2019 Performance Review

2019 Corporate Actions: Share Buyback Programs Over the course of 2019, PSH instituted share buyback programs totaling $300 million 2019 Share Buyback Programs Jun. 19, 2019 to Feb. 4, 2020 Cumulative Shares Repurchased Since Inception May 2, 2017 to Feb. 4, 2020 $601 million 39.6 million $ Shares Repurchased $224 million Number of Shares Repurchased 11.9 million 1 as % of Public Shares Outstanding Average Purchase Price / Share 5.5% $18.84 Average Discount to NAV 28.0% Return on Investment 38.9% 16.5% $15.17 23.6% 30.9% The combined $601 million of PSH share buybacks and $540 million of cumulative share purchases by PSCM affiliates have reduced the free float of PSH by 32% since the IPO. Today, PSCM affiliates own approximately 21.9% of PSH on a fully diluted basis (1) Reflects Public Shares outstanding as of June 19, 2019 for 2019 Share Buyback Programs and Public Shares outstanding as of May 2, 2017 for cumulative shares repurchased since inception 10

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