Statutes of Foundation

Björn Carlsons Östersjöstiftelse was formed on 1 November 2005. The foundation’s statutes as they read from 9 December 2008 are reproduced below.

With the aim of stimulating research work to improve the Baltic environment, especially work of a cross-disciplinary nature, and otherwise increasing knowledge of the problems associated with that inland sea, I hereby commit myself to setting aside 2,250,000 shares in Nordic Absolute Return Fund with a market value of SEK 250 million and a cash sum of SEK 250 million as an independent fund, and at the same time provide that the following regulations shall apply to the intended new foundation.

1

The name of the foundation shall be “Björn Carlsons Östersjöstiftelse” (but known in its everyday affairs as BalticSea2020).

2

The foundation shall address the objects stated in the preamble for a period of at least ten years by, on application, making contributions from its fund to both cross-disciplinary research projects excluding general mark-ups for central administration and otherwise, and to information and measures susceptible to improving the both Baltic environment and the status of that inland sea. The foundation shall also stimulate new research work by awarding prizes to research workers whose research has made a valuable contribution to improving the Baltic environment.

3

The foundation shall have its own administration.

4

The board of the foundation shall consist of between five and nine members.

I shall be a member of the board for as long as I so wish. During my time as a member, I shall appoint and dismiss two of the board’s members.

5

If I have appointed my successor at the time I cease to be a member, the following shall apply. The successor shall be a member of the board for as long as he so wishes. During the time my successor is a member, he shall appoint and dismiss two members of the board.

6

If I have not appointed my successor at the time I cease to be a member, the following shall apply.

The board shall appoint my successor, who shall be a member of the board for as long as he so wishes. The successor shall have experience of asset management. During the time my successor is a member, he shall appoint and dismiss two members of the board.

7

When my successor has ceased to be a member, the board shall ensure that there is a member who has experience of asset management.

8

The registered office shall be in the City of Stockholm.

9

The foundation’s financial year shall be the calendar year.

10

The foundation must have an authorised public auditor, who must have a deputy.