down 50%. 4 EFTA_R1_01899702 EFTA02655031 EU/US Banks Ratio breaking out (Sasha Diklich) Mind the Gap — SPX, =KY and SXSE EPS rel to 2008 Peak Matthias Klein Macro & Equity Global Alpha (MEGA) Bank of America Merrill Lynch 2 King Edward Street I London EC1A 1HQ Phone: +44 (0) 207 996 5621 matthias.klein