8.- TRANSFORMATIONS, MERGERS OR DIVISIONS.

The AZKOYEN Group, through the Board of Directors of AZKOYEN, S.A., has approved a new structure based on the principles of autonomy in terms of assets, finance and management of their current lines of business.

"Catering and Vending" "Methods of Payment" "Distribution in the Catering and Food Trades"

From a legal point of view the new structure will mean integrating the subsidiaries AZKOYEN HOSTELERÍA, S.A. and AZKOYEN COMERCIAL INTERNACIONAL, S.A. into the company AZKOYEN INDUSTRIAL, S.A., which until now was responsible for manufacturing the main "Catering and Vending" products for the Group. The remaining companies in the Group, including AZKOYEN, S.A., will not be legally affected by the change.

This structure, which does not affect employment or subcontracting, aims to facilitate and boost the development of the current lines of business, the extension and diversification of products and markets and, in general, to seek new business opportunities. In short, to improve the position of the group in the global market and its competitive capacity.

Communicated on 24 January 2001.