New Issue: Eksportfinans prices $26.53 million Stars tied to iShares MSCI Brazil via Merrill

By Marisa Wong

Madison, Wis., Aug. 30 - Eksportfinans ASA priced $26.53 million of 0% Strategic Accelerated Redemption Securities due Sept. 6, 2011 linked to the iShares MSCI Brazil index fund, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will be called at par of $10 plus an annualized premium of 19.66% if the fund share price closes at or above the initial share price on any of three observation dates, which are Feb. 25, 2011, May 26, 2011 and Aug. 29, 2011.

If the notes are not called, investors will receive par if the final fund share price is at least 90% of the initial share price and will be exposed to any fund decline beyond 10%.

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

Issuer:	Eksportfinans ASA
Issue:	Strategic Accelerated Redemption Securities
Underlying fund:	iShares MSCI Brazil index fund
Amount:	$26,531,100
Maturity:	Sept. 6, 2011
Coupon:	0%
Price:	Par of $10
Call:	At par plus 19.66% annualized premium if index closes at or above initial level on Feb. 25, 2011, May 26, 2011 or Aug. 29, 2011
Payout at maturity:	Par if fund share price falls by up to 10%; exposure to losses beyond 10%
Initial share price:	$66.94
Threshold price:	$60.25, or 90% of initial price
Pricing date:	Aug. 26
Settlement date:	Sept. 2
Underwriter:	Merrill Lynch, Pierce, Fenner & Smith Inc.
Fees:	1.25%
Cusip:	282649235

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