WATERSHED ASSET MANAGEMENT, L.L.C. Information

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

Report Date: 12/31/2014

Position Statistics

Total Positions 20
New Positions 5
Increased Positions 11
Decreased Positions 9
Positions with Activity 20
Sold Out Positions 5
Total Mkt Value (in $ millions) 73

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

Sector Weighting

Basic Materials 11.31%
Capital Goods 3.32%
Conglomerates 14.72%
Consumer Cyclical 11.97%
Consumer/Non-Cyclical
Energy 10.95%
Financial 7.1%
Healthcare
Services 20.88%
Technology
Transportation
Utilities

9 DECREASED Positions as of 12/31/2014

Company Class Value of Shares ($1,000s) ▼ Change in Value ($1,000s) Change (%) Shares Held
AMERICAN RLTY CAP PPTYS INC COM 9,278 -4,965 (34.86) 937,214
TESORO CORP COM 5,985 -136 (2.22) 65,649
ERICKSON INC COM 2,425 -267 (9.92) 567,825
CLEAR CHANNEL OUTDOOR HLDGS IN CL A 405 -3,999 (90.81) 40,539
AMERICAN INTL GROUP INC COM NEW -6,000 Sold Out 0
ANADARKO PETE CORP COM -6,589 Sold Out 0
ENPRO INDS INC COM -7,462 Sold Out 0
NMI HLDGS INC CL A -371 Sold Out 0
SILVER EAGLE ACQUISITION CORP UNIT 072918 -5,387 Sold Out 0