Note: This document has been translated from a part of the Japanese original for reference purposes only. In
the event of any discrepancy between this translated document and the Japanese original, the original shallprevail. The Company assumes no responsibility for this translation or for direct, indirect or any other formsof damages arising from the translation.
Securities code: 2726
May 14, 2024
(Start date of electronic provision measures: May 7, 2024)

To Shareholders with Voting Rights:
Ryuta Inoue
President and Representative Director
PAL GROUP Holdings CO., LTD.
3-6-1 Doshomachi, Chuo-ku, Osaka-shi,
Osaka, Japan

Notice of the 52nd Ordinary General Meeting of Shareholders
We are pleased to inform you that the 52nd Ordinary General Meeting of Shareholders (the “Meeting”) of
PAL GROUP Holdings CO., LTD. (the “Company,” together with its subsidiaries, the “Group”) will beheld for the purposes below.
In convening this General Meeting of Shareholders, the Company has taken measures to provide
information electronically. Matters for Electronic Provision are posted on the following website.
The Company’s website: https://www.palgroup.holdings/irinfo/
In addition to the above, information is also posted on the Tokyo Stock Exchange, Inc. website as follows.
Please enter and search for either the company name, “PAL GROUP Holdings CO., LTD.,” or the code,“2726,” and select “Basic information,” followed by “Documents for public inspection/PR information”
in order to view the information provided.
TSE website: https://www2.jpx.co.jp/tseHpFront/JJK020010Action.do?Show=Show
Instead of attending the Meeting in person, you can exercise your voting rights in writing or via
the Internet, etc., so please review the Reference Documents for the General Meeting of
Shareholders described in the Matters for Electronic Provision, and exercise your voting rights by
6:30 p.m. Japan time, Tuesday May 28, 2024 (closing of the Company’s business hours).
Wednesday, May 29, 2024 at 10 a.m. Japan time (reception opens at 9:15
a.m.)
AP Osaka Ekimae, Umeda 1-chome, B2F, Tokyo Tatemono Umeda Building
2. Venuelocated at 1-12-12 Umeda, Kita-ku, Osaka-shi, Osaka, Japan
3. Purposes of the Meeting:
Matters to be reported: 52nd fiscal year (March 1, 2023 - February 29, 2024)
Business report, consolidated and non-consolidated financial statements
and results of audits of the consolidated financial statements by theaccounting auditor and the Audit & Supervisory Board
Matters to be resolved:
Distribution of Surplus
Proposal 1:
Partial Amendments to the Articles of Incorporation
Proposal 2:
Election of Nine (9) Directors
Proposal 3:
Election of One (1) Audit & Supervisory Board Member
Proposal 4:
Election of One (1) Substitute Audit & Supervisory Board Member
Proposal 5:
1. Date and time If you are attending the Meeting, please hand in the enclosed Voting Rights Exercise Form at the reception.
1 Any revisions to the Matters for Electronic Provision will be posted on each of the designated websites.

2Reference Documents for the General Meeting of Shareholders
Proposal 1:

Distribution of Surplus

The Company’s basic policy is to distribute dividends commensurate with its business performance.
While striving to maintain a stable payment of dividends, the Company determines dividend of surplus
taking into account enhancement of internal reserves to further strengthen its corporate standing andprepare for active future business development. The Company proposes the following year-end
dividend based on this policy.
Year-end dividend(1) Type of dividend property
Cash(2) Allotment of dividend property to shareholders and its total amount
50 yen per common share of the Company at a total of 4,341,164,800 yen(3) Effective date of the dividend of surplus (date when the payment of year-end dividend for the
52nd fiscal year begins)May 30, 2024

3

Proposal 2:

Partial Amendments to the Articles of Incorporation

1. Reasons for the proposal
Taking the opportunity presented by the founder's retirement as Representative Director, the Company
proposes to amend Article 20, Paragraph 2 of the Articles of Incorporation of the Company with the aim ofstrengthening and enhancing our management structure as well as aiming for the sustainable development andfurther improvement of the corporate value of the Group.
2. Details of the amendments
The details of the amendments are as follows.
(Amended parts are underlined.)
Current Articles of Incorporation

Proposed Amendments

Article 20 (Representative Directors andDirectors with Titles)(Omitted)
2. The Board of Directors may, by resolution,
appoint one (1) Chairman and Director, one(1) President and Director, and one (1) or
more Vice Presidents and Directors, Senior
Managing Directors, and Managing
Directors.

Article 20 (Representative Directors andDirectors with Titles)(Unchanged)
2. The Board of Directors may, by resolution,
appoint one (1) Chairman and Director, one(1) Vice Chairman and Director, one (1)President and Director, and one (1) or more
Vice Presidents and Directors, Senior
Managing Directors, Managing Directors,
and Directors and Advisors.

4

Proposal 3:

Election of Nine (9) Directors

The terms of office of all the six (6) incumbent Directors will expire at the close of this Meeting.
Therefore, in order to further strengthen the management structure, the Company proposes the election of nine(9) Directors, increasing the number of Directors by three (3).
The candidates for Director are as follows:

No.

1
2
3
4
5
6
7
8
9

Name

Position at the Company

Isamu
MatsuoTakayoWatanabe
Ryuta
Inoue
Hirofumi
KojimaHidetaka
Inoue
Yasuji
Arimitsu
Hisayuki
HiguchiKensaku
Teranishi
Yoshiaki
Arai

Chairman and
Representative Director
Vice Chairman and
Director
President and Director
Vice President andDirector
Director and Advisor
Director and Advisor
Outside Director
Outside Director
Outside Director

Attendance
Knowledge, experience and skills particularly expected
at the Board
Industry
SDGs, Administration
Riskof Directors Corporate
management
knowledge
etc.
/
financemanagement
meetings

○
○
○
○
○
○
○
○
○

14/14
(100%)
14/14(100%)
13/14
(93%)
14/14
(100%)
14/14(100%)
13/14
(93%)
-

○
○
○
○

○

○
○
○

○
○
○
○
○
○
○
○

* Positions at the Company are indicated as scheduled if the election of each candidate is approved.

5

○
○
○
○
○
○
○
○
○

No.

Name
(Date of birth)

Career summary, positions, responsibilities at theCompany and significant concurrent positions
April 1966
October 1973
March 1983
April 1985
April 1988
May 2009
May 2013

1

2

Number of theCompany’s
shares held

Joined Shin-Nankai Store Co., Ltd.
Joined the Company
Director
Managing Director
Senior Managing Director
Vice President and Director
Vice President, Director andIsamu Matsuo
Executive Officer (General Manager,(April 20, 1947)
31,728Store Development Department)(Male)
Vice President and Executive Officer(New appointment) May 2022
(to present)
Significant concurrent positions

Chairman and Representative Director of PAL CO.,LTD., NICE CLAUP Co., LTD., MAG STYLE Co.,
LTD. and KURASHIKI STYLE CO., LTD.

President and Representative Director of P.M.
Frontier Co., Ltd.
Reason for candidacy as Director
Isamu Matsuo has abundant experience mainly in store development operations at the Company.
He also has extensive experience and insight in management, serving as the Company’s Vice
President and Executive Officer as well as the President and Representative Director of PAL
CO., LTD. and P.M. Frontier Co., Ltd. The Company nominated him as a candidate for Director
expecting that he will further contribute to the sustainable growth and improvement of corporate
value of the Group by leading the Group’s overall management in the future.
April 1984
Joined Daido Sanso K.K. (currently
AIR WATER INC.)
April 1987
Left Daido Sanso K.K.
February 2003
Audit & Supervisory Board Member,
Scotch Yofukuten K.K.
January 2011
Director
Takayo Watanabe
July 2014
Representative Director, T Scotch(February 9, 1962)
Co., Ltd. (to present)
704,960(Female)May 2018
Director, PAL CO., LTD. (to present)(Reappointment)
May 2019
Director of the Company (to present)
November 2023 Representative Director of Scotch
Yofukuten K.K. (to present)
Significant concurrent positions

Representative Director of T Scotch Co., Ltd. and
Scotch Yofukuten K.K.

Director of PAL CO., LTD.
Reason for candidacy as Director
As the eldest daughter of founder Hidetaka Inoue, Takayo Watanabe has a profoundunderstanding of the essence of the Company’s management philosophy and corporate culture.
The Company nominated her as a candidate for Director expecting her to keep on fulfilling her
duties as a Director to improve corporate value from a long-term perspective in the future.

6

No.

Name
(Date of birth)

Career summary, positions, responsibilities at theCompany and significant concurrent positions
April 1989
May 1995
May 1995
March 2007
May 2008

3

4

Number of theCompany’s
shares held

Joined TEIJIN LIMITED
Joined the Company
Director
Senior Managing Director
Ryuta Inoue
President and Representative(June 8, 1965)
Director (to present)(Male)
7,298,672
Significant concurrent positions(Reappointment)President and Representative Director of NICE
CLAUP Co., LTD., MAG STYLE Co., LTD. and R
Scotch Co., Ltd.

Director of PAL CO., LTD. and PAL HOLDINGS(SINGAPORE) PTE. LTD.

Director of PAL (Shanghai) Trading Co., Ltd.
Reason for candidacy as Director
Ever since joining the Company in May 1995, Ryuta Inoue accumulated a broad range of
operational experience including store operations, product development, e-commerce operations
and in the Administrative Division. Also, after taking office as the President in 2008, he has
substantially contributed to expanding business performance. The Company nominated him as a
candidate for Director expecting that he will further contribute to the sustainable growth andimprovement of corporate value of the Group by leading the Group’s overall management in the
future.
March 1983
Joined the Company
May 2001
Director
May 2010
Managing Director
May 2013
Managing Executive Officer
May 2015
Director and Managing Executive
Hirofumi Kojima
Officer(November 30,
May 2019
Director and Senior Managing
1960)
120,672
Executive Officer(Male)
Senior Managing Executive Officer(New appointment) May 2022
(to present)
Significant concurrent positions
Vice President, Director and Executive Officer andGeneral Manager, 9th Division and 10th Division of
PAL CO., LTD.
Reason for candidacy as Director
Hirofumi Kojima has abundant experience mainly in store operations and product development
operations at the Company. He also has extensive experience and insight in management, serving
as a Director and Senior Managing Executive Officer of the Company and PAL CO., LTD. and
the General Manager of Valery Company. The Company nominated him as a candidate for
Director expecting that he will further contribute to the sustainable growth and improvement ofcorporate value of the Group as a member of the Group’s management in the future.

7

No.

Name
(Date of birth)

Career summary, positions, responsibilities at theCompany and significant concurrent positions
October 1973

5

6

Number of theCompany’s
shares held

Established the Company, President
and Representative Director
May 2008
Chairman and Representative
Director of the Company (to present)
Hidetaka Inoue
Significant concurrent positions(September 13,Chairman and Representative Director of
1935)
1,145,744
LOCUSTco., Ltd.
(Male)
Director and Advisor of PAL CO., LTD., NICE
(Reappointment)
CLAUP Co., LTD., KURASHIKI STYLE CO.,LTD. and MAG STYLE Co., LTD.

Director of Scotch Yofukuten K.K. and PAL
HOLDINGS (SINGAPORE) PTE. LTD.

Director of PAL (Shanghai) Trading Co., Ltd.
Reason for candidacy as Director
Ever since taking office as the Company’s Representative Director in 1973, Hidetaka Inoue has
led the Company’s management for 50 years and has always demonstrated outstanding foresightand strong leadership to achieve the Company motto of “Contributing to society by constantly
proposing new fashionable ways of life” and build the PAL Group it is today. The Company
again nominated him as a candidate for Director in the belief that he will continue to beindispensable in the improvement of the corporate governance of the Group.
April 1953
Joined TEIJIN LIMITED
August 1972
Seconded to TEIJIN WINKLE
LimitedDirector, General Manager,
Administrative Unit
December 1986 Seconded to Teijin WOW Limited
Director, General Manager,
Administrative Unit
December 1994 Joined Teijin Central Kosan Co., Ltd.
Yasuji Arimitsu
March 1998
Joined the Company(April 23, 1934)
187,636(Male)
April 1998
Director(Reappointment)
March 2007
Managing Director
May 2011
Vice President and Director
May 2013
Vice President, Director andExecutive Officer (General Manager,
Administrative Division and General
Manager, Internal Audit Office) (topresent)
Significant concurrent position
Director and Advisor of PAL CO., LTD.
Reason for candidacy as Director
Yasuji Arimitsu has abundant experience mainly in administrative operations at the Company. He
also has extensive experience and insight in management, serving as the Company’s Vice
President, Director and Executive Officer. The Company again nominated him as a candidate for
Director in the belief that he will continue to be indispensable in the improvement of thecorporate governance of the Group.

8

No.

Name
(Date of birth)

Career summary, positions, responsibilities at theCompany and significant concurrent positions
April 1958

Hisayuki Higuchi(August 18, 1939)(Male)(Reappointment)
7

Joined The Sumitomo Bank, Limited(currently Sumitomo Mitsui Banking
Corporation)
April 1990
General Manager, Umeda Branch
August 1994
Retired from Sumitomo Mitsui
Banking Corporation
Senior Managing Director, REX
INDUSTRIES CO., LTD.
April 1995
CEO, REX INTERNATIONAL
U.S.A., INC.
March 1996
Chairman, SUZHOU REX
ELECTRO MACHINERY CO.,LTD.
May 2000
Outside Audit & Supervisory Board
Member of the Company
June 2004
Chairman and Representative
Director, REX INDUSTRIES CO.,LTD.
May 2008
Outside Director of the Company (topresent)
July 2010
Director and Advisor, REX
INDUSTRIES CO., LTD.
June 2014
Retired from REX INDUSTRIESCO., LTD.
September 2016 Director of PAL CO., LTD.
February 2024
Retired as Director of PAL CO.,LTD.
Significant concurrent positions

Number of theCompany’s
shares held-

Reason for candidacy as Outside Director and overview of expected roles
After serving at a financial institution, Hisayuki Higuchi has long been engaged in the
management of a company operating in Japan and globally. He has deep insight in finance andcorporate management and is giving input and guidance based on his experience as an incumbent
Outside Director. The Company nominated him as a candidate for Outside Director because it
expects him to contribute to improving corporate value by providing advice on the Group’s
overall management based on his insight and knowledge, and fulfill a supervisory function froma neutral and objective standpoint.

9

No.

Name
(Date of birth)

Career summary, positions, responsibilities at theCompany and significant concurrent positions
April 1975

8

Number of theCompany’s
shares held

Joined The Sumitomo Bank, Limited(currently Sumitomo Mitsui Banking
Corporation)
May 1997
General Manager, Tamatsukuri
BranchOctober 1998
General Manager, Underwriting
Department, Osaka Branch,
Sumitomo Capital Securities Co.,Ltd.
April 2001
General Manager, Assistant to
Officer in charge of Osaka Branch,Daiwa Securities SMBC Co., Ltd.
April 2004
Retired from Daiwa Securities
SMBC Co., Ltd.
Standing Advisor, Konoike
Kensaku Teranishi May 2004
Construction Co., Ltd.
(November 28,
May
2009
Director, Vice President and1951)
Executive Officer(Male)
October 2011
Representative Director, Vice
(Reappointment)
President and Executive Officer
November 2017 Retired from Konoike Construction
Co., Ltd.
December 2017 Senior Advisor, Osaka Branch,
Yamada Consulting Group Co., Ltd.
May 2019
Outside Director of the Company (topresent)
December 2021 Retired as Senior Advisor, Osaka
Branch, Yamada Consulting Group
Co., Ltd.
January 2022
Director, Shinwa Holdings, Co., Ltd.
(to present)
Significant concurrent position
Director of Shinwa Holdings, Co., Ltd.
Reason for candidacy as Outside Director and overview of expected roles
After serving at a financial institution, Kensaku Teranishi has long been engaged in corporate
management. He has deep insight in finance and corporate management. The Company
nominated him as a candidate for Outside Director because it expects him to contribute toimproving corporate value by providing advice on the Group’s overall management based on his
insight and knowledge, and fulfill a supervisory function from a neutral and objective standpoint.

10

No.

Name
(Date of birth)

Career summary, positions, responsibilities at theCompany and significant concurrent positions

Number of theCompany’s
shares held

April 1966
April 1987

9

Joined Japanese National Railways
Joined East Japan Railway Company
due to the privatization of Japanese
National Railways
June 2000
Director, General Manager of LifeStyle Business Development
Headquarters
June 2009
Executive Vice President andRepresentative Director
June 2012
President & CEO, LUMINE Co.,Ltd.
Yoshiaki Arai
June 2017
Chairman & Director(September 1,
June 2017
Outside Director, Saitama Resona
1946)
Bank, Limited (to present)(Male)
June 2019
Advisor, LUMINE Co., Ltd.
(New appointment)
June 2019
Chairman, Japan Association for Rail
Advertising (to present)
July 2022
Senior Advisor, LUMINE Co., Ltd.
October 2022
Outside Director, Japan Green
Investment Corp. for Carbon
Neutrality (JICN) (to present)
Significant concurrent positions
Outside Director, Saitama Resona Bank, Limited
Chairman, Japan Association for Rail AdvertisingOutside Director, Japan Green Investment Corp. for
Carbon Neutrality (JICN)
Reason for candidacy as Outside Director and overview of expected roles
Yoshiaki Arai has a high level of insight cultivated through his extensive corporate management
experience in the electric railway and distribution industries. The Company nominated him as a
candidate for Outside Director because it expects him to contribute to improving corporate value
by providing advice on the Group’s overall management based on his insight and knowledge,
and fulfill a supervisory function from a neutral and objective standpoint.

Notes:
1. There are no special interests between any of the candidates and the Company.
2. Hisayuki Higuchi is a candidate for Outside Director, as well as an independent director as stipulatedby the financial instruments exchange (Tokyo Stock Exchange, Inc.). He has served as the Company’s
Outside Audit & Supervisory Board Member for eight (8) years since May 2000. He will also have
served as the Company’s Outside Director as well since May 2008, for 16 years at the close of thisMeeting.
Although Hisayuki Higuchi was formerly affiliated with the Company’s main bank, in light of theCompany’s current financial status where its deposits significantly exceed its borrowings, and theabsence of a transactional relationship with the said financial institution that will affect theCompany’s decision-making, as well as the fact that a substantial amount of time has passed since heretired from the said financial institution, the Company deems him to be sufficiently independent.
3. Kensaku Teranishi is a candidate for Outside Director, as well as an independent director as stipulatedby the financial instruments exchange (Tokyo Stock Exchange, Inc.). He will have served as theCompany’s Outside Director since May 2019, for five (5) years at the close of this Meeting.
Although Kensaku Teranishi was formerly affiliated with the Company’s main bank, in light of theCompany’s current financial status where its deposits significantly exceed its borrowings, and theabsence of a transactional relationship with the said financial institution that will affect theCompany’s decision-making, as well as the fact that a substantial amount of time has passed since he11retired from the said financial institution, the Company deems him to be sufficiently independent.
4. Yoshiaki Arai is a candidate for Outside Director, as well as an independent director as stipulated by
the financial instruments exchange (Tokyo Stock Exchange, Inc.).
Although Yoshiaki Arai was formerly affiliated with LUMINE Co., Ltd., in whose premises theGroup has opened stores, in light of the fact that since June 2019 he has not been on that thecompany's Board of Directors and has been in the position of providing advice to management as an
Advisor, as well as the fact that he has not attended Board of Directors meetings, the Company deems
that he does not fall under the category of a business executive and is sufficiently independent.
5. Summary of the content of the directors and officers liability insurance contract
The Company has entered into a directors and officers liability insurance contract with an insurancecompany to insure its Directors, as stipulated in Article 430-3, Paragraph 1 of the Companies Act. The
contract covers damages that may arise due to insured parties assuming liability for their execution ofduties, or receiving claims associated with the pursuit of such liability. The Company intends tocontinue and renew this contract. If the election of each candidate is approved, the candidates will
become insured parties under this insurance contract.

12

Proposal 4:

Election of One (1) Audit & Supervisory Board Member

The term of office of Audit & Supervisory Board Member Shigetoshi Hirano will expire at the close ofthis Meeting. Therefore, the Company proposes the election of one (1) Audit & Supervisory Board
Member.
The Audit & Supervisory Board has given its consent to this proposal.
The candidate for Audit & Supervisory Board Member is as follows:
Name(Date of birth)

Career summary, positions at the Company and significant
concurrent positions
April 1989

Number of theCompany’s
shares held

Registered with Osaka Bar Association
Joined Oh-Ebashi Law Office (currently
Oh-Ebashi LPC & Partners)
April 1995
Partner, Oh-Ebashi LPC & Partners
August 2002
Member of Oh-Ebashi LPC & Partners (topresent)
June 2014
Outside Company Auditor, BENEFIT
JAPAN CO., LTD.
May 2020
Appointed Outside Audit & Supervisory
Shigetoshi Hirano
Board Member of the Company (to(May 9, 1963)
present)
June 2021
Appointed Outside Director (Audit andSupervisory Committee Member),
BENEFIT JAPAN CO., LTD. (to present)
Significant concurrent positions

Attorney-at-law (Member of Oh-Ebashi LPC &Partners)Outside Director, Audit and Supervisory Committee
Member, BENEFIT JAPAN CO., LTD.
Reason for candidacy as Outside Audit & Supervisory Board Member
Shigetoshi Hirano will reflect his professional insight as an attorney-at-law in the Company's audits.
Although he has never been involved in the management of a company in any way other than serving
as an outside director or an outside audit & supervisory board member in the past, for the reasonsstated above, the Company believes that he will appropriately perform his duties as Outside Audit &Supervisory Board Member.
Shigetoshi Hirano’s term of office as Outside Audit & Supervisory Board Member of the Company
will be 4 (four) years at the conclusion of this General Meeting of Shareholders.
Notes:
1. There are no special interests between the candidate and the Company.
2. Shigetoshi Hirano is a candidate for Outside Audit & Supervisory Board Member.
3. Summary of the content of the directors and officers liability insurance contract
The Company has entered into a directors and officers liability insurance contract with an insurancecompany to insure its Audit & Supervisory Board Members, as stipulated in Article 430-3, Paragraph
1 of the Companies Act. The contract covers damages that may arise due to insured parties assuming
liability for their execution of duties, or receiving claims associated with the pursuit of such liability.
The Company intends to continue and renew this contract. If the election of the candidate isapproved, the candidate will become an insured party under this insurance contract.

13

Proposal 5:

Election of One (1) Substitute Audit & Supervisory Board Member

At the start of this Meeting, the effect of election will expire for Norihisa Ogawa, substitute Audit &Supervisory Board Member, elected at the 51st Ordinary General Meeting of Shareholders held on May
24, 2023. Therefore, the Company proposes the election of Norihisa Ogawa as a substitute Audit &Supervisory Board Member to prepare for contingencies where the number of Audit & Supervisory Board
Members falls below the statutory requirement.
The effective period for the resolution of this proposal is up to the beginning of the next ordinary
general meeting of shareholders. The election may be cancelled by resolution of the Board of Directors
subject to the consent of the Audit & Supervisory Board provided that it is before the candidate takes
office.
The Audit & Supervisory Board has given its consent to this proposal.
The candidate for substitute Audit & Supervisory Board Member is as follows:
Name(Date of birth)

Career summary and significant concurrent positions
April 1979

Norihisa Ogawa(January 7, 1951)

October 1987
December 1994
April 1998
April 2016

Registered as attorney-at-law (Daini
Tokyo Bar Association)
Joined Kashiwagi & Kiyozuka Law
OfficeEstablished Ogawa Norihisa Law Office
Joined Kioizaka Themis General Law
Office, Partner (to present)
Corporate Auditor, NICE CLAUP Co.,LTD.
Retired as Corporate Auditor, NICE
CLAUP Co., LTD.

Number of theCompany’s
shares held-

Notes:
1. There are no special interests between the candidate and the Company.
2. Norihisa Ogawa is a candidate for substitute Outside Audit & Supervisory Board Member, andfulfills the requirements for an independent auditor as stipulated by the financial instruments
exchange (Tokyo Stock Exchange, Inc.).
Norihisa Ogawa contributed to the audit of NICE CLAUP Co., LTD., a subsidiary of the Company,
for a total of eighteen (18) years from April 1998 to April 2016 as its Outside Corporate Auditor. He
also served as an outside corporate auditor of listed companies including Sankyu Inc. (TSE Prime
Market) and Saison Technology Co., Ltd. (TSE Standard Market) as well as other companies.
Although he has never been involved in the management of a company in any way other than serving
as an outside officer in the past, the Company believes that he will provide timely and appropriate
advice as he has a wealth of experience.
3. Summary of the content of the directors and officers liability insurance contract
The Company has entered into a directors and officers liability insurance contract with an insurancecompany to insure its Audit & Supervisory Board Members, as stipulated in Article 430-3, Paragraph
1 of the Companies Act. The contract covers damages that may arise due to insured parties assuming
liability for their execution of duties, or receiving claims associated with the pursuit of such liability.
The Company intends to continue and renew this contract. If the election of the candidate as a
substitute Audit & Supervisory Board Member is approved, and he subsequently takes office as an
Audit & Supervisory Board Member, then he will become an insured party under this insurance
contract.

14