WATERSHED ASSET MANAGEMENT, L.L.C. Information

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

Report Date: 12/31/2013

Position Statistics

Total Positions 28
New Positions 5
Increased Positions 11
Decreased Positions 11
Positions with Activity 22
Sold Out Positions 4
Total Mkt Value (in $ millions) 130

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

Sector Weighting

Basic Materials 17.05%
Capital Goods 10.21%
Conglomerates 4.76%
Consumer Cyclical 10.9%
Consumer/Non-Cyclical 0%
Energy 4.76%
Financial 14.67%
Healthcare
Services 21.17%
Technology
Transportation
Utilities

28 Positions as of 12/31/2013

Company ▲ Class Value of Shares ($1,000s) Change in Value ($1,000s) Change (%) Shares Held
AMERICAN HOMES 4 RENT CL A -3,000 Sold Out 0
AMERICAN INTL GROUP INC COM NEW 5,559 -1,071 (16.15) 109,000
AMERICAN RLTY CAP PPTYS INC COM 13,145 5,083 63.06 980,951
CIT GROUP INC COM NEW -3,628 Sold Out 0
CLEAR CHANNEL OUTDOOR HLDGS IN CL A 3,451 New 395,313
CLEARWATER PAPER CORP COM 7,240 -1,415 (16.35) 117,646
CONSOLIDATED COMM HLDGS INC COM 2,132 -4,427 (67.49) 108,393
CUSTOMERS BANCORP INC COM 6,168 New 271,846
ERICKSON INC COM 13,235 New 755,414
GENERAL MTRS CO COM 1,732 419 31.88 50,601
GENERAL MTRS CO WT EXP 071019 2,048 201 10.85 122,859
GENERAL MTRS CO WT EXP 071016 295 295 New 12,029
GRAPHIC PACKAGING HLDG CO COM 5,451 -1,452 (21.04) 536,022
INTELSAT S A COM 938 938 New 52,000
INTELSAT S A MAN CONV JR PFD 8,037 363 4.73 157,100
LEVEL 3 COMMUNICATIONS INC COM NEW -3,362 Sold Out 0
NEWELL RUBBERMAID INC COM -1,867 Sold Out 0
NMI HLDGS INC CL A 571 571 New 50,000
NORTEK INC COM NEW 10,065 New 119,652
PLY GEM HLDGS INC COM 7,174 New 541,407