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Core’s Board believes that stock price performance over time is directly related to ROIC. Table 4 lists ROICs for major oilfield service companies as most recently calculated by Bloomberg Financial. Core’s leading ROIC is more than four times the industry average. Note that some oilfield service companies have ROICs below their Weighted Average Cost of Capital (WACC), a product of overinvestment in their company or vast overpayment for perceived growth via acquisitions. 

Core strives to have the industry-leading ROIC through capital discipline and continued execution of the three Growth Strategies we set in 1994, the year before we made our initial public offering: 

1. Develop new reservoir-optimizing technologies. 

2. Leverage our international office network. 

3. Acquire complementary and strategically positioned technologies. 

We believe that our commitment to this approach in 2014 will result in a continued dominance of long-term share price performance by Core versus other oilfield service companies. 

3) Return excess capital to our shareholders. 

Since October 2002 Core Laboratories has returned excess capital to our shareholders in the form of share repurchases, warrant settlements, dividends, and special divi- dends. As indicated in Table 5, Core has returned $1.66 billion, or $36.47 per share. 

As the financial markets continue to mend in 2014, the Company will continue to return excess capital to our shareholders via dividends, as well as possible share repurchases depending on the stability of global financial networks. 

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## The Company will continue to return excess capital to our shareholders via dividends, as well as possible share repurchases. 

