WATERSHED ASSET MANAGEMENT, L.L.C. Information

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

Report Date: 03/31/2014

Position Statistics

Total Positions 29
New Positions 5
Increased Positions 14
Decreased Positions 8
Positions with Activity 22
Sold Out Positions 3
Total Mkt Value (in $ millions) 145

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

Sector Weighting

Basic Materials 19.64%
Capital Goods 7.56%
Conglomerates 4.69%
Consumer Cyclical 9.89%
Consumer/Non-Cyclical
Energy 13.13%
Financial 11.31%
Healthcare
Services 20.37%
Technology
Transportation
Utilities

29 Positions as of 03/31/2014

Company Class Value of Shares ($1,000s) Change in Value ($1,000s) Change (%) ▲ Shares Held
CONSOLIDATED COMM HLDGS INC COM -2,306 Sold Out 0
ROYAL BK SCOTLAND GROUP PLC SP ADR PREF M -3,006 Sold Out 0
THE ADT CORPORATION COM -4,581 Sold Out 0
CLEARWATER PAPER CORP COM 4,214 -3,753 (47.11) 62,221
ROYAL BK SCOTLAND GROUP PLC SP ADR PREF S 3,735 -1,979 (34.63) 151,573
TESORO CORP COM 6,203 -787 (11.26) 103,124
NORTEK INC COM NEW 9,201 -823 (8.21) 109,831
TRONOX LTD SHS CL A 9,201 -307 (3.23) 353,064
ANADARKO PETE CORP COM 10,593 10,593 New 97,000
BASIC ENERGY SVCS INC NEW COM 2,231 2,231 New 88,130
ENPRO INDS INC COM 6,860 6,860 New 94,540
ERICKSON INC COM 10,954 New 755,414
GENERAL MTRS CO WT EXP 071019 2,180 New 122,859
GENERAL MTRS CO WT EXP 071016 307 New 12,029
INTELSAT S A COM 973 New 52,000
INTELSAT S A MAN CONV JR PFD 7,943 New 157,100
LIBERTY GLOBAL PLC SHS CL A 2,764 2,764 New 65,000
LIBERTY GLOBAL PLC SHS CL C 2,664 2,664 New 65,000
NMI HLDGS INC CL A 506 New 50,000
SILVER EAGLE ACQUISITION CORP UNIT 1 000018 4,806 New 450,000