WATERSHED ASSET MANAGEMENT, L.L.C. Information

ONE MARITIME PLAZA, SAN FRANCISCO, California, 94111, (415) 391-8900

Report Date: 03/31/2015

Position Statistics

Total Positions 18
New Positions 3
Increased Positions 5
Decreased Positions 11
Positions with Activity 16
Sold Out Positions 6
Total Mkt Value (in $ millions) 62

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

Sector Weighting

Basic Materials 17.82%
Capital Goods 3.28%
Conglomerates 14.34%
Consumer Cyclical 10.57%
Consumer/Non-Cyclical
Energy 1.09%
Financial 10.65%
Healthcare
Services 16.31%
Technology
Transportation
Utilities

18 Positions as of 03/31/2015

Company Class Value of Shares ($1,000s) ▼ Change in Value ($1,000s) Change (%) Shares Held
CUSTOMERS BANCORP INC COM 8,947 -2,262 (20.18) 352,401
ALLY FINL INC COM 8,384 8,384 New 364,699
AMERICAN RLTY CAP PPTYS INC COM 8,316 256 3.17 966,929
GRACE W R & CO DEL NEW COM 8,172 -453 (5.25) 80,657
AMERICAN CAP LTD COM 6,648 2,092 45.91 505,185
NORTEK INC COM NEW 6,599 New 82,544
PLY GEM HLDGS INC COM 5,581 -978 (14.91) 388,667
HORSEHEAD HLDG CORP COM 2,951 2,951 New 365,645
OUTFRONT MEDIA INC COM 2,227 -5,083 (69.53) 89,663
ERICKSON INC COM 2,044 New 567,825
CUMULUS MEDIA INC CL A 1,865 1,865 New 1,234,906
KEY ENERGY SVCS INC COM 681 -477 (41.18) 642,846
CBS CORP (CLASS B) CL B -4,870 Sold Out 0
CLEAR CHANNEL OUTDOOR HLDGS IN CL A -392 Sold Out 0
GENERAL MTRS CO WT EXP 071016 -397 Sold Out 0
GENERAL MTRS CO WT EXP 071019 -265 Sold Out 0
GENERAL MTRS CO COM -628 Sold Out 0
TESORO CORP COM -6,317 Sold Out 0