KLP Kommunekreditt AS

PROSPECTUS SUPPLEMENT DATED 18 APRIL 2012 KLP Kommunekreditt AS

(incorporated in Norway)

€10,000,000,000 Covered Bond Programme

This Supplement (“Supplement No. 1”), to the prospectus dated 18 August 2011 (the “Prospectus”) which comprises a base prospectus, constitutes a prospectus supplement for the purposes of Article 16 of Directive 2003/71/EC and is prepared in connection with the Covered Bond Programme € 10,000,000 (the “Programme”) established by KLP Kommunekreditt AS (the “Issuer”). Terms defined in the Prospectus have the same meaning when used in this Supplement No. 1.

This Supplement No. 1 constitutes a supplement to the Prospectus for the purpose of Article 13 of the Luxembourg law on prospectuses for securities dated 10 July 2005 (the “Luxembourg Law”). Supplement No. 1 is available for viewing on the website of the Luxembourg Stock Exchange (www.bourse.lu).

This Supplement No. 1 is supplemental to, and should be read in conjunction with, the Prospectus issued by the Issuer.

The Issuer accepts responsibility for the information contained in this Supplement No. 1. To the best of the knowledge of the Issuer (which has taken all reasonable care to ensure that such is the case) the information contained in this Supplement No. 1 is in accordance with the facts and does not omit anything likely to affect the import of such information.

To the extent that there is any inconsistency between (a) any statement in this Supplement No. 1 or any statement incorporated by reference into the Prospectus by this Supplement No. 1 and (b) any other statement in or incorporated by reference in the Prospectus, the statements in (a) above will prevail.

Save as disclosed in this Supplement No. 1, no other significant new factor, material mistake or inaccuracy relating to information included in the Prospectus has arisen or been noted, as the case may be, since the publication of the Prospectus.

The Arranger and the Dealers have not separately verified the information contained in this Supplement No. 1 to the Prospectus. None of the Dealers or the Arranger makes any representation, express or implied, or accepts any responsibility, with respect to the accuracy or completeness of any of the information in this Supplement No. 1 to the Prospectus.

In accordance with Article 13 paragraph 2 of the Luxembourg Law, investors who have already agreed to purchase or subscribe for the securities before this supplement is published have the right, exercisable within a time limit of minimum two working days after the publication of this supplement, to withdraw their acceptances.

The date of this Supplement No. 1 is 18 April 2012.

1. AMENDMENTS TO “DOCUMENTS INCORPORATED BY REFERENCE” IN THE PROSPECTUS CONCERNING - KLP GROUP – ANNUAL REPORT

The section with the heading entitled “Documents Incorporated by Reference” in the Prospectus is amended by the insertion of the following on page 10:

(i) the financial statements of KLP Group as at, and for the period ended, up to 31 December

2011, including the information set out in the following pages of the KLP ‘Interim Report 4 2011:

Page

Income statement 8

Balance sheet 9

Cash-flow Statement 10

Changes in owner’s equity 11

Accounting principles and explanatory notes 12-25

2. AMENDMENTS TO “DOCUMENTS INCORPORATED BY REFERENCE” IN THE PROSPECTUS CONCERNING THE ISSUER – ANNUAL REPORT 2011

The section with the heading entitled “Documents Incorporated by Reference” in the Prospectus is amended by the insertion of the following on page 10:

(j) the financial statements of KLP Kommunekreditt AS at, and for the period ended, up to 31 December 2011, including the information set out in the following pages of the Issuers ‘Annual Report 2011”:

Page

Income statement 8

Financial Position Statement (Balance sheet) 9

Statement of owner`s equity 10

Statement of Cash – flow 11

Notes to the accounts 12-30

Auditor’s report 31-32

The annual and interim financial statements incorporated by reference herein can be viewed online at http://www.klp.no and will be published on the website of the Luxembourg Stock Exchange http://www.bourse.lu. Any information not listed in the cross reference list but included in the documents incorporated by reference is given for information purposes only.”

3. AMENDMENTS TO “GENERAL INFORMATION” IN THE PROSPECTUS

The paragraphs entitled “No Material or Significant Change” of the “General Information” section on page 131 of the Prospectus shall be deemed deleted and replaced with the following paragraphs respectively:

“No Material or Significant Change”

Save as disclosed herein, since 30 June 2011 there has been no material adverse change in the prospects of the Issuer and, since 30 June 2011 there has been no significant change in the financial and trading position of the Issuer.

Save as disclosed herein, since 30 June 2011 there has been no material adverse change in the prospects of KLP and, since 30 June 2011 there has been no significant change in the financial and trading position of KLP.

4. AMENDMENTS TO “DESCRIPTION OF KLP” IN THE PROSPECTUS

The paragraph entitled “Team Management” of the “Description of KLP” section on pages 116 and 117 of the Prospectus shall deemed deleted and replaced with the following paragraph:

Team Management

The senior KLP Group management in the parent company Kommunal Landspensjonskasse (KLP) comprises ten experienced individuals with broad background from the Norwegian business world:

Sverre Thornes Group Chief Executive Officer and acting Vice President, Life InsuranceSverre Thornes has a BA in Business Administration from the American College in Paris. Mr Thornes has broad experience in insurance and asset management and he was previously a Group Director at KLP with responsibility for Life Insurance. Mr Thornes came to KLP in 1995 as a fixed income manager and led KLP Kapitalforvaltning from 2001 to 2006. Aage E. Schaanning Executive Vice President/Chief Financial Officer Mr Schaanning has an MBA from University of Colorado and is an Authorised Financial Analyst who has previously worked at BNbank and Kreditkassen before starting at KLP in 2001 as Investment Director at KLP Kapitalforvaltning. In 2006 Mr Schaanning was appointed Managing Director of KLP Kapitalforvaltning and has been the CFO of KLP since July 2008. Ole Jacob Frich Executive Vice President, Communication Mr Frich graduated from Sagene Lærerhøgskole (teachers training college). Prior to joining KLP he worked at Geelmuyden.Kiese and at the Norwegian Financial Services Authority. Mr Frich has broad political experience including as Kommunalråd (a full-time municipal politician with executive powers) in Oslo municipality (1986 – 92) and as State Secretary within the then Ministry of Health and Social Affairs (1992 – 96). Håvard Gulbrandsen Managing Director, KLP Asset Management Mr Gulbrandsen is an authorised financial analyst who has previously worked at Storebrand Kapitalforvaltning, at DnB Investor AS and joined KLP in 2009 from the position of Head of Asset Strategies

Equities/Head of Core Corporate Governance at Norges Bank Investment Management. Hans Martin Hovden Managing Director, KLP Skadeforsikring AS Mr Hovden graduated as a sivilingeniør (MSc in Engineering) from Norges Tekniske Høyskole (now the Norwegian University of Science and Technology) in Trondheim. Mr Hovden he has worked with the non-life insurance company since 1992, leading the business since 1997. He was formerly with Uni Forsikring and Storebrand. Gunnar Gjørtz Managing Director, KLP Eiendom AS Mr Gjøttz has a business degree from Handelsakademiet in Oslo (now BI). His background includes experience as CFO in NetCom, Løvenskiold Vækerø and Hafslund. Gjørtz also spent four years in the UK and France with Suez-Lyonnaise des Eaux. He was CFO of the then listed Nora Eiendom when it was acquired by KLP in 1995 to form KLP Eiendom. Gjørtz rejoined KLP Eiendom as deputy managing director on 1 August 2010, and assumed the position of managing director on 1 January 2011. Toril Bariusdotter Ressem Executive Vice President, Group Services Ms Ressem was educated cand.polit. (Master in political/social sciences). Ms Ressem has previously been Executive Vice President at Norwegian State Railways Customer Services, Director at Telenor, HR and OD Director at Rikshospitalet University Hospital and Project Manager at South-Eastern Norway Regional Health Authority. Since 1 April 2009 Ms Ressem has been Executive Vice President, Group Services. Since February 2011, Ms Ressem has been assisting the management in KLP Banken, and is now representing KLP Banken in the senior KLP Group management. Rune Mæland Executive Vice President, IT Mr Mæland graduated as an IT/EDP engineer at Bergen Ingeniørhøgskole (Bergen University college of engineering) and he has worked for KLP since 1981 and since 1993 headed the IT section. Mr Mæland has been KLP’s Executive Vice President IT since 3 July 2008. Mette-Jorunn Meisland Executive Vice President, Marketing Mrs Meisland’s background is from the Norwegian School of Marketing (Norges Markedshøyskole - NMH) specialising in information and social contact/public relations, a Masters programme from the Norwegian School of Economics and Business Administration (Norges Handelshøyskole - NHH) in brand management, and a Masters in Management from BI Norwegian Business School. She came to KLP from SpareBank1, where she worked on brand building right from the formation of Sparebank1 Alliansen and up to 2006. She has previous experience from customer service and travel (SAS Leisure, Saga Solreiser). Meisland was appointed Marketing Director of KLP for the Group on 1 October 2006.