1. New Mountain Capital LLC
Presentation For:
Fresno County Employees' Retirement Association
February 01, 2006

2. Mission Statement
New Mountain’s intention is to be “best in class” in the new generation of private equity as measured by:
Returns
Control of risk
Service to our limited partners
The quality of the businesses we build

3. Major Themes And Strategies
No “sealed bid” auctions
Proactively targeted industry sectors
Long term expectation: 60% targeted, 40% opportunistic
Rigorous due diligence
Very strong downside protection
Non-cyclical, “defensive growth” sectors
High quality niche leaders
Outstanding free cash flow characteristics
NMC usually in a senior credit position, with current cash yield
Focus on “value added” and real growth
Start with solid stable base, then build major company in a growth industry
Top quality management partners, investing their own money
Intensive New Mountain “value added” at all levels
Outstanding return potential
New Mountain is maintaining its high return standards
New Mountain is exceeding return targets to date
Full team efforts

4. New Mountain Today “Best in class” in private equity by many measures
44.5% IRR since inception, even with all private positions valued at cost (1)
78.0% IRR on publicly traded positions; even while S&P has been down 15.0% (2)
No write-off or write-down on any fund investment; portfolio less levered than S&P 500
CalPERS’ best performing U.S. private equity fund (buyout or venture) for vintage year 2000(3)
CalPERS’ top 5 performing major U.S. private equity commitment relative to vintage year for entire period. (3) (4)
$2.3 billion of capital under management; hundreds of millions more in capital turned away
World class institutional investors and advisors; outstanding references and client service
“Best in class” teams; financial and operating; full team efforts
Institutional integrity, stability and compliance
Absolute dedication to superior performance in everything we do
(1) Gross returns, New Mountain Fund I, January 2000-December 2005
(2) S&P performance from 12/31/99-12/30/05
(3) According to CalPERS’ website- 10/4/05; U.S. funds
(4) U.S. general private equity; $50 million investments and up

5. Exceptional Returns Despite Market Decline: Strayer Stock Price Performance(1)
$400 million value  $1.5 billion at exit
Debt free with $110 million cash & equivalents on hand
(1) 11/30/00 – final exit (8/17/05). Given the nature of the privately negotiated investments generally made by New Mountain, public indices may not be appropriate benchmarks for comparing performance. Public benchmark returns do not include receipt or reinvestment of dividends paid
(2) Reflects stock price appreciation only. NMC’s percentage gain would be higher after taking into account cash dividends and accretion of PIK preferred stock received by NMC.

6. Strayer’s Historical Performance

7. Strayer Example: Focus on Investor Value Added
Metrics
12/31/00
Present (1)
Enrollment
12,000
23,768
Campuses 14 37
State Licenses 3 9
Growth Rate
12%
25%
Debt
None
Management Depth
Thin
Strong
(1) As of 9/30/ Enrollment pertains to the average of the first nine months of Campuses include two new ones scheduled to open in Q

8. National Medical Health Card: A Continuation of Past Success
(1)
New Mountain acquired control of NMHC in March 2004
Stock price as of 12/30/2005
(1) An $11.50 per share conversion price, reduced by the estimated net present value of preferred dividends to be received

9. NMHC Example: Value Creation via Governance Change
National Medical Health Card Systems, Inc. (“NMHC”) is a rapidly growing pharmacy benefit manager
Ranked sixth in the Fortune 100 growth list in 2004, immediately after eBay
Leader in service quality and transparency
At time of New Mountain investment (March 2004), NMHC was NASDAQ-listed but majority controlled by founder/chairman
Extensive related-party transactions between founder/chairman and company
Rented headquarters building to company
Provided temporary housing to company sales force
Compensation and benefits
New Mountain added value in multiple ways:
Steven Klinsky became new non-executive chairman
Installed new CEO
Rebuilt board
Strengthened balance sheet
Sourced key acquisitions
Helped with sales introductions
Brought about Wall Street research coverage (0®7)

10. New Mountain Returns: Stock Selection and Investor “Value Added,” Not Debt
National Medical Health Card Systems, Inc. (“NMHC”)

11. Transactions at New Mountain
Realized
Proceeds and
Unrealized
Value
$ Millions
Date of
Initial
Investment
Date of
Initial
Realization
Capital
Invested(1)
Realized
Proceeds(2)
Unrealized
Value(3)
Multiple
of Cost
Gross
IRR(4)
Fund I
Publicly Traded Investments
Strayer Education, Inc.
Strayer Preferred Stock
May-01
Jun-02
$115.0
$422.1
$0.0
$422.1
3.7x
77.6%
Strayer Options
May-04
Jun-05
23.0
72.0
0.0
72.0
3.1x
150.4%
National Medical Health Card Systems, Inc.(5)
Mar-04
80.0
10.0
189.2
199.2
2.5x
67.5%
Total Realized and/or Publicly Traded Investments
$218.0
$504.1
$189.2
$693.3
3.2x
78.0%
Unrealized Investments (At Cost)
Surgis, Inc.
Dec-01
$70.0
$0.0
$70.0
$70.0
Overland Solutions, Inc.
Feb-03
105.0
6.8
110.8
117.6
Apptis, Inc.
Oct-03
144.0
12.0
148.1
160.1
Total Unrealized Investments (held at cost)
$319.0
$18.8
$328.9
$347.7
Total Investments
$537.0
$537.0
$522.9
$518.1
$1,041.0
1.9x
44.5%
Fund II
Investments (At Cost)
MailSouth, Inc.
Mar-05
$110.0
$3.0
$110.0
$113.0
Deltek, Inc.
Apr-05
180.0
0.0
180.0
180.0
Validus Holdings
Dec-05 _
_ 0.0 _ _
$410.0
$3.0
$410.0
$413.0
Total Investments

12. NMC Transaction Footnotes
Capital invested represents the aggregate amount invested by New Mountain in each portfolio company.
Realized proceeds include all cash dividends, interest income and other payments received from or in respect of portfolio companies as well as cash distributions from the sale of securities as of December 30, All figures are gross, before expenses, management fees and carried interest, if any.
Unrealized investments and the remaining portions of partially realized and/or publicly traded investments have been valued as of December 30, 2005, at original cost and closing prices as of December 30, 2005, respectively.
IRRs are calculated based on daily investment inflows and outflows, with the return annualized. Gross IRRs shall mean an aggregate, compound, annual gross internal rate of return on investments. In the case of portfolios of realized and unrealized investments, the gross IRRs are based on realizations and internal valuations of New Mountain as of the applicable date. Internal rates of return are presented on a “gross” basis (i.e., they do not reflect the management fees, carried interest, taxes, transaction costs and other expenses to be borne by investors in the Fund, which in the aggregate are expected to be substantial); for a description of such management fees and carried interest, see “VII. Summary of Principal Terms.” Prospective investors upon request may obtain a hypothetical illustration of the effect of such fees, expenses and other charges on such returns. Actual realized returns on unrealized investments will depend on, among other factors, future operating results, the value of the assets and market conditions at the time of disposition, any related transaction costs and the timing and manner of sale, all of which may differ from the assumptions on which the valuations used in the prior performance data contained herein are based. Accordingly, the actual realized returns on unrealized investments may differ materially from the returns indicated herein.
Based on $27.20 closing price (December 30, 2005) 6,956,522 shares on an “as converted” basis.

13. Managerial Advisory Board
The New Mountain Team
Professional Team
Steven Klinsky - Managing Director and CEO
Michael Ajouz - Managing Director
Adam Collins - Managing Director
David DiDomenico - Managing Director
Michael Flaherman - Managing Director
Douglas Londal - Managing Director
Thomas Morgan - Managing Director
Alok Singh - Managing Director
David Wargo - Managing Director
Andrew Wellington - Managing Director Frank Carolan - Senior Advisor
Harry Durity - Senior Advisor
Bob Grusky - Senior Advisor
David Shaw - Senior Advisor Matt Holt - Associate
Peter Masucci - Associate
Daniel Riley - Associate
Sarah Dreyfus - Analyst
Matt Ebbel - Analyst
Ayesha Menon - Analyst
André Moura - Analyst
Brad Weckstein - Analyst
Adam Weinstein - Controller
Managerial Advisory Board
Robert Bennett - CEO, Liberty Media
Edward Breen - CEO, Tyco Industries
Ken Buckfire - Founder, Miller Buckfire
Gary Gensler - U.S. Treasury
Fred Langhammer - Former CEO, Estée Lauder
Dennis Liebowitz - Formerly, CSFB
David Malpass - Chief Economist, Bear Stearns
Arthur Reimers - Goldman Sachs
New Mountain Capital, L.L.C.
Portfolio Company Management
Robert Silberman(1) - Pres/CEO, Strayer
Joseph Hutts - Pres/CEO, Surgis
Jeff Haniewich - CEO, Overland
Steven Baldwin - CEO, Apptis
James Smith - CEO, NMHC
Ken DeLaski – Chairman, Deltek Systems
Kevin Parker – CEO, Deltek Systems
Albert Braunfisch - CEO, MailSouth
Edward Noonan – CEO, Validus
NMC Company Directors
William Brock – Strayer
Nanci Caldwell – Deltek
David A. Coulter – Strayer
Karen Ferguson – OSI
Howard Finkelstein – Apptis
Robert Johnson – Strayer
Bert Notini – Deltek
David Ogens – Apptis
Frank Shepherd – MailSouth
(1) Also serves on the Managerial Advisory Board

14. New Mountain Capital LLC