00 600 400 200 C..sourative US short-term ponfoho flows Immlo & ST loans, Do USD) 94 96 98 00 02 04 06 08 10 12 SOU/014 Ditatitho Hunk abentre RAMC* LP, ONIStehat Equity Valuations Not Extreme, Inflows Should Recover —Relative P/E ratio, US vs world•, 12m lead Ohs 1.2 Net equity inflows Ohs, % gr