on banks that can make acceptable returns in the current environment and are geared into the upside when rates begin to recover... ING, KBC, Intesa, Unicredit, SocGen, Erste, BKIR are all Buy rated. Global Equities Z Bank of America Specialist Sales — European Financials Merrill Lynch MAR disclosure EU

Business School Merck & Co. Inc. Harvard Kennedy School Mariinsky Theatre Heidrick & Struggles Sberbank Adimab Inc. Welt am Sonntag Synopsys Inc. UniCredit Renault-Nissan Alliance Mashreqbank PSC Al-Ghurair Group of Companies Royal Media Services Belfer Center for Science and International Affairs, Harv

er outsourcing within Enterprise IT departments. 5) Long Italian Banks / Italian Govvies: another leveraged play on the European periphery recovery. Unicredit clearly stands out. UCG will definitely gain from the European banking union theme. There has been recent talk of this year / early 2014 as a point w