New Issue: Natixis prices $575,000 19% reverse convertibles linked to Freeport-McMoRan for Eksportfinans

By E. Janene Geiss

Philadelphia, May 23 - Eksportfinans ASA priced $575,000 of 19% reverse convertible notes due Sept. 2, 2008 linked to the common stock of Freeport-McMoRan Copper & Gold, Inc. via Natixis Securities North America Inc., according to a 424B3 filing with the Securities and Exchange Commission.

Interest will be payable monthly.

If Freeport-McMoRan stock falls below the knock-in price - 75% of the initial share price - during the life of the notes and finishes below the initial price, the payout at maturity will be a number of Freeport-McMoRan shares equal to par divided by the initial share price.

Otherwise, the payout will be par.

Issuer:	Eksportfinans ASA
Issue:	Reverse convertible notes
Underlying stock:	Freeport-McMoRan Copper & Gold, Inc. (Symbol: FCX)
Amount:	$575,000
Maturity:	Sept. 2, 2008
Coupon:	19%, payable monthly
Price:	Par
Payout at maturity:	If stock falls below knock-in price and finishes below initial price, Freeport-McMoRan shares equal to par divided by initial price; otherwise, par
Initial price:	$119.09
Knock-in price:	$89.318, 75% of initial price
Pricing date:	May 23
Settlement date:	May 30
Underwriter:	Natixis Securities North America Inc.
Fees:	1.75%

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