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Dear Fellow Shareholders

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Dear Fellow Shareholders Dear Fellow Shareholders: As we approach the end of the year, and having just released our results for the third quarter 2000, this is an appropriate time to describe the progress we are making against each of the three growth objectives we outlined early in the year. Full details of our financial results for the three- month and nine-month periods ending September 30, 2000 can be found in the press release we issued October 25 (and which can also be accessed through our investor relations webpage via www.Hilton.com), while additional detail will be outlined in the 10-Q which was filed November 13th. Maximize return on assets One of our priorities for 2000 has been to maximize the return on the assets we own. That really means driving revenue-per-available-room (RevPAR) increases and operating at high margins. We are doing exceptionally well here. RevPAR at our comparable U.S. owned hotels was up over 11 percent in the third quarter. When you combine our owned hotels with the ones we operate for third parties, the numbers are every bit as strong. Across our owned-or-operated system, comparable RevPAR was up over 10 percent. And at the Hilton owned-or-operated properties, it was up well over 13 percent. The cities that have been the strongest performers all year continue to do extremely well: New York, San Francisco, Chicago, Honolulu and Boston, among others. The New York Hilton – where we completed an $85 million renovation – is showing excellent results, while our new hotel at Logan Airport in Boston is consistently exceeding our forecasts. In addition, the Hilton Hawaiian Village is having a fabulous year, taking advantage of the turnaround in the Hawaii market. The rebound at the Doubletree brand continues as well. What’s important here is that Doubletree’s market-share index (in other words, the brand’s “fair share” of the market) is going up. The brand used to get only about 90 percent of its fair share because it had no loyalty program and no sales force. Today, it’s at 97 percent, and benefiting from our Hilton HHonors program, our cross-selling efforts and the 300 people we have around the world selling all of our brands. Our goal and expectation is to get Doubletree well over 100 percent along with the rest of our brands. Importantly, we are continuing to do a very good job of running our business efficiently. Our margins remain the absolute best in the industry, and our third quarter 2000 margins were up over two points from last year’s third quarter. Brand development We are doing A+ work on our second priority…growing our fee-based business. We added more than 40 hotels to our system in the third quarter, and will hit our target of 8-10 percent unit growth for this year. Because of our strong pipeline, we’re confident that we’ll hit that target on an annual basis for the next three to four years. This year, we expect to add about 180 hotels to our system, and approximately 225 next year. About half of our new franchise development is our Hampton Inn brand, and about 25 percent is Hilton Garden Inns. But we are seeing very good interest among owners for all of our brands. The reason for this is twofold: 1) these are best brands in their respective industry categories…Embassy Suites and Hampton Inn each won J.D. Power Awards as “Best In Class,” each for the second consecutive year; and 2) all of our brands are delivering great RevPAR results for our owners. I should also mention here that we are growing our vacation ownership business. Our newest project opens in January at the Hilton Hawaiian Village. Sales have been outstanding, and we are also looking at other opportunities to grow our timeshare business to go along with our existing properties in Las Vegas, Orlando and Miami. Synergies Finally, we are working hard – and succeeding – at realizing the cost savings and revenue enhancement synergies from our acquisition of Promus Hotel Corporation. Our Hilton HHonors program – which was put in place at Hampton Inn, Doubletree, Homewood Suites by Hilton and Embassy Suites on April 3 – now accounts for 20 percent of the total stays at these brands. So Honors has been a huge success. We are also seeing great success in cross-selling among all of our various brands. In the third quarter, we averaged approximately $7 million per month in incremental system-wide booked revenue from cross-selling. And our worldwide sales force of 300 people is hard at work booking business into all of our brands. The real benefit of this effort won’t be fully realized until 2001. The bottom line is that our target of $65 million in synergies is a lock for this year, and we are equally confident of hitting our target of $95-100 million next year. We look forward to continuing these positive business trends for the remainder of this year and into 2001, and as always are appreciative of your support. Sincerely, November 17, 2000 The Doubletree brand has experienced a dramatic turnaround as a Result of the HHonors program and cross-selling initiatives. Pictured: Fess Parker’s Doubletree Resort in Santa Barbara, CA. Hilton CEO Stephen Bollenbach speaks at the 2000 National Urban League Conference in New York City. The inaugural “Power Breakfast” was attended by more than 300 business, political and community leaders. J.D. Power and Associates presented Embassy Suites and Hampton Inn with its “Best In Class” awards, each for the second consecutive year. On hand for the ceremony from L to R are: Phil Cordell, senior vp – brand management - Hampton Inn; Tom Keltner, president - franchise hotel group - Hilton Hotels Corporation; James David Power III, chairman - J.D. Power and Associates; Steve Bollenbach, president and CEO - Hilton Hotels Corporation and Steve Porter,- senior vice president - Hilton Hotels Corporation & executive vice president – hotel division – hotel operations. .
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