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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| 11% Enhanced Yield Securities Linked TO The Claymore Yieldstream 20 | AMEX:EKF | AMEX | Ordinary Share |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.00 | - |
| Preliminary Terms & Conditions — April 15, 2008 | Offering Period: April 15, 2008 — April 29, 2008 |
| Issuer: | Eksportfinans ASA (Moody’s Aaa (negative outlook), S&P AA+, Fitch AAA) | |
| Offering: | Leveraged Upside Securities Linked to the Deutsche Bank X-Alpha USD Excess Return Index due May 3, 2013 (the “Securities”) | |
| Denominations: | $1,000 per Security (minimum investment $1,000) | |
| Underlying: |
The Deutsche Bank X-Alpha USD Excess Return Index
(Bloomberg: DBGLXAE <Index>) |
|
| Initial Level: | The official closing level of the Underlying on the Initial Valuation Date | |
| Final Level: | Official closing level of the Underlying on the Final Valuation Date | |
| Participation Rate: | 250% | |
| Index Return: | (Final Index Level — Initial Index Level) / Initial Index Level | |
| Payment at Maturity: | The Securityholder will receive at maturity for each Security: | |
| If the Index Return is positive: | ||
| $1,000 + $1,000 x Index Return x Participation Rate | ||
| If the Index Return is negative: | ||
| $1,000 + [$1,000 x Index Return] |
| Listing: | Unlisted — Indicative secondary pricing may be obtained on Bloomberg Page: DBUS <GO> or on the X-markets website at http://www.usxmarkets.db.com | |
| Business Days: | London and New York (following business day convention) | |
| Form of Security: | Global, Book-Entry. The Securities will be represented by a single registered global security deposited with The Depository Trust Company | |
| Agent: | Deutsche Bank Securities Inc. The Agent may make sales through its affiliates or selling agents. | |
| Calculation Agent: | Deutsche Bank AG, London Branch | |
| Discounts and Commissions: | The Securities are being purchased by Deutsche Bank Securities Inc. (the “Agent”) as principal, pursuant to a terms agreement dated as of l , between the Agent and the Issuer. The Agent has agreed to pay the Issuer’s out-of-pocket expenses of the issue of the Securities. | |
| From time to time, the Agent and its affiliates have engaged, and in the future may engage, in transactions with and the performance of services for the Issuer for which they have been, and may be, paid customary fees. In particular, the Issuer will enter into hedging arrangements with Deutsche Bank AG, London Branch in order to hedge the Issuer’s obligations under the Securities. | ||
| The Agent may pay custodial fees to other broker-dealers of up to 0.25% or $2.50 per $1,000 security face amount. See “Underwriting” in the accompanying pricing supplement. | ||
| Security Codes: |
CUSIP: 28264QH23
ISIN: US28264QH233 |
|
| Relevant Dates | ||
| Marketing Begins: | April 14, 2008* | |
| Book Closes: | April 29, 2008* | |
| Initial Valuation Date: | April 30, 2008* | |
| Initial Settlement Date: | May 5, 2008* | |
| Final Valuation Date: | April 30, 2013* | |
| Maturity / Final Settlement Date: | May 3, 2013* |
|
•
|
Underlying: |
The Deutsche Bank X-Alpha USD Excess Return Index
(Bloomberg: DBGLXAE <Index>) |
||
|
•
|
Maturity: | May 5, 2013 (5 Years) | ||
|
•
|
Participation Rate: | 250% | ||
|
•
|
Downside Risk: | One-for-one downside participation |
| • | Equity alternative that facilitates a bullish view on the Underlying. | |
| • | 250% upside participation in the performance of the Underlying Index at maturity. | |
| • | Leveraged Upside Securities will outperform the Underlying at maturity if the Index Return is positive. |
| • | If the Index Return is positive at maturity, investors will receive 250% of the performance of the Underlying Index. | |
| • | Investment in BUyS is not callable or averaged. |
| • | Investment in the Securities is not protected. | |
| • | If the Index Return at maturity is negative, an investment in the Securities will decline by 1% for every 1% decline in the Underlying. | |
| • | Maximum loss is 100% of the initial investment, subject to the credit of the Issuer. |
| • | Because the Securities are not 100% principal protected, and the return on the Securities is linked to the performance of the Underlying, investors may lose all of their initial investment. | |
| • | Return on the Securities is linked to the value of the Underlying Index (without taking into consideration the value of dividends paid on the component stocks underlying the index). | |
| • | An investment in the Securities is subject to the credit of the Issuer. |
| • | Hypothetical scenario analysis contained herein does not reflect the reinvestment of dividends and does not reflect advisory fees, brokerage or other commissions, or any other expenses an investor may incur in connection with the Securities. | |
| • | No representation is made that any trading strategy or account will, or is likely to, achieve results similar to those shown. Hypothetical results are neither an indicator nor guarantee of future returns. Actual results will vary, perhaps materially, from the analysis below. | |
| • | The table below assumes an Initial Level of 2,003.75. |
|
Percentage Appreciation
|
Payment at Maturity
|
|||||||||||||
|
or Depreciation Between
|
in U.S. Dollars and as a % of
|
|||||||||||||
|
Final Level
|
the Initial Level
|
Face Amount | ||||||||||||
|
on the Final Valuation Date
|
and the Final Level | Payment ($) | Return on Security (%) | |||||||||||
| 4,007.50 | 100.00 | % | 3,500.00 | 250.00 | % | |||||||||
| 3,506.56 | 75.00 | % | 2,875.00 | 187.50 | % | |||||||||
| 3,005.63 | 50.00 | % | 2,250.00 | 125.00 | % | |||||||||
| 2,504.69 | 25.00 | % | 1,625.00 | 62.50 | % | |||||||||
| 2,404.50 | 20.00 | % | 1,500.00 | 50.00 | % | |||||||||
| 2,304.31 | 15.00 | % | 1,375.00 | 37.50 | % | |||||||||
| 2,204.13 | 10.00 | % | 1,250.00 | 25.00 | % | |||||||||
| 2,043.83 | 2.00 | % | 1,050.00 | 5.00 | % | |||||||||
| 2,023.79 | 1.00 | % | 1,025.00 | 2.50 | % | |||||||||
| 2,003.75 | 0.00 | % | 1,000.00 | 0.00 | % | |||||||||
| 1,983.71 | -1.00 | % | 990.00 | -1.00 | % | |||||||||
| 1,963.68 | -2.00 | % | 980.00 | -2.00 | % | |||||||||
| 1,803.38 | -10.00 | % | 900.00 | -10.00 | % | |||||||||
| 1,703.19 | -15.00 | % | 850.00 | -15.00 | % | |||||||||
| 1,603.00 | -20.00 | % | 800.00 | -20.00 | % | |||||||||
| 1,502.81 | -25.00 | % | 750.00 | -25.00 | % | |||||||||
| 1,001.88 | -50.00 | % | 500.00 | -50.00 | % | |||||||||
| 500.94 | -75.00 | % | 250.00 | -75.00 | % | |||||||||
| 0.00 | -100.00 | % | 0.00 | -100.00 | % | |||||||||
| • | YOUR INVESTMENT IN THE SECURITIES MAY RESULT IN A LOSS — The Securities do not guarantee any return of principal. The return on the Securities at maturity is linked to the performance of the Underlying Index and will depend on whether, and the extent to which, the Index Return is positive or negative. | |
| • | CERTAIN BUILT-IN COSTS ARE LIKELY TO ADVERSELY AFFECT THE VALUE OF THE SECURITIES PRIOR TO MATURITY — Certain built-in costs, such as our estimated cost of hedging, are likely to adversely affect the value of the Securities prior to maturity. You should be willing and able to hold your Securities to maturity. | |
| • | NO COUPON OR DIVIDEND PAYMENTS OR VOTING RIGHTS — You will not receive coupon payments on the Securities or have voting rights or rights to receive cash dividends or other distributions. | |
| • | CURRENCY EXCHANGE RISK — Because the closing prices of the component securities are converted into U.S. dollars for purposes of calculating the value of the Index, investors in the Securities will be exposed to currency exchange rate risk with respect to each of the currencies in which the component securities trade. | |
| • | NO DIRECT EXPOSURE TO FLUCTUATIONS IN FOREIGN EXCHANGE RATES — The value of your Securities will not be adjusted for fluctuations in exchange rates related to the U.S. dollar that might affect the Index. | |
| • | LACK OF LIQUIDITY — There may be little or no secondary market for the Securities. The Securities will not be listed on any securities exchange. | |
| • | OUR RESEARCH, OPINIONS OR RECOMMENDATIONS COULD AFFECT THE LEVEL OF THE INDEX OR THE MARKET VALUE OF THE SECURITIES — The Agent and its affiliates and agents may publish research, express opinions or provide recommendations that are inconsistent with investing in or holding the Securities, which could affect the level of the Index or the value of the Securities. | |
| • | POTENTIAL CONFLICTS — Because the Agent and its affiliates play a variety of roles in connection with the issuance of the Securities, including acting as calculation agent and hedging our obligations under the Securities, the economic interests of the calculation agent and other affiliates of the Agent are potentially adverse to your interests as an investor in the Securities. | |
| • | MANY ECONOMIC AND MARKET FACTORS WILL AFFECT THE VALUE OF THE SECURITIES — In addition to the level of the Index on any day, the value of the Securities will be affected by a number of complex and interrelated economic and market factors that may either offset or magnify each other. | |
| • | THE U.S. TAX CONSEQUENCES OF AN INVESTMENT IN THE SECURITIES ARE UNCLEAR — Significant aspects of the U.S. federal income tax treatment of the Securities are uncertain, and no assurance can be given that the Internal Revenue Service will accept, or a court will uphold, the tax consequences described in the pricing supplement related to this offering. |
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