BIRCH RUN CAPITAL, LLC Information

1350 BROADWAY SUITE 2412, NEW YORK, New York, 10018, (212) 433-1980

Report Date: 03/31/2013

Position Statistics:

Total Positions 18
New Positions 3
Increased Positions 4
Decreased Positions 2
Positions with Activity 6
Sold Out Positions 0
Total Mkt Value
(in $ millions)
340

Sector Weighting

Basic Materials 0.75%
Capital Goods 4.52%
Conglomerates
Consumer Cyclical 7.15%
Consumer/Non-Cyclical 0.46%
Energy 13.09%
Financial 4.86%
Healthcare
Services 68.51%
Technology 0.65%
Transportation
Utilities

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

2 DECREASED Positions as of 03/31/2013

Company Class Value of Shares ($1,000s) Change in Value ($1,000s) Change (%) Shares Held
QUIKSILVER INC COM 24,292 -149 (0.61) 3,106,395
STARWOOD PPTY TR INC COM 7,965 -17,427 (68.63) 300,000

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