Centrum Wspierania Projektów EuropejskichS.A.

Manner of representation

In the case of a multi-member management board, for representing the company and making declarations of will on behalf of the company concerning the incurring of obligations and the disposal of rights within the scope of ordinary management up to the equivalent in Polish zlotys converted at the NBP average exchange rate on the day preceding the transaction: 1. for a single transaction of up to EUR 10,000, each member of the management board is authorised to act independently; 2. for a single transaction above EUR 10,001, the joint action of two members of the management board or of one member of the management board jointly with a commercial proxy is required. In the case of a one-person management board, the President of the Management Board is authorised to represent the company independently and make declarations of will on behalf of the company. The company’s commercial proxies are also authorised to make declarations of will on behalf of the company concerning the incurring of obligations and the disposal of rights within the scope of ordinary management up to the equivalent in Polish zlotys converted at the NBP average exchange rate on the day preceding the transaction: independently in the case of a single transaction of up to EUR 10,000, or jointly by two commercial proxies in the case of a single transaction from EUR 10,001 to EUR 50,000.