Petro Welt Technologies : Report of the Supervisory Bord

REPORT OF THE SUPERVISORY BOARD

REPORT OF THE SUPERVISORY BOARD FOR 2020

Throughout the 2020 financial year, the Supervisory Board diligently monitored the Management Board's stewardship of Petro Welt Technologies AG's (PeWeTe's) business and advised the Management Board in its decision-making process on the basis of detailed oral and written reports as well as constructive discussions between the Supervisory Board and the Management Board.

The Management Board regularly provided the Supervisory Board with timely and comprehensive information on business operations, the overall economic situation in the Company's core markets, and operational environment as well as business opportunities and risks for PeWeTe and its Group. The Supervisory Board held eight meetings during 2020, all via video conferencing (Skype) or telephone conference due to the applicable COVID-19 restrictions on:

• March 20, 2020 (all members of the Supervisory Board and the Management Board);
• April 28, 2020 (all members of the Supervisory Board and the Audit Committee; auditors; the Management Board only participated in two agenda items);
• May 12, 2020 (all members of the Supervisory Board and the Management Board);
• June 3, 2020 (all members of the Supervisory Board and the Management Board);
• June 19, 2020 (all members of the Supervisory Board and the Management Board);
• July 2, 2020 (all members of the Supervisory Board, the Management Board and the Audit Committee);
• September 25, 2020 (all members of the Supervisory Board and the Management Board); and
• December 10, 2020 (all members of the Supervisory Board, the Management Board and the Audit Commit- tee).

At all times, numerous open discussions in an atmosphere of trust form the foundation for our deliberations and our communication with the Management Board.

The Supervisory Board reviewed the Company's financial statements prior to publication and was kept informed by the auditors of all audit activities and their results. The members of the Supervisory Board received comprehensive information about the Company's current business and material business events from the Management Board.

PeWeTe's financial statements for the year ending on De- cember 31, 2020 and the 2020 Management Report were audited by KPMG Austria GmbH Wirtschaftsprüfungs- und Steuerberatungsgesellschaft, Vienna, Austria. The final findings of the audit did not give rise to any objections, thus allowing an unqualified auditor's opinion to be issued for the 2020 financial year for the statutory financial statements 2020 of PeWeTe AG. According to KPMG's conclu- sions, the consolidated Group financial statements are presented fairly in all material respects in accordance with the International Financial Reporting Standards (IFRSs) as adopted by the EU with the exception of the aspects described in the section "Basis of qualified opinion" (subject of inventory of 2019) which means that a qualified audit opinion has been granted regarding the Group financial statements 2020.

The Supervisory Board has approved both the stand- alone and consolidated financial statements for the year ending on December 31, 2020, including the Management Report, Corporate Governance and Sustainability Reports and the Non-Financial Report for the 2020 financial year. The 2020 financial statements of PeWeTe are thus adopted pursuant to section 96 (4) of the Austrian Stock Corporation Act. Furthermore, the Supervisory Board has approved the consolidated financial statements and the Group Management Report for 2020.

The Supervisory Board has evaluated and approved the proposal of PeWeTe's Management Board to retain dividends for the 2020 financial year.

54	PETRO WELT TECHNOLOGIES AG | ANNUAL REPORT 2020

Additional information regarding the Supervisory Board's composition and work as well as its compensation can be found in the Notes, the Corporate Governance Report and the Remuneration Report.

Finally, we sincerely thank the Management Board and all of the Group's employees for their commitment and support in the 2020 financial year as well as all shareholders, customers, and partners for their trust.

Vienna, April 27, 2021

Maurice Gregoire Dijols

on behalf of the Supervisory Board

PETRO WELT TECHNOLOGIES AG | ANNUAL REPORT 2020

55