VIII. TRADE AND PROJECT FINANCING

                              BANKING SYSTEM

Participants in the Norwegian banking market vary from large
full-service banks active in both the wholesale and retail
sectors to small private institutions.  There are also a range of
savings banks, and the post office runs a giro system.  The
banking system, i.e., the actual payment system, is highly
automated and computerized. Banking activities are regulated by
the Commercial Banking Act, the Savings Bank Act and the Act on
Financing and Finance Institutions.  Recent liberalization of
regulations now permits foreign banks.

The Bank of Norway (the central bank) is a joint stock company
where the government has all the shares.  It is the executive and
advisory entity for monetary, credit and exchange policy.  It is
the sole bank of currency issue.

Commercial banks enjoy a very close relationship with trade and
industry.  Savings banks have a long tradition in Norway and also
cover a substantial part of local credit requirements.

Merchant banks have not achieved the same position in Norway that
they enjoy in some countries. This is partly because of the
market dominance by the very large commercial banks, all of which
maintain specialist departments covering the r\areas generally
regarded as typical of merchant banking.

There are special banks for fisheries, agriculture, shipping,
industry, house building, and export finance. The state, to
varying degrees, participates in all of these.

                             EXCHANGE CONTROLS

The Norwegian Kroner (NOK) had been connected to the European
currency unit, the ECU, through the European Monetary System
(EMS). This was a unilateral connection and other EMS members had
no obligations with regard to coordination with Norway. As from
December 10, 1992 the NOK has been floating, and the Bank of
Norway intervenes in the foreign exchange market when
appropriate.

In the summer of 1990 all currency and foreign exchange controls
were abolished. There are no longer any licensing requirements in
force. The only requirement in force is a reporting requirement
for international payments and financial transactions. This
reporting is generally taken care of by the transaction bank.

                      GENERAL FINANCING AVAILABILITY

In principle, all kinds of financing are available to the foreign
investor.  Overdrafts and mortgages are available from banks,
which will also assist in the issuance of such financial
instruments as discount bonds, convertible bonds, etc.

Financial lease arrangements are supplied by leasing companies.
If a leased asset is financed trough funding abroad, a license is
required form the Bank of Norway. If the lessee is foreign and
the agreement is of a financial character (financial leasing), a
license is required. No license is required if the leasing
agreement can be said to be operational.

Venture capital and merchant banking is not highly developed, but
does exist. Under very strict conditions it is possible to obtain
fresh capital at the stock exchange.

                             EXPORT FINANCING

Eksportfinans A/S finances exports of Norwegian capital goods and
services on both market and government supported terms. Their
financing programs are designed to promote the sale of Norwegian
capital goods and services, and financing is also available to
foreign buyers.

Eksportfinans A/S
Dronning Mauds gt. 15
0250 Oslo, Norway
Tel:  22 83 01 00
Fax:  22 83 22 37

Credits on market terms are given for purchases of Norwegian
capital goods. Eksportfinans A/S extends credit on market terms
at competitive rates, ensuring that the financing is
appropriately matched to project requirements in terms of
currencies, loan period, interest rates and repayment structure.

Eksportfinans A/S administrates a number of trade subsidy schemes
on behalf of the Norwegian government.  Where exports are
involved they are able to offer subsidized fixed-rate loans to
most countries.

Government supported loans are regulated under the OECD Consensus
Agreement. This scheme was introduced to enable Norwegian
exporters to match the financing terms offered by foreign
competitors. The loans are repayable in equal semi-annual
instalments, and the interest rate is fixed for the entire period
of the loan.

                        THREE MAJOR NORWEGIAN BANKS

Den Norske Bank AS
P.O. 1171, Sentrum
0107 Oslo, Norway
Tel:  22 48 10 50
Fax:  22 48 27 10

Kredittkassen
Middelthunsgt. 17
0368 Oslo, Norway
Tel:  22 48 50 00
Fax:  22 48 61 97

Fokus Bank A/S
Akersg. 28
0158 Oslo, Norway
Tel:  22 86 20 00
Fax:  22 41 10 46