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        <ReturnReference>PART I, LINE 1A</ReturnReference>
        <Explanation>THE ORGANIZATION PAID CLUB DUES FOR JOHN RACANELLI. THE BENEFIT IS INCLUDED IN HIS TAXABLE COMPENSATION.</Explanation>
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        <CapitalExpenditures>18196045</CapitalExpenditures>
        <YearOfSubstCompletion>2005</YearOfSubstCompletion>
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        <AmountOfTransaction>285609</AmountOfTransaction>
        <DescriptionOfTransaction>LEGAL AND LOBBYING SRVS - NEAL BORDEN IS WITH THE LAW FIRM VENABLE, LLP AND A BOARD MEMBER OF THE NATIONAL AQUARIUM IN BALTIMORE, INC. NEAL BORDEN'S RELATIONSHIP WITH VENABLE, LLP HAD NO BEARING ON THE NATIONAL AQUARIUM IN BALTIMORE INC. UTILIZATION OF THE LAW FIRM IN THE NORMAL COURSE OF BUSINESS.</DescriptionOfTransaction>
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        <Relationship>ANDREW GOOD</Relationship>
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        <DescriptionOfTransaction>UTILITIES - BOARD MEMBER ANDREW GOOD IS A SR. VICE PRESIDENT FOR CORPORATE STRATEGY AND DEVELOPMENT OF CONSTELLATION ENERGY AND A BOARD MEMBER OF THE NATIONAL AQUARIUM IN BALTIMORE, INC. ANDREW GOODS RELATIONSHIP WITH CONSTELLATION ENERGY HAD NO BEARING ON THE NATIONAL AQUARIUM IN BALTIMORE INC. UTILIZATION OF THE COMPANY IN THE NORMAL COURSE OF BUSINESS.</DescriptionOfTransaction>
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      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION B, LINE 11</ReturnReference>
        <Explanation>PRIOR TO THE FILING OF THE FORM 990, THE FINANCE AND AUDIT COMMITTEE WILL REVIEW THE FORM AND THEN A COPY OF THE FORM WILL BE PROVIDED ELECTRONICALLY TO ALL BOARD MEMBERS.</Explanation>
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      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION B, LINE 12C</ReturnReference>
        <Explanation>AS STATED IN THE ORGANIZATION'S CONFLICT OF INTEREST POLICY, ANNUALLY EACH BOARD MEMBER AND KEY EMPLOYEE IS REQUESTED TO COMPLETE A CONFLICT OF INTEREST DISCLOSURE AND INDICATE ANY POTENTIAL CONFLICTS. A SUMMARY OF THE DISCLOSURES IS REVIEWED BY THE FINANCE AND AUDIT COMMITTEE OF THE BOARD AND ANY AND ALL APPROPRIATE ACTIONS ARE THEN TAKEN IN ACCORDANCE WITH THE POLICY. ADDITIONALLY THE SUMMARY OF DISCLOSURES IS DISTRIBUTED TO KEY EMPLOYEES TO ENHANCE THEIR AWARENESS WHEN CONTEMPLATING AND/OR ENTERING INTO BUSINESS TRANSACTIONS.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION B, LINE 15</ReturnReference>
        <Explanation>THE COMPENSATION FOR THE CHIEF EXECUTIVE OFFICER IS REVIEWED AND DOCUMENTED ANNUALLY BY AN INDEPENDENT COMPENSATION COMMITTEE OF THE BOARD, AND UPDATED AS PRUDENT BASED ON INFORMATION RECEIVED FROM INDEPENDENT COMPENSATION STUDIES AND SURVEYS, AS WELL AS INFORMATION RECEIVED BY THE COMMITTEE FROM OTHER INTERNAL AND EXTERNAL SOURCES. THE COMPENSATION FOR THE OTHER OFFICERS AND KEY EMPLOYEES IS REVIEWED AND DOCUMENTED ANNUALLY BY AN INDEPENDENT COMPENSATION COMMITTEE OF THE BOARD. COMPENSATION STUDIES AND SURVEYS ARE USED TO ESTABLISH THEIR COMPENSATION.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <ReturnReference>FORM 990, PART VI, SECTION C, LINE 19</ReturnReference>
        <Explanation>NATIONAL AQUARIUM IN BALTIMORE, INC. HAS ITS GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICIES AVAILABLE TO THE PUBLIC UPON REQUEST. FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST, ON THE WEBSITE, AND ARE INCLUDED WITH PUBLICATIONS ASSOCIATED WITH THE NATIONAL AQUARIUM INSTITUTE, INC.'S ANNUAL REPORT. THEY ARE ALSO AVAILABLE THROUGH NOT-FOR-PROFIT INTERNET PORTALS SUCH AS GUIDESTAR AND CHARITY NAVIGATOR.</Explanation>
      </GeneralExplanation>
      <GeneralExplanation>
        <Identifier>HOURS DEVOTED TO RELATED ORGANIZATIONS:</Identifier>
        <ReturnReference>FORM 990, PART VII, SECTION A</ReturnReference>
        <Explanation>SEVERAL DIRECTORS OF NATIONAL AQUARIUM IN BALTIMORE, INC. (NAIB) ARE ALSO DIRECTORS OF NATIONAL AQUARIUM CONSERVATION CENTER, INC. (NACC), NATIONAL AQUARIUM INSTITUTE, INC. (NAI), CENTER FOR AQUATIC LIFE &amp; CONSERVATION, INC. (CALC), NATIONAL AQUARIUM IN BALTIMORE FOUNDATION, INC. (NAF),AND THE NATIONAL AQUARIUM SOCIETY (NAS), ALL OF WHICH ARE RELATED ORGANIZATIONS. HOURS DEVOTED TO RELATED ORGANIZATIONS ARE LISTED BELOW. THESE HOURS ARE ALL UNCOMPENSATED, VOLUNTEER HOURS. INDIVIDUAL NACC NAI CALC NAF NAS JENNIFER REYNOLDS 0 1 0 1 0 WILLIAM ROBERTS 0 1 0 0 0 ROBERT CARTER 0 1 0 1 0 ANDREW GOOD 0 1 0 0 0 MOHANNAD JISHI 0 1 0 0 0 RENEE BRONFEIN ADES 0 1 0 0 0 STEPHANIE RAWLINGS BLAKE 0 1 0 0 0 NEAL BORDEN 0 1 1 1 0 DAVID BOWEN 0 1 0 0 0 MARILYN CARP 0 1 0 0 0 ELIJAH CUMMINGS 0 1 0 0 0 WAYNE CURRY 0 1 0 0 0 JAMES DALE 0 1 0 0 0 MARK EDWARD 0 1 0 0 0 RANDALL GRIFFIN 1 1 1 0 1 FRANK GUNTHER 0 1 0 0 0 ORLAN JOHNSON 0 1 0 0 0 BRIAN MCHALE 0 1 0 0 0 DAMIAN O'DOHERTY 0 1 0 0 0 DONALD PETTIT 0 1 0 0 0 CHARLES PHILLIPS 0 1 0 0 0 SCOTT PLANK 0 1 0 0 0 DIANA RAMSAY 0 1 0 0 0 LEE RILEY 0 1 0 0 0 CHARLES ROGERS 0 1 0 0 0 MARK SAPPERSTEIN 0 1 0 0 0 WILLIAM SCHAEFER 0 1 0 0 0 JIM SEAY 0 1 0 0 0 SEVERAL OFFICERS, KEY EMPLOYEES, OR HIGHLY COMPENSATED EMPLOYEES OF NATIONAL AQUARIUM IN BALTIMORE, INC. ARE ALSO OFFICERS, KEY EMPLOYEES, OR HIGHLY COMPENSATED EMPLOYEES OF NATIONAL AQUARIUM CONSERVATION CENTER, INC., NATIONAL AQUARIUM INSTITUTE, INC., CENTER FOR AQUATIC LIFE &amp; CONSERVATION, INC., NATIONAL AQUARIUM IN BALTIMORE FOUNDATION, INC., AND THE NATIONAL AQUARIUM SOCIETY, ALL OF WHICH ARE RELATED ORGANIZATIONS. ALL INDIVIDUALS ARE COMPENSATED IN FULL BY THE NAIB, AND SERVICES PERFORMED UNDER THE HOURS DEVOTED TO RELATED ORGANIZATIONS ARE PROVIDED GRATIS. HOURS DEVOTED TO RELATED ORGANIZATIONS ARE LISTED BELOW. INDIVIDUAL NAI NAS NAF CALC NACC JOHN RACANELLI 36 3 3 3 3 DAVE PITTENGER 18 6 3 3 12 BRUCE HOFFBERGER 21 6 3 3 3 PAULA SCHAEDLICH 13 3 0 0 0 KATHY SHER 14 6 1 2 6 JOHN GOODENOW 3 3 0 3 13 BOB RAMIN 3 29 0 0 0 BRENT WHITAKER 3 8 0 0 3 TIM PULA 0 11 0 11 0 SEAN DELANEY 0 5 1 1 2 BILL MINARIK 2 0 0 0 0</Explanation>
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</Return>