Eksportfinans ASA has filed a petition to freeze assets in Norway owned by the Icelandic bank Glitnir HF

PRESS RELEASE

October 22, 2008

Eksportfinans ASA has filed a petition to freeze assets in Norway owned
by the Icelandic bank Glitnir HF                                       

In addition, the Board of Directors of Eksportfinans ASA will file a report to  
the police in Iceland regarding Glitnir HF's embezzlement. Eksportfinans' claim 
on Glitnir HF is NOK 500 million, of which NOK 415 million is related to        
embezzlement.                                                                   

The petition to freeze assets was sent to Sunnmøre County Court Monday        
afternoon, and involves Glitnir HF's shares in the Norwegian subsidiary of the
bank, Glitnir ASA, as well as the bank's claims in Norway.                    

The reason behind the filed petition to freeze assets is loans to Norwegian ship
yards which Eksportfinans took over from Glitnir HF in 2005. The loans were     
given in accordance with Eksportfinans' guidelines, based on a guarantee from   
Glitnir HF. Eksportfinans' business policy is to have two involved parties to   
cover the risk of the loans - a debtor and a guarantor. Glitnir HF is the agent 
bank in the loan agreement, and handles all cash flows to and from Eksportfinans
and the customers. This is common practice in Eksportfinans' lending, and       
regulated in a separate Agent Bank Agreement.                                   

When the loans in question were prepaid from the ship yards as early as 2006 for
one of the loans, and from March 2008 onwards for two other loans, Glitnir HF   
withheld this information from Eksportfinans. The money was not transferred from
Glitnir HF to Eksportfinans in accordance with the Agent Bank Agreement.        

In addition Eksportfinans participates in an international loan syndicate       
directly to Glitnir HF on Island. The loan is declared in default by the        
syndicate. Eksportfinans' claim under this loan is NOK 85 million.              

Eksportfinans emphasizes that it is not Glitnir's companies in Norway that are
being accused of embezzlement, but the Icelandic parent company. As per today,
Eksportfinans has no issues outstanding with Glitnir's Norwegian subsidiaries 

- We are currently doing everything in our power to secure our assets. We view  
the situation as an apparent embezzlement, and regard this as a highly unusual  
situation. We can say with confidence that we have never experienced anything   
similar in the 46 years since the company's establishment, said President and   
CEO Gisele Marchand at a press conference held at Eksportfinans yesterday.      

For further information, please contact:

CEO and President Gisele Marchand, tel: +47 41 51 74 89, e-mail:
gma@eksportfinans.no                                            

Head of Communications Elise Lindbæk, tel: + 47 22 01 22 64, mobile: +47 90 51
82 50, e-mail: el@eksportfinans.no