The meeting of the Board of Directors of Azkoyen S.A., held today, announced the resignations of the Chairman, Mr. José María Careaga Meabeanzorena, and the Board Member, Mr. Enrique Goñi Garizurieta.

Also announced was the appointment of Mr. Juan Odériz San Martín, General Manager of the Caja Navarra Savings Bank Corporate Group, as new Board Member of the Azkoyen Group.

At the same Board meeting, Mr. Javier Garde Garde, Secretary until now of the Board, was appointed Board Member and Deputy Chairman, as such taking on the duties of Chairman of the Board of Directors until this post is filled.

The Chairman’s resignation came about as he felt that he had spent a sufficient period as a member of the Board, a time in which profound changes have been experienced at Azkoyen S.A. and during which the company has undergone extraordinary growth. The outgoing Chairman feels that Azkoyen is undertaking future challenges that require a new and decisive impetus.

The resignation of Mr. Enrique Goñi, who joined Azkoyen S.A.’s Board at the time of the increased participation by the Caja Navarra Savings Bank Corporate Group, came about as he felt that now that the structural reform measures and strategic redesign of the company’s government had been proposed and were being implemented, it was time to admit Mr. Juan Odériz San Martín onto the Board.

The appointments of Mr. Javier Garde and Mr. Juan Odériz have occurred in the midst of the company’s strategic and organisational redesign. To this end, they will work with the new management team in the conclusion of the 2003-2006 Strategic Plan, whose main lines of action will be announced at the General Meeting to be held this month.