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As far as our contracts with the Spanish Ministry of Defence
               are concerned, the Framework Agreement for secure satelli-
               te communications was extended from its expiration date of
               2 October to 31 December 2020, and a new contract – LEZO
               – was signed, covering secure SATCOM capacity from 2021 to
               2024 with the possibility of extending it by an additional year
               until the SPAINSAT NG satellites are operational. The awar-
               ded budget maximum is 136,90 million euros. This amount is
               provisional pending a supply audit in 2021.

               Finally, the investee companies exactEarth, XTAR and Airbus
               DS GEO SGSA have performed more or less as forecast, in
               each case remaining within Hisdesat’s 2020 budget, the only
               exception being the impairment of the exactEarth debt, which
               was converted into shares worth 1.4 million euros.

               Returning to the income statement, the 2020 financial year
               has been very positive. Revenues reached 72,65 million eu-
               ros, an improvement of 3,5 million euros over the budget,
               and approaching the historic record of last year. This is due
               to the increase in revenue provided for under the PAZ pro-
               gramme business plan, as well as having had a very good
               year in the secure communications business. We have a
               number of new clients: EMSA (the European Maritime Sa-
               fety Agency) for SAT-AIS and images (although this year no
               images were requested due to technical problems with the
               Agency’s request system); SATCEN (the European Union
               Satellite Centre) which began requesting images in the last
               quarter; the ESA (European Space Agency) Third Party Mis-
               sion; REE (via Hispasat) for the detection of solar panels; ad-
               ditional secure communications for the Portuguese Ministry
               of Defence; the satellite communications of the Ministry of
               Defence Predators; the SAPZO Personnel Support System in
               Operational Zones, with new Navy detachments and ships;
               secure Operations Zone communications with DGAM; and
               several new clients for the PAZ/TerraSAR-TanDEM-X Cons-
               tellation via Airbus. Operating expenses have remained low,   © Hisdesat
               with savings on almost all line items, some of them due to
               the lack of travel and attendance at fairs because of the CO-
               VID-19 pandemic. All in all, the EBITDA of the year amoun-  Hisdesat and our Space systems in different international se-
               ted to 57,67 million euros – 8 million euros above budget,   ttings on a daily basis.
               and exceeding last year’s historic record. However, the net
               financial result was -2.72 million euros, 5.5 million worse than   I also want to express my thanks to the Board of Directors of
               budgeted, due to the effect of COVID-19 on the valuation of   our company for their support and the trust placed in me,
               the treasury portfolio and the impairment applied to exac-  which I hope not to disappoint. Finally, I would like to end my
               tEarth’s convertible debt. Finally, net income amounted to   message of thanks with the most precious asset that our
               6,36 million euros, around 800.000 euros over budget. The   company has: it’s staff. To them, I want to express my appre-
               workforce has remained constant during 2020 with 69 em-  ciation for their daily efforts and their unwavering commit-
               ployees, the same as during the previous year.   ment to the company, especially during a very complicated
                                                                year due to the limitations imposed on carrying out our ac-
               All of these achievements would not have been possible wi-  tivities by the COVID-19 pandemic. Without their skills and
               thout our customers’ trust in our secure satellite communi-  daily endeavours, we would not have been able to reach the
               cations, Earth observation radar, and AIS satellite maritime   achieved goals and consolidate ourselves as a multi-mission
               surveillance capabilities, and I would like to expressly thank   operator in secure communications by satellite, satellite Ear-
               them for their support during another year. I would like to   th Observation and AIS satellite maritime surveillance.
               especially highlight the support of the Ministry of Defence
               and the Spanish Armed Forces, not only for being the main   Miguel Angel Garcia Primo
               user of our systems, but also for endorsing and promoting   CEO



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