NREP Nsf V Lux 5 S.à R.L.Branch (foreign co.)

Manner of representation

The company will undertake an obligation by the individual signature of the sole member of the management board where there is a sole member of the management board, and by the joint signature of two members of the management board where there is a multi-member management board, provided, however, that where, by decision of the general meeting of shareholders, members of the management board of different categories have been appointed (i.e. category A members of the management board and category B members of the management board), the company will, in accordance with the law, undertake an obligation exclusively by 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 will undertake an obligation by 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).