NASDAQ INC

Ticker: NDAQ CUSIP: 631103108 Class: COM

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

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

Q2 2014

Shares 320,450 Value ($000) $12,376 Avg Close $10.13 Range $9.24 - $10.87

Q1 2014

Shares 165,000 Value ($000) $6,095 Avg Close $10.67 Range $10.00 - $11.35

Q3 2013

Shares 131,002 Value ($000) $4,206 Avg Close $8.76 Range $8.06 - $9.39

Period	Shares	Value ($000)	Average Close	Price Range
Q2 2014	320,450	$12,376	$10.13	$9.24 - $10.87
Q1 2014	165,000	$6,095	$10.67	$10.00 - $11.35
Q3 2013	131,002	$4,206	$8.76	$8.06 - $9.39