ZAIS FINL CORP

CUSIP: 98886K108 Class: COM

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

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

Q3 2016
Shares 61,795 Value ($000) $892 Avg Close — Range —
Q2 2016
Shares 53,795 Value ($000) $738 Avg Close — Range —