Bank of America Investment Banking Pitch Book

Confidential Discussion Materials Prepared for the Pioneer Special Committee Table of Contents 1. Introduction 2. Review of Preliminary Indication Received 3. Preliminary Valuation Considerations 4. Next Steps Appendix A. Valuation Supporting Details B. Potential Strategic Buyer Affordability Analysis LOX For more investment banking materials, visit www.10xebitda.com Bank of America Merrill Lynch 1 6 9 18 19 19 27

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