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Manner of representation

If only one member of the management board is appointed (the President of the Management Board), that member shall represent the company independently. If a multi-member management board is appointed, the following method of representing the company shall apply: 1. for making declarations of will on behalf of the company resulting in the undertaking of obligations in an amount of up to PLN 100,000.00, as well as for disposing of a right with a value of up to PLN 100,000.00, each member of the management board is authorised to act independently; 2. for making declarations of will on behalf of the company resulting in the undertaking of obligations in an amount above PLN 100,000.00 up to PLN 1,000,000.00, as well as for disposing of a right with a value above PLN 100,000.00 up to PLN 1,000,000.00, the joint action of two members of the management board, or of one member of the management board and a commercial proxy, is required; 3. for making declarations of will on behalf of the company resulting in the undertaking of obligations in an amount above PLN 1,000,000.00, the joint action of the entire management board is required. In the case of recurring performances arising from contracts concluded for an indefinite period, the sum of those performances over a period of 24 months shall be taken into account when determining the value of the obligation.