2019 Performance Review

2019 Contributors (Gross Returns) Contributors PSH Chipotle Mexican Grill 14.7% Hilton Worldwide 9.0% Fannie Mae & Freddie Mac 7.2% Starbucks 5.7% Lowe's 5.3% Restaurant Brands International 4.5% Automatic Data Processing 4.4% Howard Hughes Corporation 2.6% United Technologies 2.4% Agilent Technologies 2.1% Berkshire Hathaway 1.9% Accretion from Share Buybacks¹ 1.9% Platform Specialty Products 1.0% Other Income and Expense 0.2% Bond Interest Expense (1.8%) Total Contributors 61.1% Past performance is not a guarantee of future results. All investments involve risk, including the loss of principal. Positions with contributions or detractions to performance of 50 basis points or more are listed above separately, while positions with contributions or detractions to performance of less than 50 basis points are aggregated. Please see the additional disclaimers and notes to performance results at the end of this presentation. (1) Over the course of 2019, PSH executed share buybacks totaling $174 million at an average discount to NAV of 28.3%. The positive impact on performance due to the accretion from these share buybacks is reflected above. 17

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