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 11.3%
Capital Goods 2.92%
Conglomerates 15.1%
Consumer Cyclical 11.5%
Consumer/Non-Cyclical
Energy 11.62%
Financial 7.1%
Healthcare
Services 20.3%
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 8,679 -4,644 (34.86) 937,214
TESORO CORP COM 5,903 -134 (2.22) 65,649
ERICKSON INC COM 2,141 -236 (9.92) 567,825
CLEAR CHANNEL OUTDOOR HLDGS IN CL A 469 -4,632 (90.81) 40,539
AMERICAN INTL GROUP INC COM NEW -6,396 Sold Out 0
ANADARKO PETE CORP COM -7,438 Sold Out 0
ENPRO INDS INC COM -7,118 Sold Out 0
NMI HLDGS INC CL A -395 Sold Out 0
SILVER EAGLE ACQUISITION CORP UNIT 072918 -5,513 Sold Out 0