Dear shareholders,

As the president of HISPASAT, it is my pleasure to present to you the annual report for 2015, a year of challenges and opportunities for the company in the changing sector of telecommunications satellites. This business model is undergoing a major transformation, stemming from an increasingly demanding and competitive market that has required us to put forth significant commercial and management efforts. These high standards have helped us achieve positive results that are better than those of many of our competitors. In fact, we have been able to improve our ratios and continue to be leaders in some very difficult markets.

But, in spite of this, the greatest challenge is without a doubt technological. We must not forget that our clients are faced with a digital revolution that significantly impacts communications and businesses. That is why we must focus our efforts on anticipating their technological needs and offering them the most advanced services and the best solutions, always keeping in mind the end users, who are people.

To take on these challenges, a change in corporate culture is necessary to make the company more efficient, sustainable and responsible. With this aim, HISPASAT has placed emphasis on its strengths: innovation and talent.

With these concepts as our fundamental and essential pillars, HISPASAT has committed to offering innovative solutions with the highest quality and efficiency. In the midst of a rapidly changing society and market, innovation is the best response. That is why we work in different courses of action related to emergencies and safety, connectivity, mobility and advanced audiovisual systems. For example, it is worth noting the success of the first edition of the Hispasat 4K International Festival, which reinforces the image of HISPASAT as a leader in content distribution via satellite using this technology.

In addition, HISPASAT has continued down the path of Corporate Social Responsibility as it aims to achieve business excellence, incorporate sustainability as a key element in management and improve the relationship between the company and all of its stakeholders, from its employees and shareholders to its clients, suppliers and the social environment.

We live in times of change, which are not without uncertainty, but we face them with hope and the firm commitment to place satellites at the centre of the new telecommunications networks which are being created to effectively and efficiently respond to the new digital society.