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nvestments Commission; Merrill Lynch (Hong Kong): Merrill Lynch (Asia Pacific) Limited, regulated by the Hong Kong Securities and Future
value Almarai on 21x 2017E EPS, a 15% premium to Global (blue chip) food producer averages. We believe th
nvestments Commission; Merrill Lynch (Hong Kong): Merrill Lynch (Asia Pacific) Limited, regulated by the Hong Kong Securities and Future
nse spending Operating weakness for Bombardier’s Global family, which competes with the Gulfstream family
istributes, or may in the fi South Africa ( PRA}; Merrill Lynch (Australia): Pacific) Limited, regulated by th Singapore (MAS); Merrill Lynch
i This re securities. None of MLPF&S, any of i Global report containing such rating, recommendation or
Entities connected to both Merrill Lynch (Asia Pacific) Limited and BT Global

Michael Bloomberg
PERSON
Donald Trump
PERSON
United Kingdom
LOCATION
Merrill Lynch
ORGANIZATIONMerchant Bank
ORGANIZATION
Bank of America
ORGANIZATION
Seoul
LOCATION
Frankfurt
LOCATION
Merrill Lynch Global Wealth Management
ORGANIZATIONthe Securities and Futures Bureau
ORGANIZATION
Bank of America Corporation
ORGANIZATIONThe Financial Service Board
ORGANIZATIONILynch
ORGANIZATIONMerrill Lynch International Incorporated
ORGANIZATIONthe Financial Supervisory Service
ORGANIZATIONPierce, Fenner & Smith Incorporated
ORGANIZATIONBaFin
ORGANIZATIONMerrill Lynch (Singapore) Pte Ltd
ORGANIZATION
BofA Merrill Lynch
ORGANIZATION
BANA Australia
ORGANIZATION