Continued good performance - results influenced by engagements on Iceland

The underlying business operations in the Eksportfinans Group showed a
continued good performance in the third quarter of 2008. Net interest income
was 61 percent higher in the third quarter 2008 compared to the corresponding
period in 2007. 

The situation in the international financial markets in the third quarter of
2008 led to a decline in the fair value of financial instruments of NOK 343
million. In particular, the current situation on Iceland has caused a loss to
Icelandic banks of NOK 318 million in the third quarter 2008. 

In the first nine months of 2008 as a whole, net interest income was NOK 601
million, which is NOK 188 higher than the corresponding period in 2007. The
increase was mainly due to a higher volume of export lending, income from
higher equity due to the equity increase of NOK 1.2 billion in the first
quarter of 2008, and higher interest rates in Norwegian kroner. 

The Group experienced a net loss in the first nine months of 2008 of NOK 180
million, compared to a net loss of NOK 64 million in the corresponding period
in 2007. The loss is by and large caused by losses on lending to Iceland (see
above). 

Export Lending
The strong demand for new export financing continued during the first nine
months of 2008. The volume of outstanding export loans was NOK 71.0 billion at
September 30, 2008 compared to NOK 56.3 billion at the end of 2007 and NOK 51.2
billion at the end of the first nine months of 2007. 

Local Government Lending
Total lending from Eksportfinans' subsidiary Kommunekreditt Norge AS at
September 30, 2008 amounted to NOK 61.5 billion, compared to NOK 68.3 million
at year-end 2007. The decrease was due to a repricing of parts of the company's
lending portfolio based on somewhat higher funding costs. 

Funding
Despite the demanding situation in the international capital markets,
Eksportfinans has experienced good access to funding in the first nine months
of 2008. Total new funding in the first nine months of 2008 amounted to NOK
69.2 billion through 710 individual trades compared with NOK 62.9 billion and
659 trades for the same period in 2007. 

The complete 3rd quarter report 2008 is available on www. eksportfinans.no 


For further information, please contact:

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


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