Exhibit 99.C.4

Minneapolis San Francisco PIPER JAFFRAY INVESTMENT BANKING New York London Presentation to the Special Committee of the Board of Chicago Directors Regarding Project Oasis Palo Alto Boston Shanghai November 5, 2006

TABLE OF CONTENTS Section I Overview of Proposed Transaction Section II Summary of Due Diligence Procedures Section III Overview of Oasis and Acquirer Section IV Trading Summary of Oasis Section V Summary of Analyses Section VI Comparable Public Company Analysis Section VII Precedent Transactions Analysis Section VIII Discounted Cash Flow Analysis Section IX Premiums Paid Analysis Appendix Weighted Average Cost of Capital Calculation 2

 

SECTION I Overview of Proposed Transaction

 

OVERVIEW OF PROPOSED TRANSACTION Transaction Background • On June 2, 2006, Pirate Capital LLC (“Pirate”) filed a 13D indicating that Pirate increased its ownership in Oasis to 5.3% and sent a letter to the Board of Directors of Oasis urging the Board of Directors to undertake measures to enhance long-term shareholder value • On July 27, 2006, Oasis announced it had engaged Wachovia Securities as its financial advisor to assist the Company in evaluating its strategic alternatives · During the summer of 2006, Bain Capital Partners LLC (“Bain Capital”) and Catterton Partners (“Catterton”) began discussions with Oasis about a possible acquisition • On August 18, 2006, the Board of Directors of Oasis formed a Special Committee • Oasis continued conversations with Bain Capital and Catterton and its negotiations of the terms and conditions pursuant to which Oasis would be acquired by Bain Capital and Catterton for $40.00 per share 4

 

OVERVIEW OF PROPOSED TRANSACTION (CONT’D) Business overview Oasis Bain Capital and Catterton Partners • Oasis is a leading casual dining restaurant company Bain Capital operating multiple concepts, including Outback • Bain Capital is an investment firm specializing in private Steakhouse, Carrabba’s Italian Grill, Fleming’s Prime equity, venture capital, public equity, and leveraged debt Steakhouse and Wine Bar, Roy’s, Lee Roy Selmon’s, assets Bonefish Grill, Cheeseburger in Paradise and Blue Coral • Bain Capital currently manages over $40 billion in • Year Founded: 1987 assets. Its current fund is approximately $8.0 billion • Headquarters: Tampa, Florida · Bain Capital has raised nine funds and invested in more • Market Capitalization (as of 11/2/06): $2.5 billion (1) than 200 companies, with an aggregate transaction value in excess of $17 billion • LTM Revenue: $3.8 billion Catterton Partners • LTM EBITDA: $359.1 million (2) • Catterton Partners focuses exclusively on providing • LTM EPS: $1.55 (2)equity capital to growing middle-market consumer companies • Catterton Partners recently closed its sixth fund (approximately $650 million), and now has over $2.0 billion of equity capital under management • Catterton Partners current and historical investments include: Caribou Coffee, Cheddars, PF Chang’s China Bistro, Kettle Foods and Odwalla (1) Based on share count information provided in the merger agreement and options detail provided by management. 5 (2) LTM financial data as of 09/30/06. Excludes non-recurring expenses and non-cash catch-up charges pertaining to the Company’s partnership plans.

 

OVERVIEW OF PROPOSED TRANSACTION (CONT’D) Summary of Financial Terms Public market valuation ($ in millions, except per share) Offer price per share $40.00 Fully diluted shares outstanding (1) 77.8 Implied equity value of Oasis (1) 3,112 Plus: Total debt (2) 296 Plus: Minority interest (2) 43 Less: Cash and marketable securities (2) (59) Implied enterprise value of Oasis $3,392 Transaction Multiples Analysis ($ mm) Statistic (3) Offer Multiple Sales LTM $3,840 0.9x CY 2006E 3,913 0.9x CY 2007E 4,243 0.8x EBITDA LTM $359 9.4x CY 2006E 353 9.6x CY 2007E 410 8.3x EPS LTM $1.55 25.8x CY 2006E 1.46 27.3x CY 2007E 1.92 20.8x (1) Based on the Treasury Stock Method to calculate in-the-money options. (2) Based on the Company’s quarterly filing for the period ending June 30, 2006. (3) Results per management and exclude non-recurring expenses and non-cash catch-up charges pertaining to the Company’s partnership plans. 6

 

SECTION II Summary of Due Diligence Procedures

 

SUMMARY OF DUE DILIGENCE PROCEDURES Due diligence overview • Piper Jaffray held conference calls with members of Oasis’ management team, including: — William Allen, Chief Executive Officer — Dirk Montgomery, Chief Financial Officer and Senior Vice President — Joe Hartnett, Vice President, Corporate Accounting — Chris Meyer, Manager, Financial Planning and Analysis — Joe Kadow, General Counsel • Piper Jaffray held conference calls with Wachtell, Lipton, Rosen & Katz, counsel to the Special Committee — David Katz, Partner — Paul Rowe, Partner — Jonathan Gordon, Associate • Piper Jaffray held conference calls with Jones Day — Mark Betzen, Partner — Stuart Chasanoff, Counsel • Piper Jaffray held conference calls with Wachovia Securities, including: — Mike Jones, Director — Conor Bryne, Associate — Jocelyn Bonnema, Analyst • Piper Jaffray has reviewed the Company’s SEC filings as well as documents provided by the Company, including: — Annual reports (10K), quarterly reports (10Q) and proxy statements — Audited financial statements of Oasis for the periods ending December 31, 2003 through 2005 — The Company’s internal financial projections for the periods ending December 31, 2006 through 2011 — Historical and projected financial data prepared by Oasis’ management team — Wall Street research reports and estimates — Industry research reports — Various press releases • Piper Jaffray and Jones Day have reviewed the Definitive Agreement 8

 

SECTION III Overview of Oasis and Acquirer

 

OVERVIEW OF OASIS • Oasis is a leading casual dining restaurant company operating multiple concepts, including key growth concepts such as Outback Steakhouse, Carrabba’s Italian Grill, Fleming’s Prime Steakhouse and Wine Bar and Bonefish Grill and other concepts such as Roy’s, Lee Roy Selmon’s, Cheeseburger in Paradise and Blue Coral • The Company’s concepts offer a broad menu of freshly prepared lunch and dinner items as well as appetizers, desserts and full liquor service · The Company operates 1,227 Company-owned restaurants and 158 locations are operated under franchise and joint venture agreements — 1,385 total restaurants • Oasis owns the real estate of approximately 30% of its Company-owned locations • For the last twelve months ending September 30, 2006, the Company’s consolidated financials are as follows: (1) — Sales: $3.8 billion — EBITDA: $359.1 million — Operating Income: $214.5 million — EPS $1.55 • Oasis trades on the New York Stock Exchange under the ticker symbol “OSI” • OSI currently pays a quarterly dividend of $0.13 ($0.52 annually) • Since initiating a share repurchase program in 7/2000, Oasis has repurchased 15.4 million shares at an average price of $35.81 • Management and non-officer directors own approximately 10.3% of the Company’s issued and outstanding shares (1) LTM financial results based on preliminary quarterly data provided by management and exclude non-recurring expenses and non-cash catch-up 10 charges pertaining to the Company’s partnership plans.

 

FINANCIAL OVERVIEW OF OASIS LTM Revenue ($ mm) LTM EBITDA ($ mm) (1) Outback Steakhouse $2,545 Outback Steakhouse $297 Carrabba’s $632 Carrabba’s $59 Bonefish $294 Bonefish $24 Fleming’s $179 Fleming’s $18 Cheeseburger in $91 Paradise Roy’s $3 Roy’s $80 Lee Roy Selmon’s ($1) Cheeseburger in Lee Roy Selmon’s $13 ($9) Paradise Other $6 Other ($33) 0 500 1,000 1,500 2,000 2,500 3,000 (50) 0 50 100 150 200 250 300 350 (1) LTM EBITDA has been adjusted to exclude non-recurring expenses and non-cash catch-up charges pertaining to the Company’s partnership plans. 11

 

OVERVIEW OF GROWTH CONCEPTS Outback Steakhouse • With 947 total restaurants, Outback is the dominant casual dining steakhouse concept in the category — 796 Company-owned — 151 joint venture / franchised • Outback is a dinner-only concept with an average check of $19.00 • Outback’s comparable restaurants generate average unit volumes of approximately $3.1 million • The average Outback restaurant is approximately 6,200 square feet with capacity of over 200 seats • Outback’s operating results have been negatively impacted by declining same store sales and increased operating costs Carrabba’s Italian Grill • Carrabba’s is a casual dining Italian restaurant concept with 217 Company-owned locations • The average Carrabba’s check is approximately $20.50 • Carrabba’s comparable restaurants generate average unit volumes of approximately $3.0 million • Carrabba’s units are approximately 6,500 square feet with capacity of over 200 seats 12

 

OVERVIEW OF GROWTH CONCEPTS(CONT’D) Fleming’s Prime Steakhouse and Wine Bar • Fleming’s is well positioned in the high-end segment of the restaurant industry • The average Fleming’s check is approximately $65.00 • Fleming’s comparable restaurants generate average unit volumes of approximately $3.8 million • Fleming’s units are approximately 7,000 square feet with capacity of 220 seats Bonefish Grill • Bonefish is a highly differentiated concept in the seafood segment of restaurant industry • The average Bonefish check is approximately $25.00 • Bonefish’s comparable restaurants generate average unit volumes of approximately $3.2 million • Bonefish’s units are approximately 5,500 square feet with capacity of 210 seats 13

 

OVERVIEW OF OTHER CONCEPTS • The Company operates the following restaurants in its other concepts: — Cheeseburger in Paradise: 37 — Roy’s: 22 — Lee Roy Selmon’s: 5 — Blue Coral: 1 • The Roy’s and Lee Roy Selmon’s concepts are operated through joint ventures • The Company opened the first Blue Coral location in August 2006 14

 

CONCEPT OVERVIEW — SELECT FINANCIAL INFORMATION ($ 000s, except check averages) Average Check $19.00 $20.50 $25.00 $65.00 $50.00 $12.00 Average Unit Volume $3,052 $3,038 $3,196 $3,817 $3,300 $3,200 Restaurant Level EBITDA $350 $362 $556 $620 $577 $570 Margin (% ) 11.5% 11.9% 17.4% 16.2% 17.5% 17.8% Cash-on-Cash Return (%) 21.9% 18.1% 31.6% 20.7% 23.0% 27.0% Same Store Sales (%) Calendar Year 2004 Q1 6.7% 5.1% 13.4% 19.0% 17.9% —Q2 2.2% 1.6% 7.2% 15.4% 12.3% —Q3 1.0% 1.0% -0.9% 14.1% 5.2% -10.6% Q4 1.1% 5.0% 1.5% 15.6% 10.4% -4.5% Calendar Year 2005 Q1 -0.5% 4.3% 0.3% 10.7% 3.4% 3.1% Q2 -0.9% 8.3% 2.9% 1.2% 5.8% 6.3% Q3 -1.6% 6.4% 7.7% 13.4% 9.1% 0.1% Q4 -0.7% 5.2% 5.5% 10.6% 1.8% -9.3% Calendar Year 2006 Q1 -1.1% 2.7% 2.1% 7.0% 4.6% -6.3% Q2 -2.9% -2.1% 0.9% 3.8% -1.4% -1.8% Q3 -2.4% -2.9% 0.0% 2.8% -1.0% 4.5% Source: Information provided by management and the Company’s public filings. 15

 

RESTAURANT PLATFORM Oasis owns and operates 1,385 system-wide restaurants, including 1,112 Company-owned domestic locations Restaurant Summary Number of Restaurants by Concept Restaurant Count Outback Carrabba’s Roy’s Fleming’s Selmon’s Cheeseburger Bonefish Other Total LTM Domestic C-O 681 217 22 42 5 37 107 1 1,112 International C-O 115 0 0 0 0 0 0 0 115 Domestic Fran. & JV 107 0 0 0 0 0 7 0 114 International Fran. & JV 44 0 0 0 0 0 0 0 44 Total 947 217 22 42 5 37 114 1 1,385 Fiscal 2005 Domestic C-O 670 200 20 39 3 27 86 4 1,049 International C-O 88 0 0 0 0 0 0 0 88 Domestic Fran. & JV 105 0 0 0 0 0 4 0 109 International Fran. & JV 52 0 0 0 0 0 0 0 52 Total 915 200 20 39 3 27 90 4 1,298 Fiscal 2004 Domestic C-O 652 168 18 31 2 10 59 2 942 International C-O 69 0 0 0 0 0 0 0 69 Domestic Fran. & JV 104 0 0 0 0 0 4 0 108 International Fran. & JV 56 0 0 0 0 0 0 0 56 Total 881 168 18 31 2 10 63 2 1,175 Fiscal 2003 Domestic C-O 622 119 17 23 2 2 32 0 817 International C-O 51 0 0 0 0 0 0 0 51 Domestic Fran. & JV 101 29 1 0 0 0 5 0 136 International Fran. & JV 51 0 0 0 0 0 0 0 51 Total 825 148 18 23 2 2 37 0 1,055 Source: Public filings and Company information. LTM store counts as of August 31, 2006. 16

 

HISTORICAL AND PROJECTED INCOME STATEMENT Historical Performance ($ mm) (1) LTM Projected Performance ($ mm) (2) Fiscal Year Ending December 2003 2004 2005 09/ 30/ 06 2006 2007 2008 2009 2010 2011 Restaurant sales $2,648 $3,183 $3,580 $3,818 $3,891 $4,220 $4,411 $4,787 $5,188 $5,590 Other sales 18 18 22 22 22 23 25 27 30 32 Total 2,666 3,202 3,602 3,840 3,913 4,243 4,436 4,814 5,218 5,622 Restaurant expenses Cost of sales 985 1,193 1,308 1,386 1,401 1,488 1,545 1,673 1,810 1,948 Labor 631 760 868 1,022 1,055 1,042 1,086 1,182 1,284 1,386 Other operating 599 745 871 859 881 1,108 1,129 1,218 1,307 1,410 Income from affiliates (5) (2) (1) (1) 0 (4) (5) (7) (9) (11) Total 2,209 2,697 3,045 3,266 3,337 3,634 3,754 4,066 4,392 4,733 Restaurant level EBITDA 456 505 556 574 576 609 682 748 826 890 General & administrative 108 142 164 215 223 199 201 213 223 235 EBITDA 348 363 392 359 353 410 481 534 602 655 Depreciation & amortization 85 104 127 145 150 166 173 183 197 211 Operating income 263 259 265 215 202 244 308 352 405 444 Other income (expenses) (1) (4) (7) (5) (6) (9) (5) (1) 4 10 Income before taxes 262 255 258 209.7 197 235 303 351 409 453 Taxes 88 82 107 82 76 79 97 111 129 143 Income before min. int. 174 172 151 127 121 156 206 240 280 311 Minority interest 3 9 1 9 9 9 10 12 13 16 Net income 171 163 150 119 112 147 196 228 267 295 Earnings per share 2.13 2.01 1.95 1.55 1.46 1.92 2.56 2.98 3.49 3.85 Store Count 1,055 1,175 1,298 1,385 1,420 1,514 1,604 1,699 1,799 1,899 Same Store Sales Outback 3.6% 4.6% (0.9% ) (2.2% ) (2.9% ) (0.9% ) 1.4% 2.9% 3.2% 2.8% Carrabba’s 4.1% 3.2% 6.1% (0.6% ) (1.6% ) (1.0% ) 1.0% 1.0% 1.0% 1.0% Fleming’s 12.7% 16.0% 12.0% 4.4% 3.7% 1.0% 1.0% 1.0% 1.0% 1.0% Notes: (1) Historical results per the Company’s audited financial statements. (2) LTM and projected results provided by management, including non-recurring expenses (hurricane-related expenses and impairments for assets and store closures) and catch-up charges pertaining to the Company’s partnership plans (i.e., PEP conversion costs). 17

 

HISTORICAL SEGMENT INFORMATION Financial Data by Restaurant Concept Outback Carrabba’s Roy’s Fleming’s Selmon’s Cheeseburger Bonefish Other Total Sales Fiscal 2003 $2,147 $313 $50 $76 $6 $5 $63 $4 $2,666 Fiscal 2004 2,385 483 63 109 8 18 131 5 3,202 Fiscal 2005 2,501 580 72 151 9 53 225 11 3,602 LTM 2,545 632 80 179 13 91 294 6 3,840 EBITDA Fiscal 2003 298 38 1 6 0 (1) 2 4 348 Fiscal 2004 309 52 5 9 0 (4) 6 (14) 363 Fiscal 2005 326 63 5 17 (0) (8) 17 (27) 392 LTM 297 59 3 18 (1) (9) 24 (33) 359 EBIT Fiscal 2003 237 25 (2) 3 0 (1) 0 2 263 Fiscal 2004 242 33 1 4 0 (5) 2 (19) 259 Fiscal 2005 249 40 2 11 (1) (11) 10 (34) 265 LTM 214 33 (0) 10 (2) (14) 14 (41) 215 CAGR (03 — 05) 7.9% 36.0% 19.5% 40.5% 21.4% 221.8% 88.9% 63.8% 16.2% Percent of Total Sales Fiscal 2003 80.6% 11.8% 1.9% 2.9% 0.2% 0.2% 2.4% 0.2% 100.0% Fiscal 2004 74.5% 15.1% 2.0% 3.4% 0.2% 0.6% 4.1% 0.2% 100.0% Fiscal 2005 69.4% 16.1% 2.0% 4.2% 0.3% 1.5% 6.2% 0.3% 100.0% LTM 66.3% 16.5% 2.1% 4.7% 0.3% 2.4% 7.6% 0.1% 100.0% EBITDA Margin (% ) Fiscal 2003 13.9% 12.3% 1.0% 8.0% 6.3% -24.8% 2.7% 102.1% 13.1% Fiscal 2004 12.9% 10.9% 7.3% 8.3% 6.2% -22.3% 4.3% -269.5% 11.3% Fiscal 2005 13.0% 10.9% 6.9% 11.3% -1.3% -15.2% 7.4% -245.8% 10.9% LTM 11.7% 9.3% 4.3% 10.1% -6.9% -9.9% 8.0% -566.4% 9.4% EBIT Margin (% ) Fiscal 2003 11.0% 7.9% -4.4% 3.6% 1.2% -28.4% 0.5% 59.8% 9.9% Fiscal 2004 10.1% 6.9% 2.3% 4.1% 1.1% -27.0% 1.5% -376.6% 8.1% Fiscal 2005 10.0% 7.0% 2.3% 7.1% -6.4% -20.8% 4.2% -318.3% 7.4% LTM 8.4% 5.2% -0.4% 5.8% -12.2% -15.5% 4.7% -705.1% 5.6% Note: Other includes Blue Coral, Sports, Catering, Speedway, Realty and OSI corporate. 18

 

BALANCE SHEET Balance Sheet as of June 30, 2006 ($ in thousands) Assets Liabilities Cash & Equivalents $57,591 Accounts Payable $93,282 Short Term Investments 1,852 Sales Tax Payable 15,196 Inventory 67,205 Accrued Expense 137,966 Deferred Tax Assets 20,157 Current Portion Partner Deposit 15,301 Other Current Assets 63,608 Unearned Revenue 36,984 Total Current Assets 210,413 Income Taxes Payable 16,993 Current Portion of LT Debt 77,237 PP&E, net 1,476,277 Total Current Liabilities 392,959 Long-Term Investments 25,183 Partner Deposit and Accrued Liability 93,031 Deferred Income Tax Assets 61,662 Deferred Rent 61,195 Goodwill 114,317 Long-Term Debt 185,393 Intangible Assets 11,567 Guaranteed Debt 33,778 Other Assets 146,073 Other Non-Current Liabilities 48,494 Notes Receivable Collateral for Total Liabilities 814,850 Franchise Guarantee 31,150 Minority Interests 42,953 Total Common Equity 1,218,839 Total Assets $2,076,642 Total Liabilities & Equity $2,076,642 19

 

OWNERSHIP SUMMARY Institutions (1) Insiders (2) Primary Percent of Primary Percent of Holder Shares Primary Holder Shares Primary Capital Research & Mgmt Co 8,011,000 10.7% Management Fidelity Management & Research 4,380,990 5.9% Chris T. Sullivan 2,496,114 3.3% Lord, Abbett & Co. Llc 4,371,066 5.9% Paul E. Avery 33,100 0.0% J.P. Morgan Inv Mgmt Inc. (Ny) 3,405,815 4.6% A. William Allen III. 450,000 0.6% Jennison Associates Llc 3,382,200 4.5% Joseph J. Kadow 50,000 0.1% American Cent Investment Mgmt. 2,773,209 3.7% Benjamin P. Novello 91,961 0.1% C.S. Mckee L.P. 2,128,610 2.9% Steven T. Shlemon 76,008 0.1% Evergreen Invt Mgmt Co, Llc 2,097,021 2.8% Thomas James 7,447 0.0% Tudor Investment Corporation 2,038,000 2.7% Total Management 3,204,630 4.3% Barclays Gbl Investors, N.A. 1,988,564 2.7% Berkshire Hathaway Inc. 1,818,800 2.4% Fenimore Asset Mgmt, Inc. 1,495,233 2.0% Non-Officer Directors Vanguard Group, Inc. 1,311,512 1.8% Robert D. Basham 4,378,204 5.9% Bessemer Trust Co, N.A. (Us) 1,216,885 1.6% Toby S. Wilt 75,000 0.1% Eaton Vance Management, Inc. 1,145,288 1.5% John A. Brabson, Jr 22,031 0.0% State Str Global Advr (Us) 993,585 1.3% General (Ret) Tommy Franks 2,603 0.0% Sandell Asset Management 979,100 1.3% Total Non-Officer Directors 4,477,838 6.0% Morgan Stanley Inv Mgmt Inc.(U 883,216 1.2% Boston Co Asset Mgmt, Llc 861,350 1.2% Jefferies & Company, Inc. 659,100 0.9% Blackrock Finl Mgmt, Inc. (Ml) 651,547 0.9% Summary of Share Ownership Aim Management Group, Inc. 609,954 0.8% Primary Percent of Mercantile-Safe Deposit & Co 609,913 0.8% Holder Shares Primary Wood Asset Management, Inc. 589,569 0.8% Institutions 66,437,595 89.0% Columbia Mgmt Advisors, Inc. 578,316 0.8% Insiders 7,682,468 10.3% Top 25 Institutions 48,979,843 65.6% Other Holders 564,911 0.8% Remaining Institutions 17,457,752 23.4% Total Institutions 66,437,595 89.0% Total Shares Outstanding 74,684,974 100.0% Notes: (1) Based on ownership as of 09/31/06 reported by Shareworld. (2) Share count based on merger agreement dated 10/25/06. 20

 

OVERVIEW OF ACQUIRER Bain Capital Select Investments • Bain Capital is an investment firm specializing in private equity, venture capital, public equity, and leveraged debt assets • Bain Capital was founded in 1984 and is headquartered in Boston, Massachusetts with offices in New York City; London; and Munich, Germany • Bain Capital currently manages over $40 billion in assets • Current fund size: approximately $8 billion • Bain Capital Private Equity has raised nine funds and invested in more than 200 companies, with an aggregate transaction value in excess of $17 billion • Industry focus includes retail, consumer products, food and restaurants and industrial 21

 

OVERVIEW OF ACQUIRER (CONT’D) Catterton Partners Select Investments • Catterton focuses exclusively on providing equity capital to growing middle-market consumer companies • Founded in 1990, the Company is based in Greenwich, CT • Catterton recently closed its sixth fund, and now has over $2.0 billion of equity capital under management • Current fund size: approximately $650 million • Collectively, the investment professionals at Catterton have over 150 years of relevant industry, investment and operating experience 22

 

SECTION IV Trading Summary of Oasis

 

RELATIVE STOCK PRICE PERFORMANCE — LAST 12 MONTHS Stock Price Performance Premium / Discount Metric Stock Price to Offer Price Market Performance Return 1-Day Prior (11/2/06 — Spot) $33.19 20.5% Dow Industrials 14.8% 5-Day Prior (10/27/06 — Spot) 33.05 21.0% S&P 500 14.7% 20-Day Prior (10/06/06 — Spot) 33.33 20.0% Oasis (14.3%) 6 Month Average 33.61 19.0% 12 Month Average 37.75 5.9% 52 Week Low 27.37 46.1% 52 Week High 46.62 (14.2%) 130% Dow Index 120% +14.8% 110% S&P 500 +14.7% 100% Oasis 90% -14.3% 80% 70% 11/2/2005 12/5/2005 1/6/2006 2/9/2006 3/14/2006 4/14/2006 5/19/2006 6/22/2006 7/25/2006 8/25/2006 9/29/2006 11/2/2006 Dow Index S&P 500 OASIS 24

 

HISTORICAL PRICE / VOLUME TRADING ANALYSIS Last Twelve Months 12,000 $50 Average price: $37.75 Offer price: 10,000 $40.00 $45 8,000 $40 6,000 Price Volume (000s) $35 4,000 $30 2,000 0 $25 11/2/2005 12/5/2005 1/6/2006 2/9/2006 3/14/2006 4/14/2006 5/19/2006 6/22/2006 7/25/2006 8/25/2006 9/29/2006 11/2/2006 Last Three Years 12,000 Average price: $50 $41.34 Offer price: 10,000 $40.00 $45 8,000 $40 6,000 Price Volume (000s) $35 4,000 $30 2,000 0 $25 11/3/2003 2/10/2004 5/20/2004 8/27/2004 12/3/2004 3/14/2005 6/22/2005 9/29/2005 1/6/2006 4/14/2006 7/25/2006 11/2/2006 25

 

TRADING VOLUME FOR OASIS — LAST 12 MONTHS Trading Values $50 Offer Price: $46.62 $45 $40.00 $37.75 $40 $35 $33.19 $33.05 $33.33 $33.61 $30 $27.37 $25 1-Day Prior 5-Day Prior 20-Day Prior 6 Mo. Average 1 Yr. Average 52 Wk. Low 52 Wk. High (11/2/06 — Spot) (10/27/06 — Spot) (10/06/06 - Spot) (4/26/06) (11/2/05) Volume at Respective Prices Offer Price: 100 $40.00 90 80 70 60 50 36.5% 40 30 18.9% 20.0% 20 14.4% 1.1% 9.1% Number of Shares Traded (Volume) 10 1.1% 0 $24 — $28 $28 — $32 $32 — $36 $36 — $40 $40 — $44 $44 — $48 Volume (in M illions) 26

 

WALL STREET RESEARCH COVERAGE Research Coverage Universe Price EPS Estimate Firm Analyst Rating Target 2006 2007 Last Report Jefferies Marcel, A. Hold $31.00 $1.54 $1.65 10/26/06 Johnson Rice & Company Sheridan, M. Overweight NA 1.60 1.79 10/26/06 Morgan Keegan (1) Derrington, R. Mkt Perform NA 1.60 2.00 10/26/06 Raymond James & Associates Elliott, B. Sell NA 1.55 1.75 10/18/06 Susquehanna Financial Group Morabito, T. Neutral NA 1.50 1.81 10/12/06 BB&T Capital Markets (1) Stouffer, B. Hold NA 1.58 1.81 10/06/06 Morgan Stanley Wiltamuth, M. Hold NA 1.58 1.81 09/22/06 RBC Capital Markets Miller, L. Mkt Perform 35.00 1.54 1.73 09/14/06 Buckingham Research Group Kalinowski, M. Accumulate 39.00 1.60 1.90 09/13/06 Bank of America Securities Barish, A.M. Hold 31.00 1.59 1.80 08/31/06 JP Morgan (1) Ivankoe J. Hold NA 1.58 1.74 08/31/06 SG Cowen Westra, P. Buy NA 1.60 1.85 08/31/06 Garp Research & Securities Furlong, R. Buy NA 1.61 1.78 08/18/06 CIBC World Markets Corp Glass, J. Hold 36.00 1.57 1.80 08/04/06 Argus Research Staszak, J. Hold NA 1.67 2.01 08/01/06 Standard & Poors Milton, D. Hold NA 1.50 2.10 07/28/06 Stephens Inc Collier, L. Hold 34.00 1.43 1.77 07/27/06 Wachovia Securities Omohundro, J. Hold 28.00 — 33.00 1.48 1.65 07/27/06 Oppenheimer & Co. Inc. (1) Smith, M. Hold NA 1.38 1.52 07/26/06 Notes: (1) Denotes firms that no longer issue price targets. 27

 

SECTION V Summary of Analyses

 

SUMMARY OF CONSIDERATION Summary of Consideration Public market valuation ($ mm, except per share data) Amount Offer price per share $40.00 Fully diluted shares outstanding (mm)(1) 77.8 Equity value $3,112 Plus: Total debt 296 Plus: M inority interest 43 Less: Cash and marketable securities (59) Enterprise value 3,392 Transaction multiples (2) Enterprise value / LTM sales 0.9x Enterprise value / LTM EBITDA 9.4x Notes: (1) Based on the Treasury Stock M ethod for determining in-the-money options. (2) Sales and EBITDA based on the Company’s quarterly results for the period September 30, 2006. (3) LTM EBITDA has been adjusted to exclude non-recurring expenses and non-cash catch-up charges pertaining to the Company’s partnership plans. 29

 

SUMMARY OF ADJUSTMENTS Financial Results (1) Dollars in millions LTM 2006 2007 2008 2009 2010 2011 Reported EBITDA $321.2 $313.0 $401.4 $478.1 $533.5 $602.3 $654.9 Adjustments to EBITDA (2) Asset impairment and restaurant closures 13.6 11.6 0.0 0.0 0.0 0.0 0.0 International asset impairment charge 1.5 0.0 0.0 0.0 0.0 0.0 0.0 PEP conversion costs (3) 21.3 25.1 8.3 2.8 0.6 0.1 0.0 Unredeemed gift certificates (4) 0.2 0.3 0.0 0.0 0.0 0.0 0.0 Lease related expenses 1.3 2.5 0.0 0.0 0.0 0.0 0.0 Total 37.8 39.5 8.3 2.8 0.6 0.1 0.0 Adjusted EBITDA 359.1 352.5 409.7 480.9 534.2 602.4 654.9 Adjusted EBITDA 359.1 352.5 409.7 480.9 534.2 602.4 654.9 D&A 144.5 150.0 165.5 173.3 182.5 197.0 211.1 EBIT 214.5 202.5 244.2 307.6 351.6 405.4 443.8 Interest expense (9.0) 5.2 (9.6) (5.8) (3.9) (3.9) (3.8) Other income 4.2 (10.7) 0.5 0.9 3.2 7.6 13.5 Income before taxes and minority interest 209.7 196.9 235.1 302.7 350.9 409.1 453.4 Taxes (5) 62.5 55.6 74.1 95.3 110.5 128.9 142.8 Incremental Taxes (6) 19.8 20.8 5.1 1.7 0.4 0.0 0.0 Total taxes 82.4 76.3 79.1 97.1 110.9 128.9 142.8 Income before minority interest 127.3 120.6 155.9 205.6 240.0 280.2 310.6 Minority interest 8.6 8.6 8.8 9.8 12.0 13.4 15.6 Adjusted net income 118.7 112.0 147.1 195.8 228.0 266.8 295.0 Share count 76.5 76.5 76.5 76.5 76.5 76.5 76.5 EPS 1.55 1.46 1.92 2.56 2.98 3.49 3.85 Reported net income 112.0 104.4 146.5 195.6 227.9 266.8 295.0 Reported EPS 1.46 1.36 1.91 2.56 2.98 3.49 3.85 Supporting data: Income before taxes and minority interest 172 157 227 300 350 409 453 Taxes 51 44 71 94 110 129 143 Effective tax rate (4) 29.8% 28.2% 31.5% 31.5% 31.5% 31.5% 31.5% Pretax adjustments to net income EBITDA adjustments 38 40 8 3 1 0 0 Gain on sale of Miami property (5) (5) 0 0 0 0 0 Total 33 34 8 3 1 0 0 Notes: (1) Financial results based on the Company’s management plan. (4) Reflects a change in the breakage rate and a conversion to remote recognition. (2) Based on discussions with Company management. (5) Based on the Company’s implied effective tax rate according to the reported results. (3) Related to non-cash catch-up charges pertaining to the Company’s partnership plans. (6) Reflects tax adjusted treatment of the add-backs at the statutory tax rate of 39% . 30

 

SUMMARY OF ANALYSES Comparable Public Company Analysis Precedent Trans. Premiums Paid Analysis DCF $110 $100 $95.51 Mean $90 Median $71.30 $77.69 $80 $69.26 $70.17 $70 $67.23 $63.99 $60 $54.71 $54.08 $50.72 $51.98 $50.16 $50 Offer $34.19 Price: $40 $40.00 $30.78 $30 $33.67 $29.36 $29.87 $29.14 $34.00 $26.60 $24.47 $23.81 $23.98 $20 $22.55 $19.86 $21.95 $19.22 $20.29 $10 $0 LTM CY 2006 CY 2007 CY 2007 LTM 20 — Day LTM LTM Sales CY 2006 P/ E CY 07 P/ E CY 07 PEG LTM Sales 1 — Day Prior 5 — Day Prior EBITDA PEG Sales EBITDA EBITDA Prior EBITDA Metric $3,840 $359 $1.46 $1.46 $4,243 $410 $1.92 $1.92 $3,840 $359 $33.19 $33.05 $33.33 $359 Max 2.2x 17.2x 34.7x 1.7x 1.6x 11.4x 27.0x 1.4x 1.6x 12.9x 92.8% 103.4% 110.5% 11.6x Mean 1.2x 10.0x 21.1x 1.4x 1.1x 8.3x 17.7x 1.2x 0.8x 7.7x 26.4% 29.1% 31.0% —Median 1.1x 9.0x 20.0x 1.4x 0.9x 8.2x 17.2x 1.2x 0.7x 7.4x 24.8% 27.0% 27.1% —Min 0.6x 8.0x 15.4x 1.1x 0.6x 6.0x 13.8x 0.8x 0.5x 5.0x -26.3% -28.0% -28.1% 8.1x At Offer 0.9x 9.4x 27.3x 2.2x 0.8x 8.3x 20.8x 1.7x 0.9x 9.4x 20.5% 21.0% 20.0% 9.4x Note: LTM financial results for the period ending September 30, 2006. Note: Financial results have been adjusted to exclude non-recurring expenses and non-cash catch-up charges pertaining to the Company’s partnership plans. 31

 

SUMMARY ANALYSIS OF OASIS Comparable Public Company Analysis Oasis Comparable Public Company Analysis At Offer Price Min Mean Median Max Enterprise Value / LTM Sales 0.9x 0.6x 1.2x 1.1x 2.2x Enterprise Value / 2007 Sales 0.8x 0.6x 1.1x 0.9x 1.6x Enterprise Value / LTM EBITDA 9.4x 8.0x 10.0x 9.0x 17.2x Enterprise Value / 2007 EBITDA 8.3x 6.0x 8.3x 8.2x 11.4x 2006 P/E 27.3x 15.4x 21.1x 20.0x 34.7x 2007 P/E 20.8x 13.8x 17.7x 17.2x 27.0x 2006 PEG 2.2x 1.1x 1.4x 1.4x 1.7x 2007 PEG 1.7x 0.8x 1.2x 1.2x 1.4x Precedent Transactions Analysis Oasis Precedent Transactions Analysis At Offer Price Min Mean Median Max Enterprise Value / LTM Sales 0.9x 0.5x 0.8x 0.7x 1.6x Enterprise Value / LTM EBITDA 9.4x 5.0x 7.7x 7.4x 12.9x 32

 

SUMMARY ANALYSIS OF OASIS (CONT’D) Premiums Paid Analysis Offer Premium / Comparable Premiums Premiums Paid Price Price (Discount) Min Mean Median Max 1-Day Prior (spot price) $33.19 $40.00 20.5% -26.3% 26.4% 24.8% 92.8% 5-Day Prior (spot price) 33.05 40.00 21.0% -28.0% 29.1% 27.0% 103.4% 20-Day Prior (spot price) 33.33 40.00 20.0% -28.1% 31.0% 27.1% 110.5% Notes: (1) Based on pending and completed acquisitions of U.S. target companies since January 1, 2000. (2) Based on U.S. target companies with a market capitalization between $1.0 and $5.0 billion on the date of announcement. (3) Data set excludes companies in the financial services, healthcare, technology and telecommunications industries. (4) Premiums paid analysis reflects the premiums / (discounts) paid for public company acquisitions by both strategic and financial buyers. Discounted Cash Flow Analysis Implied Equity Value Per Share Discount Rate Exit Multiple 11.1% 12.1% 13.1% 14.1% 15.1% 7.0x $40.24 $38.46 $36.78 $35.18 $33.67 7.5x 42.72 40.84 39.05 37.36 35.74 8.0x 45.20 43.21 41.32 39.53 37.82 8.5x 47.68 45.58 43.59 41.70 39.90 9.0x 50.16 47.96 45.86 43.87 41.98 33

 

SECTION VI Comparable Public Company Analysis

 

CRITERIA FOR COMPARABLE PUBLIC COMPANY ANALYSIS Methodology • Overview: — The comparable public company analysis reviews securities of publicly-traded companies deemed to be comparable to Oasis’ business. Share pricing in the public market incorporates a wide range of factors, including general economic and market conditions, interest rates, inflation and investor perceptions • Selection Process: — The analysis focused on publicly-traded companies engaged in the full-service dining segment of the restaurant industry with market capitalizations greater than $200 million — Comparable companies include full-service steak concepts, and other full-service restaurants chains with long-term EPS growth rates between 10% and 15% — Companies which Piper Jaffray deemed comparable to Oasis, include: ³/4 Texas Roadhouse ³/4 Rare Hospitality ³/4 Morton’s Restaurant Group ³/4 Ruth’s Chris ³/4 Darden Restaurants ³/4 Landry’s Restaurants ³/4 Brinker International ³/4 Applebee’s International ³/4 O’Charley’s ³/4 Bob Evans ³/4 CBRL Group 35

 

COMPARABLE RESTAURANT PERFORMANCE Over the last twelve months, Oasis has underperformed an index of comparable companies Relative Price Performance 130% 125% Comparable 120% Index +15.8% 115% Dow Index 110% +14.8% 105% S&P 500 +14.7% 100% 95% Oasis 90% -14.3% 85% 80% 75% 70% 11/2/2005 12/5/2005 1/6/2006 2/9/2006 3/14/2006 4/14/2006 5/19/2006 6/22/2006 7/25/2006 8/25/2006 9/29/2006 11/2/2006 Dow Index S&P 500 OASIS Full Service Casual Index (1) Comparable company index includes APPB, CHUX, CRI, EAT, LNY, MRT, MSSR, RARE, RI, RUTH and TXRH. 36

 

COMPARABLE PUBLIC COMPANY ANALYSIS ($ in millions, except per share data) Change LT Price Equity Company from 12-Month Growth P / E Multiple (1) PEG Ratio CV / LTM CV / 2007 Company 11/ 02/ 06 Value Value Low High Rate (1) CY ‘06 CY ‘07 CY ‘06 CY ‘07 Sales EBITDA Sales EBITDA Selected Full Service Restaurant Companies Darden Restaurants $41.59 6,548 7,150 35% (6% ) 13% 18.2x 16.4x 1.5x 1.3x 1.2x 9.4x 1.1x 8.5x Brinker International 45.76 3,891 4,338 45% (5% ) 13% 19.1x 16.8x 1.4x 1.2x 1.0x 8.6x 0.9x 7.3x Applebee’s 22.89 1,790 1,981 32% (14%) 13% 19.5x 17.6x 1.5x 1.3x 1.5x 8.6x 1.4x 8.5x CBRL Group 43.11 1,412 2,242 35% (10%) 12% 15.4x 14.6x 1.3x 1.2x 0.9x 8.0x 0.8x 8.7x Bob Evans 33.11 1,220 1,414 54% (5% ) NA 22.8x 19.5x NA NA 0.9x 9.1x 0.8x NA Texas Roadhouse 14.66 1,145 1,147 60% (15%) 21% 34.7x 27.0x 1.7x 1.3x 2.2x 17.2x 1.6x 11.4x RARE Hospitality 31.22 1,089 1,116 25% (10%) 18% 20.0x 17.1x 1.1x 1.0x 1.1x 9.0x 0.9x 7.6x Landry’s Restaurants 29.09 667 1,485 13% (20%) 11% 17.7x 13.8x 1.6x 1.2x 1.1x 8.0x 1.2x 7.5x O’Charley’s, Inc. 20.09 471 621 58% (5% ) 13% 22.5x 19.0x 1.7x 1.4x 0.6x 8.0x 0.6x 6.0x Ruth’s Chris Steak House 18.52 451 476 14% (25%) 18% 21.0x 17.6x 1.1x 1.0x 2.1x 14.1x 1.4x 9.0x Morton’s Restaurant Group 16.17 273 320 20% (20%) 19% 21.2x 15.6x 1.1x 0.8x 1.0x 10.1x 0.9x 7.8x Low 13% (25%) 11% 15.4x 13.8x 1.1x 0.8x 0.6x 8.0x 0.6x 6.0x Average 36% (12%) 15% 21.1x 17.7x 1.4x 1.2x 1.2x 10.0x 1.1x 8.3x Median 35% (10%) 13% 20.0x 17.1x 1.4x 1.2x 1.1x 9.0x 0.9x 8.2x High 60% (5% ) 21% 34.7x 27.0x 1.7x 1.4x 2.2x 17.2x 1.6x 11.4x Oasis Current Market Price (2) 33.19 2,535 2,773 22% (31%) 12% 22.7x 17.3x 1.8x 1.4x 0.7x 7.7x 0.7x 6.9x Offer Price (2) (3) 40.00 3,112 3,392 47% (17%) 12% 27.3x 20.8x 2.2x 1.7x 0.9x 9.4x 0.8x 8.3x Notes: (1) Long-term growth rate and earnings per share estimates provided by First Call and Wall Street research. Long-term growth rates based on expected five year secular growth trends. (2) Based on the most recent trading price of $33.19 per share (as of 11/02/06). (3) LTM and 2007 projected financial results have been provided by management and adjusted to exclude non-cash charges pertaining to catch-up payments related to the Company’s partnership programs. 37

 

COMPARABLE PUBLIC COMPANY ANALYSIS (CONT’D) 2.5x 2.2x 2.1x 2.0x 1.5x Average: 1.5x 1.2x 1.2x 1.1x 1.1x 1.0x 1.0x 1.0x 0.9x 0.9x 0.9x Comany Value / LTM Sales 0.6x 0.5x 0.0x Texas Ruth’s Chris Applebee’s Darden RARE Landry’s Brinker Morton’s Bob Evans CBRL Group O’Charley’s, Oasis Roadhouse Steak House Restaurants Hospitality Restaurants International Restaurant Inc. Group 20.0x 17.2x 16.0x 14.1x Average: 12.0x 10.0x 10.1x 9.4x 9.1x 9.0x 9.4x 8.6x 8.6x 8.0x 8.0x 8.0x Company Value / LTM EBITDA 8.0x 4.0x 0.0x Texas Ruth’s Chris Morton’s Darden Bob Evans RARE Brinker Applebee’s O’Charley’s, CBRL Group Landry’s Oasis Roadhouse Steak House Restaurant Restaurants Hospitality International Inc. Restaurants Group 38

 

COMPARABLE PUBLIC COMPANY ANALYSIS (CONT’D) 40.0x 34.7x 35.0x 30.0x 27.3x Average: 25.0x 22.8x 22.5x 21.1x 21.2x 21.0x 20.0x 19.5x 19.1x 20.0x 18.2x 17.7x 15.4x 2006 P / E Multiple 15.0x 10.0x 5.0x 0.0x Texas Bob Evans O’Charley’s, Morton’s Ruth’s Chris RARE Applebee’s Brinker Darden Landry’s CBRL Group Oasis Roadhouse Inc. Restaurant Steak House Hospitality International Restaurants Restaurants Group 30.0x 27.0x 24.0x Average: 20.8x 19.5x 19.0x 17.7x 17.6x 17.6x 17.2x 18.0x 16.4x 16.8x 15.6x 14.6x 13.8x 2007 P / E Multiple 12.0x 6.0x 0.0x Texas Bob Evans O’Charley’s, Applebee’s Ruth’s Chris RARE Darden Brinker Morton’s CBRL Group Landry’s Oasis Roadhouse Inc. Steak House Hospitality Restaurants International Restaurant Restaurants Group 39

 

COMPARABLE PUBLIC COMPANY ANALYSIS (CONT’D) 2.5x 2.2x 2.0x 1.7x 1.7x Average: 1.6x 1.5x 1.4x 1.4x 1.4x 1.5x 1.3x 1.1x 1.1x 1.1x 2006 PEG Ratio 1.0x 0.5x NA 0.0x O’Charley’s, Texas Landry’s Applebee’s Darden Brinker CBRL Group RARE Ruth’s Chris Morton’s Bob Evans Oasis Inc. Roadhouse Restaurants Restaurants International Hospitality Steak House Restaurant Group 1.8x 1.7x 1.5x 1.4x Average: 1.3x 1.3x 1.3x 1.2x 1.2x 1.2x 1.2x 1.3x 1.0x 1.0x 1.0x 0.8x 2007 PEG Ratio 0.8x 0.5x 0.3x NA 0.0x O’Charley’s, Applebee’s Texas Darden CBRL Group Landry’s Brinker RARE Ruth’s Chris Morton’s Bob Evans Oasis Inc. Roadhouse Restaurants Restaurants International Hospitality Steak House Restaurant Group 40

 

SECTION VII Precedent Transactions Analysis

 

CRITERIA FOR PRECEDENT TRANSACTIONS ANALYSIS Methodology • Overview: — The precedent transactions analysis encompasses a review of change of control transactions involving companies operating similar businesses and having SIC code classifications deemed similar to Oasis — This analysis is based on information obtained from SEC filings, public company disclosures, press releases, industry and popular press reports, databases and other sources • Transaction Selection Process: — This analysis reviewed a group of transactions selected based on the following factors: ³/4 Transactions in SIC codes 5813 (drinking places) and 5812 (eating places) ³/4 Transaction targets engaged in restaurant industry and deemed similar to Oasis ³/4 Transactions announced and closed between January 2003 and the present ³/4 Transactions with publicly available information on terms ³/4 Focuses on transactions with values greater than $50 million ³/4 Excludes share repurchases and acquisitions of minority interests 42

 

PRECEDENT TRANSACTIONS ANALYSIS Date Date Enterprise Transaction Value / LTM EBITDA Ann. Effect. Acquirer Target Value Sales EBITDA Margin 10/10/06 Pending J.H. Whitney Capital Partners Joe’s Crab Shack (Landry’s Restaurant Inc.) $192.0 NA 5.6x NA 08/28/06 08/28/06 Catterton Partners and Oak Investement Partners Cheddar’s NA NA NA NA 08/18/06 08/18/06 Sun Capital Partners Real Mex Restaurants NA NA NA NA 08/18/06 Pending Lone Star Funds Lone Star Steakhouse & Saloon 556.3 0.8x 12.0x 6.6% 07/25/06 07/25/06 Buffets Inc Ryan’s Restaurant Group 841.9 NA 10.3x NA 06/29/06 06/29/06 Bruckmann, Rosser, Sherrill / Castle Harlan Bravo Inc. NA NA NA NA 05/30/06 05/30/06 Zensho Co., Ltd. Catalina NA NA NA NA 05/22/06 06/29/06 Briad Group Main Street Restaurant Group 136.3 0.6x 8.2x 6.8% 03/06/06 05/05/06 Merrill Lynch Global Private Equity NPC International Inc. NA NA NA NA 02/17/06 06/20/06 Wellspring Capital Management LLC Checkers Drive-In Restaurants 195.0 1.0x 7.2x 14.0% 02/01/06 03/30/06 Grotech Capital, Charlesbank Capital, Leonard Green & Partners Del Taco, Inc. 600.0 1.0x 7.5x 12.9% 12/12/05 03/02/06 Newcastle Partners and Steel Partners Fox & Hound Restaurant Group 179.6 1.1x 8.2x 13.3% 12/12/05 03/01/06 Bain Capital, The Carlyle Group and Thomas H. Lee Partners Dunkin’ Brands, Inc. (Dunkin’ Donuts, Baskin-Robbins, Togo’s) 2,425.0 NA 12.9x NA 12/08/05 03/08/06 Wellspring Capital Management LLC Dave & Buster’s Inc. 375.0 0.9x 6.0x 14.5% 10/28/05 10/28/05 Leonard Green Partners Claim Jumper Restaurants NA NA NA NA 10/19/05 10/19/05 Sun Capital Partners Garden Fresh Restaurant Corporation NA NA NA NA 10/03/05 02/02/06 Bruckmann, Rosser, Sherrill & Co. Corner Bakery Café 64.0 0.5x 6.0x 8.3% 09/28/05 11/21/05 Trimaran Capital Partners El Pollo Loco 415.0 NA 9.4x NA 09/06/05 09/22/05 Castle Harlan Inc. Perkins Restaurant & Bakery 245.0 0.7x 6.6x 10.7% 06/27/05 08/10/05 Palladium Equity Partners Taco Bueno Restaurants NA NA NA NA 05/31/05 07/23/05 Triarc Cos. RTM Restaurant Group (Arby’s Franchisee) 727.0 0.9x NA NA 05/18/05 08/22/05 Management / PNC Mezzanine Capital Au Bon Pain 120.0 0.7x NA NA 04/29/05 09/22/05 Pacific Equity Partners Worldwide Restaurant Concepts 221.7 0.6x 7.4x 8.4% 01/20/05 03/07/05 Trimaran Capital Partners Charlie Brown’s Inc. 140.0 NA 7.5x NA 01/11/05 02/23/05 Centre Partners Management Uno Restaurant Holdings Corp. 190.0 0.7x 5.6x 12.7% 11/24/04 12/27/04 Charlesbank Capital Partners / Grotech Capital Group Captain D’s NA NA NA NA 11/01/04 12/28/04 Crescent Capital Investments Church’s Chicken 390.0 1.6x 7.5x 20.8% 06/16/04 04/14/05 Management / Investor Group Quality Dining, Inc. 131.3 0.6x 6.3x 9.1% 06/14/04 07/08/04 Bob Evans Farms Mimi’s Café 182.0 0.7x 9.6x 7.5% 11/10/03 11/10/03 Brazos Private Equity Partners Cheddar’s NA NA NA NA 09/29/03 03/10/04 Centre Partners Management / Fairmont Capital Garden Fresh Restaurant Corporation 134.3 0.6x 5.0x 12.4% 06/17/03 06/17/03 Wind Point Partners VICORP Restaurants Inc 225.0 0.6x 5.1x 11.3% Maximum 1.6x 12.9x 20.8% Mean 0.8x 7.7x 11.3% Median 0.7x 7.4x 11.3% Minimum 0.5x 5.0x 6.6% 43

 

SECTION VIII Discounted Cash Flow Analysis

 

CRITERIA FOR DISCOUNTED CASH FLOW ANALYSIS Methodology • Overview: — The Discounted Cash Flow (“DCF”) Analysis is used to calculate a range of theoretical values for Oasis, including (i) the present value of implied future cash flows of Oasis’ business and (ii) a terminal value which is an estimate of the future value of Oasis’ business at the end of the projection period — Oasis’ projected financial data for the period beginning 2007 and ending 2011 is based on projections prepared by Oasis’ management team — For purposes of this analysis, Piper Jaffray used a range of discount rates from 11.1% to 15.1% and a range of terminal EBITDA multiples from 7.0x to 9.0x applied to projected 2011 EBITDA ³/4 Discount rates are based on a detailed weighted average cost of capital calculation for comparable publicly-traded companies, using a risk free rate of 4.77%, a market risk premium of 7.20% and an effective cost of debt of 5.27% ³/4 Terminal EBITDA multiple is based on the mean transaction multiple paid in relevant change of control acquisitions 45

 

DISCOUNTED CASH FLOW ANALYSIS Projected Financial Results (1) Dollars in millions 2007 2008 2009 2010 2011 Income statement; EBITDA (2) $410 $481 $534 $602 $655 Operating income 244 308 352 405 444 Income taxes (31.5% ) 77 97 111 128 140 After-tax operating income 167 211 241 278 304 Unlevered free cash flow calculation: Depreciation & amortization 166 173 183 197 211 Changes in working capital 12 (9) (10) (17) (25) Maintenance capex (15) (33) (33) (33) (13) Growth capex (186) (182) (192) (200) (199) Unlevered free cash flow 143 159 188 225 278 Discounted free cash flow calculation: Unlevered free cash flow 143 159 188 225 278 Terminal exit multiple 8.0x Terminal value 5,239 Total free cash flow 143 159 188 225 5,517 Net present value calculation: Discount rate (3) 13.1% Net present value of unlevered free cash flows 127 125 130 137 150 Net present value of terminal value 0 0 0 0 2,826 Enterprise value 3,495 Less: total debt (296) Less: minority interest (43) Plus: cash 59 Equity value 3,215 Fully diluted shares outstanding 77.8 Value per share $41.32 Discount rate (2) Sensitivity analysis: 11.1% 12.1% 13.1% 14.1% 15.1% 7.0x $40.24 $38.46 $36.78 $35.18 $33.67 7.5x 42.72 40.84 39.05 37.36 35.74 Exit multiple of EBITDA in 2011 8.0x 45.20 43.21 41.32 39.53 37.82 8.5x 47.68 45.58 43.59 41.70 39.90 9.0x 50.16 47.96 45.86 43.87 41.98 Notes: (1) Financial projections provided by management. (2) Excludes non-recurring expenses and non-cash catch-up charges pertaining to the Company’s partnership plans. (3) Discount rate based on the weighted average cost of capital. 46

 

SECTION IX Premiums Paid Analysis

 

CRITERIA FOR PREMIUMS PAID ANALYSIS • Overview: — The premiums paid analysis encompasses a review of transactions involving a broad set of companies — The analysis is based on information obtained from SEC filings, public company disclosures, press releases, industry and popular press reports, databases and other sources • Transaction Selection Process for Overall Dataset: — This analysis reviewed a group of transactions selected based on the following: ³/4 Deals announced between 1/1/2000 and present ³/4 Deals with U.S. publicly-traded targets ³/4 Deals with an enterprise value between $1 billion and $5 billion ³/4 Deals with publicly available information ³/4 Excludes share repurchases, acquisitions of a minority interest and acquisitions of a division ³/4 Exclude deals in the technology, finance and healthcare sectors ³/4 Search yielded 166 results • Transaction Selection Process for Going Private Dataset: — This analysis reviewed a group of transactions selected based on the following: ³/4 Deals announced between 1/1/2000 and present ³/4 Deals where the acquirer is a financial sponsor or private equity consortium ³/4 Deals with U.S. publicly-traded targets ³/4 Deals with an enterprise value between $1 billion and $5 billion ³/4 Deals with publicly available information ³/4 Search yielded 26 results 48

 

HISTORICAL PREMIUMS PAID Date Date Enter. Premiums Paid Analysis Ann. Eff. Target Acquirer Value 1 — Day 5 — Day 20 — Day 10/25/06 Pending Yankee Candle Co Inc Madison Dearborn Partners LLC $1,622.9 21.0 19.0 21.3 10/16/06 Pending Open Solutions Inc The Carlyle Group / Providence 1,284.6 25.5 30.9 34.3 10/15/06 Pending JLG Industries Inc Oshkosh Truck Corp 2,965.4 34.9 37.5 52.3 10/11/06 Pending Jacuzzi Brands Inc Apollo Management LP 1,269.5 20.8 20.2 20.8 09/10/06 Pending NS Group Inc IPSCO Inc 1,331.7 43.0 42.0 41.0 09/05/06 Pending Veritas DGC Inc Cie Generale de Geophysique SA 3,012.3 20.6 33.5 31.3 08/31/06 Pending MacDermid Inc Hellman Friedman / Texas Pacific Group 1,233.7 14.0 21.7 16.5 08/28/06 Pending Giant Industries Inc Western Refining Inc 1,407.0 15.6 17.7 16.2 08/28/06 Pending Bois d’Arc Energy Inc Comstock Resources Inc 1,038.5 0.0 (0.4) (4.0) 08/28/06 Pending Energy Partners Ltd ATS Inc 1,234.0 25.0 26.2 26.6 08/18/06 Pending Gold Kist Inc Pilgrims Pride Corp 1,012.4 56.5 55.8 53.0 08/15/06 Pending Delta & Pine Land Co Monsanto Co 1,450.8 15.9 17.5 26.5 08/10/06 Pending Banta Corp Cenveo Inc 1,138.6 8.7 41.8 13.6 08/08/06 Pending Aleris International Inc Texas Pacific Group Inc 2,320.7 26.8 29.8 15.5 07/14/06 Pending Petco Animal Supplies Inc Leonard Green & Partners / Texas Pacific Group 1,793.7 49.1 48.3 57.9 07/06/06 Pending Peoples Energy Corp WPS Resources Corp 2,498.5 15.0 14.5 9.2 07/05/06 Pending ADVO Inc Valassis Communications Inc 1,327.3 53.8 56.8 46.4 07/05/06 Pending Duquesne Light Holdings Castor Holdings LLC 2,797.2 21.7 23.9 25.7 06/15/06 Pending Intermagnetics General Corp Koninklijke Philips Electronic 1,207.6 27.9 21.1 34.9 06/12/06 10/05/06 Maverick Tube Corp Tenaris SA 3,233.0 36.6 36.4 22.6 06/12/06 Pending Pacific Energy Partners LP Plains All American Pipeline 1,984.3 10.6 10.2 15.4 06/12/06 Pending Houston Exploration Co JANA Partners LLC 2,347.4 13.4 19.0 17.5 05/31/06 10/24/06 West Corp Thomas H. Lee Partners / Quadrangle Group 3,801.2 13.0 18.2 5.8 05/16/06 Pending NCO Group Inc One Equity Partners 1,355.4 44.4 35.5 26.1 05/15/06 Pending Atmel Corp RDG Capital Llc 2,643.7 17.0 (1.3) 10.2 05/01/06 09/20/06 Aviall Inc Boeing Co 2,089.8 27.3 28.7 27.2 04/21/06 07/12/06 KCS Energy Inc Petrohawk Energy Corp 1,880.2 9.6 18.8 30.7 04/13/06 Pending Aztar Corp Wimar Tahoe Corp 2,686.9 75.9 82.1 71.4 04/12/06 05/19/06 Sybron Dental Specialties Inc Danaher Corp 2,235.1 12.6 9.7 22.5 04/03/06 Pending Alderwoods Group Inc Service Corp International 1,170.4 11.7 17.7 18.3 03/17/06 07/26/06 William Lyon Homes General William Lyon 1,670.0 44.0 50.5 27.0 03/06/06 06/01/06 Education Management Corp Goldman Sachs Capital Partners 3,145.2 16.3 13.0 34.1 01/22/06 05/03/06 Sports Authority Inc Leonard Green & Partners 1,371.1 20.0 26.0 20.7 01/18/06 04/13/06 Burlington Coat Factory Bain Capital Inc 1,861.8 2.1 4.0 13.3 01/10/06 03/31/06 Hughes Supply Inc Home Depot Inc 3,475.7 20.6 27.0 24.0 12/13/05 06/08/06 Anteon International Corp General Dynamics Corp 2,100.9 34.6 30.7 23.6 11/09/05 01/25/06 La Quinta Corp Blackstone Group LP 2,934.236.9 33.1 40.8 11/08/0502/03/06Linens n Things IncApollo Management1,272.37.9 14.9 17.0 10/16/0511/30/05Adv Neuromodulations Sys IncSt Jude Medical Inc1,210.030.4 22.8 21.8 10/13/0501/30/06Vintage Petroleum IncOccidental Petroleum Corp3,938.834.3 31.8 24.6 49

 

HISTORICAL PREMIUMS PAID (CONT’D) Date Date Enter. Premiums Paid Analysis Ann. Eff. Target Acquirer Value 1 — Day 5 — Day 20 — Day 09/21/05 01/31/06 Engineered Support Systems Inc DRS Technologies Inc 1,786.0 27.6 26.6 18.3 09/19/05 12/13/05 Spinnaker Exploration Co Norsk Hydro ASA 2,542.7 34.4 44.3 51.5 09/18/05 11/17/05 TBC Corp Sumitomo Corp of America 1,102.8 34.0 34.4 34.6 08/24/05 12/09/05 York International Corp Johnson Controls Inc 3,110.3 38.3 36.1 35.2 08/02/05 01/31/06 Reebok International Ltd adidas-Salomon AG 4,291.1 38.0 37.9 39.1 07/17/05 03/31/06 Maytag Corp Whirlpool Corp 2,588.4 83.1 100.4 39.1 06/14/05 08/16/05 Wyndham International Inc Blackstone Group LP 1,931.0 18.6 19.8 19.8 06/02/05 07/29/05 Titan Corp L-3 Communications Hldg Inc 2,651.3 15.3 25.8 33.1 05/25/05 10/01/05 Visteon Corp Ford Motor Co 2,116.1 10.0 80.6 84.5 05/16/05 08/05/05 Overnite Corp UPS 1,282.8 46.2 35.8 42.7 05/12/05 08/02/05 Cuno Inc 3M Co 1,348.6 31.3 34.7 36.8 04/18/05 10/10/05 Electronics Boutique Holdings GameStop Corp 1,346.4 34.2 31.3 34.2 03/09/05 07/01/05 Great Lakes Chemical Corp Crompton Corp 1,768.8 10.1 9.1 17.4 03/07/05 12/16/05 Insight Communications Co Inc The Carlyle Group 3,384.2 21.4 23.7 12.5 03/07/05 06/24/05 United Defense Industries Inc BAE Systems Inc 4,250.4 28.7 37.1 46.6 02/28/05 05/24/05 USF Corp Yellow Roadway Corp 1,391.3 31.5 32.1 30.5 02/24/05 02/24/05 TEPPCO Partners LP EPCO Inc 4,099.7 (0.7) (0.1) 4.1 01/31/05 06/03/05 Pulitzer Inc Lee Enterprises Inc 1,528.7 1.7 (1.5) (0.9) 01/26/05 06/07/05 Magnum Hunter Resources Inc Cimarex Energy Co 1,537.9 27.3 29.0 30.6 01/04/05 02/07/05 United Industries Corp Rayovac Corp 3,227.2 NA NA NA 12/16/04 05/16/05 Patina Oil & Gas Corp Noble Energy Inc 3,288.0 23.0 25.6 27.2 12/05/04 03/22/05 Sola International Inc Carl Zeiss Vision Holding GmbH 1,083.2 26.6 33.9 42.5 11/24/04 02/22/05 Ionics Inc GE Infrastructure Inc 1,297.6 47.9 43.0 52.5 11/19/04 04/27/05 Hollywood Entertainment Corp Movie Gallery Inc 1,073.7 23.8 22.7 18.1 11/05/04 01/07/05 KinderCare Learning Ctr Inc Knowledge Learning Corp 1,015.0 NA NA NA 11/03/04 10/03/05 Argosy Gaming Co Penn National Gaming Inc 2,149.3 16.4 11.1 17.8 11/01/04 07/01/05 Kaneb Pipe Line Partners LP Valero LP 2,360.0 21.3 17.8 19.1 11/01/04 07/01/05 Kaneb Services LLC Valero LP 1,154.1 37.9 34.1 31.7 10/25/04 03/11/05 International Steel Group Inc Ispat International NV 4,131.8 22.7 22.9 17.0 10/20/04 12/10/04 Boca Resorts Inc Blackstone Real Estate Advisor 1,188.9 27.9 30.6 31.1 10/19/04 12/22/04 Robert Mondavi Corp Constellation Brands Inc 1,272.0 49.9 52.3 50.9 09/29/04 11/12/04 Orbitz Inc Cendant Corp 1,059.0 34.5 33.8 48.4 08/12/04 03/11/05 Varco International Inc National-Oilwell Inc 2,925.7 9.2 10.0 5.6 07/27/04 01/06/05 Ocular Sciences Inc Cooper Cos Inc 1,151.8 18.5 14.9 17.7 07/22/04 12/23/04 AMC Entertainment Inc Marquee Holdings Inc 1,383.5 13.6 35.9 23.3 07/21/04 04/13/05 Texas Genco Holdings Inc Johnson Development / Cherokee Investment Partners 3,575.4 28.4 42.2 39.2 05/04/04 09/28/04 Evergreen Resources Inc Pioneer Natural Resources Co 2,036.7(4.0)(7.9)15.4 04/15/0405/21/04Tom Brown IncEnCana Corp2,692.523.8 23.1 33.7 04/07/0406/25/04Westport Resources CorpKerr-McGee Corp3,466.110.7 10.9 13.4 03/29/0411/30/04Millennium Chemicals IncLyondell Chemical Co2,572.430.7 39.6 18.2 50

 

HISTORICAL PREMIUMS PAID (CONT’D) Date Date Enter. Premiums Paid Analysis Ann. Eff. Target Acquirer Value 1 — Day 5 — Day 20 — Day 03/05/04 05/12/04 Extended Stay America Inc Blackstone Group LP 3,187.6 24.6 26.3 27.5 01/27/04 10/22/04 IMC Global Inc Cargill Crop Nutrition 3,934.3 44.9 33.9 48.8 12/15/03 09/30/04 Gulfterra Energy Partners LP Enterprise Products Partners 4,550.1 2.2 3.7 2.0 12/14/03 03/29/04 Dial Corp Henkel KGaA 3,039.5 11.1 12.7 16.2 07/14/03 12/09/03 OfficeMax Inc Boise Cascade Corp 1,459.0 46.9 53.6 59.6 07/08/03 12/11/03 Roadway Corp Yellow Corp 1,112.8 59.9 65.7 65.8 06/17/03 07/29/03 Jostens Inc CSFB Private Equity Advisers 1,127.9 50.0 50.0 77.8 06/09/03 08/11/03 Veridian Corp General Dynamics Corp 1,569.4 28.0 30.8 45.8 04/10/03 06/23/03 Hotels.com USA Interactive 3,169.2 13.0 9.8 28.0 01/16/03 05/15/03 Wallace Computer Services Inc Moore Corp Ltd 1,260.7 21.8 17.2 25.5 09/23/02 03/28/03 Dole Food Co Inc David H Murdock 2,375.3 36.8 32.7 18.0 08/20/02 10/31/02 Pure Resources Inc Union Oil Co of California 1,703.0 20.7 27.0 22.4 07/26/02 02/28/03 International Specialty Prods Samuel J Heyman 1,074.1 4.3 1.7 33.8 06/12/02 09/22/03 Hispanic Broadcasting Corp Univision Communications Inc 3,481.4 31.1 29.0 18.2 05/31/02 01/17/03 Ticketmaster USA Interactive 2,026.8 (26.3) (28.0) (28.1) 05/13/02 06/17/02 Lands’ End Inc Sears Roebuck & Co 1,835.5 78.9 81.5 110.5 04/01/02 06/03/02 Trendwest Resorts Cendant Corp 1,008.7 (2.8) (4.7) (9.4) 03/25/02 10/02/02 Pennzoil-Quaker State Co Shell Oil Co 2,912.5 42.0 43.8 52.8 03/11/02 03/21/02 Avaya Inc Warburg Pincus Equity Partners 2,726.9 0.0 18.8 (3.4) 02/04/02 04/30/02 Kinam Gold Corp Kinross Gold Corp 1,535.7 1.9 44.8 75.8 12/18/01 02/21/02 Interlogix Inc GE Industrial Systems 1,011.9 35.4 55.0 47.2 11/19/01 03/20/02 Dal-Tile International Inc Mohawk Industries Inc 1,870.7 51.4 46.6 54.6 11/07/01 01/07/02 Aquila Inc(Utilicorp United) UtiliCorp United Inc 1,699.9 15.0 12.8 (16.1) 10/23/01 02/22/02 Schuler Homes Inc DR Horton Inc 1,518.7 83.0 85.8 81.3 10/12/01 03/15/02 Liberty Digital Inc Liberty Media Corp 1,307.1 10.2 3.2 (28.1) 09/27/01 04/05/02 Gaylord Container Corp Temple-Inland Inc 1,027.9 60.3 46.3 14.7 09/27/01 02/19/02 Orion Power Holdings Inc Reliant Resources Inc 4,975.3 39.6 51.8 19.6 09/07/01 11/01/01 Louis Dreyfus Natural Gas Dominion Resources Inc 2,361.4 22.2 20.9 32.4 09/04/01 11/20/01 Global Marine Inc Santa Fe International Corp 3,817.6 16.9 9.6 4.2 08/14/01 01/24/02 Mitchell Energy & Development Devon Energy Corp 3,298.8 32.3 31.2 39.1 08/03/01 11/14/01 Sensormatic Electronics Corp Tyco International Ltd 2,369.9 53.6 59.9 43.7 07/16/01 05/13/03 USA Networks Inc Liberty Media Corp 2,812.6 (5.2) (11.1) (3.7) 07/10/01 08/20/01 Triton Energy Ltd Amerada Hess Corp 3,513.9 50.5 43.9 42.2 07/09/01 12/30/01 Anchor Gaming Inc International Game Technology 1,281.8 9.8 3.9 (7.4) 07/02/01 08/14/01 Earthgrains Co Sara Lee Corp 2,761.6 54.8 65.6 50.5 06/25/01 12/14/01 Homestake Mining Co Barrick Gold Corp 2,289.8 31.1 27.9 20.3 06/18/01 10/01/01 Galileo International Inc Cendant Corp 3,414.762.4 103.4 105.1 06/01/0108/02/01Houghton Mifflin CoVivendi Universal SA2,242.612.1 17.4 33.8 05/30/0108/28/01MiniMed IncMedtronic Inc3,243.29.1 13.7 12.4 05/23/0109/13/01Marine Drilling CosPride International Inc1,995.713.4 16.2 15.8 05/14/0108/01/01HS Resources IncKerr-McGee Corp1,700.823.9 39.2 41.3 05/08/0108/02/01Barrett Resources CorpWilliams Cos Inc2,729.156.1 60.9 44.0 05/08/0101/18/02Newport News Shipbuilding IncNorthrop Grumman Corp3,014.222.6 20.9 42.3 05/01/0107/31/01Del Webb CorpPulte Homes Inc1,863.823.7 35.8 37.1 04/05/0112/21/01Dean Foods CoSuiza Foods Corp2,393.325.9 26.4 24.0 03/19/0106/22/01True North Communications IncInterpublic Group of Cos Inc2,077.57.2 2.4 0.2 51

 

HISTORICAL PREMIUMS PAID (CONT’D) Date Date Enter. Premiums Paid Analysis Ann. Eff. Target Acquirer Value 1 — Day 5 — Day 20 — Day 03/16/01 08/29/01 Bergen Brunswig Corp AmeriSource Health Corp 3,523.1 9.7 2.8 (2.9) 03/12/01 05/24/01 United Dominion Industries Ltd SPX Corp 1,671.2 35.1 46.8 61.8 02/20/01 09/06/01 Springs Industries Inc Heartland Springs Investment Company 1,221.2 27.4 22.7 33.3 02/20/01 06/28/02 RGS Energy Group Energy East Corp 2,391.8 18.9 18.9 31.0 02/05/01 05/08/01 UTI Energy Corp Patterson Energy Inc 1,463.9 8.8 8.0 21.5 01/30/01 10/09/01 Wisconsin Central Transport Canadian National Railway Co 1,189.8 14.8 8.5 14.0 01/25/01 06/20/01 Sodexho Marriott Services Inc Sodexho Alliance SA 2,996.0 28.6 27.0 49.7 01/15/01 02/28/01 Rollins Truck Leasing Corp Penske Truck Leasing Co LP 2,014.7 54.1 61.2 89.1 01/12/01 02/26/01 Collins & Aikman Corp Heartland Industrial Partners 1,177.0 0.0 19.4 12.7 12/18/00 02/19/01 ACNielsen Corp VNU NV 2,339.9 49.2 42.4 56.8 12/15/00 12/15/00 UnitedAuto Group Inc Penske Capital Partners LLC 1,130.9 40.0 35.5 46.1 12/04/00 09/28/01 IBP Inc Tyson Foods Inc 4,433.2 39.7 46.2 59.9 11/13/00 02/12/01 American Freightways Corp FEDEX Corp 1,208.5 60.7 75.8 61.3 10/26/00 03/26/01 Keebler Foods Co Kellogg Co 4,522.1 18.7 20.0 8.0 10/20/00 01/08/01 Shaw Industries Inc Investor group 3,247.2 5.2 4.5 3.0 10/12/00 12/19/00 Hexcel Corp Investor group 1,059.1 (21.8) (19.6) (16.6) 09/29/00 11/16/00 Southdown Inc CEMEX SA DE CV 2,842.5 30.4 38.4 17.2 08/28/00 10/03/00 Beringer Wine Estates Holdings Fosters Brewing Group Ltd 1,531.0 28.2 38.1 51.7 08/14/00 07/31/01 Chris-Craft Industries Inc News Corp Ltd 2,802.6 37.1 19.5 19.5 08/14/00 07/13/01 BHC Communications Inc News Corp Ltd 2,403.2 16.4 13.4 10.0 08/14/00 07/31/01 United Television Inc News Corp Ltd 1,358.5 10.3 8.3 14.0 08/02/00 11/28/00 MascoTech Inc Heartland Industrial Partners, L.P. 1,913.1 47.0 47.0 57.2 07/31/00 09/18/00 National Computer Systems Inc Pearson PLC 2,499.9 25.6 29.3 49.6 07/17/00 03/27/01 IPALCO Enterprises Inc AES Corp 3,033.9 16.3 17.0 25.4 07/12/00 08/24/00 Quantum Effect Devices Inc PMC-Sierra Inc 1,716.6 25.0 23.5 50.9 07/10/00 07/10/00 MDU Resources Group Inc Aqa Wlngtn Nth Amrcn Eq Fnd 1,989.9 (7.3) (4.4) (2.0) 06/23/00 08/24/00 International Home Foods Inc ConAgra Inc 2,892.2 41.6 33.5 26.7 06/05/00 09/14/00 Primark Corp Thomson Corp 1,132.9 31.0 45.8 49.4 05/29/00 09/14/00 Mark IV Industries Inc BC Partners, Interbanca S.p.A. and Arca Merchant 2,078.8 8.9 8.9 1.7 05/26/00 08/29/00 Sante Fe Synder Corp Devon Energy Corp 3,209.0 17.4 18.0 40.5 05/12/00 10/04/00 Young & Rubicam Inc WPP Group PLC 4,940.2 27.4 17.5 (0.8) 04/06/00 07/10/00 Arvin Industries Inc Meritor Automotive Inc 1,138.4 (5.2) 5.1 22.2 04/03/00 07/31/00 American National Can Group Rexam PLC 2,086.0 37.1 41.9 65.5 03/14/00 05/25/00 Cordant Technologies Inc Alcoa Inc 2,739.7 92.8 91.6 72.7 03/14/00 06/20/00 Howmet International Inc Alcoa Inc 2,153.7 13.5 12.8 14.3 03/08/00 04/13/00 US Foodservice Inc Koninklijke Ahold NV 3,441.5 6.7 56.4 92.6 02/21/00 09/26/00 Snyder Communications Inc Havas Advertising SA 2,867.843.9 32.6 43.0 02/17/0005/02/00US Home CorpLennar Corp1,458.444.7 42.6 33.0 02/14/0005/12/00NetOptix CorpCorning Inc1,853.99.7 23.1 88.8 02/02/0006/30/00Thermo Instrument Systems IncThermo Electron Corp3,747.127.0 33.2 94.3 Maximum 4,975.3 92.8 103.4 110.5 Mean 2,226.6 26.4 29.1 31.0 Median 2,057.1 24.8 27.0 27.1 Minimum 1,008.7 (26.3) (28.0) (28.1) 52

 

HISTORICAL PREMIUMS PAID — GOING PRIVATE TRANSACTIONS Date Date Enter. Premiums Paid Analysis Ann. Eff. Target Acquirer Value 1 — Day 5 — Day 20 — Day 10/25/06 Pending Yankee Candle Co Inc Madison Dearborn Partners LLC $1,622.9 21.0% 19.0% 21.3% 10/16/06 Pending Open Solutions Inc The Carlyle Group / Providence 1,284.6 25.5 30.9 34.3 10/11/06 Pending Jacuzzi Brands Inc Apollo Management LP 1,269.5 20.8 20.2 20.8 08/31/06 Pending MacDermid Inc Hellman Friedman / Texas Pacific Group 1,233.7 14.0 21.7 16.5 08/08/06 Pending Aleris International Inc Texas Pacific Group Inc 2,320.7 26.8 29.8 15.5 07/14/06 Pending Petco Animal Supplies Inc Leonard Green & Partners / Texas Pacific Group 1,793.7 49.1 48.3 57.9 06/12/06 Pending Houston Exploration Co JANA Partners LLC 2,347.4 13.4 19.0 17.5 05/31/06 10/24/06 West Corp Thomas H. Lee Partners / Quadrangle Group 3,801.2 13.0 18.2 5.8 05/16/06 Pending NCO Group Inc One Equity Partners 1,355.4 44.4 35.5 26.1 05/15/06 Pending Atmel Corp RDG Capital Llc 2,643.7 17.0 (1.3) 10.2 03/06/06 06/01/06 Education Management Corp Goldman Sachs Capital Partners 3,145.2 16.3 13.0 34.1 01/22/06 05/03/06 Sports Authority Inc Leonard Green & Partners 1,371.1 20.0 26.0 20.7 01/18/06 04/13/06 Burlington Coat Factory Bain Capital Inc 1,861.8 2.1 4.0 13.3 11/09/05 01/25/06 La Quinta Corp Blackstone Group LP 2,934.2 36.9 33.1 40.8 11/08/05 02/03/06 Linens n Things Inc Apollo Management 1,272.3 7.9 14.9 17.0 06/14/05 08/16/05 Wyndham International Inc Blackstone Group LP 1,931.0 18.6 19.8 19.8 03/07/05 12/16/05 Insight Communications Co Inc The Carlyle Group 3,384.2 21.4 23.7 12.5 10/20/04 12/10/04 Boca Resorts Inc Blackstone Real Estate Advisor 1,188.9 27.9 30.6 31.1 07/21/04 04/13/05 Texas Genco Holdings Inc Johnson Development / Cherokee Investment Partners 3,575.4 28.4 42.2 39.2 03/05/04 05/12/04 Extended Stay America Inc Blackstone Group LP 3,187.6 24.6 26.3 27.5 06/17/03 07/29/03 Jostens Inc CSFB Private Equity Advisers 1,127.9 50.0 50.0 77.8 03/11/02 03/21/02 Avaya Inc Warburg Pincus Equity Partners 2,726.9 0.0 18.8 (3.4) 02/20/01 09/06/01 Springs Industries Inc Heartland Springs Investment Company 1,221.2 27.4 22.7 33.3 01/12/01 02/26/01 Collins & Aikman Corp Heartland Industrial Partners 1,177.0 0.0 19.4 12.7 12/15/00 12/15/00 UnitedAuto Group Inc Penske Capital Partners LLC 1,130.9 40.0 35.5 46.1 10/12/00 12/19/00 Hexcel Corp Investor group 1,059.1 (21.8) (19.6) (16.6) Maximum 3,801.2 50.0 50.0 77.8 Mean 1,998.8 20.9 23.1 24.3 Median 1,708.3 20.9 22.2 20.8 Minimum 1,059.1 (21.8) (19.6) (16.6) 53

 

APPENDIX Weighted Average Cost of Capital Calculation

 

WEIGHTED AVERAGE COST OF CAPITAL Levered Net Debt/ Equity/ Net Debt/ Unlevered Re-Levered Company Ticker Beta (1)Tax Rate Net Debt MKT Cap RFR MRP Cap Cap Equity Beta Beta Applebees Intl Inc APPB 0.95 34.9% 190.2 1,790.4 4.8% 7.2% 9.6% 90.4% 10.6% 0.88 1.19 O’Charley’S Inc CHUX 1.22 14.3% 150.4 470.5 4.8% 7.2% 24.2% 75.8% 32.0% 0.95 1.24 Darden Restaurants Inc DRI 1.03 29.9% 602.3 6,548.1 4.8% 7.2% 8.4% 91.6% 9.2% 0.96 1.29 Cbrl Group Inc CBRL 0.91 30.8% 830.0 1,411.6 4.8% 7.2% 37.0% 63.0% 58.8% 0.65 0.86 Brinker Intl Inc EAT 0.96 29.9% 447.1 3,891.3 4.8% 7.2% 10.3% 89.7% 11.5% 0.89 1.18 Landrys Restaurants Inc LNY 1.18 31.5% 818.1 667.3 4.8% 7.2% 55.1% 44.9% 122.6% 0.64 0.86 Mortons Restaurant Group Inc MRT 1.35 68.6% 46.7 273.3 4.8% 7.2% 14.6% 85.4% 17.1% 1.28 1.84 Rare Hospitality Intl Inc RARE 1.24 32.4% 26.5 1,089.4 4.8% 7.2% 2.4% 97.6% 2.4% 1.22 1.64 Texas Roadhouse Inc TXRH 1.16 34.6% 2.2 1,144.7 4.8% 7.2% 0.2% 99.8% 0.2% 1.15 1.56 Bob Evans Farms BOBE 1.32 25.7% 193.7 1,220.1 4.8% 7.2% 13.7% 86.3% 15.9% 1.18 1.56 Ruths Chris Steak House RUTH 1.13 31.7% 25.1 450.9 4.8% 7.2% 5.3% 94.7% 5.6% 1.08 1.45 Average 1.13 33.1% 16.4% 83.6% 26.0% 0.99 1.33 Median 1.16 31.5% 10.3% 89.7% 11.5% 0.96 1.29 WACC Build-up Cost of Equity Capital Long-term Capital Structure Estimates (2) Risk Free Rate (Rf) 4.77% Net Debt / Total Capital (4) 10.3% Market Risk Premium (Rm) (3) 7.20% Equity / Total Capital (4) 89.7% Median Relevered Beta of Comp Companies 1.29 Debt / Equity (4) 11.5% Cost of Equity Capital (Ke) 14.04% Small Company Additional Risk Premium 0.00% Weighted Average Cost of Capital Company-Specific Risk Premium 0.00% Weight Cost WACC Company-specific Cost of Equity Capital 14.04% Equity Weighted Portion 89.69% 14.04% 12.60% Debt Weighted Portion 10.31% 5.27% 0.54% Cost of Debt Capital Interest Rate on Debt 7.70% Less: Tax Shield @ 31.5% 2.43% Implied Weighted Average Cost of Capital 13.14% Effective Cost of Debt (Kd) 5.27% (1) FactSet 3-Y ear Betas (2) 10 Y r T reasury (3) Ibbotson (4) Median estimated from industry comparable group 55