Monday, 8th of April 2002

The IRIZAR GROUP has reached an agreement with its partner in Morocco, the Kadiri group, an importer of D.A.F. vehicles, for acquiring 100% of IRIZAR MAGHREB's shares, in which it already had a 34% stake.

This will mean that in the month of April this year production of the Century model coach will begin, together with its launch on the Moroccan market.

Total investment will be eight million Euros, which includes share acquisition plus the necessary investment for the launch, consolidation and establishment in Africa.

Market expectations regarding the Century - well-known in Morocco due to the large amount of Spanish tourism and the deals with VOLVO Morocco and D.I.M, a DAF importer - have speeded up these agreements, and orders have already come in for the first six months.

This major change in both management and product/distribution means that IRIZAR can now expect to recover 40% participation in the Moroccan luxury coach market, operating with its leading product over the entire African market o be highly successful both in Spain and the rest of Europe, and that the IRIZAR PB with its revolutionary new features has also been launched.