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 11.59%
Capital Goods 4.92%
Conglomerates 13.63%
Consumer Cyclical 11.23%
Consumer/Non-Cyclical
Energy 11.43%
Financial 6.95%
Healthcare
Services 19.76%
Technology
Transportation
Utilities

11 INCREASED Positions as of 12/31/2014

Company Class Value of Shares ($1,000s) ▼ Change in Value ($1,000s) Change (%) Shares Held
CUSTOMERS BANCORP INC COM 9,978 1,913 23.73 441,483
OUTFRONT MEDIA INC COM 8,623 2,014 30.48 294,307
GRACE W R & CO DEL NEW COM 8,486 712 9.15 85,126
NORTEK INC COM NEW 6,641 722 12.20 82,544
PLY GEM HLDGS INC COM 6,390 229 3.72 456,761
CBS CORP (CLASS B) CL B 5,413 5,413 New 91,533
AMERICAN CAP LTD COM 5,086 5,086 New 346,230
KEY ENERGY SVCS INC COM 2,229 392 21.30 1,092,846
GENERAL MTRS CO COM 739 739 New 19,666
GENERAL MTRS CO WT EXP 071016 492 492 New 17,878
GENERAL MTRS CO WT EXP 071019 348 348 New 17,878