New Issue: Merrill prices $8.16 million bear Accelerated Return Notes on Russell 2000 for Eksportfinans

By Angela McDaniels

Tacoma, Wash., Feb. 4 - Eksportfinans ASA priced $8.16 million of 0% bear Accelerated Return Notes due Aug. 12, 2011 linked to the Russell 2000 index 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 the absolute value of any decline in the index, subject to a maximum return of 12.06%. Investors will lose 1% for every 1% that the index gains.

Issuer:	Eksportfinans ASA
Issue:	Bear Accelerated Return Notes
Underlying index:	Russell 2000
Amount:	$8,160,700
Maturity:	Aug. 12, 2011
Coupon:	0%
Price:	Par of $10
Payout at maturity:	Par plus 3% for every 1% that index declines, up to maximum return of 12.06%; 1% loss for every 1% that index advances
Initial index level:	796.16
Final index level:	Average of index's closing levels on the five trading days ending Aug. 9, 2011
Pricing date:	Feb. 2
Settlement date:	Feb. 9
Underwriter:	Merrill Lynch, Pierce, Fenner & Smith Inc.
Fees:	1%
Cusip:	28264M780

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