Disclosure - positions in financial instruments as of February 2nd 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 - ASA AKSO - - Alcadon Group AB ALCA Aligera AB ALIRAB - - Asetek A/S ASETEK 291 - Atea ASA ATEA 3 - Atwood Oceanics, Inc. ATW - - Aurora LPG Holdings AURLPG - - Avance Gas Holdings Limited AVANCE 6 445 - Awilco LNG ASA ALNG - - Axactor AB AXA 1 027 846 - B2Holding AS (B2H) B2H 215 500 - Bulk Industrier AS BUIN01 - 500 000 BW LPG BWLPG 223 - BW Offshore Limited BWO - - Color Group AS COLG - 3 000 000 Corem Property Group CORE SS - - Cxense ASA Cxense 21 552 - Danske Bank A/S (DANSKE) DANSKE 27 - Det Norske Oljeselskap ASA DETNOR - - DHT Holdings, Inc. DHT - - Diana Shipping Inc DSX - - DistIT AB DIST - - DNB ASA (DNB) DNB 10 727 - DNO ASA DNO 17 500 - DOF ASA DOF 500 000 - Dolphin Group ASA DOLP 56 616 - Dorian LPG LPG - - Electromagnetic Geoservices ASA EMGS 15 - Entra ASA ENTRA 4 268 - Euronav EURN - - Europris ASA EPR 2 900 - Fingerprint Cards AB FING-B - - Frontline Ltd. FRO 5 050 - Forsikring ASA (GJF) GJF 12 787 - Golar LNG Ltd GLNG - - Ltd. GOGL 7 027 - ASA GSF 18 000 - Havfisk ASA HFISK - - Havila Shipping HAVI - - Helgeland Sparebank (HELG) HELG 557 - Höegh LNG Holdings HLNG 538 - IB Bostad 18 AB IB BOSTAD - 500 000 Idex ASA IDEX 65 685 - Jinhui Shipping and Transportation Ltd. JIN - - JSM Financial group AB JSM2017 - 1 000 000 Kid ASA KID 4 814 - Kongsberg Gruppen ASA KOG - - Kværner ASA KVAER - - Lerøy Seafood Group ASA LSG 750 - Link Mobility Group LINK 2 500 - Lundin Petroleum AB LUPE - - Magseis ASA MSEIS 105 275 - Marine Harvest ASA MHG 8 100 - Multiconsult ASA MULTI 2 850 - NEL ASA NEL 24 600 - NEXT Biometrics NEXT - - Noble Corporation NE - - Nordea Bank AB (NDA) NDA 58 - Nordic American Offshore NAO - - Nordic Semiconductor ASA NOD 130 900 - ASA NHY 11 609 - ASA NAS 3 926 2 000 000 Norwegian Energy Company ASA NOR 5 545 - Norwegian Finans Holding ASA NOFI 16 205 - Norwegian Property ASA NPRO 8 000 - NRC Group ASA NRC 3 160 - Ocean Yield ASA OCY 12 875 2 000 000 Odfjell Drilling Ltd. ODL - - Opera Software ASA OPERA 8 065 - Orkla ASA ORK 4 036 - Panoro Energy ASA PEN - - Petroleum Geo-Services ASA PGS 5 000 - Polarcus Ltd. PLCS 400 000 - Prosafe SE PRS 5 150 - Q-Free QFR - - REC Silicon ASA REC 300 - SalMar ASA SALM 1 100 - Schibsted ASA SCHA.OL - - Ltd. SDRL 2 000 - Siem Offshore SIOFF - 2 000 000 Skandinaviska Enskilda Banken AB (SEB.A)SEB.A - - Solstad Offshore SOFF - - SpareBank 1 Nord-Norge (NONG) NONG 5 316 - Sparebank 1 Ringerike Hadeland (RING) RING - - SpareBank 1 SMN (MING) MING 12 227 1 000 000 SpareBank 1 SR-Bank (SRBANK) SRBANK 1 056 - 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 SPU - - Statoil ASA STL 2 906 - ASA (STB) STB 195 120 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 - ASA TEL 220 - TGS-NOPEC Geophysical Company ASA TGS - - Thin Film Electronics ASA THIN 10 000 - Tomra Systems ASA TOM - - Transocean Ltd RIG - - Veidekke ASA VEI - - Weifa ASA WEIFA-NO - - Wilh. Wilhelmsen ASA WWASA 5 000 - Wilh. Wilhelmsen Holding ASA WWI - - XXL ASA XXL 500 - ASA YAR 1 211 -