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GLENHILL ADVISORS LLC
> GFRE
| Date | Name | Ticker | Shares | Change | Value | Change | Price |
| 09/30/2018 | GULF RESOURCES, INC. | GFRE | 0 | -273,691 | 0 | -378,000 | |
| 06/30/2018 | GULF RESOURCES, INC. | GFRE | 273,691 | 0 | 378,000 | -13,000 | $1.38 |
| 03/31/2018 | GULF RESOURCES, INC. | GFRE | 273,691 | 0 | 391,000 | -11,000 | $1.43 |
| 12/31/2017 | GULF RESOURCES, INC. | GFRE | 273,691 | 0 | 402,000 | -112,000 | $1.47 |
| 09/30/2017 | GULF RESOURCES, INC. | GFRE | 273,691 | -227,387 | 514,000 | -283,000 | $1.88 |
| 06/30/2017 | GULF RESOURCES, INC. | GFRE | 501,078 | -145,071 | 797,000 | -353,000 | $1.59 |
| 03/31/2017 | GULF RESOURCES, INC. | GFRE | 646,149 | 0 | 1,150,000 | -110,000 | $1.78 |
| 12/31/2016 | GULF RESOURCES, INC. | GFRE | 646,149 | 0 | 1,260,000 | -123,000 | $1.95 |
| 09/30/2016 | GULF RESOURCES, INC. | GFRE | 646,149 | 646,149 | 1,383,000 | 1,383,000 | $2.14 |
| 06/30/2016 | GULF RESOURCES, INC. | GFRE | 596,149 | 0 | 918,000 | -42,000 | $1.54 |
| 03/31/2016 | GULF RESOURCES, INC. | GFRE | 596,149 | 596,149 | 960,000 | 960,000 | $1.61 |
| 12/31/2015 | GULF RESOURCES, INC. | GFRE | 596,149 | 0 | 1,085,000 | 244,000 | $1.82 |
| 09/30/2015 | GULF RESOURCES, INC. | GFRE | 596,149 | 596,149 | 841,000 | 841,000 | $1.41 |
| 06/30/2015 | GULF RESOURCES, INC. | GFRE | 701,851 | 701,851 | 1,449,000 | 1,449,000 | $2.06 |
| 03/31/2015 | GULF RESOURCES, INC. | GFRE | 701,851 | 701,851 | 1,165,000 | 1,165,000 | $1.66 |
| 12/31/2014 | GULF RESOURCES, INC. | GFRE | 228,160 | 228,160 | 265,000 | 265,000 | $1.16 |
| 09/30/2014 | GULF RESOURCES, INC. | GFRE | 228,160 | 228,160 | 326,000 | 326,000 | $1.43 |
| 06/30/2014 | GULF RESOURCES, INC. | GFRE | 225,000 | 225,000 | 481,000 | 481,000 | $2.14 |
| 03/31/2014 | GULF RESOURCES, INC. | GFRE | 225,000 | 225,000 | 545,000 | 545,000 | $2.42 |
| 12/31/2013 | GULF RESOURCES, INC. | GFRE | 75,000 | 75,000 | 176,000 | 176,000 | $2.35 |
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