2019 Performance Review

Substantial Outperformance in 2019 58.1% 2019 PSH Net Returns vs. Benchmark Indices 31.5% 28.4% 16.3% 10.7% PSH S&P 500 MSCI World HFRX ED: Activist Fund Index¹ HFRX Equity Hedge Fund Index² PSH Outperformance 2,660 bps 2,970 bps 4,180 bps 4,740 bps Past performance is not necessarily indicative of future results. All investments involve the possibility of profit and the risk of loss, including the loss of principal. Please see the additional disclaimers and notes to performance results at the end of this presentation. (1) HFRX ED: Activist Index constructed and maintained by Hedge Fund Research, Inc. Hedge funds included in the index primarily employ activist strategies. (2) HFRX Equity Hedge Index constructed and maintained by Hedge Fund Research, Inc. Hedge funds included in the index maintain long and short positions in primarily equity and equity derivative securities and employ a broad range of fundamental and quantitative techniques in their investment process. 14

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