Page 9 - hisdeSAT annual report 2015

PRE SENTATION

in foreign markets, thus reaffirming the effectiveness of the public-private part-
nership model of the company. In line with this, work is being done towards being
able to offer NATO support in the shape of a combination of new communications
services, which will become relevant near the end of this decade. We are also wor-
king on improving our AIS market with the agreements reached with ComDev on
the exactEarth shareholding restructuring.

On the other hand, it has not been possible to accomplish the launch of the PAZ
satellite scheduled for December 2015, due to Russian-Ukrainian internal pro-
blems that also affect projects of other Western countries with launch dates later
than our own. Everything possible is being done to resolve this serious problem.

As mentioned earlier, it is only fair to recognise the excellent work being done by
the staff of the company, who – without neglecting existing tasks, and even impro-
ving on their earlier performance – have been able to successfully take on new
projects. The future looks promising, because the company has the appropriate
staff on board to carry out its strategic plan.

The Board has seen the replacement of the former Chairman, the Hon. Lieute-
nant General Juan Antonio del Castillo Masete, to whom I would like to express the
gratitude of the entire company.

As the new Chairman of the Board of Directors, although I have already done so
in person, I would like take this opportunity to reiterate my commitment to all
shareholders. It is an honour and a great satisfaction to serve this office with the
trust bestowed upon me.

Yours sincerely

SANTIAGO BOLÍBAR PIÑEIRO
CHAIRMAN OF THE BOARD OF DIRECTORS

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