GRAPHIC PACKAGING HLDG CO

Ticker: GPK CUSIP: 388689101 Class: Common Stock

Watershed Asset Management, L.L.C.'s Holding History (CIK: 0001315926)

Note: Option positions (PUT/CALL) are excluded.

Q2 2014

Shares 713,122 Value ($000) $8,344 Avg Close $10.71 Range $9.49 - $11.87

Q1 2014

Shares 666,022 Value ($000) $6,767 Avg Close $9.87 Range $9.10 - $10.60

Q4 2013

Shares 536,022 Value ($000) $5,146 Avg Close $8.76 Range $8.05 - $9.63

Q3 2013

Shares 678,822 Value ($000) $5,811 Avg Close $8.56 Range $7.76 - $8.90

Q2 2013

Shares 951,902 Value ($000) $7,368 Avg Close $7.63 Range $7.14 - $8.12

Period	Shares	Value ($000)	Average Close	Price Range
Q2 2014	713,122	$8,344	$10.71	$9.49 - $11.87
Q1 2014	666,022	$6,767	$9.87	$9.10 - $10.60
Q4 2013	536,022	$5,146	$8.76	$8.05 - $9.63
Q3 2013	678,822	$5,811	$8.56	$7.76 - $8.90
Q2 2013	951,902	$7,368	$7.63	$7.14 - $8.12