PF Investmentssp. z o.o.

Manner of representation

If a multi-member management board is appointed, each member of the management board is authorised to make declarations of will on behalf of the company independently, except for the legal acts indicated below, for which the joint action of two members of the management board or a member of the management board jointly with a commercial proxy is required: - disposal of a right or incurring an obligation to perform with a value exceeding PLN 20,000.00 (twenty thousand złoty), or release from such an obligation; in the case of recurring agreements with the same counterparty or agreements involving periodic performances, the value of the obligations for a period of one calendar year is aggregated; - incurring a bank loan; - sale or encumbrance of the company's real estate or fixed asset; - sale, lease, tenancy, or paid or unpaid use of an organised part of the company's enterprise or of the company's enterprise; - granting a commercial power of procuration; - acquisition or subscription by the company of interests or shares in other companies, as well as joining a partnership in any capacity; - granting by the company of a donation, surety or guarantee, and establishing a mortgage; - issuing a bill of exchange in the name of the company or granting a bill-of-exchange surety.