New Issue: Merrill Lynch prices $58.89 million Stars linked to S&P 500 for Eksportfinans

By Angela McDaniels

Tacoma, Wash., Sept. 27 - Eksportfinans ASA priced $58.89 million of 0% Strategic Accelerated Redemption Securities due Oct. 4, 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 index closes at or above its initial level on March 22, June 21, 2011 or Sept. 27, 2011, the notes will be automatically called at par of $10 plus an annualized call premium of 9.75%.

If the notes are not called, the payout at maturity will be par if the final index level is greater than or equal to the threshold level, 90% of the initial level. Investors will lose 1% for every 1% that the index declines below the threshold level.

Issuer:	Eksportfinans ASA
Issue:	Strategic Accelerated Redemption Securities
Underlying index:	S&P 500
Amount:	$58,892,090
Maturity:	Oct. 4, 2011
Coupon:	0%
Price:	Par of $10
Payout at maturity:	Par if final index level is at least 90% of initial level; 1% loss for every 1% decline beyond 10%
Call:	Automatically at par plus 9.75% per year if index closes at or above its initial level on March 22, June 21, 2011 or Sept. 27, 2011
Initial index level:	1,124.83
Pricing date:	Sept. 23
Settlement date:	Oct. 1
Underwriter:	Merrill Lynch, Pierce, Fenner & Smith Inc.
Fees:	1.25%
Cusip:	282649219

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