New Issue: Merrill plans $45.88 million Accelerated Return Notes tied to palladium for Eksportfinans

By Jennifer Chiou

New York, March 28 - Eksportfinans ASA priced $45.88 million of 0% Accelerated Return Notes due May 23, 2012 linked to the price of palladium 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 palladium spot price, subject to a maximum return of 31%. Investors will be exposed to any decrease in the palladium spot price.

Issuer:	Eksportfinans ASA
Issue:	Accelerated Return Notes
Underlying commodity:	Palladium
Amount:	$45,876,440
Maturity:	May 23, 2012
Coupon:	0%
Price:	Par of $10
Payout at maturity:	Par plus triple any increase in price of palladium, subject to cap of 31%; exposure to any decrease in price of palladium
Initial palladium price:	758
Pricing date:	March 24
Settlement date:	April 1
Underwriter:	Merrill Lynch, Pierce, Fenner & Smith Inc.
Fees:	2%
Cusip:	28264M731

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