H Group Holding, Inc. and Subsidiaries - Page 10

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               HS was incorporated in Singapore on August 14, 1970, as a               
          wholly owned subsidiary of HIC for the purpose of holding the                
          Hyatt Regency Singapore management contract.  The first                      
          management agreement for the Hyatt Regency Singapore, dated May              
          27, 1970, was executed by HIC and contained a financial guaranty             
          regarding the amount of the hotel owner’s share of the gross                 
          operating profits.  HS has been responsible for the operation of             
          hotels in Malaysia, Indonesia, and Thailand.  Although HS is a               
          subsidiary of HIC, it has always reported to HHK.  On the advice             
          of tax counsel, HS was assigned the Sydney, Australia, Kingsgate             
          management contract by Hyatt Regency Corp. Pty. Ltd., a wholly               
          owned subsidiary of HHK.                                                     
               The Hyatt Regency Acapulco (opened in Mexico in October                 
          1971) was the first hotel outside of Asia managed by the Hyatt               
          International group.  Ken Mullins transferred from the Hyatt                 
          Regency Hong Kong to become the Hyatt Regency Acapulco’s first               
          general manager.  HIC formed a local management company,                     
          Servicios Internacionales Administrativos, S.A. de C.V. (SIASA),             
          a wholly owned subsidiary of HIC, to manage the hotel.  Mullins              
          was succeeded as the Hyatt Regency Acapulco general manager by               
          Fred Lederer, and both had been Hilton employees.                            
               On October 24, 1979, the Hyatt International group entered              
          into a joint venture with Valores Industriales S.A. (VIS),                   
          Mexico’s largest brewer of beer, which already owned and operated            

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