MATERIAL DISCLOSURE

Pursuant to article 82 of Law 24/1988 of 28 July on the Securities Market, Banco Financi ero y de Ahorros, S.A.U. and Bankia, S.A. hereby report that in the "bookbuilding" process being carried on among st qualified investors by JB Capital Markets Sociedad de Valores, S.A., as Sole Bookrunner, and Bankia Bolsa , Sociedad de Valores, S.A., as Co-Bookrunner, for a package of shares in NH Hoteles, S.A. (the "Company") owned by Bankia, S.A., BFA Participaciones Cotizadas, S.A.U., Corporación Industrial Bankia, S.A.U., Partici paciones y Cartera de Inversión, S.L. and Abitaria Consultoría y Gestión, S.A. Unipersonal (all controlled by Banco Financiero y de Ahorros, S.A.U.), said companies have sold a total of 38,834,034 shares, representing 12. 597% of the Company's
share capital. The specific number of shares sold by each of the said companies is broke n down below:

Bankia, S.A.: 111,454 shares (0.036% of the shares of the Company it owned)

BFA Participaciones Cotizadas, S.A.U.: 13,955,675 shares (4.527% of the sh ares of the Company it

owned)

Corporación Industrial Bankia, S.A.U.: 24,766,705 shares (8.034% of the sha res of the Company it

owned)

Participaciones y Cartera de Inversión, S.L.: 100 shares (0.00% of the shares of th e Company it owned)

Abitaria Consultoría y Gestión, S.A. Unipersonal: 100 shares (0.00% of the sh ares of the Company it owned)

The aggregate cash value of the transaction totalled 191.8 million euros, giving a selling price of 4.94 euros per share, generating net capital gains of 64 million euros in the BFA Group, including net ca pital gains of 41 million
euros for the Bankia Group.
This sale represents a further step in carrying out the BFA-Bankia Group's Strategic Plan 2012-2015.
The above is notified as a Material Disclosure for all pertinent purposes in Madrid on 17 J anuary 2014.

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