New Issue: Morgan Stanley prices $1.5 million participation notes on commodities for Eksportfinans

By Toni Weeks

San Diego, Feb. 2 - Eksportfinans ASA priced $1.5 million of 0% participation securities due Feb. 8, 2012 linked to a basket of commodities via Morgan Stanley, according to an FWP filing with the Securities and Exchange Commission.

The basket includes the S&P GSCI Brent Crude Oil Index - Excess Return with a 25% weight; coal and gold, each with a 15% weight; copper, nickel, soybeans and corn, each with a 10% weight; and cotton, with a 5% weight.

The payout at maturity will be par plus any basket gain. Investors will be exposed to any losses.

Morgan Stanley & Co. Inc. is the agent.

Issuer:	Eksportfinans ASA
Issue:	Participation notes
Underlying index:	S&P GSCI Brent Crude Oil Index - Excess Return, 25%; coal and gold, each 15%; copper, nickel, soybeans and corn, each 10%; cotton, 5%
Amount:	$1.5 million
Maturity:	Feb. 8, 2012
Coupon:	0%
Price:	Par of $1,000
Payout at maturity:	Par plus any basket gain; investors will be fully exposed to losses
Initial index levels:	S&P GSCI Brent Crude Oil Index - Excess Return:
Pricing date:	Jan. 31
Settlement date:	Feb. 7
Agent:	Morgan Stanley & Co. Inc.
Fees:	1.5%
Cusip:	282645VN78

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