New Issue: Morgan Stanley prices $9.37 million PLUS on S&P 500 for Eksportfinans

By Susanna Moon

Chicago, May 22 - Eksportfinans ASA priced $9.37 million of 0% Performance Leveraged Upside Securities due June 21, 2010 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.

Morgan Stanley & Co. Inc. is the agent.

The payout at maturity will be par of $10 plus triple any index gain, up to a maximum of $12.72 per note.

If the index finishes below its initial level, payout will be par minus the index decline.

Issuer:	Eksportfinans ASA
Issue:	Performance Leveraged Upside Securities
Underlying index:	S&P 500
Amount:	$9,365,940
Maturity:	June 21, 2010
Coupon:	0%
Price:	Par of $10
Payout at maturity:	Par plus triple any index gain, capped at 127.2% of par; exposure to losses
Initial level:	888.33
Pricing date:	May 21
Settlement date:	May 29
Agent:	Morgan Stanley & Co. Inc.
Fees:	1.5%

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