Pershing Square Investor Presentation Deck
HLT Share Price Performance Since Inception
HLT's share price including dividends was flat in 2020 and increased 2%
year-to-date in 20211
HLT share price performance from 10/8/2018 to 2/16/2021:
$120
Share price
$110
$100
$90
$80
$70
$60
$50
2/13/19: HLT reports
strong earnings and
modifies adjusted EPS to
more closely align with
economic earnings
Monk
Oct-2018
Feb-2019
10/23/19: HLT
issues preliminary
2020 guidance
3/10/20: Hilton withdraws
2020 outlook given
economic uncertainty
3/26/20: Hilton furloughs
corporate employees, eliminates
non-essential expenses
Jun-2019
Oct-2019
Feb-2020
6/16/20: Hilton announces
additional SG&A reductions
3/11/20:
Hilton draws
down $1.75bn
credit line
Jun-2020
Mar
Oct-2020
$114
11/4/20: Hilton reports
Q3 results which
include improving
RevPAR trends and
outperformance in net
unit growth
$73*
Feb-2021
Note: The performance of HLT's share price is provided for illustrative purposes only and is not an indication of future returns of the Pershing Square funds.
*Average cost at announcement date. Please see the additional disclaimers and notes to performance results at the end of the presenta tio n.
(1) As of 2/16/2021.
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