Morgan Stanley plans bear market PLUS on iShares Russell 2000 Growth fund for Eksportfinans

By Toni Weeks

San Diego, Oct. 7 - Eksportfinans ASA plans to price 0% bear market Performance Leveraged Upside Securities due April 2012 linked inversely to the iShares Russell 2000 Growth index fund, according to an FWP filing with the Securities and Exchange Commission.

If the final share price is less than the initial share price, the payout at maturity will be par plus 3% for every 1% that the fund declines, up to a maximum payment of $11.90 to $12.30 per $10 security. The exact maximum payment will be determined at pricing.

If the fund return is positive, the payout will be par minus 1% for every 1% gain in the fund, subject to a maximum loss of 90%.

The securities (Cusip: 282645WJ5) are expected to price and settle in October.

Morgan Stanley & Co. LLC is the agent.

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