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nse spending Operating weakness for Bombardier’s Global family, which competes with the Gulfstream family
rules. Bank of America Merrill Lynch International Limited, Frankfurt Branch (BAMLI Frankfurt) distributes this report in Germany and is regulated by BaFin. This research report has been prepared and issued by MLPF&S and/or one or more of its non-US affiliates. MLPF&S is the distributor of this research
Page: HOUSE_OVERSIGHT_014650 →i This re securities. None of MLPF&S, any of i Global report containing such rating, recommendation or
n or distribution of this the DFSA. Research re he Australian Prudential Regulation Authority. pplicable regulations. Merrill Lynch (DIFC) is au by BaFin. lates in the nal, regulate oO ustral | ndustry Regu na}: Merrill Lynch (Seou ent | atory Organization of Canada; Merrill Lynch (Mexico Lynch Arge
Page: HOUSE_OVERSIGHT_014999 →value Almarai on 21x 2017E EPS, a 15% premium to Global (blue chip) food producer averages. We believe th
rules. Bank of America Merrill Lynch International Limited, Frankfurt Branch (BAMLI Frankfurt) distributes this report in Germany and is regulated by BaFin. This research report has been prepared and issued by MLPF&S and/or one or more of its non-US affiliates. MLPF&S is the distributor of this research
Page: HOUSE_OVERSIGHT_016194 →Entities connected to both BaFin and BT Global

Frankfurt
LOCATION
United Kingdom
LOCATIONthe Prudential Regulation Authority
ORGANIZATION
Donald Trump
PERSONthe Dubai Financial Services Authority
ORGANIZATION
Michael Bloomberg
PERSON
Seoul
LOCATION
Bank of America
ORGANIZATIONMerchant Bank
ORGANIZATION
Merrill Lynch
ORGANIZATION
Merrill Lynch Global Wealth Management
ORGANIZATIONThe Financial Service Board
ORGANIZATIONthe Securities and Futures Bureau
ORGANIZATIONMerrill Lynch International Bank Limited
ORGANIZATIONMerrill Lynch Canada Inc
ORGANIZATIONPierce, Fenner & Smith Incorporated
ORGANIZATIONthe Investment Industry Regulatory Organization of Canada
ORGANIZATION
the Financial Services Agency
ORGANIZATIONILynch
ORGANIZATIONBank of America Merrill Lynch International Limited
ORGANIZATION