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 18.7%
Capital Goods 3.06%
Conglomerates 13.36%
Consumer Cyclical 10.27%
Consumer/Non-Cyclical
Energy 2.47%
Financial 10.75%
Healthcare
Services 17.77%
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
CBS CORP (CLASS B) CL B -5,658 Sold Out 0
CLEAR CHANNEL OUTDOOR HLDGS IN CL A -452 Sold Out 0
GENERAL MTRS CO WT EXP 071016 -459 Sold Out 0
GENERAL MTRS CO WT EXP 071019 -314 Sold Out 0
GENERAL MTRS CO COM -700 Sold Out 0
TESORO CORP COM -5,941 Sold Out 0
OUTFRONT MEDIA INC COM 2,482 -5,665 (69.53) 89,663
KEY ENERGY SVCS INC COM 1,665 -1,166 (41.18) 642,846
CUSTOMERS BANCORP INC COM 9,000 -2,275 (20.18) 352,401
PLY GEM HLDGS INC COM 5,158 -904 (14.91) 388,667
GRACE W R & CO DEL NEW COM 7,929 -439 (5.25) 80,657
ALLY FINL INC COM 8,271 8,271 New 364,699
CUMULUS MEDIA INC CL A 3,063 3,063 New 1,234,906
ERICKSON INC COM 2,061 New 567,825
HORSEHEAD HLDG CORP COM 4,669 4,669 New 365,645
NORTEK INC COM NEW 6,916 New 82,544
AMERICAN RLTY CAP PPTYS INC COM 8,905 274 3.17 966,929
AMERICAN CAP LTD COM 7,239 2,278 45.91 505,185