New Issue: Eksportfinans prices $6.58 million 15% notes linked to Valero via Wachovia

By Laura Lutz

Des Moines, April 2 - Eksportfinans ASA priced $6.58 million of 15% annualized reverse exchangeable securities with contingent downside protection due Oct. 7, 2008 linked to the common stock of Valero Energy Corp. via Wachovia Capital Markets, LLC, according to a 424B3 filing with the Securities and Exchange Commission.

Interest is payable monthly.

If the stock falls below the knock-in level - 75% of the initial price - during the life of the securities and finishes below the initial price, the payout at maturity will be a number of Valero shares equal to par divided by the initial price.

Otherwise, the payout will be par.

Issuer:	Eksportfinans ASA
Issue:	Reverse exchangeable securities with contingent downside protection
Underlying stock:	Valero Energy Corp. (NYSE: VLO)
Amount:	$6,584,000
Maturity:	Oct. 7, 2008
Coupon:	15%, payable monthly
Price:	Par
Payout at maturity:	If stock falls below knock-in level during life of securities and finishes below initial price, Valero shares equal to par divided by initial price; otherwise, par
Initial share price:	$49.11
Knock-in price:	$36.833, 75% of initial share price
Pricing date:	March 31
Settlement date:	April 3
Underwriter:	Wachovia Capital Markets, LLC
Fees:	1.25%

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