Deephaven

Deephaven as of March 31, 2012

Portfolio Holdings for Deephaven

Deephaven holds 25 positions in its portfolio as reported in the March 2012 quarterly 13F filing

Company (Ticker) Portfolio Weight Valued At Change in Shares Share Count Share Price
Retail Opportunity Invts Cor *w exp 10/23/201 47.0 $94M 7.8M 12.04
Two Hbrs Invt Corp *w exp 07/13/201 25.4 $51M 5.0M 10.14
Resolute Energy Corp *w exp 09/25/201 11.2 $22M 2.0M 11.38
Weight Watchers International 9.7 $19M 251k 77.19
Barclays Bk Plc ipth s^p vix 1.6 $3.2M 192k 16.79
Bank of America Corporation (BAC) 1.5 $3.0M 313k 9.57
Harvest Natural Resources 0.7 $1.3M 185k 7.08
Hicks Acquisition Co Ii 0.5 $1.0M 100k 10.24
Armour Residential Reit Inc *w exp 11/07/201 0.3 $601k 89k 6.75
Chimera Investment Corporation 0.3 $566k 200k 2.83
Wts Talbots 0.2 $502k 166k 3.03
JPMorgan Chase & Co. (JPM) 0.2 $460k 10k 46.00
Michael Baker Corporation 0.2 $434k 18k 23.85
FuelCell Energy 0.2 $430k 276k 1.56
Iteris (ITI) 0.2 $401k 269k 1.49
United States Oil Fund 0.2 $373k 9.5k 39.26
Arlington Asset Investment 0.2 $382k 17k 22.20
Cereplast (CERP) 0.1 $155k 250k 0.62
Anooraq Resources Corp 0.1 $141k 336k 0.42
Two Harbors Investment 0.0 $84k 8.3k 10.13
Western Liberty Ban 0.0 $76k 27k 2.86
EXCO Resources 0.0 $66k 10k 6.60
Aware (AWRE) 0.0 $67k 17k 3.92
Sanofi Aventis Wi Conval Rt 0.0 $58k 43k 1.35
Trans World Entertainment Corporation 0.0 $23k 11k 2.09