New Issue: Morgan Stanley prices $3.52 million PLUS notes on Financial Select SPDR for Eksportfinans

By Susanna Moon

Chicago, Feb. 8 - Eksportfinans ASA priced a $3.52 million issue of 0% notes due March 20, 2009 in the Performance Leveraged Upside Securities (PLUS) structure linked to shares of the Financial Select Sector SPDR fund, according to an FWP filing with the Securities and Exchange Commission.

Morgan Stanley & Co. Inc. is the agent.

The payout will be par plus triple any gain on the shares, capped at a payout equal to 124% of par.

If the shares close below the initial price, investors will share in any losses.

Issuer:	Eksportfinans ASA
Issue:	Performance Leveraged Upside Securities (PLUS)
Underlying index:	Financial Select Sector SPDR fund
Amount:	$3,519,000
Maturity:	March 20, 2009
Coupon:	0%
Price:	Par of $10.00
Payout at maturity:	Par plus 300% of any gain, capped at payout of 124% of par; otherwise, par times final share performance
Initial share price:	$27.58
Pricing date:	Feb. 7
Settlement date:	Feb. 14
Agent:	Morgan Stanley & Co. Inc.
Fees:	1.25%

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