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) 741

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

Sector Weighting

Basic Materials 5.95%
Capital Goods 1.99%
Conglomerates
Consumer Cyclical
Consumer/Non-Cyclical 3.16%
Energy 20.76%
Financial 25.23%
Healthcare 11.02%
Services 26.74%
Technology 5.14%
Transportation
Utilities

23 DECREASED Positions as of 12/31/2014

Company Class Value of Shares ($1,000s) ▼ Change in Value ($1,000s) Change (%) Shares Held
MBIA INC COM 46,275 -275 (0.59) 5,349,669
DONNELLEY R R & SONS CO COM 46,126 -3,527 (7.1) 2,479,910
ASSURED GUARANTY LTD COM 42,769 -13,544 (24.05) 1,645,603
AMERICAN INTL GROUP INC COM NEW 35,739 -3,697 (9.37) 616,196
BOSTON SCIENTIFIC CORP COM 27,810 -13,110 (32.04) 1,601,054
LILLY ELI & CO COM 27,288 -14,917 (35.34) 379,479
ASCENA RETAIL GROUP INC COM 26,835 -1,909 (6.64) 1,811,983
GOLDMAN SACHS GROUP INC COM 24,906 -2,576 (9.37) 126,240
ALCOA INC COM 23,554 -8,649 (26.86) 1,704,360
CITIGROUP INC COM NEW 22,912 -2,370 (9.37) 429,474
JABIL CIRCUIT INC COM 22,364 -2,313 (9.37) 973,202
DOMTAR CORP COM NEW 20,558 -2,127 (9.37) 481,915
INTERPUBLIC GROUP COS INC COM 18,738 -9,498 (33.64) 899,547
SUPERVALU INC COM 17,900 -1,851 (9.37) 2,071,719
QUAD / GRAPHICS INC COM CL A 17,244 -1,538 (8.19) 797,594
TERADYNE INC COM 15,708 -1,625 (9.37) 792,535
POPULAR INC COM NEW 14,266 -1,476 (9.37) 442,499
AEROPOSTALE COM 10,140 -882 (8) 3,402,763
ANTHEM INC COM -40,290 Sold Out 0
CORNING INC COM -15,795 Sold Out 0