Oświatowiecsp. z o.o.

Manner of representation

1. The company’s management board manages the company and represents it externally, performing its duties with the diligence required in business transactions, in strict compliance with the law, the provisions of this agreement, the company’s applicable internal regulations and resolutions adopted by the partners’ meeting. 2. If a multi-member management board is appointed, each member of the management board is authorised to make declarations of will concerning the company’s property rights and obligations with a value not exceeding the equivalent of EUR 10,000 (in words: ten thousand euros), calculated according to the average euro exchange rate announced by the National Bank of Poland on the date of making the declarations of will, independently; however, if their value exceeds EUR 10,000 (in words: ten thousand euros), joint action by two members of the management board or by one member of the management board acting jointly with a commercial proxy is required. 3. If a one-person management board is appointed, the member of the management board alone is authorised to make declarations of will concerning the company’s property rights and obligations with a value not exceeding the equivalent of EUR 10,000 (in words: ten thousand euros), calculated according to the average euro exchange rate announced by the National Bank of Poland on the date of making the declaration of will; however, if their value exceeds EUR 10,000 (in words: ten thousand euros), the consent of the partners’ meeting is required.