Przedsiębiorstwo Produkcyjno - Handlowo - Usługowe Grafsp. z o.o.

Manner of representation

In the case of a multi-member management board, each member of the management board may independently represent the company when incurring obligations up to an amount equivalent to EUR 5,000 (five thousand euros), expressed in Polish zlotys, applying the average foreign exchange rate according to the National Bank of Poland applicable on the date the obligation is incurred. When incurring obligations exceeding, in a single instance, the amount of EUR 5,000 (five thousand euros) converted into Polish zlotys in accordance with the principles set out above, the joint action of two members of the management board or of one member of the management board jointly with a commercial proxy is required to make declarations of will on behalf of the company.