New Issue: Merrill prices $65.84 million Stars tied to S&P 500 for Eksportfinans

By Jennifer Chiou

New York, Jan. 18 - Eksportfinans ASA priced $65.84 million of 0% Strategic Accelerated Redemption Securities due Jan. 30, 2012 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 level on any observation date is greater than or equal to the initial level, the notes will be automatically called and investors will receive par of $10 plus an annualized call premium of 8.85%.

Observation dates fall on July 25, 2011, Oct. 24, 2011 and Jan. 23, 2012.

If the notes are not called prior to maturity, investors will share in any losses, with up to 95% of their principal at risk.

Issuer:	Eksportfinans ASA
Issue:	Strategic Accelerated Redemption Securities
Underlying index:	S&P 500
Amount:	$65,837,570
Maturity:	Jan. 30, 2012
Coupon:	0%
Price:	Par of $10
Payout at maturity:	Investors share in any losses; cap of par; floor of 5%
Call:	Automatically at par plus call premium of 8.85% per year if index closes above initial level on July 25, 2011, Oct. 24, 2011 or Jan. 23, 2012
Initial index level:	1,283.75
Pricing date:	Jan. 13
Settlement date:	Jan. 20
Underwriter:	Merrill Lynch, Pierce, Fenner & Smith Inc.
Fees:	1.25%
Cusip:	28264M889

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