#1Follow-Up Materials Prepared for: The Special Committee Regarding: Project Pioneer March 28, 2014 Strictly Confidential LOX For more investment banking materials, visit www.10xebitda.com Bank of America Merrill Lynch#2Notice to Recipient Confidential "Bank of America Merrill Lynch" is the marketing name for the global banking and global markets businesses of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., member FDIC. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation (Investment Banking Affiliates"), including in the United States, Merrill Lynch. 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LOX For more investment banking materials, visit www.10xebitda.com Bank of America Merrill Lynch#3#4#5#6TOX Appendix For more investment banking materials, visit www.10xebitda.com Bank of America Merrill Lynch#7Income Statement: Non-storm-related Services Revenue % Growth Storm-related Services Revenue % Growth New Opportunities Revenue % Growth Total Revenue % Growth Gross Profit % Margin EBITDA % Margin Memo: EBITDA (Excl New Opportunities) EPS Cash Flow: D&A % of Revenue Capital Expenditures, Gross % of Revenue Business Acquisitions % of Revenue Source Pioneer Dase Case. Note: Dollars in millions, except per share figures. Appendix Summary of Financial Projections - Pioneer Base Case 2009A $461 $153 $613 $110 $96 15.7% $96 $0.94 $37 $27 $25 4.1% 2010A $457 (0.7%) $47 (69.5%) $504 (17.8%) $48 9.5% $22 4.3% 522 7.1% $18 3.5% $15 Historical LOX For more investment banking materials, visit www.10xebitda.com 2011A $529 15.7% $65 38.4% ($0.41) $0.04 $594 17.8% $68 11.4% $48 $48 $38 $19 0.0% 2012A $615 16.1% $685 $156 $71 9.3% 121.0% 15.4% $92 13.4% $64 $0.31 Fiscal Year Ending June 30, 2013A 2014E 5.6% 4.9% $17 2.5% $763 24.1% $147 16.0% $110 11.9% $919 $822 34.1% (10.5%) $110 $1.03 $41 4.5% I I $70 7.6% 4 I I 1 I I 1 I I I $40 I 1 $762 (0.1%) I I $60 (61.5%) $106 $72 8.7% $72 $0.44 $41 5.0% $31 3.8% || 2015E $781 Pioneer Base Case $7.5 25.0% $32 $888 8.1% $124 13.9% $8:3 581 $0.64 $41 3.2% || 2016E $8.49 $75 $54 67.2% 10.0% $142 $977 $1,036 6.1% 14.5% $98 10.1% 591 $0.91 $54 5.6% 2017E || $908 $75 0.0% $54 $153 14.7% $104 $97 $1.03 4.1% 2018E $954 12.4% $75 0.0% $49 (8.4%) $1,078 10.3% $161 15.0% $108 10.0% $101 $1.12 $40 3.7% $45 4.2% || 11-13A 13A-18E I CAGR CAGR 20.0% 55.4% NA 24.4% 47.2% 51.8% 51.8% NM (13.6% NA (1.5%) (0.9%) 2.3% Bank of America Merrill Lynch I