New Issue: Merrill Lynch prices $23.69 million Stars linked to corn futures for Eksportfinans

By Toni Weeks

San Diego, April 14 - Eksportfinans ASA priced $23.69 million of 0% Strategic Accelerated Redemption Securities due Dec. 2, 2011 linked to the front-month corn futures contract, according to a 424B2 filing with the Securities and Exchange Commission.

Merrill Lynch, Pierce, Fenner & Smith Inc. is the underwriter.

If the price of the futures contract on Nov. 25, 2011 is at or above the initial price, the notes will be called at par of $10 plus a premium of 27%.

Investors will receive par at maturity if the final price of corn futures falls by up to 15% and will be exposed to losses beyond 15%.

Issuer:	Eksportfinans ASA
Issue:	Strategic Accelerated Redemption Securities
Underlying:	Front-month corn futures contract
Amount:	$23,694,180
Maturity:	Dec. 2, 2011
Coupon:	0%
Price:	Par of $10
Payout at maturity:	Par if final price is falls by up to 15%; exposure to losses beyond 15%
Call:	At par plus 27% on Nov. 25, 2011 if final price of futures contract is at or above initial price
Initial price:	$752.50
Threshold value:	$639.63, 85% of initial price
Pricing date:	April 12
Settlement date:	April 19
Underwriter:	Merrill Lynch, Pierce, Fenner & Smith Inc.
Fees:	1%
Cusip:	28264M632

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