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person · Reporting owner

Friar Sarah

Disclosed activity across 8 companies

Tapewire entity
10589
SEC CIK
0001570658

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Reported relationships

Latest disclosed role at each company.

CompanyLast reported asReport datePublished
Block, Inc.SQ · Entity 3041Chief Financial OfficerOctober 25, 2018October 29, 2018
Dragoneer Growth Opportunities Corp. IIIDGNU · Entity 132744DirectorMarch 22, 2021March 23, 2021
NEW RELIC, INC.NEWR · Entity 108347DirectorAugust 22, 2017August 23, 2017
Nextdoor Holdings, Inc.KIND · Entity 5074Director · CEO and President · 10% ownerApril 15, 2024April 17, 2024
Walmart Inc.WMT · Entity 783DirectorSeptember 30, 2026October 02, 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.

Block, Inc.

Report date October 25, 2018 · Filed October 29, 2018

Security / awardOwnership accountDisclosed shares / unitsDisclosure context
Class A Common StockSEC Table I · non-derivativeDirect349,482 Reported balance After 2018-10-25 transaction · row 1
1 source row

Row 1 · 2018-10-25 · Tax withholding · Disposed 3,547 · Balance 349,482

F1: Represents shares that have been withheld by the Issuer to satisfy its income tax and withholding and remittance obligations in connection with the net settlement of restricted stock units and does not represent a sale by the Reporting Person.

Class B Common StockSEC Table II · derivative / convertible securityIndirectSee Footnote399,449 Reported balance Holding disclosure · report date 2018-10-25 · row 2 Instrument identity requires review; Table II rows are not merged.
1 source row

Row 2 · Balance 399,449

F2: Each share of Class B Common Stock is convertible into one share of Class A Common Stock at the option of the holder and has no expiration date.

F3: The shares are held of record by David Riley and Sarah Friar Revocable Trust dated August 11, 2006 (Revocable Trust), for which the Reporting Person serves as a trustee. The Reporting Person has sole dispositive power and voting control over the shares of the Issuer held by the Revocable Trust.

Filing footnotes · ownership attribution and instrument terms

F1: Represents shares that have been withheld by the Issuer to satisfy its income tax and withholding and remittance obligations in connection with the net settlement of restricted stock units and does not represent a sale by the Reporting Person.

F2: Each share of Class B Common Stock is convertible into one share of Class A Common Stock at the option of the holder and has no expiration date.

F3: The shares are held of record by David Riley and Sarah Friar Revocable Trust dated August 11, 2006 (Revocable Trust), for which the Reporting Person serves as a trustee. The Reporting Person has sole dispositive power and voting control over the shares of the Issuer held by the Revocable Trust.

Dragoneer Growth Opportunities Corp. III

Report date March 22, 2021 · Filed March 23, 2021

Security / awardOwnership accountDisclosed shares / unitsDisclosure context
Class B Ordinary SharesSEC Table II · derivative / convertible securityDirectNot disclosed Reported balance Holding disclosure · report date 2021-03-22 · row 1 Instrument identity requires review; Table II rows are not merged.
1 source row

Row 1 · Balance Not disclosed

F1: The Class B Ordinary Shares will automatically convert into the Issuer's Class A Ordinary Shares at the time of the Issuer's initial business combination on a one-for-one basis, subject to adjustment, as described under the heading "Description of Securities" in the Issuer's registration statement on form S-1 (File No. 333-253796) and have no expiration date.

Filing footnotes · ownership attribution and instrument terms

F1: The Class B Ordinary Shares will automatically convert into the Issuer's Class A Ordinary Shares at the time of the Issuer's initial business combination on a one-for-one basis, subject to adjustment, as described under the heading "Description of Securities" in the Issuer's registration statement on form S-1 (File No. 333-253796) and have no expiration date.

NEW RELIC, INC.

Report date August 22, 2017 · Filed August 23, 2017

Security / awardOwnership accountDisclosed shares / unitsDisclosure context
Stock Option (Right to Buy)SEC Table II · derivative / convertible security · Conversion / exercise price $48.00 · Expires 2027-08-21Direct4,015 Reported balance After 2017-08-22 transaction · row 1 Instrument identity requires review; Table II rows are not merged.
1 source row

Row 1 · 2017-08-22 · Grant · Acquired 4,015 · Balance 4,015

F1: All of the shares subject to the award shall vest in one installment on August 15, 2018, subject to continuous service to the Company through such date.

Restricted Stock UnitsSEC Table II · derivative / convertible security · Conversion / exercise price $0.00Direct1,667 Reported balance After 2017-08-22 transaction · row 2 Instrument identity requires review; Table II rows are not merged.
1 source row

Row 2 · 2017-08-22 · Grant · Acquired 1,667 · Balance 1,667

F1: All of the shares subject to the award shall vest in one installment on August 15, 2018, subject to continuous service to the Company through such date.

Filing footnotes · ownership attribution and instrument terms

F1: All of the shares subject to the award shall vest in one installment on August 15, 2018, subject to continuous service to the Company through such date.

Nextdoor Holdings, Inc.

Report date April 15, 2024 · Filed April 17, 2024

Security / awardOwnership accountDisclosed shares / unitsDisclosure context
Class A Common StockSEC Table I · non-derivativeDirect550,806 Reported balance After 2024-04-15 transaction · row 1 Account or security details depend on footnotes; rows are not merged.
1 source row

Row 1 · 2024-04-15 · Exercise / conversion · Acquired 40,806 · Balance 550,806

F1: The reported total includes 2,500 shares that were acquired pursuant to the Issuer's Employee Stock Purchase Plan in one or more transactions exempt pursuant to Rules 16b-3(c) and 16b-3(d).

Class A Common StockSEC Table I · non-derivativeDirect536,005 Reported balance After 2024-04-15 transaction · row 2 Account or security details depend on footnotes; rows are not merged.
1 source row

Row 2 · 2024-04-15 · Tax withholding · Disposed 14,801 · Balance 536,005

Restricted Stock Units (RSU)SEC Table II · derivative / convertible securityDirect204,029 Reported balance After 2024-04-15 transaction · row 3 Instrument identity requires review; Table II rows are not merged.
1 source row

Row 3 · 2024-04-15 · Exercise / conversion · Acquired 40,806 · Balance 204,029

F2: Each restricted stock unit ("RSU") represents a contingent right to receive one share of the Issuer's Class A Common Stock.

F3: The RSU award vests in four equal quarterly installments on each of: (i) April 15, 2024; (ii) July 15, 2024; (iii) October 15, 2024; and (iv) January 15, 2025, subject to the reporting person's continued service to the Issuer on each vesting date.

F4: These restricted stock units do not expire; they either vest or are cancelled prior to the vesting date.

Filing footnotes · ownership attribution and instrument terms

F1: The reported total includes 2,500 shares that were acquired pursuant to the Issuer's Employee Stock Purchase Plan in one or more transactions exempt pursuant to Rules 16b-3(c) and 16b-3(d).

F2: Each restricted stock unit ("RSU") represents a contingent right to receive one share of the Issuer's Class A Common Stock.

F3: The RSU award vests in four equal quarterly installments on each of: (i) April 15, 2024; (ii) July 15, 2024; (iii) October 15, 2024; and (iv) January 15, 2025, subject to the reporting person's continued service to the Issuer on each vesting date.

F4: These restricted stock units do not expire; they either vest or are cancelled prior to the vesting date.

Walmart Inc.

Report date September 30, 2026 · Filed October 02, 2026

Security / awardOwnership accountDisclosed shares / unitsDisclosure context
CommonSEC Table I · non-derivativeDirect62,858.705 Reported balance After 2026-09-30 transaction · row 1 Account or security details depend on footnotes; rows are not merged.
1 source row

Row 1 · 2026-09-30 · Grant · Acquired 337 · Balance 62,858.705

F1: Represents quarterly director compensation, which the Reporting Person elected to defer in the form of stock units. The number of stock units was determined by using the closing price of the Issuer's common stock on the date of grant.

F2: Balance adjusted to reflect phantom stock units acquired as dividend equivalents on deferred stock units.

Filing footnotes · ownership attribution and instrument terms

F1: Represents quarterly director compensation, which the Reporting Person elected to defer in the form of stock units. The number of stock units was determined by using the closing price of the Issuer's common stock on the date of grant.

F2: Balance adjusted to reflect phantom stock units acquired as dividend equivalents on deferred stock units.

Past disclosures · reporting ended (3)

No longer tracked through insider filings. These historical balances do not imply present ownership or a zero position.

CCC Intelligent Solutions Holdings Inc.

Report date July 30, 2021 · Filed August 02, 2021

Section 16 reporting ended · disclosed 2021-08-02. Current position is not established by this disclosure.

Security / awardOwnership accountDisclosed shares / unitsDisclosure context
Common StockSEC Table I · non-derivativeDirect75,000 Reported balance After 2021-07-30 transaction · row 1
1 source row

Row 1 · 2021-07-30 · Conversion · Acquired 75,000 · Balance 75,000

F1: In connection with the completion of the Issuer's initial business combination (the "Business Combination") pursuant to the Business Combination Agreement, as amended, dated February 2, 2021, by and among Dragoneer Growth Opportunities Corp. ("Dragoneer"), Chariot Opportunity Merger Sub, Inc., a wholly owned subsidiary of Dragoneer ("Merger Sub"), and Cypress Holdings, Inc. ("CCC"), the shares of Class B Ordinary Shares automatically converted into shares of Common Stock on a one-for-one basis for no additional consideration. As part of the Business Combination, Dragoneer changed its name to CCC Intelligent Solutions Holdings Inc. (the "Issuer") on July 30, 2021.

Class B Ordinary SharesSEC Table II · derivative / convertible securityDirect0 Reported balance After 2021-07-30 transaction · row 2 Instrument identity requires review; Table II rows are not merged.
1 source row

Row 2 · 2021-07-30 · Conversion · Disposed 75,000 · Balance 0

F1: In connection with the completion of the Issuer's initial business combination (the "Business Combination") pursuant to the Business Combination Agreement, as amended, dated February 2, 2021, by and among Dragoneer Growth Opportunities Corp. ("Dragoneer"), Chariot Opportunity Merger Sub, Inc., a wholly owned subsidiary of Dragoneer ("Merger Sub"), and Cypress Holdings, Inc. ("CCC"), the shares of Class B Ordinary Shares automatically converted into shares of Common Stock on a one-for-one basis for no additional consideration. As part of the Business Combination, Dragoneer changed its name to CCC Intelligent Solutions Holdings Inc. (the "Issuer") on July 30, 2021.

Filing footnotes · ownership attribution and instrument terms

F1: In connection with the completion of the Issuer's initial business combination (the "Business Combination") pursuant to the Business Combination Agreement, as amended, dated February 2, 2021, by and among Dragoneer Growth Opportunities Corp. ("Dragoneer"), Chariot Opportunity Merger Sub, Inc., a wholly owned subsidiary of Dragoneer ("Merger Sub"), and Cypress Holdings, Inc. ("CCC"), the shares of Class B Ordinary Shares automatically converted into shares of Common Stock on a one-for-one basis for no additional consideration. As part of the Business Combination, Dragoneer changed its name to CCC Intelligent Solutions Holdings Inc. (the "Issuer") on July 30, 2021.

CVENT HOLDING CORP.

Report date December 08, 2021 · Filed December 10, 2021

Section 16 reporting ended · disclosed 2021-12-10. Current position is not established by this disclosure.

Security / awardOwnership accountDisclosed shares / unitsDisclosure context
Common StockSEC Table I · non-derivativeDirect75,000 Reported balance After 2021-12-08 transaction · row 1
1 source row

Row 1 · 2021-12-08 · Conversion · Acquired 75,000 · Balance 75,000

F1: In connection with the completion of the Issuer's initial business combination (the "Business Combination") pursuant to the Business Combination Agreement, dated July 23, 2021, by and among Dragoneer Growth Opportunities Corp. II ("Dragoneer"), Redwood Opportunity Merger Sub, Inc. ("Merger Sub I"), Redwood Merger Sub LLC ("Merger Sub II") and Papay Topco, Inc. ("Cvent"), the Class B ordinary shares of Dragoneer, par value $0.0001 per share, automatically converted into shares of Common Stock on a one-for-one basis for no additional consideration. As part of the Business Combination, Dragoneer changed its name to Cvent Holding Corp. (the "Issuer") on December 8, 2021.

Class B Ordinary SharesSEC Table II · derivative / convertible securityDirect0 Reported balance After 2021-12-08 transaction · row 2 Instrument identity requires review; Table II rows are not merged.
1 source row

Row 2 · 2021-12-08 · Conversion · Disposed 75,000 · Balance 0

F1: In connection with the completion of the Issuer's initial business combination (the "Business Combination") pursuant to the Business Combination Agreement, dated July 23, 2021, by and among Dragoneer Growth Opportunities Corp. II ("Dragoneer"), Redwood Opportunity Merger Sub, Inc. ("Merger Sub I"), Redwood Merger Sub LLC ("Merger Sub II") and Papay Topco, Inc. ("Cvent"), the Class B ordinary shares of Dragoneer, par value $0.0001 per share, automatically converted into shares of Common Stock on a one-for-one basis for no additional consideration. As part of the Business Combination, Dragoneer changed its name to Cvent Holding Corp. (the "Issuer") on December 8, 2021.

Filing footnotes · ownership attribution and instrument terms

F1: In connection with the completion of the Issuer's initial business combination (the "Business Combination") pursuant to the Business Combination Agreement, dated July 23, 2021, by and among Dragoneer Growth Opportunities Corp. II ("Dragoneer"), Redwood Opportunity Merger Sub, Inc. ("Merger Sub I"), Redwood Merger Sub LLC ("Merger Sub II") and Papay Topco, Inc. ("Cvent"), the Class B ordinary shares of Dragoneer, par value $0.0001 per share, automatically converted into shares of Common Stock on a one-for-one basis for no additional consideration. As part of the Business Combination, Dragoneer changed its name to Cvent Holding Corp. (the "Issuer") on December 8, 2021.

Slack Technologies, Inc.

Report date July 21, 2021 · Filed July 21, 2021

Section 16 reporting ended · disclosed 2021-07-21. Current position is not established by this disclosure.

Security / awardOwnership accountDisclosed shares / unitsDisclosure context
Class A Common StockSEC Table I · non-derivativeIndirectBy David Riley and Sarah Friar Revocable Trust dated August 11, 2006259,684 Reported balance After 2021-07-21 transaction · row 1 Account identity is unresolved; indirect or unspecified ownership is not merged.
1 source row

Row 1 · 2021-07-21 · Conversion · Acquired 259,684 · Balance 259,684

F1: Upon consummation of the exchange offer (as described below), each share of tendered Class B common stock, par value $0.0001 per share, converted on a one-to-one basis into Class A common stock, par value $0.0001 per share.

Class A Common StockSEC Table I · non-derivativeIndirectBy David Riley and Sarah Friar Revocable Trust dated August 11, 20060 Reported balance After 2021-07-21 transaction · row 3 Account identity is unresolved; indirect or unspecified ownership is not merged.
1 source row

Row 3 · 2021-07-21 · Other · Disposed 259,684 · Balance 0

F2: Pursuant to the Agreement and Plan of Merger, dated as of December 1, 2020 (the "Merger Agreement"), by and among salesforce.com, inc. ("Salesforce"), Skyline Strategies I Inc., Skyline Strategies II LLC, and the Issuer, each share of the Issuer's common stock was tendered in exchange for (i) 0.0776 shares of Salesforce common stock and (ii) $26.79 in cash, together with cash in lieu of any fractional shares of Salesforce common stock.

Class A Common StockSEC Table I · non-derivativeIndirectBy Sarah Friar 2019 Grantor Retained Annuity Trust dated February 1, 2019146,333 Reported balance After 2021-07-21 transaction · row 2 Account identity is unresolved; indirect or unspecified ownership is not merged.
1 source row

Row 2 · 2021-07-21 · Conversion · Acquired 146,333 · Balance 146,333

F1: Upon consummation of the exchange offer (as described below), each share of tendered Class B common stock, par value $0.0001 per share, converted on a one-to-one basis into Class A common stock, par value $0.0001 per share.

Class A Common StockSEC Table I · non-derivativeIndirectBy Sarah Friar 2019 Grantor Retained Annuity Trust dated February 1, 20190 Reported balance After 2021-07-21 transaction · row 4 Account identity is unresolved; indirect or unspecified ownership is not merged.
1 source row

Row 4 · 2021-07-21 · Other · Disposed 146,333 · Balance 0

F2: Pursuant to the Agreement and Plan of Merger, dated as of December 1, 2020 (the "Merger Agreement"), by and among salesforce.com, inc. ("Salesforce"), Skyline Strategies I Inc., Skyline Strategies II LLC, and the Issuer, each share of the Issuer's common stock was tendered in exchange for (i) 0.0776 shares of Salesforce common stock and (ii) $26.79 in cash, together with cash in lieu of any fractional shares of Salesforce common stock.

Class A Common StockSEC Table I · non-derivativeDirect0 Reported balance After 2021-07-21 transaction · row 5
1 source row

Row 5 · 2021-07-21 · Other · Disposed 5,854 · Balance 0

F2: Pursuant to the Agreement and Plan of Merger, dated as of December 1, 2020 (the "Merger Agreement"), by and among salesforce.com, inc. ("Salesforce"), Skyline Strategies I Inc., Skyline Strategies II LLC, and the Issuer, each share of the Issuer's common stock was tendered in exchange for (i) 0.0776 shares of Salesforce common stock and (ii) $26.79 in cash, together with cash in lieu of any fractional shares of Salesforce common stock.

Class B Common StockSEC Table II · derivative / convertible securityIndirectBy David Riley and Sarah Friar Revocable Trust dated August 11, 20060 Reported balance After 2021-07-21 transaction · row 6 Instrument identity requires review; Table II rows are not merged.
1 source row

Row 6 · 2021-07-21 · Conversion · Disposed 259,684 · Balance 0

F1: Upon consummation of the exchange offer (as described below), each share of tendered Class B common stock, par value $0.0001 per share, converted on a one-to-one basis into Class A common stock, par value $0.0001 per share.

F3: Reflects 13,344 shares of Class A common stock distributed by the Sarah Friar 2019 Grantor Retained Annuity Trust dated February 1, 2019 to the David Riley and Sarah Friar Revocable Trust dated August 11, 2006 on May 10, 2021, for no consideration, resulting in a change of form of beneficial ownership in accordance with the exemption afforded by Rule 16a-13 of the Securities Exchange Act of 1934, as amended.

Class B Common StockSEC Table II · derivative / convertible securityIndirectBy Sarah Friar 2019 Grantor Retained Annuity Trust dated February 1, 20190 Reported balance After 2021-07-21 transaction · row 7 Instrument identity requires review; Table II rows are not merged.
1 source row

Row 7 · 2021-07-21 · Conversion · Disposed 146,333 · Balance 0

F1: Upon consummation of the exchange offer (as described below), each share of tendered Class B common stock, par value $0.0001 per share, converted on a one-to-one basis into Class A common stock, par value $0.0001 per share.

F3: Reflects 13,344 shares of Class A common stock distributed by the Sarah Friar 2019 Grantor Retained Annuity Trust dated February 1, 2019 to the David Riley and Sarah Friar Revocable Trust dated August 11, 2006 on May 10, 2021, for no consideration, resulting in a change of form of beneficial ownership in accordance with the exemption afforded by Rule 16a-13 of the Securities Exchange Act of 1934, as amended.

Filing footnotes · ownership attribution and instrument terms

F1: Upon consummation of the exchange offer (as described below), each share of tendered Class B common stock, par value $0.0001 per share, converted on a one-to-one basis into Class A common stock, par value $0.0001 per share.

F2: Pursuant to the Agreement and Plan of Merger, dated as of December 1, 2020 (the "Merger Agreement"), by and among salesforce.com, inc. ("Salesforce"), Skyline Strategies I Inc., Skyline Strategies II LLC, and the Issuer, each share of the Issuer's common stock was tendered in exchange for (i) 0.0776 shares of Salesforce common stock and (ii) $26.79 in cash, together with cash in lieu of any fractional shares of Salesforce common stock.

F3: Reflects 13,344 shares of Class A common stock distributed by the Sarah Friar 2019 Grantor Retained Annuity Trust dated February 1, 2019 to the David Riley and Sarah Friar Revocable Trust dated August 11, 2006 on May 10, 2021, for no consideration, resulting in a change of form of beneficial ownership in accordance with the exemption afforded by Rule 16a-13 of the Securities Exchange Act of 1934, as amended.

Transaction history

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Purchases/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 dateCompanyActivity / securityShares / unitsReported priceReported valueDetails
November 15, 2016 Filed Nov 17, 2016 22:31 UTC Block, Inc. SQ · Entity 3041 GrantClass A Common Stock 2,042 $7.65 $15,621.30
Disclosure

SEC source: 0001209191-16-150951 · doc4.xml · nonDerivative · entry 1

Friar Sarah · CIK 0001570658 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 113,740

Read SEC document
October 26, 2016 Filed Oct 28, 2016 21:21 UTC Block, Inc. SQ · Entity 3041 SaleClass A Common Stock 2,704 $11.05 $29,879.20
Disclosure

SEC source: 0001209191-16-147339 · doc4.xml · nonDerivative · entry 1

Friar Sarah · CIK 0001570658 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 111,698

F1 · shares: Represents the number of shares automatically sold upon vesting of restricted stock units to cover tax withholding obligations.

Read SEC document
August 09, 2016 Filed Oct 28, 2016 21:21 UTC Block, Inc. SQ · Entity 3041 GiftClass B Common Stock · Derivative 523,135 $0.00 $0.00
Disclosure

SEC source: 0001209191-16-147339 · doc4.xml · derivative · entry 3

Friar Sarah · CIK 0001570658 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnote

Disclosed balance after: 523,135

Underlying: Class A Common Stock · 523,135 shares

Expires not disclosed

F2 · security: Each share of Class B Common Stock is convertible into one share of Class A Common Stock at the option of the holder and has no expiration date.

F2 · derivative.exercise_price: Each share of Class B Common Stock is convertible into one share of Class A Common Stock at the option of the holder and has no expiration date.

F2 · derivative.exercise_date: Each share of Class B Common Stock is convertible into one share of Class A Common Stock at the option of the holder and has no expiration date.

F2 · derivative.expiration_date: Each share of Class B Common Stock is convertible into one share of Class A Common Stock at the option of the holder and has no expiration date.

F4 · ownership.nature: The shares are held of record by David Riley and Sarah Friar Revocable Trust dated August 11, 2006 (Revocable Trust), for which the Reporting Person serves as a trustee. The Reporting Person has sole dispositive power and voting control over the shares of the Issuer held by the Revocable Trust.

Read SEC document
August 09, 2016 Filed Oct 28, 2016 21:21 UTC Block, Inc. SQ · Entity 3041 GiftClass B Common Stock · Derivative 523,135 $0.00 $0.00
Disclosure

SEC source: 0001209191-16-147339 · doc4.xml · derivative · entry 2

Friar Sarah · CIK 0001570658 · Chief Financial Officer

10b5-1 filing: Not disclosed

Ownership: Indirect · See footnote

Disclosed balance after: 825,634

Underlying: Class A Common Stock · 523,135 shares

Expires not disclosed

F2 · security: Each share of Class B Common Stock is convertible into one share of Class A Common Stock at the option of the holder and has no expiration date.

F2 · derivative.exercise_price: Each share of Class B Common Stock is convertible into one share of Class A Common Stock at the option of the holder and has no expiration date.

F2 · derivative.exercise_date: Each share of Class B Common Stock is convertible into one share of Class A Common Stock at the option of the holder and has no expiration date.

F2 · derivative.expiration_date: Each share of Class B Common Stock is convertible into one share of Class A Common Stock at the option of the holder and has no expiration date.

F3 · ownership.nature: The shares are held of record by The Sarah Friar 2015 GRAT, dated August 6, 2015, for which the Reporting Person serves as a trustee.

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.