WATERSHED ASSET MANAGEMENT, L.L.C. Information

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

Report Date: 06/30/2014

Position Statistics

Total Positions 27
New Positions 1
Increased Positions 4
Decreased Positions 14
Positions with Activity 18
Sold Out Positions 5
Total Mkt Value (in $ millions) 125

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

Sector Weighting

Basic Materials 21.57%
Capital Goods 7.21%
Conglomerates 5.39%
Consumer Cyclical 4.94%
Consumer/Non-Cyclical
Energy 10.79%
Financial 8.24%
Healthcare
Services 23.92%
Technology
Transportation
Utilities

27 Positions as of 06/30/2014

Company Class Value of Shares ($1,000s) ▲ Change in Value ($1,000s) Change (%) Shares Held
BASIC ENERGY SVCS INC NEW COM -2,116 Sold Out 0
GENERAL MTRS CO WT EXP 071019 -2,074 Sold Out 0
GENERAL MTRS CO COM -2,614 Sold Out 0
GENERAL MTRS CO WT EXP 071016 -298 Sold Out 0
ROYAL BK SCOTLAND GROUP PLC ADR PREF SHS Q -5,754 Sold Out 0
NMI HLDGS INC CL A 493 New 50,000
INTELSAT S A COM 948 New 52,000
LIBERTY GLOBAL PLC SHS CL A 2,236 -614 (21.54) 51,000
LIBERTY GLOBAL PLC SHS CL C 2,745 New 65,000
CLEARWATER PAPER CORP COM 2,893 -1,392 (32.49) 42,006
CBS OUTDOOR AMERS INC COM 2,983 2,983 New 86,996
CLEAR CHANNEL OUTDOOR HLDGS IN CL A 3,102 New 441,193
ROYAL BK SCOTLAND GROUP PLC SP ADR PREF S 3,780 New 151,573
SILVER EAGLE ACQUISITION CORP UNIT 1 000018 4,635 New 450,000
TESORO CORP COM 4,917 -1,709 (25.79) 76,524
PLY GEM HLDGS INC COM 5,602 New 566,407
NORTEK INC COM NEW 6,158 -3,035 (33.02) 73,569
REALOGY HLDGS CORP COM 6,325 429 7.28 154,768
AMERICAN INTL GROUP INC COM NEW 6,478 -546 (7.78) 118,600
CUSTOMERS BANCORP INC COM 6,709 (0) 354,799