New Issue: Merrill Lynch prices $3.78 million Stars linked to S&P 500 for Eksportfinans

By Angela McDaniels

Tacoma, Wash., Nov. 29 - Eksportfinans ASA priced $3.78 million of 0% Strategic Accelerated Redemption Securities due May 27, 2011 linked to the S&P 500 index via Merrill Lynch, Pierce, Fenner & Smith Inc., according to a 424B2 filing with the Securities and Exchange Commission.

If the final index level is greater than or equal to the initial level, the notes will be automatically called at par of $10 plus 8.41%.

If the final index level is less than the initial level, the payout at maturity will be par plus the index return.

Issuer:	Eksportfinans ASA
Issue:	Strategic Accelerated Redemption Securities
Underlying index:	S&P 500
Amount:	$3,779,210
Maturity:	May 27, 2011
Coupon:	0%
Price:	Par of $10
Payout at maturity:	Par plus index return, which will be negative if notes are not called
Call:	Automatically at par plus 8.41% if final index level is greater than or equal to initial level
Initial index level:	1,180.73
Pricing date:	Nov. 23
Settlement date:	Dec. 1
Underwriter:	Merrill Lynch, Pierce, Fenner & Smith Inc.
Fees:	1%
Cusip:	282645373

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