ISHARES INC

Ticker: EZU CUSIP: 464286608 Class: MSCI EURZONE ETF

Narwhal Capital Management's Holding History (CIK: 0001461287)

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

Q2 2014

Shares 9,300 Value ($000) $394 Avg Close — Range —

Q1 2014

Shares 9,300 Value ($000) $393 Avg Close — Range —

Q4 2013

Shares 9,300 Value ($000) $385 Avg Close — Range —

Period	Shares	Value ($000)	Average Close	Price Range
Q2 2014	9,300	$394	—	—
Q1 2014	9,300	$393	—	—
Q4 2013	9,300	$385	—	—