H Group Holding, Inc. and Subsidiaries - Page 5

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          in California.  At the end of 1968, Hyatt Domestic operated 11               
          hotels with 3,376 rooms, collectively.  As of January 1976, Hyatt            
          Domestic’s operation had grown to 45 hotels with approximately               
          20,000 rooms, collectively, and 14 motels, with approximately                
          1,500 rooms, collectively.                                                   
               HIC was established August 19, 1968, with the principal                 
          purpose of owning and/or operating hotel properties outside the              
          continental United States under the Hyatt name.  HIC’s initial               
          shareholders were the same as the shareholders of Hyatt Domestic.            
          A. Peter di Tullio, (Mr. di Tullio), HIC’s first employee, was               
          hired as executive vice president to guide the international                 
          venture.  Mr. di Tullio had experience as an international                   
          hotelier and had spent the majority of his career with Hilton                
          International Hotels (Hilton International).  At the time he                 
          started with HIC, Mr. di Tullio had been serving as a vice                   
          president of Hilton International.  He had worked in Europe, the             
          Middle East, and, to a lesser extent, Asia, and as an area                   
          director for Southern Europe, Africa, the Middle East, and                   
          Southeast Asia.                                                              
               By July 31, 1969, Mr. di Tullio, who remained an employee,              
          had hired an assistant and an architect, and he focused on                   
          establishing a European base of operations, with an office in                
          Rome.  Around 1971, however, HIC established its headquarters in             
          Chicago, and its three employees were moved from Rome.  By the               

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