y capital supply'... 125 ... but US$bn 700 600 dry powder/deal volume remains balanced2 Dry Powder 3.7x • Deal volume <1- Cry Fbw der., Deal Volurre 100 - 500 GlendowerCapital estimates that 2.2x annual deal volume is 80 available to deployin Secondaries 400 60 58 300 40 • 200 ••• a:

ly'... US$bn ... but dry powder/deal volume remains balanced2 US$bn 140 700 125 Dry Powder 3.7x 120 600 • Deal volume <1- Cry Fbw der Deal Volurre 100 - 500 GlendowerCapital estimates that 2.2x annual deal volume is 80 available to deployin Secondaries 400 60 58 300 40 • 200 ••• 1:

ry capital supply'... 125 ... but US$bn 700 600 dry powder/deal volume remains balanced2 Dry Powder 3.7x • Deal volume <1- Cry Fbw der Deal Volurre 100 - 500 GlendowerCapital estimates that 2.2x annual deal volume is 80 available to deployin Secondaries 400 60 58 300 40 • 200 ••• a:

ry capital supply'... ... but US$bn 700 125 600 dry powder/deal volume remains balanced2 Dry Powder 3.7x • Deal volume <1- Cry Fbw der Deal Volurre 100 - 500 GlendowerCapital estimates that 2.2x annual deal volume is 80 available to deployin Secondaries 400 60 58 300 40 • 200 •••• a