22.09.2009

NOS Margin Notice 200

As part of our monthly margin parameter review, NOS has reduced the and dry bulk

Reduced margins

Margin curves have been reduced to reflect the recent, observed volatility for each product. The new margin curves

Tanker

The margin has been reduced for the

Dry bulkThe margin has been reduced for the

The changes will come into effect from end of business posted by

Any questions can be directed to NOS Clearing ASA:

Hanne Bævre JohanssonVice President+47 23 25 93 20

.09.2009

NOS Margin Notice 200

M

As part of our monthly margin parameter review, NOS has reduced the ry bulk.

Reduced margins

Margin curves have been reduced to reflect the recent, observed volatility for each product. The new margin curves are displayed in Appendix 1.

margin has been reduced for the

TD3

TD

TD7

TD11

TC2

TC5

TC6

Dry bulk

margin has been reduced for the

PM4TC

CS4TC

SM6TC

HS6TC

BDI

The changes will come into effect from end of business posted by 15.00 CET

Any questions can be directed to NOS Clearing ASA:

Hanne Bævre JohanssonVice President

+47 23 25 93 20

NOS Margin Notice 200

Margin adjustment

As part of our monthly margin parameter review, NOS has reduced the

Reduced margins

Margin curves have been reduced to reflect the recent, observed volatility for each product. The new are displayed in Appendix 1.

margin has been reduced for the

TD3

TD5 TD7

TD11

TC2

TC5

TC6

margin has been reduced for the

PM4TC

CS4TC

SM6TC

HS6TC

BDI

The changes will come into effect from end of business 15.00 CET Wednesday

Any questions can be directed to NOS Clearing ASA:

Hanne Bævre Johansson

NOS Margin Notice 2009-03

adjustment

As part of our monthly margin parameter review, NOS has reduced the

Margin curves have been reduced to reflect the recent, observed volatility for each product. The new are displayed in Appendix 1.

margin has been reduced for the following

margin has been reduced for the following

The changes will come into effect from end of business Wednesday

23rd September

Any questions can be directed to NOS Clearing ASA:

adjustment

for freight

As part of our monthly margin parameter review, NOS has reduced the

Margin curves have been reduced to reflect the recent, observed volatility for each product. The new

following tanker products:

following dry bulk products:

The changes will come into effect from end of business TuesdaySeptember.

Any questions can be directed to NOS Clearing ASA:

freight

As part of our monthly margin parameter review, NOS has reduced the

Margin curves have been reduced to reflect the recent, observed volatility for each product. The new

products:

products:

Tuesday

22nd

Henrik H

Market Risk Analyst

+47 23 25 93

derivatives

As part of our monthly margin parameter review, NOS has reduced the margin curves

Margin curves have been reduced to reflect the recent, observed volatility for each product. The new

nd

September

Henrik Hagen arket Risk Analyst

+47 23 25 93 24

Page

22.0

derivatives

argin curves for both tankers

Margin curves have been reduced to reflect the recent, observed volatility for each product. The new

September 2009 for margins to be

arket Risk Analyst

Page 1 of 7

09.2009

for both tankers

Margin curves have been reduced to reflect the recent, observed volatility for each product. The new

for margins to be

for margins to be

22.09.2009

Appendix 1

0,0 %

5,0 %

10,0 %

15,0 %

20,0 %

25,0 %

30,0 %

35,0 %

40,0 %

45,0 %

0,0 %

5,0 %

10,0 %

15,0 %

20,0 %

25,0 %

30,0 %

35,0 %

40,0 %

.09.2009

Appendix 1

Margin curves

0,0 %

5,0 %

10,0 %

15,0 %

20,0 %

25,0 %

30,0 %

35,0 %

40,0 %

45,0 %

CS4TC Q409

0,0 %

5,0 %

10,0 %

15,0 %

20,0 %

25,0 %

30,0 %

35,0 %

40,0 %

PM4TC Q409

Margin curves

CS4TC Q409

CS4TC Q110

PM4TC Q409

PM4TC Q110

Margin curves

CS4TC Q110

CS4TC CAL10

PM4TC Q110

PM4TC CAL10

CS4TC CAL10

CS4TC CAL11

CS4TC

PM4TC CAL10

PM4TC CAL11

PM4TC

CS4TC CAL11

CS4TC CAL12

CS4TC

PM4TC CAL11

PM4TC CAL12

PM4TC

CS4TC CAL12

CS4TC CAL13

PM4TC CAL12

PM4TC CAL13

Page

CS4TC CAL13

PM4TC CAL13

Page 2 of 7

NOS new

NOS old

NOS new

NOS old

22.09.2009

0,0 %

5,0 %

10,0 %

15,0 %

20,0 %

25,0 %

30,0 %

35,0 %

0,0 %

5,0 %

10,0 %

15,0 %

20,0 %

25,0 %

30,0 %

35,0 %

.09.2009

0,0 %

5,0 %

10,0 %

15,0 %

20,0 %

25,0 %

30,0 %

35,0 %

SM6TC Q409

0,0 %

5,0 %

10,0 %

15,0 %

20,0 %

25,0 %

30,0 %

35,0 %

HS6TC Q409

SM6TC Q409

SM6TC Q110

HS6TC Q409

HS6TC Q110

SM6TC Q110

SM6TC CAL10

HS6TC Q110

HS6TC CAL10

SM6TC CAL10

SM6TC CAL11

SM6TC

HS6TC CAL10

HS6TC CAL11

HS6TC

SM6TC CAL11

SM6TC CAL12

SM6TC

HS6TC CAL11

HS6TC CAL12

HS6TC

SM6TC CAL12

SM6TC CAL13

HS6TC CAL12

HS6TC CAL13

Page

SM6TC CAL13

HS6TC CAL13

Page 3 of 7

NOS new

NOS old

NOS new

NOS old

22.09.2009

0,0 %

5,0 %

10,0 %

15,0 %

20,0 %

25,0 %

30,0 %

35,0 %

0,0 %

5,0 %

10,0 %

15,0 %

20,0 %

25,0 %

30,0 %

.09.2009

0,0 %

5,0 %

10,0 %

15,0 %

20,0 %

25,0 %

30,0 %

35,0 %

BDI Q409

0,0 %

5,0 %

10,0 %

15,0 %

20,0 %

25,0 %

30,0 %

TC2 OCT09

BDI Q409 BDI Q110

TC2 OCT09 TC2 NOV09

BDI Q110 BDI CAL10

TC2 NOV09 TC2 DEC09

BDI CAL10 BDI CAL11

BDI

TC2 DEC09 TC2 Q110

TC2

BDI CAL11 BDI CAL12

TC2 Q110 TC2 CAL10

BDI CAL12 BDI CAL13

TC2 CAL10 TC2 CAL11

Page

BDI CAL13

TC2 CAL11

Page 4 of 7

NOS new

NOS old

NOS new

NOS old

22.09.2009

0,0 %

2,0 %

4,0 %

6,0 %

8,0 %

10,0 %

12,0 %

14,0 %

16,0 %

18,0 %

0,0 %

2,0 %

4,0 %

6,0 %

8,0 %

10,0 %

12,0 %

14,0 %

16,0 %

18,0 %

.09.2009

0,0 %

2,0 %

4,0 %

6,0 %

8,0 %

10,0 %

12,0 %

14,0 %

16,0 %

18,0 %

TC5 OCT09

0,0 %

2,0 %

4,0 %

6,0 %

8,0 %

10,0 %

12,0 %

14,0 %

16,0 %

18,0 %

TC6 OCT09

TC5 OCT09 TC5 NOV09

TC6 OCT09 TC6 NOV09

TC5 NOV09 TC5 DEC09

TC6 NOV09 TC6 DEC09

TC5 DEC09 TC5 Q110

TC5

TC6 DEC09 TC6 Q110

TC6

TC5 Q110 TC5 CAL10

TC6 Q110 TC6 CAL10

TC5 CAL10 TC5 CAL11

TC6 CAL10 TC6 CAL11

Page

TC5 CAL11

TC6 CAL11

Page 5 of 7

NOS new

NOS old

NOS new

NOS old

22.09.2009

0,0 %

5,0 %

10,0 %

15,0 %

20,0 %

25,0 %

30,0 %

35,0 %

0,0 %

5,0 %

10,0 %

15,0 %

20,0 %

25,0 %

30,0 %

35,0 %

40,0 %

.09.2009

0,0 %

5,0 %

10,0 %

15,0 %

20,0 %

25,0 %

30,0 %

35,0 %

TD3 OCT09

0,0 %

5,0 %

10,0 %

15,0 %

20,0 %

25,0 %

30,0 %

35,0 %

40,0 %

TD5 OCT09

TD3 OCT09 TD3 NOV09

TD5 OCT09 TD5 NOV09

TD3 NOV09 TD3 DEC09

TD5 NOV09 TD5 DEC09

TD3 DEC09 TD3 Q110

TD3

TD5 DEC09 TD5 Q110

TD5

TD3 Q110 TD3 CAL10

TD5 Q110 TD5 CAL10

TD3 CAL10 TD3 CAL11

TD5 CAL10 TD5 CAL11

Page

TD3 CAL11

TD5 CAL11

Page 6 of 7

NOS new

NOS old

NOS new

NOS old

22.09.2009

0,0 %

5,0 %

10,0 %

15,0 %

20,0 %

25,0 %

0,0 %

5,0 %

10,0 %

15,0 %

20,0 %

25,0 %

30,0 %

35,0 %

.09.2009

0,0 %

5,0 %

10,0 %

15,0 %

20,0 %

25,0 %

TD7 OCT09

0,0 %

5,0 %

10,0 %

15,0 %

20,0 %

25,0 %

30,0 %

35,0 %

TD11 OCT09

TD7 OCT09 TD7 NOV09

TD11 OCT09

TD11 NOV09

TD7 NOV09 TD7 DEC09

TD11 NOV09

TD11 DEC09

TD7 DEC09 TD7 Q110

TD7

TD11 DEC09

TD11 Q110

TD11

TD7 Q110 TD7 CAL10

TD11 Q110

TD11 CAL10

TD11

TD7 CAL10 TD7 CAL11

TD11 CAL10

TD11 CAL11

Page

TD7 CAL11

TD11 CAL11

Page 7 of 7

NOS new

NOS old

NOS new

NOS old