Colep Consumer Products Polskasp. z o.o.

Manner of representation

Two members of the management board acting jointly have the right to make declarations of will, perform legal acts and sign documents on behalf of the company, except in the following cases, in which a member of the management board must act jointly with the President of the Management Board: (I) making payments of any kind, except for transactions within the Colep Group whose value amounts to or exceeds PLN 10,000,000.00 (ten million złoty); (II) acquiring, disposing of or encumbering the company's assets, except for the acquisition or disposal of the company's assets within the Colep Group whose book value on the date of acquisition or disposal amounts to or exceeds PLN 10,000,000.00 (ten million złoty); (III) issuing securities or bonds, or granting sureties or guarantees in an amount equal to or exceeding PLN 2,000,000.00 (two million złoty); (IV) entering into any agreements, except employment contracts, if: a) in the case of agreements with customers, the estimated annual turnover will be at least PLN 250,000,000.00 (two hundred and fifty million złoty); b) in the case of agreements with raw material suppliers, the estimated annual value of the liabilities arising therefrom will be at least PLN 100,000,000.00 (one hundred million złoty); c) in the case of agreements other than those specified in points a or b above, the estimated annual value of the payments arising therefrom will be at least PLN 10,000,000.00 (ten million złoty).