Eksportfinans plans step-up Aces linked to Popular

By Jennifer Chiou

New York, May 16 - Eksportfinans ASA is planning to price an issue of 10% step-up Auto-Callable Securities (Aces) linked to Popular, Inc. stock, according to a 424B3 filing with the Securities and Exchange Commission.

If the share price does not fall below the knock-in level of 80% of the initial stock level, payout at maturity will be par. If the share price falls below the knock-in level during the life of the notes and ends below its initial price, payout at maturity will a number of Popular shares equal to $1,000 principal amount divided by the initial price.

If the share price falls below the knock-in level during the life of the note and ends at or above its initial price, payout at maturity will be par.

Automatic redemption will occur if the stock level on any determination date is greater than the initial level. Investors will receive an automatic redemption amount of 110% in 2007 or 120% in 2008.

Deutsche Bank Securities, Inc. will be the agent.

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