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and franchise fees a large proportion of which flows directly through src=https:reader034vdocumentsusreader034viewer20220424065f20ab1d85d5c827960055e4html5thumbnails3jpg width=142 height=106 layout=responsive amp-img divdivdiv class=ts-pagebuttonPage 4button div class=ts-image amp-img class=ts-thumb alt=Page 4: Hilton – Investor Relationsirhiltonworldwidecom~mediaFilesHHilton · the year before Management and franchise fees a large proportion of which flows directly through src=https:reader034vdocumentsusreader034viewer20220424065f20ab1d85d5c827960055e4html5thumbnails4jpg width=142 height=106 layout=responsive amp-img divdivdiv class=ts-pagebuttonPage 5button div class=ts-image amp-img class=ts-thumb alt=Page 5: Hilton – Investor Relationsirhiltonworldwidecom~mediaFilesHHilton · the year before Management and franchise fees a large proportion of which flows directly through src=https:reader034vdocumentsusreader034viewer20220424065f20ab1d85d5c827960055e4html5thumbnails5jpg width=142 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Relationsirhiltonworldwidecom~mediaFilesHHilton · the year before Management and franchise fees a large proportion of which flows directly through src=https:reader034vdocumentsusreader034viewer20220424065f20ab1d85d5c827960055e4html5thumbnails8jpg width=142 height=106 layout=responsive amp-img divdivdiv class=ts-pagebuttonPage 9button div class=ts-image amp-img class=ts-thumb alt=Page 9: Hilton – Investor Relationsirhiltonworldwidecom~mediaFilesHHilton · the year before Management and franchise fees a large proportion of which flows directly through src=https:reader034vdocumentsusreader034viewer20220424065f20ab1d85d5c827960055e4html5thumbnails9jpg width=142 height=106 layout=responsive amp-img divdivdiv class=ts-pagebuttonPage 10button div class=ts-image amp-img class=ts-thumb alt=Page 10: Hilton – Investor Relationsirhiltonworldwidecom~mediaFilesHHilton · the year before Management and franchise fees a large proportion of which flows directly through 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