PDV Holding, Inc. welcomes the appointment of Horacio Medina as Chairman of the PDVSA ad hoc Board of Directors

Houston - December 15, 2020 - The Board of Directors of PDV Holding, Inc. (PDVH) and its subsidiaries welcomes the appointment of Horacio Francisco Medina Herrera as Chairman of the ad hoc Administrative Board of Petróleos de Venezuela, S.A. (PDVSA). Medina assumes this important responsibility as the head of PDVSA after being appointed by the National Assembly of Venezuela, on Saturday, December 5, 2020, in an extraordinary session.

We are sure that this will be a challenge that he will know how to fulfill with integrity and probity, and will have our support. Horacio Medina is a petroleum engineer with more than 20 years of experience in the industry where he served as manager of PDVSA's Operating Agreements and New Businesses until 2002. He was president of the Venezuelan Society of Petroleum Engineers and of the National Union of Petroleum and Petrochemical Workers, Hydrocarbons and their derivatives (Unapetrol).

As a PDVH shareholder, PDVSA, through the ad hoc Administrative Board, has performed extraordinary work in preserving its assets in the United States. That is why it is essential to have professionals such as Medina to continue this task.