New Issue: Morgan Stanley prices $3.13 million 15% reverse convertibles linked to Exxon Mobil for Eksportfinans

By E. Janene Geiss

Philadelphia, Dec. 24 - Eksportfinans ASA priced $3.13 million 15% annualized reverse convertible notes due June 29, 2009 linked to the common stock of Exxon Mobil Corp. via Morgan Stanley & Co. Inc., according to an FWP filing with the Securities and Exchange Commission.

Interest is payable monthly.

The payout at maturity will be par unless Exxon Mobil stock falls by more than 30% during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Exxon Mobil shares equal to $1,000 divided by the initial share price or, at the issuer's option, the value of those shares in cash.

Issuer:	Eksportfinans ASA
Issue:	Reverse convertible notes
Underlying stock:	Exxon Mobil Corp. (Symbol: XOM)
Amount:	$3,128,000
Maturity:	June 29, 2009
Coupon:	15%, payable monthly
Price:	Par
Payout at maturity:	If Exxon Mobil stock closes below knock-in price of $52.570 during life of notes and finishes below initial price, 13.31558 Exxon Mobil shares or equivalent cash value; otherwise, par
Initial share price:	$75.10
Knock-in price:	$52.570, 70% of initial price
Pricing date:	Dec. 23
Settlement date:	Dec. 29
Underwriter:	Morgan Stanley & Co. Inc.
Fees:	1.5%

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