Kobzarenkosp. z o.o.

Manner of representation

The following persons are authorised to make declarations of will and sign documents on behalf of the company: in the case of a one-person management board, a member of the management board independently as President of the company, and attorneys-in-fact independently within the scope of the powers of attorney granted to them; in the case of a multi-member management board: a) the President of the Management Board independently, without any monetary or subject-matter limitations; b) the Vice-President of the Management Board and other members of the management board independently, subject to the limitations specified below. The performance by the Vice-President of the Management Board or another member of the management board, excluding the President of the Management Board, of the legal acts listed below requires joint action by that member of the management board together with the President of the Management Board or together with a commercial proxy: a) disposal of assets: sale, disposal, transfer of ownership or encumbrance (e.g. with a pledge or mortgage) of any assets or components of the company's property. This limitation does not apply to the sale of trailers manufactured by the company itself. The sale of trailers manufactured by the company itself is not subject to any monetary limitations and may be carried out independently by the Vice-President of the Management Board or another member of the management board. b) incurring liabilities: incurring liabilities, signing commercial contracts and transactions, as well as incurring loans, borrowings, leases or other debt liabilities whose value exceeds PLN 1,000,000 (one million zlotys) net in a single instance or within a series of related acts. This applies in particular to contracts for the purchase of operating materials for production, such as steel, components and spare parts. c) investments: making investment expenditures, including in particular the purchase of machinery, equipment, production lines, real property and other fixed assets, with a value exceeding the equivalent of EUR 100,000 (one hundred thousand euros) net in a single instance or within a series of related acts.