Exhibit 4.1

Material marked [*] has been omitted pursuant to a request for confidential treatment. This material has been filed with the Commission separately.

AGREEMENT REGARDING INTEREST EQUALISATION AND HEDGING FOR
EKSPORTFINANS’S BORROWING AND LENDING COMMITMENTS
(THE 108 AGREEMENT)

This agreement is entered into between the Ministry of Trade and Industry (the Ministry) and Eksportfinans ASA (Eksportfinans). The Ministry hereby acquires all rights and obligations of the Ministry of Finance in accordance with the agreement of 30 June 1978 between the Ministry of Finance and Eksportfinans.

The agreement shall facilitate borrowing and lending for Eksportfinans within the framework of the export credit system based on Storting Proposition [parliamentary bill] no. 108 (1977-78) and later annual parliamentary resolutions (the 108 Agreement).

The purpose of the 108 Agreement is to offer Norwegian exporters of goods a competitive export credit system.

Borrowing shall be arranged with the object of obtaining a balance between borrowing and lending commitments in each currency. In order to reduce the currency and interest risk between borrowing and lending, Eksportfinans may enter into currency and interest rate hedging. The purpose of obtaining a balance between the borrowing and the lending structure must nevertheless be weighed against the costs in connection with currency and interest hedging.

Each borrowing shall be approved by the Ministry upon advice from the Ministry of Finance. All correspondence in connection with each borrowing shall be forwarded in a copy to the Debt Department of the Ministry of Finance. Eksportfinans shall keep the Ministry currently informed about the borrowing procedures.

The 108 Agreement shall use Norwegian kroner, Euros and US dollars as its main borrowing currencies. The Ministry may approve other main currencies.

The reference interest for borrowing is [*]%, which is Eksportfinans’s borrowing costs under the 108 Agreement.

One-time costs in connection with borrowing shall be covered by Eksportfinans by up to [*]% of the loan volume. One-time costs exceeding [*]% shall be covered by the Ministry of Finance, cf. § 13 c.

Based on the balance for each borrowing, the reference interest for borrowing provided in § 3 and all estimated non-recurring costs, a repayment scheme shall be prepared for interest amounts and instalments (converted to Norwegian kroner, if applicable) which shall be

covered by Eksportfinans during the loan’s term. Any imbalance between the actual payments related to the payment of the loan and each amount in the repayment scheme (converted to Norwegian kroner, if applicable) shall be debited or credited to the settlement account as described in § 13. Any currency balance shall be converted to Norwegian kroner in accordance with market rates and the principles provided in § 12.

The Ministry will cover the balance if Eksportfinans’s realised borrowing costs converted to Norwegian kroner for each borrowing exceed the reference costs for each borrowing, cf. § 3. Eksportfinans also undertakes to transfer any profit to the Ministry if the realised borrowing costs are lower than the reference costs for each borrowing. The proceedings in connection with the transfer of positive and negative balance to the settlement account are provided in §13.

Any financing under this agreement may in principle be carried out for contracts regarding export of financial instruments within such definitions and rules as are practised at all times by the Guarantee Institute for Expert Credit. No shipping and fishing boat deliveries falling under Chapter&nbs