AGS 92 S.R.O.Branch (foreign co.)

Manner of representation

Each managing director represents the company independently in all legal acts, with the exception of the following legal acts: (I) entering into, terminating or amending any agreement with a value of the subject matter of the performance of at least CZK 1,000,000 (one Czech koruna) (excluding VAT), either in a single transaction or in aggregate over the course of a year; (II) an act by which the company waives any claim or remits a debt owed by a third party in an amount exceeding CZK 50.00 (fifty thousand Czech koruna); (III) an act by which the company assumes or accedes to any debt of a third party, or provides a guarantee or other security for the debts of a third party; (IV) an act by which the company assumes an obligation to enter into any agreement in the future or undertakes any action referred to in points (I) to (III) above; the company shall always be represented by two managing directors acting jointly.