services at lesser cost. No guarantee can be made that such policies and procedures will prevent actions that are to the detriment of a Fund.

The Firm has made a passive minority investment in a registered adviser (the “External Adviser”) that will sponsor a registered investment company that is expected to invest a portion of its assets in the Firm’s Funds. The External Adviser’s majority owner is solely responsible for the management and day-to-day operations of the External Adviser and holds one hundred percent of its voting interests. The Firm does not have control over or voting interests in the External Adviser, including no representation on any investment committee or equivalent body or any input into the investment advice provided by the External Adviser. Warburg Pincus personnel have no role in approving the registered investment company’s participation in any of its underlying investment.

Our Code of Ethics includes personal trading restrictions such as a general prohibition from personal trading in our portfolio companies (other than pre-approved sales of distributions in kind) and other companies while they are under review by the Firm. It also includes requirements for certain recordkeeping, reporting, disclosure and attestations by our Supervised Persons. Unless restricted by the Funds’ governing documents, Supervised Persons are permitted, subject to Compliance review and approval, to serve on boards or act in other roles unaffiliated with Warburg Pincus, the Funds or their portfolio companies, including boards of charitable and educational institutions, public companies and former portfolio companies, and receive compensation in connection with such services and roles, none of which will offset or otherwise reduce management fees. To the extent an investment opportunity is received that is unsuitable for a Fund, in Warburg Pincus’ sole discretion, Warburg Pincus and its personnel reserve the right to refer such opportunity to third parties or to make personal investments in the relevant opportunity. The Firm actively seeks to avoid conflicts of interest from our Supervised Persons’ personal investments and activities by requiring pre-clearance of most personal investments and outside business activities, declining to approve or establishing procedures to manage potential conflicts from personal investments or activities, and requiring escalation of actual conflicts of interest to the Firm’s Chief Compliance Officer. Our Code of Ethics also requires confidential treatment of information acquired at the Firm and contains policies addressing political contributions and the giving of or accepting gifts, among others. The Firm has also established an Oversight Committee to assist with respect to internal policies and procedures relating to compliance matters. Warburg Pincus, its affiliates, and equity holders, officers, principals and employees of Warburg Pincus and its affiliates reserve the right to buy or sell securities or other instruments that Warburg Pincus has recommended to a Fund. Any such transactions are subject to any restrictions in the governing documents of the applicable Funds and any related policies and procedures set forth in Warburg Pincus’ Code of Ethics. The investment policies, fee arrangements and other circumstances of these investments generally vary from those of any Fund. Employees and related persons of Warburg Pincus have, and are expected to continue to have, capital investments in or alongside certain Funds, or in prospective portfolio companies directly or indirectly, as well as in investment vehicles (including private funds) sponsored by potential competitors, and therefore expect to have additional potential conflicting interests in connection with these investments.

Clients may request a copy of our Code of Ethics by writing to Warburg Pincus LLC, 450 Lexington Avenue, New York, New York 10017, Attention: Chief Compliance Officer. However, Warburg Pincus reserves the right to refine and modify the Code of Ethics and its other policies and procedures over time. No investor or prospective investor should invest with Warburg Pincus on the basis of, or otherwise rely on, the provisions thereof, and any such refinements or modifications have the potential materially to affect the investments available to the Funds or the expenses borne thereby. Participation in Client Transactions We are active investors in our Funds, with the Firm, our partners and professionals committing significant amounts of their own capital to invest alongside or through the Funds in a fixed percentage of all of the relevant Fund’s investment activity. Our professionals’ investments alongside a Fund are typically without management fees or carry. The Firm and our employees are also permitted to acquire Fund limited partner interests in secondary transactions. Generally, our employees are not permitted to make personal investments in our portfolio companies other than through their investment in our Funds or parallel funds. We believe this structure serves to align the interests of our Firm and our professionals with those of our Funds and our investors. The Firm is permitted to elect, in lieu of selling securities of a portfolio company for cash on behalf of a Fund, to make a distribution in kind of marketable securities to investors in the Fund, including the Firm and our professionals (either deriving from Firm or personal investments in the Funds and/or from our carried interest), thereby allowing distributees to make their own selling decisions. After a distribution in kind, the Firm and our professionals will refrain from selling such securities for their own account for a period of time while investors may dispose of such securities should they determine to do so. In addition, certain of our Funds permit the general partner in connection with a distribution of net proceeds from the sale of a portfolio investment to elect to receive all or a portion of its carried interest in the form of an in kind distribution of such investment. Distributions in kind are generally valued based on the average closing price of the security across a certain number of days following the distribution. In such circumstances, there is a potential conflict of interest between Warburg Pincus (and its beneficial owners) and the relevant Fund’s limited partners. For example, Warburg Pincus and its beneficial owners may intend to hold the investment for a different time period than Warburg Pincus deems suitable for the Fund. Although Warburg Pincus and its beneficial owners bear the risk that such securities will decrease during their holding period, to the extent the value of the relevant securities increases following the Fund’s disposition thereof, neither the relevant Fund nor its limited partners will benefit from the increase, and over time the economic benefit to Warburg Pincus and its beneficial owners could exceed the value of Warburg Pincus’ pro rata interest in the Fund and the amount of carried interest owed. To the extent the beneficial owners of Warburg Pincus contribute such securities to a charity (including to a private foundation or other charitable organization associated with, operated or chosen by such persons or their families), any tax efficiencies or other personal benefits associated with the contribution will inure to the benefit of such beneficial owners rather than to the Fund or its limited partners. To further mitigate potential conflicts of interest, Warburg Pincus operates as one firm and one partnership with a single carried interest structure for allocating profits among the Firm’s partners and other professionals. A substantial portion of our professionals’ compensation is directly linked to the investment performance of our Funds.

Allocation of Investment Opportunities with Other Entities and Conflicting Fiduciary Duties to Other Entities With respect to the Private Equity Funds, the Firm generally makes new investments for one global Fund—or as applicable, one global Fund and one or more companion Funds—at a given time and does not make investments for another global Fund until the predecessor global Fund is substantially fully invested or committed. A follow-on investment opportunity in a portfolio company is generally reserved for the Fund that originally invested in the portfolio company, subject to the guidelines and restrictions of the Fund’s governing documents and/or approval of the Fund’s advisory committee and various factors, including the availability of capital in a Fund. During the transition period from a predecessor Fund to a successor Fund, investment opportunities will be allocated between the two Funds pursuant to guidelines and restrictions of the respective Fund governing documents and/or as approved by the relevant Fund advisory committees, and allocations of investments, and fees and expenses associated with such investments, are adjusted based on such governing documents and approvals. In other circumstances, during the period that a portfolio company is owned by a Fund, it could acquire size, revenue or other characteristics that would make it a suitable investment for one or more other Funds. In addition, a Fund’s governing documents provide Warburg Pincus with wide-ranging authority to make determinations such as the end of a Fund’s investment period and the beginning of a successor Fund (including timing determinations relating to each of the foregoing). Such determinations generally dictate whether a predecessor or successor Fund will be allocated investment opportunities, and therefore Warburg Pincus faces conflicts of interest in making such determinations. A companion fund will generally invest alongside the applicable global Fund in accordance with the respective Fund governing documents and/or as approved by the relevant Fund advisory committees. For the avoidance of doubt, successor funds to companion funds and successor funds to Funds that are not companion funds may have differing investment strategies than their predecessor funds and may be a companion fund to a Fund with respect to all or a portion of such subsequent fund’s investment strategy. Warburg Pincus expects to be presented with certain investment opportunities that potentially fall within the investment objective of a Fund and other investment funds or Accounts. In such circumstances, Warburg Pincus expects to allocate such opportunities among a Fund and such other Funds and/or Accounts on a basis that Warburg Pincus determines in good faith is appropriate, taking into consideration certain factors, including, without limitation, the allocation guidelines applicable to the Funds and/or Accounts, the capital available to the Funds and/or Accounts, the size of the transactions, portfolio diversification, investment guidelines, risk allocation, contractual prohibitions, the potential amount of follow-on investing that may be required for such investments and the other portfolio investments of such Funds or Accounts, and the relation of such opportunities to the investment strategies of the Funds and/or Accounts, as well as portfolio balance, subject, in each case, to the applicable requirements of each Fund’s or Account’s respective governing documents. Warburg Pincus takes into account the expected return profile of an investment opportunity in making certain allocation decisions. There can be no assurance that an investment will ultimately yield the expected return that an allocation decision was based on. Except as expressly permitted in a Fund’s governing documents, none of the Firm’s employees will be allocated investment opportunities that are suitable for a Fund without the consent of such Fund’s advisory committee. Notwithstanding the foregoing, on occasion, the general partner of a Fund, Warburg Pincus or certain other partners, members or employees of Warburg Pincus are expected to hold interests directly at the portfolio investment level or otherwise outside of Warburg Pincus to satisfy local regulatory or tax requirements, typically in circumstances anticipated to benefit such Fund or certain investors. Warburg Pincus has established, and reserves the right to establish, (a) one or more investment funds, vehicles, or accounts that are advised, sub-advised, managed, or sponsored, directly or indirectly, by Warburg Pincus and which are: (i) structured as investment companies, business development companies,

or collective investment vehicles that are registered or otherwise regulated (or expected to be registered or otherwise regulated) under the Investment Company Act of 1940; (ii) listed or unlisted vehicles that are, or issue interests that are, registered (or expected to be registered) under the Securities Act of 1933 and/or the Exchange Act, as applicable; and/or (iii) comparable non-U.S. structures registered, authorized or otherwise regulated (or expected to be registered, authorized or otherwise regulated) under the laws of such non-U.S. jurisdictions, or (b) Semi-Liquid Funds which are expected to be organized, in whole or in part, for the purpose of providing vehicles that are (or are expected to be) similarly registered, regulated and/or authorized, access to portfolio investments of the Funds. Without limiting the foregoing, SemiLiquid Funds: (x) expect to invest using a variety of structures, including, without limitation, investing, in whole or in part, alongside, and/or as feeder funds that invest directly or indirectly into, other Funds; (y) are expected to have an investment period and duration that are longer than the investment period and term of certain Funds (including global Funds and companion Funds), respectively; and/or (z) could be material in scale. It is expected that one or more Semi-Liquid Funds will invest a material portion (and potentially substantially all) of their assets in investments in which the global Funds participate and, while the SemiLiquid Funds are permitted to also independently source investments on their own, opportunistic private equity investments are expected to be a material part of their investment programs alongside Warburg Pincus private equity funds. The Semi-Liquid Funds can be expected to participate in investments alongside certain Funds with overlapping investment objectives, such that a Fund and any prospective coinvestors could receive a correspondingly lower allocation of investment opportunities than otherwise would be the case. The overlapping objectives of the Semi-Liquid Funds could also give rise to conflicts of interest relating to the allocation of investment opportunities between a Fund, on the one hand, and the Semi-Liquid Funds, on the other hand, which Warburg Pincus will seek to resolve in a fair and equitable manner, although there is no assurance that Warburg Pincus will be able to do so. The Semi-Liquid Funds are expected to participate alongside global Funds in all or substantially all portfolio investments for which they have available capital. Amounts allocated to a Semi-Liquid Fund are subject to change, and are expected to increase over time as and if such Semi-Liquid Fund’s available capital increases, subject to certain conditions imposed by Warburg Pincus. Investments by a Fund alongside one or more Semi-Liquid Funds will not necessarily follow a predetermined allocation and may vary on an investment-by-investment basis subject to the terms of, and as further detailed in, the respective Fund’s partnership agreement. In connection with the foregoing, a Fund could acquire a portion of a portfolio investment with the intention of syndicating such portion to one or more SemiLiquid Funds, in accordance with the governing documents of such Fund. The Semi-Liquid Funds are not necessarily expected to have available investable capital on a continuous basis, and accordingly, notwithstanding the foregoing, there may be instances in which a Semi-Liquid Fund does not invest sideby-side with a Fund, for this reason or other reasons as determined by Warburg Pincus. To the extent a Semi-Liquid Fund does not participate side-by-side with a Fund in one or more portfolio investments, this does not prohibit in any way such Semi-Liquid Fund from participating in one or more future portfolio investments. The allocation of investment opportunities among Funds and Accounts presents inherent conflicts of interest. There is the potential that a Fund’s or Account’s share of investment opportunities will be materially affected by competition from other Funds or Accounts, and investors should note that conflicts inherent in making allocation decisions will not always be resolved to the advantage of any particular Fund or Account. The application of allocation guidelines and factors may result in a Fund or Account not participating, or not participating to the same or greater extent, in investment opportunities in which it would have otherwise participated, or participated to a greater extent, had the related allocations been determined without regard to such guidelines. Warburg Pincus could also determine not to pursue opportunities or, alternatively, could later determine an opportunity is appropriate for a Fund or Account

after initially reviewing such opportunity for or on behalf of another Fund or Account. Any Funds or Accounts with investment objectives that overlap (to varying degrees) with only a portion of the investment strategy(ies) pursued by another Fund or Account could also be allocated certain investment opportunities (in whole or in part) in lieu of such Fund on a case-by-case basis. Any such other Funds could grow significantly in size over time, and such vehicles could be allocated a substantial portion of any such investment opportunities. The Firm will seek to present each Secondaries Fund with its appropriate share of investment opportunities in GP-led secondary transactions, including leading or co-leading single-asset and concentrated multi-asset continuation vehicles and related structures that meet the applicable Secondaries Fund's investment criteria and objectives, except where the opportunity (x) relates to a full or partial disposition of an existing investment held by, or a follow-on investment pursued by, any other Fund or managed account, or (y) should be presented to any other Fund or managed account pursuant to such other Fund's or managed account's terms. The Firm is not required to offer the Secondaries Funds investments in which the Firm owns a direct or indirect interest as of the date immediately prior to such Secondaries Fund’s initial closing date; (ii) that such Secondaries Fund is restricted or precluded from making Additionally, the Firm is permitted to allocate a portion of such investment opportunities to a Semi-Liquid Fund or managed account; The outcome of these determinations has the potential to result in the allocation of all, none or a sub-optimal portion of certain investment opportunities to such Secondaries Fund, which could adversely affect such Secondaries Fund’s performance on an absolute and relative basis in the same manner as an under or over allocation. Conflicts of interest could also arise due to the differences between the investment strategy, term or potential holding period and other factors related to overall portfolio construct of the global Funds and such Semi-Liquid Funds. Specifically, the Semi-Liquid Funds are expected to have investment time horizons, liquidity needs and/or target returns that differ from those of the global Funds, and there can be no assurance that any such Semi-Liquid Funds will dispose of any such investments at the same time or on the same terms as a global Fund. There is also an increased likelihood that a disposition by a Semi-Liquid Fund at the same time or on the same terms as a global Fund will be determined by the general partner of such global Fund to not be in the best interest of such Semi-Liquid Fund (e.g., in connection with an early exit of a portfolio investment, in connection with a continuation fund or similar transaction involving a global Fund, etc.) or that contractual obligations to provide liquidity to a Semi-Liquid Fund will require a disposition by such Semi-Liquid Fund prior to the disposition of a global Fund. Co-Investments Warburg Pincus is permitted to, but will be under no obligation to, provide co-investment opportunities to any persons, including current or prospective investors, strategic investors or other third parties, including other private equity or real estate funds not affiliated with Warburg Pincus, the exact terms of which will be set by Warburg Pincus, but will, in certain instances include the opportunity to co-invest on a no-fee, no-carry basis. Warburg Pincus is permitted to present co-investment opportunities for any reason, including, without limitation, to incentivize limited partners to make new capital commitment to another Fund or Funds or to enable such limited partner to meet certain investment criteria and/or portfolio construction goals identified at the time of its commitment to a Fund. Warburg Pincus will not provide such co-investment opportunities until Warburg Pincus has determined, in good faith, that the appropriate portion of the applicable investment opportunity has first been taken by a Fund and/or then-existing companion Fund, Semi-Liquid Funds and/or managed accounts or similar arrangements. For the avoidance of doubt, Warburg Pincus is permitted to determine that the appropriate portion of the applicable investment opportunity has been allocated to a Fund even if such Fund has remaining capacity at the time such

investment is made. Each co-investment opportunity (should any exist) is likely to be different than other co-investment opportunities and the allocation of each such opportunity will be dependent on the facts and circumstances specific to that unique situation. Such opportunities are then extended based on a range of factors, including, but not limited to: (i) the absolute size of the transaction relative to the absolute size of the Fund; (ii) the remaining available capital in the Fund; (iii) the geographic location, industry and/or life cycle of the transaction given the desire to manage the Fund’s sector and sub-sector concentration; (iv) the level of risk associated with the transaction in relation to the size of the equity commitment and the composition of the Fund’s portfolio; (v) whether there may be an ability or obligation for the Fund to put in additional capital at a later stage, which has the potential to reduce the amount of capital that the Fund can invest up-front in a particular transaction; (vi) whether regulatory, legal, accounting, tax or other risks may result in a desire to own less than a certain percentage of the overall equity; or (vii) whether there is a limited partner or third party that the Firm has determined provides strategic value to the transaction that is sufficient to justify the Fund(s) investing appropriate lesser amounts in order to enhance the return profile of the investment for the benefit of the Fund(s). Following the Firm’s determination, in good faith, that the appropriate portion of the applicable investment opportunity has been allocated to a Fund(s), as described above, the Firm will select limited partners or third parties for co-investments based on a range of factors, including, but not limited to, the co-investor’s: 

ability to enhance the value of the investment;

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ability to make timely, binding decisions;

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ability to participate in follow-on financing rounds;

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ability to make investments of scale;

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impact on tax, regulatory, legal and similar considerations;

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prior co-investment experience; or

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other factors the Firm deems appropriate, including the opportunity to further a relationship that may have indirect long-term benefits to a Fund, a future Fund or the Warburg Pincus brand.

Warburg Pincus or its related persons expect to make decisions regarding whether and to whom to offer coinvestment opportunities in consultation with other participants in the relevant transactions, such as a lender or co-sponsor. Additionally, Warburg Pincus expects certain Service Providers, their affiliates and personnel to invest in, or co-invest alongside, one or more Funds, and due to the nature of the Service Provider relationships and the timing of services these persons have the potential to have information advantages relative to other investors or co-investors, and likely will be offered co-investment opportunities before such opportunities are presented to other interested prospective co-investors and as such generally will decrease the amount of co-investment opportunities available. Subject to the foregoing, co-investment opportunities typically will be offered to some and not to other investors, and the consideration of the factors set forth above may result in certain investors receiving multiple opportunities to co-invest while others expressing interest in co-investments may receive fewer or none, including as to other limited partners with the same, larger or smaller amount of capital commitments, but for the avoidance of doubt, Warburg Pincus will be under no obligation to provide co-investment opportunities in respect of a Fund’s portfolio investments to any investor. Investing in a Fund does not give any rights, entitlements or priority to co-investment opportunities. Although Warburg Pincus reserves the right to consider a prospective co-investor’s willingness to invest in future Funds, such willingness generally will not be the sole determining factor considered by Warburg Pincus in identifying co-investors. Such co-

investments will generally be limited to the capital invested in the applicable portfolio company and coinvestors will not bear the expenses associated with developing, performing diligence, negotiating and consummating the investment opportunity (including any subscription line expenses associated with the investment) or post-closing monitoring expenses, in each case unless reimbursed by the portfolio company. In connection with offering co-investment opportunities, Warburg Pincus reserves the flexibility to form and operate one or more non-pooled vehicles for the benefit of one or limited groups of related investors formed for administrative ease and better execution capabilities through which a co-investor would participate in one or more such co-investment opportunities, and for the avoidance of doubt any such vehicle will not be a companion Fund. Where a proposed transaction is not consummated, typically no coinvestment vehicle will have been formed, and some or all of the co-investors participation will generally not have been confirmed. Regardless of whether such a co-investment vehicle has been formed, the full amount of any broken deal expenses relating to such proposed transactions would generally be borne by the applicable Fund where permitted by the Fund’s governing documents, even in circumstances in which co-investors expected to participate have been identified. As a general matter, Fund expenses typically will be allocated among all relevant Funds or co-invest vehicles receiving the benefit of such expenses (in the relevant general partner’s sole discretion) and eligible to reimburse expenses of that kind. In all such cases, subject to applicable law and legal, contractual or similar restrictions, expense allocation decisions generally will be made by Warburg Pincus or its affiliates using their reasonable judgment, considering such factors as they deem relevant, but in their sole discretion to be fair and equitable across these vehicles. The allocation of such expenses is permitted to be made on a non-proportional basis, and any such determinations involve inherent matters of discretion, e.g., in determining which Funds or co-invest vehicles benefit (or the extent to which they actually or potentially could benefit) from the relevant service relating to the expense, or whether to allocate pro rata based on number of Funds or co-invest vehicles receiving related benefits or proportionately in accordance with Fund size (including amount of remaining committed capital), asset size or fair value, number of investors, number of investments, number of users, or in certain circumstances determining whether a particular expense has greater benefit to a Fund or Warburg Pincus. In order to facilitate the acquisition of a portfolio company, a Fund reserves the right to make (or commit to make) an investment with a view to selling a portion of the investment to co-investors or other persons (including one or more other Funds) prior to or following the closing of the acquisition (also known as a post-closing sell-down, syndication or transfer), which generally will have been funded through the relevant Fund’s investor capital contributions and/or use of a fund credit facility (at the expense of the relevant Fund). In such event, the relevant Fund will bear the risk that any or all of the excess portion of such investment may not be sold, may not be sold in a timely manner or may only be sold on unattractive terms, including, for example, the risk that this will occur at reduced cost, at cost, or at a time when Warburg Pincus believes the value of such investment has appreciated but such higher amount is not paid. It is generally not expected that the consent of the limited partners or the advisory committee will be required or obtained prior to such a syndication. In the event that the relevant Fund is not successful in syndicating such co-investment, in whole or in part, the relevant Fund would hold a greater concentration and have more exposure in the portfolio investment than was initially intended, which could make the relevant Fund more susceptible to fluctuations in value resulting from adverse economic and/or business conditions with respect thereto. To the extent such a syndication is made, Warburg Pincus’ interest in limiting the Fund’s exposure to a given investment as compared to providing a potential benefit to coinvestors investing at such lower values will give rise to a potential conflict of interest. As a consequence of a failed co-investment syndication process or a co-investment syndication on unattractive terms, the relevant Fund would be required to generally: (i) bear the entire portion of any “break-up,” topping or other similar fees, costs and expenses related to such investment (including the proportionate share of such amounts that were expected to have been borne by co-investors, including another Fund); (ii) hold a larger-than-expected investment in such portfolio company; (iii) receive less-than-fair-market value for

the syndicated portion of the investment, or otherwise not be compensated for its cost of capital at the risk undertaken; and/or (iv) be diluted or realize lower than expected returns from such investment. Where appropriate, and in Warburg Pincus’ sole discretion, in accordance with a Fund’s governing documents, Warburg Pincus reserves the right to charge interest on the purchase by the co-investor or coinvest vehicle (including another Fund) (or otherwise equitably to adjust the purchase price under certain conditions), and to seek reimbursement to a Fund for related costs. However, to the extent such amounts are not so charged or reimbursed, they generally will be borne by a Fund. Even where a co-investor or coinvest vehicle reimburses a Fund for costs related to the portfolio investment, a Fund is expected to bear all costs related to entering into any fund credit facility and will not be reimbursed for such costs. In addition, a Fund or an affiliate will in certain instances have the right to appoint directors and/or officers in respect of certain portfolio investments of a Fund (and such affiliates may have fiduciary and/or other duties other than with respect to such Fund). Such rights, if applicable, are typically granted for the benefit and protection of a Fund in respect of such Fund’s investment in the related portfolio investment. If there are any co-investors and/or co-investment vehicles that participate in the applicable investment alongside a Fund, such co-investors will often incidentally benefit as a result of any such appointments by a Fund. Co-investors (including their respective co-investment vehicles, even if managed by Warburg Pincus) will not typically bear the cost of D&O and/or other applicable liability insurance related to such appointments by a Fund or an affiliate. Warburg Pincus or its affiliates are permitted to charge carried interest, management fees and other fees to any co-investors with respect to any co-investment and such fees will be retained by Warburg Pincus and not benefit a Fund or its limited partners, and Warburg Pincus may make an investment or otherwise participate in any vehicle formed to structure a co-investment to facilitate receipt of such carried interest and fees. Allowing any co-investment generally reduces the amount of the relevant investment opportunity that theoretically could have been taken by the relevant Fund, and Warburg Pincus expects to be subject to potential conflicts of interest in determining the amount of investment opportunity that should be allocated to the relevant Fund, because: (i) co-invest opportunities generally appeal to Fund investors and third parties; (ii) to the extent co-investments made by Fund investors are not subjected to management fees and/or performance-based compensation, co-investments blend the effective rates of compensation paid by such persons; and (iii) co-investors’ proportionate share of a particular investment is not subject to the management fee offset provisions of a Fund’s governing documents. When and to the extent that employees and related persons of Warburg Pincus and its affiliates make capital investments in or alongside certain Funds, Warburg Pincus and its affiliates are subject to potentially conflicting interests in connection with these investments. There can be no assurance that any Fund’s return from a transaction would be equal to and not less than another Fund participating in the same transaction or that it would have been as favorable as it would have been had such conflict not existed. Transactions by and among Funds Subject to the provisions of the applicable Fund governing documents, Warburg Pincus reserves the right to determine that it is in the best interests of a particular Fund and another Fund that the particular Fund should invest in an existing portfolio investment of another Fund, or to cause a particular Fund to: (i) acquire all or a portion of the interests in one or more portfolio investments from another Fund (including situations where a new Fund is organized by Warburg Pincus solely for this purpose and/or as a means of an earlier Fund to dispose of all or a subset of its investments); (ii) make a primary investment in such other Fund’s portfolio investment; or (iii) merge an existing portfolio investment of one Fund with a portfolio investment of another Fund. Such transactions lead to a potential conflict of interest because

Warburg Pincus controls the Funds and/or portfolio investments on each side of such transactions and by not exposing such transactions to full (or in some cases any) market forces, a Fund potentially will not receive the best price otherwise possible. Moreover, Warburg Pincus may have an incentive to cause such purchasing, selling or merging Fund to disproportionately benefit from such transaction to the detriment of its interests in another Fund. Depending on the transaction structure, such transaction may disproportionately benefit the purchasing, selling, or merging Fund (or Warburg Pincus as a result of its interests in the Fund), and the other Fund may incur expenses and/or forego gains that would have been obtained had it not participated in such transaction. The acquisition or merger by an affiliated Fund may also lead to the other Fund holding the remaining portion of the company, if any, longer than it otherwise would have, which will increase the risk for loss. Warburg Pincus is permitted to crystallize carried interest or receive additional fees based upon such transaction. Additionally, in connection with such transactions, Warburg Pincus, its affiliates, and/or their personnel, to the extent permitted by a Fund’s governing documents, (a) have significant investments, or intentions to invest, in one or more of the Funds and/or portfolio investments that are party to the transaction or (b) otherwise have a direct or indirect interest in the investment. The investments and transactions of a portfolio investment of a Secondaries Fund, including any acquisition or sale of a company held by both a Secondaries Fund’s portfolio investment and one or more other Funds, are generally not subject to the management or control of such Secondaries Fund or its general partner, and accordingly, consent is not required from either such Secondaries Fund’s advisory committee or limited partners generally with respect to potential conflicts between such Secondaries Fund and such other Funds. For example, a Secondaries Fund may acquire interests in a portfolio investment that: (i) makes an investment in, or acquires, a portfolio company in which one or more other Funds hold an interest; (ii) sells a portfolio company to one or more other Funds; (iii) acquires a portfolio company in which one or more other Funds declined to invest; or (iv) holds a company that competes against a portfolio company of another Fund, in each case, without the consent of such Secondaries Fund’s advisory committee or limited partners generally. This could give rise to a variety of conflicts of interest. For example, in the event of any litigation in connection with such acquisition, the Firm could exposed to the risk of such litigation as both the buyer of such asset(s) and as an investor in such continuation vehicle. Further, such other Fund may obtain information in connection with such acquisition that it is prohibited from acting on or disclosing to such Secondaries Fund as a result of confidentiality requirements or applicable law, even though such action or disclosure would be in such Secondaries Fund’s interests. Other Funds are under no obligation to take into account a Secondaries Fund’s interests in managing their assets. As investment adviser to multiple Funds, Warburg Pincus owes a duty to each Fund. At times, due to the availability of investment opportunities to a Fund, a Fund may invest in a controlling or other more junior equity interest while other Funds are acquiring preferred equity or debt. This would potentially result in other Funds being senior or junior to a Fund in the capital structure of such portfolio investment, which could cause Warburg Pincus to face a conflict of interest in respect of decisions made with regard to the Funds (e.g., with respect to negotiating or modifying the terms of such debt or preferred equity interest, the enforcement of covenants or exercise of protections, the terms of recapitalizations, and the resolution of workouts or bankruptcies). Each Fund will be permitted to act in its own interest and not be required to take any action or withhold from taking any action to mitigate losses by a particular Fund or its portfolio investments in such a scenario. A particular Fund may also in certain instances make an investment in the same portfolio investment that is acquired by another Fund to the extent not prohibited under such particular Fund’s governing documents and/or otherwise approved by the advisory committee of such particular Fund and the advisory committee of the other Fund. For structural or other considerations, a particular Fund and/or such other Fund may limit voting rights with respect to such portfolio investment, including where a particular Fund owns common

equity in the portfolio investment. In such circumstances, the other Fund may exit the portfolio company prior to such particular Fund, which may then result in such particular Fund continuing to have limited voting rights and influence over the portfolio investment after the other Fund has sold or otherwise disposed of its interests in the portfolio investment. There is no requirement that a particular Fund and any other Funds exit investments in the same portfolio investment at the same time except as expressly required by a particular Fund’s governing documents. Additionally, in certain cases, a Fund will control the general partner (or similar entity) of the aggregating vehicle through which such Fund and another Fund participate and, as such, could indirectly control the aggregating vehicle even where it does not own a majority or greater of the equity in the entity. It is possible that structuring investments in this way could expose a Fund to greater risk of liability than would be the case if the general partner (or similar entity) of an aggregating vehicle were owned pro rata by all equity participants. Relatedly, a Fund could be allocated half or more of the voting rights or governance rights with respect to an aggregating entity even where another Fund owns a majority of the equity of the entity. In such circumstances, such Fund with majority voting or governance rights could have interests or requirements that do not align with those of such other Fund, including in particular differing liquidity needs or desired investment horizons, and accordingly, conflicts could arise in respect of the manner in which the voting or governance rights with respect to an aggregating entity (or similar entity) are exercised, potentially resulting in an adverse impact on such other Fund. It may be the case that Warburg Pincus’ financial incentives (including because of potentially disparate financial interests in each of the Funds) will be in favor of the other Funds and not a particular Fund, including where the other Funds have the opportunity to earn more carried interest, even where a particular Fund has invested more money. For example, in a bankruptcy proceeding, in circumstances where a particular Fund holds an equity investment in a portfolio investment, the holders of such portfolio investment’s debt instruments (which may include another Fund) may take actions for their benefit (particularly in circumstances where such portfolio investment faces financial difficulties or distress) that subordinate or adversely impact the value of such particular Fund’s investment in such portfolio investment or Warburg Pincus may be incentivized not to take certain actions by virtue of the interest of such particular Fund. In certain circumstances, a particular Fund and/or other Funds may be prohibited from exercising voting or other rights and may be subject to claims by other creditors with respect to the subordination of their interest. In circumstances where Warburg Pincus is required to make decisions that are adverse to the interests of certain investors in a portfolio investment while at the same time beneficial to other investors in such portfolio investment (for example, if such portfolio investment or a subsidiary thereof should file for bankruptcy), and it is alleged that Warburg Pincus acted in a way that is not in the best interests of those other investors in such portfolio investment, then such decision could subject Warburg Pincus and a particular Fund, among others, to the risk of claims to which they would not otherwise be subject, including claims of breach of the duty of loyalty or violations of securities law. Additionally, conflicts might also arise, for example, in connection with a particular Fund’s provision of additional capital necessary to support positions taken by another Fund; for example, if a portfolio investment in which a particular Fund holds an interest requires capital to finance growth or other opportunities or as a result of financial or other difficulties. If a Fund has the potential to incur a loss on its investment as a result of such difficulties were it not for another particular Fund’s investment, Warburg Pincus’ ability to recommend actions solely in the best interests of such other particular Fund might be impaired. If a particular Fund were to provide such capital, there is a risk that such financing will be done on such terms and in such amounts that do not favor a particular Fund or will adversely impact a particular Fund to the benefit of such other Fund. There is no assurance that Warburg Pincus will determine to resolve these conflicts in a manner that will not have an adverse impact on a particular Fund or that the returns to a particular Fund would be equal to and not less than a particular Fund would have achieved if such conflict did not occur. Further, a Fund that participates in a follow-on opportunity in a portfolio investment of

another Fund will similarly benefit from the initial evaluation, investigation and due diligence undertaken by such other Fund (including any operational or other information related to such portfolio investment) in connection with the initial investment, but the participating Fund will not be required to reimburse the original Fund for any expenses incurred in connection with making or holding the investment. In addition, in accordance with the applicable requirements of a particular Fund’s governing documents and the governing documents of the other Funds, such other Funds could invest in the same part of the capital structure of a specific company as a particular Fund but in different proportions, and given that the different Funds are expected to be subject to different tax, legal or regulatory requirements or have different investment objectives, the Funds may have conflicting interests with respect to certain aspects of such investment. As a consequence, conflicts of interest have the potential to arise in connection with decisions made by Warburg Pincus, including with respect to structuring such investment and exiting such investment, which can be more beneficial for one or more other Funds than a particular Fund. Where multiple Funds invest or consider investments in the same company at different times, the first Fund to invest typically will bear all or a higher level of diligence and transaction fees, costs and expenses, including broken deal expenses, than later Funds (whether in the same or different strategy than the first Fund). Investments initially pursued on behalf of a particular Fund may ultimately be allocated to the other Funds, or such other Funds may invest in portfolio investments previously diligenced on behalf of a particular Fund. Accordingly, a Fund may be required to bear and/or not be fully reimbursed for all costs, expenses, liabilities, and obligations relating to any unconsummated investment opportunity in a prospective portfolio investment in respect of which one or more such other Funds subsequently consummate a transaction. Although Warburg Pincus will seek to appropriately allocate expenses on a basis that it considers fair based on the type of expenses and the Fund that did or would have benefitted, there can be no assurance that any expenses would not be more equitably allocated to another Fund. Certain diligence and transaction fees, costs and expenses may be more relevant, appropriate or beneficial for one Fund or the types of investments that such Fund pursues while being less relevant, appropriate or beneficial to other Funds’ or their respective target investment types. Except where the relevant governing documents or side letter(s) expressly provide to the contrary, broken deal expenses and other expenses relating to the diligence or evaluation of a prospective investment generally are allocated among investors within a particular Fund regardless of whether any individual investor negotiated for an elective or automatic contractual right that would have excused such investor from participating in the investment. Because a Fund’s allocation of investment opportunities alongside any such other Fund will vary (including on an investment-by-investment basis) and may not be known by Warburg Pincus on or prior to the date that the investment breaks, any expense methodology will result in such Fund bearing more than its pro rata share of such broken deal expenses with respect to certain other Funds, and less than its pro rata share of broken deal expenses with respect to others, in each case, compared to the portion that would ultimately have been allocated had the deal been consummated. Warburg Pincus’ ability to act in the best interests of a particular Fund might be impaired by conflicting duties to another Fund. There can be no assurance and it should not be expected that the return on a particular Fund’s investments (either on a gross or net basis) will be the same as the returns obtained by another Fund participating in a given transaction, that such investments will have the same time horizon or that any such conflict of interest between a particular Fund and another Fund can be resolved in a manner that is beneficial to each Fund. In that regard, actions may be taken for one or more Funds that adversely affect other Funds. Accordingly, such transactions would, to the extent provided in a Fund’s governing documents, be subject to the approval of the advisory committees of the relevant Funds and disclosed to new Fund investors. In addition, portfolio companies of a Fund will engage in transactions in the ordinary course of their respective businesses with other portfolio investments of a Fund or other investment funds sponsored by Warburg Pincus.

One or more portfolio investments of a Warburg Pincus Private Equity Fund could be counterparties or participants in agreements, transactions or other arrangements with the portfolio investments of a Warburg Pincus real estate fund (or successor thereof). These transactions could include: (i) the provision of services by such Private Equity Fund portfolio investments to such investments; (ii) the acquisition of assets from, or the sale of assets to, such portfolio investments; or (iii) participation in joint ventures alongside portfolio investments of such Private Equity Fund, and in connection with such joint ventures, such real estate fund (or such successor) could also invest in the applicable portfolio investment. Such transactions will be governed by the policies and procedures included in the governing agreements of the respective Funds (or governing agreement of such successor), which could include consent of the applicable Fund advisory committees where Warburg Pincus does not believe such general policies and procedures are otherwise sufficient. Warburg Pincus’ ability to implement a particular Fund’s strategies effectively could be limited to the extent that investments made by Warburg Pincus or another Fund limit a particular Fund from entering into transactions or arrangements that Warburg Pincus may otherwise be interested in pursuing, or from taking actions that Warburg Pincus believes would be beneficial to a particular Fund. Warburg Pincus may express inconsistent views for commonly held investments or of market conditions more generally. There can be no assurance that any such conflict can be resolved in a manner that is beneficial to either or all Funds. In that regard, actions may be taken for one or more other Funds that adversely affect a particular Fund. Warburg Pincus reserves the right to cause a Fund to enter into a transaction whereby the Fund: (i) purchases securities from, or sells securities to, other Funds managed by Warburg Pincus, or co-investors or co-investment vehicles or (ii) co-invests alongside such other Funds or co-investors. Such transactions may arise in the context of automatic or other re-balancing of an investment among parallel investing entities or in contexts where a portfolio company owned by one Fund is acquired by a portfolio company acquired by another Fund. In some cases a portfolio company of one Fund will be merged with or into a portfolio company owned by another Fund. Any of these transactions raise potential conflicts of interest, including where: (i) the investment of one Fund supports the value of portfolio companies owned by another Fund, or (ii) the transaction allows Warburg Pincus or its affiliates to realize carried interest or receive future management fees or other compensation with respect to such investments. These conflicts are heightened to the extent the relevant securities are illiquid or do not have a readily ascertainable value, and there generally can be no assurance that the price at which such transactions are entered into represent what would ultimately be the underlying investment’s fair value. To the extent required by the governing documents or otherwise in the sole discretion of Warburg Pincus, Warburg Pincus reserves the right to seek to mitigate such conflicts by seeking input from an unaffiliated third party (including the use of a consultant or investment banker paid for by the relevant Fund(s) to opine as to the fairness or “arm’s-length” nature of a purchase or sale price, whether or not part of a formal fairness opinion, “request for proposal” process, or proposal or quotation provided exclusively for the benefit of Warburg Pincus) or by obtaining the consent of the relevant Fund(s) (including, where authorized, the consent of each Fund’s advisory committee) to such transactions. Warburg Pincus reserves the right to determine that the willingness of a third party to make an investment on the same or similar terms demonstrates the fairness of the relevant transaction (including its value) to the Fund under then-current market conditions and therefore determine not to obtain a consent or fairness opinion. Warburg Pincus intends that any such transactions be conducted in a manner that it believes to be fair and equitable to each Fund under the circumstances, including a consideration of the potential present and future benefits with respect to each Fund. Further, cross transactions are expected to arise in the context of automatic or other re-balancing of investments among parallel investing entities, and in such circumstances Warburg Pincus generally will not seek a fairness opinion or advisory committee consent given that such transactions typically are effected close in time to the initial Fund’s investment or pursuant to authorizing provisions in the relevant governing documents.

Transfers and Secondaries In certain cases, Warburg Pincus will have the opportunity (but, subject to any applicable restrictions or procedures in the Funds’ governing documents, no obligation) to identify one or more secondary transferees of interests in a Fund. In such cases, Warburg Pincus will use its discretion to select such transferees based on eligibility and other factors, and, unless required by the applicable governing documents, will determine in its sole discretion whether the opportunity to receive a transfer of Fund interests should be offered to one or more existing Fund investors. The relevant general partner also generally has authority under the applicable governing documents to consent to (or reject) transfers requested by one or more limited partners, and reserves the right to consent to certain transfers in advance, or to condition its consent on any number of factors agreed with individual investors via side letter, including the condition that the transferor, transferee or their affiliates invest (or invest above certain amounts) in future Funds. The relevant general partner also is permitted, but not obligated, to purchase Fund interests from limited partners that desire to transfer their interests. The relevant general partner is subject to conflicts of interest in purchasing such interests, as it generally possesses certain confidential information relating to the Funds and their investments, not all of which is expected to be known by the transferring limited partner, and the general partner generally will not obtain a fairness opinion or third-party valuation of such interests. The relevant general partner similarly expects to use its discretion to select limited partners from whom it will acquire Fund interests based on a range of factors similar to those employed in selecting co-investors, and will determine in its sole discretion whether it will offer to purchase Fund interests from one or more limited partners. Although in many cases the relevant transferor and transferee will bear the full costs of their transfers, to the extent that they do not do so, the costs typically will be borne by the relevant Fund. Potential Conflicts in Calculation and Allocation of Certain Partnership Costs and Expenses The governing documents of a Fund provide that the Fund will be responsible for all costs and expenses in connection with its operation, other than the costs and expenses that will be the responsibility of Warburg Pincus or another third party (see Item 5. Fees and Compensation, Fund Expenses for more information). To the extent appropriate, third-party expenses incurred in connection with consummated transactions will be borne by the respective portfolio investments. While Warburg Pincus generally provides tech innovation & Gen AI, revenue acceleration, operating leverage; global public policy, political risks & communications, sustainability strategy and portfolio talent services performed by employees at no cost to portfolio companies, its out-of-pocket expenses are generally reimbursed by the applicable portfolio investment or Fund, and in certain circumstances, such as where a Fund, together with its companion funds or any Accounts, are acquiring only a portion of a portfolio investment alongside one or more other investors, Warburg Pincus is permitted to charge portfolio companies, and therefore receive fees, for value creation services. However, in the foregoing circumstances, the management fee will be reduced by a proportionate share of the net amount of such payments for value creation services allocated to such Fund through a 100% offset (and net of any unreimbursed out-of-pocket expenses incurred in connection therewith). A conflict of interest could arise in the determination by Warburg Pincus whether certain costs or expenses that are incurred in connection with the operation of a Fund meet the definition of partnership operational expenses for which a Fund is responsible, or whether such expenses should be borne by Warburg Pincus or another Fund. Furthermore, in certain circumstances (including with respect to conferences and similar events), Warburg Pincus will have discretion with respect to the types and amounts of expenses and costs to charge, which may result in such expenses and costs incurred by a Fund exceeding what such Fund would have incurred if Warburg Pincus did not make such determinations. Subject to applicable legal, contractual or similar restrictions, a Fund will be reliant on the determinations of Warburg Pincus in this regard, and also in regard to the allocation of investment expenses and any common operating expenses as between a Fund and the other Funds and any other affiliates of Warburg Pincus, including with respect to the determination of whether proposed and unconsummated investments

would have been allocated to a certain Fund and therefore are properly allocable in whole or in part to such Fund. The allocation of such expenses is permitted to be on a non-proportional basis. There can be no assurance that errors will not arise in such allocations. Additionally, to the extent that such expenses are to be allocated to one or more Funds, Warburg Pincus will endeavor to allocate such expenses in a manner it believes to be fair and equitable, which may include an allocation among such vehicles based on their relative net asset value, commitments, assets under management, number of investors, actual or proposed investment size in a particular transaction or Warburg Pincus’ determination of the benefit to be received from the activity for which the expense was incurred (e.g., if work is specific to an investment of another Fund). There can be no assurance that errors will not arise in such allocations or that other methods of allocation would not produce a result that is more or less favorable to one Fund versus another Fund. Despite Warburg Pincus’ good-faith judgment to arrive at a fair and reasonable expense allocation methodology, the use of any particular methodology will, in certain circumstances, lead a Fund to bear relatively more expense in certain instances and relatively less in other instances than if a different methodology had been used. The Funds generally are expected to have different expense reimbursement terms, including with respect to management fee offsets, which are expected in certain cases to result in the Funds bearing different levels of expenses with respect to the same investment. Further, Warburg Pincus reserves the right to consider each relevant Fund’s strategy as a component of its allocation of investment expenses and, as a general matter, will not allocate expenses associated with one Fund’s equity investment to a different Fund’s credit investment, or vice versa, even if the two investments are in the same portfolio company. As a result, it is possible that a Fund or co-invest vehicle will benefit (or benefit disproportionately) from expenses borne in whole or in part by another Fund. In certain instances, Warburg Pincus in its good-faith judgment may revise or change previously determined allocation methodologies in an effort to ensure that such expenses remain fairly and reasonably allocated to a Fund. Warburg Pincus believes that investors in private equity funds are generally aware of this practice and set of circumstances and, as a whole, believes that a certain Fund is just as likely to be a beneficiary of this as it is to bear the burdens. However, there can be no assurances that such policies maintained by Warburg Pincus will be applied consistently or correctly. Warburg Pincus will typically: (i) cause one or more Warburg Pincus vehicles to be invoiced for, advance or otherwise bear on a temporary basis all or a portion of an expense ultimately intended to be borne in whole or in part by another Warburg Pincus vehicle together or in connection with the vehicle originally bearing such expense, including as a result of invoices directed to one such vehicle for convenience of the applicable vehicle, and/or (ii) make corrective allocations in the event that, based on periodic reviews of expenses, it determines that such corrections are necessary or appropriate. In addition, the applicable Fund’s governing documents may set forth certain rules for the allocation of certain expenses as among a Fund and its related vehicles. Portfolio Company Relationships; Transactions with Portfolio Companies Portfolio investments of a Fund have in the past been, and are expected to become, counterparties or participants in agreements, transactions, or other arrangements with such Fund, its other portfolio investments and portfolio investments of other Funds or other entities in which Warburg Pincus, its affiliates or their respective personnel have an interest that would not have otherwise been entered into but for the affiliation with Warburg Pincus, and they will involve fees and/or servicing payments to Warburg Pincus-affiliated entities or Fund-owned entities that are not subject to the management fee offset provisions of the governing documents of such Fund. For example, Warburg Pincus or its portfolio investments expect to enter into agreements regarding or relating to a wide range of products and services, including, but not limited to, web portals, extranet tools, computer software and other similar tools, administration, group procurement, benefits management, data management and/or mining, fund servicing and safekeeping, technology development, artificial intelligence and/or AI-related services, purchase of title and/or other insurance policies (which may be pooled across portfolio investments and discounted due to scale) and other similar operational initiatives that will result in fees, commissions or similar payments and/or discounts being paid to Warburg Pincus or its affiliates, or one or more portfolio

investments of a Fund or one or more portfolio investments of other Funds, including related to a portion of the savings achieved by the portfolio investments. Limited partners of the Funds typically have not and will not share in any fees, economics, equity or other benefits accruing to Warburg Pincus, any Fund and their portfolio investments as a result of any such transactions. Certain Funds have made, and expect in the future to make, investments in portfolio companies that provide such products and services (including fund administration and similar services), and Warburg Pincus expects to engage such portfolio companies with respect to such products and/or services with respect to one or more Funds. Warburg Pincus and such Funds are expected to benefit from any such engagement (including through the receipt of current income and the creation of enterprise value) and any fees payable in respect of such products or services are expected to be charged as partnership expenses and will not offset or reduce management fees. Accordingly, Warburg Pincus will be subject to inherent conflicts of interest in determining whether to use the products and services provided by any such portfolio companies and may elect to engage such companies in lieu of utilizing internal resources or otherwise engaging other third-party providers that may offer more competitive rates and pricing. Funds may also determine to use the products and/or services provided by a portfolio company of another Fund, and in such circumstance, Warburg Pincus could be incentivized to cause such portfolio company to charge lower rates or provide lower pricing as compared to rates or prices charged to unaffiliated third parties in order to benefit such other Fund, which may adversely affect the performance of such portfolio company. Warburg Pincus has recommended, and expects in the future to recommend, or make referrals to or introduce, portfolio companies of Funds (and/or service providers to those funds) to portfolio investments of another Fund (or vice versa) to form customer, partner or other relationships, or recommend that they improve, deepen, and/or alter the terms of the business relationships between or among these portfolio investments. In some cases, this may be an obligation imposed on Warburg Pincus or its affiliates pursuant to an agreement with the benefiting portfolio investment. These introductory efforts are undertaken broadly and intentionally across Funds with the goal of maximizing value for any such portfolio investments. While this strategy is executed taking into account the needs and interests of each portfolio investment involved, there can be no assurance that one portfolio investment will not be strongly encouraged or compelled to use services or products provided by another portfolio company given the overall Warburg Pincus relationship. Given the breadth of certain Funds’ portfolio across platforms, a Fund may invest in a competitor or customer of, or service provider or supplier to, portfolio investments of other Funds, which would give rise to a conflict of interest, and in that regard investors should not assume that a company related to or otherwise affiliated with Warburg Pincus will only take actions that are beneficial to or not opposed to the interests of a specific Fund and its portfolio investments. It is also possible that certain portfolio investments of Funds will compete amongst each other for one or more investment opportunities. It is also possible that certain portfolio investments of Funds will compete with or engage in activities that may have adverse consequences to a specific Fund and/or its portfolio investments (including, by way of example only, as a result of laws and regulations of certain jurisdictions (e.g., bankruptcy, environmental, consumer protection, and/or labor laws) that may not recognize the segregation of assets and liabilities as between separate entities and may permit recourse against the assets of not just the entity that has incurred the liabilities, but also the other entities that are under common control with, or part of the same economic group as, such entity, which may result in the assets of a Fund and/or its portfolio investments being used to satisfy the obligations or liabilities of one or more other Funds, their portfolio investments, and/or affiliates). Additionally, a portfolio investment of a Fund (or such Fund itself) may finance or otherwise support a third party that is in competition with a fund for an investment opportunity, such as in an auction situation.

Additionally, former Warburg Pincus personnel may also become employees, officers or directors of, or otherwise be engaged by, third-party Service Providers that provide services to a Fund and/or its portfolio investments. If former Warburg Pincus personnel become employees or consultants of a third party that also provides services to a Fund, such former Warburg Pincus personnel may be assigned by such third party to provide services to that account. Strategic Investor In connection with a substantial commitment to the initial closing of certain Funds, the Firm has awarded, and expects to award, an economic interest in the management fee and carried interest distributions (as well as interests in certain other related economic entitlements, such as certain transaction fee income, if any, received by the Firm) of such Funds to strategic investors and/or their affiliates (the “Strategic Investors”). Such economic interests will not be available to the other limited partners of the relevant Fund and therefore result in a different economic relationship with respect to the Fund. A Strategic Investor’s interests in its capacity as a limited partner of a Fund will at times conflict with those of other limited partners as a result of such economic entitlements. Accordingly, where a Strategic Investor participates in a vote of the limited partners or a Fund’s advisory committee, the Strategic Investor’s interests (economic or otherwise) will often not be aligned in whole or in part with those of the other limited partners. In connection with Fund matters, a Strategic Investor will be entitled to consider its own interests without, to the extent not prohibited by law, any duty or obligation to consider or act in the interests of any other limited partner, the general partner of the Fund, or any other person. A Strategic Investor’s ownership in a Fund as a percentage of the interests held by all limited partners could mean that, with respect to any vote of the limited partners, the other limited partners will not have sufficient votes to take a particular action without also having received the affirmative vote of the Strategic Investor with respect to such matters. Strategic Investors generally will be entitled to certain additional customary rights associated with its economic interests in the management fee and carried interest distributions and limited partners will not typically receive notice thereof or copies of the documentation (if any) in which such other rights are contained. Given that a Strategic Investor would be expected to comprise a substantial percentage of a Fund’s commitments, any excuse rights granted thereto may also have the effect of deterring the general partner of the Fund from making investments that would trigger such excuse rights, thereby causing the Fund to not make investments it would otherwise pursue absent such excuse rights, and if the Fund were to make an investment and such excuse rights were exercised, such rights would, subject to any limitations of the Fund’s governing agreement, materially increase the contribution obligations for such investments and related expenses of other limited partners, and thereby increase the percentage interest of such other limited partners in such investments, while also having the effect of reducing the overall amount of capital available to the Fund for investments. Similar considerations would result from the excuse of other limited partners having substantial excuse rights. The size of certain investor commitments, on a relative basis, could make the occurrence of these events more likely to the extent such excuse rights are triggered by certain ownership thresholds. Other Conflicts In addition, other present and future activities of Warburg Pincus, the Funds and their portfolio investments, affiliates and related parties will from time to time give rise to additional conflicts of interest. Warburg Pincus generally attempts to resolve conflicts in a fair and equitable manner, but conflicts will not necessarily be resolved in favor of a specific Fund’s interests, and there may be situations where such Fund, as a passive investor investing alongside another Fund, may not have the ability to mitigate such conflicts. In addition, pursuant to the relevant Fund’s governing documents, the advisory committee of such Fund will generally be authorized to give consent on behalf of a Fund with respect to certain matters,

including those that may be required or advisable, as determined in Warburg Pincus’ sole discretion, under the Advisers Act or other applicable laws or regulations, which may be, but is not required to be, given by a majority of the limited partners of such Fund. If the applicable advisory committee or limited partners, as applicable, consent to a particular matter and Warburg Pincus acts in a manner consistent with, or pursuant to the standards and procedures approved by, the advisory committee or limited partners, as applicable, or otherwise as provided in the relevant partnership agreement, then Warburg Pincus and its affiliates will not have any liability to a Fund or its limited partners for such actions taken in good faith by them.

We have discretionary authority to select Securities Firms to act on behalf of our Funds, and may have significant influence with respect to a portfolio company’s selection of Securities Firms in connection with capital markets transactions. Subject to the Firm’s policies and procedures and the applicable Funds’ governing documents, the Firm will occasionally cause more than one Fund to invest in the same portfolio company. We will engage a Securities Firm to purchase or sell the same securities on behalf of more than one Fund. When practicable and deemed to be in the best interest of each relevant Fund, the Firm will dispose of shares held in separate Funds side-by-side at the same time. The Firm, however, may not be required to do this, subject to the terms of the applicable Funds’ governing documents. Securities trades across multiple Funds that are not aggregated are typically subject to higher transaction costs than if they had been aggregated. The Firm selects Securities Firms on a “best execution” basis. Best price, after giving effect to commissions and transaction costs, is a factor in this decision, but the Firm takes into account many other factors of best execution for a specific transaction, including reputation, creditworthiness and financial stability of the Securities Firm, the quality of services, such as market-making, distribution and execution, clearing and settlement and research, as well as the Firm’s business relationship with the Securities Firm. Accordingly, transactions may not be executed at the lowest available price or commission. The Firm has no formal arrangements with Securities Firms to receive research or other products or services other than execution, and the Firm does not have any soft dollar or commission sharing agreements in place that would require the Firm to provide any specified amount of brokerage business to a Securities Firm. The Firm, however, receives research reports from paid subscription services as well as free of charge from Securities Firms that provide or seek to provide services to the Firm, the Funds or portfolio companies. Any information received from Securities Firms is consistent with the safe harbor for brokerage and research services under Section 28(e) of the Securities Exchange Act of 1934. When the Firm receives research or other information from a Securities Firm free of charge, it could be viewed as receiving a benefit it does not have to pay for, and the Firm could be viewed as having an incentive to select or recommend a Securities Firm for a transaction on behalf of a Fund or portfolio company based on its interest in receiving such benefits rather than on receiving most favorable execution. The Firm’s Capital Markets group manages our relationships with Securities Firms and monitors the capital markets for opportunities for our Funds and portfolio companies.

Benefits from Services to Funds and their Investments In connection with its services to the Funds and their investments, Warburg Pincus, its affiliates and personnel expect to receive the benefit of certain tangible and intangible benefits. For example, in the course of Warburg Pincus’ operations, including research, due diligence, investment monitoring, operational improvements and investment activities, Warburg Pincus and its personnel expect to receive and benefit from information, “know-how,” experience, analysis, and data relating to Fund or portfolio investment (as applicable) operations, terms, trends, market demands, customers, vendors, and other metrics (collectively, “Warburg Pincus Information”). In many cases, Warburg Pincus Information will include tools, procedures and resources developed by Warburg Pincus to organize or systematize Warburg Pincus Information for ongoing or future use. Although Warburg Pincus expects the Funds and their portfolio investments generally to benefit from Warburg Pincus’ possession of Warburg Pincus Information, it is possible that any benefits will be experienced solely by other or future Funds or portfolio investments (or by Warburg Pincus and its personnel) and not by the Fund or portfolio investment from which Warburg Pincus Information was originally received. Warburg Pincus Information will be the sole intellectual property of Warburg Pincus and solely for the use of Warburg Pincus. Warburg Pincus reserves the right to use, share, license, sell or monetize Warburg Pincus Information, without offset to management fees, and the relevant Fund or portfolio investment will not receive any financial or other benefit of such use, sharing, licensure, sale or monetization. Additionally, expenses relating to the Funds or portfolio investments are expected to be charged using credit cards or other widely available third-party rewards programs that provide airline miles, hotel stays, lodging or travel rewards, rental cars, traveler loyalty or status programs, “points,” “cash back,” rebates, discounts and other arrangements, perquisites and benefits under the available terms of such reward programs. Such terms are expected to vary in certain instances, and any such rewards (whether or not de minimis or difficult to value) generally will inure to the benefit of the personnel participating in the rewards program, rather than the portfolio companies, the Funds or their respective investors; no such rewards will offset management fees.

Given our participation in board matters, our Funds’ best interests are most often served by voting in support of the recommendations of the portfolio company’s board of directors. If a conflict of interest should arise with respect to a portfolio company proxy vote, the Firm will independently review and evaluate the portfolio company proxy proposal and the circumstances surrounding the conflict to determine the vote that would be in the best interest of the Funds. Certain conflicts of interest may be presented to the advisory committee of the applicable Fund, which consists of representatives of certain investors in the Fund. Additionally, we believe that the Firm’s interests and those of our Funds are aligned through our own investment in the Funds, and we do not anticipate a situation where our interests would conflict with maximizing long-term investment returns for the Funds. Clients may obtain information about how the Firm voted portfolio company proxies on their behalf or more information about our proxy voting policies by writing to Warburg Pincus LLC, 450 Lexington Avenue, New York, New York 10017, Attention: Chief Compliance Officer.