AIB Nieruchomościsp. z o.o.

Manner of representation

In matters not exceeding the scope of the ordinary activities of the company, each member of the company's management board may independently make decisions, whereby matters not exceeding the scope of the ordinary activities of the company means legal acts in non-property matters and legal acts in property matters resulting in the one-time incurring of a liability or disposition of a right with a value not exceeding PLN 250,000.00 (two hundred and fifty thousand zlotys) or the equivalent thereof expressed in a foreign currency, determined according to the NBP average exchange rate of the day preceding the acquisition of the right or incurring of the liability, and, for recurring performances on an annual basis, with a total value not exceeding PLN 500,000.00 (five hundred thousand zlotys) or the equivalent thereof in a foreign currency determined according to the NBP average exchange rate of the day preceding each incurring of a liability or disposition of a right for recurring performances. In matters exceeding the scope of the ordinary activities of the company described above, the President of the Management Board may make a decision independently. However, where it is submitted by a member of the management board other than the President of the Management Board, the consent of two members of the management board is required.