Bank of America Investment Banking Pitch Book

I Pioneer Forecast Pioneer Aug-13 Management Case Wall Street Consensus Pioneer 2013 Sale Process Case Review of Projections Pioneer Forecast Comparison Non-storm-related Services Revenue Storm-related Services Revenue New Opportunities Revenue Total Revenue EBITDA Non-storm-related Services Revenue Storm-related Services Revenue New Opportunities Revenue Total Revenue EBITDA Non-storm-related Services Revenue Storm-related Services Revenue New Opportunities Revenue Total Revenue EBITDA Non-storm-related Services Revenue Storm-related Services Revenue New Opportunities Revenue Total Revenue EBITDA 2013 LOX For more investment banking materials, visit www.10xebitda.com $763 156 $919 110 $751 167 $919 110 $763 156 $919 110 $772 137 $909 114 Fiscal Year Ending June 30, 2014E 2015E 3 $765 47 $812 74 $764 81 $845 90 $765 55 $819 72 $780 Source: Pioneer Forecast, August 2013 Management case, March 2013 Management Presentation (Sale Process) and FactSet Consensus estimates. Note: Dollars in millions. No Wall Street research vilable pest 2015E. $874 97 T 1 I I T L I L $789 50 48 T 5887 N 89 5841 90 $931 I 107 $8.20 60 $880 82 $846 94 $940 105 I 2016E $857 50 212 $1,119 118 5922 99 $1,021 118 NA NA NA NA $917 94 $1,012 115 See bridge on following pages I I I I T 1 I I I T I I I I T I I I I I '14E - '16E CAGR 5.9% 3.2% NA 17.4% 26.2% 9.9% 10.4% NA 9.9% 14.3% NA NA NA NA NA 0.0% NA 7.6% 8.9% Bank of America Merrill Lynch 1 I I I

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