0 1400 1200 1000 800 600 400 200 0 Cumulative US short-term pada° flows Intriect & ST leans, bat USD1 90 92 94 96 98 CO 02 04 06 CO 10 12 Sxma Esourscno Odra, abate*" Alma LA Csainom Equity Valuations Not Extreme, Inflows Should Recover —Relative PIE ratio, US vs wodr. 22m lead Ilhs 1.2 equity inflows