Articles of associations

Article 1 Object
The object of the foundation will be to contribute to the furtherance of academic education, research, the arts (including the performing arts), health and social projects, and initiatives which further the development of society and the protection of the environment.

Article 2 Base capital
The base capital of the foundation is NOK 100,000.

Article 3 Period
The intended duration of the foundation is 30 years. The maximum duration of the foundation will be 40 years.

Article 4 Organisation and administration
The board of directors manages the financial resources of the foundation and will make all decisions regarding disbursements by the foundation.

Article 5 Composition of the board of directors

The board will consist of a minimum of four and a maximum of six directors. The directors serve for a term of four years. The directors can be re-elected.

A minimum two directors will be members of Kristian Gerhard Jebsen’s family. In this respect, Kristian Gerhard Jebsen’s spouse, Aud Jebsen, and their common children together with other direct lineal descendants of Aud and Kristian Gerhard Jebsen are considered to be members of Kristian Gerhard Jebsen’s family.

The directors belonging to Kristian Gerhard Jebsen’s family will be appointed by the directors belonging to Kristian Gerhard Jebsen’s family. In the event of disagreement between these, the new director representing Kristian Gerhard Jebsen’s family will by appointed by the board of directors from among candidates nominated by the directors belonging to Kristian Gerhard Jebsen’s family.

The directors belonging to Kristian Gerhard Jebsen’s family are also entitled to appoint an eventual 3rd director. In the event of disagreement, the new director will by appointed by the board of directors from among candidates nominated by the directors belonging to Kristian Gerhard Jebsen’s family.

Without regard to the above, Aud Jebsen will continue as a director and as the chair for as long as she wishes.

In other respects, the directors and the chair will be appointed by the board of directors.

Bergen, July 10th, 2012

Amended by the Board 02/03/2010 and 10/07/2012
Approved by the Foundation Authority 02/10/2010 and 10/15/2012