Bray Controls Polandsp. z o.o.

Manner of representation

Each member of the management board is authorised to make declarations of will on behalf of the company independently. However, in the following cases, a majority of the members of the management board acting jointly is authorised to make declarations of will on behalf of the company: 1. Establishment, disposal, merger and liquidation of subsidiaries and acquisition of interests in any other company or creation of joint ventures or silent partnerships; 2. Sale, encumbrance, assignment, purchase, transfer or other disposal of the company's assets of any kind, other than the company's products, raw materials, merchandise and services necessary for conducting business activity, with a value exceeding PLN 200,000 (in words: two hundred thousand zlotys); 3. Taking out any new loans or lines of credit by the company, introducing material changes to existing loans or lines of credit, relinquishing any existing line of credit, securing financing, accepting a new financing method or relinquishing any existing financing method, provided that such funds in aggregate exceed the total amount of PLN 200,000 (in words: two hundred thousand zlotys); 4. Entering into a settlement or waiving claims in proceedings whose value exceeds PLN 200.00 (in words: two hundred thousand zlotys); 5. Apart from agreements concerning the sale of inventories in the ordinary course of management, entering into any agreement which is both concluded for a period of one year (or longer) and an agreement which cannot be terminated (upon prior notice), and whose expected revenues or liabilities towards the company exceed PLN 150,000 (in words: one hundred and fifty zlotys), as well as any material changes, supplements or other modifications introduced to such agreement.