Document:

exv4w1

 

 

Exhibit 4.1 

Form of Warrant Agreement

EKSPORTFINANS ASA

and

[CITIBANK, N.A.], Warrant Agent

and

[Determination Agent], Determination Agent

 

WARRANT AGREEMENT

dated as of [l], 2006

 

Eksportfinans [l] Warrants

Expiring [l]

 

 

 

Table of Contents

	 	 	 	 	 
	 	 	Page	 
	ARTICLE 1
	Issuance of Warrants and Form, Execution, Delivery
and Registration of Warrant Certificates and Global Warrant Certificate
	 
	 	 	 	 
	Section 1.01. Issuance of Warrants
	 	 	1	 
	Section 1.02. Form, Execution and Delivery of Warrants
	 	 	2	 
	Section 1.03. Global Warrant Certificate
	 	 	2	 
	Section 1.04. Issuance of Definitive Warrant Certificates in Lieu of Global Warrant Certificate
	 	 	4	 
	Section 1.05. Definitive Warrant Certificates
	 	 	4	 
	Section 1.06. Registration of Transfers and Exchanges
	 	 	5	 
	Section 1.07. Mutilated or Missing Warrant Certificates
	 	 	6	 
	Section 1.08. Registered Holders
	 	 	7	 
	 
	 	 	 	 
	ARTICLE 2
	Duration and Exercise of Warrants
	 
	 	 	 	 
	Section 2.01. Duration of Warrants: Minimum Exercise Amounts; Exercise
	 	 	8	 
	Section 2.02. Exercise, Valuation and Delivery of Warrants
	 	 	9	 
	Section 2.03. Automatic Exercise of Warrants
	 	 	16	 
	Section 2.04. Market Disruption Event
	 	 	17	 
	Section 2.05. Covenant of the Company
	 	 	21	 
	Section 2.06. Return of Money Held Unclaimed for Two Years
	 	 	21	 
	Section 2.07. Return of Global Warrant Certificate
	 	 	21	 
	 
	 	 	 	 
	ARTICLE 3
	Other Provisions Relating to Rights of Warrantholders
	 
	 	 	 	 
	Section 3.01. Warrantholder May Enforce Rights 
	 	 	21	 
	 
	 	 	 	 
	ARTICLE 4
	Warrants Acquired by the Company; Payment of Taxes
	 
	 	 	 	 
	Section 4.01. Warrants Acquired by the Company
	 	 	22	 
	Section 4.02. Payment of Taxes
	 	 	22	 
	 
	 	 	 	 
	ARTICLE 5
	Concerning the Warrant Agent
	 
	 	 	 	 
	Section 5.01. Warrant Agent
	 	 	23	 
	Section 5.02. Covenant of the Warrant Agent
	 	 	23	 
	Section 5.03. Conditions of Warrant Agent’s Obligations
	 	 	23	 

i

 

	 	 	 	 	 
	 	 	Page	 
	Section 5.04. Resignation and Appointment of Successor
	 	 	25	 
	 
	 	 	 	 
	ARTICLE 6
	Miscellaneous
	 
	 	 	 	 
	Section 6.01. Amendment
	 	 	27	 
	Section 6.02. Notices and Demands to the Company, the Warrant Agent and the Determination Agent
	 	 	27	 
	Section 6.03. Addresses for Notices
	 	 	27	 
	Section 6.04. Notices to Holders
	 	 	28	 
	Section 6.05. Obtaining of Approvals
	 	 	28	 
	Section 6.06. Persons Having Rights under this Agreement
	 	 	28	 
	Section 6.07. Submission to Jurisdiction and Appointment of Agent for Service of Process
	 	 	28	 
	Section 6.08. Inspection of Agreement
	 	 	29	 
	Section 6.09. Defined Terms
	 	 	29	 
	Section 6.10. Headings
	 	 	30	 
	Section 6.11. Counterparts
	 	 	30	 
	Section 6.12. Applicable Law
	 	 	31	 
	Section 6.13. Certain Matters Relating to the [Index]
	 	 	31	 
	 
	 	 	 	 
	SIGNATURES
	 	 	 	 
	 
	 	 	 	 
	EXHIBIT A    Form of Warrant Certificate
	 	 	 	 
	EXHIBIT A-1 Form of Global Warrant Certificate
	 	 	 	 
	EXHIBIT B     Confirmation of Exercise for Definitive Warrants
	 	 	 	 
	EXHIBIT C     Rejection of Exercise for Definitive Warrants
	 	 	 	 

ii

 

WARRANT AGREEMENT

     THIS AGREEMENT, dated as of [•], 2006, among EKSPORTFINANS ASA, a Norwegian corporation (the
“Company”), [CITIBANK, N.A.], a [national banking association] (the “Warrant Agent”) and
[Determination Agent], a [national banking association] (the “Determination Agent”).

     WHEREAS, the Company proposes to issue [•] Eksportfinans ASA [l] Warrants expiring
[l] (the “Warrants” or, individually, a “Warrant”), representing the right to receive from
the Company on exercise (including automatic exercise) an amount in U.S. Dollars equal to the Cash
Settlement Value (as defined herein) determined by reference to increases in the [l] (as
defined herein) on the terms and conditions set forth in this Agreement; and

     WHEREAS, the Company desires the Warrant Agent to act on behalf of the Company, and the
Warrant Agent is willing so to act, in connection with the issuance, transfer and exercise of the
Warrants, and the Company desires to set forth herein, among other things, the provisions of the
Warrants and the terms and conditions on which they may be issued, transferred, exercised and
cancelled;

     NOW, THEREFORE, the parties hereto agree as follows:

ARTICLE 1

Issuance of Warrants and Form, Execution, Delivery and Registration of Warrant Certificates and
Global Warrant Certificate

     Section 1.01. Issuance of Warrants. (a) The Warrants are unsecured contractual obligations
of the Company and will rank on a parity with the Company’s other unsecured contractual obligations
and with the Company’s unsecured and unsubordinated debt.

     (b) Each Warrant entitles a Registered Holder (as defined herein) of a Warrant (each a
“Warrantholder”) to receive upon exercise (including automatic exercise), subject to the provisions
contained herein, the Cash Settlement Value, of such Warrant. A Warrant will not entitle or
require a Warrantholder to purchase or take delivery from the Company of any shares of any
component stocks of [l] (as defined herein) (the “Underlying Stocks”), or any other
securities. Following exercise of a Warrant, the Company will make only a U.S. Dollar cash payment
in an amount equal to the Cash Settlement Value, if any, of such Warrant. The Company is under no
obligation to, nor will it, sell or deliver to any Warrantholder any shares of any of the
Underlying Stocks or any other securities in connection with the exercise of any Warrants.
Warrantholders will not receive any interest on any Cash Settlement Value, and the Warrants will
not entitle the Warrantholders to any of the rights of holders of any of the Underlying Stocks or

 

 

any other securities. Except as otherwise provided herein, beneficial owners of interests in
the Global Warrant Certificate (as defined below) shall not be entitled to receive Definitive
Warrants (as defined herein) evidencing the Warrants.

     Section 1.02. Form, Execution and Delivery of Warrants. (a) The Warrants, whenever issued,
shall be represented by a global certificate in registered form evidencing such Warrants
substantially in the form set forth in Exhibit A-1 hereto (the “Global Warrant Certificate”)
deposited with, or on behalf of, the Depository Trust Company, New York, New York (the
“Depository”, which term, as used herein, includes any successor securities depository selected by
the Company), as more fully described in Section 1.03 herein except in the circumstances set forth
in Section 1.04 hereof.

     Section 1.03. Global Warrant Certificate. (a) Any Global Warrant Certificate issued in
accordance with this Section 1.03 shall be substantially in the form set forth in Exhibit A-1
hereto, with such appropriate insertions, omissions, substitutions and other variations as are
required or permitted by this Agreement, and may represent any number of whole Warrants. Each
Global Warrant Certificate may have imprinted or otherwise reproduced thereon such letters, numbers
or other marks of identification or designation and such legends or endorsements as the officers of
the Company executing the same may approve (execution thereof to be conclusive evidence of such
approval) and which are not inconsistent with the provisions of this Agreement, or as may be
required to comply with any law or with any rule or regulation made pursuant thereto, or with any
rule or regulation of any stock exchange on which the Warrants may be listed or of any Depository
referred to herein, or to conform to usage. Each Global Warrant Certificate shall be signed on
behalf of the Company upon the same conditions, in substantially the same manner and with the same
effect as the Warrant Certificates as set forth in Section 1.05 below.

     (b) The Warrant Agent is authorized upon receipt of a Global Warrant Certificate from the
Company, duly executed on behalf of the Company, to countersign such Global Warrant Certificate.
The Global Warrant Certificate shall be manually countersigned and dated the date of its
countersignature by the Warrant Agent and shall not be valid for any purpose unless so
countersigned. The Warrant Agent shall upon order of the Company deliver the Global Warrant
Certificate to or upon the order of the Depository. One or more Global Warrant Certificates may be
executed by the Company and delivered to the Warrant Agent on or after the date of execution of
this Agreement; provided that only one Global Warrant Certificate shall be outstanding at any one
time (unless the rules of the Depository in respect of the maximum amount of securities to be
represented by any one global certificate require additional certificates).

     (c) The Global Warrant Certificate will initially be registered in the name of a nominee of
the Depository. The Warrant holdings of the entities

2

 

entitled to execute, clear and settle transactions through the Depository (each a
“Participant”) will be recorded on the books of the Depository. The holdings of customers of the
Participants and the identity of the beneficial owners of the Warrants will be reflected on the
books and records of such Participants and will not be known to the Warrant Agent, the Company or
the Depository. The Global Warrant Certificate will be held by the Depository or its agent.

     Neither the Company nor the Warrant Agent will have any responsibility or liability for any
aspect of the records relating to beneficial ownership interests in the Global Warrant Certificate
or for maintaining, supervising or reviewing any records relating to such beneficial ownership
interests.

     The Company may from time to time select a new entity to act as Depository with respect to the
Warrants and, if such selection is made, the Company shall promptly give the Warrant Agent notice
to such effect identifying the new Depository, and the Global Warrant Certificate shall be
delivered to the Warrant Agent and shall be transferred to the new Depository as provided below as
promptly as possible. Appropriate changes may be made in the forms of the Global Warrant
Certificate and the related notices, if any, to be delivered in connection with an exercise to
reflect the selection of the new Depository.

     (d) Except as otherwise provided herein or in the Global Warrant Certificate, the Warrant
Agent shall from time to time register the transfer of the Global Warrant Certificate in its
records (which may be maintained electronically), subject to such reasonable regulations as the
Company or the Warrant Agent may prescribe, only to the Depository, to another nominee of the
Depository, to a successor Depository or to a nominee of a successor Depository, upon surrender of
such Global Warrant Certificate, duly endorsed, or accompanied by a written instrument or
instruments of transfer in form satisfactory to the Warrant Agent and the Company, duly executed by
the Registered Holder (as defined herein) thereof or by the duly appointed legal representative
thereof, or by its duly authorized attorney, such signature to be guaranteed by a bank or trust
company with a correspondent office in The City of New York or by a broker or dealer which is a
member of the National Association of Securities Dealers, Inc. (the “NASD”) or by a member of a
national securities exchange. Upon any such registration of transfer, a new Global Warrant
Certificate shall be issued to the transferee and the surrendered Global Warrant Certificate shall
be cancelled by the Warrant Agent.

     The Global Warrant Certificate may be transferred as provided in paragraph (d) above, when
surrendered to the Warrant Agent’s Transfer Office, or at the address of any successor Warrant
Agent (as provided in Section 5.03), for another Global Warrant Certificate of like tenor and
representing a like number of unexercised Warrants. The “Warrant Agent’s Transfer Office” shall be
the office of the Warrant Agent maintained for purposes of transfer and tender in the

3

 

Borough of Manhattan, The City of New York or at the address of any successor Warrant Agent
(as provided in Section 5.04) and which is, on the date of this Agreement, Citibank, N.A., 111 Wall
Street, 15th Floor/Zone 8, New York, NY 10005.

     Section 1.04. Issuance of Definitive Warrant Certificates in Lieu of Global Warrant
Certificate. If (A) the Depository is at any time unwilling or unable to continue as securities
depository for the Warrants and a successor Depository is not appointed by the Company within 60
calendar days, or (B) the Company shall be adjudged a bankrupt or insolvent or make an assignment
for the benefit of its creditors or institute proceedings to be adjudicated a bankrupt or shall
consent to the filing of a bankruptcy proceeding against it, or shall file a petition or answer or
consent seeking reorganization under Federal bankruptcy laws or any other similar applicable
Federal or State law, or shall consent to the filing of any such petition, or shall consent to the
appointment of a receiver or custodian of all or any substantial part of its property, or shall
admit in writing its inability to pay or meet its debts as they mature, or if a receiver or
custodian of it or all or any substantial part of its property shall be appointed, or if a public
officer shall have taken charge or control of the Company or of its property or affairs, for the
purpose of rehabilitation, conservation or liquidation, the Company will issue Warrant Certificates
(as defined herein) in exchange for the Global Warrant Certificate registered in the names provided
by the Depository to the Warrant Agent in writing. In addition, the Company may at any time
determine not to have the Warrants represented by a Global Warrant Certificate and, in such event,
will issue Warrant Certificates in exchange for the Global Warrant Certificate registered in the
names provided by the Depository to the Warrant Agent in writing. In any such instance, and in
accordance with the provisions of this Agreement, each beneficial owner of Warrants will be
entitled to have a number of Warrants equivalent to such owner’s beneficial interest in the Global
Warrant Certificate registered in its name and will be entitled to physical delivery of such
Warrants in definitive form. Unless the context shall otherwise require, and subject to the
provisions of Section 1.03, all references in this Agreement to the Warrant Certificates (other
than in Sections 1.03, 1.05(c) and 1.06) shall include the Global Warrant Certificate.

     Section 1.05. Definitive Warrant Certificates. (a) If, pursuant to Section 1.04 hereof,
Warrants are issued in definitive form, such Warrants shall be represented by certificates in
registered form substantially in the form set forth in Exhibit A hereto (the “Warrant
Certificates”), with such appropriate insertions, omissions, substitutions and other variations as
are required or permitted by this Agreement, and may represent any whole number of Warrants. The
Warrant Certificates may have imprinted or otherwise reproduced thereon such letters, numbers or
other marks of identification or designation and such legends or endorsements as the officers of
the Company executing the same may approve (execution thereof to be conclusive evidence of such
approval) and which are not

4

 

inconsistent with the provisions of this Agreement, or as may be required to comply with any
law or with any rule or regulation made pursuant thereto, or with any rule or regulation of any
self-regulatory organization on which the Warrants may be listed, or of any securities depository,
or to conform to usage. Warrant Certificates shall be signed on behalf of the Company by any of
the Chairman of the Board, the President, the Executive Vice
President, Finance, the Executive Vice President, Financial Control,
the Executive Vice President and General Counsel or any
other officer specifically designated by the Board of Directors and attested by its secretary or an
assistant secretary. The signature of any of such officers may be either manual or facsimile.
Typographical and other minor errors or defects in any such signature shall not affect the validity
or enforceability of any Warrant Certificate that has been duly countersigned and delivered by the
Warrant Agent.

     (b) In case any officer of the Company who shall have signed a Warrant Certificate, either
manually or by facsimile signature, shall cease to be such officer before such Warrant Certificate
shall have been countersigned and delivered by the Warrant Agent to the Company or delivered by the
Company, such Warrant Certificate nevertheless may be countersigned and delivered as though the
person who signed such Warrant Certificate had not ceased to be such officer of the Company; and
the Warrant Certificate may be signed on behalf of the Company by any person who, at the actual
date of the execution of such Warrant Certificate, shall be a proper officer of the Company to sign
such Warrant Certificate, although at the date of the execution of this Warrant Agreement any such
person was not such officer.

     (c) Each Warrant Certificate, when executed on behalf of the Company in accordance with
Section 1.05(a), shall be delivered to the Warrant Agent, which shall manually countersign and
deliver the same to or upon the order of the Company. After the initial issuance of Warrants
hereunder, additional Warrant Certificates may be issued on original issuance upon two (2) New York
Business Days (as defined herein) prior notice to the Warrant Agent. Each Warrant Certificate
shall be dated the date of its countersignature. A Warrant Certificate shall not be valid for any
purpose, and no Warrant evidenced thereby shall be exercisable, unless and until such Warrant
Certificate has been countersigned by the manual signature of an authorized officer of the Warrant
Agent. Such countersignature by an authorized officer of the Warrant Agent upon any Warrant
Certificate signed by the Company in accordance with Section 1.05(a) shall be conclusive evidence
that the Warrant Certificate so countersigned has been duly issued hereunder.

     Section 1.06. Registration of Transfers and Exchanges. (a) Except as otherwise provided
herein or in the Warrant Certificate, the Warrant Agent shall from time to time register the
transfer of any outstanding Warrant Certificates upon the records to be maintained by it for that
purpose (the “Warrant

5

 

Register”) at the Warrant Agent’s Transfer Office, subject to such reasonable regulations as
the Company or the Warrant Agent may prescribe, upon surrender thereof at the Warrant Agent’s
Transfer Office, duly endorsed by, or accompanied by a written instrument or instruments of
transfer in form satisfactory to the Warrant Agent and the Company duly executed by, the Registered
Holder(s) thereof or by the duly appointed legal representative thereof or by a duly authorized
attorney, such signature to be guaranteed by a bank or trust company with a correspondent office in
The City of New York or by a broker or dealer which is a member of the NASD or by a member of a
national securities exchange. Upon any such registration of transfer, a new Warrant Certificate
shall be issued to the transferee(s) and the surrendered Warrant Certificate shall be cancelled by
the Warrant Agent.

     (b) At the option of a Warrantholder, Warrant Certificates may be exchanged for other Warrant
Certificates, representing a like number of Warrants, upon surrender to the Warrant Agent of the
Warrant Certificates to be exchanged at the Warrant Agent’s Transfer Office. Upon surrender of any
unexercised Warrant Certificate for exchange, the Warrant Agent shall cancel such Warrant
Certificate, and the Company shall execute, and the Warrant Agent shall countersign and deliver, in
accordance with Section 1.05, one or more new Warrant Certificates of like tenor and representing a
like number of unexercised Warrants.

     (c) Warrant Certificates issued upon transfer or exchange pursuant to Section 1.06(a) or (b)
shall be valid obligations of the Company, evidencing the same obligations of the Company as the
Warrant Certificates surrendered for transfer or exchange, and entitled to the same benefits under
this Agreement as were such Warrant Certificates prior to such surrender.

     (d) Except as provided in Section 1.07, no service charge shall be made for any registration
of transfer or exchange of Warrant Certificates, but the Company may require payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in connection with any
registration of transfer or exchange of Warrant Certificates, other than exchanges pursuant to this
Section 1.06 not involving any transfer.

     (e) In the event that upon any exercise of Warrants evidenced by a Warrant Certificate the
number of Warrants exercised shall be less than the total number of Warrants evidenced by such
Warrant Certificate, there shall be issued to the Registered Holder thereof or his assignee a new
Warrant Certificate evidencing the number of Warrants not exercised.

     Section 1.07. Mutilated or Missing Warrant Certificates. (a) If any Warrant Certificate is
mutilated, lost, stolen or destroyed, the Company may in its discretion execute, and the Warrant
Agent may countersign and deliver, in

6

 

exchange and substitution for the mutilated Warrant Certificate, or in replacement for the
Warrant Certificate lost, stolen or destroyed, a new Warrant Certificate of like tenor and
representing an equivalent number of Warrants, bearing an identification number not
contemporaneously outstanding, but only (in case of loss, theft or destruction) upon receipt of
evidence satisfactory to the Company and the Warrant Agent of such loss, theft or destruction of
such Warrant Certificate and security or indemnity, if requested, also satisfactory to them.
Applicants for such substitute Warrant Certificates shall also comply with such other reasonable
regulations and pay such other reasonable charges as the Company or the Warrant Agent may
prescribe.

     (b) In case any such mutilated, lost, stolen or destroyed Warrant Certificate has been or is
about to be exercised, or deemed to be exercised, the Company in its absolute discretion may,
instead of issuing a new Warrant Certificate, direct the Warrant Agent to treat the same as if it
had received the Warrant Certificate together with an irrevocable Exercise Notice (as defined
herein) in proper form in respect thereof, as provided herein, or as being subject to automatic
exercise, as the case may be.

     (c) Each new Warrant Certificate issued pursuant to this Section 1.07 in lieu of any lost,
stolen or destroyed Warrant Certificate shall be an original, additional contractual obligation of
the Company, and shall be entitled to the same benefits under this Agreement as the Warrant
Certificate that was lost, stolen or destroyed.

     (d) Upon the issuance of any new Warrant Certificate in accordance with this Section 1.07, the
Company may require the payment of a sum sufficient to cover any tax or other governmental charge
that may be imposed in relation thereto and any other expenses (including the fees and expenses of
the Warrant Agent) connected therewith.

     (e) The provisions of this Section 1.07 are exclusive and shall preclude (to the extent
lawful) any other rights and remedies with respect to the replacement or payment of mutilated,
lost, stolen or destroyed Warrant Certificates.

     Section 1.08. Registered Holders. Prior to due presentment for registration of transfer,
the Company, the Warrant Agent, and any agent of the Company or the Warrant Agent, may deem and
treat the person in whose name a Warrant Certificate shall be registered in the Warrant Register (a
“Registered Holder”) as the absolute owner of the Warrants evidenced thereby (notwithstanding any
notation of ownership or other writing on the Warrant Certificate) for any purpose whatsoever, and
as the person entitled to exercise the rights represented by the Warrants evidenced thereby, and
neither the Company nor the Warrant Agent, nor any agent of the Company or the Warrant Agent, shall

7

 

be affected by any notice to the contrary. In the case of Warrants represented by a Global
Warrant Certificate, the nominee of the Depository shall be deemed the sole Registered Holder of
the Warrants, and the Warrant Agent and the Company shall be entitled to conclusively rely on and
act pursuant to instructions of the Depository.

ARTICLE 2

Duration and Exercise of Warrants

     Section 2.01. Duration of Warrants: Minimum Exercise Amounts; Exercise. (a) Subject to the
limitations set forth herein and in Sections 2.02 and 2.04, and except in the case of automatic
exercise, each Warrant may be irrevocably exercised either (A) in the case of Warrants represented
by a Global Warrant Certificate (“Book-Entry Warrants”), prior to 11:00 A.M., New York City time,
on the 20th day of each
[l], [l], [l] and [l] during the period beginning in [l] and ending in
[l] or, if
any of those days is not a New York Business Day, the next day that
is a New York Business Day (each such date, an “Early Exercise Date”), by causing (x) such Warrants to be
transferred free to the Warrant Agent on the records of the Depository in accordance with the
Depository’s Deposit/Withdrawal at Custodian procedures, as provided in the Letter of
Representations relating to the Warrants, among the Company, the Warrant Agent and the Depository,
and (y) an Exercise Notice to be received by the Warrant Agent (the Warrant Agent’s facsimile
transmission number for such purpose is (212) [l] from the Depository on behalf of a
Participant (who may be acting, directly or indirectly, on behalf of beneficial owners of
Warrants); provided, however, that Exercise Notices are subject to rejection by the Warrant Agent
as provided herein or (B) in the case of Warrants represented by Warrant Certificates (“Definitive
Warrants”), prior to 11:00 A.M., New York City time, on any Early Exercise Date, by delivering or
causing to be delivered to the Warrant Agent (at the Warrant Agent’s Transfer Office, the Warrant
Certificate representing such Warrant, with the Exercise Notice duly completed and executed by the
Registered Holder of such Warrant. The “Expiration Date” of the Warrants shall be [l].
Neither the Warrant Agent nor the Determination Agent will be responsible for any losses resulting
from a failure of a brokerage firm, or any Participant, to properly exercise Warrants on behalf of a
beneficial owner of a Warrant.

     (b) No fewer than [100,000] Warrants may be exercised by or on behalf of any one Warrantholder
or beneficial owner of Warrants at any one time, except that no such minimum exercise amount shall
apply in the case of automatic exercise on or following the Expiration Date. Book-Entry Warrants
held through one Participant may not be combined with Book-Entry Warrants held through another
Participant in order to satisfy the [100,000] Warrant minimum exercise requirement. Book-Entry
Warrants held on behalf of different beneficial owners

8

 

may not be combined in order to meet the [100,000] Warrant minimum exercise requirement. An
Exercise Notice shall be unconditional. Except as provided in Section 2.02(c), the Warrant Agent
shall be entitled, with no duty of inquiry, to rely conclusively on any Exercise Notice received by
it and on any representation of the exercising Warrantholder contained therein.

     (c) “Exercise Notice” means an irrevocable notice of exercise to the Warrant Agent, which
notice (A) for Book-Entry Warrants, shall be in such form and delivered in such manner as the
Company and the Warrant Agent may approve consistent with normal clearing system procedures,
including by electronic instruction and (B) for Definitive
Warrants, shall be on the reverse of the Warrant Certificate or such
other form as the Company and the Warrant Agent may approve.

     Section 2.02. Exercise, Valuation and Delivery of Warrants. (a) Exercise Date. Except for
Warrants subject to automatic exercise, the “Exercise Date” for a Warrant will be the Early
Exercise Date on which the Warrant Agent receives at the Warrant Agent’s Transfer Office, the
Warrant (or transfer of such Warrant through the Depository in the case of Book-Entry Warrants) and
Exercise Notice (by facsimile transmission or otherwise in accordance with Section 2.01(c)(A) in
the case of Exercise Notices for Book-Entry Warrants) in proper form with respect to such Warrant,
if received at or prior to 11:00 A.M., New York City time, on
such Early Exercise Date. If the Warrant Agent
receives such Warrant (or transfer of such Warrant through the Depository in the case of Book-Entry
Warrants) or Exercise Notice after 11:00 A.M., New York City time, on an Early Exercise Date then
the Warrant Agent shall reject such Exercise Notice by following the procedure set forth in Section
2.02(c)(B) below.

     (b) Valuation Date. The “Valuation Date” for a Warrant shall be (i) in the case of exercise
by the Warrantholder, the Index Calculation Day immediately following the related Early Exercise
Date, or (ii) in the case of automatic exercise, the Index Calculation Day immediately following
the Expiration Date, subject to postponement upon the occurrence of a
Market Disruption Event (as defined herein). For purposes of this Agreement, “Index
Calculation Day” means any day the [Index] or any Successor Index is calculated and published, or
any day on which the Determination Agent calculates a level as a substitute for the [Index] or any
Successor Index pursuant to Section 2.02(h).

     (c) Warrant Agent’s Procedures Upon Receipt of Warrants and Exercise Notice. The Warrant
Agent shall, following receipt of proper and timely delivery of a Warrant in accordance with
Section 2.02(a) accompanied by an Exercise Notice:

9

 

     (A) promptly (1) for Definitive Warrants, determine whether such Exercise Notice has
been duly completed and is in proper form duly executed by the Registered Holder thereof
or by the duly appointed legal representative thereof or by a duly authorized attorney,
(2) for Book-Entry Warrants, determine whether such Exercise Notice has been duly
provided;

     (B) if the Warrant Agent determines that the Exercise Notice has not been timely
received in accordance with Section 2.02(a) or in the case of Definitive Warrants, has not
been duly completed or is not in proper form or has not been so executed, the Warrant
Agent (A) promptly shall reject such Exercise Notice and, in the case of Definitive
Warrants, shall send to the entity that executed such Exercise Notice a notice of
rejection substantially in the form set forth in Exhibit C hereto and shall return to the
Registered Holder that submitted such Exercise Notice, by first class mail, the Warrant
Certificates evidencing such Warrants, or, in the case of Book-Entry Warrants, shall
re-deliver such Warrants free through the facilities of the Depository to the account from
which they were transferred to the Warrant Agent and (B) shall not take the actions
required by clauses (C)-(F) below with respect to such Exercise Notice or the related
Warrants;

     (C)
notify the Company, the Determination Agent and, if different, the
writer of the option (the “Hedge Counterparty”),
under the Hedge Agreement (the “Hedge Agreement”) dated as of
[ l ]
between the Company and the Determination Agent, and the calculation
agent (the “Calculation Agent”) (and such other parties (not to
exceed two) as the Company shall designate in writing) by 5:00 P.M., New York City time,
on the Early Exercise Date of the total number of Warrants validly exercised on that
Early Exercise Date (the “Exercised Warrants”);

     (D) by 12:00 noon, New York City time, on the New York Business Day next succeeding
the applicable Valuation Date (or, if such Valuation Date is not a New York Business Day,
on the second New York Business Day following that Valuation Date), determine the
aggregate Cash Settlement Value of the Exercised Warrants based on the Cash Settlement
Value for each Warrant provided by the Determination Agent pursuant to Section 2.02(g);

     (E)
notify the Company, the Determination Agent and, if different, the
Hedge Counterparty and the Calculation Agent (and such other parties (not to
exceed two) as the Company shall designate in writing) by 2:00 P.M., New York City time,
on the New York Business Day next succeeding the Valuation Date (or, if such Valuation
Date is not a New York Business Day, on the second New York Business Day following that
Valuation Date), of the aggregate Cash Settlement Value payable in respect of the
Exercised Warrants, and, in the case of Definitive Warrants, send notices of confirmation
substantially in the form included in Exhibit B hereto to the Registered Holder; and

10

 

     (F) promptly deliver a copy of each Exercise Notice delivered by a Registered Holder
of a Definitive Warrant to the Company and advise the Company of such other matters
relating to the Exercised Warrants as the Company shall reasonably request. Any notice to
be given to the Company by the Warrant Agent pursuant to this Section 2.02 or Section 2.03
shall be by telephone (promptly confirmed in writing) or facsimile transmission.

     Except in the case of Warrants subject to automatic exercise, if on any Valuation Date the
[Index] Index Value (as defined herein) for such Valuation Date is equal to or less than [l]
and the [Index] Index Value for that Valuation Date has declined by three percent or more from the
Spot [Index] Index Value for the [Other City] Business Day immediately preceding that Valuation
Date, then the attempted exercise of any such Warrants shall be void and of no effect and the
Warrant Agent shall follow the procedure set forth in Section 2.02(c)(B), and such Warrantholder
shall be permitted to re-exercise such Warrants on any subsequent Early Exercise Date, if any.

     (d) Payment upon Exercise. Following each exercise of Warrants at the option of a
Warrantholder, the Company shall make available to the Warrant Agent, no later than 3:00 P.M., New
York City time, on the later of (i) the 30th day of the month in
which the relevant Early Exercise Date falls (or if
that day is not a New York Business Day, the next day that is a New
York Business Day) and (ii) the fourth New York Business Day following
the Valuation Date relating to that Early Exercise Date (the
“Early Cash Settlement Date”), same day funds in an amount sufficient to pay the aggregate Cash Settlement Value
of the Exercised Warrants. If the Company has made those funds available to the Warrant Agent by
that time, the Warrant Agent will be responsible for making a payment (A) for Book-Entry Warrants,
to the Depository prior to the close of business on such
Early Cash Settlement Date (B) for Definitive Warrants, to each Registered Holder of an
Exercised Warrant by wire transfer to a U.S. Dollar account maintained by such Registered Holder in
the United States (at such Registered Holder’s election as specified in the applicable Exercise
Notice) prior to the close of business on the Early Cash Settlement Date. In the case of Book-Entry Warrants,
such payments shall be in the amount of the aggregate Cash Settlement Value in respect of the
Warrants validly and timely transferred to the Warrant Agent through the Depository (together with
the related Exercise Notice) as provided in Sections 2.01, 2.02(a), 2.02(b) and 2.02(c). The
Depository will be responsible for disbursing such payments to each appropriate Participant. Each
Participant will be responsible for disbursing such payments to the beneficial owners of Warrants
that it represents and to each brokerage firm for which it acts as agent. Each such brokerage firm
will be responsible for disbursing payments to the beneficial owners of Warrants that it
represents. In the case of Definitive Warrants, such payment shall be
in an amount equal to the
aggregate Cash Settlement Value in respect of the Warrant Certificates that were validly and

11

 

w

timely delivered to the Warrant Agent by the relevant Registered Holder (together with the
related Exercise Notice) as provided in Sections 2.01, 2.02(a), 2.02(b) and 2.02(c).

     (e) Determination of Cash Settlement Value. The “Cash Settlement Value” of an exercised
Warrant (including Warrants automatically exercised) will be an amount in U.S. Dollars equal to the
greater of (i) [$l] and (ii) [$ l] multiplied by the change,
expressed as a percentage, in the Spot [Index] Index Value from [l], 2006 (the
“Pricing Date”) to the applicable Valuation Date. The Cash Settlement Value will be rounded down
to the nearest cent. The percentage change in the Spot [Index] Index Value from the Pricing Date
to the applicable Valuation Date is described by the following formula:

Spot [Index] Index Value VD – Strike Level

Strike Level 

     The “Spot [Index] Index Value VD” is the Spot [Index] Index Value on the
applicable Valuation Date.

     The “Strike Level” is [                    ] which was determined by the Determination Agent and was the
closing value (afternoon session) of the [Index] on the Pricing Date.

     For purposes of this Agreement, the “[Index]” means the [Index] index designed, developed,
maintained and operated by [l], Inc. (the “Index Sponsor”). The “Spot [Index] Index Value”
for any date means the closing value (afternoon session) on such date of the [Index] or any
Successor Index. For purposes of this Agreement, “New York Business Day” means any day other than a
Saturday, Sunday or a day on which either the American Stock Exchange, Inc. (the “AMEX”) or the New
York Stock Exchange is not open for securities trading or commercial banks in New York City are
required or authorized by law or executive order to remain closed. “[Other City] Business Day”
means any day other than (i) a Saturday, Sunday or day on which banks are not open for a full day
of business in [Other City] or (ii) a day on which the [Other City] Stock Exchange[s] are not open
for business. References in this Agreement to “U.S. Dollars”, “U.S.$” or “$” are to the lawful
currency of the United States of America and references to [l] are to the lawful currency of
[l].

     (f) Notation of Exercise of Book-Entry Warrants. In the case of exercise of Book-Entry
Warrants, the Warrant Agent shall cause its records, which may be kept electronically, to be marked
to reflect the reduction in the number of Warrants represented by the Global Warrant Certificate by
the number of Warrants that were delivered to the Warrant Agent and for which payment has been made
as provided in Section 2.02(d) promptly after such delivery and

12

 

payment. Absent manifest error, the Warrant Agent’s records shall be conclusive evidence of
such matters.

     (g) Appointment of Determination Agent. The Company hereby appoints [l], and [l]
accepts such appointment, to be the Company’s Determination Agent to determine the Spot [Index]
Index Value and Cash Settlement Value in accordance with this Section 2.02(g) and to make such
calculations as may be required upon the occurrence of any of the circumstances described in
Section 2.02(h), Section 2.03 or Section 2.04, including, without limitation, calculation of the
Cash Settlement Value of a Warrant. The Determination Agent shall act as an independent expert and
not as an agent of the Company, and, unless otherwise provided by this Agreement, its calculations
and determinations under this Agreement shall, absent manifest error, be final and binding on the
Company, the Warrant Agent and the Warrantholders (in the case of Book-Entry Warrants, on such
holder’s own behalf and on behalf of any Participant or beneficial owner of Warrants). Any such
calculations will be made available to a Warrantholder for inspection at the Warrant Agent’s
Business Office (as defined herein).

     The Company agrees, for the benefit of the Warrantholders that there shall at all times be a
Determination Agent hereunder until all the Warrants are no longer outstanding or until monies for
the payment of all outstanding Warrants, if any, shall have been paid to the Warrant Agent and
shall have been returned to the Company as provided in Section 2.06, whichever occurs earlier.
Resignation, removal and appointment of the Determination Agent shall be in accordance with the
procedures set forth for the resignation, removal and appointment of the Warrant Agent, as provided
in Section 5.04, except that a successor Determination Agent need not be a banking institution with
offices in the Borough of Manhattan, The City of New York, and may only be appointed if such
successor has been nominated by the Company and approved by the predecessor Determination Agent.

     The Company agrees to indemnify the Determination Agent for, and to hold it harmless against,
any loss, liability, cost or expense (including reasonable attorneys’ fees and expenses) incurred
by the Determination Agent by reason of its being made a party to a suit or claim arising out of
this Agreement; provided, however, that such indemnity shall in no event apply to the extent that
any such loss, liability, cost or expense is a result of the negligence, bad faith or breach of
this Agreement on its part in connection with the services rendered by it hereunder. The
Determination Agent agrees to indemnify the Company for, and to hold it harmless against, any loss,
liability, cost or expense (including reasonable attorneys’ fees and expenses) incurred by the
Company by reason of its being made a party to a suit or claim arising out of this Agreement as a
result of the negligence or bad faith of the Determination Agent or
willful breach by it of the terms of
this Agreement in connection with the services rendered by it
hereunder; provided that the foregoing indemnity shall not cover any
loss, liability, cost or expense comprising special or consequential
losses, liabilities, costs or expenses.

13

 

The indemnity obligations of the Company and the Determination Agent shall continue
notwithstanding the termination of this Agreement or the resignation or removal of the
Determination Agent.

     Not later than 5:00 p.m., New York City time, on the applicable Valuation Date (or, if such
Valuation Date is not a New York Business Day, on the New York Business Day next succeeding that
Valuation Date), the Determination Agent shall determine the Cash Settlement Value for an exercised
Warrant (including upon automatic exercise) in the manner set forth in Section 2.02(e) based on the
Spot [Index] Index Value on such Valuation Date and notify the Warrant Agent of that Cash
Settlement Value. The Determination Agent will not be responsible for good faith errors or
omissions in determining or disseminating information regarding the Spot [Index] Index Value or
determining the Cash Settlement Value for a Warrant.

     (h) Alternate Index Determination. (A) If the Index Sponsor discontinues publication of the
[Index] but another entity not affiliated with the determination agent and acceptable to the
determination agent (a “Third Party Publisher”) begins publishing the [Index], then for any date
thereafter the [Index] as published by such Third Party Publisher will be used for all purposes
going forward, including for the purposes of calculating the Spot [Index] Index Value and the Cash
Settlement Value and determining whether a Market Disruption Event exists.

     (B) If the Index Sponsor or any Third Party Publisher discontinues publication of the
[Index] and the Index Sponsor or a Third Party Publisher publishes a successor or
substitute index that the Determination Agent determines, in its sole discretion, to be
comparable to the [Index] (a “Successor Index”), then, upon the Determination Agent’s
notification of any such determination to the Company and the Warrant Agent, the Successor
Index will be used as a substitute for the [Index] for all purposes going forward,
including for the purposes of calculating the Spot [Index] Index Value and the Cash
Settlement Value in accordance with Section 2.02(e) and determining whether a Market
Disruption Event exists in accordance with Section 2.04, even if the Index Sponsor or a
Third Party Publisher elects to begin republishing the [Index], unless the Determination
Agent in its sole discretion decides to use such republished [Index]. Upon any selection
by the Determination Agent of a Successor Index, the Company shall cause notice to be
given to Warrantholders;

     (C) If the Index Sponsor or a Third Party Publisher discontinues publication of the
[Index] or any Successor Index, as applicable, and the Determination Agent determines that
no other Successor Index is available at that time, then on each Trading Day (as defined
herein) until the earlier to occur of:

14

 

     (1) the Valuation Date in connection with the automatic exercise of the
Warrants; or

     (2) a determination by the Determination Agent that a Successor Index is
available,

the Determination Agent will calculate a substitute level for the [Index] or the Successor
Index in accordance with the procedures last used to calculate the level of the [Index] or
the Successor Index, as applicable, before such discontinuation but using only those
securities that comprised the [Index] or the Successor Index, as applicable, prior to the
discontinuation. The Determination Agent will cause notice of each level to be published
not less often than once each month in The Wall Street Journal or another newspaper of
general circulation in New York City, and arrange for information with respect to these
levels to be made available by telephone. If the Determination Agent calculates a level
as a substitute for the [Index] or any Successor Index as described above, such level will
be used as a substitute for the [Index] or the Successor Index for all purposes going
forward, including for the purposes of calculating the Spot [Index] Index Value and the
Cash Settlement Value in accordance with Section 2.02(e) and determining whether a Market
Disruption Event exists in accordance with Section 2.04, even if the Index Sponsor or a
Third Party Publisher elects to begin republishing the [Index] or any successor index, as
applicable, unless the Determination Agent in its sole discretion decides to use such
republished [Index] or successor index.

     (i) If at any time the formula for, or method of calculating, the level of the [Index] or the
level of any Successor Index changes in any material respect, or if the [Index] or such Successor
Index is in any other way modified so that the [Index] or the Successor Index does not, in the
opinion of the Determination Agent, fairly represent the level of the [Index] or the Successor
Index had those changes or modifications not been made, then, from and after that time, the
Determination Agent shall, at the close of business in The City of New York, New York, on each
Valuation Date that the closing level (afternoon session) of the [Index] or the Successor Index is
to be calculated, make any adjustments as, in the good faith judgment of the Determination Agent,
may be necessary in order to arrive at a calculation of a level of a stock index comparable to the
[Index] or the Successor Index, as the case may be, as if those changes or modifications had not
been made, and calculate the closing level (afternoon session) with reference to the [Index] or the
Successor Index, as so adjusted. For example, if the method of calculating the [Index] or a
Successor Index is modified and has a diluting or concentrative effect on the level of the [Index]
or Successor Index, e.g., due to a split, then the Determination Agent shall adjust the [Index] or
Successor Index in order to arrive at a level of the [Index] or Successor Index as if it had not
been modified, e.g., as if a split had not occurred.

15

 

     (j) Upon any selection by the Determination Agent of a Successor Index, or if calculation or
publication of the [Index] or a Successor Index is modified or substituted, as provided in this
Section 2.02, then the Determination Agent shall promptly notify the Warrant Agent and the Company,
and the Warrant Agent shall in turn promptly notify the Warrantholders in accordance with Section
6.04 hereof, of such selection, modification or substitution, as the case may be, and of any
modification or adjustment to be made with respect to calculation of the Cash Settlement Value.

     (k) Neither the Company nor the Determination Agent will have any responsibility for good
faith errors or omissions in calculating or disseminating information regarding the [Index] or any
Successor Index, or as to adjustments or calculations by the Determination Agent (as provided
above) in order to arrive at the level of the [Index] or any Successor Index.

     Section 2.03.
Automatic Exercise of Warrants. (a) All Warrants
outstanding on the Expiration Date will be automatically exercised.
The Exercise Date for such Warrants shall be  the
Expiration Date, and the Valuation Date for such Warrants shall be the Index Calculation Day
immediately following the Expiration Date.

     (b) The
Warrant Agent shall by 5:00 P.M., New York City time, on the fifth
scheduled New York Business Day prior to the Expiration Date
notify the Company, the Determination Agent and, if different, the
Hedge Counterparty and the Calculation Agent (and such other parties (not to exceed two) as the
Company shall designate in writing) of the number of Warrants to be automatically exercised. No
later than 12:00 noon, New York City time, on the New York Business Day next succeeding the
Valuation Date for such automatically exercised Warrants (or, if such Valuation Date is not a New
York Business Day, on the second New York Business Day following that Valuation Date), the Warrant
Agent shall determine the aggregate Cash Settlement Value of those Warrants based on the Cash
Settlement Value for each Warrant provided by the Determination Agent pursuant to Section 2.02(g).
No later than 2:00 P.M., New York City time, on the New York Business Day next succeeding such
Valuation Date (or, if such Valuation Date is not a New York Business Day, on the second New York
Business Day following that Valuation Date), the Warrant Agent shall
notify the Company, the
Determination Agent and, if different, the Hedge Counterparty and the
Calculation Agent (and such other parties (not to exceed two) as the Company shall designate in
writing) of the aggregate Cash Settlement Value payable in respect of such automatically exercised
Warrants. The Warrant Agent shall promptly advise the Company of such other matters relating to
the automatically exercised Warrants as the Company shall reasonably request.

     (c) (A) In the case of Book-Entry Warrants subject to automatic exercise, the Company shall
make available to the Warrant Agent, no later than

16

 

3:00 P.M.,
New York City time, on the later of (i) the 30th day of [•]
(or if that day is not a New York Business Day, the next day that is
a New York Business Day) and (ii) the fourth New York Business Day
following the Valuation Date for such automatically exercised
Warrants (the “Automatic
Cash Settlement Date”), same day funds in an amount sufficient to pay the
aggregate Cash Settlement Value of the automatically exercised Warrants. If the Company has made
those funds available to the Warrant Agent by that time, the Warrant Agent will be responsible for
making a payment to the Depository, against receipt of the Global
Warrant Certificate, prior to the
close of business on such Automatic Cash Settlement Date. Such
payments shall be in an amount equal to the aggregate Cash Settlement Value of the Warrants subject
to such automatic exercise. The Depository will be responsible for disbursing such payments to
each appropriate Participant and that Participant will be responsible for disbursing such payments
to the beneficial owners of Warrants it represents and to each brokerage firm for which it acts as
agent. Each such brokerage firm will be responsible for disbursing payments to the beneficial
owners of Warrants it represents.

     (B) In the case of Definitive Warrants subject to automatic exercise, the Company
shall make available to the Warrant Agent, no later than 3:00 P.M., New York City time, on
the Automatic Cash Settlement Date, same day funds in an amount
sufficient to pay the aggregate Cash Settlement Value of the automatically exercised
Warrants. If the Company has made those funds available to the Warrant Agent at that time,
the Warrant Agent will be responsible for making its payment available to the appropriate
Registered Holder by wire transfer to a U.S. Dollar account maintained by such Registered
Holder in the United States (at such Registered Holder’s election upon written notice to
the Company and the Warrant Agent) prior to the close of business on such Automatic Cash Settlement Date, against receipt by the Warrant Agent at the Warrant Agent’s
Transfer Office from such Registered Holder of its Warrant Certificates. Such payment
shall be in an amount equal to the aggregate Cash Settlement Value in respect of the Warrants
held by such Registered Holder, evidenced by such Warrant Certificates, subject to such
automatic exercise. Warrant Certificates delivered to the Warrant Agent shall thereafter
be promptly cancelled by the Warrant Agent.

     Section  2.04. Market Disruption Event. (a) If the Determination Agent determines that a
Valuation Date occurs on a day that is a Disrupted Day (as defined below), then the Valuation Date
will be postponed until the next succeeding Index Calculation Day that is not a Disrupted Day;
provided that in no event will the Valuation Date be postponed by more than eight [Other City]

17

 

Business Days. If the valuation date is postponed by eight [Other City] Business Days but
that eighth [Other City] Business Day following the original valuation date is a Disrupted Day,
then that eighth [Other City] Business Day will nevertheless be the Valuation Date, and the
Determination Agent will determine the Spot [Index] Index Value on that eighth [Other City]
Business Day in accordance with the formula and method for calculating the value of the [Index] or
any Successor Index, as the case may be, last in effect prior to the commencement of the Market
Disruption Event, using the closing price (or, if trading in the relevant securities has been
materially suspended or materially limited, its good faith estimate of the closing price that would
have prevailed but for such suspension or limitation) on such [Other City] Business Day of each
security most recently comprising the [Index] or any Successor Index, as the case may be.

     (b) For purposes of this Section, the following definitions apply:

     (A) A “Disrupted Day” means any Trading Day on which a relevant Exchange or Related
Exchange fails to open for trading during its regular trading session or on which a Market
Disruption Event has occurred with respect to the [Index] or any Successor Index.

     (B) An “Early Closure” means the closure on any Exchange Business Day of any relevant
Exchange relating to securities that comprise 20 percent or more of the level of the
[Index] or any Successor Index or any Related Exchange prior to its normally scheduled
closing time unless the earlier closing time is announced by that Exchange or Related
Exchange at least one-hour prior to the earlier of (i) the actual closing time for the
regular trading session on the Exchange or Related Exchange on that Exchange Business Day
and (ii) the submission deadline for orders to be entered into the relevant exchange
system for execution at the close of trading on that Exchange Business Day.

     (C) An “Exchange” means the primary organized exchange or quotation system for
trading any securities included in the [Index] or any Successor Index and any successor to
any exchange or quotation system or any substitute exchange or quotation system to which
trading in any securities underlying the [Index] or any Successor Index has temporarily
relocated (provided that the Determination Agent has determined that there is comparable
liquidity relative to the securities underlying the [Index] or any Successor Index on the
substitute exchange or quotation system as on the original Exchange).

     (D) An “Exchange Business Day” means any day on which each Exchange and Related
Exchange is open for business during its regular trading session, notwithstanding any
Exchange or Related Exchange

18

 

closing prior to its scheduled weekday closing time, without regard to after hours or
other trading outside its regular trading session hours.

     (E) An “Exchange Disruption” means any event (other than a scheduled Early Closure)
that disrupts or impairs (as determined by the Determination Agent in its sole discretion)
the ability of market participants in general to (i) effect transactions in or obtain
market values on any relevant Exchange or related Exchange in securities that comprise 20
percent or more of the level of the [Index] or any Successor Index, or (ii) effect
transactions in options contracts or futures contracts relating to the [Index] or any
Successor Index on any relevant Related Exchange.

     (F) (1) A “Market Disruption Event” with respect to the [Index] or any Successor
Index, as determined by the Determination Agent in its sole discretion, means

     (i) a relevant Exchange or any Related Exchange fails to open for
trading during its regular trading session; or

     (ii) the occurrence or existence of any of the following events:
(a) a Trading Disruption, if the Determination Agent determines it is
material, at any time during the one-hour period that ends at the close
of trading for a relevant Exchange or Related Exchange; or (b) an
Exchange Disruption, if the Determination Agent determines it is
material, at any time during the one-hour period that ends at the close
of trading for a relevant Exchange or Related Exchange; or (c) an Early
Closure,

provided that such events will not be deemed Market Disruption Events if the Determination
Agent determines in its sole discretion that any such event has not materially interfered
with the ability of the Company’s hedging counterparty with whom the Company will hedge
its obligations under the Warrants to unwind or adjust all or a material portion of the
hedging counterparty’s hedge position with respect to the Warrants.

       (2) The following events will not be Market Disruption Events:

     (i) a limitation on the hours or number of days of trading on a
relevant Exchange or any Related Exchange, but only if the limitation
results from an announced change in the regular business hours of the
relevant market; or

19

 

     (ii) a decision to permanently discontinue trading in the option
or futures contracts relating to the [Index] or any Successor Index, or
any of the component stocks included in the [Index] or any Successor
Index.

      (3) For the purposes of determining whether a Market Disruption Event with
respect to the [Index] or any Successor Index exists at any time, if a Market
Disruption Event occurs in respect of a security included in the [Index] or any
Successor Index at any time, then the relevant percentage contribution of that
security to the level of the [Index] or any Successor Index shall be based on a
comparison of:

     (i) the portion of the level of the [Index] or Successor Index
attributable to that security; and

     (ii) the overall level of the [Index] or Successor Index, in each
case immediately before the occurrence of the Market Disruption Event.

     (G) A “Related Exchange” means each exchange or quotation system on which futures or
options contracts relating to the [Index] or any Successor Index are traded, any successor
to such exchange or quotation system or any substitute exchange or quotation system to
which trading in the futures or options contracts relating to the [Index] or any Successor
Index has temporarily relocated (provided that the Determination Agent has determined that
there is comparable liquidity relative to the futures or options contracts relating to the
[Index] or any Successor Index on the temporary substitute exchange or quotation system as
on the original Related Exchange).

     (H) A “Trading Day” means any day on which each Exchange and Related Exchange is
scheduled to be open for its respective trading sessions.

     (I) A “Trading Disruption” means any suspension of or limitation imposed on trading
by the relevant Exchange or Related Exchange or otherwise, whether by reason of movements
in price exceeding limits permitted by the relevant Exchange or Related Exchange or
otherwise, (i) relating to securities that comprise 20 percent or more of the level of the
[Index] or any Successor Index, or (ii) in options contracts or futures contracts relating
to the [Index] or any Successor Index on any relevant Related Exchange.

20

 

     Section 2.05. Covenant of the Company. The Company covenants, for the benefit of the
Warrantholders, that it will not seek the delisting of the Warrants from, or suspension of their
trading on, the AMEX. In the event that the Warrants are listed on the AMEX, the Company will
advise the Warrant Agent and the Determination Agent as soon as practicable of the date of any
expected delisting or permanent suspension of trading of the Warrants and will immediately inform
the Warrant Agent and the Determination Agent after the Company has received notice that such
delisting or suspension is occurring, but in no event will notice of such delisting or suspension
be given to the Warrant Agent or the Determination Agent later than 9:30 A.M., New York City time,
on the first New York Business Day following the date on which such delisting or suspension occurs.
The Company will use its best efforts to cause the Warrantholders to be notified of any expected
delisting or suspension of trading of the Warrants.

     Section 2.06. Return of Money Held Unclaimed for Two Years. Except as otherwise provided
herein, any money deposited with or paid to the Warrant Agent for the payment of the Cash
Settlement Value of any Warrants and not applied but remaining unclaimed for two years after the
date upon which such Cash Settlement Value shall have become due and payable shall be repaid by the
Warrant Agent to the Company, at the Company’s request, and the holders of such Warrants shall
thereafter look only to the Company for any payment which such holders may be entitled to collect
and all liability of the Warrant Agent with respect to such money shall thereupon cease; provided
that the Warrant Agent, before making any such repayment, may at the expense of the Company notify
(i) in the case of Book-Entry Warrants, the Depository (on behalf of the Participants concerned),
that said money has not been so applied and remains unclaimed and that after a date named in the
notification any unclaimed balance of said money then remaining will be returned to the Company or
(ii) in the case of Definitive Warrants, the Registered Holders.

     Section 2.07. Return of Global Warrant Certificate. In the event a Global Warrant
Certificate is issued, at such time as all of the Warrants evidenced by such Certificate have been
exercised (including pursuant to an automatic exercise) or otherwise cancelled and all payments to
the Depository made as provided herein, the Warrant Agent shall dispose of the cancelled Global
Warrant Certificate in accordance with its customary procedures (unless instructed by the Company
to deliver the Global Warrant Certificate to the Company) and shall provide a certificate of
disposition to the Company.

ARTICLE 3

Other Provisions Relating to Rights of Warrantholders

     Section 3.01. Warrantholder May Enforce Rights. Notwithstanding any of the provisions of
this Agreement, any Warrantholder, without the consent of

21

 

the Warrant Agent, may, in and for its own behalf, enforce, and may institute and maintain,
any suit, action or proceeding against the Company suitable to enforce, or otherwise in respect of,
its right to exercise, and to receive payment for, its Warrants as provided in this Agreement.

ARTICLE 4

Warrants Acquired by the Company; Payment of Taxes

     Section 4.01. Warrants Acquired by the Company. In the event the Company shall purchase or
otherwise acquire Warrants, such Warrants may, at the option of the Company, be (i) in the case of
Book-Entry Warrants, surrendered free through a Participant to the Depository for credit to the
account of the Warrant Agent maintained at the Depository, and if so credited, the Warrant Agent
shall promptly note the cancellation of such Warrants by notation on the records of the Warrant
Agent and the Warrant Agent shall cause its records to be marked to reflect the reduction in the
number of Warrants represented by the Global Warrant Certificate by the number of Warrants so
cancelled promptly after such account is credited or (ii) in the case of Definitive Warrants,
delivered to the Warrant Agent, and if so delivered, the Warrant Agent shall promptly cancel such
Warrants on the records of the Warrant Agent. In the case of Book-Entry Warrants, such Warrants
may also, at the option of the Company, be resold by the Company directly or to or through any of
its affiliates in lieu of being surrendered to the Depository. No Warrant Certificate shall be
countersigned in lieu of or in exchange for any Warrant which is cancelled as provided herein,
except as otherwise expressly permitted by this Agreement.

     Any cancelled Warrant Certificate held by the Warrant Agent under this Agreement shall be
disposed of by the Warrant Agent in accordance with its customary procedures unless otherwise
directed by the Company, and the Warrant Agent shall deliver a certificate of disposition to the
Company evidencing the same.

     Section 4.02. Payment of Taxes. The Company will pay all stamp, withholding and other
duties, if any, attributable to the initial issuance of Warrants; provided, however, that, anything
in this Agreement to the contrary notwithstanding, the Company shall not be required to pay any tax
or other governmental charge which may be payable in respect of any transfer involving any
beneficial or record interest in, or ownership interest of, any Warrants, Warrant Certificates or
Global Warrant Certificate.

22

 

ARTICLE 5

Concerning the Warrant Agent

     Section 5.01. Warrant Agent. The Company hereby appoints Citibank, N.A. as Warrant Agent of
the Company in respect of the Warrants upon the terms and subject to the conditions set forth
herein; and Citibank, N.A. hereby accepts such appointment. The Warrant Agent shall have the
powers and authority granted to and conferred upon it in this Agreement and such further powers and
authority to act on behalf of the Company as the Company may hereafter grant to or confer upon it
with its consent. All of the terms and provisions with respect to such powers and authority
contained in any Warrant Certificates or the Global Warrant Certificate are subject to and governed
by the terms and provisions hereof.

     Section 5.02. Covenant of the Warrant Agent. The Warrant Agent covenants and agrees to
maintain (i) offices, staffed by qualified personnel, with adequate facilities for the discharge of
its responsibilities under this Agreement, including, without limitation, the computation of the
aggregate Cash Settlement Values, and the timely settlement of the Warrants upon exercise thereof,
and (ii) the Warrant Agent’s functions as separate and distinct from those of the Company with
appropriate internal controls, such controls to be reviewed annually by the Company’s independent
auditors.

     Section 5.03. Conditions of Warrant Agent’s Obligations. The Warrant Agent accepts its
obligations herein set forth upon the terms and conditions hereof, including the following, to all
of which the Company agrees and to all of which the rights hereunder of the holders from time to
time of the Warrants shall be subject:

     (a) The Company agrees promptly to pay the Warrant Agent the compensation to be agreed upon
with the Company for all services rendered by the Warrant Agent and to reimburse the Warrant Agent
for its reasonable out-of-pocket expenses (including attorneys’ fees and expenses) incurred by the
Warrant Agent without negligence, bad faith or breach of this Agreement on its part in connection
with the services rendered by it hereunder. The Company also agrees to indemnify the
Warrant Agent for, and to hold it harmless against, any loss, liability or expense (including
reasonable attorneys’ fees and expenses) incurred without negligence, bad faith or breach of this
Agreement on the part of the Warrant Agent, arising out of or in connection with its acting as such
Warrant Agent hereunder, as well as the reasonable costs and expenses of defending against any
claim of liability in the premises. The Warrant Agent agrees to

 

			

23

 

indemnify the Company for, and to hold it harmless against, any loss, liability, cost or
expense (including reasonable attorneys’ fees and expenses) incurred by the Company by reason of
its being made a party to a suit or claim arising out of this Agreement as a result of the
negligence or bad faith of the Warrant Agent or breach by it of the terms of this Agreement arising
out of or in connection with its acting as Warrant Agent hereunder. The obligations of the Company
and the Warrant Agent] under this Section 5.03(a) shall survive the termination of this Agreement.

     (b) In acting under this Agreement, the Warrant Agent is acting solely as agent of the Company
and does not assume any obligation or relationship of agency or trust for or with any of the owners
or holders of the Warrants.

     (c) The Warrant Agent may consult with counsel satisfactory to it (including counsel to the
Company), and the opinion of such counsel shall be full and complete authorization and protection
in respect of any action taken, suffered or omitted by it hereunder in good faith and in accordance
with the opinion of such counsel.

     (d) The Warrant Agent shall be protected and shall incur no liability for or in respect of any
action taken or thing suffered by it in reliance upon any notice, direction, consent, certificate,
affidavit, statement or other paper or document reasonably believed by it to be genuine and to have
been presented or signed by the proper parties.

     (e) The Warrant Agent, and its officers, directors and employees, may become the owner of, or
acquire any interest in, any Warrants or other obligations of the Company, with the same rights
that it or they would have if it were not the Warrant Agent hereunder and, to the extent permitted
by applicable law, it or they may engage or be interested in any financial or other transaction
with the Company and may act on behalf of, or as depository, trustee or agent for, any committee or
body of owners or holders of Warrants or other obligations of the Company as freely as if it were
not the Warrant Agent hereunder.

     (f) The Warrant Agent shall not be under any liability for interest on any monies at any time
received by it pursuant to any of the provisions of this Agreement nor shall it be obligated to
segregate such monies from other monies held by it, except as required by law. The Warrant Agent
shall not be responsible for advancing funds on behalf of the Company.

     (g) The Warrant Agent shall not be under any responsibility with respect to the validity or
sufficiency of this Agreement or the execution and delivery hereof (except the due authorization,
execution and delivery hereof by the Warrant Agent) or with respect to the validity or execution of
the Warrant

24

 

Certificates or the Global Warrant Certificate (except its countersignature thereof).

     (h) The recitals contained herein and in the Warrant Certificates or the Global Warrant
Certificate (except as to the Warrant Agent’s countersignature thereon) shall be taken as the
statements of the Company, and the Warrant Agent assumes no responsibility for the correctness of
the same.

     (i) The Warrant Agent shall be obligated to perform such duties as are herein specifically set
forth, and no implied duties or obligations shall be read into this Agreement against the Warrant
Agent. The Warrant Agent shall not be under any obligation to take any action hereunder likely to
involve it in any expense or liability, the payment of which is not, in its reasonable opinion,
assured to it. The Warrant Agent shall not be accountable or under any duty or responsibility for
the application by the Company of any proceeds. The Warrant Agent shall have no duty or
responsibility in case of any default by the Company in the performance of its covenants or
agreements contained in this Agreement or in any Warrant Certificate or the Global Warrant
Certificate or in the case of the receipt of any written demand from a holder of a Warrant with
respect to such default, including, without limiting the generality of the foregoing, any duty or
responsibility to initiate or attempt to initiate any proceedings at law or otherwise or, except as
provided in Section 6.02 hereof, to make any demand upon the Company.

     Section 5.04. Resignation and Appointment of Successor. (a) The Company agrees, for the
benefit of the holders from time to time of the Warrants, that there shall at all times be a
Warrant Agent hereunder until all the Warrants are no longer outstanding or until monies for the
payment of all outstanding Warrants, if any, shall have been paid to the Warrant Agent and shall
have been returned to the Company as provided in Section 2.06, whichever occurs earlier.

     (b) The Warrant Agent may at any time resign as such agent by giving written notice to the
Company of such intention on its part, specifying the date on which its desired resignation shall
become effective, subject to the appointment of a successor Warrant Agent and acceptance of such
appointment by such successor Warrant Agent as hereinafter provided. The Warrant Agent hereunder
may be removed at any time by the filing with it of an instrument in writing signed by or on behalf
of the Company and specifying such removal and the date when it shall become effective. Such
resignation or removal shall take effect upon the appointment by the Company, as hereinafter
provided, of a successor Warrant Agent (which shall be a banking institution organized under the
laws of the United States of America or one of the states thereof, have a combined capital and
surplus of at least $[100,000,000] (as set forth in its most recent reports of condition published
pursuant to law or to the requirements of any United States federal or state regulatory or
supervisory authority) and having an office in the

25

 

Borough of Manhattan, The City of New York) and the acceptance of such appointment by such
successor Warrant Agent. In the event a successor Warrant Agent has not been appointed and
accepted its duties within 90 days of the Warrant Agent’s notice of resignation, the Warrant Agent
may apply to any court of competent jurisdiction for the designation of a successor Warrant Agent.
The obligation of the Company under Section 5.03(a) shall continue to the extent set forth therein
notwithstanding the resignation or removal of the Warrant Agent.

     (c) In case at any time the Warrant Agent shall give notice of its intent to resign, or shall
be removed, or shall become incapable of acting, or shall be adjudged a bankrupt or insolvent, or
make an assignment for the benefit of its creditors, or consent to the appointment of a receiver or
custodian of all or any substantial part of its property, or shall admit in writing its inability
to pay or meet its debts as they mature, or if a receiver or custodian of it or of all or any
substantial part of its property shall be appointed, or if any public officer shall have taken
charge or control of the Warrant Agent or of its property or affairs, for the purpose of
rehabilitation, conservation or liquidation, a successor Warrant Agent, qualified as aforesaid,
shall be promptly appointed by the Company by an instrument in writing, filed with the successor
Warrant Agent. Upon the appointment as aforesaid of a successor Warrant Agent and acceptance by
the latter of such appointment, the Warrant Agent so superseded shall cease to be Warrant Agent
hereunder.

     (d) Any successor Warrant Agent appointed hereunder shall execute, acknowledge and deliver to
its predecessor and to the Company an instrument accepting such appointment hereunder, and
thereupon such successor Warrant Agent, without any further act, deed or conveyance, shall become
vested with all the authority, rights, powers, trusts, immunities, duties and obligations of such
predecessor with like effect as if originally named as Warrant Agent hereunder, and such
predecessor, upon payment of its charges and disbursements then unpaid, shall thereupon become
obligated to transfer, deliver and pay over, and such successor Warrant Agent shall be entitled to
receive, all monies, securities and other property on deposit with or held by such predecessor
(including, without limitation, the Warrant Register), as Warrant Agent hereunder.

     (e) Any corporation into which the Warrant Agent hereunder may be merged or converted or any
corporation with which the Warrant Agent may be consolidated, or any corporation resulting from any
merger, conversion or consolidation to which the Warrant Agent shall be a party or any corporation
to which the Warrant Agent shall sell or otherwise transfer all or substantially all the corporate
agency assets and business of the Warrant Agent, provided that it shall be qualified as aforesaid,
shall be the successor Warrant Agent under this Agreement without the execution or filing of any
paper or any further act on the part of any of the parties hereto.

26

 

ARTICLE 6

Miscellaneous

     Section 6.01. Amendment. (a) This Agreement and the terms of the Warrants may be amended by
the Company, the Warrant Agent and the Determination Agent, without the consent of the
Warrantholders, for the purpose of curing any ambiguity, or of curing, correcting or supplementing
any defective or inconsistent provision contained herein or therein or in any other manner which
the Company may deem necessary or desirable and which will not materially and adversely affect the
interests of the owners or holders of the Warrants.

     (b) The Company, the Warrant Agent and the Determination Agent may modify or amend this
Agreement and the terms of the Warrants, with the consent of the Warrantholders (by vote of
Registered Holders) holding not less than a majority in number of the then outstanding unexercised
Warrants affected by such modification or amendment, for any purpose; provided, however, that no
such modification or amendment that increases the Strike Level, reduces the amounts receivable upon
exercise or expiration, shortens the period of time during which the Warrants may be exercised, or
otherwise materially and adversely affects the exercise rights of the Warrantholders or reduces the
percentage of the number of outstanding Warrants the consent of whose holders is required for
modification or amendment of this Agreement, may be made without the consent of each Warrantholder
affected thereby. [In the case of Warrants evidenced by a Global Warrant Certificate, the Company
and the Warrant Agent shall be entitled to rely upon certification in form satisfactory to each of
them that any requisite consent has been obtained from holders of beneficial ownership interests in
the relevant Global Warrant Certificate. Such certification may be provided by the Depository on
behalf of Participants acting on behalf of beneficial owners of Warrants, provided that any such
certification states the Warrant holdings of such Participants].

     Section 6.02. Notices and Demands to the Company, the Warrant Agent and the Determination
Agent. If the Warrant Agent or the Determination Agent shall receive any notice or demand
addressed to the Company by any Registered Holder or Participant pursuant to the provisions of this
Agreement, the Warrant Agent or the Determination Agent, as the case may be, shall promptly forward
such notice or demand to the Company.

     Section 6.03. Addresses for Notices. Any communications to the Warrant Agent with respect
to this Agreement shall be addressed to Citibank, N.A., 388 Greenwich Street, 14th Floor, New York,
NY 10013 (the “Warrant Agent’s Business Office”) and any communications to the
Company with respect to this Agreement shall be addressed to Eksportfinans ASA, Dronning Mauds gate
15, P.O. Box 1601 Vika, N-0250 Oslo, Norway, Attention: Treasury Department, and any communications
to the Determination Agent with

27

 

respect to this Agreement shall be addressed to [Determination Agent], [•] (or such other
address as shall be specified in writing by the Warrant Agent, the Company or the Determination
Agent, respectively). Any communications to the Hedge Counterparty or
the Calculation Agent with respect to this Agreement, if different to the Determination Agent, shall
be addressed to such other address as shall be specified in writing
by the Hedge Counterparty or the Calculation Agent, respectively.

     Section 6.04. Notices to Holders. The Company may cause to have notice given to the holders
of Warrants by providing the Warrant Agent with a form of notice to be distributed by (A) in the
case of Book-Entry Warrants, the Depository to be distributed by the Depository to Participants in
accordance with the custom and practices of the Depository or (B) in the case of Definitive
Warrants, the Warrant Agent to Registered Holders.

     Section 6.05. Obtaining of Approvals. The Company will from time to time take all action
which may be necessary to obtain and keep effective (a) any and all permits, consents and approvals
of governmental agencies and authorities and, if the Warrants are listed on the AMEX, the AMEX and
(b) any and all filings or notices under United States Federal and State securities laws, which may
be or become required in connection with the issuance, sale, trading, transfer or delivery of the
Warrant Certificates, the Global Warrant Certificate or the exercise of the Warrants.

     Section 6.06. Persons Having Rights under this Agreement. Nothing in this Agreement
expressed or implied and nothing that may be inferred from any of the provisions hereof is
intended, or shall be construed, to confer upon, or give to, any person or corporation other than
the Company, the Warrant Agent, and the Registered Holders any right, remedy or claim under or by
reason of this Agreement or of any covenant, condition, stipulation, promise or agreement hereof;
and all covenants, conditions, stipulations, promises and agreements contained in this Agreement
shall be for the sole and exclusive benefit of the Company, the Warrant Agent, and their respective
successors, and of the Registered Holders.

     Section 6.07. Submission to Jurisdiction and Appointment of Agent for Service of Process.
The Company hereby appoints Innovation Norway (or any successor corporation), as its authorized
agent (the “Authorized Agent”) upon whom process may be served in any action arising out of or
based upon this Agreement which may be instituted in any State or Federal court in, the Borough of
Manhattan, The City of New York by any Registered Holder or any person controlling any Registered
Holder and expressly accepts the jurisdiction of, and irrevocably
waives any objection to the venue of a proceeding in, any such court in respect of such action. Such
appointment shall be irrevocable until all sums owing by the Company under the Warrants, the
Underwriting Agreement and this Agreement have been paid in full by the Company in accordance with
the terms thereof and hereof. The Company will take any and all action, including the filing of
any and all documents and instruments, that may be necessary to continue such appointment or
appointments in full force and effect as aforesaid. Service of process upon the Authorized Agent
(or any successor corporation) at

28

 

its office at 655 Third Ave, Room 1810, New York, NY 10017-9111 (or at such other address in
New York City that the Company may designate in writing to each Registered Holder) and written
notice of such service to the Company (mailed or delivered to the Company at its address specified
in Section 6.03 hereof) shall be deemed in every respect, effective service of process upon the
Company. Notwithstanding the foregoing, any action arising out or based upon this Agreement may be
instituted by any Registered Holder or any person controlling any Registered Holder in any
competent court of Norway.

     Section 6.08. Inspection of Agreement. A copy of this Agreement shall be available at all
reasonable times at the Warrant Agent’s Business Office for inspection by the Warrantholders,
Participants or any person certified by any Participant to be an indirect participant of the
Depository or any person certified by any Participant to be a beneficial owner of Warrants, in each
case, on behalf of whom such Participant holds Warrants.

     Section 6.09. Defined Terms. A cross-reference to defined terms used in this Agreement is
set forth below.

	 	 	 
	Term	 	Section
	AMEX
	 	2.02(e)
	Automatic
Cash Settlement Date
	 	2.03(c)
	Book-Entry Warrants
	 	2.01(a)
	Cash Settlement Value
	 	2.02(e)
	Company
	 	Preamble
	Definitive Warrants
	 	2.01(a)
	Depository
	 	1.02
	Determination Agent
	 	Preamble
	Disrupted Day
	 	2.04(b)(A)
	Early Cash
Settlement Date
	 	2.02(d)
	Early Closure
	 	2.04(b)(B)
	Early Exercise Date
	 	2.01(a)
	Exchange
	 	2.04(b)(C)
	Exchange Business Day
	 	2.04(b)(D)
	Exchange Disruption
	 	2.04(b)(E)
	Exercise Date
	 	2.02(a)
	Exercise Notice
	 	2.01(c)
	Exercised Warrants
	 	2.02(c)(C)
	Expiration Date
	 	2.01(a)
	Global Warrant Certificate
	 	1.02

29

 

	 	 	 
	Term	 	Section
	Index Calculation Day
	 	2.02(b)
	Index Sponsor
	 	2.02(e)
	Market Disruption Event
	 	2.04(b)(F)
	NASD
	 	1.03(d)
	New York Business Day
	 	2.02(e)
	[Index]
	 	2.02(e)
	INDEX SPONSOR
	 	2.02(e)
	Participant
	 	1.03(c)
	Registered Holder
	 	1.08
	Related Exchange
	 	2.04(b)(G)
	Spot [Index] Index Value
	 	2.02(e)
	Spot [Index] Index Value VD
	 	2.02(e)
	Strike Level
	 	2.02(e)
	Successor Index
	 	2.02(h)(B)
	Third Party Publisher
	 	2.02(h)(A)
	[Other City] Business Day
	 	2.02(e)
	Trading Day
	 	2.04(b)(H)
	Trading Disruption
	 	2.04(b)(I)
	U.S. Dollars
	 	2.02(e)
	U.S.$
	 	2.02(e)
	Underlying Stocks
	 	1.01(b)
	Underwriting Agreement
	 	Preamble
	Valuation Date
	 	2.02(b)
	Warrant
	 	Preamble
	Warrant Agent
	 	Preamble
	Warrant Agent’s Transfer Office
	 	1.03(d)
	Warrant Agent’s Business Office
	 	6.03
	Warrant Certificates
	 	1.05(a)
	Warrant Register
	 	1.06(a)
	Warrantholder
	 	1.01(b)

     Section 6.10. Headings. The descriptive headings of the several Articles, Sections and
subsections of this Agreement are inserted for convenience only and shall not control or affect the
meaning or construction of any of the provisions hereof.

     Section 6.11. Counterparts. This Agreement may be executed in any number of counterparts,
each of which so executed shall be deemed to be an

30

 

original; but such counterparts shall together constitute but one and the same instrument.

     Section 6.12. Applicable Law. This Agreement and each Warrant shall be deemed to be a
contract under the laws of the State of New York, and for all purposes shall be construed in
accordance with the laws of said State, excluding choice of law provisions.

     Section 6.13. Certain Matters Relating to the [Index]. (a) References to the [Index] in
this Agreement and the Warrants are made pursuant to a non-exclusive license agreement between
[Determination Agent] and the Index Sponsor and a further sub-license between [Determination Agent] and
the Company.

     (b) The copyright relating to the [Index], the intellectual property rights relating to the
indications for
“[l]”, “[l]”, and any other related rights, belong to the Index Sponsor.

     (c) The
Index Sponsor shall be entitled to change the details of the [Index] and to suspend the
announcement thereof.

     (d) The issuance of the Warrants and other transactions relating to the license agreement with
the Index Sponsor are being conducted exclusively at the risk of the Company, [Determination Agent],
[Dealer] and the Warrant Agent, and the Index Sponsor has assumed and will assume no obligation or
responsibility therefor.

31

 

     IN WITNESS WHEREOF, this Agreement has been duly executed by the parties hereto as of the day
and year first above written.

	 	 	 	 	 	 	 
	 	 	EKSPORTFINANS ASA	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Name:
	 	 
	 

	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 	 	CITIBANK, N.A.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Name:
	 	 
	 

	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 	 	[DETERMINATION AGENT]	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Name:
	 	 
	 

	 	 	 	Title:	 	 

 

 

EXHIBIT A

FORM OF WARRANT CERTIFICATE

FACE

			
	 	 	 
	NO. C-
	 	CUSIP                     

EKSPORTFINANS ASA

Eksportfinans ASA [Index] Index Call Warrants

Expiring
[l]

     This Warrant Certificate certifies that                     , or registered assigns, is the
registered holder of                      Eksportfinans ASA [Index] Index Call Warrants expiring [l] (the “Warrants”). Upon receipt by the Warrant Agent of this Warrant Certificate and the
“Exercise Notice” on the reverse hereof (or an
Exercise Notice in such other form as the Company and the Warrant
Agent may approve), duly completed and executed, at the Warrant Agent’s Transfer Office (as
defined on the reverse hereof), each Warrant evidenced hereby entitles the Registered Holder (as
defined on the reverse hereof) hereof (each a “Warrantholder”) to receive, subject to the terms and
conditions set forth herein and in the Warrant Agreement, from Eksportfinans ASA (the “Company”)
the Cash Settlement Value of such Warrant. The “Cash Settlement Value” of an exercised Warrant
will be an amount in U.S. Dollars equal to the greater of (i) [$l] and (ii) [$l]
multiplied by the change, expressed as a percentage, in the Spot [Index] Index Value (as defined
below) from [l], 2006 (the “Pricing Date”) to the applicable Valuation Date (as defined on
the reverse hereof). The Cash Settlement Value will be rounded down to the nearest cent. The
percentage change in the Spot [Index] Index Value from the Pricing Date to the applicable Valuation
Date is described by the following formula:

Spot [Index] Index Value VD – Strike Level

Strike Level

     The “Spot [Index] Index Value VD” is the Spot [Index] Index Value on the
applicable Valuation Date.

     The “Strike Level” is [                    ], which was determined by the Determination Agent and was the
closing value (afternoon session) of the [Index] on the Pricing Date. The “Spot [Index] Index
Value” for any date means the closing value (afternoon session) on such date of the [Index] or any
Successor Index (each as defined on the reverse hereof).

 

 

     A Warrant will not entitle or require a Warrantholder to sell or deliver to the Company any
shares of any component stocks of the [Index] or any Successor Index (the “Underlying Stocks”), or
any other securities. Following exercise of a Warrant, the Company will make only a U.S. Dollar
cash payment in the amount of the Cash Settlement Value, if any, of such Warrant. The Company is
under no obligation to, nor will it, purchase or take delivery from any Warrantholder of any shares
of any of the Underlying Stocks or any other securities in connection with the exercise of any
Warrants. Warrantholders will not receive any interest on any Cash Settlement Value, and the
Warrants will not entitle the Warrantholders to any of the rights of holders of any of the
Underlying Stocks or other securities.

     Subject to the terms and conditions set forth herein and in the Warrant Agreement, each
Warrant may be irrevocably exercised, prior to 11:00 A.M., New
York City time, on the
20th day
of each [l], [l],
[l] and [l] during the period beginning in
[l] and
ending in
[l] or, if
any of those days is not a New York Business Day, the next day that
is a New York Business Day (each such date, an “Early Exercise Date”). The “Expiration Date”
of the Warrants shall be
[l]. Any
Warrant outstanding on the Expiration Date will be automatically
exercised, in accordance with the terms set forth on the reverse hereof and in the Warrant
Agreement.

     Reference is hereby made to the further provisions of this Warrant Certificate set forth on
the reverse hereof and such further provisions shall for all purposes have the same effect as
though fully set forth in this place.

     This Warrant Certificate shall not be valid unless countersigned by the Warrant Agent.

A-2

 

     IN WITNESS WHEREOF, Eksportfinans ASA has caused this instrument to be duly executed.

Dated:                                         

	 	 	 	 	 	 	 
	 	 	EKSPORTFINANS ASA	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Name:
	 	 
	 

	 	 	 	Title:	 	 

Attest:

	 	 	 	 	 
	By
	 	 	 	 
	 

	 	 

Secretary
	 	 
	 
	 	 	 	 
	Countersigned as of the date above written:	 	 
	 
	 	 	 	 
	[•],
	 	 	 	 
	 

	 	as Warrant Agent	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 

Authorized Officer
	 	 

A-3

 

[REVERSE]

EKSPORTFINANS ASA

     The Warrants evidenced by this Warrant Certificate are part of a duly authorized issue of
Warrants issued by the Company pursuant to a Warrant Agreement, dated as of [•], 2006 (the “Warrant
Agreement”), among the Company, Citibank, N.A. (the “Warrant Agent”) and [Determination Agent] (the
“Determination Agent”) and are subject to the terms and provisions contained in the Warrant
Agreement, to all of which terms and provisions each Warrantholder consents by acceptance of this
Warrant Certificate and which Warrant Agreement is hereby incorporated by reference in and made a
part of this Warrant Certificate. A copy of the Warrant Agreement is on file with the Warrant
Agent at Citibank, N.A., 388 Greenwich Street, 14th Floor, New York, NY 10013 (the “Warrant Agent’s
Business Office”).

     The Warrants are unsecured contractual obligations of the Company and rank on a parity with
the Company’s other unsecured contractual obligations and with the Company’s unsecured and
unsubordinated debt.

     Subject to the provisions hereof and the Warrant Agreement, each Warrant may be exercised
prior to 11:00 A.M., New York City time, on any Early Exercise
Date (as defined on the reverse hereof) by delivering or causing to be
delivered this Warrant Certificate and attached Exercise Notice (as
defined on the reverse hereof) duly completed and executed by the Registered Holder (as defined
herein) of the Warrants represented by this Warrant Certificate, to the Warrant Agent at the office
of the Warrant Agent maintained for purposes of transfer and tender in the Borough of Manhattan,
The City of New York (the “Warrant Agent’s Transfer Office”), which is, on the date hereof (unless
otherwise specified herein), Citibank, N.A., 111 Wall Street, 15th Floor/Zone 8, New York, NY
10005, or at such other address as the Warrant Agent may specify from time to time.

     Each Warrant entitles the Warrantholder to receive, upon exercise (including automatic
exercise), the Cash Settlement Value of such Warrant (as defined on
the reverse hereof).

     The Company has appointed [Determination Agent] to be its Determination Agent to determine the
Spot [Index] Index Value and Cash Settlement Value as provided in the Warrant Agreement and herein
and to make

A-4

 

such calculations as may be required upon the occurrence of certain circumstances, as
described in the Warrant Agreement and herein. The Determination Agent shall act as an independent
expert and not as an agent of the Company, and, unless otherwise provided by the Warrant Agreement,
its calculations and determinations under the Warrant Agreement and this Warrant Certificate shall,
absent manifest error, be final and binding on the Company, the Warrant Agent and the
Warrantholders. Any such calculations will be made available to a Warrantholder for inspection at
the Warrant Agent’s Business Office. Neither the Company nor the Determination Agent will have any
responsibility for good faith errors or omissions in calculating or disseminating information
regarding the [Index] or any Successor Index, or determining the Cash Settlement Value for a
Warrant, or as to any adjustments or calculations by the Determination Agent in order to arrive at
a calculation of a level of a stock index comparable to the [Index] or any Successor Index.

     If the Index Sponsor discontinues publication of the [Index] but another entity not affiliated
with the Determination Agent and acceptable to the Determination Agent (a “Third Party Publisher”)
begins publishing the [Index], then for any date thereafter the [Index] as published by such Third
Party Publisher will be used for all purposes going forward, including for the purposes of
calculating the Spot [Index] Index Value and the Cash Settlement Value and determining whether a
Market Disruption Event exists.

        If the Index Sponsor or any Third Party Publisher discontinues publication of the [Index] and
the Index Sponsor or a Third Party Publisher publishes a successor or substitute index that the
Determination Agent determines, in its sole discretion, to be comparable to the [Index] (a
“Successor Index”), then, upon the Determination Agent’s notification of any such determination to
the Company and the Warrant Agent, the Successor Index will be used as a substitute for the [Index]
for all purposes going forward, including for the purposes of calculating the Spot [Index] Index
Value and the Cash Settlement Value, and determining whether a Market Disruption Event exists, each
in accordance with terms of the Warrant Agreement, even if the Index Sponsor or a Third Party
Publisher elects to begin republishing the [Index], unless the Determination Agent in its sole
discretion decides to use such republished [Index]. Upon any selection by the Determination Agent
of a Successor Index, the Company shall cause notice to be given to Warrantholders.

        If the Index Sponsor or a Third Party Publisher discontinues publication of the [Index] or any
Successor Index, as applicable, and the Determination Agent determines that no other Successor
Index is available at that time, then on each Trading Day (as defined herein) until the earlier to
occur of:

        (a) the Valuation Date in connection with the automatic exercise of the Warrants; or

A-5

 

     (b) a determination by the Determination Agent that a Successor Index is available,

the Determination Agent will calculate a substitute level for the [Index] or the Successor Index in
accordance with the procedures last used to calculate the level of the [Index] or the Successor
Index, as applicable, before such discontinuation but using only those securities that comprised
the [Index] or the Successor Index, as applicable, prior to the discontinuation. The Determination
Agent will cause notice of each level to be published not less often than once each month in The
Wall Street Journal or another newspaper of general circulation in New York City, and arrange for
information with respect to these levels to be made available by telephone. If the Determination
Agent calculates a level as a substitute for the [Index] or any Successor Index as described above,
such level will be used as a substitute for the [Index] or the Successor Index for all purposes
going forward, including for the purposes of calculating the Spot [Index] Index Value and the Cash
Settlement Value, and determining whether a market disruption event exists, each in accordance with
the terms of the Warrant Agreement, even if the Index Sponsor or a Third Party Publisher elects to
begin republishing the [Index] or any successor index, as applicable, unless the Determination
Agent in its sole discretion decides to use such republished [Index] or successor index.

     If at any time the formula for, or method of calculating, the level of the [Index] or the
level of any Successor Index changes in any material respect, or if the [Index] or such Successor
Index is in any other way modified so that the [Index] or the Successor Index does not, in the
opinion of the Determination Agent, fairly represent the level of the [Index] or the Successor
Index had those changes or modifications not been made, then, from and after that time, the
Determination Agent shall, at the close of business in The City of New York, New York, on each
Valuation Date that the closing level (afternoon session) of the [Index] or the Successor Index is
to be calculated, make any adjustments as, in the good faith judgment of the Determination Agent,
may be necessary in order to arrive at a calculation of a level of a stock index comparable to the
[Index] or the Successor Index, as the case may be, as if those changes or modifications had not
been made, and calculate the closing level (afternoon session) with reference to the [Index] or the
Successor Index, as so adjusted. For example, if the method of calculating the [Index] or a
Successor Index is modified and has a diluting or concentrative effect on the level of the [Index]
or Successor Index, e.g., due to a split, then the Determination Agent shall adjust the [Index] or
Successor Index in order to arrive at a level of the [Index] or Successor Index as if it had not
been modified, e.g., as if a split had not occurred.

     Upon any selection by the Determination Agent of a Successor Index, or if calculation or
publication of the [Index] or a Successor Index is modified or substituted, as provided in this
Section 2.02(h), then the Determination Agent shall promptly notify the Warrant Agent and the
Company, and the Warrant

A-6

 

Agent shall in turn promptly notify the Warrantholders in accordance with the terms of the
Warrant Agreement, of such selection, modification or substitution, as the case may be, and of any
modification or adjustment to be made with respect to calculation of the Cash Settlement Value for
a Warrant.

     Subject to the Warrant Agreement and this Warrant Certificate, the “Valuation Date” for a
Warrant shall be (i) in the case of exercise by the Warrantholder, the Index Calculation Day (as
defined herein) immediately following the applicable Early Exercise Date, or (ii) in the case of
automatic exercise, the Index Calculation Day immediately following
the Expiration Date (as
defined on the reverse hereof), subject to postponement upon the occurrence of a Market Disruption Event (as
defined herein) as described below.

     Except for Warrants subject to automatic exercise, the “Exercise Date” for a Warrant will be
(i) the Early Exercise Date on which the Warrant Agent receives this Warrant Certificate and
attached Exercise Notice in proper form with respect to such warrant at
the Warrant Agent’s Transfer Office, if received at or prior to 11:00 A.M., New York City time, on
such Early Exercise Date. If the Warrant Agent receives this Warrant
Certificate or such Exercise Notice at the
Warrant Agent’s Transfer Office after 11:00 A.M., New York City time, on an Early Exercise Date
then the Warrant Agent will reject such Exercise Notice in accordance with the terms of the Warrant
Agreement.

     All
Warrants outstanding on the Expiration Date shall be automatically
exercised. The Exercise Date for such Warrants will be the Expiration Date, and the Valuation Date for such
Warrants shall be the Index Calculation Day immediately following the
Expiration Date.

     No fewer than [100,000] Warrants may be exercised by or on behalf of any one Warrantholder at
any one time, except that no such minimum exercise amount shall apply in the case of automatic
exercise on or following the Expiration Date. An Exercise Notice shall be unconditional. Except
as provided in the Warrant Agreement, the Warrant Agent shall be entitled, with no duty of inquiry,
to rely conclusively on any Exercise Notice received by it and on any representation of the
exercising Warrantholder contained therein.

     Except in the case of Warrants subject to automatic exercise, if on any Valuation Date the
Spot [Index] Index Value for such Valuation Date is equal to or less than [l] and the Spot
[Index] Index Value for that Valuation Date has declined by three percent or more from the Spot
[Index] Index Value for the [Other City] Business Day immediately preceding that Valuation Date,
then the attempted exercise of any such Warrants shall be void and of no effect and the

A-7

 

Warrant Certificate evidencing such Warrants will be returned to the person in whose name the
Warrant Certificate is registered in the register of Warrant Certificates maintained by the Warrant
Agent at the Warrant Agent’s Transfer Office (a “Registered Holder”) by first class mail at the
Company’s expense and such holder shall be permitted to re-exercise such Warrants on any subsequent
Early Exercise Date, if any.

     Upon the exercise of Warrants at the option of a Warrantholder, the Company shall make
available to the Warrant Agent, no later than 3:00 P.M., New York
City time, on the later of (i) the 30th day of the
month in which the relevant Early Exercise Date falls (or if that day is not a New York
Business Day, the next day that is a New York Business Day) and
(ii) the fourth New York Business Day following the Valuation
Date relating to that Early Exercise Date (the “Early Cash
Settlement Date”), same day funds
in an amount sufficient to pay the aggregate Cash Settlement Value of the Exercised Warrants. If
the Company has made those funds available to the Warrant Agent by that time, the Warrant Agent
will be responsible for making a payment to each Registered Holder of an exercised Warrant by wire
transfer to a U.S. Dollar account maintained by such Registered Holder in the United States (at the
Registered Holder’s election as specified in the applicable
Exercise Notice) [prior to the close of
business] on such Early Cash Settlement Date against receipt by the Warrant Agent at the Warrant Agent’s Transfer Office, of such Registered
Holder’s Warrant Certificates. Such payment shall be in an amount equal to the aggregate Cash
Settlement Value in respect of the Warrant Certificates validly and timely delivered to the Warrant
Agent on the relevant Early Exercise Date by the relevant Registered Holder (together with the
related Exercise Notice) in accordance with the terms of the Warrant Agreement.

     With respect to automatically exercised Warrants, the Company shall make available to the
Warrant Agent, no later than 3:00 P.M., New York City time, on the
later of (i) the 30th day of
[l] (or if
that day is not a New York Business Day, the next day that is a New
York Business Day) and (ii) the
fourth New York Business Day following the Valuation Date for such
automatically exercised Warrants (the “Automatic Cash
Settlement Date”), same day funds in an
amount sufficient to pay the aggregate Cash Settlement Value of the automatically exercised
Warrants. If the Company has made those funds available to the Warrant Agent by that time, the
Warrant Agent will be responsible for making a payment to the appropriate Registered Holder by wire
transfer to a U.S. Dollar account maintained by such Registered Holder in the United States (at
such Registered Holder’s election upon written notice to the
Company and the Warrant Agent) prior
to the close of business on such Automatic Cash Settlement Date, against receipt by the Warrant Agent at
the Warrant Agent’s Transfer Office, from such Registered

A-8

 

Holder of its Warrant Certificates. Such payment shall be in the amount of the aggregate Cash
Settlement Value in respect of the Warrants held by such Registered Holder, evidenced by such
Warrant Certificates, subject to such automatic exercise. Warrant Certificates delivered to the
Warrant Agent shall thereafter be promptly cancelled by the Warrant Agent.

     Neither the Warrant Agent nor the Determination Agent will be responsible for any losses
resulting from a failure of a brokerage firm, or any Participant, to properly exercise Warrants on
behalf of a Warrantholder.

     If the Determination Agent determines that a Valuation Date occurs on a day that is a
Disrupted Day (as defined below), then the Valuation Date will be postponed until the next
succeeding Index Calculation Day that is not a Disrupted Day; provided that in no event will the
Valuation Date be postponed by more than eight [Other City] Business Days. If the valuation date
is postponed by eight [Other City] Business Days but that eighth [Other City] Business Day
following the original valuation date is a Disrupted Day, then that eighth [Other City] Business
Day will nevertheless be the Valuation Date, and the Determination Agent will determine the Spot
[Index] Index Value on that eighth [Other City] Business Day in accordance with the formula and
method for calculating the value of the [Index] or any Successor Index, as the case may be, last in
effect prior to the commencement of the Market Disruption Event, using the closing price (or, if
trading in the relevant securities has been materially suspended or materially limited, its good
faith estimate of the closing price that would have prevailed but for such suspension or
limitation) on such [Other City] Business Day of each security most recently comprising the [Index]
or any Successor Index, as the case may be.

   A “Disrupted Day” means any Trading Day on which a relevant Exchange or Related Exchange fails
to open for trading during its regular trading session or on which a Market Disruption Event has
occurred with respect to the [Index] or any Successor Index.

   An “Early Closure” means the closure on any Exchange Business Day of any relevant Exchange
relating to securities that comprise 20 percent or more of the level of the [Index] or any
Successor Index or any Related Exchange prior to its normally scheduled closing time unless the
earlier closing time is announced by that Exchange or Related Exchange at least one-hour prior to
the earlier of (i) the actual closing time for the regular trading session on the Exchange or
Related Exchange on that Exchange Business Day and (ii) the submission deadline for orders to be
entered into the relevant exchange system for execution at the close of trading on that Exchange
Business Day.

   An “Exchange” means the primary organized exchange or quotation system for trading any
securities included in the [Index] or any Successor Index and any

A-9

 

successor to any exchange or quotation system or any substitute exchange or quotation system
to which trading in any securities underlying the [Index] or any Successor Index has temporarily
relocated (provided that the Determination Agent has determined that there is comparable liquidity
relative to the securities underlying the [Index] or any Successor Index on the substitute exchange
or quotation system as on the original Exchange).

   An “Exchange Business Day” means any day on which each Exchange and Related Exchange is open
for business during its regular trading session, notwithstanding any Exchange or Related Exchange
closing prior to its scheduled weekday closing time, without regard to after hours or other trading
outside its regular trading session hours.

   An “Exchange Disruption” means any event (other than a scheduled Early Closure) that disrupts
or impairs (as determined by the Determination Agent in its sole discretion) the ability of market
participants in general to (i) effect transactions in or obtain market values on any relevant
Exchange or related Exchange in securities that comprise 20 percent or more of the level of the
[Index] or any Successor Index, or (ii) effect transactions in options contracts or futures
contracts relating to the [Index] or any Successor Index on any relevant Related Exchange.

   A “Market Disruption Event” with respect to the [Index] or any Successor Index, as determined
by the Determination Agent in its sole discretion, means (i) a relevant Exchange or any Related
Exchange fails to open for trading during its regular trading session, or (ii) the occurrence or
existence of any of the following events:

     (a) a Trading Disruption, if the Determination Agent determines it is material, at any
time during the one-hour period that ends at the close of trading for a relevant Exchange
or Related Exchange; or

     (b) an Exchange Disruption, if the Determination Agent determines it is material, at any
time during the one-hour period that ends at the close of trading for a relevant Exchange
or Related Exchange; or

     (c) an Early Closure,

provided that such events will not be deemed Market Disruption Events if the Determination Agent
determines in its sole discretion that any such event has not materially interfered with the
ability of the Company’s hedging counterparty with whom the Company will hedge its obligations
under the Warrants to unwind or adjust all or a material portion of the hedging counterparty’s
hedge position with respect to the Warrants.

A-10

 

   The following events will not be Market Disruption Events:

(i) a limitation on the hours or number of days of trading on a relevant Exchange or any
Related Exchange, but only if the limitation results from an announced change in the
regular business hours of the relevant market; or

(ii) a decision to permanently discontinue trading in the option or futures contracts
relating to the [Index] or any Successor Index, or any of the component stocks included in
the [Index] or any Successor Index.

   For the purposes of determining whether a Market Disruption Event with respect to the [Index]
or any Successor Index exists at any time, if a Market Disruption Event occurs in respect of a
security included in the [Index] or any Successor Index at any time, then the relevant percentage
contribution of that security to the level of the [Index] or any Successor Index shall be based on
a comparison of (i) the portion of the level of the [Index] or Successor Index attributable to that
security and (ii) the overall level of the [Index] or Successor Index, in each case immediately
before the occurrence of the Market Disruption Event.

   A “Related Exchange” means each exchange or quotation system on which futures or options
contracts relating to the [Index] or any Successor Index are traded, any successor to such exchange
or quotation system or any substitute exchange or quotation system to which trading in the futures
or options contracts relating to the [Index] or any Successor Index has temporarily relocated
(provided that the Determination Agent has determined that there is comparable liquidity relative
to the futures or options contracts relating to the [Index] or any Successor Index on the temporary
substitute exchange or quotation system as on the original Related Exchange).

   A “Trading Day” means any day on which each Exchange and Related Exchange is scheduled to be
open for its respective trading sessions.

   A “Trading Disruption” means any suspension of or limitation imposed on trading by the
relevant Exchange or Related Exchange or otherwise, whether by reason of movements in price
exceeding limits permitted by the relevant Exchange or Related Exchange or otherwise, (i) relating
to securities that comprise 20 percent or more of the level of the [Index] or any Successor Index,
or (ii) in options contracts or futures contracts relating to the [Index] or any Successor Index on
any relevant Related Exchange.

     Prior to due presentment for registration of transfer, the Company, the Warrant Agent, and any
agent of the Company or the Warrant Agent, may deem and treat the Registered Holder hereof as the
absolute owner of the Warrants

A-11

 

evidenced hereby (notwithstanding any notation of ownership or other writing hereon) for any
purpose whatsoever, and as the person entitled to exercise the rights represented by the Warrants
evidenced hereby, and neither the Company nor the Warrant Agent, nor any agent of the Company or
the Warrant Agent, shall be affected by any notice to the contrary.

     The Warrant Agent will, in accordance with the Warrant Agreement, from time to time register
the transfer of this Warrant Certificate upon surrender hereof at the Warrant Agent’s Transfer
Office, accompanied by a written instrument or instruments of transfer in form satisfactory to the
Warrant Agent and the Company duly executed by the Registered Holder(s) hereof, a duly appointed
legal representative thereof or by its duly authorized attorney. Such signature shall be
guaranteed by a bank or trust company having a correspondent office in The City of New York or by a
broker or dealer which is a member of the National Association of Securities Dealers, Inc. or by a
member of a national securities exchange. A new Warrant Certificate shall be issued to the
transferee(s) upon any such registration of transfer, and this Warrant Certificate shall be
cancelled by the Warrant Agent.

     As provided in the Warrant Agreement and subject to certain limitations, this Warrant
Certificate may be exchanged for other Warrant Certificates, representing a like number of
Warrants, upon surrender to the Warrant Agent at the Warrant Agent’s Transfer Office, of this
Warrant Certificate. The Company will thereupon execute, and the Warrant Agent will countersign
and deliver, one or more new Warrant Certificates representing such like number of Warrants. Upon
surrender of this Warrant Certificate for exchange, the Warrant Agent shall cancel this Warrant
Certificate.

     No service charge will be made for any registration of transfer or exchange of this Warrant
Certificate, but the Company may require the payment of a sum sufficient to cover any tax or
governmental charge that may be imposed in relation thereto, other than exchanges not involving any
transfer.

     Capitalized terms included herein but not defined herein have the meanings assigned thereto in
the Warrant Agreement.

     The “[Index]” means the [Index] index designed, developed, maintained and operated by [Index
Sponsor]. As used herein, “New York Business Day” means any day other than a Saturday, Sunday or a
day on which either the American Stock Exchange, Inc. (the “AMEX”) or the New York Stock Exchange
is not open for securities trading or commercial banks in New York City are required or authorized
by law or executive order to remain closed, and “[Other City] Business Day” means any day other
than (i) a Saturday, Sunday or a day on which banks are not open for a full day of business in
[other city] or (ii) a day on which the [l] Stock Exchange[s] are not open for business.
References in this

A-12

 

Certificate to “U.S. Dollar”, “U.S.$” or “$” are to the lawful currency of the United States
of America. References to [l] are to the lawful currency of [other country]. As used
herein, “Index Calculation Day” means any day the [Index] or any Successor Index is calculated and
published, or any day on which the Determination Agent calculates a level as a substitute for the
[Index] or any Successor Index as described herein.

     The Warrant Agreement and the terms of the Warrants are subject to amendment, as provided in
the Warrant Agreement.

     This Warrant Certificate shall be governed by, and interpreted in accordance with, the laws of
the State of New York.

A-13

 

Exercise Notice

[•]

[[•] Office

[•]]

Attention: [•]

     1. The undersigned (the “Owner”) hereby irrevocably exercises                      Warrants (the
“Exercised Warrants”) and delivers to you herewith a Warrant Certificate or Certificates,
registered in the Owner’s name, representing a number of Warrants at least equal to the number of
Exercised Warrants. Each beneficial owner of Warrants that is exercising Warrants pursuant to this
Exercise Notice is exercising no fewer than [100,000] Warrants and no beneficial owner is acting in
concert with any other beneficial owner in relation to the exercise of the Exercised Warrants.

     2. The Owner hereby directs the Warrant Agent (a) to pay the Cash Settlement Value, if any,
with respect to the Exercised Warrants:

By wire transfer to the following U.S. dollar bank account in the United States:

Bank:                                                         
              

ABA Routing No.:                                                   

Account No.:                      Reference:                     

and (b) if the number of Exercised Warrants is less than the number of Warrants represented by the
enclosed Warrant Certificate, to deliver a Warrant Certificate representing the unexercised
Warrants to [•], Attention: [•].

Capitalized terms used but not defined herein have the meanings assigned thereto in the Warrant
Agreement.

     Dated:

	 	 	 
	 

	 	 
	 

	 	 

A-14

 

     

	 	 	 
	 

	 	 
	 

	 	(Owner)

 

	 	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Authorized Signature
	 	 	Address:
	 	 	Telephone ( ):

A-15

 

EXHIBIT A-1

FORM OF GLOBAL WARRANT CERTIFICATE

No. ___-1

CUSIP No. [•]

     Unless this Global Warrant Certificate is presented by an authorized representative of The
Depository Trust Company (55 Water Street, New York, New York) (the “Depository”, which term, as
used herein, includes any successor securities depository selected by the Company) to the Company
or its agent for registration of transfer, exchange or payment, and any certificate issued is
registered in the name of Cede & Co. or such other name as requested by an authorized
representative of the Depository and any payment is made to Cede & Co., ANY TRANSFER, PLEDGE OR
OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL since the registered holder
hereof, Cede & Co., has an interest herein.

EKSPORTFINANS ASA

Global Warrant Certificate Representing

Eksportfinans ASA [Index] Index Call Warrants

Expiring
[•]

     This certifies that CEDE & CO., or registered assigns, is the “Registered Holder” of the
number of Eksportfinans ASA [Index] Index Call Warrants expiring [•] (the “Warrants”)
set forth from time to time on Schedule A hereto. Each Warrant entitles the Registered Holder (the
“Warrantholder”) to receive, subject to the conditions set forth herein and in the Warrant
Agreement referred to below, from Eksportfinans ASA (the “Company”) the Cash Settlement Value of
such Warrant. The “Cash Settlement Value” of an exercised Warrant will be an amount in U.S.
Dollars equal to the greater of (i) [$•] and (ii) [$•] multiplied by the change, expressed as a
percentage, in the Spot [Index] Index Value (as defined below) from [•], 2006 (the “Pricing Date”)
to the applicable Valuation Date (as defined herein). The Cash Settlement Value will be rounded
down to the nearest cent. The percentage change in the Spot [Index] Index Value from the Pricing
Date to the applicable Valuation Date is the following formula:

Spot [Index] Index Value VD – Strike Level

Strike Level

 

 

     The “Spot [Index] Index Value VD” is the Spot [Index] Index Value on the
applicable Valuation Date.

     The “Strike Level” is [                    ] which was determined by the Determination Agent and was the
closing value (afternoon session) of the [Index] on the Pricing Date.

     The “Spot [Index] Index Value” for any date means the closing value (afternoon session) on
such date of the [Index] or any Successor Index (each as
defined herein).

     A Warrant will not entitle or require the Warrantholder to sell or deliver to the Company any
shares of any component stocks of the [Index] or any Successor Index (as defined herein) (the
“Underlying Stocks”), or any other securities. Following exercise of a Warrant, the Company will
make only a U.S. Dollar cash payment in an amount equal to the Cash
Settlement Value, if any, of such Warrant.
The Company is under no obligation to, nor will it, purchase or take delivery from the
Warrantholder of any shares of any of the Underlying Stocks or any other securities in connection
with the exercise of any Warrants. The Warrantholder will not receive any interest on any Cash
Settlement Value, and the Warrants will not entitle the Warrantholder to any of the rights of
holders of any of the Underlying Stocks or other securities. Except as otherwise provided in the
Warrant Agreement, beneficial owners of interests in this Global Warrant Certificate shall not be
entitled to receive definitive Warrants evidencing the Warrants.

     Subject to the terms and conditions set forth herein and in the Warrant Agreement, each
Warrant may be irrevocably exercised, prior to 11:00 A.M., New
York City time, on the
20th day
of each
[l],
[l],
[l] and [l]
during the period beginning in
[l] and ending in
[l] or, if
any of those days is not a New York Business Day, the next day that is
a New York Business Day (each such date, an
“Early Exercise Date”). The
“Expiration Date” of the Warrants shall be
[l]. Any Warrant outstanding on
the Expiration Date will be automatically exercised in accordance
with the terms herein and in the Warrant Agreement. This Global Warrant Certificate shall not be
valid unless countersigned by the Warrant Agent.

     The
Warrants evidenced by this Global Warrant Certificate are part of a duly authorized Warrants issued
by the Company pursuant to a Warrant Agreement, dated as of [•], 200[l] (the “Warrant
Agreement”) among the Company, Citibank, N.A. (the “Warrant Agent”) and [Determination Agent] (the
“Determination Agent”), and are subject to the terms and provisions contained in the Warrant
Agreement, to all of which terms and provisions the Registered Holder of this Global Warrant
Certificate consents, by acceptance of this Global Warrant Certificate by the Depository, on its
own behalf and on behalf of the beneficial owners of Warrants and the entities (if any) through
which such

A-1-2

 

beneficial owners hold their beneficial interests in the Warrants, and which Warrant Agreement
is hereby incorporated by reference in and made a part of this Global Warrant Certificate. A copy
of the Warrant Agreement is on file with the Warrant Agent at Citibank, N.A., 388 Greenwich Street,
14th Floor, New York, NY 10013 (the “Warrant Agent’s Business Office”).

     The Warrants are unsecured contractual obligations of the Company and rank on a parity with
the Company’s other unsecured contractual obligations and with the Company’s unsecured and
unsubordinated debt.

     Subject to the provisions hereof and the Warrant Agreement, each Warrant represented by this
Global Warrant Certificate (each a “Book-Entry Warrant”) may be exercised by causing (x) such
Warrant to be transferred free to the Warrant Agent on the records of the Depository in accordance
with the Depository’s Deposit/Withdrawal at Custodian procedures, as provided in the letter of
representations relating to the Warrants, among the Company, the Warrant Agent and the Depository,
and (y) an executed Exercise Notice (as defined below) to be received by the Warrant Agent (the
Warrant Agent’s facsimile transmission number for such purpose is [(212) [•]) from the Depository
on behalf of any entity entitled to execute, clear and settle transactions through the Depository
(each a “Participant”) acting, directly or indirectly, on behalf of the beneficial owner of the
Warrants; provided, however, that Exercise Notices are subject to rejection by the Warrant Agent as
provided in the Warrant Agreement.

     “Exercise Notice” means an irrevocable notice of exercise to the Warrant Agent by facsimile
transmission, which notice shall be in such form and delivered in such manner as the Company and
the Warrant Agent may approve consistent with normal clearing system procedures, including by
electronic instruction.

     [Determination Agent], as Determination Agent, shall determine the Spot [Index] Index Value
and Cash Settlement Value as provided in the Warrant Agreement and herein and shall make such
calculations as may be required upon the occurrence of certain circumstances as described in the
Warrant Agreement and herein. The Determination Agent shall act as an independent expert and not
as an agent of the Company, and, unless otherwise provided by the Warrant Agreement, its
calculations and determinations under the Warrant Agreement and this Global Warrant Certificate
shall, absent manifest error, be final and binding on the Company, the Warrant Agent and the
Warrantholder (on the Warrantholder’s own behalf and on behalf of any Participant or beneficial
owner of Warrants). Any such calculations will be made available to the Warrantholder for
inspection at the Warrant Agent’s Business Office. Neither the Company nor the Determination Agent
will have any responsibility for good faith errors or omissions in calculating or disseminating
information regarding the [Index] or any Successor Index, or determining the Cash Settlement Value
for a Warrant, or

A-1-3

 

as to any adjustments or calculations by the Determination Agent in order to arrive at a
calculation of a level of a stock index comparable to the [Index] or any Successor Index.

   If the Index Sponsor discontinues publication of the [Index] but another entity not affiliated
with the Determination Agent and acceptable to the Determination Agent (a “Third Party Publisher”)
begins publishing the [Index], then for any date thereafter the [Index] as published by such Third
Party Publisher will be used for all purposes going forward, including for the purposes of
calculating the Spot [Index] Index Value and the Cash Settlement Value and determining whether a
Market Disruption Event exists.

     If the Index Sponsor or any Third Party Publisher discontinues publication of the [Index] and
the Index Sponsor or a Third Party Publisher publishes a successor or substitute index that the
Determination Agent determines, in its sole discretion, to be comparable to the [Index] (a
“Successor Index”), then, upon the Determination Agent’s notification of any such determination to
the Company and the Warrant Agent, the Successor Index will be used as a substitute for the [Index]
for all purposes going forward, including for the purposes of calculating the Spot [Index] Index
Value and the Cash Settlement Value, and determining whether a Market Disruption Event exists, each
in accordance with terms of the Warrant Agreement, even if the Index Sponsor or a Third Party
Publisher elects to begin republishing the [Index], unless the Determination Agent in its sole
discretion decides to use such republished [Index]. Upon any selection by the Determination Agent
of a Successor Index, the Company shall cause notice to be given to the Warrantholder.

     If the Index Sponsor or a Third Party Publisher discontinues publication of the [Index] or any
Successor Index, as applicable, and the Determination Agent determines that no other Successor
Index is available at that time, then on each Trading Day (as defined herein) until the earlier to
occur of:

     (a) the Valuation Date in connection with the automatic exercise of the Warrants; or

     (b) a determination by the Determination Agent that a Successor Index is available,

the Determination Agent will calculate a substitute level for the [Index] or the Successor Index in
accordance with the procedures last used to calculate the level of the [Index] or the Successor
Index, as applicable, before such discontinuation but using only those securities that comprised
the [Index] or the Successor Index, as applicable, prior to the discontinuation. The Determination
Agent will cause notice of each level to be published not less often than once each month in The
Wall Street Journal or another newspaper of general circulation in New York

A-1-4

 

City, and arrange for information with respect to these levels to be made available by telephone.
If the Determination Agent calculates a level as a substitute for the [Index] or any Successor
Index as described above, such level will be used as a substitute for the [Index] or the Successor
Index for all purposes going forward, including for the purposes of calculating the Spot [Index]
Index Value and the Cash Settlement Value, and determining whether a market disruption event
exists, each in accordance with the terms of the Warrant Agreement, even if the Index Sponsor or a
Third Party Publisher elects to begin republishing the [Index] or any successor index, as
applicable, unless the Determination Agent in its sole discretion decides to use such republished
[Index] or successor index.

     If at any time the formula for, or method of calculating, the level of the [Index] or the
level of any Successor Index changes in any material respect, or if the [Index] or such Successor
Index is in any other way modified so that the [Index] or the Successor Index does not, in the
opinion of the Determination Agent, fairly represent the level of the [Index] or the Successor
Index had those changes or modifications not been made, then, from and after that time, the
Determination Agent shall, at the close of business in The City of New York, New York, on each
Valuation Date that the closing level (afternoon session) of the [Index] or the Successor Index is
to be calculated, make any adjustments as, in the good faith judgment of the Determination Agent,
may be necessary in order to arrive at a calculation of a level of a stock index comparable to the
[Index] or the Successor Index, as the case may be, as if those changes or modifications had not
been made, and calculate the closing level (afternoon session) with reference to the [Index] or the
Successor Index, as so adjusted. For example, if the method of calculating the [Index] or a
Successor Index is modified and has a diluting or concentrative effect on the level of the [Index]
or Successor Index, e.g., due to a split, then the Determination Agent shall adjust the [Index] or
Successor Index in order to arrive at a level of the [Index] or Successor Index as if it had not
been modified, e.g., as if a split had not occurred.

     Upon any selection by the Determination Agent of a Successor Index, or if calculation or
publication of the [Index] or a Successor Index is modified or substituted, as provided in this
Section 2.02(h), then the Determination Agent shall promptly notify the Warrant Agent and the
Company, and the Warrant Agent shall in turn promptly notify the Warrantholder in accordance with
the terms of the Warrant Agreement, of such selection, modification or substitution, as the case
may be, and of any modification or adjustment to be made with respect to calculation of the Cash
Settlement Value for a Warrant.

     Subject to the Warrant Agreement and this Warrant Certificate, the “Valuation Date” for a
Warrant shall be (i) in the case of exercise by the Warrantholder, the Index Calculation Day (as
defined herein) immediately following the applicable Early Exercise Date (as defined herein), or
(ii) in the case of automatic exercise, the Index Calculation Day immediately following the

A-1-5

 

Expiration Date, subject to postponement upon the occurrence of a
Market Disruption Event (as defined herein) as described below.

     Except for Warrants subject to automatic exercise, the “Exercise Date” for a Warrant will be
the Early Exercise Date on which the Warrant Agent receives the
Warrant and Exercise Notice in
proper form with respect to such Warrant, if received at or prior to 11:00 A.M., New York City
time, on such Early Exercise Date. If the Warrant Agent receives the
Warrant or Exercise Notice after 11:00 A.M., New York City time, on an Early Exercise Date then the Warrant Agent will reject
such Exercise Notice in accordance with the terms of the Warrant Agreement.

     All
Warrants outstanding on the Expiration Date will be automatically
exercised. The Exercise Date for such Warrants shall be the Expiration Date, and the Valuation Date for such
Warrants shall be the Index Calculation Day immediately following the
Expiration Date.

     No fewer than [100,000] Warrants may be exercised by the Warrantholder or on behalf of any one
beneficial owner of Warrants at any one time, except that no such minimum exercise amount shall
apply in the case of automatic exercise on or following the Expiration Date. Book-Entry Warrants
held through one Participant may not be combined in order to satisfy the [100,000] Warrant minimum
exercise requirement. Book-Entry Warrants held on behalf of different beneficial owners may not be
combined in order to satisfy the [100,000] Warrant minimum exercise requirement. An Exercise
Notice shall be unconditional. Except as provided in the Warrant Agreement, the Warrant Agent
shall be entitled, with no duty of inquiry, to rely conclusively on any Exercise Notice received by
it and on any representation of the Depository acting on behalf of a Participant contained therein.

     Except in the case of Warrants subject to automatic exercise, if on any Valuation Date the
Spot [Index] Index Value for such Valuation Date is equal to or less than [•] and the Spot
[Index] Index Value for that Valuation Date has declined by three percent or more from the Spot
[Index] Index Value for the [Other City] Business Day immediately preceding that Valuation Date,
then in such case, the attempted exercise of such Warrants shall be void and of no effect and the
Warrants will be re-delivered by the Warrant Agent free on the records of the Depository and the
Warrantholder shall be permitted to re-exercise such Warrants on any subsequent Early Exercise
Date, if any.

     Upon the exercise of Warrants at the option of the Warrantholder, the Company shall make
available to the Warrant Agent, no later than 3:00 P.M.,

A-1-6

 

New York
City time, on the later of (i) the 30th day of the
month in which the relevant Early Exercise Date falls (or if that day
is not a New York Business Day, the next day that is a New York
Business Day) and (ii) the fourth New York Business Day
following the Valuation Date relating to the Early Exercise Date (the
“Early Cash Settlement Date”), same day funds in an amount sufficient to pay the aggregate Cash
Settlement Value of the Exercised Warrants. If the Company has made those funds available to the
Warrant Agent by that time, the Warrant Agent will be responsible for making a payment to the
Depository prior to the close of business on such Early Cash Settlement Date. Such payment shall be in the amount of the aggregate Cash
Settlement Value in respect of the Warrants validly and timely transferred to the Warrant Agent
through the Depository (together with the related Exercise Notice) in accordance with the terms of
the Warrant Agreement. The Depository will be responsible for disbursing such payments to each
appropriate Participant. Each Participant will be responsible for disbursing such payments to the
beneficial owners of Warrants that it represents and to each brokerage firm for which it acts as
agent. Each such brokerage firm will be responsible for disbursing payments to the beneficial
owners of Warrants that it represents.

     With respect to automatically exercised Warrants, the Company shall make available to the
Warrant Agent, no later than 3:00 P.M., New York City time, on the
later of (i) the 30th day of [•] (or if that day
is not a New York Business Day, the next day that is a New York
Business Day) and (ii) the
fourth New York Business Day following the Valuation Date for such
automatically exercised Warrants (the “Automatic Cash
Settlement Date”), same day funds in an
amount sufficient to pay the aggregate Cash Settlement Value of the automatically exercised
Warrants. If the Company has made those funds available to the Warrant Agent by that time, the
Warrant Agent will be responsible for making a payment to the Depository, against receipt of the
Global Warrant Certificate, prior to the close of business on such
Automatic Cash Settlement Date. Such funds are to be in an amount equal to the aggregate
Cash Settlement Value of the Warrants subject to such automatic exercise. The Depository will be
responsible for disbursing such payments to each appropriate Participant and that Participant will
be responsible for disbursing such payments to the beneficial owners of Warrants that it represents
and to each brokerage firm for which it acts as agent. Each such brokerage firm will be
responsible for disbursing payments to the beneficial owners of Warrants that it represents.

     Neither the Warrant Agent nor the Determination Agent will be responsible for any losses
resulting from a failure of a brokerage firm, or any Participant, to properly exercise Warrants on
behalf of a beneficial owner of Warrants.

A-1-7

 

     If the Determination Agent determines that a Valuation Date occurs on a day that is a
Disrupted Day (as defined below), then the Valuation Date will be postponed until the next
succeeding Index Calculation Day that is not a Disrupted Day; provided that in no event will the
Valuation Date be postponed by more than eight [Other City] Business Days. If the valuation date
is postponed by eight [Other City] Business Days but that eighth [Other City] Business Day
following the original valuation date is a Disrupted Day, then that eighth [Other City] Business
Day will nevertheless be the Valuation Date, and the Determination Agent will determine the Spot
[Index] Index Value on that eighth [Other City] Business Day in accordance with the formula and
method for calculating the value of the [Index] or any Successor Index, as the case may be, last in
effect prior to the commencement of the Market Disruption Event, using the closing price (or, if
trading in the relevant securities has been materially suspended or materially limited, its good
faith estimate of the closing price that would have prevailed but for such suspension or
limitation) on such [Other City] Business Day of each security most recently comprising the [Index]
or any Successor Index, as the case may be.

   A “Disrupted Day” means any Trading Day on which a relevant Exchange or Related Exchange fails
to open for trading during its regular trading session or on which a Market Disruption Event has
occurred with respect to the [Index] or any Successor Index.

   An “Early Closure” means the closure on any Exchange Business Day of any relevant Exchange
relating to securities that comprise 20 percent or more of the level of the [Index] or any
Successor Index or any Related Exchange prior to its normally scheduled closing time unless the
earlier closing time is announced by that Exchange or Related Exchange at least one-hour prior to
the earlier of (i) the actual closing time for the regular trading session on the Exchange or
Related Exchange on that Exchange Business Day and (ii) the submission deadline for orders to be
entered into the relevant exchange system for execution at the close of trading on that Exchange
Business Day.

   An “Exchange” means the primary organized exchange or quotation system for trading any
securities included in the [Index] or any Successor Index and any successor to any exchange or
quotation system or any substitute exchange or quotation system to which trading in any securities
underlying the [Index] or any Successor Index has temporarily relocated (provided that the
Determination Agent has determined that there is comparable liquidity relative to the securities
underlying the [Index] or any Successor Index on the substitute exchange or quotation system as on
the original Exchange).

   An “Exchange Business Day” means any day on which each Exchange and Related Exchange is open
for business during its regular trading session, notwithstanding any Exchange or Related Exchange
closing prior to its scheduled

A-1-8

 

weekday closing time, without regard to after hours or other trading outside its regular
trading session hours.

   An “Exchange Disruption” means any event (other than a scheduled Early Closure) that disrupts
or impairs (as determined by the Determination Agent in its sole discretion) the ability of market
participants in general to (i) effect transactions in or obtain market values on any relevant
Exchange or related Exchange in securities that comprise 20 percent or more of the level of the
[Index] or any Successor Index, or (ii) effect transactions in options contracts or futures
contracts relating to the [Index] or any Successor Index on any relevant Related Exchange.

   A “Related Exchange” means each exchange or quotation system on which futures or options
contracts relating to the [Index] or any Successor Index are traded, any successor to such exchange
or quotation system or any substitute exchange or quotation system to which trading in the futures
or options contracts relating to the [Index] or any Successor Index has temporarily relocated
(provided that the Determination Agent has determined that there is comparable liquidity relative
to the futures or options contracts relating to the [Index] or any Successor Index on the temporary
substitute exchange or quotation system as on the original Related Exchange).

   A “Market Disruption Event” with respect to the [Index] or any Successor Index, as determined
by the Determination Agent in its sole discretion, means (i) a relevant Exchange or any Related
Exchange fails to open for trading during its regular trading session, or (ii) the occurrence or
existence of any of the following events:

(a) a Trading Disruption, if the Determination Agent determines it is material, at any
time during the one-hour period that ends at the close of trading for a relevant Exchange
or Related Exchange; or

(b) an Exchange Disruption, if the Determination Agent determines it is material, at any
time during the one-hour period that ends at the close of trading for a relevant Exchange
or Related Exchange; or

(c) an Early Closure,

provided that such events will not be deemed Market Disruption Events if the Determination Agent
determines in its sole discretion that any such event has not materially interfered with the
ability of the Company’s hedging counterparty with whom the Company will hedge its obligations
under the Warrants to unwind or adjust all or a material portion of the hedging counterparty’s
hedge position with respect to the Warrants.

A-1-9

 

   The following events will not be Market Disruption Events:

(i) a limitation on the hours or number of days of trading on a relevant Exchange or any
Related Exchange, but only if the limitation results from an announced change in the
regular business hours of the relevant market; or

(ii) a decision to permanently discontinue trading in the option or futures contracts
relating to the [Index] or any Successor Index, or any of the component stocks included in
the [Index] or any Successor Index.

   For the purposes of determining whether a Market Disruption Event with respect to the [Index]
or any Successor Index exists at any time, if a Market Disruption Event occurs in respect of a
security included in the [Index] or any Successor Index at any time, then the relevant percentage
contribution of that security to the level of the [Index] or any Successor Index shall be based on
a comparison of (i) the portion of the level of the [Index] or Successor Index attributable to that
security and (ii) the overall level of the [Index] or Successor Index, in each case immediately
before the occurrence of the Market Disruption Event.

   A “Trading Day” means any day on which each Exchange and Related Exchange is scheduled to be
open for its respective trading sessions.

   A “Trading Disruption” means any suspension of or limitation imposed on trading by the
relevant Exchange or Related Exchange or otherwise, whether by reason of movements in price
exceeding limits permitted by the relevant Exchange or Related Exchange or otherwise, (i) relating
to securities that comprise 20 percent or more of the level of the [Index] or any Successor Index,
or (ii) in options contracts or futures contracts relating to the [Index] or any Successor Index on
any relevant Related Exchange.

     Prior to due presentment for registration of transfer, the Company, the Warrant Agent, and any
agent of the Company or the Warrant Agent, may deem and treat the Registered Holder as the absolute
owner of the Warrants evidenced hereby (notwithstanding any notation of ownership or other writing
hereon) for any purpose whatsoever, and as the person entitled to exercise the rights represented
by the Warrants evidenced hereby, and neither the Company nor the Warrant Agent, nor any agent of
the Company or the Warrant Agent, shall be affected by any notice to the contrary.

     The Warrant Agent will, in accordance with the Warrant Agreement, from time to time register
the transfer of this Global Warrant Certificate in its records (which may be maintained
electronically) subject to such reasonable regulations as the Company or the Warrant Agent may
prescribe, only to the Depository, to

A-1-10

 

another nominee of the Depository, to a successor Depository or to a nominee of a successor
Depository, upon surrender of such Global Warrant Certificate, duly endorsed, or accompanied by a
written instrument or instruments of transfer in form satisfactory to the Warrant Agent and the
Company, duly executed by the Registered Holder thereof or by the duly appointed legal
representative thereof, or by its duly authorized attorney. Such signature shall be guaranteed by a
bank or trust company with a correspondent office in The City of New York or by a broker or a
dealer, which is a member of the National Association of Securities Dealers, Inc. or by a member of
a national securities exchange. Upon any such registration of transfer, a new Global Warrant
Certificate shall be issued to the transferee and the surrendered Global Warrant Certificate shall
be cancelled by the Warrant Agent.

     The Global Warrant Certificate may be transferred as provided above when surrendered to the
Warrant Agent’s Transfer Office, or at the location of any successor Warrant Agent for another
Global Warrant Certificate of like tenor and representing a like number of unexercised Warrants.
The “Warrant Agent’s Transfer Office” shall be the office of the Warrant Agent maintained for
purposes of transfer and tender in the Borough of Manhattan, The City of New York or at the address
of any successor Warrant Agent (as provided in Section 5.04) and which is, on the date of this
Agreement, Citibank N.A., 111 Wall Street, 15th Floor/Zone 8, New York, NY 10005.

     Capitalized terms included herein but not defined herein have the meanings assigned thereto in
the Warrant Agreement.

     The “[Index]” means the [Index] index designed, developed, maintained and operated by [•]. As used herein, “New York Business Day” means any day other than a
Saturday, Sunday or a day on which either the [•] Stock Exchange
(the “[•]”) or the New York Stock Exchange is
not open for securities trading or commercial banks in New York City are required or authorized
by law or executive order to remain closed, and “[Other City] Business Day” means any day other
than (i) a Saturday, Sunday or day on which banks are not open for a full day of business in [Other
City] or (ii) a day on which the [Other City] Stock Exchange[s] are not open for business.
References in this Global Certificate to “U.S. Dollars”, “U.S.$” or “$” are to the lawful currency
of the United States of America and references to l are to the lawful currency of [country].
As used herein, “Index Calculation Day” means any day the [Index] or any Successor Index is
calculated and published, or any day on which the Determination Agent calculates a level as a
substitute for the [Index] or any Successor Index as described herein.

     The Warrant Agreement and the terms of the Warrants are subject to amendment, as provided in
the Warrant Agreement.

A-1-11

 

     This Global Warrant Certificate shall be governed by, and interpreted in accordance with, the
laws of the State of New York.

A-1-12

 

     IN WITNESS WHEREOF, [Eksportfinans ASA] has caused this instrument to be duly executed.

Dated:                                         

	 	 	 	 	 
	 	 	EKSPORTFINANS ASA
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Name:
	 

	 	 	 	Title:

Attest:

	 	 	 	 	 
	By:
	 	 	 	 
	 

	 	 

Name:
	 	 
	 

	 	Title:	 	 
	 
	 	 	 	 
	Countersigned as of the
date above written:
	 	 
	 
	 	 	 	 
	[•],
	 	 	 	 
	 

	 	as Warrant Agent	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 

Authorized Officer
	 	 

A-1-13

 

Schedule A

	 	 
	 	Number of Warrants Represented by
	Date	this Global Warrant Certificate
	 

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

	 
	 
	 
	 

	 

 

 

EXHIBIT B

CONFIRMATION OF EXERCISE

For Warrants Represented by Warrant Certificates

     We hereby confirm receipt of your Exercise Notice with respect to Warrants (the “Exercised
Warrants”) and the related Warrant Certificates, which we have found to be duly completed, timely
delivered and in proper form. The Valuation Date of the Exercised Warrants was the close of
business on                     , 20___.

     We hereby confirm that the aggregate Cash Settlement Value of the Exercised Warrants is
U.S.$                     ($                     per Warrant), which will be made available to you by wire transfer to the U.S.
Dollar bank account specified in your irrevocable Exercise Notice, for payment on the fourth New
York Business Day following the Valuation Date for such Warrants (or, if such Valuation Date is not
a New York Business Day, on the fourth New York Business Day following the New York Business Day
next succeeding the Valuation Date for such Warrants).

     Capitalized terms included herein but not defined have the meanings assigned thereto in the
Warrant Agreement, dated as of [•], 2006, among Eksportfinans ASA, Citibank, N.A., and
[Determination Agent].

	 	 	 	 	 
	Dated:
	 	 	 	 
	 
	 	 	 	 
	 	 	[•], as Warrant Agent,
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Authorized Signature

 

 

EXHIBIT C

NOTICE OF REJECTION

     You are hereby notified that the Exercise Notice delivered by you was determined by us not to
have been [timely delivered][duly completed in proper form]. Accordingly, we have rejected your
Exercise Notice as being unsatisfactory as to [timely delivery][form].

     Capitalized terms used but not defined herein have the meanings assigned thereto in the
Warrant Agreement, dated as of [•], 2006, among Eksportfinans ASA, Citibank, N.A., and
[Determination Agent].

	 	 	 	 	 
	Dated:
	 	 	 	 
	 
	 	 	 	 
	 	 	[•], as Warrant Agent
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Authorized SignatureEX-4.2

 

EXHIBIT 4.2

GLOBAL SECURITY

UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY,
A NEW YORK CORPORATION (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE
OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR
OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED
OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND
IS REGISTERED IN THE NAME OF DTC OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE
OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE
REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN DTC OR SUCH NOMINEE, EXCEPT IN THE LIMITED
CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

THE HARTFORD FINANCIAL SERVICES GROUP, INC.

5.25% Senior Note due October 15, 2011

			
	 	 	 
	 
	 	CUSIP: 416515AQ7
	 
	No. R-1
	 	$400,000,000

     THE HARTFORD FINANCIAL SERVICES GROUP, INC., a corporation organized and existing under the
laws of Delaware (hereinafter called the “Company”, which term includes any successor corporation
under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede &
Co., or registered assigns, the principal sum of FOUR HUNDRED MILLION U.S. Dollars on October 15,
2011, and to pay interest thereon from October 3, 2006 or from the most recent Interest Payment
Date to which interest has been paid or duly provided for, semi-annually in arrears on April 15 and
October 15 in each year, commencing April 15, 2007, at the rate of 5.25% per annum, on the basis of
a 360-day year consisting of twelve 30-day months, until the principal hereof is paid or duly
provided for or made available for payment, and (to the extent that the payment of such interest
shall be legally enforceable) at the rate of 5.25% per annum on any overdue principal and premium
and on any overdue installment of interest).

1

 

     The interest so payable, and punctually paid or duly provided for, on any Interest Payment
Date will, as provided in the Indenture, be paid to the Person in whose name this Security (or one
or more Predecessor Securities) is registered at the close of business on the Regular Record Date
for such interest, which shall be the April 1 or October 1 (whether or not a Business Day), as the
case may be, next preceding such Interest Payment Date. Any such interest not so punctually paid
or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date
and may either be paid to the person in whose name this Security (or one or more Predecessor
Securities) is registered at the close of business on a Special Record Date for the payment of such
Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of
Securities of this series not less than 10 days prior to such Special Record Date, or be paid at
any time in any other lawful manner not inconsistent with the requirements of any securities
exchange on which the Securities of this series may be listed, and upon such notice as may be
required by such exchange, all as more fully provided in said Indenture.

     Payment of the principal of (and premium, if any) and any interest on this Security will be
made at the office or agency of the Company maintained for that purpose in The City of New York, in
such coin or currency of the United States of America as at the time of payment is legal tender for
payment of public and private debts; provided, however, that at the option of the
Company payment of interest may be made by check mailed to the address of the Person entitled
thereto as such address shall appear in the Security Register.

     Reference is hereby made to the further provisions of this Security set forth on the reverse
hereof, which further provisions shall for all purposes have the same effect as if set forth at
this place.

     Unless the certificate of authentication hereon has been executed by the Trustee referred to
on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under
the Indenture or be valid or obligatory for any purpose.

     Any additional Securities issued under the same CUSIP as this Security shall be fungible with
this Security for U.S. federal income tax purposes.

2

 

     IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its
corporate seal.

Dated: October 3, 2006

	 	 	 	 	 
	 	THE HARTFORD FINANCIAL SERVICES GROUP, INC.

 	 
	 	By:  	/s/ John N. Giamalis
 	 
	 	 	Name:  	John N. Giamalis 	 
	 	 	Title:  	Senior Vice President and Treasurer 	 

Attest:

	 	 	 	 	 
	/s/ Richard G. Costello
 	 	 
	Name:  	Richard G. Costello 	 	 
	Title:  	Vice President, Assistant General
Counsel and Corporate Secretary 	 	 

3

 

	 	 	 	 	 

Certificate of Authentication

     This is one of the Securities referred to in the within-mentioned Indenture.

Dated: October 3, 2006

	 	 	 	 	 
	 	The Bank of New York Trust Company, N.A. (as
successor to JPMorgan Chase Bank),
as Trustee
 	 
	 
	 	By:  	/s/ Richard C. Tarnas
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 

4

 

	 	 	 	 	 

REVERSE OF SECURITY

     This Security is one of a duly authorized issue of securities of the Company (herein called
the “Securities”), issued and to be issued in one or more series under an Indenture, dated as of
March 9, 2004 as supplemented and amended from time to time (herein called the “Indenture”),
between the Company and The Bank of New York Trust Company N.A. (as successor to JPMorgan Chase
Bank), as Trustee (herein called the “Trustee”, which term includes any successor trustee under the
Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for
a statement of the respective rights, limitations of rights, duties and immunities thereunder of
the Company, the Trustee and the Holders of the Securities and of the terms upon which the
Securities are, and are to be, authenticated and delivered. This Security is one of the series
designated on the face hereof, initially limited in aggregate principal amount to $400,000,000.

     All terms used in this Security that are defined in the Indenture shall have the meaning
assigned to them in the Indenture.

     The Company shall have the right, at its option, to redeem this Security, in whole or in part,
at any time and from time to time, at a redemption price equal to the greater of:

     1. 100% of the principal amount of the Securities of this series to be redeemed; or

     2. the sum of the present values of the remaining scheduled payments of principal and interest
on the Securities of this series to be redeemed (exclusive of interest accrued to the Redemption
Date) discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting
of twelve 30-day months) at the then current Treasury Rate plus 10 basis points.

In each case, the Company shall pay accrued and unpaid interest on the principal amount being
redeemed to the Redemption Date.

     “Comparable Treasury Issue” means the United States Treasury security selected by an
Independent Investment Banker as having a maturity comparable to the remaining term (“Remaining
Life”) of the Securities of this series to be redeemed that would be utilized, at the time of
selection and in accordance with customary financial practice, in pricing new issues of corporate
debt securities of comparable maturity to the remaining term of such Securities.

     “Comparable Treasury Price” means, with respect to any Redemption Date, (1) the average of the
Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and
lowest Reference Treasury Dealer Quotations, or (2) if the

1

 

Trustee obtains fewer than four such Reference Treasury Dealer Quotations, the average of all
such quotations.

     “Independent Investment Banker” means one of the Reference Treasury Dealers that the Company
appoints to act as the Independent Investment Banker from time to time.

     “Reference Treasury Dealer” means each of Banc of America Securities LLC and Merrill Lynch,
Pierce, Fenner & Smith Incorporated and their respective successors, and two other firms that are
primary U.S. Government securities dealers (each a “Primary Treasury Dealer”) which the Company
specifies from time to time; provided, however, that if any of them ceases to be a Primary Treasury
Dealer, the Company shall substitute another Primary Treasury Dealer.

     “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer
and any Redemption Date, the average, as determined by the Trustee, of the bid and asked prices for
the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount)
quoted in writing to the Trustee by such Reference Treasury Dealer at 5:00 p.m., New York City
time, on the third Business Day preceding such Redemption Date.

     “Treasury Rate” means, with respect to any Redemption Date, the rate per year equal to: (1)
the yield, under the heading which represents the average for the immediately preceding week,
appearing in the most recently published statistical release designated “H.15(519)” or any
successor publication which is published weekly by the Board of Governors of the Federal Reserve
System and which establishes yields on actively traded United States Treasury securities adjusted
to constant maturity under the caption “Treasury Constant Maturities,” for the maturity
corresponding to the Comparable Treasury Issue; provided that, if no maturity is within three
months before or after the Remaining Life of the Securities of this series to be redeemed, yields
for the two published maturities most closely corresponding to the Comparable Treasury Issue shall
be determined and the Treasury Rate shall be interpolated or extrapolated from those yields on a
straight line basis, rounding to the nearest month; or (2) if such release (or any successor
release) is not published during the week preceding the calculation date or does not contain such
yields, the rate per year equal to the semiannual equivalent yield to maturity of the Comparable
Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a
percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption
Date. The Treasury Rate shall be calculated on the third Business Day preceding the Redemption
Date.

     Notice of redemption shall be mailed at least 30 but not more than 60 days before the
Redemption Date to each Holder of Securities of this series to be redeemed at its registered
address. The notice of redemption for such Securities shall state, among other things, the amount
of Securities of this series to be redeemed, the Redemption Date, the manner in which the
redemption price shall be calculated and the place or places that payment shall be made upon
presentation and surrender of such Securities to be

2

 

redeemed. Unless the Company defaults in the payment of the redemption price together with accrued
interest, interest will cease to accrue on any Securities of this series that have been called for
redemption on the Redemption Date. The Company shall notify the Trustee of the redemption price
promptly after the calculation thereof and the Trustee shall have no responsibility for such
calculation.

     In the event of redemption of this Security in part only, a new Security or Securities of this
series for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the
cancellation hereof.

     Installments of accrued and unpaid interest whose Stated Maturity is on or prior to the
Redemption Date will be payable to the Holders of the Securities of this series, or one or more
Predecessor Securities, registered as such at the close of business on the relevant Regular Record
Dates according to their terms.

     The Indenture contains provisions for satisfaction, discharge and defeasance of the entire
indebtedness on this security, upon compliance by the Company with certain conditions set forth
therein.

     If an Event of Default with respect to Securities of this series shall occur and be
continuing, the principal of the Securities of this series may be declared due and payable in the
manner and with the effect provided in the Indenture.

     The Indenture permits, with certain exceptions as therein provided, the amendment thereof and
the modification of the rights and obligations of the Company and the rights of the Holders of the
Securities of each series to be affected under the Indenture at any time by the Company and the
Trustee with the consent of the Holders of a majority in principal amount of the Securities at the
time Outstanding of each series to be affected. The Indenture also contains provisions permitting
the Holders of specified percentages in principal amount of the Securities of each series at the
time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by
the Company with certain provisions of the Indenture and certain past defaults under the Indenture
and their consequences. Any such consent or waiver by the Holder of this Security shall be
conclusive and binding upon such Holder and upon all future Holders of this Security and of any
Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof,
whether or not notation of such consent or waiver is made upon this Security.

     No reference herein to the Indenture and no provision of this Security or of the Indenture
shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay
the principal of (and premium, if any) and interest on this Security at the times, place and rate,
and in the coin or currency, herein prescribed.

     As provided in the Indenture and subject to certain limitations therein set forth, the
transfer of this Security is registrable in the Security Register, upon surrender of this Security
for registration of transfer at the office or agency of the Company in any place

3

 

where the principal of (and premium, if any) and interest on this Security are payable, duly
endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company
and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in
writing, and thereupon one or more new Securities of this series, of authorized denominations and
for the same aggregate principal amount, will be issued to the designated transferee or
transferees.

     The Securities of this series are issuable only in registered form without coupons in
denominations of $2,000 and integral multiples of $1,000 in excess thereof. As provided in the
Indenture and subject to certain limitations therein set forth, Securities of this series are
exchangeable for a like aggregate principal amount of Securities of this series of a different
authorized denomination, as requested by the Holder surrendering the same.

     No service charge shall be made for any such registration of transfer or exchange, but the
Company may require payment of a sum sufficient to cover any tax or other governmental charge
payable in connection therewith.

     The Company, the Trustee and any agent of the Company or the Trustee may treat the Person in
whose name this Security is registered as the owner hereof for all purposes, whether or not this
Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by
notice to the contrary.

     THIS SECURITY SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
NEW YORK.

4

 

ABBREVIATIONS

     The following abbreviations, when used in the inscription on the face of this instrument,
shall be construed as though they were written out in full according to applicable laws or
regulations:

	 	 	 	 	 	 	 
	   

	 	TEN COM
	 	—
	 	as tenants in common
	 
	 	 	 	 	 	 
	 

	 	TEN ENT
	 	—
	 	as tenants by the entireties
	 
	 	 	 	 	 	 
	 

	 	JT TEN
	 	—
	 	as joint tenants with right of survivorship and not as
tenants in common

	 	 	 	 	 	 	 	 	 	 	 
	   

	 	UNIF GIFT MIN ACT —
	 	 	 	Custodian
	 	 	 	   
	 

	 	 	 	 
(Minor)
	 	 	 	 
(Cust)	 	 

	 	 	 	 	 	 	 
	 

	 	Under Uniform Gifts to Minors Act
	 	 
	 	 
	 

	 	 	 	 
(State)	 	 

     Additional abbreviations may also be used though not in the above list.

 

     FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto

	 	 	 
	 

[PLEASE INSERT SOCIAL SECURITY OR OTHER 

IDENTIFYING NUMBER OF ASSIGNEE]
	 	 

 

 

 

[PLEASE PRINT OR TYPE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE]

the within Security and all rights thereunder, hereby irrevocably constituting and appointing such
person attorney to transfer such Security on the books of the Company, with full power of
substitution in the premises.

5

 

Dated: _______________________

NOTICE: The signature to this assignment must correspond with the name as written upon the face of
the within Security in every particular without alteration or enlargement or any change whatsoever.

6

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