A solid position within export lending, strong underlying business performance

Eksportfinans' underlying business operations showed continued strong
performance in the first quarter of 2010. The volumes of export related loans
remain relatively high and the order book for 2010 is solid. 

Eksportfinans experienced a net profit excluding unrealized gains and losses of
NOK 226 million in the first quarter of 2010, compared to NOK 218 million in
the corresponding period in 2009. Net interest income was NOK 350 million as of
March 31, 2010, compared with NOK 353 million as of March 31, 2009. 

“-Eksportfinans has a solid order book for 2010, and the company experienced a
strong demand globally for its debt in the first quarter of 2010. We are very
pleased that Eksportfinans continues to deliver strong underlying business
performance”, says President and CEO in Eksportfinans, Gisele Marchand. 

Export Lending
The maritime industry in Norway is still experiencing uncertainty with regards
to future activity levels and the sector is experiencing substantial
international competition. “-The launch of the support package from the
Norwegian Government on April 30, 2010, including a reduction of the required
Norwegian content to be included in export contracts financed by Eksportfinans
from 50 to 30 percent may represent a useful tool for Norway's maritime
industry in a global market place in the years to come”, says Gisele Marchand. 

New disbursements of export-related loans from Eksportfinans were NOK 3.7
billion in the first quarter of 2010, compared to NOK 8.5 billion for the
corresponding period in 2009. The volume of outstanding export loans was NOK
84.0 billion at March 31, 2010, compared to NOK 79.3 billion at March 31, 2009. 

Funding
Eksportfinans experienced a strong demand globally for its debt in the first
quarter of 2010. The company successfully launched a 3-year USD 1 billion
global benchmark during the first quarter of 2010. Total new funding as of
March 31, 2010 amounted to NOK 26.0 billion through 197 individual trades,
compared with NOK 16.5 billion and 189 trades as of March 31, 2009. 

Results
The total comprehensive income was negative NOK 194 million in the first
quarter 2010, compared to positive NOK 2,022 million in the corresponding
period of 2009 according to the international accounting standard IRFS. This
negative result was due to the reversal of unrealized gains on Eksportfinans'
debt. International credit spreads continued to decline during the first
quarter of 2010. This in turn led to a reversal of the net unrealized gains in
the fair value of Eksportfinans' own debt which was booked in 2008 and the
beginning of 2009. While Eksportfinans booked unrealized gains of NOK 2.7
billion on its own debt net of derivatives for the first quarter 2009, the
corresponding figure for the equivalent period in 2010 was an unrealized loss
of NOK 581 million. As of March 31, 2010, there was still NOK 1.2 billion of
unrealized gains which will be reversed as unrealized losses in future periods.
These unrealized losses do not in any material way affect the company's core
capital. 

The complete 1st quarter report for 2010 is available at www.eksportfinans.no


For further information, please contact:

President and CEO Gisele Marchand, phone: +47 22 01 23 70, e-mail:
gma@eksportfinans.no 
EVP Director of Staff, Elise Lindbæk, mobile: +47 90 51 82 50, e-mail:
el@eksportfinans.no.