2) TREASURY STOCK ACQUISITIONS:
- On 20 May 2003 the acquisition of 264,333 of its own shares was announced.

6)CHANGES IN ADMINISTRATORS OF THE BOARD OF DIRECTORS:
- On 13 January 2003, Mr. Enrique Goñi Beltrán de Garizurieta, was appointed Director of the Company Azkoyen, S.A., as replacement for Mr. Francisco Elizalde Goldáraz who had previously resigned. (Announced on 13 January 2003).

- During the Meeting of the Board of Directors of Azkoyen, S.A., held on 2 June 2003, the then President Mr. José María Careaga Meabeanzorena and Director Mr. Enrique Goñi Beltrán de Garizurieta voluntarily resigned. The outgoing President justified his resignation based on the extended term he had served as a Board Member, a period during which deep changes had been brought about in Azkoyen S.A., which experienced extraordinary growth. He also mentioned that the challenges facing the Company in the near future require a new, decisive drive and a new team at the helm. The voluntary resignation of Mr. Enrique Goñi, who began serving on the Board of Azkoyen, S.A. when the number of the Company’s shares held by the Caja Navarra Corporate Group increased, was explained by this Board Member in that he considered that the reforms introduced at the time in the Company’s management structure and its strategic redesign were now in place and it was time to bring Mr. Juan Odériz San Martín, General Manager of the Corporate Group onto the Board. During the same Board Meeting, Mr. Javier Garde Garde, who until now held the post of Secretary, was appointed Board Member and Vice-president, assuming the duties of Board President until this post is filled. The appointments of Mr. Javier Garde and Mr. Juan Odériz come in the midst of a strategic and organisational redesign of the Company and they will be working closely with the new management team in the completion of the Strategic Plan 2003-2006. The Plan’s action lines will be explained at the General Meeting of Shareholder to be held this month. (Announced on 2 June 2003).

- On 17 June we correct the error detected in our announcement of 2 June 2003, regarding the appointment of Board Members. During the Meeting of the Board of Directors of Azkoyen S.A. held on 2 June 2003 the co-opted Board members were Mr. Javier Garde Garde and the Spanish Company GRUPO CORPORATIVO EMPRESARIAL CAJA DE AHORROS Y MONTE DE PIEDAD DE NAVARRA, S.A.U. with VAT No. A/31691538 and business address in Pamplona, calle Arrieta nº 10, 1ª planta. Mr. Juan Odériz San Martín, is the person appointed to represent GRUPO CORPORATIVO EMPRESARIAL CAJA DE AHORROS Y MONTE DE PIEDAD DE NAVARRA to act as Board Member of the Company Azkoyen, S.A.

8)TRANSFORMATIONS, MERGERS OR DEMERGERS
On 30 June 2003 a merger by absorption took place between Compañía de Hostelería y Consumo Hispanolusa, S.A. (100% owned by Azkoyen, S.A.) and its subsidiary CAFELCE, S.L., which had been acquired outright on 4 November 2002.

14) OTHER SIGNIFICANT EVENTS:
- The Meeting of the Board of Directors of Azkoyen, S.A., held on 4 May, agreed on the creation of an Executive Committee, consisting of three Board Members. The first efforts of this Executive Committee will be aimed at guiding and concluding the strategic and organisational redesign which the Group began early this year. (Announced on 22 de mayo de 2003).

- The Meeting of the Executive Committee of Azkoyen, S.A. held on 21 May, agreed to appoint Mr. Rafael Mir Andreu as new General Director of Grupo Azkoyen, S.A. An industrial engineer who graduated from the Universidad Politécnica de Barcelona, Rafael Mir has extensive experience un business management and has worked as a senior manager in companies such as General Motors España, Tabacalera and Grupo Koxka.
He joined Azkoyen on 21 May 2003. (Announced on 22 May 2003).

- On 27 June, the decisions of the General Meeting of Shareholders of Azkoyen S.A. held on 26 June 2003 were announced.

- The Meeting of the Board of Directors of Azkoyen, S.A. held on 25 June 2003, approved a modification of the Regulations of the Board of Directors. The main reason behind this modification is adapting the said regulations to the provisions of Law 44/2002, of 22 November 2002, on Reform Measures in the Financial System, as well as the principles outlined in the Report on Fostering Transparency and Security in Markets and Listed Companies, issued by the Government in July 2002, known as the Aldama Commission Report. The new regulations will come into effect on 30 July 2003, although the Regulations will be affected by the reform of the Articles of Association to be proposed at the next General Meeting of Shareholder.
The Board of Directors also approved the Code of Conduct in Stock Markets, which shall come into effect on 30 July 2003, to facilitate its dissemination before it comes into effect. The announcement of this Important Fact was accompanied by the new version of the Regulations of the Board of Directors and the complete text of the Code of Conduct in Stock Markets.
(Announced on 27 June 2003).