Presentation November 2020

Waldorf Astoria Maldives Ithaafushi HLT VALUE PROPOSITION

Hilton's scale, global presence and leading brands at multiple price points drive a network effect delivering industry-leading performance

Leading Brands serving • Award-winning brands that serve guests for virtually any HLT Financial virtually any lodging need they have anywhere lodging need Performance in the world anywhere • Leads to satisfied customers, including approximately 110 million Hilton Honors loyalty members • Creates a network effect that drives a strong Satisfied, global RevPAR premium of 15%(a) Leading Loyal Hotel Customers • These premiums drive strong financial returns Supply & for the company and our hotel owners Pipeline • Satisfied owners continue to invest in growing Hilton’s brands, driving leading organic net unit growth with de minimis use of capital Premium, • We believe the reinforcing nature of these Growing Satisfied Market Share activities will allow Hilton to outperform the Owners competition

(a) Source: STR (nine months ended 9/30/2020). “RevPAR” or “Revenue per Available Room” represents hotel room revenue divided by room nights available to guests for a given period.

1. INDUSTRY-LEADING PORTFOLIO OF BRANDS WITH A GLOBAL PRESENCE

2. A SIMPLIFIED, FEE-BASED BUSINESS

3. A HIGH-QUALITY PIPELINE GENERATING SUBSTANTIAL RETURNS ON MINIMAL CAPITAL INVESTMENT

With ~6,300 properties & ~998,000 rooms in 118 countries and territories, Hilton is one of the world’s largest and most diversified hotel companies

Industry-leading, clearly defined, global brands drive a 15% global RevPAR premium(a)

Luxury & Lifestyle Full Service All Suites Focused Service Timeshare

ADJ. EBITDA BY GEOGRAPHY(b) ROOMS BY CHAIN SCALE(c) Other Americas Middle East & Midscale Luxury 1% Non-U.S. Africa 1% 3% Asia 4% 2% Pacific 9% Upper Europe Upscale Upper 1% 30% Midscale 32%

No single U.S. market U.S. accounts for more than 84% Upscale 3% of Adj. EBITDA 33%

(a) Source: STR (nine months ended 9/30/2020). (b) Based on last twelve months (“LTM”) period ended 9/30/2020 calculated as the nine months ended 9/30/2020 plus the year ended 12/31/2019 less the nine months ended 9/30/2019. For Adjusted EBITDA, excludes corporate and other. (c) Room count as of 9/30/2020. Other includes HGV.

Hilton Honors loyalty program enables a better, more personalized hotel stay, driving incremental value to the system

HILTON HONORS IS OFFERING MORE VALUE TO MORE MEMBERS Members 110M Share of system 36M Occupancy(b) 60%+ 2012 2020(a) +16% CAGR +260 BPS YOY

INNOVATIVE NEW FEATURES & PARTNERSHIPS

POINTS & MONEY 2.0 SHOP WITH POINTS POINTS POOLING RIDESHARING Can choose any The first hotel loyalty Can pool Points into a single When a member rides with combination of Points and program to enable members account (for free), Lyft, they earn money to pay for a stay, to use their Points on generating incremental Hilton Honors Points. using an interactive “Slider.” Amazon.com. reward stays and increasing engagement.

(a) As of 9/30/2020. This page contains additional trademarks, service marks and trade (b) For the year ended 12/31/2019 and is therefore not reflective of major impacts from the COVID-19 pandemic. Results should not be considered indicative of our names of others, which are the property of their respective future performance in any future periods. owners. All trademarks, service marks and trade names appearing in this presentation are, to our knowledge, the property of their respective owners. 4 © 2020 Hilton Proprietary 1. INDUSTRY-LEADING PORTFOLIO OF BRANDS

We are one of the most innovative hotel companies, leading in delivering personalized experiences for guests in every interaction they have with Hilton Our Hilton Honors app is one example of how we offer end-to-end experiences for guests: • Our Digital Key and welcome experience empowers guests to pick their room before arrival and bypass the front desk • At roughly 3,500 of our hotels, Hilton Explore allows guests to explore neighborhoods surrounding their hotel like locals • Connected Room enables guests to control lighting, HVAC and entertainment options using their mobile device • We partner with SHOWTIME and Netflix to allow guests to stream their favorite content • Digital Check-Out gives guests the convenience of checking out of their room in the app 26 million ~110 million Digital Keys downloaded Hilton Honors Members 5,000+ 103 million ~23,000 +12% YOY Digital Key hotels Doors opened with Digital Key Connected Rooms

We are committed to sustainable travel and tourism Our Travel with Purpose initiatives aim to drive positive social and environmental change across our operations, supply chain, and communities

GOALS FOR 2030 FOCUS ON

ENVIRONMENTAL IMPACT SOCIAL IMPACT Energy Youth Carbon Diversity & Inclusion Water Community Investment Waste Disaster Relief Responsible Sourcing Human Rights

LEADING THE WAY TO POSITIVELY CHANGE THE WORLD

Top-Line Driven Majority Franchise Fees

Adj. EBITDA from fees, of total fees 90% 90% revenue driven(a) ~75% franchise driven(a) Increasing franchise fees as contracts +/- 1% of RevPAR growth is roughly roll over at higher published rates +/- 1% of Adjusted EBITDA growth(b) 5.0% in-place rate vs. ~$120M annual 5.6% published rate(c) Adj. EBITDA

Meaningful Fee Growth Capital Efficient Growth MANAGEMENT & FRANCHISE FEES(d) $2,272M ~7% NUG(a) $814M

~$250M Total HLT investment in pipeline(f), with ~50% under construction 2009(e) 2019(a) and average contract term of 19 years +11% CAGR Fee-based model drives significant free cash flow in stabilized markets

(a) Based on year ended 12/31/2019 and is therefore not reflective of major impacts from the COVID-19 pandemic. Results should not be considered indicative of our future performance in any future periods. We do expect 2020 results to be meaningfully impacted by the COVID- 19 pandemic and do not expect them to reflect stabilized performance. For Adjusted EBITDA, excludes corporate and other. (b) Historical relationship holds up in environments when RevPAR declines 30% or less. It is slightly more than that beyond 30% declines. (c) As of or for the nine months ended 9/30/2020. Effective franchise rate is up 98 bps since FY 2007 and is calculated as the total franchise fee revenue divided by total franchise room revenue. Published franchise rate is calculated as the weighted average of current published brand franchise fee rates. (d) Excludes amortization of contract acquisition costs recorded as contra-revenue. 7 (e) Does not include the effect of the revenue recognition standard adopted on January 1, 2018. (f) Reflects committed contract acquisition costs as of 12/31/2019. © 2020 Hilton Proprietary 3. A HIGH-QUALITY PIPELINE GENERATING SUBSTANTIAL RETURNS ON MINIMAL CAPITAL INVESTMENT

DIVERSIFIED PIPELINE OF INDUSTRY-LEADING BRANDS

PIPELINE BY GEOGRAPHY(a) PIPELINE BY SEGMENT(a) Americas Non-U.S. Asia 7% Pacific 33% Middle East & Africa 9% Full Service 40% Focused Europe Service 9% U.S. 60% 42%

Resulting in: High-quality pipelines across all brand segments with minimal HLT capital investment

Pipeline rooms % Under Construction % New Brands 3rd Party Investment HLT Investment(b) 408K ~50% ~30% $50B ~$250M

Stabilized Pipeline Illustrative Adj. EBITDA Value Creation(c) ~$800M $11,000M

(a) Pipeline as of 9/30/2020. (b) Reflects committed contract acquisition costs as of 12/31/2019. (c) Based on 13.5 times Illustrative Adjusted EBITDA. Figure is illustrative only and does not reflect the actual valuation or the view of Hilton with respect to proper valuation. The market may attribute a different valuation. Valuation is based on historical approximation and does not reflect current valuations inclusive of the impact of the COVID-19 pandemic. Pipeline as of 9/30/2020. 8 © 2020 Hilton Proprietary 3. A HIGH-QUALITY PIPELINE GENERATING SUBSTANTIAL RETURNS ON MINIMAL CAPITAL INVESTMENT

Development focused on balanced global growth Brand portfolio drives high quality, high return, industry-leading organic growth enabled by demand patterns around the world

A LEADING SHARE OF DEVELOPMENT MARKET SHARE IS FUTURE DEVELOPMENT(a) ~3X+ LARGER THAN CURRENT SHARE

Existing GLOBAL SHARE OF ROOMS UNDER CONSTRUCTION/EXISTING SHARE(a) Room Rooms Under Supply Construction 3.6x % of Total % of Total United States 13% 24% 2.6x Americas ex. U.S. 3% 18% 1.9x Europe 2% 9%

Middle East, Africa 3% 14%

Asia Pacific 2% 22% Global System 5% 18%

(a) Source: STR Global Census, October 2020 (adjusted to September 2020) and STR Global New Development Pipeline, September 2020. This page contains additional trademarks, service marks and trade names of others, which are the property of their respective owners. All trademarks, service marks and trade names appearing in this presentation are, to our knowledge, the property of their respective owners. 9 © 2020 Hilton Proprietary Source: Company filings. 3. A HIGH-QUALITY PIPELINE GENERATING SUBSTANTIAL RETURNS ON MINIMAL CAPITAL INVESTMENT

Industry-leading growth with solid sight lines into future development

GLOBAL SYSTEM ROOM GROWTH HLT NET UNIT GROWTH (000s of rooms) 2007-TODAY(a) International U.S. 57 58 101% 52 45 43 (b) 90% 36 56% 58% (c) 78% 66% 57% 25 69% 24 53% 58% 19 18 43% 57% (d) 54% 60% 51% 44% 42% (e) 43% 34% 48% 57% 47% 31% 40% 49% 43% 34% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 23% 46% 38% 35% 26% 29% 22% 20% 25% 17% % Conversions(f)

(a) Note: “2007” metrics are as of 6/30/07, except for H which is as of 12/31/07; “Today” metrics are as of most recent reporting as of 9/30/20 for HLT and peers. This page contains additional trademarks, service marks and trade (b) Room count reflects H’s acquisition of Two Roads Hospitality in both periods, adding 12,000 rooms. names of others, which are the property of their respective (c) Reflects MAR acquisition of HOT in both periods.. owners. (d) Accor data reflects sale of Motel 6 and Studio 6 brands and the acquisition of Fairmont Raffles Hotels International Group. All trademarks, service marks and trade names appearing in this (e) Excl. timeshare properties due to lack of 2007 data availability for WYN. presentation are, to our knowledge, the property of their (f) As a % of gross room openings. respective owners. 10 © 2020 Hilton Proprietary Source: Company filings. Appendix

Waldorf Astoria Edinburgh FLEXIBLE CAPITAL STRUCTURE

CAPITAL STRUCTURE DEBT BREAKDOWN / SCHEDULED AMORTIZATION OVERVIEW AND MATURITIES(a)

Net debt % fixed ($ in millions) Weighted average term: 5.5 years $5,000

$7.1B 74% $4,119 $4,000

(b) Net leverage % unsecured $3,000 $2,690

5.8x 58% $2,000 $1,400 % freely $1,000 $1,000 WACD $600 prepayable $500 $0 $0 $0 $0 $0 $0 3.9% 42% 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030

(a) Excludes finance lease liabilities and other debt of our consolidated variable interest entities. (b) Ratio of net debt as of 9/30/2020 to LTM period ended 9/30/2020 Adjusted EBITDA.

Q3 2020 LTM FY 2019 Net income (loss) $ (319) $ 886 Interest expense 426 414 Income tax expense (benefit) (13) 358 Depreciation and amortization 359 346 EBITDA 453 2,004 Gain on sale of assets ‐ (81) Loss on foreign currency transactions 22 2 FF&E replacement reserves(a) 56 59 Share‐based compensation expense 68 154 Reorganization costs 38 ‐ Impairment losses 136 ‐ Amortization of contract acquisition costs 30 29 Net other expenses from managed and franchised properties 337 77 Other adjustment items(b) 84 64 Adjusted EBITDA $ 1,224 $ 2,308

As of As of September 30, 2020 December 31, 2019 Long‐term debt, including current maturities $ 10,490 $ 7,993 Add: unamortized deferred financing costs and discount 87 83 Long‐term debt, including current maturities and excluding unamortized deferred financing costs and discount 10,577 8,076 Add: Hilton's share of unconsolidated affiliate debt, excluding unamortized deferred financing costs 8 2 Less: cash and cash equivalents (3,405) (538) Less: restricted cash and cash equivalents (63) (92) Net debt $ 7,117 $ 7,448

Net debt/Adjusted EBITDA ratio(c) 5.8 3.2

(a) Represents furniture, fixture & equipment (“FF&E”) replacement reserves established for the benefit of lessors for requisition of capital assets under certain lease agreements. (b) Includes severance not related to the reorganization that occurred in June 2020 and other items. For the LTM period ended 9/30/2020 also includes costs or losses recognized related to the settlement of a dispute with an owner of a managed hotel, the disposal of an investment and a loan guarantee for a franchised hotel. For the year ended 12/31/2019 includes expenses recognized in connection with the refinancings and repayments of the senior secured credit facilities and impairment losses. (c) For the 9/30/2020 ratio, represents 9/30/2020 net debt / 9/30/2020 LTM Adjusted EBITDA.

This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include, but are not limited to, statements related to our expectations regarding the impact of the COVID-19 pandemic, the performance of our business, our financial results, our liquidity and capital resources and other non-historical statements. You can identify these forward-looking statements by the use of words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “projects,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties, including, among others, risks related to the impact of the COVID-19 pandemic, risks inherent to the hospitality industry, macroeconomic factors beyond our control, competition for hotel guests and management and franchise contracts, risks related to doing business with third-party hotel owners, performance of our information technology systems, growth of reservation channels outside of our system, risks of doing business outside of the United States and our indebtedness, as well as those described under the section entitled “Risk Factors” in Hilton Worldwide Holdings Inc.’s Annual Report on Form 10-K for the year ended December 31, 2019 and our Quarterly Report on Form 10-Q for the quarter ended September 30, 2020, as such factors may be updated from time to time in our periodic filings with the Securities and Exchange Commission (“SEC”), which are accessible on the SEC’s website at www.sec.gov. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this presentation and in our filings with the SEC. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.

This presentation includes certain financial measures, including adjusted earnings before interest expense, taxes, depreciation and amortization (“Adj. EBITDA”), Net Debt, and Net Debt to Adj. EBITDA ratio that are not calculated in accordance with U.S. generally accepted accounting principles (“GAAP”). These non-GAAP financial measures should be considered only as supplemental to, and not as a substitute for or superior to, financial measures prepared in accordance with U.S. GAAP. Please refer to the Appendix and footnotes of this presentation for a reconciliation of the historical non-GAAP financial measures included in this presentation to the most directly comparable financial measures prepared in accordance with U.S. GAAP.

Slides in this presentation include certain Adj. EBITDA amounts that are used only for illustrative purposes to present illustrative Adj. EBITDA amounts by applying assumptions to existing rooms pipeline, increases of in-place rates and increases in RevPAR, as applicable, in each case based on information for the LTM ended September 30, 2020. These amounts do not represent projections of future results and may not be realized. Value information on such slides that is derived from such illustrative Adj. EBITDA amounts is indicative only, based upon a number of assumptions, and does not reflect actual valuation. Please review carefully the detailed footnotes in this presentation.