Fourth quarter 2011

The Imarex Group had operating revenues of NOK 16.6 million in the fourth quarter with a negative EBITDA of NOK 1.4 million which was offset by financial income. The result for the period was a profit of NOK 0.4 million. Imarex experienced strong market share in freight clearing, but the market continued to be slow due to overcapacity in the underlying physical market. There was lower liquidity in the seafood financial market due to significant reduction of salmon prices in the spring and low volatility in the second half of the year. For the full year, Imarex experienced growth in cleared volumes for all segments compared to 2010.

Operating revenues for the Group in the fourth quarter amounted to NOK 16.6 million of which NOK 13.1 million came from the clearing business in NOS. Revenue decreased by NOK 2.3 million from the third quarter 2011 and NOK 3.0 million from the fourth quarter 2010. EBITDA was negative with NOK 1.4 million, compared to a negative EBITDA of NOK 1.7 million for the fourth quarter of 2010, and a positive EBITDA of NOK 1.9 million in the third quarter 2011. Total operating costs before depreciation and amortisation for the fourth quarter of 2011 ended at NOK 18.0 million, down from NOK 21.2 million in Q4 2010 and up from NOK 17.0 million in the previous quarter.

The cleared volume in the tanker FFA market increased by 16% from the third quarter to 66,000 lots. Rates and volatility remain at low levels. NOS is the market leader in this segment and market share has increased further from the third quarter.

Despite generally decreasing market volumes in dry FFA clearing, NOS has managed to capture significant market share throughout the year and has increased volumes for the full year by 42% to 202,000 lots. Q4 was up 50% year-on-year, but down 26% from the previous quarter. As competition in the dry FFA market has driven clearing fees down, revenues are down year-on-year from dry FFA’s despite the increased volumes.

The significant reduction of salmon market prices during the spring and summer contributed to lower liquidity in the seafood derivatives market in the second half of 2011. For the fourth quarter cleared volumes decreased both sequentially and year-on-year. However, the first half of 2011 was strong and cleared volumes for the full year increased 38 % from 2010 and made 2011 the best year ever for this market.

Please find enclosed the report for the fourth quarter 2011 here.

For further information, please contact:

Geir Olsen, Chief Executive Officer, Tel +47 21 51 84 10 or +47 916 39 367