6 CONSOLIDATED PROFIT AND LOSS ACCOUNTS NH HOTELES, S.A. AND DEPENDENT COMPANIES CONSOLIDATED PROFIT AND LOSS ACCOUNTS FOR THE YEARS ENDED ON 31 DECEMBER 2003 AND 2002 (in thousand euros) DEBIT 2003 2002 EXPENSES Raw Materials and Consumables 109,881.04 118,069.09 Staff costs (note 27) 303,049.26 284,631.50 Fixed asset depreciation 72,264.11 71,881.60 Appropriations to trade provisions 5,656.99 2,566.48 Other operating charges 359,719.57 308,317.33 TOTAL OPERATING EXPENSES 850,570.97 785,466.00 OPERATING PROFIT 81,910.55 148,908.57 Interest expense (note 27) 52,414.32 54,242.72 NET FINANCIAL INCOME – – Share in losses of companies consolidated using the equity method (note 9) – 2,902.61 Goodwill arising on consolidation written off (note 10) 7,150.81 3,013.86 PROFIT FROM ORDINARY ACTIVITIES 42,789.85 106,853.08 Loss on disposal of fixed assets (note 8) 4,860.00 1,818.59 Change in fixed–asset provisions 2,822.05 (93.24) Losses on operations in shares of the Controlling Company (note 16) – 428.23 Extraordinary expenses and losses (note 27) 58,251.33 13,982.80 EXTRAORDINARY INCOME 29,651.67 28,260.39 CONSOLIDATED PROFIT BEFORE TAXES 72,441.52 135,113.47 Corporation tax (note 28) 16,815.88 28,216.11 CONSOLIDATED PROFIT FOR THE YEAR 55,625.64 106,897.36 Profit attributed to outside shareholders (note 17) 4,766.80 21,237.34 PROFIT FOR THE YEAR ATTRIBUTED TO THE CONTROLLING COMPANY 50,858.84 85,660.02 Notes 1 to 35 to the Accounts are an integral part of this Profit and Loss Account.

7 CREDIT 2003 2002 INCOME Net turnover (Note 26) 921,564.05 886,164.86 Other operating income 10,917.47 48,209.71 TOTAL OPERATING INCOME 932,481.52 934,374.57 OPERATING LOSS – – Income from fixed and variable-interest securities 577.46 1,661.62 Revenues from capital holdings 346.90 25.90 Other financial income 18,837.35 16,416.18 NET FINANCIAL EXPENSE 32,652.61 36,139.02 Share in profits of companies consolidated using the equity method 682.72 – LOSSES FROM ORDINARY ACTIVITIES – – Profits on disposals of fixed assets (Note 26) 6,840.00 18,693.91 Profit on disposal of consolidated companies 60,120.52 1,441.77 Extraordinary income and profit (Note 26) 28,624.53 24,261.09 EXTRAORDINARY LOSSES – – CONSOLIDATED LOSS BEFORE TAXES – – CONSOLIDATED LOSS FOR THE YEAR – – LOSS FOR THE YEAR ATTRIBUTED TO THE CONTROLLING COMPANY – – Notes 1 to 35 to the Accounts are an integral part of this Profit and Loss Account.