3   A year of Expansion a year of expansion 12

13 Cap Cana – The Dominican Republic

14 A year of Expansion SPAIN NH CENTRAL CONVENCIONES AND NH CENTRAL NH OBRADOIRO NH MERCADER NH SANT BOI NH ALCORCÓN NH ALICANTE NH PARLA NH VICTORIA NH PACÍFICO NH GRAN CASINO DE EXTREMADURA NH PLAZA MAYOR PORTUGAL NH CAMPO GRANDE NETHERLANDS NH DEN HAAG GERMANY NH NÜRNBERG CITY ROMANIA NH BUCHAREST ARGENTINA NH CRILLÓN MEXICO NH PUEBLA NH CENTRO HISTÓRICO UNITED KINGDOM NH HARRINGTON HALL TOTAL HOTELS OPENED IN 2005 SEVILLE SANTIAGO DE COMPOSTELA MADRID SANT BOI DE LLOBREGAT ALCORCÓN ALICANTE MADRID GRANADA MADRID BADAJOZ LEÓN LISBON THE HAGUE NÜREMBERG BUCHAREST BUENOS AIRES CIUDAD DE PUEBLA MEXICO LONDON HOTELS 20 252 159 124 124 102 100 88 69 62 60 51 82 205 244 78 96 128 105 200 ROOMS 2,329 MANAGED LEASED LEASED LEASED LEASED LEASED LEASED LEASED LEASED MANAGED MANAGED LEASED LEASED LEASED MANAGED OWNED MANAGED LEASED MANAGED X X X X X X X X X X HOTELS OPENED IN 2005 LOCATION ROOMS CONTRACT NHUBE

15 SPAIN NH BALAGO ITALY NH SANTO STEFANO CUBA CAYO COCO ROMANIA NH TIMISOARA GERMANY NH BERLIN ARTUS NETHERLANDS NH HOTEL DE VILLE TOTAL HOTELS OPENED UP TO MARCH 2006 VALLADOLID TURIN CUBA TIMISOARA BERLIN GRONINGEN HOTELS 6 120 125 690 83 136 67 ROOMS 1,221 LEASED MANAGED MANAGED LEASED LEASED LEASED X X HOTELS OPENED IN 2006 LOCATION ROOMS CONTRACT NHUBE BREAKDOWN OF OPENINGS BY COUNTRIES   in 2005 and up to March 2006

16 A year of Expansion NH Bucharest - Bucharest (Romania)

17 NUMBER OF ROOMS 1996-2005: +20.3% ANNUAL EVOLUTION OF THE TOTAL NUMBER OF HOTEL ROOMS Forecasted rooms for 2008 include projects signed up to March 2006 In percentage terms, no other European hotel chain grew as much as NH in Europe. In percentage terms, NH was the third worldwide hotel chain to experience the most growth in Europe in 2005.

18 A year of Expansion SPAIN NH PUERTA DE LA CATEDRAL NH CONSTANZA FUENLABRADA NH BERRIOPLANO SANTA CRUZ TENERIFE PROJECT VIRGEN DEL PUERTO PROJECT SAGUNTO PROJECT C/ ÁLAVA PROJECT MÁLAGA PROJECT ITALY NHOW MILAN TORTONA NH ORIO AL SERIO DONNAFUGATA SESTO SAN GIOVANNI PROJECT MEXICO NH SANTA FE NH QUERETARO NH RIVIERA MAYA SENEGAL NH BAOBAB LES MAMELLES NH BAOBAB CAP MANUEL TOTAL HOTELS SIGNED SALAMANCA BARCELONA FUENLABRADA (MADRID) BERRIOPLANO (NAVARRA) TENERIFE MADRID VALENCIA BARCELONA MÁLAGA MILAN BERGAMO RAGUSA (SICILY) MILAN SANTA FE QUERETARO RIVIERA MAYA DAKAR-DIOFF DAKAR HOTELS 18 37 308 132 60 65 224 100 138 93 256 118 217 155 136 140 550 120 199 ROOMS 3,048 LEASED LEASED LEASED MANAGED OWNED LEASED LEASED LEASED OWNED LEASED LEASED OWNED LEASED OWNED OWNED MANAGED MANAGED MANAGED HOTELS SIGNED UP TO MARCH 2006 LOCATION ROOMS CONTRACT

ROOMS SIGNED AND EXTENSIONS UP TO MARCH 2006 19 BARCELONA STUTTGART BUENOS AIRES BUENOS AIRES HAVANA HOTELS 5 ROOMS 3,455 73 91 67 26 150 ROOMS 407 LEASED LEASED OWNED OWNED MANAGED EXTENSIONS SIGNED UP TO MARCH 2006 LOCATION ROOMS CONTRACT SPAIN NH NUMANCIA GERMANY NH STUTTGART AIRPORT ARGENTINA NH CITY HOTEL NH CRILLON CUBA NH LA HABANA TOTAL EXTENSIONS TOTAL SIGNED AND EXTENSIONS

20 A year of Expansion ENTRY INTO ENGLAND AND FRANCE NH Hoteles also continued its growth and expansion strategy in Europe, with the addition of a hotel in England in March 2005 and the signing of a contract for a hotel in France. As a result, the hotel chain will be present in 20 countries. In England, NH Hoteles added NH Harrington Hall to its portfolio, a four-star city hotel situated in the South Kensington district (Chelsea), one of London’s most exclusive addresses, next to Hyde Park and very close to Kensington Palace and Gardens, the Natural History and Science Museums and the Royal Albert Hall. The hotel has 200 rooms and suites, a restaurant that accommodates 250 diners, a bar, gym and 10 conference and meeting rooms with a total area of 1,200 m² and a capacity for 700 people. The property is located in a historical complex comprised of twelve adjoining buildings that were completely restored in 1997. NH Hoteles will open its first hotel in France, a new property situated at Saint Exupéry airport in Lyon. The hotel will be operational in 2008 and will be a part of a new area to be constructed in front of Terminal 1 of the airport. This will be a 4-star hotel with 245 rooms, 900 m² of banqueting and meeting space with a total capacity for 850 people and a gym. The establishment will occupy the central building of a business centre, with offices in 3 parallel buildings on an area of 9,250 m². NH Hoteles already has extensive experience in operating airport hotels in Amsterdam, Brussels, Frankfurt, Geneva, Madrid, Mexico, Munich, Vienna and Zurich. NH Harrington Hall - London (England)

21 RESORT SEGMENT AND REAL ESTATE MARKET LOCATIONS (MEXICO, THE DOMINICAN REPUBLIC AND CUBA) NEW RESORT PROJECTS VILLAS 350 No 350 No VILLA CONTRACTS 90% Owned No 50% Owned No COUNTRY Mexico Cuba The Dominican Republic Italy TOTAL RESORT PROJECTS RESORTS OPENED COUNTRY Germany Cuba Spain Spain Spain Mexico Mexico Mexico Mexico TOTAL RESORTS OPENED TOTAL RESORTS OPENED AND SIGNED HOTELS 2 1 1 1 HOTELS 5 HOTELS NH Schlosshotel Bühlerhöhe Los Cayos Almenara NH Sotogrande NH Alanda NH Krystal Cancún NH Krystal Ixtapa NH Krystal Puerto Vallarta NH Krystal Veracruz HOTELS 9 HOTELS 13 ROOMS 630 690 90 217 ROOMS 1,617 ROOMS 90 690 148 106 199 325 255 533 108 ROOMS 2,454 ROOMS 3,381 ALL-INCLUSIVE X X ALL-INCLUSIVE X X X X LOCATION Riviera Maya Cayo Coco Cap Cana Sicily-Ragusa LOCATION Baden-Baden Cayo Coco Sotogrande Sotogrande Marbella Cancun Ixtapa Puerto Vallarta Veracruz HOTEL CONTRACTS 20% Owned Managed 50% Owned Owned CONTRACT Leased Managed Owned Owned Leased Managed Managed Managed Managed

22 A year of Expansion In 2005, NH Hoteles reinforced its presence in the resort and real estate market using the same model as Sotogrande. In addition to the complex signed in Sicily (Italy), the company also finalised three projects in the Caribbean: in Cap Cana (the Dominican Republic); Riviera Maya (Mexico); and Cayo Coco (Cuba). CAP CANA PROJECT - Agreement with CAP CANA to develop an upscale resort in a luxury complex in the Dominican Republic. - A luxury “boutique” hotel with 90 rooms and a fine dining restaurant. - 350 luxury beachfront villas that will go on sale in 2006; these will avail of the hotel’s services and will be part of a rental pool programme (i.e., owners will allow the hotel to manage their apartments when they are unoccupied). - The CAP CANA complex is the most important real estate tourism project in the Caribbean, situated in Punta Cana, the Dominican Republic, and just 10 minutes from the international airport. It will offer an exclusive beach club and six 18-hole golf courses, 3 of which are being designed by Jack Nicklaus, the world’s greatest golfer. CAP CANA also boasts a marina, which will have a capacity for 500 boats in the near future and a Grand Canal surrounded by luxury shops and haute cuisine restaurants.

23 RIVIERA MAYA PROJECT -  The project is situated in Puerto Morelos between Cancún and Tulúm. It is located in a low density tourist complex comprised of luxury guest rooms, shopping centres, a marina and yacht club, a museum, botanical gardens and an ecological tourist park, all located in the picturesque fishing village of Puerto Morelos which has 283 hectares of coastline. -  Plot nº 1: 110,000-m² plot 550-room hotel (superior segment, all inclusive) -  Plot nº 2: 146,000-m² plot 80-room hotel (luxury segment, all inclusive) + 350 residential villas CAYO COCO - (All inclusive) 5-star resort in Cayo Coco (Cuba), under management contract. - 690 four-star plus rooms already operational. - Accommodation in rooms and villas built on stilts in the lagoon; speciality restaurants (Cuban, Italian and seafood restaurants, grills, beach and swimming pool barbeques and a branded restaurant), four swimming pools, a night club, water sports and activities, a children’s club, entertainment and shows. Located on one of the most beautiful white sandy beaches in the world. - Situated in a quiet area with clear waters and several water sports.