Dawid Ochodek Doradztwo Podatkowesp. z o.o.

Manner of representation

In the case of a one-person management board, the only member of the management board has the right to independently represent the company and act on its behalf. In the case of a multi-member management board, each member of the management board has the right to represent it independently, provided that, in the case of a multi-member management board, the joint action of two members of the management board, or one member of the management board together with a commercial proxy, is required for the company to perform all obligating, disposing of and authorising legal acts, in particular consenting to the conclusion of agreements (conditional agreements, except for agreements containing the condition of obtaining the consent referred to in this point, preliminary agreements and final agreements) and making unilateral declarations of will, in particular, but not exclusively, in relation to granting guarantees and issuing bills of exchange, including bills of exchange in blank, excluding cases in which the bill-of-exchange declaration specifies the amount of the obligation as not exceeding PLN 1,000,000 (one million zlotys) on the date of signing that declaration, with a value exceeding: (i) in a single instance, PLN 1,000,000 (one million zlotys) or its equivalent in another currency according to the average exchange rate of the National Bank of Poland applicable on the day preceding the performance of the given act; or (ii) cumulatively for all acts performed with a specified entity or with entities related in any way to such entity, performed during a consecutive period of 6 (six) months, PLN 1,000,000 (one million zlotys) or its equivalent in another currency according to the average exchange rate of the National Bank of Poland applicable on the day preceding the performance of the given act.