New Issue: Eksportfinans prices $12 million notes inversely linked to PHLX Housing Sector

By Angela McDaniels

Seattle, March 10 - Eksportfinans ASA priced $12 million of 0% medium-term Housing Sector Bear Notes due March 23, 2008 inversely linked to the PHLX Housing Sector Index, according to an FWP filing with the Securities and Exchange Commission.

If the index return is negative, payout at maturity will be twice the absolute value of the index decline, capped at 36.4%.

If the index return is positive and less than 30%, payout at maturity will be par. Investors will lose 1.42857% of their investment for each 1% appreciation above 30%.

Issuer:	Eksportfinans ASA
Issue:	Medium-term Housing Sector Bear Notes
Underlying index:	PHLX Housing Sector Index
Amount:	$12,008,000
Maturity:	March 23, 2008
Coupon:	0%
Price:	Par
Payout at maturity:	If the index return is negative, twice the absolute value of the index decline, capped at 36.4%; if the return is positive and less than 30%, par; if the return is positive and more than 30%, payout will decline by 1.42857% for each percentage point the return is above 30%
Maximum gain:	36.4%
Pricing date:	March 9
Settlement date:	March 23
Agent:	Goldman, Sachs & Co.

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