2019 Performance Review

Hilton Worldwide ("HLT") Hilton Hilton's unique asset-light model and unit growth opportunity should allow it to sustainably grow earnings at a mid-teens rate Strong business performance in 20191 ►9% Adjusted EBITDA growth, 13% growth in economic earnings per share1 ➤ 7% net unit growth ► 5% reduction of outstanding shares Robust earnings growth in 2019 despite muted macro environment validate the durability of Hilton's business model Despite realizing ~1% RevPAR growth, HLT should grow earnings by 13% in 2019 Embedded growth from unit pipeline and strong cost control should sustain free cash flow growth even if RevPAR declines in a weak economy ► Substantial capital return provides downside protection Despite meaningful share price appreciation since our investment, HLT continues to offer a compelling return profile given high levels of durable earnings growth (1) Based on the midpoint of management's guidance for Q4. Excludes Other Non-Operating Income and gain or loss on foreign currency transactions. Source: Company filings 40

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