New Issue: Morgan Stanley sells $2.37 million PLUS notes tied to iShares MSCI EAFE for Eksportfinans

By Angela McDaniels

Tacoma, Wash., Feb. 26 - Eksportfinans ASA priced $2.37 million of 0% Performance Leveraged Upside Securities due March 20, 2009 linked to the iShares MSCI EAFE index fund via Morgan Stanley & Co. Inc., according to an FWP filing with the Securities and Exchange Commission.

The payout at maturity will be par of $10 plus 3% for every 1% increase in the exchange-traded fund's share price, subject to a maximum return of 16.5%. Investors will be fully exposed to any share price decline.

Issuer:	Eksportfinans ASA
Issue:	Performance Leveraged Upside Securities
Underlying ETF:	iShares MSCI EAFE index fund
Amount:	$2,373,150
Maturity:	March 20, 2009
Coupon:	0%
Price:	Par of $10
Payout at maturity:	Par plus triple any share price increase, capped at maximum payout equal to 116.5% of par; full exposure to any share price decline
Initial share price:	$71.69
Pricing date:	Feb. 22
Settlement date:	Feb. 29
Agent:	Morgan Stanley & Co. Inc.
Fees:	1.5%

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