EFTA Document EFTA01378347

INTERNAL USE ONLY DO NOT DISTRIBUTE IN PART OR IN WHOLE EM Credit > Investment Grade Gruma SAB de CV (GRUMAB) Updated: Oct 29, 2015 Trade Idea: Maintain Buy GRUMAB 4 Vs 12/01/2024 Investment Rationale: ► Gruma is one of the world's largest corn flour, wheat flour and tortilla producers with leading industry positions in its Mexican home market as well as in the US. Gruma's strong competitive position is supported by a high degree of brand recognition and vertical integration, industry-