SIMS.A.

Manner of representation

Each member of the management board is entitled to make declarations of will on behalf of the company, except for adopting the following decisions, which require a joint declaration of will by two members of the management board or by one member of the management board jointly with a commercial proxy. 1. Undertaking actions aimed at incurring and/or incurring any obligations involving expenses, or making declarations of will on behalf of the company resulting in financial obligations, in an individual or cumulative amount, irrespective of their duration, equal to or exceeding PLN 50,000.00, or disposing of a right whose value is equal to or exceeds PLN 50,000.00. 2. Incurring any loans or credits, granting avals and guarantees, creating pledges, fiduciary transfer of ownership, and, generally, granting any guarantees for third parties, irrespective of the amount of the obligation. 3. Issuing any type of bills of exchange or cheques, irrespective of the amount of the obligation.