March 2022 Investor Presentation
$12
$10
$8.56
$8
$7.20
$6
$4
$3.38
$2
March 2022 Investor Presentation
$3.38
SOLID BOOK VALUE PER SHARE GROWTH
Since inception, Heritage has provided investors with solid book value per share growth. Including cumulative dividends
declared, Heritage's book value per share compound annual growth rate (CAGR) is 17% since the Company's 2012 inception.
$18
$16
$14
SOLID GROWTH IN BOOK VALUE AND CUMULATIVE DIVIDENDS PER SHARE
CAGR - since inception: 17% • 2015: 3% • 2017: -2%
$17.19
$16.67
$1.25
$15.20
$1.01
$15.20
$0.53
$0.77
$14.31
$12.70
$1.49
$11.76
$0.29
$7.20
$0
2012
2013
2014
$8.56
$11.71
2015
Book Value Per Share
2016
21
$12.41
$0.05
$14.67
$14.43
2017
2018
Cumulative Dividends Per Share
2019
$15.66
$15.94
2020
2021
$12.82
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