WATERSHED ASSET MANAGEMENT, L.L.C. Information

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

Report Date: 06/30/2014

Position Statistics

Total Positions 27
New Positions 1
Increased Positions 4
Decreased Positions 14
Positions with Activity 18
Sold Out Positions 5
Total Mkt Value (in $ millions) 120

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

Sector Weighting

Basic Materials 19.94%
Capital Goods 8.14%
Conglomerates 5.57%
Consumer Cyclical 5.03%
Consumer/Non-Cyclical
Energy 10.12%
Financial 8.34%
Healthcare
Services 24.25%
Technology
Transportation
Utilities

27 Positions as of 06/30/2014

Company Class Value of Shares ($1,000s) ▼ Change in Value ($1,000s) Change (%) Shares Held
AMERICAN RLTY CAP PPTYS INC COM 14,647 New 1,183,135
ERICKSON INC COM 9,779 -872 (8.19) 693,550
GRAPHIC PACKAGING HLDG CO COM 8,279 547 7.07 713,122
INTELSAT S A MAN CONV JR PFD 7,541 New 157,100
ANADARKO PETE CORP COM 7,002 -1,762 (20.1) 77,500
CUSTOMERS BANCORP INC COM 6,695 (0) 354,799
ENPRO INDS INC COM 6,508 490 8.15 102,240
TRONOX LTD SHS CL A 6,472 -1,719 (20.99) 278,960
AMERICAN INTL GROUP INC COM NEW 6,267 -528 (7.78) 118,600
REALOGY HLDGS CORP COM 6,245 424 7.28 154,768
PLY GEM HLDGS INC COM 6,146 New 566,407
NORTEK INC COM NEW 6,050 -2,982 (33.02) 73,569
TESORO CORP COM 5,161 -1,794 (25.79) 76,524
SILVER EAGLE ACQUISITION CORP UNIT 1 000018 4,658 New 450,000
ROYAL BK SCOTLAND GROUP PLC SP ADR PREF S 3,751 New 151,573
CLEAR CHANNEL OUTDOOR HLDGS IN CL A 3,044 New 441,193
LIBERTY GLOBAL PLC SHS CL C 2,876 New 65,000
CLEARWATER PAPER CORP COM 2,711 -1,305 (32.49) 42,006
CBS OUTDOOR AMERS INC COM 2,647 2,647 New 86,996
LIBERTY GLOBAL PLC SHS CL A 2,335 -641 (21.54) 51,000