New Issue: Wachovia sells $30.65 million 12% reverse exchangeables on Sunoco for Eksportfinans

By Jennifer Chiou

New York, Dec. 3 - Eksportfinans ASA priced $30.65 million of 12% annualized reverse exchangeable securities with contingent downside protection due June 3, 2008 linked to the common stock of Sunoco, Inc. via Wachovia Capital Markets, LLC, according to a 424B3 filing with the Securities and Exchange Commission.

Interest is payable monthly.

The payout at maturity will be par in cash unless Sunoco stock falls by more than 25% during the life of the notes - a knock-in event - and the stock finishes below the initial price, in which case the payout will be a number of Sunoco shares equal to $1,000 divided by the initial share price.

Issuer:	Eksportfinans ASA
Issue:	Reverse exchangeable securities with contingent downside protection
Underlying stock:	Sunoco, Inc. (Symbol: SUN)
Amount:	$30,651,000
Maturity:	June 3, 2008
Coupon:	12%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Sunoco stock falls by more than 25% during the life of the notes - a knock-in event - and the stock finishes below the initial price, in which case the payout will be a number of Sunoco shares equal to $1,000 divided by the initial share price
Initial share price:	$67.10
Knock-in price:	$50.325, 75% of initial share price
Pricing date:	Nov. 30
Settlement date:	Dec. 5
Underwriter:	Wachovia Capital Markets, LLC
Fees:	1.25%

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