enship • 2012 Extel, Awarded 2nd place in Support & Business Services • 2011 Extel, Awarded r d place in Oil & Gas • 2011 Extel. Awarded place in Oil Services • 2011 Extel, Awarded 3n° place in Retailers (Non-Food) • 2011 Extel Top Fund Managers UK Small Caps & Mid Caps, Awarded l" place • 2011 Extel Top

ease in demand from OECD countries when global growth recovers, we favor the oil services sector to a direct investment in the futures markets. The Oil Services sector has a high beta to oil (roughly 0.4), making it an indirect way to express an oil view. Moreover, while energy valuations broadly are neutra

.P. Morgan estimates. North America Equity Research 12 June 2014 Overweight HAL, HAL US Price: $66.94 A Price Target: $78.00 Previous: $77.00 Oil Services and Equipment J. David Anderson, PE, CFA AC Bloomberg JPMA ANDERSON <GO' William S Thompson Samantha Hoh, CFA J.P. Morgan Securities LLC Price P

N N est N N N N N N N C a b i7 B' as a U.S. Rig Count —41— Frac Sand Carloads (U.S. Class I rails) Sane otsw eleke apHy STO • DB's Oil Services and Equipment team forecasts moderate rig count growth in 2018. Overall rig counts in North America are expected to grow 5.9% yoy in 2018. On a per

ng contracts, and lowering tax assessments. ), available at http ://www.sec.gov/ news/press/2010/2010-2 14.htm; Press Release, U.S. Dept. of Justice, Oil Services Companies anda Freight Forwarding Company Agree to Resolve Foreign Bribery Investigations and to Pay More Than $156 Million in Criminal Penalties (No