46 APPENDIX II a) FULLY CONSOLIDATED COMPANIES The company names, major financial information and percentage holdings in the companies fully consolidated as at 31 December 2003 are set out below. Profit/(loss) % Direct Book Provision Prior-year Interim Company Address Capital Reserves 2004 or Indirect value portfolio dividends dividends Hot. Albar C.de Albacete, S.L. Albacete 901.50 78.38 80.34 100.00% 745.77 - - - NH Hotel Rallye, S.A. (*) (***) Barcelona 3,005.00 11,859.73 2,800.30 100.00% 10,697.97 - - - NH University, S.L. Barcelona 30.05 43.13 4.92 100.00% 30.30 - - - Aranzazu-Donosti, S.A. Guipúzcoa 5,168.60 1,381.22 1,217.08 100.00% 6,373.38 - - - NH Ciutat Reus, S.A. Barcelona 601.00 91.69 116.63 90.10% 1,118.15 - - - NH Santander, S.A. Santander 222.60 4,201.72 452.14 100.00% 7,750.04 - - - Hoteles Express, S.L. (*) Barcelona 3,617.42 4,783.80 1,507.85 100.00% 7,448.19 - - - NH Málaga, S.A. Málaga 2,464.51 567.93 927.78 100.00% 2,369.31 - - - NH Las Palmas, S.A. (*) Gran Canaria 9,015.00 3,423.18 433.53 50.01% 5,115.83 - - - NH Numancia, S.A. Barcelona 60.20 354.39 818.87 51.00% 667.17 - 800.00 - NH Establecimientos Barcelona 240,40 979.18 2,862.86 100.00% 839.26 - - Complementarios Hoteleros, S.A. Hoteles Palacio de Castilla, S.A. Salamanca 3,606.00 483.90 526.88 83.33% 6,088.32 - - Explotaciones Hoteleras Condor, S.L. Barcelona 6.01 914.15 280.47 55.00% 298.88 - 400.00 - NH Ciutat de Mataró, S.A. Barcelona 901.50 187.48 457.25 50.00% 1,077.58 - 1.665,00 - NH Marín, S.A. (*) Barcelona 120.20 2,046.28 1,191.60 50.00% 1,686.39 262.65 550.00 800.00 NH Lagasca, S.A. Barcelona 543.30 1,569.16 876.33 51.01% 643.38 - - - NH Logroño, S.A. Logroño 664.12 344.68 293.17 76.47% 598.65 - - - Hotelera Onubense, S.A. Huelva 3,696.01 764.47 (74.23) 99.45% 5,462.27 - - - Shuaa Hotels, B.V. Netherlands 2.268,83 33.024,86 112.042,08 100,00% 43.046,71 - - - NH Pamplona, S.A. (*) Madrid 130.00 13,414.44 410.20 100.00% 13,409.81 - - - Grupo Financiero deMadrid 300.50 5,174.19 42.79 100.00% 360.60 - - - Intermediación y Estudios, S.A. Inversores y Gestores Asociados, S.A. Madrid 60.20 1,060.56 (774.77) 100.00% 3,004.77 3.004.77 - - Retail Invest, S.A. Madrid 1,216.75 24.79 (494.00) 100.00% 23,626.99 22,631.99 - Sotogrande, S.A. (*) (***) Cádiz 25,131.00 104,292.00 16,593.00 78.51% 100,786.94 - - - Latinoamericana de Gestión Hotelera,S.A.   Madrid    213,181.15 1,215.31 (1,805.08) 64.55% 129,615.20 56,183.58 - - (*) (***) Toralo, S.A. (*) (***) Uruguay 17,014.48 (20,490.27) 631.54 100.00% 13,086.26 7,798.23 - - NH Private Equity, B.V. Netherlands 600.00 500.80 0.53 100.00% 1,080.00 - - - NH Hoteles Participaties, N.V. (**)   Netherlands 6,891.79 562,700.00 4.20 84.08% 182,506.85 - - - European Golf Booking Center, S.L. Madrid 153.28 - (15.95) 100.00% 0.30 - - - Lenguados Vivos, S.L. Madrid 3.02 - (0.06) 100.00% 3.02 - - - NH Hotel Rallye Portugal Lda. Portugal 6.05 - 0.00 100.00% 6.05 - - - Nuevos Espacios Hoteleros, S.L. Madrid 3,856.00 - (507.50) 50.00% 2,050.46 - - - NH Profesional Realizado y Organizado, S.L. Madrid 3.02 - (0.08) 100.00% 0.30 - - - (*) Companies audited by Deloitte & Touche (**) Groups of companies audited by PricewaterhauseCoopers. (***) Parent company of a group of companies CONSOLIDATED FINANCIAL STATEMENTS 2004

47 b) COMPANIES CONSOLIDATED USING THE EQUITY METHOD Set out below are the company names, major financial information and percentage holdings in the companies consolidated using the equity method as at 31 December 2003: Profit/(loss) % Direct Book Provision Prior-year Interim Company Address Capital Reserves 2004 or Indirect value portfolio dividends dividends Fonfir 1, S.L. Madrid 3.01 12.13 3.19 50.00% 1.50 - - - Jolly Hotels, SpA (*) Italia 10,000.00 22,250.47 3,954.61 20.70% 33,539.95 - - - Palacio de la Merced, S.A. Burgos 4,628.78 6.42 (500.02) 25.00% 1,157.19 - - - (*) The figures for Jolly Hotels, S.p.A are for 2002 and relate to the latest audited figures. The figures for 2003 are not available on the date hereof. They are in the process of being audited. The administrators of the Controlling Company think that during the process no facts will como to light that are likely to significantly change the financial statemens included in the consolidation of the NH Hoteles Group. The information on book value and dividends received refers to the Controlling Company of the Group NH Hoteles, S.A. The figures on these tables have been provided by the Group and Associated companies and their state of affairs is set out in the annual accounts as at 31 December 2004. CONSOLIDATED FINANCIAL STATEMENTS 2004