Strong underlying business performance, record high level of new disbursements of export related loans

The underlying business operations for the Eksportfinans Group showed continued
good performance in the first quarter of 2009. Net interest income in the first
quarter was 
NOK 353 million, which is an increase of NOK 245 million compared to the first
quarter of 2008. 

Profit for the period was NOK 2,022 million in the first quarter of 2009,
compared to a loss of NOK 203 million in the first quarter of 2008. This
increase was mainly due to the decrease in the mark-to-market value of
Eksportfinans' own debt, which led to unrealized gains in the accounts. These
unrealized gains will be reversed as unrealized losses in the years ahead. Net
profit excluding unrealized gains and losses was NOK 298 million in the first
quarter of 2009, compared to NOK 42 million in the equivalent period in 2008. 

Export Lending
Due to the substantial order back-log of export financing projects following
the very high activity in the Norwegian maritime industry in recent years, new
disbursements of export related financing from Eksportfinans were close to
three times higher in the first quarter of 2009 than in the first quarter of
2008. New disbursements of export related loans were NOK 8.5 billion in the
first quarter of 2009, compared to NOK 3.1 billion during the same period in
2008. 

Local Government Lending
Total outstanding loans from Eksportfinans' subsidiary Kommunekreditt Norge AS
at March 31, 2009 amounted to NOK 52.4 billion, which was a decrease of 25
percent compared to March 31, 2008, and an 11 percent decrease compared to
December 31, 2008. The decrease was mainly caused by prepayments of loans due
to higher margins and a more active bond market available to Norwegian
municipalities in the first quarter of 2009. 

On May 7th 2009 Eksportfinans signed an agreement with Kommunal
Landspensjonskasse (KLP) whereby KLP purchases all the shares in Kommunekreditt
Norge AS. The sale of Kommunekreditt is a consequence of the decision made in
December 2008 to look for different strategic solutions for Kommunekreditt. The
shares were sold at book value on March 31, 2009. The agreement with KLP
implies that Eksportfinans takes over NOK 11 billion in loans from
Kommunekreditt. In addition Eksportfinans will provide funding to KLP for the
rest of Kommunekreditt's loan portfolio for a period of two years at agreed
conditions. For more information please see separate press release or access
www.eksportfinans.no. 

Funding
New funding in the first quarter of 2009 amounted to NOK 16.5 billion through
189 individual trades, compared with NOK 15.1 billion and 215 trades for the
same period in 2008. New issues were bought primarily by investors in Japan and
also in the USA. 

The complete 1st quarter report 2009 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.