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 11.27%
Capital Goods 3.51%
Conglomerates 14.81%
Consumer Cyclical 11.83%
Consumer/Non-Cyclical
Energy 10.87%
Financial 7.21%
Healthcare
Services 20.28%
Technology
Transportation
Utilities

5 New Positions as of 12/31/2014

Company Class Value of Shares ($1,000s) ▼ Change in Value ($1,000s) Change (%) Shares Held
CBS CORP (CLASS B) CL B 5,554 5,554 New 91,533
AMERICAN CAP LTD COM 5,263 5,263 New 346,230
GENERAL MTRS CO COM 721 721 New 19,666
GENERAL MTRS CO WT EXP 071016 480 480 New 17,878
GENERAL MTRS CO WT EXP 071019 338 338 New 17,878