The board of directors of Elecnor, S.A., at its meeting on September 21, 2016 and in accordance with its orderly succession policy, has unanimously agreed to appoint the current Deputy Chairman, Jaime Real, as the Non-Executive Chairman of the board of directors and of its Executive Committee with effect from January 1, 2017. He will replace Fernando Azaola, who has tendered his resignation with effect from that date. Mr. Azaola will remain a member of the Board and of its Executive Committee. Fernando Azaola Arteche will also remain Chairman of the Elecnor Foundation. It was also unanimously agreed to appoint the Board members Fernando Leon Domecq and Juan Prado Rey-Baltar as Deputy Chairman with effect from January 1, 2017. The current Chief Executive Officer, Rafael Martin de Bustamante, remains in his post as Elecnor's most senior executive.