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Disclaimer of positions

Disclosure requirements pursuant to the Investment Recommendation Regulation § 2-4 (2) and § 2-5, letter a-b

Fearnley Fonds ASA does not alone or together with related companies or persons – hold a portion of the shares exceeding 5 % of the total share capital – in any companies where a recommendation are distributed by Fearnley Fonds ASA, with exemption for Awilco LNG ASA where related companies own 15.16 percent of the equity capital.

Fearnley Fonds ASA may hold financial instruments in companies where a recommendation has been produced or distributed by Fearnley Fonds ASA in connection with rendering investment services, including Market Making.

Please find below an overview of positions in financial instruments held by Fearnley Fonds ASA and related companies and persons, in companies where a recommendation has been produced or distributed by Fearnley Fonds ASA.

Disclosure of Equity positions:

Company name

 Fearnley Fonds

Last updated

 close associates

Atwood

0

24.04.2012

Awilco Drilling

0

24.04.2012

Awilco LNG

BW Offshore

10 270 100

304 778

30.09.2011

19.09.2011

Deep See Supply

1 500 000

15.02.2012

Diamond 0 24.04.2012
Discovery Offshore 0 24.04.2012
 DOF 0 15.02.2012

Dockwise

2 000

19.09.2011

Ensco 0 24.04.2012

Eitzen Maritime Service

100

19.09.2011

Excel Maritime

211 636

19.09.2011

Fairmount Heavy Transport

500

19.09.2011

 Farstad 0 15.02.2012
 Fred Olsen ( FOE) 0 24.04.2012

General Maritime

5 800

19.09.2011

Golar LNG

12 000

30.09.2011

 Gulfmark 0 15.02.2012
 Havilla 0 15.02.2012

Iino Kaiun

253 300

19.09.2011

I.M. Skaugen

270 000

19.09.2011

  Noble Corp 

  0   24.04.2012
North Atlantic Drill 0 24.04.2012

Norske Skog

7 936 219

19.09.2011

Northern Offshore

478

24.04.2012

Ocean Rig

1295

24.04.2012

Pacific Drilling 0 24.04.2012

Prosafe

0 02.04.2012
Prospector Offshore 0 24.04.2012

 Rowan Comp.

100 000 24.04.2012

Saga Tankers

316 000

19.09.2011

SBM Offshore

133 946

19.09.2011

Seabird Exploration

1 384 000

19.09.2011

Ship Finance

7 200

19.09.2011

Seadrill

0

24.04.2012

Singamas Container Holding

34 000

19.09.2011

 Siem Offshore 0 15.02.2012
 Solstad Offshore 0 15.02.2012
Standard Drilling 60 000 24.04.2012

Songa Offshore

200

24.04.2012

Stealth Gas

166 800

19.09.2011

Stolt-Nielsen

464 160

19.09.2011

Subsea 7 0 14.03.2012
 Tidewater

0

15.02.2012

Transocean

43 100

11.05.2012

Vantage Drilling

1 034 000

19.09.2011

Disclosure of Fixed Income positions:

Aker Drilling

1 000 000

19.09.2011

Det norske oljeselskap ASA

2 000 000

19.09.2011

Havila

1 000 000

19.09.2011

I.M. Skaugen

4 000 000

19.09.2011

Norske Skog

425 000

19.09.2011

PA Resources AB

100 000

19.09.2011

Stolt-Nielsen

2 500 000

19.09.2011


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