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) 64

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

Sector Weighting

Basic Materials 19.2%
Capital Goods 3.32%
Conglomerates 14.92%
Consumer Cyclical 10.7%
Consumer/Non-Cyclical
Energy 1.58%
Financial 10.58%
Healthcare
Services 16.18%
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 -5,082 Sold Out 0
CLEAR CHANNEL OUTDOOR HLDGS IN CL A -388 Sold Out 0
GENERAL MTRS CO WT EXP 071016 -423 Sold Out 0
GENERAL MTRS CO WT EXP 071019 -281 Sold Out 0
GENERAL MTRS CO COM -654 Sold Out 0
TESORO CORP COM -5,988 Sold Out 0
GRACE W R & CO DEL NEW COM 8,138 -451 (5.25) 80,657
NORTEK INC COM NEW 6,868 New 82,544
OUTFRONT MEDIA INC COM 2,233 -5,096 (69.53) 89,663
CUSTOMERS BANCORP INC COM 9,578 -2,421 (20.18) 352,401
ALLY FINL INC COM 8,290 8,290 New 364,699
HORSEHEAD HLDG CORP COM 4,187 4,187 New 365,645
PLY GEM HLDGS INC COM 4,582 -803 (14.91) 388,667
AMERICAN CAP LTD COM 6,795 2,138 45.91 505,185
ERICKSON INC COM 2,129 New 567,825
KEY ENERGY SVCS INC COM 1,016 -711 (41.18) 642,846
AMERICAN RLTY CAP PPTYS INC COM 7,909 243 3.17 966,929
CUMULUS MEDIA INC CL A 2,482 2,482 New 1,234,906