WATERSHED ASSET MANAGEMENT, L.L.C. Information

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

Report Date: 12/31/2013

Position Statistics

Total Positions 28
New Positions 5
Increased Positions 11
Decreased Positions 11
Positions with Activity 22
Sold Out Positions 4
Total Mkt Value (in $ millions) 128

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

Sector Weighting

Basic Materials 16.86%
Capital Goods 10.41%
Conglomerates 4.86%
Consumer Cyclical 10.75%
Consumer/Non-Cyclical 0%
Energy 4.79%
Financial 14.71%
Healthcare
Services 21.24%
Technology
Transportation
Utilities

5 New Positions as of 12/31/2013

Company Class Value of Shares ($1,000s) ▼ Change in Value ($1,000s) Change (%) Shares Held
ROYAL BK SCOTLAND GROUP PLC SP ADR PREF S 5,398 5,398 New 231,879
ROYAL BK SCOTLAND GROUP PLC SP ADR PREF M 2,803 2,803 New 123,000
INTELSAT S A COM 891 891 New 52,000
NMI HLDGS INC CL A 562 562 New 50,000
GENERAL MTRS CO WT EXP 071016 291 291 New 12,029