IMAREX NOS Q306 RESULTS - REVENUE UP 70%, PROFITS TRIPLE

Financial Highlights:

• Revenues increased by 70 percent to NOK 50 million in the third quarter of 2006, from NOK 30 million in the third quarter of 2005. Profit before taxes almost tripled to NOK 14 million, from NOK 5 million.

• Pro forma profit before taxes – including NOS for the whole quarter - was NOK 20 million in the third quarter 2006.

• The number of freight and bunker trades increased by 71 percent to 2 991 in the third quarter. The number of lots traded increased by 58 percent to 90 930, with nominal trade values increasing by 142 percent to

• USD 2.4 billion. The exchange and clearing member base increased by 42 percent year-on-year, to 145.

• The IMAREX NOS merger took effect from September 1, which has had positive impact on revenues, results and business volumes, as well as on operational and organisational capabilities.

• In September, IMAREX NOS acquired the emissions derivative broker Guardian AS, in line with the strategic plan for expansion in trading and clearing of energy-related derivatives.

• The commodities exchange market continues to evolve rapidly, with mergers and acquisitions taking place at an increasing pace in all geographical regions. The merged IMAREX NOS has strengthened its position in the competitive landscape and will continue to be an active player in the further development of the industry structure in this high growth market.

Significant operational and strategic developments:

The merger between International Maritime Exchange ASA and NOS ASA is reflected in the consolidated profit and loss statement of IMAREX NOS ASA with effect from September 1, 2006. The third quarter figures also include the acquisition of power broker M-Tre Nordic AS for the whole period, whereas the acquisition of commodity research firm Nena is not yet completed and thus not included in the consolidated figures.

Total operating revenue was NOK 50.4 million and profit before tax NOK 14.3 million. In the corresponding quarter last year, the IMAREX Group had revenues of NOK 29.7 million and a profit before tax of NOK 5.1 million.

Pro forma revenue - including NOS for the whole period- was NOK 56.8 million for the third quarter, and pro forma profit before tax NOK 19.9 million. Comparable figures for the third quarter of 2005 are not available.

In addition to the positive effects of the merger and acquisitions, the sharp improvement from previous periods also reflects a significant strengthening of freight and bunkers trading volumes. The operating revenue for the marketplace operations (‘old’ IMAREX) increased by 43 percent to NOK 42.4 million, whereas the operating result for this business increased by 69 percent to NOK 8.5 million.

A total of 2,991 trades were carried out in the quarter, an increase of 71 percent over the third quarter 2005. Tankers and dry bulk trading accounted for 92 percent of trades, and for 80 percent of the growth. Bunker fuel oil trading and options trading account for the remainder. The trading value increased by 142 percent to USD 2,368 million. Tankers and dry bulk accounted for 78 percent of the value and for 62 percent of the growth from the third quarter last year. The increased tankers and dry bulk trading explains the bulk of the revenue and profit increase.

The power trading in M-Tre Nordic also contributed positively to the result development, and the trading volume of 113 TWh showed an underlying growth of 55 percent from the corresponding quarter last year.

The improved market conditions provide a solid platform for the further development of IMAREX NOS into a leading multi-commodity marketplace and clearing house. IMAREX NOS already holds leading positions in maritime derivatives, power derivatives and commodity clearing services, and will continue to expand into market places where freight end energy – directly or indirectly – play a key role in the commodity value chain.

With increasing volumes, new trading patterns and new exchange and clearing services, the structure of the commodities exchange markets continues to evolve rapidly. The industry consolidation is picking up speed, and several high profile transactions have been presented in the third and fourth quarter. The development underlines the strategic rationale of the IMAREX NOS merger and the acquisitions of energy and derivatives trading. The merged IMAREX NOS has strengthened its strategic and operational capabilities and its position in the competitive landscape, and will continue to add to organic growth through M&A activities and participation in joint ventures and/or alliances.

Please refer to the full Q3 report below for more details.

• IMAREX-NOS Q306 Investor presentation
• IMAREX-NOS Q306 Report

For more information, please contact:

• Arild Jæger, CFO tel: +47 2389 4211 arj@imarex.com
• Tom Even Mortensen, CEO, tel: +47 2389 4222 tem@imarex.com

IMAREX NOS ASA (OSE:IMAREX) was formed 1 September 2006, from the merger of the ownerships of International Maritime Exchange ASA and NOS ASA into a common stocklisted holding company. IMAREX NOS has three wholly owned subsidiaries; International Maritime Exchange ASA (IMAREX - the market place), NOS Clearing ASA (NOS - the clearing house) and M-Tre Holding AS (M-Tre – the power derivatives brokers). This report covers the trading and clearing volumes at IMAREX and NOS for the maritime derivatives market, excluding M-Tre.