ISHARES INC

Ticker: EWZ CUSIP: 464286400 Class: MSCI BRAZIL ETF

Gramercy Funds Management LLC's Holding History (CIK: 0001548836)

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

Q3 2015
Shares 50,000 Value ($000) $1,098 Avg Close — Range —
Q2 2015
Shares 44,300 Value ($000) $1,452 Avg Close — Range —
Q1 2015
Shares 109,900 Value ($000) $3,448 Avg Close — Range —
Q4 2014
Shares 92,000 Value ($000) $3,364 Avg Close — Range —
Q3 2013
Shares 3,600 Value ($000) $172 Avg Close — Range —
Q2 2013
Shares 7,800 Value ($000) $342 Avg Close — Range —