New Issue: Morgan Stanley sells $3.92 million PLUS notes tied to Dow Jones Industrials for Eksportfinans

By Laura Lutz

Des Moines, Feb. 26 - Eksportfinans ASA priced $3.92 million of 0% Performance Leveraged Upside Securities (PLUS) due March 20, 2009 linked to the Dow Jones Industrial Average, according to an FWP filing with the Securities and Exchange Commission.

Morgan Stanley & Co. Inc. is the agent.

If the final index level is at least the initial level, the payout at maturity will be par of $10 plus 300% of any index gain, capped at a payout equal to 116% of par.

Otherwise, the payout will be par minus the index decline.

Issuer:	Eksportfinans ASA
Issue:	Performance Leveraged Upside Securities (PLUS)
Underlying index:	Dow Jones Industrial Average
Amount:	$3,921,130
Maturity:	March 20, 2009
Coupon:	0%
Price:	Par of $10
Payout at maturity:	If final index level is at least initial level, par plus 300% of any index gain, capped at payout equal to 116% of par; otherwise, par minus index decline
Initial level:	12,381.02
Pricing date:	Feb. 22
Settlement date:	Feb. 29
Agent:	Morgan Stanley & Co. Inc.
Fees:	1.5%

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