ISHARES INC

Ticker: EWG CUSIP: 464286806 Class: MSCI GERMANY ETF

Guild Investment Management, Inc.'s Holding History (CIK: 0001317802)

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

Q1 2015

Shares 120,960 Value ($000) $3,609 Avg Close — Range —

Q3 2013

Shares 84,580 Value ($000) $2,352 Avg Close — Range —

Q4 2012

Shares 168,750 Value ($000) $4,168 Avg Close — Range —

Period	Shares	Value ($000)	Average Close	Price Range
Q1 2015	120,960	$3,609	—	—
Q3 2013	84,580	$2,352	—	—
Q4 2012	168,750	$4,168	—	—