Disclosure - positions in financial instruments as of November 1st 2016

Please find below a list of positions in financial instruments held by employees of Arctic Securities AS with regard to Arctic Securities' research coverage universe. The list is updated monthly.

Name Ticker No of shares Nominal NOK in bonds AF Gruppen AFG - - Akastor ASA AKA - - Aker ASA AKER 2 - ASA AKSO - - American Shipping Company ASA AMSC - - Asetek A/S ASETEK 6 873 - Atea ASA ATEA 3 - Atwood Oceanics, Inc. ATW - - Aurora LPG Holdings AURLPG 436 - Avance Gas Holdings Limited AVANCE 4 180 - Awilco LNG ASA ALNG - - Axactor AB AXA 970 700 - B2Holding AS (B2H) B2H 303 000 - BW LPG BWLPG 223 - BW Offshore Limited BWO - - Color Group AS COLG - 3 000 000 Corem Property Group CORE SS - - Cxense ASA Cxense 21 662 - Danske Bank A/S (DANSKE) DANSKE 27 - Aker BP ASA AKERBP - - DHT Holdings, Inc. DHT - - Diamond Offshore Drilling DO - - Diana Shipping Inc DSX - - DNB ASA (DNB) DNB 10 727 - DNO ASA DNO 7 500 - DOF ASA DOF 500 000 - Dolphin Group ASA DOLP 56 000 - Dorian LPG LPG - - Electromagnetic Geoservices ASA EMGS 15 - ENSCO plc ESV - - ASA ENTRA 4 268 - Euronav EURN - - Europris ASA EPR 2 900 - Fingerprint Cards AB FING-B - - Fred. Olsen Energy ASA FOE 100 - Frontline Ltd. FRO 4 550 - Forsikring ASA (GJF) GJF 12 787 - Golar LNG Ltd GLNG - - Ltd. GOGL 7 027 - ASA GSF 18 000 - ASA HFISK - - Havila Shipping HAVI - - Helgeland Sparebank (HELG) HELG 500 - Höegh LNG Holdings HLNG 538 - Idex ASA IDEX 61 903 - Jinhui Shipping and Transportation Ltd. JIN - - Kid ASA KID 54 814 - Kongsberg Gruppen ASA KOG - - Kungsleden AB KLED SE - - Kværner ASA KVAER - - Lerøy Seafood Group ASA LSG 750 - Link Mobility Group LINK 2 500 - Lundin AB LUPE - - Magseis ASA MSEIS 95 275 - Marine Harvest ASA MHG 3 100 - Multiconsult ASA MULTI 2 850 - NEL ASA NEL 24 600 - NEXT Biometrics NEXT - - Noble Corporation NE - - Nordea Bank AB (NDA) NDA - - Nordic American Offshore NAO - - Nordic Semiconductor ASA NOD 130 900 - ASA NHY 6 609 - ASA NAS 3 376 2 000 000 Norwegian Energy Company ASA NOR 2 200 - Norwegian Finans Holding ASA (Bank Norwegian)NOFI 80 487 - Norwegian Property ASA NPRO 8 000 - NRC Group ASA NRC 3 160 - Ocean Rig UDW Inc ORIG - - Ocean Yield ASA OCY 12 875 2 000 000 Ltd. ODL - - Opera Software ASA OPERA 22 565 - Orkla ASA ORK 4 036 - Pacific Drilling PACD - - Panoro Energy ASA PEN - - Petroleum Geo-Services ASA PGS 2 000 - Polarcus Ltd. PLCS 200 000 - Prosafe SE PRS - - Q-Free QFR - - REC Silicon ASA REC 300 - Rowan Companies Inc RDC - - SalMar ASA SALM 1 500 - Schibsted ASA SCHA.OL - - Ltd. SDRL 2 000 - Siem Offshore SIOFF - 2 000 000 Skandiabanken ASA SKBN 30 000 - Skandinaviska Enskilda Banken AB (SEB.A)SEB.A - - Solstad Offshore SOFF - - Songa Offshore SE SONG - - SpareBank 1 Nord-Norge (NONG) NONG 5 316 - Sparebank 1 Ringerike Hadeland (RING) RING - - SpareBank 1 SMN (MING) MING 13 227 1 000 000 SpareBank 1 SR-Bank (SRBANK) SRBANK 1 056 - Sparebank 1 Østfold Akershus (SOAG) SOAG 9 093 - Sparebank1 BV (SBVG) SBVG 61 941 - Sparebanken Møre (MORG) MORG 200 - Sparebanken Vest (SVEG) SVEG 1 910 - Spectrum ASA SPU 675 - Star Bulk Carriers Corp SBLK US - - Statoil ASA STL 2 906 - ASA (STB) STB 196 120 1 000 000 S.A. SUBC - - Svenska Handelsbanken AB (SHB.A) SHB.A - - Swedbank AB (SWED.A) SWED.A - - Tanker Investments Ltd. TIL 215 - Targovax ASA TARGO - - ASA TEL 220 - TGS-NOPEC Geophysical Company ASA TGS - - Thin Film Electronics ASA THIN 10 000 - Systems ASA TOM - - Ltd RIG - - Veidekke ASA VEI - - Weifa ASA WEIFA-NO - - Wilh. Wilhelmsen ASA WWASA - - Wilh. Wilhelmsen Holding ASA WWI - - XXL ASA XXL 210 - ASA YAR 1 211 -