New Issue: Eksportfinans prices $34.55 million Stars tied to S&P 500 via Merrill

By Jennifer Chiou

New York, Oct. 31 - Eksportfinans ASA priced $34.55 million of 0% Strategic Accelerated Redemption Securities due Nov. 5, 2012 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will be called at par of $10 plus a call premium of 10% per year if the index closes at or above its initial level on any of the call dates: April 24, July 24, 2012 and Oct. 29, 2012.

If the notes are not called and the final index level is greater than or equal to 90% of the initial index level, the payout at maturity will be par. Investors will lose 1% for every 1% that the index declines below the threshold level.

Bank of America Merrill Lynch is the agent.

Issuer:	Eksportfinans ASA
Issue:	Strategic Accelerated Redemption Securities
Underlying index:	S&P 500
Amount:	$34,553,920
Maturity:	Nov. 5, 2012
Coupon:	0%
Price:	Par of $10
Payout at maturity:	Par if final index level is greater than or equal to 90% of the initial index level; exposure to losses beyond threshold level
Call:	At par plus 10% premium if final index level is greater than or equal to initial index level on April 24, July 24, 2012 or Oct. 29, 2012
Initial index level:	1,284.59
Threshold level:	1,156.13, 90% of initial level
Pricing date:	Oct. 27
Settlement date:	Nov. 3
Underwriter:	Bank of America Merrill Lynch
Fees:	1.25%
Cusip:	28264M327

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