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NEUMEIER POMA INVESTMENT COUNSEL LLC
> FSR
| Date | Name | Ticker | Shares | Change | Value | Change | Price |
| 03/31/2010 | Flagstone Reinsurance Holdings, S.A. | FSR | 593,275 | -6,600 | 6,799,000 | 236,000 | $11.46 |
| 12/31/2009 | Flagstone Reinsurance Holdings, S.A. | FSR | 599,875 | 299,375 | 6,563,000 | 3,173,000 | $10.94 |
| 09/30/2009 | Flagstone Reinsurance Holdings, S.A. | FSR | 300,500 | 300,500 | 3,390,000 | 3,390,000 | $11.28 |
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