Epstein Secrets

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

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

ch (DIFC) are done so in accordance with the requirements of the DFSA conduct of business 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 an

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

ny Registration 064 874 531), AFS License 412901 ‘Wholesale’ clients as d Authorised Deposit-Tal report in Brazil and its pre Frankfurt Branch (BAMLI Frankfurt) This research report has been prepa responsibility for research reports o security discussed in the report sho! local distribu erril Va bia Compa

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

ch (DIFC) are done so in accordance with the requirements of the DFSA conduct of business 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 an