New Issue: Merrill Lynch prices $1.79 million Bear Stars linked to S&P 500 for Eksportfinans

By Angela McDaniels

Tacoma, Wash., May 2 - Eksportfinans ASA priced $1.79 million of 0% Bear Strategic Accelerated Redemption Securities due Oct. 28, 2011 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the final index level is less than or equal to the initial level, the notes will be automatically called at par of $10 plus 5.86%.

If the notes are not called, the payout at maturity will be par minus the index return, which will result in a loss of principal.

Merrill Lynch, Pierce, Fenner & Smith Inc. is the agent.

Issuer:	Eksportfinans ASA
Issue:	Bear Strategic Accelerated Redemption Securities
Underlying index:	S&P 500
Amount:	$1,791,460
Maturity:	Oct. 28, 2011
Coupon:	0%
Price:	Par of $10
Payout at maturity:	Par minus index return, resulting in loss of principal
Call:	Automatically at par plus 5.86% if final index level is less than or equal to initial level
Initial index level:	1,360.48
Pricing date:	April 28
Settlement date:	May 5
Agent:	Merrill Lynch, Pierce, Fenner & Smith Inc.
Fees:	1%
Cusip:	28264M681

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