Page 4 - MEMORIA 2018

Dear Shareholders,
As in previous years I open my comments with a summary of management and situation, and again I have to write
a “Bravo Zulú”. This “well done” has been carried out in a general uncertain international situation, and national
uncertain and provisional, although the latter has not led to uncertainties in the decision making in very important
areas for Hisdesat, which has had positive consequences on results and objectives. In short, a year of good character,
with temporary easing forward to our course, to try to guarantee adequate satellite capabilities, mainly to the Spanish
Ministry of Defence and other governmental agencies.

Thus, in the SATCOM area, national government and international security and defence communications satellite
services have continued to be provided appropriately for users, and new lines of work have been opened, some very
noteworthy, aimed at improving quality of life of our soldiers and sailors outside Spain. The design of satellites of the
New Generation were stated in a practical way, after working hard and well with the Spanish Ministry of Defence. Then
the Program of that New Generation was closed within an agreement with the aforementioned Ministry. The needed
funding was also obtained through the Ministry of Industry and we also worked to obtain funds of the European Space
Agency (ESA).

In the area of Earth Observation, the efforts of the
company were oriented in the launching, commissioning,
calibration and exploitation of the PAZ satellite, which
was carried out very effectively. The Falcon 9 launcher
from Space X was very precise, leaving PAZ very
close to its orbit with the consequent fuel savings, its
commissioning was very short, seven months, and its
exploitation increases adequately.

The consolidation of maritime vessel positioning and
information services has also been continued through
exactEarth.

In the field of NATO, the effort continued to include
Spain in the second phase of the SATCOM CP-130
capacity package, supporting the action of the General
Directorate of Armament and Material. We worked with
DGAM on the initiatives related to the GOVSATCOM
Program of the European Union, led by Spain.

Finally, as Chairman of the Board of Directors, I reiterate
that well done “BRAVO ZULÚ” to all those who are
part of Hisdesat, and I take advantage of these letters
to make myself available again to all shareholders and
once again point out the honor and satisfaction that the
position and its trust produce to me.

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