2019 Performance Review

PSLP / PSH Cumulative Net Returns Since Inception (1/1/04) PSLP / PSH Net Returns vs. S&P 500 through December 31, 2019 750.0% 700.0% 650.0% 600.0% 550.0% 500.0% 450.0% 400.0% 350.0% 300.0% 250.0% 200.0% 150.0% 100.0% 50.0% Launch of PSH December 31, 2012 PSLP / PSH: 745.3% S&P 500: 303.2% Q1 2012 Q1 2011 Q1 2010 Q1 2008 Q1 2009 Q1 2007 0.0% (50.0%) Q1 2004 Q1 2005 Q1 2006 Data represents returns an investor would have earned if they invested in PSLP at its January 1, 2004 inception and converted to PSH at its launch on December 31, 2012. 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. Q1 2019 Q1 2018 Q1 2017 Q1 2016 Q1 2015 Q1 2014 Q1 2013 16

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