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0000950123-11-019808.txt : 201102280000950123-11-019808.hdr.sgml : 2011022820110228163647ACCESSION NUMBER:0000950123-11-019808CONFORMED SUBMISSION TYPE:6-KPUBLIC DOCUMENT COUNT:29CONFORMED PERIOD OF REPORT:20110228FILED AS OF DATE:20110228DATE AS OF CHANGE:20110228

FILER:

COMPANY DATA:COMPANY CONFORMED NAME:EKSPORTFINANS ASACENTRAL INDEX KEY:0000700978STANDARD INDUSTRIAL CLASSIFICATION:MISCELLANEOUS BUSINESS CREDIT INSTITUTION [6159]IRS NUMBER:000000000FISCAL YEAR END:1231

FILING VALUES:FORM TYPE:6-KSEC ACT:1934 ActSEC FILE NUMBER:001-08427FILM NUMBER:11646612

BUSINESS ADDRESS:STREET 1:DRONNING MAUDS GT 15 0250CITY:OSLO 2 NORWAYSTATE:Q8BUSINESS PHONE:2124219210

MAIL ADDRESS:STREET 1:PER H HOUGE, TRADE COMMISSIONERSTREET 2:TRADE COMM OF NORWAY 825 THIRD AVECITY:NEW YORKSTATE:NYZIP:10022

FORMER COMPANY:FORMER CONFORMED NAME:AS EKSPORTFINANSDATE OF NAME CHANGE:19951122

6-K1u10731e6vk.htm6-K

e6vk

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 6-K

Report of Foreign Issuer
Pursuant to Rule13a-16 or 15d-16
of the Securities Exchange Act of 1934

Forthe month of February 2011

Commission File Number 001-08427

EKSPORTFINANS ASA

(Translation of registrants name into English)

Dronning Mauds gate 15
N-0250 Oslo, Norway

(Address of principal executive offices)

Indicate by check mark whether the registrantfiles or will file annual reports under cover of Form 20-F or Form 40-F.

Form20-F Form40 F o

Indicate by check mark whether the registrant byfurnishing the information contained in this Form isalso thereby furnishing the information to theCommission pursuant to Rule12g3-2(b) under theSecurities Exchange Act of 1934.

Yes o

No

SIGNATURES

Pursuant to the requirements of the SecuritiesExchange Act of 1934, the registrant has duly caused thisreport to be signed on its behalf by the undersigned,thereunto duly authorized.

Date: February 28, 2011. EKSPORTFINANS ASA

By: /s/GISELE MARCHAND

Gisele Marchand

President and Chief
Executive Officer

EXHIBIT INDEX

The following documents (bearing the exhibitnumber listed below) are furnished herewith and is madea part of this Report pursuant to the General Instructions forForm 6-K.

Exhibit Description

12.1 Computation of Ratios of Earnings to FixedCharges.

99.1 Press Release datedFebruary 28, 2011.

99.2 Consolidated financial statements (unaudited), includingdiscussions and analysis thereof, of Eksportfinans ASA forthe year ended December 31, 2010.

99.3 Table of Capitalization and Indebtedness.

ThisForm 6-K and the financial and other information contained herein is herebyincorporated by reference into our Registration Statement No.333-164694.

Presentation of information

In this report, we use the term us, we, our, Company and Eksportfinans for EksportfinansASA group. We use the term Kommunekreditt for Eksportfinanss former subsidiary, Kommunekreditt NorgeAS.

Forward-looking statements

Except for historical statements and discussions, statements contained in this report constituteforward-looking statements within the meaning of Section27A of the U.S. Securities Act of 1933and Section21E of the U.S. Securities Exchange Act of 1934. Any other document of Eksportfinans ASAfiled with the U.S. Securities and Exchange Commission may also include forward-looking statements,and other written or oral forward-looking statements have been made and may in the future be madefrom time to time by us or on our behalf. Forward-looking statements include, without limitation,statements concerning our financial position and business strategy, our future results ofoperations, the impact of regulatory initiatives on our operations, our share of new and existingmarkets, general industry and macroeconomic growth rates and our performance relative to thesegrowth rates. Forward-looking statements generally can be identified by the use of terms such asambition, may, hope, will, expect, intend, estimate, anticipate, believe, plan,seek, or continue or similar terms.

These forward-looking statements rely on a number of assumptions concerning future events. Theseforward-looking statements involve known and unknown risks, uncertainties and other factors, manyof which are outside of our control, that may cause actual results to differ materially from anyfuture results expressed or implied from the forward-looking statements.

You are cautioned not to put undue reliance on these forward-looking statements. We disclaim anyintention or obligation to update or revise any forward-looking statements, whether as a result ofnew information, future events or otherwise.

Actual results, performance or events may differ materially from those in such statements due to,without limitation:

changes in the competitive conditions, regulatory environment or political, social oreconomic conditions in the markets in which we operate,

volatility in the international financial markets,

foreign exchange rate and interest rate fluctuations,

volatility in the fair value of our financial assets and liabilities,

the ability of counterparties to meet their obligations to us,

the effects of, and changes in, fiscal, monetary, trade and tax policies,

operational factors such as systems failure, human error, or the failure to properly implementprocedures,

the effects of changes in laws, regulations or accounting policies or practices,

a further downgrade in our credit rating, and

various other factors beyond our control.

The foregoing list of important factors is not exhaustive.

For further discussion of these and other factors, see our most recent Annual Report on Form 20-Ffiled with the Securities and Exchange Commission.

All subsequent written and oral forward-looking statements attributable to us or persons acting onour behalf are qualified by these risk factors.

Website

Although certain references are made herein to www.eksportfinans.no, neither that website nor anyinformation included thereon or on any pages that can be accessed therefrom are incorporated byreference herein.

EX-12.12u10731exv12w1.htmEX-12.1

exv12w1

Exhibit12.1

COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES (1)

Year Ended December 31,

2010

2009

2008

2007

(in NOK thousands except for ratio)

FIXED CHARGES:

Interest andCommissions on debt and capital contribution securities

4,212,860 5,677,664 11,118,228 8,291,657

Other interest and borrowingexpenses

191,834 72,240 109,532 81,968

Estimate of the interest within rental expense

76 334 317

Total fixed charges, as defined

4,404,694 5,749,980 11,228,094 8,373,942

EARNINGS:

Profit/(loss)for the year from continuing operations

447,994 -1,801,800 3,313,616 -273,988

Income taxes

174,519 -699,091 1,288,707 -110,040

Fixed charges, as defined

4,404,694 5,749,980 11,228,094 8,373,942

Total earnings, as defined

5,027,207 3,249,089 15,830,417 7,989,914

RATIO OF EARNINGS TOFIXED CHARGES(2)(3)

1.14 1.41

The amount of coverage deficiency:

2,500,891 384,028

(1) The ratio computation reflects for all periods presented the effectof the discontinued operations resulting from the saleof Kommunekredit completed on June 24, 2009.

(2) For purposes of calculating the ratio of earningsto fixed charges, earnings include profit/(loss) for the year fromcontinuing operations plus income taxes and fixed charges. Fixed charges represent interestand commissions on debt and capital contribution securities, other interest and borrowing expenses and estimates of the interest within rental expenses.

(3) Theratio of earnings to fixed charges in the year ended December 31, 2009 had a deficit due tonegative earnings of NOK 2,501million (USD433million).The negative earnings in the year ended December 31, 2009were driven byunrealizedlosses on the fair value of our own debt.The ratio of earnings to fixed charges in the yearended December 31, 2007 had a deficit of NOK 384 million (USD 71 million). The negative earnings in the year ended December 31, 2007 were driven by the impact of reduced market values ofour investments in securities.

EX-99.13u10731exv99w1.htmEX-99.1

exv99w1

Exhibit99.1

PRESS RELEASEFebruary28, 2011Strong results for Eksportfinans in 20102010 hasbeen a very good year for Eksportfinans. Results from the underlying business operations remainstrong, and disbursements of export credits have been record high throughout the year. High levelof new disbursements of export related loansDisbursements of new loans from Eksportfinans amountedto NOK 33.7billion in 2010, compared to NOK 28.1billion in 2009. Eksportfinans total outstandingexport related loans increased from NOK 81.4billion at year-end 2009 to NOK 99.8billion atDecember31, 2010. Eksportfinans received a large volume of new loan applications for exportrelated projects in 2010. The increase in both volume and number of loan applications receivedduring 2010 indicates a higher level of activity among Eksportfinans customer base compared to2009. A large portion of the loan applications are related to oil and gas projects in Brazil, andprojects within the Norwegian maritime industry. Although there was a higher volume of newapplications in 2010, the volume of materialized lending will depend on the number of projectsbeing realized going forward. Successful entry into financing of renewable energy projectsIn 2010,Eksportfinans expanded its scope of business to include financing of renewable energy,infrastructure and environmental projects. A new business area was established to support the newinitiative, and the area accounted for approximately 7percent of total new lending disbursementsin 2010. Eksportfinans new business area to support the green sectors has been well receivedin the market. Norwegian companies are active internationally within the areas of solar energy,hydro power and offshore wind power. In the years to come, Eksportfinans will make efforts tobecome a key supporter of long-term financing for the green industries along with the other sectorswe support, such as the maritime industry and oil and gas industry, says President and CEO inEksportfinans, Gisele Marchand. Good access to fundingDespite the volatility in the financialmarkets caused by the sovereign debt crisis in some European countries, Eksportfinans experiencedstrong access to funding globally in 2010. In the public markets, Eksportfinans accessed the USDbenchmark market in April (USD 1billion) and September (USD 1.25billion) with 3 and 5-yeartransactions respectively. These transactions were purchased by investors in the Americas, Europe,Middle East and Asia. In June the company launched its first fixed rate Samurai bond issue aimed atJapanese domestic investors with a successful JPY 30billion 5-year transaction. Total new fundingin 2010 amounted to NOK 72.2billion through 721 individual bond issues compared to NOK 69.3billion and 1,023 bond issues in 2009.ResultsNet interest income amounted to NOK 1.4billion in2010 compared to NOK 1.5billion in 2009. Total comprehensive income for 2010 was positive NOK 448million, compared to negative NOK 1,801million for 2009. The total comprehensive income in 2010was primarily caused by high net interest income, but offset by the reversal of the previouslyrecognized gains on Eksportfinans own debt, net of derivatives, which is measured at fair value inthe financial statements.

Profit excluding unrealized gains and losses amounted to NOK 859million in 2010, compared to NOK1,041million in 2009. The Board of Directors proposes a dividend for 2010 of NOK 500million. Inaddition the Ministry of Trade and Industry will on behalf of the Norwegian government receive apreference share dividend of NOK 126million (accounted for as an interest expense). The preferencedividend is in accordance with the agreement entered into in November2008 between Eksportfinansand the Norwegian government, which gave Eksportfinans the option to borrow directly from thegovernment for the purpose of financing export credits. The agreement has not been utilized byEksportfinans. Key figures:December31, 2010 December31, 2009New loans disbursedNOK 33.7billionNOK 28.1billionNew bond debt issuedNOK 72.2billionNOK 69.3billionTotal assetsNOK 215.5billionNOK 225.3billionCapital adequacy 17.6% 13.3%Net interest incomeNOK 1,419millionNOK 1,470millionTotal comprehensive income* NOK 448million (NOK 1,801million)Result excludingNOK 859millionNOK 1,041millionunrealized gains/losses onfinancial instruments*Comprehensive income includes all non-owner changes in equity, both those recognized in profitor loss and those recorded directly to equity.The complete fourth quarter report for 2010 isavailable at www.eksportfinans.noFor further information, please contact:President and CEOGisele Marchand, phone: +47 22 01 23 70, e-mail: gma@eksportfinans.noEVP Director of Staff, EliseLindbk, mobile: +47 90 51 82 50, e-mail: el@eksportfinans.noEksportfinans is the Norwegian institute for export financing owned by banks and the NorwegianGovernment. It offers competitive long term financing to the export industry.

EX-99.24u10731exv99w2.htmEX-99.2

exv99w2

Exhibit 99.2

Comment from the President and CEO 3Financial highlights 4Highlights 5Export lending 6Local government lending 6Securities 6Funding 7Results 7Balance sheet 8Condensed statement of comprehensive income 9Condensed balance sheet 11Condensed statement of changes in equity 12Condensed cash flow statement 13Notes to the condensed financial statements 14

President and CEO Gisle MarchandStrong performance in 2010Eksportfinans underlying business performance was strong in the fourth quarter, with totalcomprehensive income of NOK 271million for the period, and NOK 448million for the year.The company has received a large volume of new loan applications for export related projects in2010. Over the year, Eksportfinans received a total volume of loan applications of NOK 156billionthrough 220 applications, compared to NOK 82billion through 161 applications in 2009.The increase in both volume and number of loan applications received during 2010 indicates a highervolume of activity among Eksportfinans customer base compared to 2009. A large portion of the loanapplications are related to oil and gas projects in Brazil, and projects within the Norwegianmaritime industry. Although there was a higher volume in new applications in 2010, the volume ofmaterialized lending will depend on the number of projects being realized going forward.The market situation by the end of 2010 is more positive than a year ago. Norwegian ship yards haveentered into new contracts of approximately NOK 15billion in 2010, compared to NOK 3billion in2009. Eksportfinans has been approached regarding financing of a large portions of new contractsentered into in 2010, and is well positioned to support the potential growth in the maritime sectorin the years to come. In addition, Eksportfinans experiences an increased lending volume toNorwegian companies with international activity.Eksportfinans also experienced a 20percent growth in new disbursements to export related loanswith NOK 33.7billion in 2010, compared to NOK 28.1billion in 2009.Innovative, new pricing and risk model launched at EksportfinansA new pricing and risk model (Numerix) was successfully completed in November. The Numerixportfolio system contains advanced models and flexible templates for data entry, and is fullyintegrated with Eksportfinans Middle and Back Office systems. With this system, it is now possibleto calculate historical Value at Risk on the structured swap portfolio, and also perform scenarioanalyses on different risk factors.The European debt crisisThe structural economic difficulties in some of the European countries are still causing concern inthe international market place. Eksportfinans has only indirectly, and to a limited degree, beenaffected by the sovereign European debt crisis. The company experienced the situation in 2010 asvolatile but within manageable levels. Eksportfinans has no exposure to Greece and limited exposureto Spain, Italy and Portugal. In addition, Eksportfinans has some exposure to Ireland. Thisexposure is covered by the companys Portfolio Hedge Agreement (PHA see note 14) and Irishgovernment guarantees in some cases. Eksportfinans continues to monitor the situation in theinternational capital market closely.The high income from liquidity placements in 2010 is mainly related to the relatively high creditspreads in the international capital markets. Eksportfinans expects this situation to be temporary.Gisle MarchandPresident and CEOFourth quarter report 2010 3

UnauditedFinancial highlightsAll figures in this report are group figures for Eksportfinans ASA group. Its former subsidiary,Kommunekreditt Norge AS, has therefore been consolidated in the financial statements of theEksportfinans Group in the comparative numbers for 2009 up to the sale in the second quarter of2009. Figures are unaudited.Fourth quarterThe year (NOK million) 2010 2009 2010 2009 Net interest income 324 377 1,419 1,470 Profit/(loss) for the period from continuing operations 271 (432)448 (1,802) Total comprehensive income for the period 271 (432)448 (1,801) Return on equity 1)* 21.6% (30.8%) 8.5% (28.6%) Net return on average assets and liabilities 2)* 0.55% 0.66% 0.59% 0.57% Net operating expenses/average assets 3)* 0.10% 0.08% 0.09% 0.07% Total assets 215,549 225,254 215,549 225,254 Loans outstanding 4) 123,412 122,202 123,412 122,202 New loans disbursed ** 12,417 6,857 33,654 73,371 New bond debt issued 16,012 25,895 72,231 69,339 Public sector borrowers/guarantors 5) 37.5% 23.3% 37.5% 23.3% Capital adequacy 17.6% 13.3% 17.6% 13.3% Exchange rate NOK/USD 6) 5.8564 5.7767 5.8564 5.7767*) Quarterly figures are annualized. **) Of NOK 73.4billion in 2009, NOK 45.3billion is related to funding of KLP Kreditt AS, formelyKommunekreditt Norge AS and other municipal-related disbursements after the sale of the subsidiary. Definitions 1. Return on equity: Total annualized comprehensive income for the period/average equity(average of opening and closing balance). 2. Net return on average assets and liabilities: The difference between gross interestincome/average interest generating assets and gross interest expense/average interest bearingliabilities (average of daily calculations for the period).3. Net operating expenses/average assets: Net operating expenses (administrative and operatingexpenses + depreciation other income)/average assets (average of opening and closingbalance).4. Total loans outstanding: Consists of loans and due from customers and part of loans and duefrom credit institutions in the balance sheet. Accrued interest and unrealized gains/(losses)are not included, see notes 4, 5 and 6 to the accompanying unaudited financial statements.5. The ratio of public sector loans (municipalities, counties and Norwegian and foreign centralgovernment, including the Norwegian Guarantee Institute for Export Credits (GIEK)as borrowersor guarantors) to total lending. 6. Exchange rate at balance sheet date.Fourth quarter report 2010 4

HighlightsFourth quarter 2010

Eksportfinans had a total comprehensive income of NOK 271million in the fourth quarter of 2010.The comparative total comprehensive income was negative NOK 432million in the fourth quarter of2009. The increase compared to the fourth quarter of 2009 was mainly due to high unrealized losseson Eksportfinans own debt resulting from decreases in credit spreads during that period.

Net interest income was NOK 324million in the fourth quarter of 2010, compared to NOK 377millionin the corresponding period in 2009. The main reason for the lower net interest income in 2010 wasthe calculation of preference share dividends to the Norwegian government as part of the fundingagreement from 2008. Under IFRS the preference share is booked as a financial liability, and thedividends are correspondingly booked as interest expenses. The preference share dividends have beenpreliminary calculated to NOK 126million

Net profit excluding unrealized gains and losses (as explained under the section Results) was NOK210million for the fourth quarter of 2010, compared to NOK 237million for the fourth quarter of2009. The reduction was mainly due to lower net interest income in the fourth quarter of 2010.

The year 2010

The underlying business operations showed continued good performance in in 2010. Net interestincome was NOK 1,419million in 2010, compared to NOK 1,470million in 2009.

Year-end 2010 showed an unrealized loss on Eksportfinans own debt of NOK 393million (net ofderivatives), compared to an unrealized loss of NOK 3,918million (net of derivatives) for in 2009(see note 16 to the accompanying financial statements). This unrealized loss on own debt does notaffect the core capital of the company in any material way. The unrealized gain on own debt (net ofderivatives) accumulated in the balance sheet, was NOK 1.4billion at December31, 2010. Theseremaining unrealized gains will be reversed as unrealized losses in future periods.Total comprehensive income in 2010 was positive NOK 448million, compared to negative NOK 1,801million in the same period in 2009. The reason for this change is mainly due to change in Net otheroperating income see further explanation on page 7.Net profit excluding unrealized gains and losses (as explained below under the section Results)was NOK 859million at year-end 2010, compared to NOK 1,041million in the corresponding period in2009.The core capital adequacy ratio at December31, 2010 was 12.7percent, compared to 9.7percent atDecember31, 2009.Total assets amounted to NOK 215.5billion at December31, 2010, compared to NOK 225.3billion atDecember31, 2009. The decrease in 2010 is mainly due to the partial repayment by KLP Kreditt AS,related to the loan made in connection with the sale of the subsidiary in 2009, and to thereduction in the PHA-portfolio (please refer to the section Securities below).In 2010, the company saw continued interest from investors for Eksportfinans debt globally with atotal of NOK 72.2billion of new funding raised. The company issued three benchmark transactionsearlier in 2010 and focused on private placements in the fourth quarter.Eksportfinans experienced an increased demand for general financing of Norwegian companies withinternational activities in 2010. This was due to competitive lending terms from Eksportfinans anda general increase in demand for long-term financing from Norwegian corporations. Furthermore,there was a substantial increase in the volume of new loan applications for contract financingtowards the end of 2010.Regulatory frameworkWith effect from January1, 2011, new regulations concerning calculation of exposures to one singleclient were introduced. The single most important change was that risk weighting for exposures tobanks was discontinued. The maximum allowed exposure, equaling 25percent of the institutions riskcapital, applies under the new provisions. Under the previous rules for calculating and reportinglarge exposures Eksportfinans applied risk weighting to loans with borrowers that were secured byon demand guarantees with 20percent. In such situations, Eksportfinans reported exposures to theborrower up to the maximum 25percentFourth quarter report 2010 5

and excess exposures, if any, was reported as exposuretowards the guaranteeing bank. That meant that maximum exposure to a single client (borrower andguaranteeing bank) equaled NOK 7.1billion based on Eksportfinans risk capital as of December31,2010. The new provisions for large exposures are the same as the prevailing provisions applicablein the European Union (Directive 2006/48/EU) , which does not permit such risk weighting and entailthat the maximum exposure to borrower and guaranteeing banks are approximately NOK 1.4billionbased on Eksportfinans risk capital as of December31, 2010 and leave little or no authority forNorwegian supervisory authorities to make exemptions. The new provisions are detrimental toEksportfinans business concept. Eksportfinans was granted a transitional period ending December31, 2011, during which it can continue to use the reporting standards for large exposures that werein effect in 2010. During the transitional period the Norwegian Ministry of Finance will considerhow Eksportfinans shall adopt the new provisions. Eksportfinans is in dialog with the authoritiesfor a sustainable solution. However, there is no guarantee that the result of the Ministry ofFinances consideration will not be disadvantageous to Eksportfinans business activities.Export lendingNew disbursements were NOK 33.7billion in 2010, compared to NOK 28.1billion in 2009. The nominalamount of outstanding export loans was NOK 99.8billion at December31, 2010, compared to NOK 81.4billion at December31, 2009. The increase since year-end 2009 was due to the record high volume ofnew loan disbursements made in 2010.

The high volume of new loan disbursements was mainly related to export contracts entered into in2008 and 2009. In addition, new disbursements for general financing of Norwegian export companieshave increased during 2010.

New disbursements under the government-supported export financing scheme were NOK 2.7billion in2010, compared to NOK 14.4billion in 2009. The substantial decrease in volume was due to the factthat borrowers preferred floating rate commercial terms instead of fixed rate government supportedterms under the prevailing market conditions.The volume of Eksportfinans order book for new loans is lower at year-end 2010 compared to 2009,but still strong from a historic perspective. The probability-adjusted order book for futuredisbursements was approximately NOK 20.5billion at December31, 2010, of which approximately NOK19.5billion was contract financing. By comparison, the probability-adjusted order book was NOK 27billion at the end of 2009.Local government lendingAfter the sale of Kommunekreditt Norge AS, Eksportfinans has provided financing to KLP Kreditt AS(formerly Kommunekreditt Norge AS) through a loan of NOK 34.4billion with security in theunderlying lending portfolio. This financing is contractually set to be repaid in eight equal,quarterly amounts. The first installment was paid in December2009, and the last installment isscheduled for payment in September2011. Eksportfinans total involvement in local governmentlending (both direct lending to municipalities and the credit provided to KLP Kreditt AS) totaledNOK 23.5billion at December31, 2010, compared to NOK 40.8billion at December31, 2009.SecuritiesThe total securities portfolio was NOK 67.9billion at December31, 2010, compared to NOK 76.1billion at December31, 2009.The securities portfolio consists of two different portfolios. One is the subject of a PortfolioHedge Agreement with Eksportfinans shareholders since February29, 2008 (the PHA portfolio), andthe other portfolio is maintained for the purpose of liquidity (referred to herein as theliquidity reserve portfolio).The fair value of the PHA portfolio was NOK 36.0billion at December31, 2010, compared to NOK 52.2billion at year-end 2009. The PHA portfolio is no longer actively managed by Eksportfinans and willbe run off to maturity. See Note 14 to the accompanying unaudited financial statements and the mostrecent annual report on Form 20-F for further information about the Portfolio Hedge Agreement.The uncertainty in the international capital markets has led to relatively high credit spreadsFourth quarter report 2010 6

in2010. This has also led to relatively high net interest income from the liquidity reserve portfolioin 2010. Eksportfinans expects this situation to be temporary. The fair value of the liquidityreserve portfolio was NOK 31.9billion at December31, 2010, compared to NOK 23.9billion atDecember31, 2009.FundingTotal new funding in 2010 amounted to NOK 72.2billion through 721 individual bond issues comparedto NOK 69.3billion and 1,023 bond issues in 2009.Funding is well diversified due to the companys debt issuance programs which give the ability toissue debt globally. As a consequence, the company saw strong interest throughout the year forprivate placements globally. In the public markets, Eksportfinans accessed the USD benchmark marketin April and September with 3 and 5-year transactions respectively. These transactions werepurchased by investors in the Americas, Europe, Middle East and Asia. In June the company launchedits first fixed rate Samurai bond aimed at Japanese domestic investors with a successful 5-yeartransaction.After a thorough review of its rating policy, Eksportfinans has chosen to have its debt rated bytwo rating agencies instead of three and, accordingly, Eksportfinans did not renew its contractwith Fitch Ratings for 2011. Fitch Ratings last rating action with respect to Eksportfinans was toaffirm Eksportfinans rating on December8, 2010. As a result of the decision not to renew, as ofDecember23, 2010, Fitch Rating ceased to provide a rating of Eksportfinans and withdrew the ratingthat was then in effect.ResultsNet interest incomeNet interest income was NOK 1,419million in 2010. This was NOK 51million lower than in 2009. Themain reason for the lower net interest income in 2010 was the calculation of preference sharedividends to the Norwegian government on the preference share that was issued in connection withthe funding agreement that Eksportfinans obtained from the Norwegian government in 2008 (see themost recent annual report on Form 20-F for a description of the funding agreement). Under IFRS thepreference share is considered a financial liability and the dividends are correspondingly bookedas interest expense. The preference share dividends have been preliminary calculated to NOK 126million, Interest income in 2010 benefited from continued high interest spreads in the period. Inaddition, most of the net interest income from municipality lending in the first half-year of 2009was included in the separate accounts of the former subsidiary Kommunekreditt Norge AS, and thusinfluenced the separate accounts of Eksportfinans ASA through the sales price of the subsidiary.The net return on average assets and liabilities (see financial highlights on page 4) was 0.59percent at year-end of 2010, compared to 0.57percent in the corresponding period in 2009.Net other operating incomeNet other operating income was negative NOK 602million in 2010 compared to negative NOK 3,783million in 2009.Volatility in the international capital markets continues to cause fluctuations in the fair valuemeasurements of financial instruments. After the implementation of the Portfolio Hedge Agreementwith Eksportfinans shareholders on February29, 2008, the fluctuations in the fair value of bondinvestments hedged by this agreement have been neutralized. Fluctuations in fair values in theaccounts after that date have to a large extent been caused by changes in fair value onEksportfinans own debt and on loans. In 2010, unrealized gains on Eksportfinans own debt amountedto NOK 2,997million (see note 2 to the accompanying financial statements). Net of derivatives,this amount is an unrealized loss of NOK 390million (see note 16 to the accompanying financialstatements). Accumulated in the balance sheet, the unrealized gain on Eksportfinans own debt, netof derivatives, is NOK 1.4billion as of December31, 2010. These unrealized gains on own debt willbe reversed as unrealized losses in future periods following credit spread tightening and runningof time. The capital adequacy will not be affected by this effect in any material way.In addition to net unrealized losses on Eksportfinans own debt of NOK 390million (net ofderivatives), net other operating income in 2010 included an unrealized loss on loans, net ofderivatives, of NOK 89million (loss of NOKFourth quarter report 2010 7

49million in 2009), an unrealized gain on bonds underthe Portfolio Hedge Agreement of NOK 124million (gain of NOK 1,666million in 2009) and anunrealized loss of NOK 202million on the Portfolio Hedge Agreement itself (loss of NOK 1,582million in 2009). See note 2 and 16 to the accompanying financial statements for the breakdown ofthese line items.Total operating expenses Total operating expenses amounted to NOK 194million in 2010, an increase of NOK 7million from2009. The cost base is stable. The key ratio of Net operating expenses in relation to averageassets was 0.09percent for 2010, up from 0.07percent in 2009. Profit/(loss) for the period Total comprehensive income in 2010 was positive NOK 448million, compared to negative NOK 1,801million in 2009.Return on equity was 8.5percent for 2010, compared to negative 28.6percent for 2009.Profit from continuing operations was positive NOK 448million for the period ending December31,2010, compared to negative NOK 1,802million for the same period in 2009.The non-IFRS measure of profit from continuing operations excluding unrealized gains and losses onfinancial instruments, and the corresponding return on equity, is shown in the table on page 8.These calculations may be of interest to investors because they assess the performance of theunderlying business operations without the volatility caused by fair value fluctuations, includingspecifically the reversal of previously recognized unrealized gains on Eksportfinans own debt.Profit excluding unrealized gains and losses amounted to NOK 859million in 2010. This was adecrease of NOK 182million compared to 2009. The reduction was mainly due to lower net interestincome, a reduction in net realized gains/losses in the second and fourth quarter of 2010 (see note2 and 16 to the accompanying financial statements) related to termination of swap agreements andlast years recognized gains related to Icelandic banks (see table below).FourthThe yearquarter (NOK million) 2010 2009 2010 2009 Comprehensive income for the period in accordance with IFRS 271 (433)448 (1,801) Loss/(profit) for the period from discontinued operations 0 0 0 (1) Net unrealized losses/(gains) (102)931 554 3,857 Unrealized gains/(losses) related to Iceland 1) 17 (1)17 91 Tax-effect 2) 24 (260) (160) (1,106) Non-IFRS profit for the period from continuing operations excluding unrealized gains/(losses) on financial instruments at fair value 210 237 859 1,041 Return on equity based on profit for the period from continuing operations excluding unrealized gains/(losses) on financial instruments at fair value 16.3% 20.1% 17.7% 24.2% 1) Reversal of previously recognized loss (at exchange rates applicable at December31, 2010) related to the Icelandic bank exposure included in the line item above 2) 28percent of the unrealized items above3) Return on equity: Profit for the period/average equity adjusted for proposed not distributed dividends. Balance sheetTotal assets amounted to NOK 215.5billion at December31, 2010, compared to NOK 225.3billion atyear-end 2009. Debt incurred by issuing commercial paper andbonds was NOK 186.4billion at December31, 2010. The corresponding figure at December31, 2009 wasNOK 197.6billion. The capital adequacy ratio was 17.6percent at December31, 2010, compared to 13.3percent atDecember31, 2009. The core capital adequacy ratio was 12.7percent at December31, 2010, comparedto 9.7percent at December31, 2009.Fourth quarter report 2010 8

From year-end 2009, there has been a decrease in risk-weighted assets mainly due to the repaymentof the KLP exposure, and a higher share of export lending guaranteed by government agencies.Oslo, February28, 2011EKSPORTFINANS ASAThe Board of DirectorsFourth quarter report 2010 9

Condensed statement of comprehensive incomeFigures are unaudited.Parent companyGroupFourth quarterThe yearFourth quarterThe year2010 2009 2010 2009 (NOK million) 2010 2009 2010 2009 Note1,450 1,410 5,817 7,213 Interest and related income 1,450 1,410 5,817 7,2131,126 1,033 4,398 5,743 Interest and related expenses 1,126 1,033 4,398 5,743324 377 1,419 1,470 Net interest income 324 377 1,419 1,470Commissions and income0 1 1 2 related to banking services 0 1 1 2Commissions and expenses2 1 7 7 related to banking services 2 1 7 7Net gains/(losses) on108 (927) (603) (3,793) financial instruments at fair value 108 (927) (603) (3,793) 2,162 4 7 14 Other income 2 4 7 14108 (923) (602) (3,784) Net other operating income 108 (923) (602) (3,784)432 (546)817 (2,314) Total operating income 432 (546)817 (2,314)Salaries and other44 42 157 152 administrative expenses 44 42 157 1526 6 23 20 Depreciation 6 6 23 205 4 14 15 Other expenses 5 4 14 15Impairment charges0 0 0 0 on loans at amortized cost 0 0 0 055 52 194 187 Total operating expenses 55 52 194 187377 (598)623 (2,501) Pre-tax operating profit/(loss) 377 (598)623 (2,501)106 (166)175 (699)Taxes 106 (166)175 (699)Profit/(loss) for the period271 (432)448 (1,802) from continuing operations 271 (432)448 (1,802)0 0 0 339 Net gain from sale of group companies 0 0 0 1 15Profit/(loss) for the period0 0 0 339 from discontinued operations 0 0 0 1 150 0 0 0 Other comprehensive income 0 0 0 0271 (432)448 (1,462) Total comprehensive income 271 (432)448 (1,801)The accompanying notes are an integral part of these condensed financial statements.Fourth quarter report 2010 10

Condensed balance sheetFigures are unaudited.Parent companyGroup31.12.10 31.12.09 (NOK million) 31.12.10 31.12.09 Note43,014 64,126 Loans due from credit institutions 1) 43,014 64,126 4,6,785,095 66,677 Loans due from customers 2) 85,095 66,677 5,6,767,921 76,090 Securities 67,921 76,090 815,403 14,344 Financial derivatives 15,403 14,34444 0 Deferred tax asset 44 020 26 Intangible assets 20 26205 208 Fixed assets and investment property 205 208 93,847 3,783 Other assets 3,847 3,783 10215,549 225,254 Total assets 215,549 225,25445 38 Deposits by credit institutions 45 38186,402 197,634 Borrowings through the issue of securities 186,402 197,634 1114,247 14,810 Financial derivatives 14,247 14,810373 73 Taxes payable 373 730 157 Deferred tax liabilities 0 1577,174 5,124 Other liabilities 7,174 5,124 1296 89 Accrued expenses and provisions 96 891,639 1,502 Subordinated debt 1,639 1,502417 419 Capital contribution securities 417 419210,393 219,846 Total liabilities 210,393 219,8462,771 2,771 Share capital 2,771 2,771177 177 Share premium reserve 177 17771 403 Reserve for unrealized gains 71 02,137 2,057 Other equity 2,137 2,4605,156 5,408 Total shareholders equity 5,156 5,408215,549 225,254 Total liabilities and shareholders equity 215,549 225,2541) Of NOK 43,014million at December31, 2010, NOK 29,811million is measured at fair valuethrough profit or loss and NOK 13,203million is measured at amortized cost. Of NOK 64,126million at December31, 2009, NOK 33,597million is measured at fair value through profit orloss and NOK 30,529million is measured at amortized cost.2) Of NOK 85,095million at December31, 2010, NOK 49,205million is measured at fair valuethrough profit or loss and NOK 35,890million is measured at amortized cost. Of NOK 66,677million at December31, 2009, NOK 27,248million is measured at fair value through profit orloss and NOK 39,429million is measured at amortized cost.The accompanying notes are an integral part of these condensed financial statements.Fourth quarter report 2010 11

Condensed statement of changes in equityFigures are unaudited.Parent companyShareReserveSharepremium unrealizedOtherTotal(NOK million) capital 1) reserve 1) gains 1) equityequityEquity at January1, 2009 2,771 177 3,104 818 6,870Total comprehensiveincome for the period 0 0 (2,701) 1,239 (1,462)Equity at December31, 2009 2,771 177 403 2,057 5,408Equity at January1, 2010 2,771 177 403 2,057 5,408Total comprehensiveincome for the period 0 0 (332)780 448Dividends paid 0 0 0 (700) (700)Equity at December31, 2010 2,771 177 71 2,137 5,1561) Restricted equity that cannot be paid out to the owners without a resolution to reduce theshare capital in accordance with the Public Limited Companies Act under Norwegian law.GroupShareReserveSharepremium unrealizedOtherTotal(NOK million) capital 1) reserve 1) gains 1) equityequityEquity at January1, 2009 2,771 177 0 4,260 7,208Total comprehensiveincome for the period 0 0 0 (1,801) (1,801)Equity at December31, 2009 2,771 177 0 2,460 5,408Equity at January1, 2010 2,771 177 0 2,460 5,408Total comprehensiveincome for the period 0 0 71 377 448Dividends paid 0 0 0 (700) (700)Equity at December31, 2010 2,771 177 71 2,137 5,1561) Restricted equity that cannot be paid out to the owners without a resolution to reduce theshare capital in accordance with the Public Limited Companies Act under Norwegian law.The accompanying notes are an integral part of these condensed financial statements.Fourth quarter report 2010 12

Condensed cash flow statementFigures are unaudited.

Parent companyGroupThe yearThe year2010 2009 (NOK million) 2010 2009623 (2,501) Pre-tax operating profit from continuing operations 623 (2,501)Provided by operating activities:(787) (382)Accrual of contribution from the Norwegian government (787) (382)Unrealized losses (reversal of unrealized losses)553 3,857 on financial instruments at fair value through profit or loss 553 3,857Realized losses on financial instruments27 0 at fair value through profit or loss [non-cash item] 27 023 20 Depreciation 23 20(33,654) (73,372) Disbursement of loans 1) (33,654) (73,372)32,416 83,820 Principal collected on loans 2) 32,416 83,820(43,401) (37,730) Purchase of financial investments (trading) (43,401) (37,730)Proceeds from sale38,748 45,473 or redemption of financial investments (trading)38,748 45,473332 152 Contribution paid by the Norwegian government 332 152(74) (143)Taxes paid (74) (143)Changes in:1,497 (1,199) Accrued interest receivable 1,497 (1,199)402 6,756 Other receivables 402 6,756408 (727)Accrued expenses and other liabilities 408 (727)(2,886) 24,024 Net cash generated from/(used in) operating activities (2,886) 24,024(4,317) (642)Purchase of financial investments (4,317) (642)18,336 5,991 Proceeds from sale or redemption of financial investments 18,336 5,9917,029 (16,044) Net cash flow from financial derivatives 7,029 (16,044)(14) (12)Purchases of fixed assets (14) (12)0 1 Proceeds from sales of fixed assets 0 121,034 (10,706) Net cash generated from/(used in) investing activities 21,034 (10,706)6 (231)Change in debt to credit institutions 6 (231)280,889 256,415 Proceeds from issuance of commercial paper debt 280,889 256,415(296,901) (265,520) Repayments of commercial paper debt (296,901) (265,520)72,231 69,339 Proceeds from issuance of bond debt 72,231 69,339(74,253) (75,226) Principal payments on bond debt (74,253) (75,226)(700)0 Dividends paid (700)0(18,728) (15,223) Net cash generated from/(used in) financing activities (18,728) (15,223)(580) (1,905) Net change in cash and cash equivalents 3) (580) (1,905)4,524 6,667 Cash and cash equivalents at beginning of period 4,524 7,327(12) (878)Effect of exchange rates on cash and cash equivalents (12) (878)Net change in cash and0 640 cash equivalents from discontinued operations 4) 0 (20)3,932 4,524 Cash and cash equivalents 3) at end of period 3,932 4,5241) Of NOK 73,4billion in 2009, NOK 45.3billion is related to funding of Kommunekreditt NorgeAS and other municipal-related disbursements after the sale of the subsidiary.2) Of NOK 83,8billion in 2009, NOK 44.5billion is related to repayment from KommunekredittNorge AS in relation to the sale of the subsidiary.3) Cash equivalents are defined as bank deposits with maturity of less than 3months.4) Cash flows from discontinued operations for 2009 are related to investing activities, as theyrepresent the net cash flow effect from the sale of the subsidiary.The accompanying notes are an integral part of these condensed financial statements.Fourth quarter report 2010 13

Notes to the condensed financial statements1. Accounting principlesEksportfinans fourth quarter and full year condensed financial statements have been presented inaccordance with International Financial Reporting Standards (IFRS), in line with both IFRS asadopted by the European Union (EU) and IFRS as issued by the International Accounting StandardsBoard (IASB). The condensed interim financial statements have been prepared in accordance with IAS34, Interim Financial Reporting.The accounting policies and methods of computation applied in the preparation of these condensedinterim financial statements are in all material aspects the same as in Eksportfinans annualfinancial statements of 2009, as approved for issue by the Board of Directors on March2, 2010.These policies have been consistently applied to all the periods presented.All figures disclosed in the notes are identical for the parent company, Eksportfinans ASA, and theconsolidated group (apart from note 15), and therefore presented in one single set of tables.Figures for interim periods are unaudited.2. Net gains/(losses) on financial instruments at fair valueFourth quarterThe year(NOK million) 2010 2009 2010 2009Securities held for trading 7 1 14 2Securities designated as at fair value at initial recognition 0 0 4 0Financial derivatives (12) (15) (139) (66)Foreign currencies 2 (2)4 (15)Other financial instruments at fair value 9 21 67 143Net realized gains/(losses) 6 5 (50)64Loans and receivables 10 (62) (69) (75)Securities 1) (78)177 183 1,554Financial derivatives 2) (1,058) 1,571 (3,672) (9,916)Commercial paper debt 3) (1)2 1 76Bond debt 3) 1,205 (2,549) 2,997 4,516Subordinated debt and capital contribution securities 3) 13 (58) (1)71Foreign currencies (3) (3)5 (87)Other 14 (10)3 4Net unrealized gains/(losses) 102 (932) (553) (3,857)Net realized and unrealized gains/(losses) 108 (927) (603) (3,793)1) Net unrealized gains/(losses) on securitiesFourth quarterThe year(NOK million) 2010 2009 2010 2009Securities held for trading (47)36 30 777Securities designated as at fair value at initial recognition (31)141 153 777Total (78)177 183 1,5542) The Portfolio Hedge Agreement entered into in March2008, further described in note 14 ofthis report, is included with a loss of NOK 202million in 2010 and a loss of NOK 1.582million in 2009.3) In 2010, Eksportfinans had an unrealized gain of NOK 2.997million (NOK 4.647million in2009) on its own debt.See note 16 for a presentation of the above table through the eyes of management.Fourth quarter report 2010 14

3. Capital adequacyCapital adequacy is calculated in accordance with the Basel II regulations in force from theNorwegian Banking, Insurance and Securities Commission. The Company has adopted the standardizedapproach to capital requirements. For the Company, this implies that the difference inrisk-weighted value between the Basel I and II regulations is mainly due to operational risk. Thecapital adequacy minimum requirement is 8percent of total risk-weighted value.(NOK million) 31.12.2010 31.12.2009Risk- Risk-BookweightedBookweightedvaluevaluevaluevalueTotal assets 215,549 29,050 225,254 35,964Off-balance sheet items 358 465Operational risk 2,577 2,689Total currency risk 0 162Total risk-weighted value 31,985 39,280The Companys eligible regulatory capital(NOK millionand in percent of risk-weighted value) 31.12.2010 31.12.2009Core capital 1) 4,077 12.7% 3,819 9.7%Additional capital 2) 1,565 4.9% 1,418 3.6%Total regulatory capital 5,642 17.6% 5,237 13.3%1) Includes share capital, other equity, elements of capital contribution securities and otherdeductions and additions in accordance with the Norwegian capital adequacy regulations.2) Includes subordinated debt, the elements of capital contribution securities not included incore capital and other deductions/additions in accordance with the Norwegian capital adequacyregulations.4. Loans due from credit institutions(NOK million) 31.12.10 31.12.09Cash equivalents 1) 3,932 4,524Other bank deposits and claims on banks 470 3,680Loan to KLP Kreditt AS (also included in note 6) 12,882 30,058Loans to other credit institutions,nominal amount (also included in note 6) 2) 26,290 26,325Accrued interest and adjustment to fair value on loans (560) (461)Total 43,014 64,1261) Cash equivalents are defined as bank deposits with maturity of less than 3months.2) The Company has acquired certain loan agreements from banks for which the selling bankprovides a repayment guarantee, therefore retaining the credit risk of the loans. Under IFRSthese loans are classified as loans to credit institutions. Of the loans to creditinstitutions these loans amounted to NOK 13,073million at December31, 2010, and NOK 11,869at December31, 2009.5. Loans due from customers(NOK million) 31.12.10 31.12.09Loans due from customers,nominal amount (also included in note 6) 84,240 65,819Accrued interest and adjustment to fair value on loans 855 858Total 85,095 66,677Fourth quarter report 2010 15

6. Total loans due from credit institutions and customers(NOK million) 31.12.10 31.12.09Loan to KLP Kreditt AS 12,882 30,058Loans due from other credit institutions 26,290 26,325Loans due from credit institutions 39,172 56,383Loans due from customers 84,240 65,819Total nominal amount 123,412 122,202Commercial loans 88,095 83,374Government-supported loans 35,317 38,828Total nominal amount 123,412 122,202Capital goods 31,992 28,347Ships 45,376 36,376Export-related and international activities *) 22,448 16,652Direct loans to Norwegian local government sector 5,719 5,778Loan to KLP Kreditt AS 12,882 30,058Municipal-related loans to other credit institutions 4,943 4,943Loans to employees 52 48Total nominal amount 123,412 122,202*) Export-related and international activities consist of loans to the following categories of borrowers:(NOK million) 31.12.10 31.12.09Banking and finance 7,264 8,260Real estate management 5,776 5,237Consumer goods 4,757 3,052Oil and gas 2,935 25Renewable energy 1,425 0Aviation and shipping 264 40Aluminum, chemicals and minerals 3 8Other categories 24 30Total nominal amount 22,448 16,652Fourth quarter report 2010 16

7. Loans past due or impaired* A total of NOK 493million relates to exposure towards Icelandic banks as of December31,2010, and are as of the balance sheet date not considered guaranteed in a satisfactory manner.These loans are measured at fair value at each balance sheet date. The change in fair value inthe period is reflected in the line item Net gains/losses on financial instruments at fairvalue. Apart from the fair value adjustments already recognized in the income statement,related to the exposure towards the Icelandic banks discussed above, the Company considers allother loans to be secured in a satisfactory manner. For these transactions, amounting to NOK1,336million, the Norwegian government, through the Guarantee Institute for Export Credit(GIEK), guarantees approximately 78percent of the amounts in default. The remaining 22percent are guaranteed by private banks, most of them operating in Norway. Claims havealready been submitted in accordance with the guarantees.8. Securities(NOK million) 31.12.10 31.12.09Trading portfolio 48,990 46,131Other securities at fair value through profit and loss 18,931 29,959Total 67,921 76,0909. Fixed assets and investment property(NOK million) 31.12.10 31.12.09Buildings and land in own use 126 127Investment property 70 71Total buildings and land 196 198Other fixed assets 9 10Total 205 20810. Other assets(NOK million) 31.12.10 31.12.09Interim account 108 Agreement 887 800Cash collateral provided 2,953 2,975Other 7 8Total 3,847 3,783Fourth quarter report 2010 17

11. Borrowings through the issue of securities(NOK million) 31.12.10 31.12.09Commercial paper debt 3,303 19,074Bond debt 200,066 191,153Accrued interest and adjustment to fair value on debt (16,967) (12,593)Total 186,402 197,63412. Other liabilities(NOK million) 31.12.10 31.12.09Grants to mixed credits 333 309Cash collateral received 6.449 4.786Interim bank liability 177 0Other short-term liabilities *) 215 29Total 7.174 5.124*) Dividends on preference share capital is included.13. Segment informationThe Company is divided into three business areas, export lending, municipal lending and securities.After the sale of Kommunekreditt Norge AS, municipal lending consists of loans to KLP Kreditt AS,in addition to loans directly to municipalities and municipal-related loans to savings banks thatwere purchased from Kommunekreditt Norge AS in connection with the sale of the subsidiary. TheCompany also has a treasury department, responsible for the Companys funding. Income and expensesrelated to treasury are divided between the three business areas.The segment information is in line with the management reporting.Export lendingMunicipal lendingSecuritiesThe yearThe yearThe year(NOK million) 2010 2009 2010 2009 5) 2010 2009Net interest income 1) 722 643 183 172 514 655Commissionsand income related to banking services 2) 1 2 0 0 0 0Net gains/(losses)on financial instruments at fair value 3) 17 91 0 0 (42) (58)Income/expenses divided by volume 4) (3)51 (1)22 (3)56Net other operating income 15 144 (1)22 (45) (2)Total operating income 737 787 182 194 469 653Total operating expenses 114 104 26 28 54 55Pre-tax operating profit/(loss) 623 683 156 166 415 598Taxes 175 191 44 47 116 168Non-IFRS profit for the period from continuingoperations excluding unrealized gains/(losses)on financial instruments at fair value 448 492 112 119 299 4301) Net interest income includes interest income directly attributable to the segments based onEksportfinans internal pricing model. The treasury department obtains interest onEksportfinans equity and in addition the positive or negative result (margin)based on thedifference between the internal interest income from the segments and the actual externalfunding cost. Net interest income in the treasury department is allocated to the reportablesegments based on volume for the margin, and risk weighted volume for the interest on equity.2) Income/(expenses) directly attributable to each segment.3) For Export lending the figures are related to unrealized gains/(losses) on the Icelandic bankexposure. In this context, the fair value adjustments on the Icelandic bank exposure have beentreated as realized, as they are not expected to be reversed towards maturity, as otherunrealized gains and losses. For Securities the figures are related to realized gains/(losses)on financial instruments.4) Income/expenses, other than interest, in the treasury department have been allocated to thebusiness areas by volume. These are items included in net other operating income in the incomestatement.5) The comparative figures related to municipal lending for 2009 do not include discontinuedoperations.Fourth quarter report 2010 18

Reconciliation of segment profit measure to total comprehensive incomeThe year(NOK million) 2010 2009Export lending 448 492Municipal lending 112 119Securities 299 430Non-IFRS profit/(loss) for the period from continuing operationsexcluding unrealized gains/(losses) on financial instruments at fair value 859 1,041Profit/(loss) for the period from discontinued operations 1Net unrealized gains/(losses) (554) (3,858)Unrealized losses/(gains) related to the Icelandic bank exposure included above 1) (17) (91)Tax effect 2) 160 1,107Total comprehensive income 448 (1,801)1) Reversal of previously recognized loss.2) 28percent of the unrealized items above.14. Material transactions with related partiesThe Companys two largest shareholders, DnB NOR Bank ASA and Nordea Bank Norge AS, are consideredto be related parties in accordance with IAS 24 Related Party Disclosures.AcquiredGuaranteesGuarantees Portfolio Hedge(NOK millions) loans 1) Deposits 2) issued 3) received 4) Agreement 5)Balance January1, 2009 10,034 3,911 2,074 19,252 1,679Change in the period (808) (1,842) (884)2,563 (1,065)Balance Dec. 31, 2009 9,226 2,069 1,190 21,815 614Balance January1, 2010 9,226 2,069 1,190 21,815 614Change in the period 1,643 (792) (534) (335) (79)Balance Dec. 31, 2010 10,869 1,277 656 21,480 5351) The Company acquires loans from banks. The loans are part of the Companys ordinary lendingactivity, as they are extended to the export industry. As the selling banks provide aguarantee for the loans, not substantially all the risk and rewards are transferred to theCompany, thus the loans are classified as loans due from credit institutions in the balancesheet.2) Deposits made by the Company.3) Guarantees issued by the Company to support the Norwegian export industry.4) Guarantees provided to the Company by the related parties.5) Eksportfinans has entered into a derivative portfolio hedge agreement with the majority ofits shareholders. The agreement, effective from March1, 2008, will offset losses up to NOK 5billion in the liquidity portfolio held as of February29, 2008. The agreement will alsooffset any gains in the portfolio as of the same date. The payments to or from the Companyrelated to the losses or gains, respectively, in the portfolio, will take place on the lastday of February each year, with the first payment in 2011. The agreement expires with thematurities of the bonds included in the contract, with the latest maturity on December31,2023. Eksportfinans will pay a monthly fee of NOK 5million to the participants to theagreement. The balances show the related parties share of the fair value of the contract asof the balance sheet date.All transactions with related parties are made on market terms.In addition to the transactions reflected in the above table, in 2008, Eksportfinans three majorowner banks extended a committed credit line of USD 4billion for repo purposes to the Company. Thefacility had a twelve month maturity with the possibility of extension, and was extended in thesecond quarter of 2009 and in the second quarter of 2010. In 2010 the line was reduced to USD 2billion. Eksportfinans has not yet utilized this credit facility.Fourth quarter report 2010 19

15. Effects on profit and equity from sale of KommunekredittOn May7, 2009, Eksportfinans entered into a sale and purchase agreement with KommunalLandspensjonskasse (KLP)for all shares in its subsidiary Kommunekreditt Norge AS. The sale wasfinalized on June24, 2009, while the price of the shares was agreed to be the carried value of thenet assets in Kommunekreditts financial statements as of March31, 2009. The only effect afterMarch31, 2009, is the expenses incurred related to the sale of the subsidiary.The discontinued operations (the parts of the subsidiary that were sold) are presented separatelyin the statement of comprehensive income and in the cash flow statement of the nine-month periodending September30, 2009, in accordance with IFRS 5 Non-current Assets Held for Sale andDiscontinued Operations. The remaining line items reflect the continuing operations in theCompany, without Kommunekreditt. No reclassification is made for comparative figures in the balancesheet.Initially, and for a period of approximately two years from the date of the agreement, thecontinuing operations will include lending to and interest income from the then former subsidiary.As Eksportfinans funding of Kommunekreditts operations will be continued for a period, the profitand loss figures of the parent company Eksportfinans ASA best represent the continuing operations.When Eksportfinans gradually ceases to fund Kommunekreditt Norge AS, with the last down-payment bythe end of 2011, the contribution to the business from the former subsidiary will decline. Pursuantto the agreement with KLP, Eksportfinans also retained around NOK 11billion of loans lent byKommunekreditt.Specification of the profit/(loss) for the period from the discontinued operations:GroupThe year(NOK million) 2010 2009Interest and related income 0 120Net interest income 0 120Net gain on sale of subsidiary 0 (10)Commissions and expenses related to banking services 0 0Net gains/(losses) on financial instruments at fair value 0 (92)Net other operating income 0 (102)Total net income 0 18Salaries and other administrative expenses 0 9Other expenses 0 1Total operating expenses 0 10Pre-tax operating profit/(loss) 0 8Taxes 0 7Profit/(loss) for the period 0 1Decomposition of net gain from sale of group companiesParent companyProfit/(loss)(NOK million) 2009Proceeds from sale of Kommunekreditt Norge AS 870Book value of investment in parent company financial statements of Eksportfinans ASA 1) (518)Expenses related to sale of Kommunekreditt Norge AS (11)Taxes (2)Net gain from sale of group companies 3391) Shares in Kommunekreditt Norge AS have been accounted for at cost in the financial statementsof Eksportfinans ASA.Fourth quarter report 2010 20

16. Market risk effects from economic hedgingNote 2 specifies the net realized and unrealized effects on financial instruments, showingseparately the effects from financial derivatives. When presented to the Companys management andBoard of Directors, the presentation is prepared showing the various financial instruments afternetting with related economic hedges, as derivatives are used in economic hedges of the market riskof specific assets and liabilities.The below table specifies net realized and unrealized gains/(losses) on financial instruments atfair value, netted with related economic hedges.Fourth quarterThe year(NOK million) 2010 2009 2010 2009Securities (8) (14) (42) (58)Foreign currencies 2 (2)4 (15)Other financial instruments at fair value 12 21 (12)137Net realized gains/(losses) 6 5 (50)64Loans and receivables 41 (59) (89) (49)Securities (132)26 (62)99Commercial paper debt 1) 2) (2)7 1 75Bond debt 1) 2) 132 (854) (393) (3,918)Subordinated debt and capital contribution securities 1) 2) 14 (57)2 1Foreign currencies (3) (3)5 (87)Other 14 4 3 11Net unrealized gains/(losses) 64 (936) (533) (3,868)Financial derivatives related to the 108 agreement 3) 38 4 (20)11Net realized and unrealized gains/(losses) 108 (927) (603) (3,793)1) Accumulated net gain on own debt is NOK 1.4billion as of December31, 2010, compared to NOK1.8billion as of December31, 20092) In 2010, Eksportfinans had an unrealized loss of NOK 390million (NOK 3.842million in2009) on its own debt, net of derivatives.3) Derivatives related to components of the 108 Agreement. The 108 Agreement is accounted forat amortized cost, hence these derivatives are not included in the effects related tofinancial instruments at fair value.Fourth quarter report 2010 21

17. ContingenciesA putative class action lawsuit was commenced in July this year against Eksportfinans relating tocertain securities sold pursuant to the US MTN program seeking unspecified damages and attorneysfees. Eksportfinans received notice from the United States District Court for the Southern Districtof New York dated September21, 2010 that pursuant to Federal rule of Civil procedure 41(a) thePlaintiff had voluntarily dismissed the action without prejudice.One of Eksportfinans borrowers reclaimed paid break cost in an amount of approximately NOK 19million in connection with voluntary prepayment of loans. Eksportfinans refuted the claim and thedispute came to trial at Oslo City Court (Oslo Tingrett) that began August26, 2010. Pronouncementof judgment has been served on the parties. The judgment went against Eksportfinans. Eksportfinanshas appealed the judgment.In 2009 Eksportfinans and Kommunal Landspensjonskasse gjensidige forsikringsselskap (KLP)enteredinto an agreement for the sale of Eksportfinanss wholly owned subsidiary Kommunekreditt Norge AS(Kommunekreditt). In the said agreement Eksportfinans made certain representations that amongothers include (a)KLP could rely on an agreement and a guarantee document with respect to acounter guarantee provided by a Norwegian bank to Kommunekreditt and (b)the list andcharacterization of borrowers as part of the due diligence process was correct in all materialrespect.KLP and the Norwegian bank disagree over the banks right to adjust the fee for the guarantee andhas summoned the bank for the amount of approximately NOK 71million. With reference to therepresentation related to the guarantee provided by the Norwegian bank to Kommunekreditt KLPthreatened to summon Eksportfinans if it is unsuccessful against the Norwegian bank. On October1,2010 KLP Banken AS, a wholly owned subsidiary of KLP has commenced a lawsuit against Eksportfinansalleging among other things that the claim against Eksportfinans should be united at trial with thecase between KLP Banken AS and the Norwegian bank. The claim against Eksportfinans is based on theclaim against the Norwegian bank which again is based on variable and uncertain factors and may bereduced if for instance the loan portfolio for which the guarantee was issued is partially prepaidor otherwise reduced and is therefore unspecified with respect to amount.With reference to the representations related to the list and characterization of borrowers, KLPasserts to have discovered after the closing of the sale that certain loans in the list ofborrowers provided by Kommunekreditt to KLP were incorrectly characterized which, KLP claims,reduces the agreed value of Kommunekreditt significantly. KLP threatens to sue Eksportfinans if thecompany does not pay said amount. Eksportfinans is of the opinion that there are no grounds forthe claim.18. Events after the balance sheet dateOn February28, 2011, the board proposed a dividend of NOK 500million (approximately NOK 1,895 pershare) related to the fiscal year 2010.Fourth quarter report 2010 22

EX-99.35u10731exv99w3.htmEX-99.3

exv99w3

Exhibit99.3

CAPITALIZATION AND INDEBTEDNESS

The following table presents our capitalization in accordance with InternationalFinancial Reporting Standards (IFRS)as ofJanuary31, 2011. It is important that you readthis table together with, and it is qualified by reference to, our audited consolidatedfinancial statements set forth in our Annual Report on Form 20-F dated March26, 2010.

As of January31, 2011

NOK U.S.$

(in millions) (unaudited)

Short-term debt (commercial paper and current portion of bond debt) * 55,815.1 9,640.7

Long-term debt (excluding current portions)

Bonds 133,055.9 22,982.3

Subordinated debt 1,612.9 278.6

Total long-term debt 134,668.8 23,260.9

Capital contr. securities NOK 423.6 73.2

Shareholders equity

Share capital 2,771.1 478.6

Other Equity 2,207.8 381.3

Share premium reserve 176.6 30.5

Total shareholders equity 5,170.8 893.0

Total capitalization 196,078.3 33,867.8

* All our debt is unsecured and unguaranteed. The current portion of bond debt is basedon expected maturity on structured bonds in accordance with internal model.

For the convenience of the reader, U.S. dollar amounts above have been translated fromNorwegian krone at the rate of NOK 5.7895 = U.S.$1.00, the noon buying rate of the Central Bankof Norway on January31, 2011.

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