StepcloserS.A.

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 independently, except that, in the matters listed below, the submission of declarations of will requires the joint action of at least two members of the management board or a member of the management board and a commercial proxy: a) 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); b) 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; c) disposing of any tangible and intangible assets of the company with a value exceeding PLN 100,000.00 (one hundred thousand zlotys).