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        <BusinessNameLine1>HYATT HOTELS CORPORATION WELFARE BENEFIT TRUST 22-71654</BusinessNameLine1>
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      <GeneralExplanation>
        <Identifier>VOTING MEMBERS OF THE GOVERNING BODY</Identifier>
        <ReturnReference>FORM 990, PART VI, LINE 1A</ReturnReference>
        <Explanation>THE HYATT CORPORATION DELEGATED THE TRUST'S DAY TO DAY ACTIVITIES TO BE MANAGED BY A COMMITTEE OF MEMBERS (7 INDIVIDUALS) APPOINTED BY THE SECRETARY OF THE HYATT CORPORATION. THESE COMMITTEE MEMBERS OVERSEE THE MANAGEMENT OF THE TRUST BY THE TRUSTEE, THE NORTHERN TRUST COMPANY. A SMALL SELECTION (4 OUT OF THE 7 INDIVIDUALS) OF THE COMMITTEE MEMBERS HAVE ALSO BEEN DESIGNATED TO ACT INDIVIDUALLY ON BEHALF OF THE COMMITTEE TO TAKE CARE OF ANY AND ALL ACTIONS WITH RESPECT TO THE TRUST. THESE COMMITTEE MEMBERS DO NOT HAVE VOTING RIGHTS AS PART OF A GOVERNING BODY.</Explanation>
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      <GeneralExplanation>
        <Identifier>Review of form 990 by governing body</Identifier>
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        <Explanation>A COPY OF THE FORM 990 IS PROVIDED TO EACH TRUSTEE DURING THE REVIEW AT THE COMMITTEE MEETING BEFORE THE FORM 990 IS APPROVED FOR FILING WITH THE IRS.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>Conflict of interest policy</Identifier>
        <ReturnReference>Form 990, Part VI, Section B, Line 12c</ReturnReference>
        <Explanation>POTENTIAL CONFLICTS OF INTEREST ARE REQUIRED TO BE DISCLOSED ANNUALLY BY THE COMMITTEE MEMBERS AS EMPLOYEES OF THE PLAN SPONSOR, HYATT CORPORATION.</Explanation>
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      <GeneralExplanation>
        <Identifier>PROCESS USED TO ESTABLISH COMPENSATION OF TOP MANAGEMENT OFFICIAL</Identifier>
        <ReturnReference>FORM 990, PART VI, LINE 15A</ReturnReference>
        <Explanation>THE ORGANIZATION DOES NOT HAVE A TOP MANAGEMENT OFFICIAL SO THIS QUESTION HAS BEEN INTENTIONALLY MARKED "NO" ON THE FORM 990. THE ORGANIZATION RELIES ON A MANAGEMENT COMPANY TO PERFORM THESES SERVICES FOR THE ORGANIZATION.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>COMPENSATION OF OTHER OFFICERS AND KEY EMPLOYEES</Identifier>
        <ReturnReference>FORM 990, PART VI, LINE 15B</ReturnReference>
        <Explanation>THE ORGANIZATION DOES NOT HAVE OTHER OFFICERS OR KEY EMPLOYEES SO THIS QUESTION HAS BEEN INTENTIONALLY MARKED "NO" ON THE FORM 990.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>Governing documents, conflict of interest policy and financial statements available to the public</Identifier>
        <ReturnReference>Form 990, Part VI, Section C, Line 19</ReturnReference>
        <Explanation>THE GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE NOT REQUIRED DISCLOSURES PURSUANT TO INTERNAL REVENUE CODE (IRC) SECTION 6104. THESE DOCUMENTS ARE NOT AVAILABLE TO THE PUBLIC AT THIS TIME.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>Change of accounting method or other type of accounting method</Identifier>
        <ReturnReference>Form 990, Part XII, Line 1</ReturnReference>
        <Explanation>THE FINANCIAL STATEMENTS OF THE PLAN ARE PREPARED ON A MODIFIED CASH BASIS OF ACCOUNTING, WHICH DIFFERS FROM ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA. THEREFORE, CONTRIBUTIONS AND INTEREST INCOME ARE RECORDED WHEN RECEIVED; ADMINISTRATIVE EXPENSES ARE RECORDED WHEN PAID. SIMILAR TO THE ACCRUAL BASIS OF ACCOUNTING, BENEFITS AND PREMIUMS ARE RECORDED WHEN PAID.</Explanation>
      </GeneralExplanation>
    </IRS990ScheduleO>
    <IRS990ScheduleR documentId="IRS990ScheduleR" softwareId="12000266" softwareVersion="v2012.1.0">
      <Form990ScheduleRPartIV>
        <NameOfRelatedOrg>
          <BusinessNameLine1>HYATT CORPORATION</BusinessNameLine1>
        </NameOfRelatedOrg>
        <AddressUS>
          <AddressLine1>71 S WACKER</AddressLine1>
          <City>CHICAGO</City>
          <State>IL</State>
          <ZIPCode>60606</ZIPCode>
        </AddressUS>
        <PrimaryActivity>HOTEL SERVICES</PrimaryActivity>
        <LegalDomicileState>DE</LegalDomicileState>
        <DirectControllingEntityName>
          <BusinessNameLine1>NA</BusinessNameLine1>
        </DirectControllingEntityName>
        <TypeOfEntity>C CORPORATION</TypeOfEntity>
        <ShareOfTotalIncome>0</ShareOfTotalIncome>
        <ShareOfEOYAssets>0</ShareOfEOYAssets>
        <PercentageOwnership>0</PercentageOwnership>
        <ControlledOrg>false</ControlledOrg>
      </Form990ScheduleRPartIV>
      <ReceiptOfIntAnnRentsRoyalties>false</ReceiptOfIntAnnRentsRoyalties>
      <GiftGrantOrCapContrToOtherOrg>false</GiftGrantOrCapContrToOtherOrg>
      <GiftGrantOrCapContrFrOtherOrg>false</GiftGrantOrCapContrFrOtherOrg>
      <LoansOrGuaranteesToOtherOrg>false</LoansOrGuaranteesToOtherOrg>
      <LoansOrGuaranteesFromOtherOrg>false</LoansOrGuaranteesFromOtherOrg>
      <SaleOfAssetsToOtherOrg>false</SaleOfAssetsToOtherOrg>
      <PurchaseOfAssetsFromOtherOrg>false</PurchaseOfAssetsFromOtherOrg>
      <ExchangeOfAssets>false</ExchangeOfAssets>
      <RentalOfFacilitiesToOtherOrgs>false</RentalOfFacilitiesToOtherOrgs>
      <RentalOfFacilitiesFrOtherOrgs>false</RentalOfFacilitiesFrOtherOrgs>
      <PerformOfServicesForOtherOrgs>false</PerformOfServicesForOtherOrgs>
      <PerformOfServicesByOtherOrgs>true</PerformOfServicesByOtherOrgs>
      <SharingOfFacilities>true</SharingOfFacilities>
      <SharingOfPaidEmployees>false</SharingOfPaidEmployees>
      <ReimbursementPaidToOtherOrg>false</ReimbursementPaidToOtherOrg>
      <ReimbursementPaidByOtherOrg>false</ReimbursementPaidByOtherOrg>
      <OtherTransferToOtherOrg>false</OtherTransferToOtherOrg>
      <OtherTransferFromOtherOrg>true</OtherTransferFromOtherOrg>
    </IRS990ScheduleR>
  </ReturnData>
</Return>