Goldman Sachs Investment Banking Pitch Book

Goldman Sachs Introduction PRELIMINARY CONFIDENTIAL DRAFT-SUBJECT TO CHANGE AFTER FURTHER DILIGENCE AND REVIEW INVESTMENT BANKING DIVISION Goldman Sachs would like to thank the Special Committee for the opportunity to share our preliminary observations on several key questions regarding Opal today: What is the public market's perception of Opal and why does Opal trade the way that it does? 2 How do management's financial projections compare in the context of public market perceptions? 3 What are some of the potential alternatives available to Opal today and how might they impact shareholder value? - In addition to the potential financial impacts, what are the key strategic, operational and transactional issues to also consider? 4 What would be the recommended next steps in order to further evaluate the potential alternatives? ■ We have reviewed information provided by management to date, including: - Management's 9/21 Case financial projections and the July 2012 Board Strategy Plan - Initial documents provided by management in the data room - Other publicly available documents ■ In reaching our preliminary observations, we have relied upon management's 9/21 Case ■ Additional diligence and management discussions and input would be required in order to further develop and refine our preliminary observations and analyses

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