3. OTHER MAJOR INCREASES AND REDUCTIONS IN FIXED ASSETS

Last November 4th the Company AZKOYEN COMERCIAL, S.A. – a wholly owned company of AZKOYEN, S.A. – acquired all the shares of the CAFELCE, S.L., a company that carried out its coffee roasting and marketing activities in the Region of Valencia. The price of the operation was 1,640,763.03 euros.
Through this acquisition the Group Azkoyen, and in particular AZKOYEN COMERCIAL, S.A., has strengthened its position in the coffee and hotel and catering market in the geographical area of the Region of Valencia.
Notified on 11 November 2002.

6. CHANGES IN ADMINISTRATORS OR BOARD MEMBERS

In a Board Meeting held on 26 February 2002 the non-Member Secretary, Mr. Manuel Martínez de Aguirre, was relieved of his duties at his own request. In the same meeting the decision was taken to appoint Mr. Francisco Javier Garde Garde, holder of Identity Card Number no. 72.651.061 H, as non-Member Secretary for an indefinite period. Mr. Garde accepted the appointment.
Notified on 14 May 2002.

On 13 January 2003 Mr. Enrique Goñi Beltrán de Garizurieta was appointed Member of the Board of Azkoyen, S.A. to replace Mr. Francisco Elizalde Goldára, who had previously tendered his resignation.
Notified on 13 January 2003.

14. OTHER SIGNIFICANT EVENTS

The intense institutional campaign that has been taking place regarding the National Plan for Prevention and Control of Smoking, with statements being made in the Media on the legislative action envisaged in relation to tobacco vending machines (the main national manufacturer being Azkoyen Industria, S.A., a subsidiary of Azkoyen, S.A.) has not only had a negative effect on the quotation of the Group but has also had major repercussions on customer orders to the Company, with the corresponding reductions in sales and profits over the last month.
As a result of the situation this aggressive campaign has put us in, we will need to update our results forecasts for the current half year and for the 2002 financial year as a whole. Regarding the current half year, our forecast profits are 55% down on the same period in the previous year, a year of extraordinary profits as a result of the implementation of the Euro.
At present it is too early to evaluate the impact on the year end results of the factors that have had an influence on the forecast figures for the first six months of 2003.
Notified on 25 June 2002.

The Board of Directors of the Company has not considered the approval of an interim dividend on the result of the 2002 financial year. The decision on the remuneration of shareholders will be made when the Annual Accounts to be submitted in the Annual General Meeting are drawn up.
Notified on 19 December 2002.