RADIAN GROUP INC — Director's Dealing 2013

May 13, 2013

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RADIAN GROUP INC (RDN)
CIK: 0000890926
Period of Report: 2013-05-09

Reporting Person: Altman Richard (COO of Radian Guaranty Inc.)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2013-05-09	Common Stock	M	11750	$2.68	Acquired	47341	Direct
2013-05-09	Common Stock	D	11750	$13.02	Disposed	35591	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2013-05-09	Stock Appreciation Right	$2.68	M	11750	Disposed	2014-05-13	Common Stock (11750)	Direct

Footnotes

F1: Deemed acquisition and disposition of shares of common stock in connection with the exercise of cash-settled stock appreciation rights.

F2: Total includes 35,591 shares owned outright, which includes 2,325 shares purchased through the Employee Stock Purchase Plan on December 31, 2012.

F3: Not Applicable.