Bank of America Investment Banking Pitch Book

Observations ■ 1 Currently no significant activist presence, but continuous monitoring is important Total hedge funds represent -9% of the shareholder base Index funds and Dimensional - historically influenced by ISS - represent -17% of the shareholder base Insiders Shareholder J. Eric Pike Audie G. Simmons Charles E. Bayless James T. Benfield Anthony K. Slater James R. Helvey Timothy G. Harshbarger Daniel J. Sullivan Peter Pace James L. Turner Total Insider Ownership Appendix Overview of Pioneer's Shareholder Base % of O/S 6.4% 0.2% 0.2% 0.2% 0.1% 0.1% 0.1% 0.1% 0.0% 8.2% Top 15 Institutional Shareholders Shares Held Shareholder Metropolitan West Capital Mgmt T. Rowe Price Associates Wellington Management Dimensional Fund Advisors Victory Capital Management BlackRock Advisors Invesco Advisers Wells Capital Management Royce & Associates American Century Investment Mgmt The Vanguard Group Invesco Canada Batterymarch Financial Mgmt Northern Trust Investments SSgA Funds Management Top 15 Institutional Ownership Source: Public company filings and FactSet dated March 14, 2014. Estimated average cost basis assumes shares purchased at the weighted average price between reporting periods. LOX For more investment banking materials, visit www.10xebitda.com 16 4,365,247 2,794,540 2,114,194 1,827,285 1,878,793 1,615,376 1,517,455 1,099,170 1,002,878 717,081 687,532 680,000 510,400 472.488 418,458 21,480,854 O/S 13.7% 5.7% 5.3% 5.1% 3.1% 2.1% 1.6% 1.5% 1.3% 67.4% Market Value $47.1 22.8 19.7 18.1 17.4 16.4 11.0 7.7 7.4 7.1 5.5 5.1 Type of Manager / Style Value / Growth Generalist / Growth Generalist / Growth Index / Index Value / Value Generalist / Growth Hedge Fund / Growth Value / Growth Growth / Growth Index / Index Growth / GARP Index / Growth Index / Index Value / Value Generalist / Growth Cost Basis (1) $10.60 13.05 9.78 10.34 10.52 11.77 9.31 10.92 9.54 9.25 11.31 10.52 10.87 11.08 12.53 Acc. Trend ↑ ↑ → ↑ ↑ ↑ ↑ p → → → → ↑ Bank of America Merrill Lynch

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