| CONTENTS | 3 |
| MESSAGES FROM THE CHAIRMAN AND CEO | 5 |
| NH HOTEL GROUP | 7 |
| CORPORATE GOVERNANCE | 13 |
| THE NEW NH | 17 |
| OUR CORPORATE RESPONSIBILITY | 30 |
| COMMITMENT WITH OUR STAKEHOLDERS | 33 |
| AWARDS & RECOGNITIONS 2014 | 56 |
| CORPORATE RESPONSIBILITY INDICATORS | 58 |
| ASSURANCE REPORT AND GRI INDICATORS | 59 |