Epstein Secrets

iff rally continued, with LLS/WTI near 5$ (I) nowl There was an interesting report out saying that the top 5 world energy producers (Shell, Chevron, Exxon, BP, and Conoco-Phillips) dropped production by 3.5% in 2014 due to natural declines in existing wells. This of course has been the case over many y

US, the USGC diff rally continued, with LLS/WTI near 5$ (I) nowl There was an interesting report out saying that the top 5 world energy producers (Shell, Chevron, Exxon, BP, and Conoco-Phillips) dropped production by 3.5% in 2014 due to natural declines in existing wells. This of course has been the

ify the business and improve RIP ratios. • Shell is attractively valued at a 5.7% 18E dividend yield versus the 2.8% of its only true global peer, Exxon. - It trades on 14.4x 18E P/E, versus Exxon's 22.5x. Related DB Research: Royal Dutch Shell: Clear direction and purpose (Herrmann) European Inte

eneration with $25-30bn FCF guided for 2020. • This drives substantial shareholder return. Between the c6% dividend yield and c$25bn of buy-backs. Shell is set to return c$70bn to shareholders over the next three years. Moreover, the dilutive scrip dividend is gone, earlier than expected. • Strong

567.31 18 2/22/2005 The Home Depot $105.94 Hardware $461.37 19 2/22/2005 Specialty Glass $12.80 Glass for outside lantern $448.51 20 2/23/2005 Exxon $50.00 Gasoline $398.57 21 2/23/2005 Publix $32.34 Groceries $366.23 SONY_GM_00173084 CONFIDENTIAL EFTA 00194739 EFTA01305052 Petty Cash

e Amount Opening balance 3/18/2005 $2,105.11 Ending balance 3/23/2005 $638.38 Date Payee Amount Description Deposit Balance 1 3/18/2005 Shell $10.00 Gasoline $2,095.11 2 3/18/2005 Aventura Limusine $240.00 Adriana trip from Miami $1,855.11 3 3/18/2005 Extra Touch Flowers $468.61 Flow

,154.36 5 6/15/2005 Extra Touch Flowers $362,00 Flowers $792.36 6 6/16/2005 Southern Petroleum $40.00 Gasoline $752.36 7 6/16/2005 Goodway Oil Exxon $65.00 Gasoline $687.36 8 6/16/2005 The Home Depot $78.46 Hardware $608.90 9 6/16/2005 Einstein Bros Bagels $5.47 Bagels $603.43 10 6/16/200

24.92 Groceries $1,092.54 17 4/15/2005 Southem Petroleum $20.00 Gasoline $1,072.54 18 4/17/2005 Burger King $4.02 Meal $1,068.52 19 4/17/2005 Shell $50.00 Gasoline $1,018.52 20 4/18/2005 Burger King $3.93 Meal $1.014.59 21 4/15/2005 Samco System $85.00 Fix Gate $929.59 22 4/19/2005 Publi

567.34 18 2/22/2005 The Home Depot $105.94 Hardware $461.37 19 2/22/2005 Specialty Glass $12.80 Glass for outside lantern $448.41 20 2/23/2005 Exxon $50.00 Gasoline $398.57 21 2/23/2005 Publix $32.34 Groceries $366.23 EFTA00187336 Petty Cash Item # Opening Balance Ending Balance Date

4.92 Groceries $1,092.54 17 4/15/2005 Southern Petroleum $20.00 Gasoline $1,072.54 18 4/17/2005 Burger King $4.02 Meal $1,068.52 19 4/17/2005 Shell $50.00 Gasoline $1,018.52 20 4/18/2005 Burger King $3.93 Meal $1.014.59 21 4/15/2005 Samco System $85.00 Fix Gate $929.59 22 4/19/2005 Publi