NMI HLDGS INC

Ticker: NMIH CUSIP: 629209305 Class: Common Stock

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

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

Q3 2014

Shares 50,000 Value ($000) $433 Avg Close $9.76 Range $8.17 - $10.94

Q2 2014

Shares 50,000 Value ($000) $525 Avg Close $10.96 Range $9.75 - $11.82

Q1 2014

Shares 50,000 Value ($000) $586 Avg Close $11.87 Range $10.32 - $13.94

Q4 2013

Shares 50,000 Value ($000) $637 Avg Close $13.30 Range $11.48 - $15.24

Period	Shares	Value ($000)	Average Close	Price Range
Q3 2014	50,000	$433	$9.76	$8.17 - $10.94
Q2 2014	50,000	$525	$10.96	$9.75 - $11.82
Q1 2014	50,000	$586	$11.87	$10.32 - $13.94
Q4 2013	50,000	$637	$13.30	$11.48 - $15.24