Bank of America Investment Banking Pitch Book

Introduction Recap of Key Events to Date Date February 19, 2014 March 8, 2014 March 22, 2014 March 27, 2014 March 28, 2014 April 4, 2014 April 9, 2014 April 14, 17, 2014 April 18, 2014 April 14 April 28, 2014 April 29, 2014 April 30, 2014 ■ ■ Pioneer receives an unsolicited indication of interest from Court Square for $12.50 - $13.00 per share in cash L The Special Committee appoints Bank of America Merrill Lynch as financial advisor ■ Bank of America Merrill Lynch presentation to the Special Committee Special Committee reviews management forecasts Bank of America Merrill Lynch presentation to the Special Committee on preliminary valuation considerations and strategic buyer affordability 7 Special Committee reviews management forecasts B Bank of America Merrill Lynch discussion with the Special Committee ■ Special Committee reviews supplemental financial information on management forecasts The Special Committee convenes and authorizes Bank of America Merrill Lynch to contact a limited number of potential interested parties from the prior sales process including Party A and Party B Management provides Bank of America Merrill Lynch revised Management Forecasts based on year-to- date performance Management conducts executive presentations for Court Square, Party A and Party B (by phone) Bank of America Merrill Lynch discussion with the Special Committee Special Committee considers whether to contact Party C to gauge their interest in participating in process Potential buyers conduct limited due diligence Pioneer Management facilitates a half-day due diligence session with Court Square in Mt. Airy, NC Bid deadline for preliminary non-binding indications of interest. Court Square submits non-binding indication of interest for $12.75 per share in cash 1 5 ■ Commentary Bank of America Merrill Lynch LOX For more investment banking materials, visit www.10xebitda.com Special Committee meeting to evaluate Court Square proposal and review updated valuation Considerations with Bank of America Merrill Lynch

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