Bank of America Investment Banking Pitch Book

Confidential Discussion Materials Prepared for the Pioneer Special Committee Table of Contents 1. Executive Summary 2. Review of Projections 3. Preliminary Valuation Considerations 4. Go-Shop Considerations 5. Next Steps Appendix IOX For more investment banking materials, visit www.10xebitda.com Bank of America Merrill Lynch 1 6 11 19 29 30

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