With the decision of 12 July 2023 of AS ?MADARA Cosmetics? Supervisory Board, the CEO of the Company Gunta ?ulte has been approved and appointed as the Company?s Management Board member. On 22 May 2023 Gunta ?ulte joined the management team of the Company as the CEO, and further on will also hold the position of Management Board member, strengthening and expanding the existing Management Board composition ?

Board Chairwoman Lote Tisenkopfa-Iltnere and Board members Uldis Iltners and Tatjana Nagle. G.?ulte is a professional manager with 20 years of expertise, who has been on the Scandinavian and Baltic management team of a global company over past three years. G.?ulte joined AS ?MADARA Cosmetics?

management team to facilitate the expansion of the Company?s exports across Europe and Scandinavia with a greater scope.