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TFS CAPITAL LLC
> FSR
| Date | Name | Ticker | Shares | Change | Value | Change | Price |
| 03/31/2010 | Flagstone Reinsurance Holdings, S.A. | FSR | 125,097 | -11,225 | 1,434,000 | -57,000 | $11.46 |
| 12/31/2009 | Flagstone Reinsurance Holdings, S.A. | FSR | 136,322 | 102,565 | 1,491,000 | 1,110,000 | $10.94 |
| 09/30/2009 | Flagstone Reinsurance Holdings, S.A. | FSR | 33,757 | 33,757 | 381,000 | 381,000 | $11.29 |
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