IMAREX Q107 - profits rise to NOK 14 million as group expands

Oslo, 22 May 2007 - IMAREX NOS ASA (OSE:IMAREX) continued to expand its business throughout the first quarter of 2007, providing leading solutions for the fast growing commodity derivative markets globally whilst posting healthy profits across the group. The company was able to continue its positive financial trend which started in 2006, posting profits for the quarter of NOK 14 million before taxes on revenues of NOK 60 million. The higher revenues and profits for the quarter reflect both increasing trading volumes and the effects of acquisitions.

"These positive financial results confirms we are on the right track ," says CEO Tom Even Mortensen. "In the first quarter, our core freight derivatives business saw traded volumes grow by 88% and the value of those trades grow over 100% to US$ 2.6 billion. That’s already 40 % of the total value traded in 2006.

The group, consisting of exchange markets, clearing and settlement services, brokerage, and market analysis, is investing in further growth both in current operations and in new business.

To fund new business developments and acquisitions, the company strengthened its capital base by successfully completing a private placement of NOK 88 million. Part of this growth came in Q1 as new important market initiatives for trading and clearing in the European power and seafood markets were launched.

"We have through our IMAREX marketplace and NOS clearing services for the shipping market, built a broad customer base and solid financial infrastructure which we intend to use to as a platform to grow our existing businesses faster. With NOK 88 million in fresh funds from our private placement, we plan on using our position to launch new markets for our customer base world wide," says Mortensen.

One of those new markets is the seafood derivatives market which IMAREX NOS entered by acquiring a controlling position in Fish Pool, the only operational marketplace for salmon futures. NOS Clearing, which already has strong customer relationships with most of the leading commodity clearing banks, launched the world’s first clearing solution for seafood futures in April.

The company also announced its launch of a unique trading and clearing solution for the large Nordic and Continental power markets for start at the end of 2007, which will be a new market initiative based on the same infrastructure as shipping, fuel oil, carbon and seafood.

The post-merger integration of the businesses has continued in the first quarter, with the combination of the power and carbon business (former M3 and Guardian) into Imarex Power and Carbon. The company is also well underway to realise organisational and cost synergies through centralising and coordinating key resources in administration, systems, and commercial developments.

"It was a good quarter for IMAREX NOS, and our focus going forward now, is on optimising our existing businesses, bringing out the potential in each one, and moving swiftly on with adding new markets to our already successful commodity trading platform," concludes Mortensen.

For more information, please contact:

• Tom Even Mortensen, CEO tel: +47 9822 9650 email: tem@imarex.com
• Arild Jæger, CFO tel: +47 2389 4211 email: arj@imarex.com

You can read the Q107 report and Presentation below:

• IMAREX NOS ASA - Q107 Interim Financial Report

  imarex_nos_07Q1_report.pdf 150.86 kB

• IMAREX NOS ASA - Q107 Presentation

  imarex_nos_07Q1_presentation.pdf 396.23 kB