New Issue: Wachovia prices $3.67 million 12.5% auto redeemable notes linked to Apple for Eksportfinans

By Susanna Moon

Chicago, July 18 - Eksportfinans ASA priced $3.67 million of 12.5% annualized auto redeemable enhanced yield securities due Jan. 21, 2009 linked to the common stock of Apple Inc. via Wachovia Capital Markets, LLC, according to a 424B5 filing with the Securities and Exchange Commission.

Interest is payable monthly.

The notes will be called at par any time after Oct. 16 if Apple shares trade at or above its initial share price.

If the notes are not called, payout at maturity will be par unless the stock falls by 30% or more during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Apple shares equal to $1,000 divided by the initial share price.

Issuer:	Eksportfinans ASA
Issue:	Auto redeemable enhanced yield securities
Underlying stock:	Apple Inc. (Nasdaq: AAPL)
Amount:	$3,671,000
Maturity:	Jan. 21, 2009
Coupon:	12.5%, payable monthly
Price:	Par
Call:	At par any time after Oct. 16 if Apple trades at or above initial price
Payout at maturity:	If the stock falls below the knock-in price during the life of the notes and the final share price is less than the initial share price, 5.7867 Apple shares; otherwise, par
Initial share price:	$172.81
Knock-in price:	$120.967, 70% of initial price
Pricing date:	July 16
Settlement date:	July 21
Underwriter:	Wachovia Capital Markets, LLC
Fees:	1.25%

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