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MORGAN STANLEY
> FSR
| Date | Name | Ticker | Shares | Change | Value | Change | Price |
| 03/31/2010 | Flagstone Reinsurance Holdings, S.A. | FSR | 559,745 | -16,737 | 6,414,000 | 107,000 | $11.46 |
| 12/31/2009 | Flagstone Reinsurance Holdings, S.A. | FSR | 576,482 | -5,893 | 6,307,000 | -262,000 | $10.94 |
| 09/30/2009 | Flagstone Reinsurance Holdings, S.A. | FSR | 582,375 | -12,126 | 6,569,000 | 445,000 | $11.28 |
| 06/30/2009 | Flagstone Reinsurance Holdings, S.A. | FSR | 594,501 | -31,641 | 6,124,000 | 1,246,000 | $10.30 |
| 03/31/2009 | Flagstone Reinsurance Holdings, S.A. | FSR | 626,142 | -7,357 | 4,878,000 | -1,310,000 | $7.79 |
| 12/31/2008 | Flagstone Reinsurance Holdings, S.A. | FSR | 633,499 | 21,828 | 6,188,000 | -94,000 | $9.77 |
| 09/30/2008 | Flagstone Reinsurance Holdings, S.A. | FSR | 611,671 | 44,517 | 6,282,000 | -404,000 | $10.27 |
| 06/30/2008 | Flagstone Reinsurance Holdings, S.A. | FSR | 567,154 | -53,257 | 6,686,000 | -1,938,000 | $11.79 |
| 12/31/2007 | Flagstone Reinsurance Holdings, S.A. | FSR | 620,411 | 287,166 | 8,624,000 | 4,196,000 | $13.90 |
| 09/30/2007 | Flagstone Reinsurance Holdings, S.A. | FSR | 333,245 | 333,245 | 4,428,000 | 4,428,000 | $13.29 |
| 06/30/2007 | Flagstone Reinsurance Holdings, S.A. | FSR | 241,577 | 241,577 | 3,218,000 | 3,218,000 | $13.32 |
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