NATIONAL BK HLDGS CORP

Ticker: NBHC CUSIP: 633707104 Class: Common Stock

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

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

Q4 2014

Shares 861,977 Value ($000) $16,731 Avg Close $15.33 Range $14.41 - $15.87

Q3 2014

Shares 904,801 Value ($000) $17,300 Avg Close $15.76 Range $15.03 - $16.58

Q2 2014

Shares 947,086 Value ($000) $18,885 Avg Close $15.51 Range $14.65 - $16.33

Q1 2014

Shares 901,781 Value ($000) $18,099 Avg Close $15.94 Range $14.82 - $16.96

Q4 2013

Shares 1,171,045 Value ($000) $25,060 Avg Close $16.38 Range $15.65 - $17.28

Q3 2013

Shares 917,880 Value ($000) $18,853 Avg Close $15.78 Range $14.58 - $16.85

Q2 2013

Shares 1,075,814 Value ($000) $21,194 Avg Close $14.46 Range $13.86 - $15.57

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2014	861,977	$16,731	$15.33	$14.41 - $15.87
Q3 2014	904,801	$17,300	$15.76	$15.03 - $16.58
Q2 2014	947,086	$18,885	$15.51	$14.65 - $16.33
Q1 2014	901,781	$18,099	$15.94	$14.82 - $16.96
Q4 2013	1,171,045	$25,060	$16.38	$15.65 - $17.28
Q3 2013	917,880	$18,853	$15.78	$14.58 - $16.85
Q2 2013	1,075,814	$21,194	$14.46	$13.86 - $15.57