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by the Dubai Financial Services Authority (DFSA); Merrill Lynch (Spain): Merrill Lynch Capital Markets Espa
value Almarai on 21x 2017E EPS, a 15% premium to Global (blue chip) food producer averages. We believe th
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; has been considered and distributed in Japan by Merrill Lynch (Japan), a registered securities dealer unde
nse spending Operating weakness for Bombardier’s Global family, which competes with the Gulfstream family
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Excl Lynch Israel Limited, regulated by Is DIFC): Merril Comisidn Nacional del Mercado De errill Lynch King
i This re securities. None of MLPF&S, any of i Global report containing such rating, recommendation or
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