New Issue: Merrill Lynch sells $155.54 million Accelerated Return Notes on copper for Eksportfinans

By Susanna Moon

Chicago, Dec. 23 - Eksportfinans ASA priced $155.54 million of 0% Accelerated Return Notes due Feb. 8, 2012 based on the spot price of copper 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 $10.00 plus triple any gain in the price of copper, up to a maximum payment of $13.591 per note.

Investors will be exposed to any losses.

Issuer:	Eksportfinans ASA
Issue:	Accelerated Return Notes
Underlying commodity:	Copper spot price
Amount:	$155,544,170
Maturity:	Feb. 8, 2012
Coupon:	0%
Price:	Par of $10
Payout at maturity:	Par plus 300% of any price gain in copper, capped at 35.91%; exposure to any losses
Initial price:	$9,410
Pricing date:	Dec. 21
Settlement date:	Dec. 30
Underwriter:	Merrill Lynch, Pierce, Fenner & Smith Inc.
Fees:	2%
Cusip:	28264M608

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