Letter of the Supervisory Board

Dear Shareholders,

In 2020, OMV continued to underscore its strong commitment to being a responsible market player by setting ambitious targets and improving on its already strong sustainability performance.

In the summer of 2020, OMV committed for the first time to becoming carbon-neutral in its operations by 2050. We also updated our intermediate targets for 2025, setting concrete, ambitious carbon reduction targets for our Upstream and Downstream operations on the road to achieving net zero.

These targets are also newly reflected in OMV’s executive remuneration. The Supervisory Board is fully committed to OMV’s Sustainability Strategy and challenging management during this transition, specifically by setting the right incentives. The new Remuneration Policy adopted in 2020 includes sustainability projects and carbon emissions reduction targets which influence both the Annual Bonus and the Long-Term Incentive Plan (LTIP) payouts.

To achieve these targets, OMV is implementing a range of measures such as building Austria’s largest photovoltaic plant, which began operating in December 2020, and implementing cutting-edge technology in our refineries. For instance, four steam turbines generate 85% of the electricity needed to operate the Schwechat refinery. In 2020, two of the turbines were fitted with state-of-the-art blading, which enhances their efficiency, reducing CO₂ by 40,000 t in 2020 alone. Another turbine will be overhauled in 2021, enabling a total reduction of 60,000 t of CO₂ per year.

Together with our subsidiary Borealis, we are also pursuing innovative circular economy technologies – in both mechanical and chemical recycling – to reduce emissions and utilize existing resources. For instance, our innovative plastic-to-oil recycling technology ReOil^® per year and process it into synthetic fuels, plastics, or other chemicals.

I am very pleased to report that OMV’s comprehensive approach to sustainability continues to be recognized by independent ESG rating agencies and that OMV was again the only Austrian company included in the internationally renowned Dow Jones Sustainability Index (DJSI World) in 2020.

OMV has opted to prepare its mandatory consolidated non-financial disclosures as a separate consolidated non-financial report (Sustainability Report). The consolidated non-financial report that is presented pursuant to Section 96(1) of the Stock Corporation Act was subject to independent external assurance as well as a comprehensive audit and was discussed extensively by the Audit Committee and the Supervisory Board. The Supervisory Board found no issues during the audit and approved this Report.