FAQ

GENERAL 

• Will a transcript of the conference call held on March 1^st, 2012 be made available?
• Can you give us an update on what business Eksportfinans will do going forward?
• Can you comment on the plans to reorganize Eksportfinans after 1 July 2012 and efforts to ensure key staff remain within the company?
• Will a transcript of the conference call held on November 28^th, 2011 be made available?
• Please explain the significant change in equity and bond debt in the debt and capitalization table published on December 20^th, 2011.
• What was Eksportfinans’ competitive advantage?
• What business will Eksportfinans do going forward?
• How will Eksportfinans be able to retain key members of its work force?
• Have Eksportfinans been in contact with the government regarding, why the government didn't simply take over the company in its existing form, instead of creating a separate export financing scheme?
• Can you please discuss your projections on profitability and expense levels going forward?

 LEGAL

• Can you comment on discussions with the regulators since the last call?
• Can you give an update on the situation with regard to an event of default under any of your debt facilities?
• What is the status of the event of default considerations under the EMTN programme?
• There is a clause in the Samurai bond documentation whereby there is an event of default if the issuer "ceases or threatens to cease to carry on the whole or substantially the whole of its business". The Samurai bond documentation does not have a Trustee, is it up to each bond holder to manage its positions?
• In the Australian medium term note prospectus, the event of default seems to be defined in the same way as in the EMTN (cease substantially the whole of its business) but without the "materially prejudicial to bondholders" qualifier. An event of default would therefore seem more likely here. Can you comment on this?
• You mentioned on the conference call held on November 28^th, 2011 that you were still investigating whether there may be an event of default under some of your JPY bonds. What is your current view? Can you provide an English language translation of the Event of Default clauses in the relevant bond documents?
• Is the English prospectus for your JPY30 billion samurai issue due July 2016 available?
• Do the ISDA Master Agreements governing your derivatives positions allow for netting?
• Can it be assumed that a cross default threshold of NOK 50 million equivalent exists for most of your international bonds?
• Can you comment on the speculations around event of default under any debt instruments or financing arrangements?
• Can you summarize the current situation regarding large exposures to one single client?
• What is the legal status of Eksportfinans?
• What are the secured/senior liabilities of Eksportfinans, which are priority ranked ahead of unsecured debt/bonds?
• Has Eksportfinans decided to cease all lending operations and will the company actively seek new funding?
• Norway is not a member of the European Union so why did you introduce the EU Capital Requirement Directive covering single client exposures?
• Would a downgrade by S&P to sub investment grade status trigger any further margin calls, liabilities or maturities beyond those already sensitised for within the presentation dated 27th November 2011?

 LIQUIDITY / CAPITAL

• Can you give greater detail on the NOK 65.3 billion in “liquidity reserves” and the associated Securities portfolio holdings?
• Why has the value of the liquidity portfolio dropped compared to the third quarter?
• Why is the total amount of non-structured debt and structured debt different from the value on the balance sheet?
• In the maturity analysis on page 22 of the Q4 report, are the bonds at par or at market value? 
•  A reconciliation of the earlier released “Summary forecasted balance sheet data as of years ended December 31, 2011-2017” indicated a much slower asset and liability maturity profile than the “Maturity analysis of financial assets and liabilities based on expected maturities” in the Q4 2011 report. What has changed?
• How do you expect the balance sheet and consequent liquidity position to develop for the foreseeable future?
• What liquidity is available to Eksportfinans if for example some of its debt becomes due prior to scheduled?
• The new bill adopted in the Statsråd states that the Government may transfer about NOK 13.2 billion of loans related to either existing loans not fully disbursed or loans where the fixed-margin-period runs out. Could you quantify the impact on your liquidity and balance sheet runoff profile based on such a transfer?
• Who are the underwriters in the Portfolio Hedge Agreement (the PHA portfolio)?
• When taking into account short term debt, can you please clarify your liquidity and capital position?
• Could you please provide more details on the USD 2 billion Repo facility provided by shareholders
• Will there be a notice of a draw under the USD 2 billion committed line provided by Nordea and DnB that was recently provided?
• Are there any ongoing discussions with your owners about the possibility of them providing an explicit debt guarantee?

Please see the LIQUIDITY / CAPITAL FAQ section 

DEBT

• Can you comment on the current funding portfolio including the portfolio of structured notes?
• Does Eksportfinans expect to buy back its own debt? (
• Can you comment on your derivatives portfolio and relationships with swap counterparties since the downgrades?
• Can you comment on the most recent rating action from S&P?
• Why are the amounts received from the Norwegian government as a result of guarantees (page 24 of the 20F) so much higher than the non-performing loans for those years (page 32 of the 20F). For 2008, you received NOK 332 million but Non Performing Loans were only NOK 51 million that year.
• Are all bonds issued under the EMTN programme in euro and all bonds issued under the US MTN program in dollar?
• How will the current market prices of your own debt impact the core capital?
• Which line item on the balance sheet includes the collateral for the derivatives?
• There are financial derivatives on both the asset side and liability side in the balance sheet. Could you please explain?
• In note 2 in the Q3 2011 report, there are large movements in the unrealized gains/losses of financial derivatives and bond debt. Could you explain?
• What does Eksportfinans’ funding portfolio look like?
• Where can I find more information regarding the EMTN / US MTN programmes (size and currencies)?
• Can you give us more details on the structured notes with uncertain maturity?
• Is Eksportfinans able to accommodate buybacks requests on its outstanding debt (including Commercial Paper programmes)?
• Where can I find further information regarding the Eksportfinans facilities and the Commercial Paper programmes? 
•  What are the future plans regarding funding at Eksportfinans?
• Is the outstanding debt issued by Eksportfinans guaranteed and does Eksportfinans intend to honour its’ obligations?
• Can you elaborate on your expectations regarding the subordinated debt?
• Can you explain the change from Q3 2011 outstanding bonds of NOK 205 billion, to the estimations of NOK 167 billion end of Q4 2011 in the forecast?
• Does the company intend to continue to pay dividends during the run-off of the loan portfolio and if so what is the general policy around proportion of earnings?
• Can you clarify the difference between NOK 213 billion of bond debt in the 20F and NOK 200 billion in the annual report?
• Could you give detailed information of your loan book with regard to guarantees? 

LENDING

• What was the amount of loans originated by Eksportfinans on behalf of the Norwegian Government at the end of 2011?
• When past due loans or impaired loans are disclosed, do you report all the loans as past due or only part of the principal loan that is past due or impaired?
• Can you summarize the numbers of your loan portfolio?
• Can you give us an update on the situation on the lending side and what has happened with regard to the new government entity?
• Can you provide a breakdown of non-performing loans?
• How much of the loan book is GIEK guaranteed?
• What is the percentage of loans backed by collateral, and what is the collateral?
• Is it possible to give a breakdown on the loans to ship owners?
• Please provide additional information about the guarantees backing your loans.

Please see the LENDING FAQ section 

The statements contained herein constitute “forward-looking statements” within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. These forward-looking statements rely on a number of assumptions concerning future events. These forward-looking statements involve known and unknown risks, uncertainties and other factors, many of which are outside of our control, that may cause actual results to differ materially from any future results expressed or implied from the forward-looking statements. As a result, the forward-looking statements included herein should not be regarded as a representation that the plans and objectives discussed herein will be achieved. See the Company's Annual Report on Form 20-F filed with the US Securities and Exchange Commission for a discussion of certain factors that may cause actual results, performance or events to be materially different from those referred to herein. Eksportfinans disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.