Management Board

The Management Board shall manage the Company. The Management Board The scope of activities of the Management Board shall include all issues related to the operation of the Company which are not reserved under these Articles of Association or an act of law to the General Shareholders Meeting or the Supervisory. Resolutions of the Management Board shall be adopted by a majority of votes. The persons entitled to make representations and sign on behalf of the Company shall be: two members of the Management Board acting jointly or one member of the Management Board acting jointly with the proxy. In compliance with paragraph 11 of Articles of Association The Management Board shall be composed of three to nine members appointed and removed from office by way of a resolution of the Supervisory Board. The Management Board shall manage the Company and represent it. The term of the Management Board shall be four years. Members of the Management Board shall be appointed for a common term.