GugaliFoundation

Manner of representation

1. In the case of a management board consisting of up to two members, declarations of will on behalf of the foundation may be made by one member of the management board. 2. In the case of a management board consisting of three to four members, declarations of will may be made individually by the President of the Management Board, provided that, for acquiring rights or incurring obligations in the name and on behalf of the foundation with a value exceeding PLN 25,000.00, the declaration of will may be made by the President of the Management Board jointly with one or more other members of the management board. In the case of a management board consisting of three to four members, apart from the President of the Management Board of the foundation, declarations of will on behalf of the foundation may be made jointly by two or more members of the management board of the foundation, irrespective of the value of the obligation. 3. The signature of one member of the management board is required for the validity of other letters and documents. 4. The management board may grant powers of attorney to make declarations of will, dispose of financial resources and incur obligations, including financial obligations. 5. In the case of a management board consisting of up to two members, each member of the management board may independently grant the power of attorney referred to in section 4. In the case of a management board consisting of three to four members, the President of the Management Board may grant such power of attorney individually, or two other members of the management board of the foundation acting jointly may grant it.