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Alfred Nobel's will named five prize fields and the institutions to award them

Alfred Nobel's will turned his remaining assets into a fund whose interest was to be distributed annually as prizes to those who, during the preceding year, 'have conferred the greatest benefit to humankind'.
The interest was to be divided into five equal parts: physics, chemistry, physiology or medicine, literature and peace.
In the will's wording, the physics and chemistry prizes are awarded by the Swedish Academy of Sciences, physiological or medical achievements by the Karolinska Institute in Stockholm, and literature by the Academy in Stockholm.
The peace prize goes to the champions of peace chosen by a committee of five persons selected by the Norwegian Storting.
The will asks that no consideration be given to nationality, so that the worthiest person gets the prize whether or not they are Scandinavian.

Equal parts of the interest: 5 Physiology or medicine: Karolinska Institute Peace: Committee of five chosen by the Norwegian Storting
Why it matters for exams: The five original Nobel fields and who awards each are classic awards-and-persons questions.
Kerala PSCUPSC

In plain words

Storting The Norwegian parliament — It selects the five-person committee that awards the Peace Prize.

Karolinska Institute A medical university in Stockholm — The will names it to award the physiology or medicine prize.

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