New Issue: Merrill Lynch prices $34.42 million Stars linked to S&P 500 for Eksportfinans

By Angela McDaniels

Tacoma, Wash., Dec. 23 - Eksportfinans ASA priced $34.42 million of 0% Strategic Accelerated Redemption Securities due Jan. 3, 2012 linked to the S&P 500 index via Merrill Lynch, Pierce, Fenner & Smith Inc., according to a 424B2 filing with the Securities and Exchange Commission.

If the index closes at or above the initial level on an observation date, the notes will be automatically called at par of $10 plus an annualized call premium of 8.93%. The observation dates are June 21, 2011, Sept. 21, 2011 and Dec. 23, 2011.

If the notes are not called, the payout at maturity will be par if the final index level is at least 95% of the initial level. Investors will lose 1% for every 1% that the index declines beyond 5%.

Issuer:	Eksportfinans ASA
Issue:	Strategic Accelerated Redemption Securities
Underlying index:	S&P 500
Amount:	$34,418,730
Maturity:	Jan. 3, 2012
Coupon:	0%
Price:	Par of $10
Payout at maturity:	Par if final index level is at least 95% of initial level; 1% loss for every 1% decline beyond 5%
Call:	Automatically at par plus 8.93% per year if index closes at or above initial level on June 21, 2011, Sept. 21, 2011 or Dec. 23, 2011
Initial index level:	1,254.60
Pricing date:	Dec. 21
Settlement date:	Dec. 30
Underwriter:	Merrill Lynch, Pierce, Fenner & Smith Inc.
Fees:	1.25%
Cusip:	28264M707

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