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) 63

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

Sector Weighting

Basic Materials 17.79%
Capital Goods 3.22%
Conglomerates 14.31%
Consumer Cyclical 10.4%
Consumer/Non-Cyclical
Energy 1.29%
Financial 10.66%
Healthcare
Services 16.53%
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 -4,816 Sold Out 0
CLEAR CHANNEL OUTDOOR HLDGS IN CL A -378 Sold Out 0
GENERAL MTRS CO WT EXP 071016 -399 Sold Out 0
GENERAL MTRS CO WT EXP 071019 -274 Sold Out 0
GENERAL MTRS CO COM -628 Sold Out 0
TESORO CORP COM -6,418 Sold Out 0
GRACE W R & CO DEL NEW COM 8,186 -454 (5.25) 80,657
NORTEK INC COM NEW 6,514 New 82,544
OUTFRONT MEDIA INC COM 2,227 -5,083 (69.53) 89,663
CUSTOMERS BANCORP INC COM 8,969 -2,267 (20.18) 352,401
ALLY FINL INC COM 8,381 8,381 New 364,699
HORSEHEAD HLDG CORP COM 2,962 2,962 New 365,645
PLY GEM HLDGS INC COM 5,558 -974 (14.91) 388,667
AMERICAN CAP LTD COM 6,679 2,101 45.91 505,185
ERICKSON INC COM 2,016 New 567,825
KEY ENERGY SVCS INC COM 810 -567 (41.18) 642,846
AMERICAN RLTY CAP PPTYS INC COM 8,403 258 3.17 966,929
CUMULUS MEDIA INC CL A 1,951 1,951 New 1,234,906