Investcorp acquires North American water meter assets of Schlumberger

Investcorp today announced that it has acquired, through an affiliate, substantially all of the North American water meter assets of Schlumberger.

Nov 13th, 2001

NEW YORK, Nov. 12, 2001 — Investcorp today announced that it has acquired, through an affiliate, substantially all of the North American water meter assets of Schlumberger.

The transaction involves the equity ownership and continuing leadership of the senior management of Schlumberger's North American water business. The new company will be called Neptune Technology Group.

Founded in 1886 as Thomson Meter Company, and in 1892 renamed as the Neptune Meter Company, Neptune Technology Group is a leader in the North American water works industry. Through its network of direct sales personnel and distributors, the company provides water utilities with a comprehensive product offering of water meters and advanced meter reading systems. Neptune is headquartered in Tallassee, Alabama, where it also operates its principal manufacturing facility.

In a related transaction announced today, an affiliate of Investcorp also acquired a one-third interest in DAP Technologies, Ltd. from Schlumberger Canada Limited. DAP is a designer and manufacturer of rugged handheld computers for use in applications such as utility meter reading, as well as a variety of industrial field related uses. In addition, Investcorp received an option from certain other stockholders of DAP to purchase an additional one-third interest in DAP Technologies. The interest in DAP will be owned by a subsidiary of Neptune Technology Group Inc.

About Neptune Technology Group Inc.

Neptune offers metering products and meter reading systems to water utilities throughout North America. The market sectors in which the company participates are residential, commercial and industrial water metering, and meter reading systems.

About Investcorp

Investcorp is a global investment group with offices in New York, London and Bahrain. Since 1982, it has completed transactions in North America and Western Europe, with a total value of approximately $19 billion. Additional information may be found at http://www.Investcorp.com.

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