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

c Drilling Management Biographies Chris Beckett, CEO Chris has nearly twenty years experience in the energy industry, including over ten years with Schlumberger in a series of international management roles with increasing responsibility, three years at McKinsey & Co. providing strategic and operating advice

bed 44% (Aerospace revs rose 7.6%) (trading +2.2%) Schlumberger first quarter profit rose 40% benefitting from efforts to expand in EFTA00434602 North America but missed estimates Nokia profit beat estimates but declined 1.4% y/y and forecast operating margins will fall this qtr (signed pact with MSFT) D

creased (trading -2.2%) Honeywell boosted its full year forecast after first quarter profit climbed 44% (Aerospace revs rose 7.6%) (trading +2.2%) Schlumberger first quarter profit rose 40% benefitting from efforts to expand in EFTA00434602 North America but missed estimates Nokia profit beat estimates b

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-

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 31,046 (4,555) 0.59% Halliburton 29,963 41,278 33,634 (7,645) 0.64% E.ON 29,866 18,992 13,998 (4,994) 0.27% Exxon Mob

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

2/3rds of the 18,000 new hires globally this year will be in North America. We believe this gives the diversified service companies (which includes Schlumberger and to a lesser extent Baker Hughes) a distinct advantage over the smaller players. In an isolated example, a customer in the Marcellus stopped usi