Open Internet Explorer on the computer that has the Favorites you want to export.

Press the Alt key on your keyboard. The menu bar (with File, Edit, View, etc.) will appear.

Click on the File menu and select Import and Export.... The Import/Export Settings Window will appear. 

In the Import/Export Settings window, click to select Export to a file. Then click the Next button.

Select Favorites. Then click the Next button.

Select the Favorites folders you want to export. To export all your favorites, click the Favorites folder at the top of the list. Then click the Next button.

Click the Browse... button, then navigate to a folder to save your bookmarks file. Then click the Export button.