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 18.85%
Capital Goods 3.01%
Conglomerates 13.26%
Consumer Cyclical 10.41%
Consumer/Non-Cyclical
Energy 2.4%
Financial 10.79%
Healthcare
Services 17.66%
Technology
Transportation
Utilities

18 Positions as of 03/31/2015

Company Class Value of Shares ($1,000s) Change in Value ($1,000s) ▲ Change (%) Shares Held
TESORO CORP COM -5,914 Sold Out 0
OUTFRONT MEDIA INC COM 2,497 -5,699 (69.53) 89,663
CBS CORP (CLASS B) CL B -5,638 Sold Out 0
CUSTOMERS BANCORP INC COM 8,873 -2,243 (20.18) 352,401
KEY ENERGY SVCS INC COM 1,607 -1,125 (41.18) 642,846
PLY GEM HLDGS INC COM 5,057 -886 (14.91) 388,667
GENERAL MTRS CO COM -702 Sold Out 0
GENERAL MTRS CO WT EXP 071016 -461 Sold Out 0
CLEAR CHANNEL OUTDOOR HLDGS IN CL A -459 Sold Out 0
GRACE W R & CO DEL NEW COM 7,957 -441 (5.25) 80,657
GENERAL MTRS CO WT EXP 071019 -316 Sold Out 0
ERICKSON INC COM 2,016 New 567,825
NORTEK INC COM NEW 6,969 New 82,544
AMERICAN RLTY CAP PPTYS INC COM 8,770 270 3.17 966,929
AMERICAN CAP LTD COM 7,219 2,271 45.91 505,185
CUMULUS MEDIA INC CL A 3,050 3,050 New 1,234,906
HORSEHEAD HLDG CORP COM 4,662 4,662 New 365,645
ALLY FINL INC COM 8,253 8,253 New 364,699