IRONWOOD PHARMACEUTICALS INC

Ticker: IRWD CUSIP: 46333X108 Class: COM CL A

SPHERA FUNDS MANAGEMENT LTD.'s Holding History (CIK: 0001496201)

Note: Option positions (PUT/CALL) are excluded.

Q3 2014

Shares 194,200 Value ($000) $2,516 Avg Close $11.45 Range $10.03 - $13.36

Q1 2014

Shares 112,484 Value ($000) $1,386 Avg Close $11.24 Range $9.40 - $12.96

Q4 2013

Shares 345,000 Value ($000) $4,005 Avg Close $8.98 Range $7.50 - $10.21

Period	Shares	Value ($000)	Average Close	Price Range
Q3 2014	194,200	$2,516	$11.45	$10.03 - $13.36
Q1 2014	112,484	$1,386	$11.24	$9.40 - $12.96
Q4 2013	345,000	$4,005	$8.98	$7.50 - $10.21