New Issue: Eksportfinans sells $1.45 million 11% notes linked to Rowan

By Jennifer Chiou

New York, Sept. 5 - Eksportfinans ASA priced $1.45 million of 11% Knock-in Reverse Exchangeable notes due Sept. 7, 2007 linked to Rowan Cos., Inc. stock, according to an FWP filing with the Securities and Exchange Commission.

At maturity, the notes pay par in cash if Rowan stock never trades at the knock-in level of $21.515 or below or if it finishes above the initial price. Otherwise the payout is 30.211 shares of Rowan stock.

IXIS Securities North America Inc. was agent for the sale.

Issuer:	Eksportfinans ASA
Issue:	Knock-in Reverse Exchangeable senior medium-term series A notes
Underlying stock:	Rowan Cos., Inc.
Amount:	$1.45 million
Maturity:	Sept. 7, 2007
Coupon:	11%, payable quarterly
Price:	Par
Payout at maturity:	Par in cash if Rowan stock never trades at the knock-in level of $21.515 or below or if it finishes above the initial price, otherwise smaller of par in cash or 30.211 shares of Rowan stock
Exchange price:	$33.10 (initial level of Rowan stock)
Knock-in price:	$21.515, 65% of initial price
Exchange ratio:	30.211
Pricing date:	Aug. 31
Settlement date:	Sept. 7
Agent:	IXIS Securities North America Inc.
Distribution:	Off shelf

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