ISHARES INC

Ticker: EWP CUSIP: 464286764 Class: MSCI SPAIN ETF

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

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

Q4 2013

Shares 5,500 Value ($000) $212 Avg Close — Range —

Q3 2013

Shares 449,500 Value ($000) $15,620 Avg Close — Range —

Q2 2013

Shares 327,500 Value ($000) $9,068 Avg Close — Range —

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2013	5,500	$212	—	—
Q3 2013	449,500	$15,620	—	—
Q2 2013	327,500	$9,068	—	—