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Guerrilla Capital Management, L.L.C.
> GFRE
| Date | Name | Ticker | Shares | Change | Value | Change | Price |
| 09/30/2012 | GULF RESOURCES, INC. | GFRE | 219,101 | 0 | 245,000 | -22,000 | $1.12 |
| 06/30/2012 | GULF RESOURCES, INC. | GFRE | 219,101 | 1,100 | 267,000 | -245,000 | $1.22 |
| 03/31/2012 | GULF RESOURCES, INC. | GFRE | 218,001 | 1,780 | 512,000 | 30,000 | $2.35 |
| 12/31/2011 | GULF RESOURCES, INC. | GFRE | 213,001 | -3,220 | 381,000 | -101,000 | $1.79 |
| 09/30/2011 | GULF RESOURCES, INC. | GFRE | 216,221 | 16,000 | 482,000 | -138,000 | $2.23 |
| 06/30/2011 | GULF RESOURCES, INC. | GFRE | 200,221 | 63,651 | 620,000 | -225,000 | $3.10 |
| 03/31/2011 | GULF RESOURCES, INC. | GFRE | 136,570 | 24,500 | 845,000 | -353,000 | $6.19 |
| 12/31/2010 | GULF RESOURCES, INC. | GFRE | 112,070 | 20,850 | 1,198,000 | 497,000 | $10.69 |
| 09/30/2010 | GULF RESOURCES, INC. | GFRE | 91,220 | 9,120 | 701,000 | -4,000 | $7.68 |
| 06/30/2010 | GULF RESOURCES, INC. | GFRE | 82,100 | 82,100 | 705,000 | 705,000 | $8.59 |
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