Epstein Secrets

-NOPEC Geophysical Company and prior to that held roles with increasing responsibility in various services and manufacturing companies in Europe and North America. Michelle holds a BA from University of Houston and advanced certifications in HR from University of Michigan and Rice University. 24 EFTA00728771

den Triangle ▪ Brazil sub-salt play likely to introduce significantly more demand over next 2-3 years B 28 additional rig requirements claimed by Petrobras B US$174Bn E&P capex plan offering numerous business opportunities I Emerging prospects in S.E. Asia, Mediterranean and Black Seas, and deeper mo

inancial ■ Government ■ Energy ■ Basic Materials ■ Communications ■ Consumer, Non-cyclical ■ Industrial ■ Utilities Regions • ■ EI/1O11P ■ North America ■ Emerging Markets ■ Other 2 EFTA00615045 Cash Position ( in 000' USD) Bank CCY Original CCY USD HSBC USD 162,052 162,052 HSBC-LIQUI-

pillar 39,984 36,013 34,420 (1,593) 0.66% Tesco 39,130 42,479 36,519 (5,960) 0.70% Groupe Danone 37,588 40,077 35,973 (4,104) 0.69% Petrobras (ADRS) 34,664 60,454 45,505 (14,949) 0.87% Raiffeisen Intl Bank Holding 33,878 12,814 10,383 (2,431) 0.20% Schlumberger 30,007 35,601

manent Representative of Ukraine to the United Nations. Geneva Cesare Mainardi Senior Vice-President and Managing Booz & Company USA Director. North America Samer A. Majali Chief Executive Officer Gulf Air Company Bahrain Tumi Makgabo Executive Director AfricaWorldwide Media South Africa P. Mpho

Markets and Chief Adviser to the Chief Operating Officer Jose Sergio Azevedo President and Chief Executive Officer Petroleo Brasileiro SA Brazil Petrobras Azman Mokhtar Managing Director Khazanah Nasional Berhad Malaysia Louis Bacon Chief Executive Officer and Chairman Moore Capital Management: U

PS above consensus to $4.00/$5.20, with an additional $0.15/$0.35 in EPS upside from share buybacks. Our detailed note begins on Page 2. • With the North America market tightening, HAL is starting to push pricing...will they put Tier 2 players in their place with new capacity? With only 10-12% excess industr

ced against higher project risk. - Swirling currents in Latin America. The one soft spot is LatAm where margins should appreciably improve in 2015. Petrobras has agreed to re-tender the drilling contracts on lower activity levels, with costs right-sizing by 2Q15. Mexico reform is getting close and onshor