Aleksandria Luxury Spasp. z o.o.

Manner of representation

1. If the company’s management board consists of two or more members or an independent commercial proxy has been granted, each member of the management board has the right to represent the company independently if: a) the value of a one-off obligation, or b) the total value of an obligation incurred for a period not exceeding 1 year, or c) the total annual value of an obligation incurred for a period exceeding 1 year, does not exceed PLN 20,000.00 (twenty thousand zlotys) or its equivalent converted at the average exchange rate of the National Bank of Poland quoted for a convertible currency on the date of the event giving rise to the obligation or on the last day preceding that date for which the exchange rate was published, and d) irrespective of the value of the obligation–in the case of representing the company before all public administration authorities, courts, including arbitration courts, and in mediation, negotiations and settlements. 2. If the value of the obligation referred to in point 1(a), 1(b) or 1(c) exceeds PLN 20,000.00 (twenty thousand zlotys) or its equivalent, or if that value cannot be determined in accordance with point 1(a), 1(b) or 1(c), the company is represented jointly by two members of the management board or by one member of the management board jointly with a commercial proxy. 3. In the case of a one-person management board, where no commercial proxy has been appointed, the company is represented independently by the member of the management board. 4. If an independent commercial proxy has been granted, the commercial proxy represents the company independently.