Chaingerssp. z o.o.

Manner of representation

If the management board consists of two or more persons, the following persons are authorised to represent the company and perform legal acts on its behalf: a) each member of the management board independently, if the legal act concerns non-property rights or does not entail the company incurring obligations or disposing of a right by the company with a value exceeding PLN 50,000.00 (fifty thousand); b) the President of the Management Board and the Vice-President of the Management Board, each of them independently, as well as two members of the management board acting jointly, if the legal act does not entail the company incurring obligations or the company disposing of a right with a value not exceeding PLN 200,000.00 (two hundred thousand); and c) two members of the management board, including at least the President of the Management Board or the Vice-President of the Management Board, if the legal act entails the company incurring obligations or the company disposing of a right with a value exceeding PLN 200,000.00 (two hundred thousand), whereby, for the purpose of determining the value of obligations or disposals concerning periodic performances, their value is determined as the sum of the values of the performances for the full 12 months of the period, or the entire term of the agreement if it was concluded for a fixed term shorter than 12 months. The joint action of two members of the management board, including at least the President of the Management Board or the Vice-President of the Management Board, is required in every case for: a) entering into a loan or credit agreement; b) establishing a mortgage, pledge or registered pledge over the company’s assets; and c) acquiring, disposing of or encumbering real property (or rights of perpetual usufruct of real property).