Pricing Sheet dated February 22, 2008 relating to
    Filed pursuant to Rule 433  
Terms Supplement No. 56 dated February 12, 2008
    Registration Statement No. 333-140456  
Relating to the Eksportfinans ASA U.S. Medium-Term Note Program
       
 
 
EKSPORTFINANS ASA
Reverse Convertible Notes
 
This pricing sheet offers four separate Reverse Convertible Notes, each relating to a different Reference Share.
 
     
 PRICING TERMS FOR ALL REVERSE CONVERTIBLE NOTES — FEBRUARY 22, 2008    
Issuer:
  Eksportfinans ASA
     
Issuer Rating:
  Aaa (negative outlook) (Moody’s) / AA+ (Standard & Poor’s) / AAA (Fitch)
Specified Currency:
  U.S. dollars
Issue Price:
  $1,000 per Reverse Convertible Note
Trade Date:
  February 22, 2008
Original Issue Date:
  February 27, 2008
Redemption Amount:
  If the closing price of the applicable Reference Share quoted by the Relevant Exchange has not been at or below the Knock-In Level of that Reference Share on any Trading Day during the period from the Trade Date up to and including the Determination Date (the Knock-In Level Trigger), as determined by the calculation agent in its sole discretion, a cash payment of $1,000.00 (i.e. 100.00% of the face amount), or
If the Knock-In Level Trigger has occurred, (a) a cash payment of $1,000.00 (i.e. 100.00% of the face amount), if the Final Reference Level of the applicable Reference Share on the Determination Date is equal to or greater than the Initial Reference Level of that Reference Share, as determined by the calculation agent in its sole discretion, or (b) a number of Reference Shares equal to the Share Redemption Amount, (or, at our option, the cash value thereof) if the Final Reference Level of that Reference Share on the Determination Date is less than the Initial Reference Level of that Reference Share.
Final Reference Level:
  The closing price of the applicable Reference Share quoted by the Relevant Exchange on the Determination Date.
Share Redemption Amount:
  The face amount of the note divided by the Initial Reference Level, subject to adjustments for corporate events.
Interest Payment Dates:
  March 27, 2008, April 27, 2008, May 27, 2008, June 27, 2008, July 27, 2008 and August 27, 2008.
Listing:
  The Reverse Convertible Notes will not be listed on any securities exchange.
Agent:
  Morgan Stanley & Co. Incorporated
Agent acting as:
  Principal
 SPECIFIC TERMS FOR EACH REVERSE CONVERTIBLE NOTE
                 
                iShares MSCI
    Weatherford
          Emerging Markets
    International Ltd.
  Apple Inc.
  EMC Corporation
  Index Fund
Reference shares:
  (“WFT”)   (“AAPL”)   (“EMC”)   (“EEM”)
Determination Date:
  August 22, 2008   August 22, 2008   August 22, 2008   August 22, 2008
Maturity date:
  August 27, 2008   August 27, 2008   August 27, 2008   August 27, 2008
Interest Rate:
  15% per annum   17.5% per annum   14.5% per annum   14.5% per annum
Initial Reference Level:
  $66.17   $119.46   $15.28   $141.22
Knock-In Level:
  $52.936
(80% of Initial
Reference Level) 		  $95.568
(80% of Initial
Reference Level) 		  $12.224
(80% of Initial
Reference Level) 		  $105.915
(75% of Initial
Reference Level)
Share Redemption Amount:
  15.112589   8.371003   65.445026   7.08115
CUSIP:
  282645DR8   282645DS6   282645DT4   282645DU1
 

 

                                                                 
    Per WFT
          Per AAPL
          Per EMC
          Per EEM
       
     RevCons     Total     RevCons     Total     RevCons     Total     RevCon     Total  
 
Price to Public:
    $1,000       $3,233,000       $1,000       $11,800,000       $1,000       $4,187,000       $1,000       $3,067,000  
Fees and Commissions:
    $15.00       $48,495       $15.00       $177,000       $15.00       $62,805       $15.00       $46,005  
Proceeds to Us:
    $985.00       $3,184,505       $985.00       $11,623,000       $985.00       $4,124,195       $985.00       $3,020,995  
 
(1) For additional information, see “Plan of Distribution” in the prospectus supplement for reverse convertible securities (“RevCons”).
 
You should read this document together with terms supplement no. 56, product supplement no. 1 and the prospectus supplement and
prospectus, each of which can be accessed via the hyperlinks below.
 
     
Terms Supplement no. 56 dated February 12, 2008

Product Supplement No. 1 dated April 12, 2007 		 
Prospectus Supplement and Prospectus dated February 5, 2007
 
MORGAN STANLEY
 
The issuer has filed a registration statement (including a prospectus) with the Securities and Exchange Commission, or SEC, for the offering to which this terms supplement relates. Before you invest, you should read the prospectus in that registration statement and other documents relating to this offering that the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-584-6837

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