2019 Performance Review

2019 Corporate Actions: New Bond Issuance In July 2019, PSH issued $400 million of unsecured bonds with a coupon of 4.950%, maturing on July 15, 20391 Opportunistic issuance at a highly attractive interest rate ■Interest rate of 2039 bonds is materially below what was implied by the then-trading price of PSH's pre-existing 2022 bonds² ■■PSH'S 2022 bonds have seen significant spread compression over the past year; they currently trade at a spread of ~T+150 basis points vs T+300 a year ago Ability to access low-cost, investment-grade, long-term debt is an important competitive advantage for PSH 20-year term is well matched with PSH's long-term investment horizon ✓ No mark-to-market covenants We believe that the issuance of the 2039 bonds established a favorable benchmark spread which will assist PSH over time in refinancing, and/or extending the maturity of the 2022 bonds (1) Callable at 100% of par from July 15, 2034 (2) Trading price at time of issuance of the Bonds (July 25, 2019). Adjusted for the difference in term 11

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