Ad hoc announcement pursuant to Article 17 MAR

Changes in the Management Board of PWO

Oberkirch, August 25, 2020 - Dr. Volker Simon, CEO of PWO, has informed the Supervisory Board that, for personal reasons, he no longer intends to renew his contract at the end of June 2022 in order to pursue new responsibilities. The Supervisory Board has acknowledged this intention, and the parties have mutually agreed to terminate Dr. Simon's Management Board employment contract effective September 4, 2020. The Supervisory Board of PWO AG would like to thank Dr. Simon for his many years of successful work and wish him all the best for his future.

Dr. Simon will be succeeded by Carlo Lazzarini, who was today appointed to the Management Board as of September 1, 2020. Mr. Lazzarini will assume the role of CEO responsible for the market and technology area as of September 5, 2020. Carlo Lazzarini has 15 years of general management experience in internationally active, innovation-driven technology companies, as well as industry experience in the automotive, commercial and rail vehicle and supplier sectors.

Management Board member Bernd Bartmann, whose contract is set to expire on December 31, 2020, will retire from the Board effective this date as scheduled. He will, however, remain connected with PWO as an advisor. Dr. Cornelia Ballwießer has been appointed to the Management Board as of November 1, 2020 as Mr. Bartmann's successor and will be responsible for the administration & finance department. Dr. Ballwießer has extensive expertise in finance and controlling and has been working in the automotive industry for almost twenty years.

Progress-Werk Oberkirch AG
The Management Board

End of ad hoc announcement