Disclosure - positions in financial instruments as of March 7th 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 0 0 Akastor ASA AKA 0 0 Aker ASA AKER 2 0 Aker BP ASA AKERBP 0 0 ASA AKSO 0 0 American Shipping Company ASA AMSC 0 0 Archer ARCHER 3600 0 Asetek A/S ASETEK 291 0 Atea ASA ATEA 3 0 Atwood Oceanics, Inc. ATW 0 0 Avance Gas Holdings Limited AVANCE 9045 0 Awilco LNG ASA ALNG 0 0 Axactor AB AXA 1017846 0 B2Holding AS (B2H) B2H 215500 0 BerGenBio ASA BGBIO 293 0 Borgestad ASA BOR 0 0 BW LPG BWLPG 223 0 BW Offshore Limited BWO 0 0 Cherry AB CHER.B-SE 0 0 Corem Property Group AB CORE SS 0 0 Cxense ASA Cxense 21552 0 Danske Bank A/S (DANSKE) DANSKE 27 0 DHT Holdings, Inc. DHT 0 0 Diamond Offshore Drilling DO 0 0 Diana Shipping Inc DSX 0 0 DNB ASA (DNB) DNB 10727 0 DNO ASA DNO 17500 0 DOF ASA DOF 500000 0 Dorian LPG LPG 0 0 Electromagnetic Geoservices ASA EMGS 15 0 ENSCO plc ESV 0 0 ASA ENTRA 4268 0 Euronav EURN 0 0 Europris ASA EPR 1400 0 Fastighets AB Balder BALDB 0 0 Fingerprint Cards AB FING-B 0 0 Flex LNG Ltd FLNG 0 0 Fred. Olsen Energy ASA FOE 100 0 Frontline Ltd. FRO 5550 0 Gaslog Ltd. GLOG 0 0 Forsikring ASA (GJF) GJF 12537 0 Golar LNG Ltd GLNG 0 0 Ltd. GOGL 7027 0 ASA GSF 18000 0 ASA HFISK 0 0 Havila Shipping HAVI 0 0 Helgeland Sparebank (HELG) HELG 557 0 Hemfosa Fastigheter AB HEMF 0 0 Höegh LNG Holdings HLNG 538 0 IB Bostad 18 AB IBBO 0 500000 Idex ASA IDEX 65685 0 Jinhui Shipping and Transportation Ltd. JIN 0 0 JSM Financial Group AB JSM 0 1000000 Kid ASA KID 4814 0 Kongsberg Gruppen ASA KOG 0 0 Kungsleden AB KLED SE 100 0 Kværner ASA KVAER 0 0 Lerøy Seafood Group ASA LSG 750 0 Link Mobility Group LINK 1500 0 Lundin AB LUPE 0 0 Magseis ASA MSEIS 105275 0 Marine Harvest ASA MHG 8100 0 McDermott International, Inc. MDR 0 0 Multiconsult ASA MULTI 2400 0 NEL ASA NEL 24600 0 NEXT Biometrics NEXT 0 0 Noble Corporation NE 0 0 Nordea Bank AB (NDA) NDA 58 0 Nordic American Offshore NAO 0 0 Nordic Semiconductor ASA NOD 130900 0 ASA NHY 11609 0 ASA NAS 3750 2000000 Norwegian Energy Company ASA NOR 5995 0 Norwegian Finans Holding ASA (Bank Norwegian)NOFI 17205 0 Norwegian Property ASA NPRO 8000 0 NRC Group ASA NRC 500 0 Oasis Petroleum Inc OAS 0 0 Ocean Rig UDW Inc ORIG 0 0 Ocean Yield ASA OCY 12035 2000000 Ltd. ODL 0 0 Opera Software ASA OPERA 8065 0 Orkla ASA ORK 4036 0 Pacific Drilling PACD 0 0 Panoro Energy ASA PEN 0 0 Petroleum Geo-Services ASA PGS 5000 0 Polarcus Ltd. PLCS 400000 0 Prosafe SE PRS 5150 0 Reach Subsea ASA REACH 0 0 REC Silicon ASA REC 300 0 Rowan Companies Inc RDC 0 0 SalMar ASA SALM 1100 0 Schibsted ASA SCHA.OL 0 0 Ltd. SDRL 2000 0 Siem Offshore SIOFF 0 2000000 Skandiabanken ASA SKBN 30000 0 Skandinaviska Enskilda Banken AB (SEB.A) SEB.A 1663 0 Solstad Offshore SOFF 0 0 Songa Offshore SE SONG 29000 0 SpareBank 1 Nord-Norge (NONG) NONG 5316 0 Sparebank 1 Ringerike Hadeland (RING) RING 0 0 SpareBank 1 SMN (MING) MING 12227 1000000 SpareBank 1 SR-Bank (SRBANK) SRBANK 2056 0 Sparebank 1 Østfold Akershus (SOAG) SOAG 6593 0 Sparebank1 BV (SBVG) SBVG 70493 0 Sparebanken Møre (MORG) MORG 200 0 Sparebanken Vest (SVEG) SVEG 1910 0 Spectrum ASA SPU 0 0 Star Bulk Carriers Corp SBLK US 0 0 Statoil ASA STL 2906 0 ASA (STB) STB 200520 1000000 S.A. SUBC 0 0 Svenska Handelsbanken AB (SHB.A) SHB.A 2234 0 Swedbank AB (SWED.A) SWED.A 642 0 Tanker Investments Ltd. TIL 215 0 Targovax ASA TARGO 0 0 Techstep TECH 0 0 ASA TEL 220 0 TGS-NOPEC Geophysical Company ASA TGS 0 0 Thin Film Electronics ASA THIN 10000 0 Systems ASA TOM 0 0 Ltd RIG 0 0 Veidekke ASA VEI 0 0 Weifa ASA WEIFA-NO 0 0 Wilh. Wilhelmsen ASA WWASA 5000 0 Wilh. Wilhelmsen Holding ASA WWI 0 0 XXL ASA XXL-NO 0 0 ASA YAR 1211 0