PNE : Terms of office and age limit for Board members

Term of office of the members of the Supervisory Board and resignation of office

Pursuant to Section 8 (2) sentences 1 and 2 of the Articles of Association, the members of the Supervisory Board are appointed until the end of the General Meeting which decides on the discharge for the fourth financial year after the beginning of the Supervisory Board's term of office. The financial year in which the term of office began, shall not be included in this calculation.

However, pursuant to Section 8 (2) sentence 3 of the Articles of Association, a Supervisory Board member cannot be elected for a longer term than until the end of the General Meeting in the year in which the Supervisory Board member reaches the age of 75.

Pursuant to Section 8 (2) sentence 4 of the Articles of Association, the term of office of Supervisory Board members who have been appointed to replace prematurely retired members ends at the same time as the regular term of office of the retired Supervisory Board members.

Pursuant to Section 8 (3) of the Articles of Association, the members of the Supervisory Board may resign from office by submitting a written notice to the Chairman of the Supervisory Board or to the Company, represented by the Board of Management, giving four weeks' notice.

Age limit for members of the Board of Management

For members of the Board of Management, the employment contracts provide for a contract end at the latest upon reaching the respective statutory retirement age.

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