ANNUALIZED RETURNS ENDING 2/29/00
    1 YEAR 3 YEAR 5 YEAR 10 YEAR

  Private Client Composite:
Growth Equity
       
  Gross 44.51% 33.37% 35.59% 21.41%
  Net 44.40% 32.31% 34.55% 20.47%
  S & P 500 11.71% 21.76% 25.10% 18.00%
   
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  This composite is designed to reflect representative performance of Warburg Pincus Private Client Group's growth equity style. Composite returns are a size-weighted average of discretionary equity accounts with substantially similar investment objectives, strategies, policies, limitations, management style and other relevant criteria and accordingly will not reflect the entirety of accounts managed by the Warburg Pincus Private Client Group. The gross-of-fees performance results are after commission charges and before the deduction of expenses, including investment advisory fees. The net-of-fees performance figures reflect the deduction of certain expenses including investment advisory (custody fees are not deducted). The firm's standard advisory fees are described in Part II of its Form ADV. Actual fees and expenses will vary depending on a variety of factors. Returns are shown as annualized compounded returns and include gains and accrued income and reinvestment of distributions. Performance is calculated using a time weighted methodology and expressed in US dollars. Past performance is no guarantee of future results and individual accounts may vary.

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