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) 67

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

Sector Weighting

Basic Materials 18.65%
Capital Goods 3.18%
Conglomerates 13.29%
Consumer Cyclical 10.38%
Consumer/Non-Cyclical
Energy 2.21%
Financial 10.83%
Healthcare
Services 17.69%
Technology
Transportation
Utilities

5 INCREASED Positions as of 03/31/2015

Company Class Value of Shares ($1,000s) ▼ Change in Value ($1,000s) Change (%) Shares Held
AMERICAN RLTY CAP PPTYS INC COM 8,789 270 3.17 966,929
ALLY FINL INC COM 8,297 8,297 New 364,699
AMERICAN CAP LTD COM 7,214 2,270 45.91 505,185
HORSEHEAD HLDG CORP COM 4,501 4,501 New 365,645
CUMULUS MEDIA INC CL A 2,988 2,988 New 1,234,906