PHILADELPHIA FINANCIAL MANAGEMENT OF SAN FRANCISCO, LLC Information

450 SANSOME STREET, SUITE 1500, SAN FRANCISCO, California, 94111, (415) 352-4460

Report Date: 12/31/2013

Position Statistics

Total Positions 56
New Positions 18
Increased Positions 25
Decreased Positions 31
Positions with Activity 56
Sold Out Positions 20
Total Mkt Value (in $ millions) 401

Institutional Holdings information is filed by major institutions on form 13-F with the Securities and Exchange Commission.

Sector Weighting

Basic Materials
Capital Goods 0.45%
Conglomerates
Consumer Cyclical
Consumer/Non-Cyclical
Energy
Financial 63.18%
Healthcare 6.63%
Services 13.12%
Technology 8.91%
Transportation
Utilities

56 Positions as of 12/31/2013

Company Class Value of Shares ($1,000s) ▼ Change in Value ($1,000s) Change (%) Shares Held
NELNET INC CL A 28,413 107 .38 651,083
DIEBOLD INC COM 28,183 28,183 New 712,235
ASSURED GUARANTY LTD COM 23,743 -13,461 (36.18) 993,861
NATIONAL BK HLDGS CORP CL A 23,292 5,035 27.58 1,171,045
META FINL GROUP INC COM 19,658 3,872 24.53 477,589
PORTFOLIO RECOVERY ASSOCS INC COM 19,026 5,488 40.54 321,284
KCG HLDGS INC CL A 16,590 16,590 New 1,668,967
EMERITUS CORP COM 15,953 15,953 New 533,532
AERCAP HOLDINGS NV SHS 15,603 -7,708 (33.07) 394,923
INVESTMENT TECHNOLOGY GRP NEW COM 14,644 14,644 New 742,209
MORGAN STANLEY COM NEW 14,180 1,141 8.75 460,984
UNITEDHEALTH GROUP INC COM 13,867 13,867 New 182,985
XL GROUP PLC SHS 12,983 12,983 New 415,720
FEDERAL AGRIC MTG CORP CL C 11,471 -1,855 (13.92) 321,948
NEWCASTLE INVT CORP COM 10,933 10,933 New 2,387,152
UNIVERSAL HLTH SVCS INC CL B 10,598 10,598 New 141,972
LGI HOMES INC COM 10,408 10,408 New 652,568
FRANKLIN RES INC COM 10,348 -5,942 (36.48) 192,704
GALLAGHER ARTHUR J & CO COM 9,358 9,358 New 207,173
AMERICAN INTL GROUP INC COM NEW 9,354 9,354 New 184,057