New Issue: Wachovia sells $2.29 million 12.25% auto redeemables on Schlumberger for Eksportfinans

By Susanna Moon

Chicago, Sept. 16 - Eksportfinans ASA priced $2.29 million of 12.25% auto redeemable enhanced yield securities due Sept. 18, 2009 linked to the common stock of Schlumberger Ltd. via Wachovia Capital Markets, LLC, according to a 424B5 filing with the Securities and Exchange Commission.

Interest is payable monthly.

The notes will be called any time after six months from issue at par if the price of Schlumberger stock is at least its initial price.

If the notes are not called, payout at maturity will be par unless Schlumberger shares fall by more than 25% during the life of the notes and finish below the initial share price, in which case the payout will be a number of Schlumberger shares equal to $1,000 divided by the initial share price.

Issuer:	Eksportfinans ASA
Issue:	Auto redeemable enhanced yield securities
Underlying stock:	Schlumberger Ltd. (NYSE: SLB)
Amount:	$2,286,000
Maturity:	Sept. 18, 2009
Coupon:	12.25%, payable monthly
Price:	Par
Call:	At par any time after March 12, 2009 if stock trades at or above initial price
Payout at maturity:	If the stock falls below the knock-in price during the life of the notes and the final share price is less than the initial share price, 11.2765 Schlumberger shares; otherwise, par
Initial share price:	$88.68
Knock-in price:	$66.51, or 75% of initial price
Pricing date:	Sept. 12
Settlement date:	Sept. 17
Underwriter:	Wachovia Capital Markets, LLC
Fees:	2%

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