New Issue: Natixis prices $150,000 15.7% reverse convertibles linked to Focus Media for Eksportfinans

By E. Janene Geiss

Philadelphia, May 19 - Eksportfinans ASA priced $150,000 of 15.7% annualized reverse convertible notes due Nov. 21, 2008 linked to the common stock of Focus Media Holding Ltd. via Natixis Securities North America Inc., according to a 424B filing with the Securities and Exchange Commission.

Interest will be payable monthly.

If Focus Media stock falls below the knock-in price - 60% of the initial share price - during the life of the notes and finishes below the initial price, the payout at maturity will be a number of Focus Media shares equal to par divided by the initial share price.

Otherwise, the payout will be par.

Issuer:	Eksportfinans ASA
Issue:	Reverse convertible notes
Underlying stock:	Focus Media Holding Ltd. (Symbol: FMCN)
Amount:	$150,000
Maturity:	Nov. 21, 2008
Coupon:	15.7%, payable monthly
Price:	Par
Payout at maturity:	If stock falls below knock-in price during life of notes and finishes below initial price, 22.9568 Focus Media shares; otherwise, par
Initial price:	$43.56
Knock-in price:	$26.136, 60% of initial price
Exchange ratio:	22.9568
Pricing date:	May 16
Settlement date:	May 21
Underwriter:	Natixis Securities North America Inc.
Fees:	3%

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