ELM RIDGE MANAGEMENT, LLC Information

3 WEST MAIN STREET, IRVINGTON, New York, 10533, (914) 250-1000

Report Date: 12/31/2014

Position Statistics

Total Positions 35
New Positions 5
Increased Positions 12
Decreased Positions 23
Positions with Activity 35
Sold Out Positions 5
Total Mkt Value (in $ millions) 761

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

Sector Weighting

Basic Materials 5.81%
Capital Goods 1.89%
Conglomerates
Consumer Cyclical
Consumer/Non-Cyclical 3.3%
Energy 20.83%
Financial 25.69%
Healthcare 10.76%
Services 26.86%
Technology 4.85%
Transportation
Utilities

35 Activity Positions as of 12/31/2014

Company Class Value of Shares ($1,000s) ▼ Change in Value ($1,000s) Change (%) Shares Held
MBIA INC COM 51,196 -305 (0.59) 5,349,669
DONNELLEY R R & SONS CO COM 48,408 -3,701 (7.1) 2,479,910
ASSURED GUARANTY LTD COM 45,863 -14,523 (24.05) 1,645,603
AMERICAN INTL GROUP INC COM NEW 35,388 -3,660 (9.37) 616,196
APACHE CORP COM 35,078 15,613 80.21 498,403
BOSTON SCIENTIFIC CORP COM 29,459 -13,887 (32.04) 1,601,054
NEWFIELD EXPL CO COM 28,830 11,606 67.38 749,216
CARNIVAL CORP PAIRED CTF 28,485 8,909 45.51 605,945
DENBURY RES INC COM NEW 27,717 27,717 New 3,066,074
LILLY ELI & CO COM 27,501 -15,033 (35.34) 379,479
ROYAL DUTCH SHELL PLC SPONS ADR A 26,580 26,580 New 423,659
ASCENA RETAIL GROUP INC COM 26,473 -1,883 (6.64) 1,811,983
DEAN FOODS CO NEW COM NEW 25,116 2,826 12.68 1,456,831
MERCK & CO INC NEW COM 24,987 2,440 10.82 439,292
GOLDMAN SACHS GROUP INC COM 24,913 -2,577 (9.37) 126,240
MURPHY OIL CORP COM 24,352 24,352 New 490,567
SUPERVALU INC COM 22,996 -2,379 (9.37) 2,071,719
ALCOA INC COM 22,941 -8,423 (26.86) 1,704,360
CITIGROUP INC COM NEW 22,792 -2,357 (9.37) 429,474
JABIL CIRCUIT INC COM 22,452 -2,322 (9.37) 973,202