Reported relationships
Latest disclosed role at each company.
| Company | Last reported as | Report date | Published |
|---|---|---|---|
| Mastercard IncMA · Entity 1763 | Chief Financial Officer | October 01, 2026 | October 05, 2026 |
Disclosed balances
About these balances
Latest available filing per company, not a reconstructed current portfolio. Matching sequences show the last reported balance with all source rows expandable; grouping alone does not establish account ownership. Do not add unresolved positions together. Filings may omit unchanged positions, and amendments may correct only part of an older disclosure. Jointly reported shares are not necessarily this owner's personal holdings.
Mastercard Inc
Report date October 01, 2026 · Filed October 05, 2026
| Security / award | Ownership account | Disclosed shares / units | Disclosure context |
|---|---|---|---|
| Class A Common StockSEC Table I · non-derivative | Direct | 35,750.5 |
Reported balance
After 2026-10-01 transaction · row 1
1 source rowRow 1 · 2026-10-01 · Tax withholding · Disposed 88 · Balance 35,750.5 F1: Represents withholding of shares to pay tax liability relating to previously granted awards of restricted stock units. |
Filing footnotes · ownership attribution and instrument terms
F1: Represents withholding of shares to pay tax liability relating to previously granted awards of restricted stock units.
Transaction history
JSON APIPurchases/sales include open-market and private transactions. Plan disclosure applies to the filing; individual rows may differ. “Not disclosed” is not “unplanned.”
The cutoff filters transaction history only. Company summaries and owner relationships show the latest available disclosures. Parser corrections can improve historical records.
| Transaction date | Company | Activity / security | Shares / units | Reported price | Reported value | Details |
|---|---|---|---|---|---|---|
| May 16, 2024 Filed May 20, 2024 20:17 UTC | Mastercard Inc MA · Entity 1763 | SaleClass A Common Stock | 2,892 | $460.00 | $1,330,320.00 |
DisclosureSEC source: 0001141391-24-000099 · wk-form4_1716236238.xml · nonDerivative · entry 2 Ling Hai · CIK 0001923565 · President, AP, Europe, MEA 10b5-1 filing: Plan reported Ownership: Direct Disclosed balance after: 21,420.249 F1 · shares: The transactions reported in this Form 4 were effected pursuant to a pre-planned trading plan entered into in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934. The pre-planned trading plan was adopted by the reporting person for personal financial management purposes on February 1, 2024. Read SEC document |
| May 16, 2024 Filed May 20, 2024 20:17 UTC | Mastercard Inc MA · Entity 1763 | Exercise / conversionClass A Common Stock | 2,892 | $90.13 | $260,655.96 |
DisclosureSEC source: 0001141391-24-000099 · wk-form4_1716236238.xml · nonDerivative · entry 1 Ling Hai · CIK 0001923565 · President, AP, Europe, MEA 10b5-1 filing: Plan reported Ownership: Direct Disclosed balance after: 24,312.249 Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event. F1 · shares: The transactions reported in this Form 4 were effected pursuant to a pre-planned trading plan entered into in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934. The pre-planned trading plan was adopted by the reporting person for personal financial management purposes on February 1, 2024. Read SEC document |
| March 01, 2024 Filed Mar 6, 2024 01:15 UTC | Mastercard Inc MA · Entity 1763 | GrantEmployee Stock Option (right ro buy) · Derivative | 5,163 | $0.00 Strike: $476.63 | $0.00 |
DisclosureSEC source: 0001141391-24-000044 · wk-form4_1709687735.xml · derivative · entry 5 Ling Hai · CIK 0001923565 · President, AP, Europe, MEA 10b5-1 filing: No plan indicated Ownership: Direct Disclosed balance after: 5,163 Underlying: Class A Common Stock · 5,163 shares Expires 2034-03-01 F5 · derivative.exercise_date: The employee stock options vest in three (3) equal annual installments beginning March 1, 2025. Read SEC document |
| March 01, 2024 Filed Mar 6, 2024 01:15 UTC | Mastercard Inc MA · Entity 1763 | GrantClass A Common Stock | 2,663 | $0.00 | $0.00 |
DisclosureSEC source: 0001141391-24-000044 · wk-form4_1709687735.xml · nonDerivative · entry 4 Ling Hai · CIK 0001923565 · President, AP, Europe, MEA 10b5-1 filing: No plan indicated Ownership: Direct Disclosed balance after: 21,420.249 F4 · shares: Represents earned performance stock units granted on March 1, 2021 that contained performance-vesting requirements. The award was fully earned and vested on March 1, 2024, but will settle on March 1, 2025. Read SEC document |
| March 01, 2024 Filed Mar 6, 2024 01:15 UTC | Mastercard Inc MA · Entity 1763 | Tax withholdingClass A Common Stock | 126 | $475.70 | $59,938.20 |
DisclosureSEC source: 0001141391-24-000044 · wk-form4_1709687735.xml · nonDerivative · entry 3 Ling Hai · CIK 0001923565 · President, AP, Europe, MEA 10b5-1 filing: No plan indicated Ownership: Direct Disclosed balance after: 18,757.249 F3 · shares: Represents withholding of shares to pay tax liability incident to the settlement of performance stock units that were fully earned and vested on March 1, 2023, and settled on March 1, 2024. Read SEC document |
| March 01, 2024 Filed Mar 6, 2024 01:15 UTC | Mastercard Inc MA · Entity 1763 | GrantClass A Common Stock | 1,802 | $0.00 | $0.00 |
DisclosureSEC source: 0001141391-24-000044 · wk-form4_1709687735.xml · nonDerivative · entry 2 Ling Hai · CIK 0001923565 · President, AP, Europe, MEA 10b5-1 filing: No plan indicated Ownership: Direct Disclosed balance after: 18,883.249 F2 · shares: Award of restricted stock units that will vest in three (3) equal annual installments beginning March 1, 2025. Read SEC document |
| March 01, 2024 Filed Mar 6, 2024 01:15 UTC | Mastercard Inc MA · Entity 1763 | Tax withholdingClass A Common Stock | 496 | $475.70 | $235,947.20 |
DisclosureSEC source: 0001141391-24-000044 · wk-form4_1709687735.xml · nonDerivative · entry 1 Ling Hai · CIK 0001923565 · President, AP, Europe, MEA 10b5-1 filing: No plan indicated Ownership: Direct Disclosed balance after: 17,081.249 F1 · shares: Represents withholding of shares to pay tax liability incident to the vesting of restricted stock units. Read SEC document |
| August 30, 2023 Filed Aug 30, 2023 20:03 UTC | Mastercard Inc MA · Entity 1763 | Exercise / conversionEmployee Stock Option (right to buy) · Derivative | 3,324 | $0.00 Strike: $77.72 | $0.00 |
DisclosureSEC source: 0001141391-23-000139 · wk-form4_1693425784.xml · derivative · entry 9 Ling Hai · CIK 0001923565 · Co-President, Intl Markets 10b5-1 filing: Plan reported Ownership: Direct Disclosed balance after: 0 Underlying: Class A Common Stock · 3,324 shares Expires 2024-03-01 Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event. F1 · shares: The transactions reported in this Form 4 were effected pursuant to a pre-planned trading plan entered into in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934. The pre-planned trading plan was adopted by the reporting person for personal financial management purposes on January 27, 2023. F4 · derivative.exercise_date: The reporting person was awarded 9,972 employee stock options on March 1, 2014, which had fully vested. Read SEC document |
| August 30, 2023 Filed Aug 30, 2023 20:03 UTC | Mastercard Inc MA · Entity 1763 | SaleClass A Common Stock | 3,324 | $415.00 | $1,379,460.00 |
DisclosureSEC source: 0001141391-23-000139 · wk-form4_1693425784.xml · nonDerivative · entry 6 Ling Hai · CIK 0001923565 · Co-President, Intl Markets 10b5-1 filing: Plan reported Ownership: Direct Disclosed balance after: 17,577.249 F1 · shares: The transactions reported in this Form 4 were effected pursuant to a pre-planned trading plan entered into in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934. The pre-planned trading plan was adopted by the reporting person for personal financial management purposes on January 27, 2023. Read SEC document |
| August 30, 2023 Filed Aug 30, 2023 20:03 UTC | Mastercard Inc MA · Entity 1763 | Exercise / conversionClass A Common Stock | 3,324 | $77.72 | $258,341.28 |
DisclosureSEC source: 0001141391-23-000139 · wk-form4_1693425784.xml · nonDerivative · entry 5 Ling Hai · CIK 0001923565 · Co-President, Intl Markets 10b5-1 filing: Plan reported Ownership: Direct Disclosed balance after: 20,901.249 Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event. F1 · shares: The transactions reported in this Form 4 were effected pursuant to a pre-planned trading plan entered into in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934. The pre-planned trading plan was adopted by the reporting person for personal financial management purposes on January 27, 2023. Read SEC document |
| August 29, 2023 Filed Aug 30, 2023 20:03 UTC | Mastercard Inc MA · Entity 1763 | Exercise / conversionEmployee Stock Option (right to buy) · Derivative | 3,324 | $0.00 Strike: $77.72 | $0.00 |
DisclosureSEC source: 0001141391-23-000139 · wk-form4_1693425784.xml · derivative · entry 8 Ling Hai · CIK 0001923565 · Co-President, Intl Markets 10b5-1 filing: Plan reported Ownership: Direct Disclosed balance after: 3,324 Underlying: Class A Common Stock · 3,324 shares Expires 2024-03-01 Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event. F1 · shares: The transactions reported in this Form 4 were effected pursuant to a pre-planned trading plan entered into in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934. The pre-planned trading plan was adopted by the reporting person for personal financial management purposes on January 27, 2023. F4 · derivative.exercise_date: The reporting person was awarded 9,972 employee stock options on March 1, 2014, which had fully vested. Read SEC document |
| August 29, 2023 Filed Aug 30, 2023 20:03 UTC | Mastercard Inc MA · Entity 1763 | SaleClass A Common Stock | 13,293 | $410.06 | $5,450,983.41 |
DisclosureSEC source: 0001141391-23-000139 · wk-form4_1693425784.xml · nonDerivative · entry 4 Ling Hai · CIK 0001923565 · Co-President, Intl Markets 10b5-1 filing: Plan reported Ownership: Direct Disclosed balance after: 17,577.249 F1 · shares: The transactions reported in this Form 4 were effected pursuant to a pre-planned trading plan entered into in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934. The pre-planned trading plan was adopted by the reporting person for personal financial management purposes on January 27, 2023. F3 · price: This transaction was executed in multiple trades at prices ranging from $410.00 to $410.35. The price reported reflects the weighted average sales price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected. Read SEC document |
| August 29, 2023 Filed Aug 30, 2023 20:03 UTC | Mastercard Inc MA · Entity 1763 | Exercise / conversionClass A Common Stock | 3,324 | $77.72 | $258,341.28 |
DisclosureSEC source: 0001141391-23-000139 · wk-form4_1693425784.xml · nonDerivative · entry 3 Ling Hai · CIK 0001923565 · Co-President, Intl Markets 10b5-1 filing: Plan reported Ownership: Direct Disclosed balance after: 30,870.249 Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event. F1 · shares: The transactions reported in this Form 4 were effected pursuant to a pre-planned trading plan entered into in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934. The pre-planned trading plan was adopted by the reporting person for personal financial management purposes on January 27, 2023. Read SEC document |
| August 28, 2023 Filed Aug 30, 2023 20:03 UTC | Mastercard Inc MA · Entity 1763 | Exercise / conversionEmployee Stock Option (right to buy) · Derivative | 3,324 | $0.00 Strike: $77.72 | $0.00 |
DisclosureSEC source: 0001141391-23-000139 · wk-form4_1693425784.xml · derivative · entry 7 Ling Hai · CIK 0001923565 · Co-President, Intl Markets 10b5-1 filing: Plan reported Ownership: Direct Disclosed balance after: 6,648 Underlying: Class A Common Stock · 3,324 shares Expires 2024-03-01 Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event. F1 · shares: The transactions reported in this Form 4 were effected pursuant to a pre-planned trading plan entered into in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934. The pre-planned trading plan was adopted by the reporting person for personal financial management purposes on January 27, 2023. F4 · derivative.exercise_date: The reporting person was awarded 9,972 employee stock options on March 1, 2014, which had fully vested. Read SEC document |
| August 28, 2023 Filed Aug 30, 2023 20:03 UTC | Mastercard Inc MA · Entity 1763 | SaleClass A Common Stock | 3,324 | $405.23 | $1,346,980.86 |
DisclosureSEC source: 0001141391-23-000139 · wk-form4_1693425784.xml · nonDerivative · entry 2 Ling Hai · CIK 0001923565 · Co-President, Intl Markets 10b5-1 filing: Plan reported Ownership: Direct Disclosed balance after: 27,546.249 F1 · shares: The transactions reported in this Form 4 were effected pursuant to a pre-planned trading plan entered into in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934. The pre-planned trading plan was adopted by the reporting person for personal financial management purposes on January 27, 2023. F2 · price: This transaction was executed in multiple trades at prices ranging from $405.00 to $405.45. The price reported reflects the weighted average sales price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected. Read SEC document |
| August 28, 2023 Filed Aug 30, 2023 20:03 UTC | Mastercard Inc MA · Entity 1763 | Exercise / conversionClass A Common Stock | 3,324 | $77.72 | $258,341.28 |
DisclosureSEC source: 0001141391-23-000139 · wk-form4_1693425784.xml · nonDerivative · entry 1 Ling Hai · CIK 0001923565 · Co-President, Intl Markets 10b5-1 filing: Plan reported Ownership: Direct Disclosed balance after: 30,870.249 Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event. F1 · shares: The transactions reported in this Form 4 were effected pursuant to a pre-planned trading plan entered into in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934. The pre-planned trading plan was adopted by the reporting person for personal financial management purposes on January 27, 2023. Read SEC document |
| July 01, 2023 Filed Jul 5, 2023 20:19 UTC | Mastercard Inc MA · Entity 1763 | Tax withholdingClass A Common Stock | 996 | $391.64 | $390,073.44 |
DisclosureSEC source: 0001141391-23-000122 · wk-form4_1688588323.xml · nonDerivative · entry 1 Ling Hai · CIK 0001923565 · Co-President, Intl Markets 10b5-1 filing: No plan indicated Ownership: Direct Disclosed balance after: 27,546.249 F1 · shares: Represents withholding of shares to pay tax liability incident to the vesting of restricted stock units. Read SEC document |
| March 01, 2023 Filed Mar 3, 2023 23:52 UTC | Mastercard Inc MA · Entity 1763 | GrantEmployee Stock Option (right to buy) · Derivative | 5,519 | $0.00 Strike: $353.50 | $0.00 |
DisclosureSEC source: 0001141391-23-000052 · wf-form4_167788750116790.xml · derivative · entry 4 Ling Hai · CIK 0001923565 · Co-President, Intl Markets 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 5,519 Underlying: Class A Common Stock · 5,519 shares Expires 2033-03-01 F4 · derivative.exercise_date: The employee stock options vest in three (3) equal annual installments beginning March 1, 2024. Read SEC document |
| March 01, 2023 Filed Mar 3, 2023 23:52 UTC | Mastercard Inc MA · Entity 1763 | GrantClass A Common Stock | 338 | $0.00 | $0.00 |
DisclosureSEC source: 0001141391-23-000052 · wf-form4_167788750116790.xml · nonDerivative · entry 3 Ling Hai · CIK 0001923565 · Co-President, Intl Markets 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 28,542.249 F3 · shares: Represents earned performance stock units granted on March 1, 2020 that contained performance-vesting requirements. The award was fully earned and vested on March 1, 2023, but will settle on March 1, 2024. Read SEC document |
| March 01, 2023 Filed Mar 3, 2023 23:52 UTC | Mastercard Inc MA · Entity 1763 | GrantClass A Common Stock | 1,947 | $0.00 | $0.00 |
DisclosureSEC source: 0001141391-23-000052 · wf-form4_167788750116790.xml · nonDerivative · entry 2 Ling Hai · CIK 0001923565 · Co-President, Intl Markets 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 28,204.249 F2 · shares: Award of restricted stock units that will vest in three (3) equal annual installments beginning March 1, 2024. Read SEC document |
| March 01, 2023 Filed Mar 3, 2023 23:52 UTC | Mastercard Inc MA · Entity 1763 | Tax withholdingClass A Common Stock | 239 | $352.35 | $84,211.65 |
DisclosureSEC source: 0001141391-23-000052 · wf-form4_167788750116790.xml · nonDerivative · entry 1 Ling Hai · CIK 0001923565 · Co-President, Intl Markets 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 26,257.249 F1 · shares: Represents withholding of shares to pay tax liability incident to the vesting of restricted stock units. Read SEC document |
| February 27, 2023 Filed Feb 28, 2023 21:32 UTC | Mastercard Inc MA · Entity 1763 | Exercise / conversionEmployee Stock Option (right to buy) · Derivative | 8,220 | $0.00 Strike: $51.83 | $0.00 |
DisclosureSEC source: 0001141391-23-000024 · wf-form4_167761989691222.xml · derivative · entry 6 Ling Hai · CIK 0001923565 · Co-President, Intl Markets 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 0 Underlying: Class A Common Stock · 8,220 shares Expires 2023-03-01 Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event. F1 · shares: The transactions reported in this Form 4 were effected pursuant to a pre-planned trading plan entered into in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934. The pre-planned trading plan was adopted by the reporting person for personal financial management purposes on November 11, 2021. F5 · derivative.exercise_date: The reporting person was awarded 10,960 employee stock options on March 1, 2013, which had fully vested. Read SEC document |
| February 27, 2023 Filed Feb 28, 2023 21:32 UTC | Mastercard Inc MA · Entity 1763 | SaleClass A Common Stock | 100 | $357.99 | $35,799.00 |
DisclosureSEC source: 0001141391-23-000024 · wf-form4_167761989691222.xml · nonDerivative · entry 5 Ling Hai · CIK 0001923565 · Co-President, Intl Markets 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 26,496.249 F1 · shares: The transactions reported in this Form 4 were effected pursuant to a pre-planned trading plan entered into in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934. The pre-planned trading plan was adopted by the reporting person for personal financial management purposes on November 11, 2021. Read SEC document |
| February 27, 2023 Filed Feb 28, 2023 21:32 UTC | Mastercard Inc MA · Entity 1763 | SaleClass A Common Stock | 2,000 | $357.29 | $714,587.80 |
DisclosureSEC source: 0001141391-23-000024 · wf-form4_167761989691222.xml · nonDerivative · entry 4 Ling Hai · CIK 0001923565 · Co-President, Intl Markets 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 26,596.249 F1 · shares: The transactions reported in this Form 4 were effected pursuant to a pre-planned trading plan entered into in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934. The pre-planned trading plan was adopted by the reporting person for personal financial management purposes on November 11, 2021. F4 · price: The price reported reflects the weighted average price of shares sold in multiple transactions at prices ranging from $356.93 to $357.69. The reporting person hereby undertakes to provide to the SEC staff, the issuer, or a security holder of the issuer, upon request, full information regarding the number of shares sold at each separate price within this range. Read SEC document |
| February 27, 2023 Filed Feb 28, 2023 21:32 UTC | Mastercard Inc MA · Entity 1763 | SaleClass A Common Stock | 3,100 | $356.33 | $1,104,635.71 |
DisclosureSEC source: 0001141391-23-000024 · wf-form4_167761989691222.xml · nonDerivative · entry 3 Ling Hai · CIK 0001923565 · Co-President, Intl Markets 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 28,596.249 F1 · shares: The transactions reported in this Form 4 were effected pursuant to a pre-planned trading plan entered into in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934. The pre-planned trading plan was adopted by the reporting person for personal financial management purposes on November 11, 2021. F3 · price: The price reported reflects the weighted average price of shares sold in multiple transactions at prices ranging from $355.93 to $356.88. The reporting person hereby undertakes to provide to the SEC staff, the issuer, or a security holder of the issuer, upon request, full information regarding the number of shares sold at each separate price within this range. Read SEC document |
| February 27, 2023 Filed Feb 28, 2023 21:32 UTC | Mastercard Inc MA · Entity 1763 | SaleClass A Common Stock | 3,020 | $355.58 | $1,073,850.39 |
DisclosureSEC source: 0001141391-23-000024 · wf-form4_167761989691222.xml · nonDerivative · entry 2 Ling Hai · CIK 0001923565 · Co-President, Intl Markets 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 31,696.249 F1 · shares: The transactions reported in this Form 4 were effected pursuant to a pre-planned trading plan entered into in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934. The pre-planned trading plan was adopted by the reporting person for personal financial management purposes on November 11, 2021. F2 · price: The price reported reflects the weighted average price of shares sold in multiple transactions at prices ranging from $354.93 to $355.90. The reporting person hereby undertakes to provide to the SEC staff, the issuer, or a security holder of the issuer, upon request, full information regarding the number of shares sold at each separate price within this range. Read SEC document |
| February 27, 2023 Filed Feb 28, 2023 21:32 UTC | Mastercard Inc MA · Entity 1763 | Exercise / conversionClass A Common Stock | 8,220 | $51.83 | $426,042.60 |
DisclosureSEC source: 0001141391-23-000024 · wf-form4_167761989691222.xml · nonDerivative · entry 1 Ling Hai · CIK 0001923565 · Co-President, Intl Markets 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 34,716.249 Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event. F1 · shares: The transactions reported in this Form 4 were effected pursuant to a pre-planned trading plan entered into in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934. The pre-planned trading plan was adopted by the reporting person for personal financial management purposes on November 11, 2021. Read SEC document |
Value uses the disclosed total when available, otherwise shares × reported transaction price. It is not an estimate of exercise cash cost or investment performance.