New Issue: Merrill Lynch prices $58.76 million Accelerated Return Notes tied to silver for Eksportfinans

By Angela McDaniels

Tacoma, Wash., May 2 - Eksportfinans ASA priced $58.76 million of 0% Accelerated Return Notes due July 3, 2012 linked to the spot price of silver 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 plus triple any increase in the price of silver, subject to a maximum return of 34.26%. Investors will be exposed to any decline in the price of silver.

Issuer:	Eksportfinans ASA
Issue:	Accelerated Return Notes
Underlying commodity:	Silver
Amount:	$58,759,240
Maturity:	July 3, 2012
Coupon:	0%
Price:	Par of $10
Payout at maturity:	Par plus three times any increase in price of silver, up to maximum return of 34.26%; 1% loss for every 1% decline in silver price
Initial silver price:	$4,870
Pricing date:	April 28
Settlement date:	May 5
Underwriter:	Merrill Lynch, Pierce, Fenner & Smith Inc.
Fees:	2%
Cusip:	28264M715

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