Epstein Secrets

ws of ISG, is not research and is nota product of Global nvestment Research or Goldman Sachs Asset Manageme

in the United States by Goldman, Sachs & Co. lember FINRA/SIPC; in Hong Kong by Goldman Sachs (Asia} L.L.C.; in Korea by Goldman Sachs (Asia} L.L.C., Seoul Branch; in Japan by Goldman Sachs (Japan) Ltd; in Australia by Goldman Sachs Australia Pty Limited (ACN 092 589 770}: and in Singapore by Goldman Sac

nse spending Operating weakness for Bombardier’s Global family, which competes with the Gulfstream family

misién Nacional de Valores; Merrill Lynch japan): Merrill Lynch Japan Securities Co, Ltd., regulated by the Financial Services Agency; Merrill Lynch (Seoul): Merrill Lynch International Incorporated (Seoul Branch) regulated by the Financial Supervisory Service; Merrill Lynch (Taiwan): Merrill Lynch Secur

i This re securities. None of MLPF&S, any of i Global report containing such rating, recommendation or

| atory Organization of Canada; Merrill Lynch (Mexico Lynch Argentina SA, regulated by Comisién Nacional ): Merrill Lynch International Incorporated (Seoul Br: ated by the Securities and Futures Bureau; DSP Merrill Lynch (Ind ch Sekuritas Indonesia, regulated by Otoritas Lynch Securities, Moscow, regulat

value Almarai on 21x 2017E EPS, a 15% premium to Global (blue chip) food producer averages. We believe th

ision Nacional de Valores; Merrill Lynch (japan): Merrill Lynch Japan Securities Co. Ltd., regulated by the Financial Services Agency; Merrill Lynch (Seoul): Merrill Lynch International Incorporated (Seoul Branch) regulated by the Financial Supervisory Service; Merrill Lynch (Taiwan): Merrill Lynch Secur

tainment Business President, Infrastructure Business Chairperson of the Board of Directors, UNWTO ST-EP Foundation; Member of UN MDG Advocacy Group, Seoul President and Vice-Chairman Chief Executive Congressman from Florida (Republican), 21st District, USA Minister of Trade, Industry and Tourism of Co

ommittee of the Red Cross (ICRC), Geneva Chairman and Chief Executive Officer Chief Executive Officer and Managing Director Chief Executive Officer, BT Global Services Chief Executive Officer Chief Investment Officer President and Chief Executive Officer Chief Executive Officer Director, Institute for