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

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

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

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 1990-2005 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

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.

Strayer’s Historical Performance

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 9/30/2005. Enrollment pertains to the average of the first nine months of 2005. Campuses include two new ones scheduled to open in Q4 2005.

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

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)

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

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 _ 120.0 _ 0.0 _ 120.0 _ 120.0 $410.0 $3.0 $410.0 $413.0 Total Investments

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, 2005. 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.

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

New Mountain Capital LLC