WATERSHED ASSET MANAGEMENT, L.L.C. Information

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

Report Date: 09/30/2014

Position Statistics

Total Positions 24
New Positions 2
Increased Positions 7
Decreased Positions 13
Positions with Activity 20
Sold Out Positions 9
Total Mkt Value (in $ millions) 84

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

Sector Weighting

Basic Materials 16.13%
Capital Goods 5.29%
Conglomerates 8.34%
Consumer Cyclical 6.68%
Consumer/Non-Cyclical
Energy 16.03%
Financial 6.44%
Healthcare
Services 20.61%
Technology
Transportation
Utilities

24 Positions as of 09/30/2014

Company Class Value of Shares ($1,000s) Change in Value ($1,000s) Change (%) ▲ Shares Held
CLEARWATER PAPER CORP COM -3,109 Sold Out 0
GRAPHIC PACKAGING HLDG CO COM -10,326 Sold Out 0
INTELSAT S A COM -819 Sold Out 0
INTELSAT S A MAN CONV JR PFD -6,883 Sold Out 0
LIBERTY GLOBAL PLC SHS CL C -2,963 Sold Out 0
LIBERTY GLOBAL PLC SHS CL A -2,383 Sold Out 0
REALOGY HLDGS CORP COM -7,197 Sold Out 0
ROYAL BK SCOTLAND GROUP PLC SP ADR PREF S -3,832 Sold Out 0
TRONOX LTD SHS CL A -5,897 Sold Out 0
PLY GEM HLDGS INC COM 5,549 -1,588 (22.25) 440,373
TESORO CORP COM 5,487 -767 (12.27) 67,138
ERICKSON INC COM 4,444 -445 (9.11) 630,385
AMERICAN INTL GROUP INC COM NEW 5,413 -383 (6.6) 110,771
CLEAR CHANNEL OUTDOOR HLDGS IN CL A 3,993 New 441,193
GRACE W R & CO DEL NEW COM 6,760 6,760 New 77,987
KEY ENERGY SVCS INC COM 1,514 1,514 New 900,921
NMI HLDGS INC CL A 385 New 50,000
NORTEK INC COM NEW 5,616 New 73,569
SILVER EAGLE ACQUISITION CORP UNIT 1 000018 4,883 New 450,000
CUSTOMERS BANCORP INC COM 7,012 40 .57 356,820