Disclosure - positions in financial instruments as of Mai 11th 2017

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 - Aker BP ASA AKERBP - - ASA AKSO - - American Shipping Company ASA AMSC - - Archer Ltd. ARCHER 15 400 - Asetek A/S ASETEK - - Atea ASA ATEA 2 803 - Atlantic Sapphire AS ATLANTIC 86 873 - Atwood Oceanics, Inc. ATW - - Avance Gas Holdings Limited AVANCE 24 045 - Awilco LNG ASA ALNG - - Axactor AB AXA 1 017 846 - B2Holding AS (B2H) B2H 205 500 - BerGenBio ASA BGBIO - - BW LPG BWLPG 223 - BW Offshore Limited BWO - - Cherry AB CHER.B-SE - - Corem Property Group AB CORE SS - - Cxense ASA Cxense 21 552 - Danske Bank A/S (DANSKE) DANSKE 27 - DHT Holdings, Inc. DHT - - Diamond Offshore Drilling DO - - Diana Shipping Inc DSX - - DNB ASA (DNB) DNB 10 427 - DNO ASA DNO 17 500 - DOF ASA DOF 500 000 - Dorian LPG LPG - - Electromagnetic Geoservices ASA EMGS 15 - ENSCO plc ESV - - ASA ENTRA 3 878 - Euronav EURN - - Europris ASA EPR 1 400 - Faroe plc FPM - - Fastighets AB Balder BALDB - - Fingerprint Cards AB FING-B - - Flex LNG Ltd FLNG - - Fred. Olsen Energy ASA FOE 100 - Frontline Ltd. FRO 5 550 - Gaslog Ltd. GLOG - - Forsikring ASA (GJF) GJF 12 537 - Golar LNG Ltd GLNG - - Ltd. GOGL 5 027 - ASA GSF 18 000 - Havfisk ASA HFISK - - Havila Shipping HAVI - - Helgeland Sparebank (HELG) HELG 557 - Hemfosa Fastigheter AB HEMF - - Höegh LNG Holdings HLNG 538 - IB Bostad 18 AB IBBO - 500 000 Idex ASA IDEX 65 685 - Jinhui Shipping and Transportation Ltd. JIN - - JSM Financial Group AB JSM - 2 000 000 Kid ASA KID 4 814 - Kongsberg Gruppen ASA KOG - - Kungsleden AB KLED SE - - Kværner ASA KVAER - - Lerøy Seafood Group ASA LSG 750 - Link Mobility Group LINK - - Lundin Petroleum AB LUPE 300 - Magseis ASA MSEIS 288 905 - Maha Energy AB MAHA.A - - Marine Harvest ASA MHG 2 600 - McDermott International, Inc. MDR - - Multiconsult ASA MULTI 2 400 - NEL ASA NEL 24 600 - NetEnt NETB - - NEXT Biometrics NEXT - - Noble Corporation NE - - Nordea Bank AB (NDA) NDA 58 - Nordic American Offshore NAO - - Nordic Semiconductor ASA NOD 100 900 - ASA NHY 11 609 - Northern Drilling Ltd. NODL 2 500 - ASA NAS 3 750 2 000 000 Norwegian Energy Company ASA NOR 23 145 - Norwegian Finans Holding ASA (Bank Norwegian)NOFI 19 505 - Norwegian Property ASA NPRO 8 000 - NRC Group ASA NRC 500 - Oasis Petroleum Inc OAS - - Ocean Rig UDW Inc ORIG - - Ocean Yield ASA OCY 12 035 2 000 000 Odfjell Drilling Ltd. ODL - - Opera Software ASA OPERA 565 - Orkla ASA ORK 4 036 - Pacific Drilling PACD - - Panoro Energy ASA PEN - - Petroleum Geo-Services ASA PGS 5 000 - Polarcus Ltd. PLCS 400 000 - Prosafe SE PRS 5 150 - Reach Subsea ASA REACH - - REC Silicon ASA REC 300 - Rowan Companies Inc RDC - - SalMar ASA SALM 1 100 - Schibsted ASA SCHA.OL - - Ltd. SDRL 2 000 - Shelf Drilling, Ltd. SHLF - - Siem Offshore SIOFF - 2 000 000 Skandiabanken ASA SKBN - - Skandinaviska Enskilda Banken AB (SEB.A)SEB.A 1 113 - Solon Eiendom ASA SOLON 4 008 - Solstad Offshore SOFF - - Songa Offshore SE SONG 29 000 - SpareBank 1 Nord-Norge (NONG) NONG 3 816 - Sparebank 1 Ringerike Hadeland (RING) RING - - SpareBank 1 SMN (MING) MING 10 727 1 000 000 SpareBank 1 SR-Bank (SRBANK) SRBANK 2 056 - Sparebank 1 Østfold Akershus (SOAG) SOAG 6 593 - Sparebank1 BV (SBVG) SBVG 70 493 - Sparebanken Møre (MORG) MORG 200 - Sparebanken Vest (SVEG) SVEG 1 910 - Spectrum ASA SPU - - Star Bulk Carriers Corp SBLK US - - Statoil ASA STL 2 906 - ASA (STB) STB 200 520 1 000 000 S.A. SUBC - - Svenska Handelsbanken AB (SHB.A) SHB.A 2 234 - Swedbank AB (SWED.A) SWED.A 642 - Tanker Investments Ltd. TIL 215 - Targovax ASA TARGO - - Techstep TECH - - ASA TEL - - 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-NO - - ASA YAR 1 211 -