Fourth quarter and full year 2008 results

Imarex largest segment, the Energy derivatives (OTC), reported record high operating revenue in the fourth quarter, while the Q4 results in the maritime freight derivatives business were adversely affected by sharp declines in freight rates and from November also by lower volumes. Both rates and volumes have recovered from the lows at the end of 2008.  Overall, Exchange reported a loss on the EBITDA level in the fourth quarter, whereas EBITDA in Clearing, OTC and Market Services improved from the previous quarter.

Imarex remains well positioned to continue to gain market share in all segments. Energy and emissions trading, clearing, and market information services have so far proven more resilient to the financial downturn than the maritime freight derivatives activities in the Exchange segment.  However, the company expects lower revenues within Clearing in 2009 as a consequence of the lower interest rate level.  Energy broking volumes have remained strong also through January and into February. The company has implemented measures that will contribute to improved profitability in 2009 and at the same time Imarex has the financial flexibility required to continue the further development of its market position.

Please find enclosed the interim report and presentation for the fourth quarter and full year 2008.

Fourth quarter highlights:

· Operating revenue of NOK 194 million in the fourth quarter, up from NOK 90 million in the fourth quarter 2007. Corresponding firures for the full year showed revenues of NOK 660 million (280)

· Results affected by NOK 67 million one-off charges related to impairment of goodwill, USD hedging loss and restructuring costs

· Pre-tax profit of NOK -36 million (37) in the fourth quarter and NOK 32 million (72) for the full year

· Positive operating cash flow of NOK 22 million and liquid funds of NOK 645 million

"During the fourth quarter Imarex proved the inherent strength in its business structure. Energy, clearing and markets services delivered good results and offset the weak end of 2008 within the Exchange segment. Entering into 2009 the freight markets have picked up and we retain a relativly positive market outlook for 2009", says CEO Herman W. Michelet in Imarex.

Michelet emphasize that Imarex has a strong balance sheet and a solid cash position, in addition to be running a cash positive business. This will be further developed during the coming year.

"Imarex has a strong M&A track record and we will still evaluate opportunities. However in 2009 we will prioritise to develop the reach and scale of our four existing business segments and through the development of new business initiatives continue to strengthen Imarex' competitive position," adds Michelet.

For further information, please contact:

Herman W. Michelet, Chief Executive Officer,
Tel +47  23 89 42 23

Arild Jæger, Chief Financial Officer,
Tel +47  23 89 42 11

Download presentation and report from here.