ZAZOVE ASSOCIATES LLC Information

1033 SKOKIE BLVD., SUITE 310, NORTHBROOK, Illinois, 60062, (847) 239-7100

Report Date: 03/31/2014

Position Statistics

Total Positions 31
New Positions 7
Increased Positions 14
Decreased Positions 6
Positions with Activity 20
Sold Out Positions 3
Total Mkt Value (in $ millions) 342

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

Sector Weighting

Basic Materials 3.23%
Capital Goods
Conglomerates
Consumer Cyclical 54.83%
Consumer/Non-Cyclical
Energy
Financial 21.8%
Healthcare 0.4%
Services 7.2%
Technology 0%
Transportation
Utilities 10.73%

6 DECREASED Positions as of 03/31/2014

Company Class Value of Shares ($1,000s) ▼ Change in Value ($1,000s) Change (%) Shares Held
CAPITAL ONE FINL CORP WT EXP 111418 9,778 -1,901 (16.28) 244,812
JPMORGAN CHASE & CO WT EXP 102818 6,220 -65 (1.04) 314,163
DIREXION SHS ETF TR DAILY GOLD MINER 2,743 -457 (14.29) 60,000
AMERICAN AIRLS GROUP INC COM -632 Sold Out 0
CREDIT SUISSE AG NASSAU BRH EXCHTRADE SHTERM -202 Sold Out 0
E M C CORP MASS COM -55,839 Sold Out 0