PRESS RELEASE

Petro Welt Technologies AG - Changes to the Supervisory Board
Stephan D. Theusinger elected to the Supervisory Board

Vienna, January 26, 2022
At yesterday's Extraordinary General Meeting of Petro Welt Technologies AG, Stephan D. Theusinger was elected to the Company's Supervisory Board. The 44-year-old replaces Ralf Wojtek, who resigned from the Supervisory Board effective January 25, 2022.

The Supervisory Board of Petro Welt Technologies AG now consists of Maurice Gregoire Dijols (Chairman), Remi Paul and Stephan D. Theusinger.

Stephan D. Theusinger, MSc, EMBA (hons) holds a degree in industrial engineering. He speaks seven languages and held various positions at Lufthansa in Germany from 2003 to 2013. He then moved to the consulting company Ari Consult in Lugano. He holds executive management and board positions in various Swiss companies.

In July 2021, Stephan D. Theusinger also became a proxy holder (Prokurist) of Petro Welt Technologies AG and is therefore very familiar with the Company. Following his election to the Supervisory Board, the Management Board terminated Theusinger's proxy (Prokura) with immediate effect. Stephan D. Theusinger is not employed by the Company or any of its Group companies. His tenure will end with the annual general meeting which resolves on the release from liability of the Supervisory Board for the financial year 2021.

About Petro Welt Technologies AG
Petro Welt Technologies AG, headquartered in Vienna, is one of the leading, early established OFS companies in Russia and the CIS, specializing in services to increase the productivity of new and existing oil and gas formations.

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