Bank of America Investment Banking Pitch Book

Executive Summary Introduction 1 th Notable events since the July 14" Special Committee meeting include: ■ On July 21, Court Square increased its offer to acquire Pioneer to $12.00 per share in cash Bank of America Merrill Lynch ■ Ongoing negotiations of merger agreement and other transaction documents with target completion and potential signing of a deal on Monday August 4, 2014 ■ Preparation of marketing materials to be used for the go-shop process anticipated by the merger agreement IOX For more investment banking materials, visit www.10xebitda.com

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