New Issue: Morgan Stanley sells $3.91 million autocallable securities on Financial SPDR for Eksportfinans

By Susanna Moon

Chicago, July 10 - Eksportfinans ASA priced $3.91 million of 0% autocallable securities due Jan. 20, 2011 linked to shares of the Financial Select Sector SPDR fund via Morgan Stanley & Co. Inc., according to a 424B3 filing with the Securities and Exchange Commission.

The notes will be automatically redeemed if the fund closes above its initial level on any of six determination dates.

The redemption price will be $1,140 per $1,000 note on Oct. 15, 2009, $1,175 per note on Jan. 15, 2010, $1,210 per note on April 15, 2010, $1,245 per note on July 15, 2010, $1,280 per note on Oct. 15, 2010 and $1,315 per note on Jan. 14, 2011.

If the notes are not called, the payout at maturity will be par if the fund shares fall by up to 35%. Investors will share in losses beyond a 35% decline.

Issuer:	Eksportfinans ASA
Issue:	Autocallable securities
Underlying fund:	Financial Select Sector SPDR Fund
Amount:	$3,908,000
Maturity:	Jan. 20, 2011
Coupon:	0%
Price:	Par
Call:	Automatically redeemed if fund closes above its initial price on any of six determination dates; at $1,140 per $1,000 note on Oct. 15, 2009, $1,175 per note on Jan. 15, 2010, $1,210 per note on April 15, 2010, $1,245 per note on July 15, 2010, $1,280 per note on Oct. 15, 2010 and $1,315 per note on Jan. 14, 2011
Payout at maturity:	Par if fund shares fall by up to 35%; share in losses beyond a 35% decline
Initial fund price:	20.53
Trigger price:	13.3445, or 65% of initial price
Pricing date:	July 8
Settlement date:	July 15
Underwriter:	Morgan Stanley & Co. Inc.
Fees:	2.25%

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