SEW Polandsp. z o.o.

Manner of representation

Members of Management Board Group A are authorised to represent the company and submit declarations of will on behalf of the company independently in all matters, provided that they do not result in the disposal of a right or the incurring of a liability with a value exceeding the amount constituting the PLN equivalent of EUR 100,000 according to the average exchange rate of the National Bank of Poland from the day preceding the day of submission of the declaration of will. Disposal of a right or incurring a liability whose value exceeds the PLN equivalent of EUR 100,000 according to the average exchange rate of the National Bank of Poland from the day preceding the day of submission of the declaration of will requires the submission of a declaration of will by two members of Management Board Group A acting jointly. A member of Management Board Group B is authorised to represent the company and submit declarations of will on its behalf acting jointly with a member of Management Board Group A, and, in the case of declarations of will resulting in the disposal of a right or the incurring of a liability whose value exceeds the PLN equivalent of EUR 100,000 according to the average exchange rate of the National Bank of Poland from the day preceding the day of submission of the declaration, jointly with two members of Management Board Group A. In the event of an obligation of a continuous nature arising for a definite period, the value of the obligation arising is calculated taking into account the value of all performances throughout the entire duration of the liability. In the event of an obligation of a continuous nature arising for an indefinite period, the value of the obligation arising is calculated taking into account the value of all performances that will be due within one year.