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Drivers of Profitability: 2) Long-term Net flowsRobust Long-term Net flows Achieved in 2010 despite Weak Industry FlowsLong-term Net Flows by Client TypeExternal Client Long-term Net Flows by Asset Class (ex-MMF)£’mExternal Clients(ex-MMF)UK & JN Life PCA Life Equity Bond5,000£’m2,109 2,088 2,112 2,505 2,790 3,163 908 3,5041,506 1,065 1,253 2,346 2,047 563 555 1,7354,0003,0002,0001,00002003 2004 2005 2006 2007 2008 2009 YTD Sep2010-1,000-2,0002003 2004 2005 2006 2007 2008 2009 YTD Sep2010Source: PCA Funds Regional Finance Team. All numbers at actual exchange rates.41

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