ARBITER PARTNERS CAPITAL MANAGEMENT LLC Information

11 E 44TH STREET, SUITE 700, NEW YORK, New York, 10017, (212) 452-9119

Report Date: 03/31/2015

Position Statistics

Total Positions 104
New Positions 9
Increased Positions 20
Decreased Positions 25
Positions with Activity 45
Sold Out Positions 16
Total Mkt Value (in $ millions) 305

Institutional Holdings information is filed by major institutions on form 13-F with the Securities and Exchange Commission.

Sector Weighting

Basic Materials 12.59%
Capital Goods 11.2%
Conglomerates
Consumer Cyclical 0%
Consumer/Non-Cyclical 0.35%
Energy 4.32%
Financial 30.33%
Healthcare 16%
Services 10.3%
Technology 6.24%
Transportation
Utilities 0%

104 Positions as of 03/31/2015

Company Class ▲ Value of Shares ($1,000s) Change in Value ($1,000s) Change (%) Shares Held
AMERICAN HOMES 4 RENT CL A 166 New 10,000
CLEAR CHANNEL OUTDOOR HLDGS IN CL A 2,871 -1,442 (33.43) 297,218
COWEN GROUP INC NEW CL A 9,818 -8,908 (47.57) 1,710,379
ERIE INDTY CO CL A 742 New 9,099
FIRST CTZNS BANCSHARES INC N C CL A 13,399 New 52,880
FOREST CITY ENTERPRISES INC CL A 22,071 New 964,208
LEAPFROG ENTERPRISES INC CL A -101 Sold Out 0
NATIONAL WESTN LIFE INS CO CL A 13,137 -1,213 (8.46) 53,623
PBF ENERGY INC CL A -8,344 Sold Out 0
SALEM MEDIA GROUP INC CL A 487 43 9.61 74,971
SENECA FOODS CORP NEW CL A 267 New 9,250
U S GLOBAL INVS INC CL A 85 New 40,969
VIACOM INC NEW CL A 1,031 1,031 New 18,221
OPPENHEIMER HLDGS INC CL A NON VTG 6,196 2,267 57.68 256,367
APOLLO GLOBAL MGMT LLC CL A SHS 310 New 15,000
MDC PARTNERS INC CL A SUB VTG -188 Sold Out 0
GREIF INC CL B 35,455 137 .39 910,265
LENNAR CORP CL B 11,624 1,828 18.66 266,540
SENECA FOODS CORP NEW CL B 240 New 7,500
FOREST CITY ENTERPRISES INC CL B CONV 346 -64 (15.56) 15,200