New Issue: Merrill prices $13.52 million Accelerated Return Notes tied to gold for Eksportfinans

By Jennifer Chiou

New York, Dec. 23 - Eksportfinans ASA priced $13.52 million of 0% Accelerated Return Notes due March 1, 2012 based on the spot price of gold 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 spot price of gold, up to a maximum of $11.77 per note.

Investors will be exposed to any decline in the price of gold.

Issuer:	Eksportfinans ASA
Issue:	Accelerated Return Notes
Underlying commodity:	Gold
Amount:	$13,518,360
Maturity:	March 1, 2012
Coupon:	0%
Price:	Par of $10
Payout at maturity:	Par plus 300% of any price gain, capped at 17.7%; exposure to any losses
Initial spot price:	$1,383
Pricing date:	Dec. 21
Settlement date:	Dec. 30
Underwriter:	Merrill Lynch, Pierce, Fenner & Smith Inc.
Fees:	2%
Cusip:	282645357

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