New Issue: Morgan Stanley sells $47.34 million 19% RevCons linked to Bank of America for Eksportfinans

By E. Janene Geiss

Philadelphia, Sept. 24 - Eksportfinans ASA priced $47.34 million of 19% reverse convertible notes due March 30, 2010 linked to the common stock of Bank of America Corp., according to an FWP filing with the Securities and Exchange Commission.

Morgan Stanley & Co. Inc. is the agent.

Interest is payable monthly.

The payout at maturity will be par unless Bank of America stock ever dips to or below its knock-in level - 75% of the initial share price - during the life of the notes and the final share price is less than the initial share price, in which case investors will receive a number of Bank of America shares equal to $1,000 divided by the initial share price or, at Eksportfinans' option, an equivalent cash amount.

Issuer:	Eksportfinans ASA
Issue:	Reverse convertible notes
Underlying shares:	Bank of America Corp. (NYSE: BAC)
Amount:	$47,344,000
Maturity:	March 30, 2010
Coupon:	19%, payable monthly
Price:	Par
Payout at maturity:	If the stock falls to or below knock-in level during life of notes and finish below initial share price, 57.14286 Bank of America shares or equivalent value in cash; otherwise, par
Initial share price:	$17.50
Knock-in level:	$13.125, 75% of initial price
Pricing date:	Sept. 23
Settlement date:	Sept. 28
Underwriter:	Morgan Stanley & Co. Inc.
Fees:	1.5%

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