NMI HLDGS INC

Ticker: NMIH CUSIP: 629209305 Class: Common Stock

Philadelphia Financial Management of San Francisco, LLC's Holding History (CIK: 0001351407)

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

Q3 2017

Shares 1,058,724 Value ($000) $13,128 Avg Close $11.58 Range $10.10 - $12.70

Q2 2017

Shares 944,140 Value ($000) $10,810 Avg Close $11.24 Range $10.20 - $12.55

Q1 2017

Shares 655,000 Value ($000) $7,467 Avg Close $10.97 Range $9.90 - $12.40

Period	Shares	Value ($000)	Average Close	Price Range
Q3 2017	1,058,724	$13,128	$11.58	$10.10 - $12.70
Q2 2017	944,140	$10,810	$11.24	$10.20 - $12.55
Q1 2017	655,000	$7,467	$10.97	$9.90 - $12.40