KPM Investsp. z o.o.

Manner of representation

In the case of a one-person management board, the President of the Management Board is independently entitled to submit declarations of will on behalf of the company. In the case of a multi-member management board, each member of the management board is entitled to submit declarations of will on behalf of the company, except for making the following decisions, which require the joint action of at least two members of the management board or a member of the management board and a commercial proxy: incurring obligations involving expenses or performing such acts by the company as would result in an obligation whose value is equal to or exceeds PLN 100,000.00 (one hundred thousand zlotys); taking out any loans or credits, granting civil-law and bill-of-exchange guarantees, creating pledges, transferring ownership by way of security, and establishing any other security in favour of third parties; selling any tangible and intangible assets of the company with a value exceeding PLN 100,000.00 (one hundred thousand zlotys); issuing bills of exchange of any kind, concluding pledge agreements, and concluding guarantee agreements; concluding lease agreements and other agreements for a period longer than one year, as well as agreements whose notice period is longer than six months.