NH_Hoteles_and_jolly_hotels_join_forces_in_a_new_italian_joint_venture

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                11,142 rooms in Italy in 2007, 28% of NH total

                             Room Openings                                           Signed Rooms

                                                                  2000
      2500
                                                                                 Managed                  401
      2000                Managed                                 1500
                                              401        "99-,                   Leased
      1500                Leased                      9!8
                                                     "0                          Owned
                          Owned                                   1000
                                                                                                          1220
                                              1338                        625
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       500        376           125                                                   125
                                249           279                                            118          279
            0                                                        0
                  2004         2006    2007                               2004        2005         2006




                               Room Openings                         !6

    12000                                                                        1
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    Mexico         USA: 1Hotel
    15 hotels   Cuba
                2 hotels
                                                                             Holland
                                                                             31 hotels

                                                                                         Germany
                                                            UK                           56 hotels
                                                            3 hotels        Belgium
                                                                           9 hotels
                                                                                       Hungary
                                 Brasil                                    France     1 Hotel
                                 1 hotel                                 1 Hotel                        Romania 2 hotels
                                                                                 Switzerland          Austria 6 hotels
                                                                             4 hotels
                   Chile                                                                     Italy
                 1 hotel                                                                    41 hotels

                                         Uruguay
                                         1 hotel Portugal
                                                 2 hotels


                             Argentina                                 Spain
                             8 hotels                                  122 hotels

                                                                                      • 43 projects with 6,500
                                                                                        new rooms
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*nH estimates for Debt, EBITDA and NNAV at Sotogrande are based on a consensus of the last eight
 reports published by nH Hoteles analysts
       4                                                                      ,              /


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                                                RevPar Comparison

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                                           NH Hoteles          Jolly




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                            >                                  41m

)                   /


                                                     Ebitda of Jolly with NH's       Margen de NH
                                                          GOP Margin
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