Fonex K.T.M. Borowscysp. j.

Manner of representation

1. Each partner has the right to conduct the affairs of the partnership and to represent it within the scope not exceeding ordinary management. In matters exceeding the scope of the ordinary activities of the partnership, the consent of all partners is required. 2. The following constitute, in particular, an excess of ordinary management: a) incurring a loan or borrowing exceeding three times the value of the contributions; b) disposal of or encumbrance of an asset of the partnership within the meaning of the Accounting Act of 29 September 1994, excluding inventories, if the market value of that asset exceeds PLN 50,000 (fifty thousand zlotys); c) incurring an obligation concerning the lease or tenancy of the partnership’s real property; d) granting a commercial proxy; e) entering into litigation or arbitration proceedings; f) making financial or property investments exceeding three times the value of the contributions. 3. Each partner has the right to dispose independently of funds in the bank account without amount limitations and to represent the partnership independently in all banking transactions within the scope of cash services and deposit and savings services, excluding credit matters, without limitations.