Significant Event "Bid for Jolly"

[21/02/2007]

COMISION NACIONAL
DEL MERCADO DE VALORES
Pº de la Castellana 19
28046 MADRID

Att.: Mr. Antonio Más



Dear Sir,

In compliance with the duty of information established in Article 82 of the Securities Market Law, we attach the following significant event in order to make it available to the public:

"As envisaged in the shareholders' agreement signed on 13 November 2006 for the acquisition of Jolly Hotels, S.p.A., the companies NH Italia, S.r.l., Joker Partecipazioni, S.r.l. and Intesa Sanpaolo S.p.A have today filed with the Commissione Nazionale per le Societá e la Borsa (Consob) the public offering made by Grande Jolly for the rest of the shares of Jolly Hotels, S.p.A., representing 25.53% of share capital, at a price of 25 euros per share which, if all the shares addressed by the offering accept, will amount to 127.6 million euros.

All of this within the 30 days established by Italian law and after complying with the condition precedent consisting of the deal’s approval by La Autoritá Garante della Concorrenza e del Mercato Italiano."

Yours,