Goldman Sachs Investment Banking Pitch Book

Goldman Sachs 3 Summary Overview of Selected Potential Alternatives Status Quo PRELIMINARY CONFIDENTIAL DRAFT-SUBJECT TO CHANGE AFTER FURTHER DILIGENCE AND REVIEW INVESTMENT BANKING DIVISION A Take-Private Leveraged Buyout 100% Spin-Off with No Cash Dividend B Opal Separation via Spin-Off 100% Spin-Off with Cash Dividend Note: Dotted blue lines denote alternatives that Opal could pursue on a standalone basis Separation via Client Spin-Merger Sponsored Spin- Off Return of Capital to Shareholders Share Repurchase (Via New Debt or Existing Cash) Cash Dividend (Via New Debt or Existing Cash) 10

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