New Issue: Merrill sells $7.86 million bear Accelerated Return Notes on S&P 500 for Eksportfinans

By Susanna Moon

Chicago, Jan. 31 - Eksportfinans ASA priced $7.86 million of 0% bear Accelerated Return Notes due July 29, 2011 based on the performance of the S&P 500 index via Merrill Lynch, Pierce, Fenner & Smith Inc., according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par of $10.00 plus five times the absolute value of any decline in the index, up to a maximum payout of $10.705 per note.

Investors will be exposed to any losses.

Issuer:	Eksportfinans ASA
Issue:	Bear Accelerated Return Notes
Underlying index:	S&P 500
Amount:	$7,856,860
Maturity:	July 29, 2011
Coupon:	0%
Price:	Par of $10
Payout at maturity:	Par plus 500% of absolute value of any index decline, capped at 7.05%; exposure to losses
Initial index level:	1,299.54
Pricing date:	Jan. 27
Settlement date:	Feb. 4
Underwriter:	Merrill Lynch, Pierce, Fenner & Smith Inc.
Fees:	1%
Cusip:	282645282

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