Nrep Nsf VI Pol 1Branch (foreign co.)

Manner of representation

The company shall incur an obligation on the basis of the individual signature of the sole member of the management board where there is a sole member of the management board, and on the basis of the joint signature of two members of the management board where there is a multi-member management board; however, provided that members of the management board of different categories (i.e. category A members of the management board and category B members of the management board) have been appointed by a resolution of the general meeting of shareholders, the company shall, in accordance with the law, incur an obligation exclusively on the basis of the joint signature of one category A member of the management board and one category B member of the management board (including by way of representation). In all cases, in accordance with the law, the company shall incur an obligation on the basis of the individual signature of any persons (ad hoc attorneys-in-fact) to whom signature-related powers have been delegated by the management board, by two members of the management board or, where members of the management board of different categories exist, by one category A member of the management board and one category B member of the management board acting jointly (including by way of representation).