New Issue: Morgan Stanley sells $6.61 million 17% RevCons linked to Schlumberger for Eksportfinans

By Jennifer Chiou

New York, June 24 - Eksportfinans ASA priced $6.61 million of 17% reverse convertible notes due Dec. 28, 2009 linked to the common stock of Schlumberger Ltd., 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 Schlumberger 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 Schlumberger 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:	Schlumberger Ltd. (Symbol: SLB)
Amount:	$6,609,000
Maturity:	Dec. 28, 2009
Coupon:	17%, 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, 18.76173 Schlumberger shares or equivalent value in cash; otherwise, par
Initial share price: $53.30
Knock-in level:	$39.975, 75% of initial price
Pricing date:	June 23
Settlement date:	June 26
Underwriter:	Morgan Stanley & Co. Inc.
Fees:	1.5%

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