EKF 11% Enhanced Yield Securities Linked TO The Claymore Yieldstream 20

UPDATED CALCULATION OF REGISTRATION FEE

 

 

 

 

 

 

Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of the notes or passed upon the accuracy or the adequacy of this pricing supplement or the accompanying prospectus supplements and prospectus. Any representation to the contrary is a criminal offense.

 

The notes are not bank deposits and are not insured by the Federal Deposit Insurance Corporation or any other governmental agency, nor are they obligations of, or guaranteed by, a bank.

Additional Terms Specific to the Notes

 

You should read this pricing supplement together with the prospectus dated February 5, 2007, as supplemented by the prospectus supplement dated February 5, 2007 relating to our medium-term notes of which these notes are a part, and the more detailed information contained in product supplement no. 1 dated April 12, 2007. This pricing supplement, together with the documents listed below, contains the terms of the notes and supersedes all other prior or contemporaneous oral statements as well as any other written materials including preliminary or indicative pricing terms, correspondence, trade ideas, structures for implementation, sample structures, brochures or other educational materials of ours. You should carefully consider, among other things, the matters set forth in “Risk factors” in the accompanying product supplement no. 1 and the accompanying prospectus supplement, as the notes involve risks not associated with conventional debt securities. We urge you to consult your investment, legal, tax, accounting and other advisers before you invest in the notes.

 

You may access these documents on the SEC Web site at www.sec.gov as follows (or if such address has changed, by reviewing our filings for the relevant date on the SEC Web site):

 

http://www.sec.gov/Archives/edgar/data/700978/000115697307000604/u52418e424b2.htm

 

Our Central Index Key, or CIK, on the SEC Web site is 700978. As used in this pricing supplement, the “Company,” “we,” “us,” or “our” refers to Eksportfinans ASA.

 

Selected Risk Considerations

 

An investment in the notes involves significant risks. Investing in the notes is not equivalent to investing directly in the Reference Shares. These risks are explained in more detail in the “Risk factors” section, beginning on page PS-9 of the accompanying product supplement no. 1 and beginning on page S-4 of the accompanying prospectus supplement.

 

Initial Reference Level and the Knock-In Level and Redemption Amount) have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of or failure to disclose material future events concerning any of the Reference Issuers could affect the value you will receive on the Maturity Date with respect to the notes and therefore the market value of the notes. Neither we nor any of our affiliates have any obligation to disclose any information about the Reference Issuers after the date of this pricing supplement.

 

Neither we nor any of our affiliates makes any representation to you as to the performance of the Reference Shares. As a prospective purchaser of notes, you should undertake such independent investigation of the Reference Issuers as in your judgment is appropriate to make an informed decision with respect to an investment in the Reference Shares.

 

Any historical upward or downward trend in the price of any of the Reference Shares during any period shown in this pricing supplement is not an indication that the price of those Reference Shares is more or less likely to increase or decrease at any time during the term of the notes. You should not take the historical performance levels as an indication of future performance of any of the Reference Shares. We cannot assure you that the future performance of any of the Reference Shares will result in your receiving the face amount of your notes on the Maturity Date. The actual performance of any of the Reference Shares over the life of the notes may bear little relation to the historical levels shown in this pricing supplement.

 

Hypothetical Returns on the Notes

 

The tables of hypothetical returns contained in this pricing supplement set out the total return to the Maturity Date of a note, based on the assumptions outlined in the introduction to each respective table of hypothetical returns and several variables, which include (a) whether the Knock-In Level Trigger has occurred and (b) several hypothetical closing prices for the Reference Shares on the Determination Date or at any time during the life of the notes. These figures are provided for purposes of illustration only. They should not be taken as an indication or prediction of future investment results and are intended merely to illustrate the effect that various hypothetical Reference Share values could have on the Redemption Amount, assuming all other variables remain constant.

 

The information in the tables of hypothetical returns reflects hypothetical rates of return on the notes assuming they are purchased on the Original Issue Date and held to the Maturity Date. If you sell your notes prior to the Maturity Date, your return will depend upon the market value of your notes at the time of sale, which may be affected by a number of factors that are not reflected in the table below. For a discussion of some of these factors, see “Risk factors” beginning on page PS-9 of the accompanying product supplement no. 1 and beginning on page S-4 of the accompanying prospectus supplement.

 

The tables of hypothetical returns assume no Market Disruption Event, Adjustment Event or Settlement Disruption Event occurs. Also, the hypothetical rates of return shown below do not take into account the effects of applicable taxes. Because of the U.S. tax treatment applicable to the notes, tax liabilities could affect the after-tax rate of return on your notes to a comparatively greater extent than the after-tax return on the Reference Shares.

 

The market price of each of the Reference Shares has been volatile in the past, and their performance cannot be predicted for any future period. The actual performance of the Reference Shares over the life of the notes, as well as the Redemption Amount payable, may bear little relation to the hypothetical return examples set forth in the tables of hypothetical returns or to the historical price of the Reference Shares set forth in this pricing supplement.

Supplemental Information Regarding Taxation in the United States

 

The amount of the stated interest rate on each of the notes that constitutes interest on the Deposit (as defined in the accompanying product supplement no. 1) is set forth in the table below.

 

Deposit Interest for notes maturing on July 1, 2008 equals 3.01%. The Put Premium is the Interest Rate minus the Deposit Interest.

 

Deposit Interest for notes maturing on October 1, 2008 equals 2.88%. The Put Premium is the Interest Rate minus the Deposit Interest.

 

In addition to potential alternative treatments under current tax law, it is also possible that the tax law may be changed by legislative or regulatory action, possibly with retroactive effect. However, it is not possible to predict whether or when such action will occur and the effect of such potential changes is uncertain.

 

Please refer to “Taxation in the United States” beginning on page PS-16 of the accompanying product supplement no. 1.

 

Description of Companhia Siderurgica Nacional S.A.

 

 

According to its publicly available documents, Companhia Siderurgica Nacional S.A., is a fully integrated steel producer in Brazil that produces carbon steel and also sells a variety of steel products both domestically and abroad as a main raw material for several different manufacturing industries, including the automotive, home appliance, packaging, construction and steel processing industries. Information provided to or filed with the SEC by Companhia Siderurgica Nacional S.A., pursuant to the Exchange Act can be located on the SEC’s website by reference to SEC file number 001-14732.

 

 

 

In the examples above, the price of the Reference Shares fluctuates over the term of the notes and closes above the Knock-In Level on the Determination Date.

 

The following examples illustrate the rate of return on the notes for a range of hypothetical Final Reference Levels on the Determination Date based on an Initial Reference Level of $36.20 and a Knock-In Level of $25.34. In these examples, the Knock-In Level Trigger occurs during the life of the notes.

 

 

 

Description of DryShips Inc.

 

 

According to its publicly available documents, DryShips Inc. owns and operates a fleet of 35 vessels with an aggregate cargo-carrying capacity of 3.0 million deadweight tons, carrying a variety of drybulk commodities including major bulks such as coal, iron ore, and grains, and minor bulks such as bauxite, phosphate, fertilizers and steel products. Information provided to or filed with the SEC by DryShips Inc., i.e., the Reference Issuer] pursuant to the Exchange Act can be located on the SEC’s website by reference to SEC file number 000-51141.

 

 

 

In the examples above, the price of the Reference Shares fluctuates over the term of the notes and closes above the Knock-In Level on the Determination Date.

 

The following examples illustrate the rate of return on the notes for a range of hypothetical Final Reference Levels on the Determination Date based on an Initial Reference Level of $63.91 and a Knock-In Level of $41.5415. In these examples, the Knock-In Level Trigger occurs during the life of the notes.

 

 

 

Description of Washington Mutual, Inc.

 

 

According to its publicly available documents, Washington Mutual, Inc. is a consumer and small business banking company with operations in major U.S. markets. Based on its consolidated assets at December 31, 2007, Washington Mutual, Inc. was the seventh largest among all U.S.-based bank and thrift holding companies. Information provided to or filed with the SEC by Washington Mutual, Inc. pursuant to the Exchange Act can be located on the SEC’s website by reference to SEC file number 001-14667.

 

 

 

In the examples above, the price of the Reference Shares fluctuates over the term of the notes and closes above the Knock-In Level on the Determination Date.

 

The following examples illustrate the rate of return on the notes for a range of hypothetical Final Reference Levels on the Determination Date based on an Initial Reference Level of $11.53 and a Knock-In Level of $6.918. In these examples, the Knock-In Level Trigger occurs during the life of the notes.

 

 

 

Description of InterOil Corporation

 

 

According to its publicly available documents, InterOil Corporation is a developing fully-integrated energy company incorporated in Canada whose focus is on operations in Papua New Guinea and its surrounding region. It has four business segments: Exploration and Production, Liquefaction, Refining and Marketing, Wholesale and Retail Distribution, and Corporate and Consolidations. Information provided to or filed with the SEC by InterOil Corporation pursuant to the Exchange Act can be located on the SEC’s website by reference to SEC file number 001-32179.

 

 

 

In the examples above, the price of the Reference Shares fluctuates over the term of the notes and closes above the Knock-In Level on the Determination Date.

 

The following examples illustrate the rate of return on the notes for a range of hypothetical Final Reference Levels on the Determination Date based on an Initial Reference Level of $19.65 and a Knock-In Level of $9.825. In these examples, the Knock-In Level Trigger occurs during the life of the notes.

 

 

 

Description of XM Satellite Radio Holdings Inc.

 

 

According to its publicly available documents, XM Satellite Radio Holdings Inc. (XM) is a satellite radio service company, providing music, news, talk, information, entertainment and sports programming for reception by vehicle, home and portable radios nationwide and over the Internet to over 7.7 million subscribers. XM’s channel lineup includes more than 170 digital channels of choice from coast to coast. XM broadcasts from studios in Washington, DC, New York City, including Jazz at Lincoln Center, and the Country Music Hall of Fame in Nashville. Information provided to or filed with the SEC by XM Satellite Radio Holdings Inc. pursuant to the Exchange Act can be located on the SEC’s website by reference to SEC file number 000-27441.

 

 

 

In the examples above, the price of the Reference Shares fluctuates over the term of the notes and closes above the Knock-In Level on the Determination Date.

 

The following examples illustrate the rate of return on the notes for a range of hypothetical Final Reference Levels on the Determination Date based on an Initial Reference Level of $12.89 and a Knock-In Level of $6.445. In these examples, the Knock-In Level Trigger occurs during the life of the notes.

 

 

 

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