Dear Fellow Stockholders: As Hyatt enters its 55thyear in business, we continue investing for the long-term in our people, our brands and our hotels. We have made significant progress toward becoming the most preferred brand in each customer segment we serve – preferred by our associates, our guests and our owners. We are pleased to report that our long-term perspective and focus on enhancing preference for our brands have driven strong financial results. Adjusted EBITDA increased 13 percent from 2010 to 2011, with the majority of that growth coming from improved performance at our existing hotels. Revenue per available room for comparable owned and leased hotels was up 5.9 percent (in constant currency) from 2010, which includes an increase in revenue per available room of 8.4 percent for our comparable owned and leased select service hotels over the prior year. Management and franchise fees climbed from $255 million in 2010 to $288 million in 2011, and our hotel count grew by approximately seven percent this year, expanding our global footprint in markets that are important for our guests from New York to Shanghai. OUR PEOPLE The success of our company begins with our people. Every day our more than 90,000 associates represent our brands and deliver authentic hospitality with passion and commitment to guests in 45 countries. We unite our family of truly extraordinary people through a common purpose – to make a difference in the lives of the people we touch every day. We have a deep and strong culture, and we believe that living our values is critical to our success. We believe that we must provide professional and personal growth opportunities for the next generation of Hyatt leadership. In order to accomplish this, we are expanding our leadership development activities significantly throughout the company.