M&S Investsp. z o.o.

Manner of representation

Declarations of will on behalf of the company shall be made as follows: 1. If the management board consists of one member, independently by the member of the management board. 2. If the management board consists of several members, independently by each member of the management board in matters involving pecuniary obligations up to the amount constituting the equivalent of EUR 3,000.00 according to the average exchange rate of the National Bank of Poland, and by two members of the management board in matters involving pecuniary obligations exceeding the equivalent of EUR 3,000.00. 3. Commercial proxies may make and sign declarations of will independently in matters involving the company’s pecuniary obligations up to the amount constituting the equivalent of EUR 500.00.