4 CONSOLIDATED BALANCE SHEETS NH HOTELES, S.A. AND DEPENDENT COMPANIES CONSOLIDATED BALANCE SHEETS FOR THE YEARS ENDED ON 31 DECEMBER 2003 AND 2002 (in thousand euros) ASSETS 2003 2002 FIXED ASSETS 1,370,481.31 1,520,005.60 Start-up expenses (note 6) 12,898.46 15,359.45 Intangible assets (note 7) 72,973.02 88,383.54 Tangible fixed assets (note 8) 1,199,542.45 1,322,227.81 Investments (note 9) 85,067.38 94,034.80 GOODWILL ON CONSOLIDATION (note 10) 129,954.68 146,203.68 DEFERRED EXPENSE (note 11) 21,079.60 20,469.60 CURRENT ASSETS 323,928.03 290,056.43 Inventories (note 12) 77,447.71 79,482.69 Trade accounts receivable (note 13) 102,658.13 108,886.67 Accounts receivable from associated companies – 1,115.67 Other debtors (note 14) 35,931.56 42,001.61 Current asset investments (note 15) 42,913.81 28,321.00 Shares in the Controlling Company held short term (note 16) 1,049.86 4,904.54 Cash and banks 52,696.77 20,849.79 Accrued expenses 11,230.19 4,494.46 TOTAL ASSETS 1,845,443.62 1,976,735.31 Notes 1 to 35 to the Accounts are an integral part of these Balance Sheets.

5 LIABILITIES 2003 2002 SHAREHOLDERS' EQUITY (note 16) 613,270.52 586,847.50 Share capital 239,065.80 239,065.80 Share premium 91,836.22 85,936.51 Reserves of the Controlling Company 115,822.55 108,375.31 Reserves in consolidated companies 244,875.52 169,853.81 Translation difference (129,188.41) (102,043.95) Profit and loss of the Controlling Company 50,858.84 85,660.02 OUTSIDE SHAREHOLDERS (note 17) 246,476.37 229,740.96 DEFERRED INCOME (note 18) 6,189.51 5,737.12 RESERVES FOR CHARGES AND LIABILITIES (note 19) 82,402.66 58,680.04 CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 565,166.00 783,588.84 Issue of debenture loans and other traded securities (note 20) 130.58 151.95 Long-term trade creditors (note 21) 44,132.31 47,665.89 Long-term bank loans (note 22) 442,778.67 645,442.57 Other long-term creditors (note 23) 78,124.44 90,328.43 CREDITORS FALLING DUE WITHIN ONE YEAR 331,938.56 312,140.85 Issue of debenture loans and other traded securities (note 20) 24.36 23.90 Bank loans and overdrafts (note 22) 131,906.87 75,634.81 Trade creditors (note 24) 123,941.46 91,050.85 Other creditors (note 25) 75,146.82 137,339.10 Trade provisions 919.05 8,092.19 TOTAL LIABILITIES 1,845,443.62 1,976,735.31 Notes 1 to 35 to the Accounts are an integral part of these Balance Sheets.