New Issue: Merrill prices $48.49 million Stars tied to S&P 500 for Eksportfinans

By Marisa Wong

Madison, Wis., May 31 - Eksportfinans ASA priced $48.49 million of 0% Strategic Accelerated Redemption Securities due June 5, 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 8.35%. The observation dates are Nov. 21, Feb. 21, 2012 and May 29, 2012.

If the notes are not called prior to maturity, investors will receive par if the final index level is at least 95% of the initial level and will share fully in any losses beyond the threshold.

Issuer:	Eksportfinans ASA
Issue:	Strategic Accelerated Redemption Securities
Underlying index:	S&P 500
Amount:	$48,492,890
Maturity:	June 5, 2012
Coupon:	0%
Price:	Par of $10
Payout at maturity:	Par if final index level is at least 95% of the initial level; investors share fully in any losses beyond the threshold
Call:	Automatically at par plus call premium of 8.35% per year if index closes at or above initial level on Nov. 21, Feb. 21, 2012 or May 29, 2012
Initial index level:	1,325.69
Pricing date:	May 26
Settlement date:	June 3
Underwriter:	Merrill Lynch, Pierce, Fenner & Smith Inc.
Fees:	1.25%
Cusip:	28264M574

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