New Issue: Wachovia prices $2.91 million 9.5% enhanced yield notes tied to Tata Motors for Eksportfinans

By Jennifer Chiou

New York, May 2 - Eksportfinans ASA priced $2.91 million of 9.5% annualized enhanced yield securities due Nov. 4, 2008 linked to the American Depositary Shares of Tata Motors Ltd. 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 unless Tata Motors ADSs fall by 25% or more during the life of the notes and finish below the initial price, in which case the payout will be a number of Tata Motors ADSs equal to $1,000 divided by the initial price.

Issuer:	Eksportfinans ASA
Issue:	Enhanced yield securities
Underlying asset:	American Depositary Shares of Tata Motors Ltd. (Symbol: TTM)
Amount:	$2,906,000
Maturity:	Nov. 4, 2008
Coupon:	9.5%, payable monthly
Price:	Par
Payout at maturity:	If Tata Motors ADSs trade at or below the knock-in price during the life of the notes and the final price is less than the initial price, 60.4595 Tata Motors ADSs; otherwise, par
Initial price:	$16.54
Knock-in price:	$12.405, 75% of initial price
Pricing date:	April 30
Settlement date:	May 5
Underwriter:	Wachovia Capital Markets, LLC
Fees:	1.25%

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