AdremS.A.

Manner of representation

In the case of a one-person management board, the company is represented by the President of the Management Board independently. In the case of a multi-member management board, the company is represented by: 1. the President of the Management Board independently or a member of the management board independently, subject to the acts listed in point 2 below; 2. the President of the Management Board together with a member of the management board jointly, or two members of the management board acting jointly, or the President of the Management Board acting jointly with a commercial proxy, or a member of the management board acting jointly with a commercial proxy – in the case of incurring financial obligations or disposing of rights involving: a) entering into a credit agreement, b) entering into a loan agreement, c) entering into a leasing agreement, d) granting a surety or guarantee, e) issuing bills of exchange, bills-of-exchange declarations and bill-of-exchange sureties, f) submitting, in the form of a notarial deed, a declaration of submission to enforcement, g) granting security over the company's assets, in particular in the form of a mortgage, registered pledge or transfer of title by way of security, h) selling or leasing the enterprise or its organised part and establishing a limited right in rem over them, i) acquiring, encumbering and disposing of movable property, perpetual usufruct, as well as a share in the co-ownership of real property and in the right of perpetual usufruct, j) performing other legal acts if the value of the obligations incurred or rights disposed of, whether in a single transaction or jointly as a result of more than one legal act arising from the implementation of related factual and organisational acts, exceeds PLN 200,000 (two hundred thousand zlotys).