Goldman Sachs Investment Banking Pitch Book

Goldman Sachs PRELIMINARY CONFIDENTIAL DRAFT-SUBJECT TO CHANGE AFTER FURTHER DILIGENCE AND REVIEW INVESTMENT BANKING DIVISION Ⓒ Preliminary Separation Topics for Consideration For the purposes of evaluating the potential benefits and consideration of a business separation, we consider, based on management guidance, an illustrative separation of Opal into: -Client: Consists of EUC, the consumer business of Services Support & Deployment (~-10% of Services revenue) and the consumer-related portion of S&P (-75% of S&P revenue) -Enterprise: Consists of Enterprise Solutions, Software, the corporate business of Services (~90% of Services revenue) and the corporate-related portion of S&P (~25 of S&P revenue) Potential Benefits Potentially "unlock" embedded shareholder value through trading multiple re-rating and arbitrage ■Allows each entity to pursue potentially unique strategic, operation and financial objectives Pursue and execute growth strategy - Strategic flexibility and optionality Management focus In a public market context, may allow each entity to target potentially different shareholder bases ☐ Each entity could potentially become an acquisition/merger target Potential Considerations The nature, magnitude and impact of potential operating dissynergies, including the loss of: Revenue and cross-selling opportunities Sales organization leverage Entry into emerging markets via Client / PC pull- through of Enterprise COGS/ materials sourcing scale and influence Shared corporate overhead and public company costs Scale / credit quality to provide financing services to customers Client cash flows for investment in Enterprise ■ Potential customer, supplier and employee reaction and impact The management pipeline to fill senior management positions at both entities ■ Potential shareholder dislocation 12

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