Filed pursuant to Rule 433
Registration Statement
No. 333-140456
TERMS SUPPLEMENT NO. 59 dated
March 5, 2008
To Prospectus Supplement and
Prospectus dated February 5, 2007 and
Product Supplement No. 1
dated April 12, 2007
relating to the Eksportfinans
ASA U.S. Medium-Term Note Program
Natixis
Securities North America Inc.
$[
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25.25% One Year Reverse Convertible Notes
Linked to Dogs of the Dow for March 2008
due March 31, 2009
Offering
Information
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Issuer:
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Eksportfinans ASA
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Issuer rating:
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Aaa (negative outlook) (Moodys)/AA+ (Standard &
Poors)/AAA (Fitch)
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Specified Currency:
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U.S. dollars
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Aggregate face amount:
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$[
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CUSIP No.:
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282645EX4
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ISIN:
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US282645EX44
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Agent:
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Natixis Securities North America Inc.
9 West 57th St.
New York, New York 10019
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Agent acting in the capacity as:
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Principal
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Investing in the notes involves a number of
risks. See Risk factors beginning on
page of the accompanying product supplement
no. 1 and beginning on page in the
accompanying prospectus supplement.
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Price to Public
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Fees & Commissions
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Proceeds to Us
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Per note:
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$
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1,000.00
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Total:
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[
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[
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[
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*
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See Supplemental plan of distribution below.
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You may revoke your offer to purchase the notes at any time
prior to the time at which we accept such offer by notifying the
applicable agent. We reserve the right to change the terms of,
or reject any offer to purchase the notes prior to their
issuance. In the event of any changes to the terms of the notes,
we will notify you and you will be asked to accept such changes
in connection with your purchase. You may also choose to reject
such changes in which case we may reject your offer to purchase.
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 terms
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.
Natixis
Securities North America Inc.
Eksportfinans ASA 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 the other
documents relating to this offering that Eksportfinans ASA has
filed with the SEC for more complete information about
Eksportfinans ASA and this offering. You may get these documents
without cost by visiting EDGAR on the SEC Web site at
www.sec.gov. Alternatively, Eksportfinans ASA, any agent or any
dealer participating in this offering will arrange to send you
the prospectus, each prospectus supplement, product supplement
no. 1 and this terms supplement if you so request by
calling toll-free
866-369-6147.
Key Terms
of the Notes
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Reference Shares:
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Common stock of each of the issuers (each a
Reference
Issuer
) listed in the table below. At the date of this terms
supplement, the Relevant Exchange for each of the Reference
Shares is set forth below.
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ISIN of
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Relevant
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Reference Share (Ticker)
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Reference Share
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Exchange
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AT&T Inc.(T)
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US00206R1023
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NYSE
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Bank of America Corporation (BAC)
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US0605051046
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NYSE
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Citigroup Inc.(C)
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US1729671016
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NYSE
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E. I. du Pont de Nemours and Company (DD)
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US2635341090
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NYSE
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General Electric Company (GE)
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US3696041033
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NYSE
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General Motors Corporation (GM)
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US3704421052
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NYSE
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JPMorgan Chase & Co. (JPM)
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US46625H1005
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NYSE
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Merck & Co., Inc. (MRK)
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US5893311077
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NYSE
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Pfizer Inc. (PFE)
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US7170811035
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NYSE
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Verizon Communications Inc. (VZ)
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US92343V1044
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NYSE
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Interest Rate:
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25.25% per annum, payable monthly in arrears in 12 equal 2.1042%
payments on each of April 30, 2008; May 30, 2008;
June 30, 2008; July 31, 2008; August 29, 2008;
September 30, 2008; October 31, 2008;
November 28, 2008; December 31, 2008; January 30,
2009; February 27, 2009 and March 31, 2009 (each an
Interest Payment Date
).
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Redemption Amount:
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The Redemption Amount payable on the Maturity Date in
respect of each $1,000.00 face amount will be:
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if the official closing price quoted by the Relevant
Exchange of at least one of the Reference Shares has not been
below the corresponding Knock-In Level for those Reference
Shares 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
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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 on the Determination Date
is equal to or greater than the Initial Reference Level for each
of the Reference Shares, as determined by the calculation agent
in its sole discretion, or (b) the number of the worst
performing Reference Shares equal to the Share
Redemption Amount of those Reference Shares, if the Final
Reference Level of the worst performing Reference Shares on the
Determination Date is less than the corresponding Initial
Reference Level for those Reference Shares.
The worst
performing Reference Share could be a Reference Share that has
not breached its own Knock-In Level.
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The
performance
of the Reference Shares will be
determined by the calculation agent in accordance with the
formula: (Final Reference Level - Initial Reference
Level)/Initial Reference Level.
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TS-2
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Initial Reference Level:
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The Initial Reference Level for each of the Reference Shares is
as follows:
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Initial Reference
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Reference Share (Ticker)
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Level
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AT&T Inc.(T)
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Bank of America Corporation (BAC)
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Citigroup Inc.(C)
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E. I. du Pont de Nemours and Company (DD)
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General Electric Company (GE)
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General Motors Corporation (GM)
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JPMorgan Chase & Co. (JPM)
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Merck & Co., Inc. (MRK)
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Pfizer Inc. (PFE)
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Verizon Communications Inc. (VZ)
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Final Reference Level:
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The official closing level of the Reference Shares on the
Determination Date.
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Knock-In Level:
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60% of the Initial Reference Level. The Knock-In Level for each
of the Reference Shares is as follows:
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Knock-In
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Reference Share (Ticker)
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Price
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AT&T Inc.(T)
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Bank of America Corporation (BAC)
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Citigroup Inc.(C)
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E. I. du Pont de Nemours and Company (DD)
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[
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General Electric Company (GE)
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General Motors Corporation (GM)
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JPMorgan Chase & Co. (JPM)
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Merck & Co., Inc. (MRK)
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Pfizer Inc. (PFE)
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Verizon Communications Inc. (VZ)
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Share Redemption Amount:
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The Share Redemption Amount for each of the Reference
Shares is as follows:
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Share
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Redemption
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Reference Share (Ticker)
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Amount
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AT&T Inc.(T)
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Bank of America Corporation (BAC)
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Citigroup Inc.(C)
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[
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E. I. du Pont de Nemours and Company (DD)
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[
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General Electric Company (GE)
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[
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General Motors Corporation (GM)
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[
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JPMorgan Chase & Co. (JPM)
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[
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Merck & Co., Inc. (MRK)
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[
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Pfizer Inc. (PFE)
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Verizon Communications Inc. (VZ)
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TS-3
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The Share Redemption Amount payable on the Maturity Date,
if applicable, will be the number of the worst performing
Reference Shares per note that you hold in the amount set forth
for those Reference Shares in the table above. This amount is
equal to the $1,000.00 face amount per note divided by the
Initial Reference Level of each of the Reference Shares. You
will receive cash in lieu of fractional shares in an amount
equal to the fractional share amount multiplied by the Final
Reference Level of those Reference Shares.
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Trade Date:
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March 26, 2008
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Original Issue Date:
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March 31, 2008
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Determination Date:
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March 26, 2009
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Maturity Date:
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March 31, 2009
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Denomination:
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Minimum denominations of $1,000.00 and integral multiples
thereof.
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Calculation agent:
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Natixis Corporate & Investment Bank
4 Quai dAusterlitz 75648 Paris Cedex 13
Attn: Legal Department
Telephone No.: +33 1 58 55 26 59
Fascimile No.: +33 1 58 55 26 53
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Subject to postponement in the event of a market disruption
event and as described under Description of
Notes Payment at maturity in the accompanying
product supplement no. 1.
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Adjustment
Events
For the notes described herein, an
Adjustment Event
will
be any of the following: Potential Adjustment Event, Merger
Event, Delisting, Nationalization or Insolvency, each as defined
below.
Potential
Adjustment Event
Any of the following will be a Potential Adjustment Event:
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a subdivision, consolidation or reclassification of the
Reference Shares (unless a Merger Event, as defined below),
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a distribution or dividend to existing holders of Reference
Shares of (a) Reference Shares, (b) other share
capital or securities granting the right to payment of dividends
or the proceeds of liquidation of the issuer of those Reference
Shares equally or proportionately with such payments to holders
of those Reference Shares, (c) share capital or other
securities of another issuer acquired by the issuer of those
Reference Shares as a result of a spin-off or other
similar transaction or (d) any other type of securities,
rights or warrants or other assets, in any case for payment (in
cash or otherwise) at less than the prevailing market price as
determined by the calculation agent in its sole discretion,
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an extraordinary dividend,
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a call by an issuer of Reference Shares in respect of Reference
Shares that are not fully paid,
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a repurchase by or on behalf of an issuer of Reference Shares or
any of its subsidiaries of those Reference Shares, whether out
of profits or capital and whether the consideration for such
repurchase is cash, securities or otherwise,
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in respect of an issuer of Reference Shares, an event that
results in any shareholder rights being distributed or becoming
separated from the shares of common stock or other shares of the
capital stock of the issuer of those Reference Shares pursuant
to a shareholder rights plan or arrangement directed against
hostile takeovers that provides upon the occurrence of certain
events for a distribution of preferred stock, warrants,
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TS-4
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debt instruments or stock rights at a price below their market
value, as determined by the calculation agent in its sole
discretion, provided that any adjustment effected as a result of
such an event shall be readjusted upon any redemption of such
rights,
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the occurrence of a tender offer by any entity or person to
purchase more than 10% but less than 50% of the outstanding
voting shares of any class of shares of an issuer of Reference
Shares, as determined by the calculation agent in its sole
discretion based upon filings with governmental agencies or the
nature and term of the tender offer, and
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any other event that may have, in the opinion of the calculation
agent in its sole discretion, a dilutive or concentrative or
other effect on the theoretical value of the Reference Shares.
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Following the declaration by an issuer of Reference Shares of
the terms of any Potential Adjustment Event, the calculation
agent will determine in its sole discretion whether that
Potential Adjustment Event has a dilutive or concentrative or
other effect on the theoretical value of those Reference Shares
and, if so, will:
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make the corresponding adjustment, if any, to any one or more of
the Initial Reference Level, Knock-In Level or Share
Redemption Amount, as applicable, as the calculation agent
in its sole discretion determines appropriate to account for
that dilutive or concentrative or other effect, and
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determine the effective date of that adjustment.
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The calculation agent may, but need not, determine the
appropriate adjustment by reference to the adjustment in respect
of that Potential Adjustment Event made by an exchange or
quotation system to options contracts or futures contracts on
the Reference Shares traded on that exchange or quotation system.
Upon making any such adjustment, the calculation agent will as
soon as practicable notify us and the trustee and paying agent
for the notes, stating the adjustment made to the Initial
Reference Level, Knock-In Level or Share Redemption Amount,
as applicable, and giving brief details of the Potential
Adjustment Event.
Merger
Event
Merger Event
means, in relation to the Reference Shares,
any:
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reclassification of or change to the Reference Shares that
results in a transfer of or an irrevocable commitment to
transfer all holdings of outstanding Reference Shares,
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consolidation, amalgamation or merger of an issuer of Reference
Shares with or into another entity other than a consolidation,
amalgamation or merger in which the issuer of those Reference
Shares is the continuing entity and which does not result in a
reclassification of or change to the Reference Shares, or
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other takeover offer for an issuer of Reference Shares that
results in a transfer of or an irrevocable commitment to
transfer all those Reference Shares (other than holdings of
Reference Shares owned or controlled by the offeror), in each
case if the Merger Date is on or before the applicable
Determination Date.
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Tender Offer
means, in relation to the References Shares,
a tender offer by any entity or person to purchase more than 50%
but less than 100% of the outstanding voting shares of any class
of shares of the issuer of those References Shares, as
determined by the calculation agent in its sole discretion based
upon filings with governmental agencies or the nature and terms
of the tender offer.
In respect of each Merger Event or Tender Offer, the following
terms have the meanings given below:
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Merger Date
means the date upon which all holders of the
relevant Reference Shares (other than, in the case of a takeover
offer, holdings of Reference Shares owned or controlled by the
offeror) have agreed or have irrevocably become obliged to
transfer their holdings of those Reference Shares,
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Tender Offer Date
means the date on which voting shares
in the amount of the applicable percentage threshold are
actually purchased or otherwise obtained (as determined by the
calculation agent),
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TS-5
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Share-for-Share
means that the consideration for the
relevant Reference Shares consists or, at the option of the
holder of those Reference Shares, may consist, solely of common
shares of the offeror or of a third party other than Reference
Shares issued in connection with the merger or the Tender Offer
(
New Shares
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Share-for-Other
means that the consideration for the
relevant Reference Shares consists solely of cash or any
securities other than New Shares or assets, whether those of the
offeror or of a third party, and
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Share-for-Combined
means that the consideration for the
relevant Reference Shares consists of cash or any securities,
including New Shares, or assets, whether those of the offeror or
of a third party.
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If a Share-for-Share Merger Event or a Share-for-Combined Merger
Event occurs in relation to any Reference Shares and the issuer
of the New Shares is not the issuer of any of the Reference
Shares, then, on or after the relevant Merger Date, the
calculation agent in its sole discretion will redefine the
affected Reference Shares to include the relevant quantity of
the New Shares to which a holder of those Reference Shares
immediately prior to the occurrence of the Merger Event would be
entitled upon consummation of the Merger Event, whereupon:
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the New Shares will be deemed to be those Reference Shares,
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the calculation agent in its sole discretion will adjust the
Initial Reference Level for the New Shares so that the ratio of
the Spot Price (as defined below) of the New Shares to the
Initial Reference Level of the New Shares equals the ratio of
the Spot Price for those Reference Shares to the Initial
Reference Level for those Reference Shares immediately prior to
the occurrence of the Merger Event, and
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if necessary, the calculation agent in its sole discretion will
adjust any other relevant terms accordingly.
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If a Share-for-Share Tender Offer or a Share-for-Combined Tender
Offer occurs in relation to any References Shares and the issuer
of the New Shares is not the issuer of any of the Reference
Shares, then, on or after the relevant Tender Offer Date, the
calculation agent will either (i) make such adjustment to
the Initial Reference Level, Knock-In Level or Share
Redemption Amount or any other terms of the notes, as the
calculation agent in its sole discretion determines appropriate
to account for the economic effect on the notes of such Tender
Offer or (ii) if the calculation agent determines that no
adjustment that it could make under (i) will produce a
commercially reasonable result, redefine the affected Reference
Shares to include the relevant quantity of the New Shares to
which a holder of those Reference Shares immediately prior to
the occurrence of the Tender Offer would be entitled upon
consummation of the Tender Offer, whereupon:
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the New Shares will be deemed to be those Reference Shares,
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the calculation agent in its sole discretion will adjust the
Initial Reference Level for the New Shares so that the ratio of
the Spot Price of the New Shares to the Initial Reference Level
of the New Shares equals the ratio of the Spot Price for those
Reference Shares to the Initial Reference Level for those
Reference Shares immediately prior to the occurrence of the
Merger Event, and
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if necessary, the calculation agent in its sole discretion will
adjust any other relevant terms accordingly.
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Spot Price
means:
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in relation to any Reference Shares, the last official reported
price for those Reference Shares on the Relevant Exchange, as
determined by or on behalf of the calculation agent in its sole
discretion, immediately prior to the relevant Delisting, Merger
Event, Tender Offer, Nationalization or Insolvency, and
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in relation to a Replacement Share or a New Share, the official
closing price for those shares on their primary market of
trading, as determined by the calculation agent in its sole
discretion, immediately prior to the relevant Delisting, Merger
Event, Tender Offer, Nationalization or Insolvency.
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TS-6
If a Share-for-Other Merger Event, a Share-for-Share Merger
Event or a Share-for-Combined Merger Event where the issuer of
the New Shares is the issuer of any of the Reference Shares
occurs in relation to any Reference Shares, then, on or after
the relevant Merger Date, the calculation agent in its sole
discretion will adjust the affected Reference Shares by
substituting those Reference Shares with other shares selected
by the calculation agent in its sole discretion (the
Replacement Shares
) upon consummation of the Merger
Event, whereupon:
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the Replacement Shares will be deemed to be those Reference
Shares,
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the calculation agent in its sole discretion will adjust the
Initial Reference Level for the Replacement Shares so that the
ratio of the Spot Price of the Replacement Shares to the Initial
Reference Level of the Replacement Shares equals the ratio of
the Spot Price for those Reference Shares to the Initial
Reference Level for those Reference Shares immediately prior to
the occurrence of the Merger Event, and
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if necessary, the calculation agent in its sole discretion will
adjust any other relevant terms accordingly.
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If a Share-for-Other Tender Offer, a Share-for-Share Tender
Offer or a Share-for-Combined Tender where the issuer of the New
Shares is the issuer of any of the Reference Shares occurs in
relation to any Reference Shares, then, on or after the relevant
Tender Offer Date, the calculation agent will either
(i) make such adjustment to the Initial Reference Level,
Knock-In Level or Share Redemption Amount or any other
terms of the notes, as the calculation agent in its sole
discretion determines appropriate to account for the economic
effect on the notes of such Tender Offer or (ii) if the
calculation agent determines that no adjustment that it could
make under (i) will produce a commercially reasonable
result, replace the affected Reference Shares with other shares
selected by the calculation agent in its sole discretion (the
Replacement Shares
) upon consummation of the Tender
Offer, whereupon:
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the Replacement Shares will be deemed to be those Reference
Shares,
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the calculation agent in its sole discretion will adjust the
Initial Reference Level for the Replacement Shares so that the
ratio of the Spot Price of the Replacement Shares to the Initial
Reference Level of the Replacement Shares equals the ratio of
the Spot Price for those Reference Shares to the Initial
Reference Level for those Reference Shares immediately prior to
the occurrence of the Tender Offer, and
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if necessary, the calculation agent in its sole discretion will
adjust any other relevant terms accordingly.
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Delisting,
Nationalization or Insolvency
Delisting
means, in relation to any Reference Shares,
that those Reference Shares cease, for any reason, to be listed
on the Relevant Exchange and, as of the date of delisting, are
not listed on another recognized exchange or quotation system
acceptable to the calculation agent in its sole discretion.
Nationalization
means that all the Reference Shares or
all or substantially all the assets an issuer of those Reference
Shares are nationalized, expropriated or are otherwise required
to be transferred to any governmental agency, authority, entity
or instrumentality thereof.
Insolvency
means, in relation to any Reference Shares,
that, by reason of the voluntary or involuntary liquidation,
bankruptcy or insolvency of or any analogous proceeding
affecting the issuer of those Reference Shares, (a) all
holdings of those Reference Shares are required to be
transferred to a trustee, liquidator or other similar official
or (b) holdings of those Reference Shares become subject to
a legal prohibition on their transfer.
If a Delisting, Nationalization or Insolvency occurs in relation
to any Reference Shares, the calculation agent in its sole
discretion will substitute those Reference Shares with
Replacement Shares on the effective date of that event,
whereupon:
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the Replacement Shares will be deemed to be those Reference
Shares,
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the calculation agent in its sole discretion will adjust the
Initial Reference Level for the Replacement Shares so that the
ratio of the Spot Price of the Replacement Shares to the Initial
Reference Level of the Replacement Shares equals the ratio of
the Spot Price for those Reference Shares to the Initial
Reference Level for those Reference Shares immediately prior to
the occurrence of that event, and
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if necessary, the calculation agent in its sole discretion will
adjust any other relevant terms accordingly.
|
TS-7
Upon the occurrence of a Merger Event, Delisting,
Nationalization or Insolvency, the calculation agent will as
soon as practicable notify us, The Bank of New York and the
agent of the occurrence of the Merger Event, Delisting,
Nationalization or Insolvency, as the case may be, giving
details thereof and the action proposed to be taken in relation
thereto.
Additional
terms specific to the notes
You should read this terms 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 terms 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, 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
http://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 terms 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 or any of the component stocks of the Reference
Shares. These risks are explained in more detail in the
Risk factors section of the accompanying product
supplement no. 1 dated April 12, 2007.
Hypothetical
examples of amounts payable at maturity
The following tables set out the total return to the Maturity
Date of a note, based on the assumptions outlined below 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 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.
The tables below 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 below or to the
historical price of the Reference Shares set forth elsewhere in
this terms supplement. For information about the price of the
Reference Shares during recent periods, see The Reference
Shares below.
TS-8
If the official closing price quoted by the Relevant Exchange
for any of the Reference Shares never falls below the
corresponding Knock-In Level for those Reference Shares on any
Trading Day during the period from the Trade Date up to and
including the Determination Date, or if the Final Reference
Level on the Determination Date is equal to or greater than the
Initial Reference Level, the Redemption Amount will be paid
in cash.
By contrast, if the official closing price quoted by the
Relevant Exchange for any of the Reference Shares is less than
the Knock-In Level for those Reference Shares on any Trading Day
during the period from the Trade Date up to and including the
Determination Date, and the Final Reference Level of the worst
performing Reference Shares on the Determination Date is less
than the corresponding Initial Reference Level for those
Reference Shares, the Redemption Amount payment on the
Maturity Date will be made in the Reference Shares with the
worst performance (with fractional shares paid in cash).
The following tables illustrate hypothetical rates of return on
an investment in the notes assuming that the Reference Shares of
Verizon Communications Inc. have the worst performance of any of
the Reference Shares over the term of the notes, as determined
by the calculation agent based on the formula: (Final Reference
Level Initial Reference Level)/(Initial Reference
Level). Consequently, the Final Reference Levels for no other
Reference Shares need to be taken into account in determining
the Redemption Amount.
The following examples illustrate the rate of return on the
notes for a range of hypothetical Final Reference Levels on the
Determination Date assuming a hypothetical Initial Reference
Level of $36.29 and a hypothetical Knock-In Level of $21.774. In
these examples, the Knock-In Level Trigger never occurs
during the life of the notes. In each example, the
redemption Amount is paid in cash.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assumed Closing Price of Worst Performing
|
|
|
|
|
|
|
|
|
|
|
|
|
Reference Shares on Determination Date
|
|
Value of Payment
|
|
|
12 Monthly Interest
|
|
|
|
|
|
|
|
(Verizon Communications Inc.)
|
|
at Maturity
|
|
|
Payments
|
|
|
12 Month Total Return
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
|
|
%
|
|
|
|
|
|
Greater than:$36.29
|
|
$
|
1,000.00
|
|
|
$
|
252.50
|
|
|
$
|
1,252.50
|
|
|
|
25.2500
|
%
|
|
|
|
|
$36.29
|
|
$
|
1,000.00
|
|
|
$
|
252.50
|
|
|
$
|
1,252.50
|
|
|
|
25.2500
|
%
|
|
|
|
|
$31.45
|
|
$
|
1,000.00
|
|
|
$
|
252.50
|
|
|
$
|
1,252.50
|
|
|
|
25.2500
|
%
|
|
|
|
|
$26.61
|
|
$
|
1,000.00
|
|
|
$
|
252.50
|
|
|
$
|
1,252.50
|
|
|
|
25.2500
|
%
|
|
|
|
|
$21.78
|
|
$
|
1,000.00
|
|
|
$
|
252.50
|
|
|
$
|
1,252.50
|
|
|
|
25.2500
|
%
|
|
|
|
|
The following examples illustrate the rate of return on the
notes for a range of hypothetical Final Reference Levels on the
Determination Date assuming a hypothetical Initial Reference
Level of $36.29 and a hypothetical Knock-In Level of $21.774. In
these examples, the Knock-In Level Trigger occured at some
point during the life of the notes.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assumed Closing Price of Worst Performing
|
|
|
|
|
|
|
|
|
|
Reference Shares on Determination Date
|
|
Value of Payment
|
|
|
12 Monthly Interest
|
|
|
|
|
(Verizon Communications Inc.)
|
|
at Maturity
|
|
|
Payments
|
|
|
12 Month Total Return
|
|
|
|
|
|
|
|
|
|
$
|
|
|
%
|
|
|
Greater than: $36.29
|
|
$
|
1,000.00
|
|
|
$
|
252.50
|
|
|
$
|
1,252.50
|
|
|
|
25.250
|
%
|
$36.29
|
|
$
|
1,000.00
|
|
|
$
|
252.50
|
|
|
$
|
1,252.50
|
|
|
|
25.250
|
%
|
$32.66
|
|
$
|
900.00
|
*
|
|
$
|
252.50
|
|
|
$
|
1,152.50
|
|
|
|
15.250
|
%
|
$29.03
|
|
$
|
800.00
|
*
|
|
$
|
252.50
|
|
|
$
|
1,052.50
|
|
|
|
5.250
|
%
|
$25.40
|
|
$
|
700.00
|
*
|
|
$
|
252.50
|
|
|
$
|
952.50
|
|
|
|
−4.750
|
%
|
$17.42
|
|
$
|
600.00
|
*
|
|
$
|
252.50
|
|
|
$
|
852.50
|
|
|
|
−14.750
|
%
|
$14.52
|
|
$
|
500.00
|
*
|
|
$
|
252.50
|
|
|
$
|
752.50
|
|
|
|
−24.750
|
%
|
$6.97
|
|
$
|
400.00
|
*
|
|
$
|
252.50
|
|
|
$
|
652.50
|
|
|
|
−34.750
|
%
|
$5.23
|
|
$
|
300.00
|
*
|
|
$
|
252.50
|
|
|
$
|
552.50
|
|
|
|
−44.750
|
%
|
$1.39
|
|
$
|
200.00
|
*
|
|
$
|
252.50
|
|
|
$
|
452.50
|
|
|
|
−54.750
|
%
|
$0.70
|
|
$
|
100.00
|
*
|
|
$
|
252.50
|
|
|
$
|
352.50
|
|
|
|
−64.750
|
%
|
$0.00
|
|
$
|
0.00
|
*
|
|
$
|
252.50
|
|
|
$
|
252.50
|
|
|
|
−74.750
|
%
|
|
|
*
|
Payable in Reference Shares of Verizon Communications Inc.
|
TS-9
The
Reference Shares
General
Unless otherwise stated, all information contained herein on the
Reference Shares and on the Reference Issuers is derived from
publicly available sources and is provided for informational
purposes only.
Each of the Reference Shares are registered under the Exchange
Act. Companies with securities registered under the Exchange Act
are required periodically to file certain financial and other
information specified by the SEC. Information provided to or
filed with the SEC can be inspected and copied at the public
reference facilities maintained by the SEC at Room 1580,
100 F Street, NE, Washington, DC 20549 and copies of
such material can be obtained from the Public Reference Section
of the SEC, 100 F Street, NE, Washington, DC 20549, at
prescribed rates. You may obtain information on the operation of
the Public Reference Room by calling
1-800-SEC-0330.
In addition, information provided to or filed with the SEC
electronically can be accessed through a website maintained by
the SEC. The address of the SECs website is
http://www.sec.gov.
According to its publicly available documents, AT&T Inc. is
a holding company that provides telecommunications services in
the United States and worldwide. Through its subsidiaries, it
operates in six segments: wireline, AT&T Corp., Cingular,
directory, international and other. Through its subsidiaries and
affiliates, AT&T Inc. provides communications services and
products in the United States and in 240 countries. The services
and products offered include local exchange services, wireless
communications, long-distance services, data/broadband and
Internet services, telecommunications equipment, wholesale
transport services, and directory advertising and publishing. It
offers its services and products to consumers in the United
States, and services and products to businesses and other
providers of telecommunications services worldwide. Information
provided to or filed with the SEC by AT&T Inc. pursuant to
the Exchange Act can be located on the SECs website by
reference to SEC file number
001-08610.
According to its publicly available documents, Bank of America
Corporation is a bank holding company and a financial holding
company under the Gramm-Leach-Bliley Act. Through its banking
subsidiaries (the
Banks
) and various nonbanking
subsidiaries throughout the United States and in selected
international markets, Bank of America Corporation provides a
diversified range of banking and nonbanking financial services
and products through three business segments: Global Consumer
and Small Business Banking, Global Corporate and Investment
Banking and Global Wealth and Investment Management. Information
provided to or filed with the SEC by Bank of America Corporation
pursuant to the Exchange Act can be located on the SECs
website by reference to SEC file number
001-06523.
According to its publicly available documents, Citigroup Inc. is
a diversified global financial services holding company whose
businesses provide a broad range of financial services to
consumer and corporate customers. It is a bank holding company.
The activities of Citigroup Inc. include underwriting and
dealing in securities, insurance underwriting and brokerage, and
making temporary investments in non-financial companies. The
segments include Global Consumer Group, Corporate and Investment
Banking, Global Wealth Management and Alternative Investments.
Information provided to or filed with the SEC by Citigroup Inc.
pursuant to the Exchange Act can be located on the SECs
website by reference to SEC file number
001-09924.
According to its publicly available documents, E.I. du Pont de
Nemours and Company is a world leader in science and technology
in a range of disciplines, including biotechnology, electronics,
materials science, safety and security, and synthetic fibers. It
operates globally, manufacturing a wide range of products for
distribution and sale to many different markets, including the
transportation, safety and protection, construction, motor
vehicle, agriculture, home furnishings, medical, electronics,
communications, protective apparel, and the nutrition and health
markets. E. I. Du Pont de Nemours and Company is strategically
aligned into five market- and technologyfocused growth platforms
consisting of Agriculture & Nutrition;
Coatings & Color Technologies; Electronic &
Communication Technologies; Performance Materials; and
Safety & Protection. In addition to the five growth
platforms, its reportable segments include Pharmaceuticals.
Information provided to or filed with the SEC by E.I. du Pont de
Nemours and Company pursuant to the Exchange Act can be located
on the SECs website by reference to SEC file number
001-00815.
According to its publicly available documents, General Electric
Company is a diversified industrial corporation. Operating
businesses include Infrastructure, Industrial, Healthcare, NBC
Universal, Inc., Commercial
TS-10
Finance and Consumer Finance. Its products include major
appliances; lighting products; industrial automation products;
medical diagnostic imaging systems; bioscience assays and
separation technology products; electrical distribution and
control equipment; locomotives; power generation and delivery
products; nuclear power support services and fuel assemblies;
commercial and military aircraft jet engines; chemicals and
equipment for treatment of water and process systems; security
equipment and systems, and engineered materials, such as
plastics and silicones. Its services include product services;
electrical product supply houses; electrical apparatus
installation, engineering, and repair and rebuilding services.
Through its affiliate, NBC Universal, Inc., General Electric
Company produces and delivers network television services,
operates television stations, produces and distributes motion
pictures, operate cable/satellite networks, operate theme parks,
and program activities in multimedia and the Internet. Through
another affiliate, General Electric Capital Services, Inc., it
offers a broad array of financial and other services including
consumer financing, commercial and industrial financing, real
estate financing, asset management and leasing, mortgage
services, consumer savings and insurance services, and
reinsurance. Information provided to or filed with the SEC by
General Electric Company pursuant to the Exchange Act can be
located on the SECs website by reference to SEC file
number
001-00035.
According to its publicly available documents, General Motors
Corporation. is primarily engaged in automotive production and
marketing, and financing and insurance operations. It designs,
manufactures, and markets vehicles worldwide, having its largest
operating presence in North America. General Motors
Corporations finance and insurance operations are
principally those of General Motors Acceptance Corporation, a
wholly owned subsidiary of General Motors Corporation, which
provides a broad range of financial services, including
automotive finance and mortgage products and services.
Information provided to or filed with the SEC by General Motors
Corporation. pursuant to the Exchange Act can be located on the
SECs website by reference to SEC file number
001-00043.
According to its publicly available documents, JPMorgan
Chase & Co. is a financial holding company. Its
principal bank subsidiaries are JPMorgan Chase Bank, National
Association, a national banking association with branches in
17 states, and Chase Bank USA, National Association, a
national bank that is JPMorgan Chase & Co.s
credit card issuing bank. JPMorgan Chase & Co.s
activities are organized into six business segments (Investment
Bank, Retail Financial Services, Card Services, Commercial
Banking, Treasury & Securities Services and Asset
Management) and Corporate, which includes its Private Equity and
Treasury businesses, as well as corporate support functions.
Information provided to or filed with the SEC by JPMorgan
Chase & Co. pursuant to the Exchange Act can be
located on the SECs website by reference to SEC file
number
001-05805.
According to its publicly available documents, Merck &
Co., Inc. is a global research-driven pharmaceutical company
that discovers, develops, manufactures and markets a broad range
of innovative products to improve human and animal health. The
Pharmaceutical segment of its operations includes human health
pharmaceutical products marketed either directly or through
joint ventures. The Vaccines segment of its operations includes
human health vaccine products marketed either directly or
through a joint venture. Information provided to or filed with
the SEC by Merck & Co., Inc. pursuant to the Exchange
Act can be located on the SECs website by reference to SEC
file number
001-03305.
According to its publicly available documents, Pfizer Inc. is a
research-based, global pharmaceutical company. It discovers,
develops, manufactures and markets prescription medicines for
humans and animals, as well as consumer healthcare products.
Pfizer operates in three business segments: Human Health,
Consumer Healthcare and Animal Health. It also operates several
other businesses, including the manufacture of empty
soft-gelatin capsules, contract manufacturing and bulk
pharmaceutical chemicals. Information provided to or filed with
the SEC by Pfizer Inc. pursuant to the Exchange Act can be
located on the SECs website by reference to SEC file
number
001-03619.
According to its publicly available documents, Verizon
Communications Inc. is one of the worlds leading providers
of communications services. Its domestic wireline
telecommunications business provides local telephone services,
including broadband, in 28 states and Washington, D.C.
and nationwide long-distance and other communications products
and services. Verizon Communications Inc.s domestic
wireless business, operating as VerizonWireless, provides
wireless voice and data products and services across the United
States using one of the most extensive wireless networks.
Information Services operates directory publishing businesses
and provides electronic commerce services. Its International
segment includes wireline and wireless communications operations
and investments in the Americas and
TS-11
Europe. Information provided to or filed with the SEC by Verizon
Communications Inc. pursuant to the Exchange Act can be located
on the SECs website by reference to SEC file number
001-08606.
In addition, information regarding Reference Issuers may be
obtained from other sources including, but not limited to, press
releases, newspaper articles and other publicly disseminated
documents. We make no representation or warranty as to the
accuracy or completeness of these reports.
This terms supplement relates only to the notes offered
hereby and does not relate to the Reference Shares. We have
derived all disclosures contained in this terms supplement
regarding Reference Issuers from the publicly available
documents described in the preceding paragraphs. Neither we nor
the agent nor its affiliates have participated in the
preparation of such documents or made any due diligence inquiry
with respect to any of the Reference Issuers in connection with
the offering of the notes. Neither we nor the agent nor its
affiliates make any representation that such publicly available
documents or any other publicly available information regarding
any of the Reference Issuers are accurate or complete.
Furthermore, we cannot give any assurance that all the events
occurring prior to the date of this terms supplement (including
events that would affect the accuracy or completeness of the
publicly available documents described in the preceding
paragraph) that would affect the trading price of any of the
Reference Shares (and therefore the 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
terms 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.
TS-12
Historical
Performance
The Reference Shares are traded on the NYSE under the symbols
set forth above. The following table sets forth the published
intra-day
high, low and closing prices of each of the Reference Shares
since December 31, 2004. We obtained the information in the
tables below from Bloomberg without independent verification.
Any historical upward or downward trend in the price of any
of the Reference Shares during any period shown below 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 below.
AT&T
Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
Period
|
|
High
|
|
|
Low
|
|
|
Period End
|
|
|
2005
|
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter
|
|
$
|
25.590
|
|
|
$
|
23.040
|
|
|
$
|
23.690
|
|
Second Quarter
|
|
|
24.200
|
|
|
|
22.960
|
|
|
|
23.750
|
|
Third Quarter
|
|
|
24.970
|
|
|
|
23.360
|
|
|
|
23.970
|
|
Fourth Quarter
|
|
|
25.300
|
|
|
|
22.100
|
|
|
|
24.490
|
|
2006
|
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter
|
|
$
|
28.450
|
|
|
$
|
24.450
|
|
|
$
|
27.040
|
|
Second Quarter
|
|
|
27.890
|
|
|
|
24.740
|
|
|
|
27.890
|
|
Third Quarter
|
|
|
33.490
|
|
|
|
26.560
|
|
|
|
32.560
|
|
Fourth Quarter
|
|
|
35.750
|
|
|
|
31.780
|
|
|
|
35.750
|
|
2007
|
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter
|
|
$
|
39.440
|
|
|
$
|
33.810
|
|
|
$
|
39.430
|
|
Second Quarter
|
|
|
41.500
|
|
|
|
38.640
|
|
|
|
41.500
|
|
Third Quarter
|
|
|
42.830
|
|
|
|
37.920
|
|
|
|
42.310
|
|
Fourth Quarter
|
|
|
42.440
|
|
|
|
36.350
|
|
|
|
41.560
|
|
2008
|
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter (through March 3, 2008)
|
|
$
|
41.430
|
|
|
$
|
34.360
|
|
|
$
|
35.060
|
|
Bank of
America Corporation
|
|
|
|
|
|
|
|
|
|
|
|
|
Period
|
|
High
|
|
|
Low
|
|
|
Period End
|
|
|
2005
|
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter
|
|
$
|
47.080
|
|
|
$
|
43.660
|
|
|
$
|
44.100
|
|
Second Quarter
|
|
|
47.080
|
|
|
|
44.010
|
|
|
|
45.610
|
|
Third Quarter
|
|
|
45.980
|
|
|
|
41.600
|
|
|
|
42.100
|
|
Fourth Quarter
|
|
|
46.990
|
|
|
|
41.570
|
|
|
|
46.150
|
|
2006
|
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter
|
|
$
|
47.080
|
|
|
$
|
43.090
|
|
|
$
|
45.540
|
|
Second Quarter
|
|
|
50.470
|
|
|
|
45.480
|
|
|
|
48.100
|
|
Third Quarter
|
|
|
53.570
|
|
|
|
47.980
|
|
|
|
53.570
|
|
Fourth Quarter
|
|
|
54.900
|
|
|
|
51.660
|
|
|
|
53.390
|
|
2007
|
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter
|
|
$
|
54.050
|
|
|
$
|
49.460
|
|
|
$
|
51.020
|
|
Second Quarter
|
|
|
51.820
|
|
|
|
48.800
|
|
|
|
48.890
|
|
Third Quarter
|
|
|
51.870
|
|
|
|
47.000
|
|
|
|
50.270
|
|
Fourth Quarter
|
|
|
52.710
|
|
|
|
41.100
|
|
|
|
41.260
|
|
2008
|
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter (through March 3, 2008)
|
|
$
|
45.030
|
|
|
$
|
35.970
|
|
|
$
|
39.180
|
|
TS-13
Citigroup
Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
Period
|
|
High
|
|
|
Low
|
|
|
Period End
|
|
|
2005
|
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter
|
|
$
|
49.780
|
|
|
$
|
44.350
|
|
|
$
|
44.940
|
|
Second Quarter
|
|
|
47.840
|
|
|
|
44.590
|
|
|
|
46.230
|
|
Third Quarter
|
|
|
46.510
|
|
|
|
43.050
|
|
|
|
45.520
|
|
Fourth Quarter
|
|
|
49.640
|
|
|
|
44.310
|
|
|
|
48.530
|
|
2006
|
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter
|
|
$
|
49.290
|
|
|
$
|
45.050
|
|
|
$
|
47.230
|
|
Second Quarter
|
|
|
50.370
|
|
|
|
47.410
|
|
|
|
48.250
|
|
Third Quarter
|
|
|
50.230
|
|
|
|
46.400
|
|
|
|
49.670
|
|
Fourth Quarter
|
|
|
56.410
|
|
|
|
49.380
|
|
|
|
55.700
|
|
2007
|
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter
|
|
$
|
55.250
|
|
|
$
|
48.750
|
|
|
$
|
51.340
|
|
Second Quarter
|
|
|
55.200
|
|
|
|
51.050
|
|
|
|
51.290
|
|
Third Quarter
|
|
|
52.840
|
|
|
|
45.300
|
|
|
|
46.670
|
|
Fourth Quarter
|
|
|
48.320
|
|
|
|
29.290
|
|
|
|
29.440
|
|
2008
|
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter (through March 3, 2008)
|
|
$
|
29.690
|
|
|
$
|
23.090
|
|
|
$
|
23.090
|
|
E.I. du
Pont de Nemours & Company
|
|
|
|
|
|
|
|
|
|
|
|
|
Period
|
|
High
|
|
|
Low
|
|
|
Period End
|
|
|
2005
|
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter
|
|
$
|
54.550
|
|
|
$
|
46.010
|
|
|
$
|
51.240
|
|
Second Quarter
|
|
|
51.540
|
|
|
|
43.010
|
|
|
|
43.010
|
|
Third Quarter
|
|
|
44.300
|
|
|
|
38.040
|
|
|
|
39.170
|
|
Fourth Quarter
|
|
|
43.480
|
|
|
|
37.830
|
|
|
|
42.500
|
|
2006
|
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter
|
|
$
|
43.160
|
|
|
$
|
38.880
|
|
|
$
|
42.210
|
|
Second Quarter
|
|
|
45.710
|
|
|
|
39.980
|
|
|
|
41.600
|
|
Third Quarter
|
|
|
43.370
|
|
|
|
39.050
|
|
|
|
42.840
|
|
Fourth Quarter
|
|
|
49.470
|
|
|
|
42.720
|
|
|
|
48.710
|
|
2007
|
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter
|
|
$
|
53.140
|
|
|
$
|
48.050
|
|
|
$
|
49.430
|
|
Second Quarter
|
|
|
53.190
|
|
|
|
48.660
|
|
|
|
50.840
|
|
Third Quarter
|
|
|
53.350
|
|
|
|
46.350
|
|
|
|
49.560
|
|
Fourth Quarter
|
|
|
50.220
|
|
|
|
42.580
|
|
|
|
44.090
|
|
2008
|
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter (through March 3, 2008)
|
|
$
|
47.610
|
|
|
$
|
42.540
|
|
|
$
|
46.680
|
|
TS-14
General
Electric Company
|
|
|
|
|
|
|
|
|
|
|
|
|
Period
|
|
High
|
|
|
Low
|
|
|
Period End
|
|
|
2005
|
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter
|
|
$
|
36.590
|
|
|
$
|
35.130
|
|
|
$
|
36.060
|
|
Second Quarter
|
|
|
37.180
|
|
|
|
34.610
|
|
|
|
34.650
|
|
Third Quarter
|
|
|
35.630
|
|
|
|
33.140
|
|
|
|
33.670
|
|
Fourth Quarter
|
|
|
36.200
|
|
|
|
32.680
|
|
|
|
35.050
|
|
2006
|
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter
|
|
$
|
35.470
|
|
|
$
|
32.310
|
|
|
$
|
34.780
|
|
Second Quarter
|
|
|
35.160
|
|
|
|
32.880
|
|
|
|
32.960
|
|
Third Quarter
|
|
|
35.480
|
|
|
|
32.110
|
|
|
|
35.300
|
|
Fourth Quarter
|
|
|
38.150
|
|
|
|
34.710
|
|
|
|
37.210
|
|
2007
|
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter
|
|
$
|
38.110
|
|
|
$
|
34.090
|
|
|
$
|
35.360
|
|
Second Quarter
|
|
|
39.290
|
|
|
|
34.760
|
|
|
|
38.280
|
|
Third Quarter
|
|
|
41.770
|
|
|
|
36.900
|
|
|
|
41.400
|
|
Fourth Quarter
|
|
|
42.120
|
|
|
|
36.250
|
|
|
|
37.070
|
|
2008
|
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter (through March 3, 2008)
|
|
$
|
36.800
|
|
|
$
|
33.140
|
|
|
$
|
33.400
|
|
General
Motors Corporation
|
|
|
|
|
|
|
|
|
|
|
|
|
Period
|
|
High
|
|
|
Low
|
|
|
Period End
|
|
|
2005
|
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter
|
|
$
|
40.300
|
|
|
$
|
28.350
|
|
|
$
|
29.390
|
|
Second Quarter
|
|
|
36.340
|
|
|
|
25.600
|
|
|
|
34.000
|
|
Third Quarter
|
|
|
37.520
|
|
|
|
30.430
|
|
|
|
30.610
|
|
Fourth Quarter
|
|
|
31.040
|
|
|
|
18.610
|
|
|
|
19.420
|
|
2006
|
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter
|
|
$
|
24.500
|
|
|
$
|
18.900
|
|
|
$
|
21.270
|
|
Second Quarter
|
|
|
29.790
|
|
|
|
19.220
|
|
|
|
29.790
|
|
Third Quarter
|
|
|
33.360
|
|
|
|
27.470
|
|
|
|
33.260
|
|
Fourth Quarter
|
|
|
36.190
|
|
|
|
29.050
|
|
|
|
30.720
|
|
2007
|
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter
|
|
$
|
36.590
|
|
|
$
|
29.090
|
|
|
$
|
30.640
|
|
Second Quarter
|
|
|
38.150
|
|
|
|
28.990
|
|
|
|
37.800
|
|
Third Quarter
|
|
|
38.020
|
|
|
|
29.180
|
|
|
|
36.700
|
|
Fourth Quarter
|
|
|
42.640
|
|
|
|
24.890
|
|
|
|
24.890
|
|
2008
|
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter (through March 3, 2008)
|
|
$
|
28.980
|
|
|
$
|
22.280
|
|
|
$
|
23.200
|
|
TS-15
JPMorgan
Chase & Co.
|
|
|
|
|
|
|
|
|
|
|
|
|
Period
|
|
High
|
|
|
Low
|
|
|
Period End
|
|
|
2005
|
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter
|
|
$
|
39.150
|
|
|
$
|
34.580
|
|
|
$
|
34.600
|
|
Second Quarter
|
|
|
36.260
|
|
|
|
33.770
|
|
|
|
35.320
|
|
Third Quarter
|
|
|
35.860
|
|
|
|
33.580
|
|
|
|
33.930
|
|
Fourth Quarter
|
|
|
40.200
|
|
|
|
33.270
|
|
|
|
39.690
|
|
2006
|
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter
|
|
$
|
42.110
|
|
|
$
|
38.050
|
|
|
$
|
41.640
|
|
Second Quarter
|
|
|
46.650
|
|
|
|
39.950
|
|
|
|
42.000
|
|
Third Quarter
|
|
|
47.220
|
|
|
|
40.710
|
|
|
|
46.960
|
|
Fourth Quarter
|
|
|
48.950
|
|
|
|
46.010
|
|
|
|
48.300
|
|
2007
|
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter
|
|
$
|
51.650
|
|
|
$
|
46.700
|
|
|
$
|
48.380
|
|
Second Quarter
|
|
|
53.200
|
|
|
|
48.240
|
|
|
|
48.450
|
|
Third Quarter
|
|
|
50.050
|
|
|
|
43.000
|
|
|
|
45.820
|
|
Fourth Quarter
|
|
|
47.580
|
|
|
|
40.460
|
|
|
|
43.650
|
|
2008
|
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter (through March 3, 2008)
|
|
$
|
48.250
|
|
|
$
|
39.170
|
|
|
$
|
39.820
|
|
Merck &
Co., Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
Period
|
|
High
|
|
|
Low
|
|
|
Period End
|
|
|
2005
|
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter
|
|
$
|
32.610
|
|
|
$
|
27.830
|
|
|
$
|
32.370
|
|
Second Quarter
|
|
|
34.930
|
|
|
|
30.500
|
|
|
|
30.800
|
|
Third Quarter
|
|
|
31.950
|
|
|
|
27.210
|
|
|
|
27.210
|
|
Fourth Quarter
|
|
|
32.350
|
|
|
|
25.850
|
|
|
|
31.810
|
|
2006
|
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter
|
|
$
|
36.230
|
|
|
$
|
32.750
|
|
|
$
|
35.230
|
|
Second Quarter
|
|
|
36.430
|
|
|
|
33.140
|
|
|
|
36.430
|
|
Third Quarter
|
|
|
42.400
|
|
|
|
36.150
|
|
|
|
41.900
|
|
Fourth Quarter
|
|
|
46.210
|
|
|
|
41.420
|
|
|
|
43.600
|
|
2007
|
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter
|
|
$
|
46.220
|
|
|
$
|
42.940
|
|
|
$
|
44.170
|
|
Second Quarter
|
|
|
54.350
|
|
|
|
45.010
|
|
|
|
49.800
|
|
Third Quarter
|
|
|
53.380
|
|
|
|
48.660
|
|
|
|
51.690
|
|
Fourth Quarter
|
|
|
60.770
|
|
|
|
51.620
|
|
|
|
58.110
|
|
2008
|
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter (through March 3, 2008)
|
|
$
|
60.550
|
|
|
$
|
44.060
|
|
|
$
|
44.060
|
|
TS-16
Pfizer
Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
Period
|
|
High
|
|
|
Low
|
|
|
Period End
|
|
|
2005
|
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter
|
|
$
|
27.180
|
|
|
$
|
23.860
|
|
|
$
|
26.270
|
|
Second Quarter
|
|
|
28.900
|
|
|
|
25.930
|
|
|
|
27.580
|
|
Third Quarter
|
|
|
27.600
|
|
|
|
24.800
|
|
|
|
24.970
|
|
Fourth Quarter
|
|
|
25.290
|
|
|
|
20.600
|
|
|
|
23.320
|
|
2006
|
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter
|
|
$
|
26.600
|
|
|
$
|
23.780
|
|
|
$
|
24.920
|
|
Second Quarter
|
|
|
25.540
|
|
|
|
22.640
|
|
|
|
23.470
|
|
Third Quarter
|
|
|
28.470
|
|
|
|
22.410
|
|
|
|
28.360
|
|
Fourth Quarter
|
|
|
28.410
|
|
|
|
24.800
|
|
|
|
25.900
|
|
2007
|
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter
|
|
$
|
27.220
|
|
|
$
|
24.700
|
|
|
$
|
25.260
|
|
Second Quarter
|
|
|
27.680
|
|
|
|
25.340
|
|
|
|
25.570
|
|
Third Quarter
|
|
|
26.080
|
|
|
|
23.390
|
|
|
|
24.430
|
|
Fourth Quarter
|
|
|
25.580
|
|
|
|
22.300
|
|
|
|
22.730
|
|
2008
|
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter (through March 3, 2008)
|
|
$
|
24.080
|
|
|
$
|
22.200
|
|
|
$
|
22.250
|
|
Verizon
Communications Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
Period
|
|
High
|
|
|
Low
|
|
|
Period End
|
|
|
2005
|
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter
|
|
$
|
39.015
|
|
|
$
|
33.205
|
|
|
$
|
34.207
|
|
Second Quarter
|
|
|
34.496
|
|
|
|
32.550
|
|
|
|
33.292
|
|
Third Quarter
|
|
|
33.648
|
|
|
|
30.690
|
|
|
|
31.500
|
|
Fourth Quarter
|
|
|
31.220
|
|
|
|
28.137
|
|
|
|
29.023
|
|
2006
|
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter
|
|
$
|
33.745
|
|
|
$
|
29.274
|
|
|
$
|
32.820
|
|
Second Quarter
|
|
|
33.340
|
|
|
|
29.303
|
|
|
|
32.270
|
|
Third Quarter
|
|
|
36.578
|
|
|
|
30.430
|
|
|
|
35.778
|
|
Fourth Quarter
|
|
|
37.426
|
|
|
|
34.240
|
|
|
|
37.240
|
|
2007
|
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter
|
|
$
|
38.630
|
|
|
$
|
35.680
|
|
|
$
|
37.920
|
|
Second Quarter
|
|
|
43.820
|
|
|
|
37.370
|
|
|
|
41.170
|
|
Third Quarter
|
|
|
44.680
|
|
|
|
40.230
|
|
|
|
44.280
|
|
Fourth Quarter
|
|
|
46.070
|
|
|
|
41.230
|
|
|
|
43.690
|
|
2008
|
|
|
|
|
|
|
|
|
|
|
|
|
First Quarter (through March 3, 2008)
|
|
$
|
43.450
|
|
|
$
|
35.240
|
|
|
$
|
36.290
|
|
Supplemental
information regarding taxation in the United States
The amount of the stated interest rate on the note that
constitutes interest on the Deposit (as defined in the
accompanying product supplement no. 1) equals 2.66%,
and the remaining 22.59% constitutes Put Premium (as defined in
the accompanying product supplement no. 1).
TS-17
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 PS-16 of the accompanying product supplement
no. 1.
Supplemental
plan of distribution
The notes are being purchased by Natixis Securities North
America Inc. (the
agent
) as principal, pursuant to a
terms agreement dated as of the Trade Date between the agent and
us. The agent has agreed to pay our out-of-pocket expenses in
connection with the issuance of the notes.
See Supplemental plan of distribution beginning on
page PS-19
of the accompanying product supplement no. 1.
TS-18
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