New Issue: Merrill Lynch prices $22.25 million bearish notes linked to S&P 500 for Eksportfinans

By Angela McDaniels

Tacoma, Wash., Sept. 9 - Eksportfinans ASA priced $22.25 million of 0% bear Accelerated Return Notes due Dec. 14, 2010 linked to the S&P 500 index via underwriter Merrill Lynch, Pierce, Fenner & Smith Inc., according to a 424B2 filing with the Securities and Exchange Commission.

If the final index level is less than the initial level, the payout at maturity will be par of $10 plus 5% for every 1% that the index declines, subject to a maximum return of 8.1%.

If the final index level is greater than the initial level, investors will lose 1% for every 1% that the index advances.

Issuer:	Eksportfinans ASA
Issue:	Bear Accelerated Return Notes
Underlying index:	S&P 500
Amount:	$22.25 million
Maturity:	Dec. 14, 2010
Coupon:	0%
Price:	Par of $10
Payout at maturity:	Par plus 5% for every 1% that index declines, up to maximum return of 8.1%; par minus 1% for every 1% that index advances
Initial index level:	1,091.84
Pricing date:	Sept. 7
Settlement date:	Sept. 14
Underwriter:	Merrill Lynch, Pierce, Fenner & Smith Inc.
Fees:	0.5%
Cusip:	282649177

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