New Issue: Merrill Lynch sells $13.8 million Accelerated Return Notes on Rogers index for Eksportfinans

By Angela McDaniels

Tacoma, Wash., Aug. 3 - Eksportfinans ASA priced $13.8 million of 0% Accelerated Return Notes due Sept. 28, 2010 linked to the Rogers International Commodity Index - Agriculture Excess Return via Merrill Lynch, Pierce, Fenner & Smith Inc. and First Republic Securities Co., LLC, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par of $10 plus triple any index gain, subject to a maximum return of 19.01%. Investors will be fully exposed to any index decline.

A market disruption event occurred on the pricing date when the settlement prices for azuki beans and barley contracts included in the index were each a limit price. As a result, the calculation agent set the initial index level to equal the closing level on July 30 - 794.72 - as adjusted on the basis of the settlement prices for azuki beans and barley on July 31.

Issuer:	Eksportfinans ASA
Issue:	Accelerated Return Notes
Underlying index:	Rogers International Commodity Index - Agriculture Excess Return
Amount:	$13.8 million
Maturity:	Sept. 28, 2010
Coupon:	0%
Price:	Par of $10
Payout at maturity:	Par plus triple any index gain, up to maximum return of 19.01%; full exposure to any index decline
Initial index level:	794.70
Pricing date:	July 30
Settlement date:	Aug. 6
Underwriters:	Merrill Lynch, Pierce, Fenner & Smith Inc. and First Republic Securities Co., LLC
Fees:	2%

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