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RAFFLES ASSOCIATES LP
> GFG
| Date | Name | Ticker | Shares | Change | Value | Change | Price |
| 09/30/2008 | Guaranty Financial Group Inc. | GFG | 148,384 | -139,200 | 586,000 | -958,000 | $3.95 |
| 06/30/2008 | Guaranty Financial Group Inc. | GFG | 287,584 | -109,516 | 1,544,000 | -2,673,000 | $5.37 |
| 03/31/2008 | Guaranty Financial Group Inc. | GFG | 397,100 | 397,100 | 4,217,000 | 4,217,000 | $10.62 |
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