New Issue: Merrill Lynch sells $44.62 million Accelerated Return Notes linked to gold for Eksportfinans

By Susanna Moon

Chicago, Aug. 2 - Eksportfinans ASA priced $44.62 million of 0% Accelerated Return Notes due Oct. 4, 2011 based on the spot price of gold via Merrill Lynch, Pierce, Fenner & Smith Inc. and First Republic Securities Co., LLC, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par of $10.00 plus triple any gain in the spot price of gold, up to a maximum of $11.922 per note.

Investors will be exposed to any decline in the price of gold.

Issuer:	Eksportfinans ASA
Issue:	Accelerated Return Notes
Underlying commodity:	Gold
Amount:	$44,619,320
Maturity:	Oct. 4, 2011
Coupon:	0%
Price:	Par of $10.00
Payout at maturity:	Par plus 300% of any price gain, capped at 19.22%; exposure to any losses
Initial spot price:	$1,162.50
Pricing date:	July 29
Settlement date:	Aug. 5
Underwriters:	Merrill Lynch, Pierce, Fenner & Smith Inc. and First Republic Securities Co., LLC
Fees:	2%
Cusip:	282649284

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