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Nemeth Julio N

Disclosed activity across 4 companies

Tapewire entity
12415
SEC CIK
0001630118

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Reported relationships

Latest disclosed role at each company.

CompanyLast reported asReport datePublished
BOSTON BEER CO INCSAM · Entity 4577DirectorMay 27, 2026May 28, 2026
GXO Logistics, Inc.GXO · Entity 3871DirectorMay 20, 2026May 22, 2026
PROCTER & GAMBLE CoPG · Entity 2814President-Global Business SvcsFebruary 29, 2016March 02, 2016

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.

BOSTON BEER CO INC

Report date May 27, 2026 · Filed May 28, 2026

Security / awardOwnership accountDisclosed shares / unitsDisclosure context
Class A CommonSEC Table I · non-derivativeDirect1,076 Reported balance After 2026-05-27 transaction · row 1 Account or security details depend on footnotes; rows are not merged.
1 source row

Row 1 · 2026-05-27 · Grant · Disposed 358 · Balance 1,076

F1: On May 27, 2026, the Issuer granted 358 RSUs to the Reporting Person under the Issuer's Equity Plan for Non-Employee Directors. The shares will vest in full on May 12, 2027, provided that the non-employee Director remains a member of the Board of Directors as of that date.

F2: The shares reported include 358 shares of restricted stock subject to vesting conditions.

May 27, 2026 Stock OptionSEC Table II · derivative / convertible security · Conversion / exercise price $181.63 · Expires 2036-05-26Direct691 Reported balance After 2026-05-27 transaction · row 2 Instrument identity requires review; Table II rows are not merged.
1 source row

Row 2 · 2026-05-27 · Grant · Acquired 691 · Balance 691

F3: On May 27, 2026, the Issuer granted 691 option shares to the Reporting Person under the Issuer's Equity Plan for Non-Employee Directors. The option shares are immediately exercisable, subject to the Company's Director Stock Ownership and Retention Guidelines.

Filing footnotes · ownership attribution and instrument terms

F1: On May 27, 2026, the Issuer granted 358 RSUs to the Reporting Person under the Issuer's Equity Plan for Non-Employee Directors. The shares will vest in full on May 12, 2027, provided that the non-employee Director remains a member of the Board of Directors as of that date.

F2: The shares reported include 358 shares of restricted stock subject to vesting conditions.

F3: On May 27, 2026, the Issuer granted 691 option shares to the Reporting Person under the Issuer's Equity Plan for Non-Employee Directors. The option shares are immediately exercisable, subject to the Company's Director Stock Ownership and Retention Guidelines.

GXO Logistics, Inc.

Report date May 20, 2026 · Filed May 22, 2026

Security / awardOwnership accountDisclosed shares / unitsDisclosure context
Restricted Stock UnitsSEC Table II · derivative / convertible securityDirect3,837 Reported balance After 2026-05-20 transaction · row 1 Instrument identity requires review; Table II rows are not merged.
1 source row

Row 1 · 2026-05-20 · Grant · Acquired 3,837 · Balance 3,837

F1: Each Restricted Stock Unit ("RSU") represents a contingent right to receive, either (i) one share of GXO Logistics, Inc. ("GXO") common stock, par value $0.01 per share ("GXO Common Stock"), or (ii) a cash payment equal to the fair market value of one share of GXO Common Stock.

F2: The RSUs shall vest on the earlier of (i) May 20, 2027 and (ii) the date of the next annual meeting of stockholders (the "Vesting Date"), provided that the Reporting Person continues to serve as a member of the Board of Directors of GXO through and until the Vesting Date.

Filing footnotes · ownership attribution and instrument terms

F1: Each Restricted Stock Unit ("RSU") represents a contingent right to receive, either (i) one share of GXO Logistics, Inc. ("GXO") common stock, par value $0.01 per share ("GXO Common Stock"), or (ii) a cash payment equal to the fair market value of one share of GXO Common Stock.

F2: The RSUs shall vest on the earlier of (i) May 20, 2027 and (ii) the date of the next annual meeting of stockholders (the "Vesting Date"), provided that the Reporting Person continues to serve as a member of the Board of Directors of GXO through and until the Vesting Date.

PROCTER & GAMBLE Co

Report date February 29, 2016 · Filed March 02, 2016

Security / awardOwnership accountDisclosed shares / unitsDisclosure context
Common StockSEC Table I · non-derivativeDirect15,119.7608 Reported balance After 2016-02-29 transaction · row 1 Account or security details depend on footnotes; rows are not merged.
1 source row

Row 1 · 2016-02-29 · Sale · Disposed 894 · Balance 15,119.7608

F1: Shares sold to cover taxes on previous Restricted Stock Unit grant.

F2: Total includes grant of dividend equivalents on February 16, 2016 in the form of Restricted Stock Units (RSUs) settled in Common Stock.

Common StockSEC Table I · non-derivativeDirect18,856.7608 Reported balance After 2016-02-29 transaction · row 2 Account or security details depend on footnotes; rows are not merged.
1 source row

Row 2 · 2016-02-29 · Grant · Acquired 3,737 · Balance 18,856.7608

F3: Restricted Stock Units awarded pursuant to Issuer's 2014 Stock and Incentive Compensation Plan.

Restricted Stock UnitsSEC Table II · derivative / convertible securityDirect9.504 Reported balance After 2016-02-16 transaction · row 4 Instrument identity requires review; Table II rows are not merged.
1 source row

Row 4 · 2016-02-16 · Grant · Acquired 4.568 · Balance 9.504

F5: Dividend equivalents in the form of Retirement Restricted Stock Units (RSUs) previously awarded pursuant to Issuer's retirement program. All such RSUs represent a contingent right to receive Procter & Gamble common stock or cash settlement.

F6: These units deliver in shares or cash settlement on retirement from the Company, unless delivery is deferred or such shares are contributed to reporting person's deferred compensation account.

Stock Option (Right to Buy)SEC Table II · derivative / convertible security · Conversion / exercise price $80.29 · Expires 2026-02-27Direct56,047 Reported balance After 2016-02-29 transaction · row 5 Instrument identity requires review; Table II rows are not merged.
1 source row

Row 5 · 2016-02-29 · Grant · Acquired 56,047 · Balance 56,047

F7: Employee stock option granted pursuant to Issuer's 2014 Stock and Incentive Compensation Plan.

Common StockSEC Table I · non-derivativeIndirectBy Retirement Plan Trustees2,985.4019 Reported balance Holding disclosure · report date 2016-02-29 · row 3 Holding and transaction disclosures are not merged.
1 source row

Row 3 · Balance 2,985.4019

F4: Reflects adjustment to PST through December 31, 2015.

Filing footnotes · ownership attribution and instrument terms

F1: Shares sold to cover taxes on previous Restricted Stock Unit grant.

F2: Total includes grant of dividend equivalents on February 16, 2016 in the form of Restricted Stock Units (RSUs) settled in Common Stock.

F3: Restricted Stock Units awarded pursuant to Issuer's 2014 Stock and Incentive Compensation Plan.

F4: Reflects adjustment to PST through December 31, 2015.

F5: Dividend equivalents in the form of Retirement Restricted Stock Units (RSUs) previously awarded pursuant to Issuer's retirement program. All such RSUs represent a contingent right to receive Procter & Gamble common stock or cash settlement.

F6: These units deliver in shares or cash settlement on retirement from the Company, unless delivery is deferred or such shares are contributed to reporting person's deferred compensation account.

F7: Employee stock option granted pursuant to Issuer's 2014 Stock and Incentive Compensation Plan.

Past disclosures · reporting ended (1)

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

WK Kellogg Co

Report date September 26, 2025 · Filed October 01, 2025

Section 16 reporting ended · disclosed 2025-10-01. Current position is not established by this disclosure.

Security / awardOwnership accountDisclosed shares / unitsDisclosure context
Common StockSEC Table I · non-derivativeDirect0 Reported balance After 2025-09-26 transaction · row 1
1 source row

Row 1 · 2025-09-26 · Disposition to issuer · Disposed 24,354 · Balance 0

F1: Pursuant to the Agreement and Plan of Merger, dated as of July 10, 2025 (the "Merger Agreement"), by and among the Issuer, Ferrero International S.A. ("Parent"), and Frosty Merger Sub, Inc. ("Merger Sub"), Merger Sub merged with and into the Issuer (the "Merger"), with the Issuer surviving as a wholly owned indirect subsidiary of Parent. At the effective time of the Merger (the "Effective Time"), upon the terms and subject to the conditions set forth in the Merger Agreement, each share of common stock, par value $0.0001 per share ("Common Stock"), of the Issuer that was issued and outstanding as of immediately prior to the Effective Time was automatically cancelled, extinguished and converted into the right to receive $23.00 per share in cash, without interest thereon (the "Per Share Price").

Common StockSEC Table I · non-derivativeIndirectHeld in Trust for Spouse0 Reported balance After 2025-09-26 transaction · row 2 Account identity is unresolved; indirect or unspecified ownership is not merged.
1 source row

Row 2 · 2025-09-26 · Disposition to issuer · Disposed 6 · Balance 0

F1: Pursuant to the Agreement and Plan of Merger, dated as of July 10, 2025 (the "Merger Agreement"), by and among the Issuer, Ferrero International S.A. ("Parent"), and Frosty Merger Sub, Inc. ("Merger Sub"), Merger Sub merged with and into the Issuer (the "Merger"), with the Issuer surviving as a wholly owned indirect subsidiary of Parent. At the effective time of the Merger (the "Effective Time"), upon the terms and subject to the conditions set forth in the Merger Agreement, each share of common stock, par value $0.0001 per share ("Common Stock"), of the Issuer that was issued and outstanding as of immediately prior to the Effective Time was automatically cancelled, extinguished and converted into the right to receive $23.00 per share in cash, without interest thereon (the "Per Share Price").

Common StockSEC Table I · non-derivativeIndirectHeld in Trust for Children0 Reported balance After 2025-09-26 transaction · row 3 Account identity is unresolved; indirect or unspecified ownership is not merged.
1 source row

Row 3 · 2025-09-26 · Disposition to issuer · Disposed 6 · Balance 0

F1: Pursuant to the Agreement and Plan of Merger, dated as of July 10, 2025 (the "Merger Agreement"), by and among the Issuer, Ferrero International S.A. ("Parent"), and Frosty Merger Sub, Inc. ("Merger Sub"), Merger Sub merged with and into the Issuer (the "Merger"), with the Issuer surviving as a wholly owned indirect subsidiary of Parent. At the effective time of the Merger (the "Effective Time"), upon the terms and subject to the conditions set forth in the Merger Agreement, each share of common stock, par value $0.0001 per share ("Common Stock"), of the Issuer that was issued and outstanding as of immediately prior to the Effective Time was automatically cancelled, extinguished and converted into the right to receive $23.00 per share in cash, without interest thereon (the "Per Share Price").

Deferred Stock UnitsSEC Table II · derivative / convertible securityDirect0 Reported balance After 2025-09-26 transaction · row 4 Instrument identity requires review; Table II rows are not merged.
1 source row

Row 4 · 2025-09-26 · Disposition to issuer · Disposed 3,617.33 · Balance 0

F2: Upon the terms and subject to the conditions set forth in the Merger Agreement, at the Effective Time, each deferred share of Common Stock (each, a "DSU"), including all dividend equivalents accrued or credited with respect to such DSU, that was outstanding and unvested as of immediately prior to the Effective Time was automatically cancelled and converted into the right of the Reporting Person to receive, at the time specified under their applicable terms and in accordance with Section 409A of the Internal Revenue Code of 1986, as amended, an amount in cash (without interest and subject to applicable withholding taxes) equal to (a) the Per Share Price multiplied by (b) the total number of shares of Common Stock underlying such DSU.

Phantom StockSEC Table II · derivative / convertible securityDirect0 Reported balance After 2025-09-26 transaction · row 5 Instrument identity requires review; Table II rows are not merged.
1 source row

Row 5 · 2025-09-26 · Disposition to issuer · Disposed 1,239.99 · Balance 0

F2: Upon the terms and subject to the conditions set forth in the Merger Agreement, at the Effective Time, each deferred share of Common Stock (each, a "DSU"), including all dividend equivalents accrued or credited with respect to such DSU, that was outstanding and unvested as of immediately prior to the Effective Time was automatically cancelled and converted into the right of the Reporting Person to receive, at the time specified under their applicable terms and in accordance with Section 409A of the Internal Revenue Code of 1986, as amended, an amount in cash (without interest and subject to applicable withholding taxes) equal to (a) the Per Share Price multiplied by (b) the total number of shares of Common Stock underlying such DSU.

Filing footnotes · ownership attribution and instrument terms

F1: Pursuant to the Agreement and Plan of Merger, dated as of July 10, 2025 (the "Merger Agreement"), by and among the Issuer, Ferrero International S.A. ("Parent"), and Frosty Merger Sub, Inc. ("Merger Sub"), Merger Sub merged with and into the Issuer (the "Merger"), with the Issuer surviving as a wholly owned indirect subsidiary of Parent. At the effective time of the Merger (the "Effective Time"), upon the terms and subject to the conditions set forth in the Merger Agreement, each share of common stock, par value $0.0001 per share ("Common Stock"), of the Issuer that was issued and outstanding as of immediately prior to the Effective Time was automatically cancelled, extinguished and converted into the right to receive $23.00 per share in cash, without interest thereon (the "Per Share Price").

F2: Upon the terms and subject to the conditions set forth in the Merger Agreement, at the Effective Time, each deferred share of Common Stock (each, a "DSU"), including all dividend equivalents accrued or credited with respect to such DSU, that was outstanding and unvested as of immediately prior to the Effective Time was automatically cancelled and converted into the right of the Reporting Person to receive, at the time specified under their applicable terms and in accordance with Section 409A of the Internal Revenue Code of 1986, as amended, an amount in cash (without interest and subject to applicable withholding taxes) equal to (a) the Per Share Price multiplied by (b) the total number of shares of Common Stock underlying such DSU.

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
September 30, 2015 Filed Nov 18, 2015 21:20 UTC PROCTER & GAMBLE Co PG · Entity 2814 GrantSeries A Preferred Stock · Derivative 181.1057 $0.00 $0.00
Disclosure

SEC source: 0001127602-15-031853 · form4.xml · derivative · entry 4

Nemeth Julio N · CIK 0001630118 · President-Global Business Svcs

10b5-1 filing: Not disclosed

Ownership: Indirect · By Retirement Plan Trustees

Disclosed balance after: 2,171.4243

Underlying: Common Stock · 181.1057 shares

Expires not disclosed

F5 · derivative.exercise_price: Higher of $6.82 (adjusted for 2-for-1 stock split effective May 21, 2004) or market price of Common Stock.

F6 · date: Series A Preferred Stock allocated to officer's Retirement Plan account pursuant to Retirement Plan provisions for the 3-month period ending 9/30/2015.

F6 · price: Series A Preferred Stock allocated to officer's Retirement Plan account pursuant to Retirement Plan provisions for the 3-month period ending 9/30/2015.

F7 · derivative.exercise_date: Shares held by Retirement Plan Trustees. If employee terminates employment and elects distribution of shares, or, if after age 50 elects alternative investment within Plan, Preferred Stock converted/redeemed at specified conversion/exercise price.

F7 · derivative.expiration_date: Shares held by Retirement Plan Trustees. If employee terminates employment and elects distribution of shares, or, if after age 50 elects alternative investment within Plan, Preferred Stock converted/redeemed at specified conversion/exercise price.

Read SEC document
September 15, 2015 Filed Sep 17, 2015 20:03 UTC PROCTER & GAMBLE Co PG · Entity 2814 GrantStock Option (Right to Buy) · Derivative 21,580 $0.00 Strike: $69.45 $0.00
Disclosure

SEC source: 0001127602-15-027295 · form4.xml · derivative · entry 3

Nemeth Julio N · CIK 0001630118 · President-Global Business Svcs

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 21,580

Underlying: Common Stock · 21,580 shares

Expires 2025-09-15

F2 · price: Employee stock option granted under Issuer's 2014 Stock and Incentive Compensation Plan.

Read SEC document
September 15, 2015 Filed Sep 17, 2015 20:03 UTC PROCTER & GAMBLE Co PG · Entity 2814 Tax withholdingCommon Stock 987 $68.12 $67,234.44
Disclosure

SEC source: 0001127602-15-027295 · form4.xml · nonDerivative · entry 1

Nemeth Julio N · CIK 0001630118 · President-Global Business Svcs

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 16,896.2018

F1 · shares: Shares withheld to cover taxes on previous Restricted Stock Unit Grant.

Read SEC document
August 06, 2015 Filed Aug 7, 2015 20:06 UTC PROCTER & GAMBLE Co PG · Entity 2814 Exercise / conversionRestricted Stock Units · Derivative 39 Not disclosed Not disclosed
Disclosure

SEC source: 0001127602-15-024463 · form4.xml · derivative · entry 5

Nemeth Julio N · CIK 0001630118 · President-Global Business Svcs

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 556

Underlying: Common Stock · 39 shares

Expires not disclosed

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.

F2 · derivative.exercise_price: Retirement award in the form of Restricted Stock Units which represent a contingent right to receive P&G common stock or cash settlement. Amount and price computed per benefit formula for plan year ended 6/30/2015.

F4 · price: Converted on 8/6/2015 to common stock to cover taxes withheld on grant of Restricted Stock Units.

F3 · derivative.exercise_date: These units deliver in shares or cash settlement on retirement from the Company, unless delivery is deferred or such shares are contributed to reporting person's deferred compensation account.

F3 · derivative.expiration_date: These units deliver in shares or cash settlement on retirement from the Company, unless delivery is deferred or such shares are contributed to reporting person's deferred compensation account.

Read SEC document
August 06, 2015 Filed Aug 7, 2015 20:06 UTC PROCTER & GAMBLE Co PG · Entity 2814 GrantRestricted Stock Units · Derivative 595 $0.00 $0.00
Disclosure

SEC source: 0001127602-15-024463 · form4.xml · derivative · entry 4

Nemeth Julio N · CIK 0001630118 · President-Global Business Svcs

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 595

Underlying: Common Stock · 595 shares

Expires not disclosed

F2 · derivative.exercise_price: Retirement award in the form of Restricted Stock Units which represent a contingent right to receive P&G common stock or cash settlement. Amount and price computed per benefit formula for plan year ended 6/30/2015.

F3 · derivative.exercise_date: These units deliver in shares or cash settlement on retirement from the Company, unless delivery is deferred or such shares are contributed to reporting person's deferred compensation account.

F3 · derivative.expiration_date: These units deliver in shares or cash settlement on retirement from the Company, unless delivery is deferred or such shares are contributed to reporting person's deferred compensation account.

Read SEC document
August 06, 2015 Filed Aug 7, 2015 20:06 UTC PROCTER & GAMBLE Co PG · Entity 2814 Tax withholdingCommon Stock 39 $75.62 $2,949.18
Disclosure

SEC source: 0001127602-15-024463 · form4.xml · nonDerivative · entry 2

Nemeth Julio N · CIK 0001630118 · President-Global Business Svcs

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 17,869.1238

Read SEC document
August 06, 2015 Filed Aug 7, 2015 20:06 UTC PROCTER & GAMBLE Co PG · Entity 2814 Exercise / conversionCommon Stock 39 $75.62 $2,949.18
Disclosure

SEC source: 0001127602-15-024463 · form4.xml · nonDerivative · entry 1

Nemeth Julio N · CIK 0001630118 · President-Global Business Svcs

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 17,908.1238

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.

Read SEC document
February 27, 2015 Filed Mar 3, 2015 20:34 UTC PROCTER & GAMBLE Co PG · Entity 2814 GrantStock Option (Right to Buy) · Derivative 57,560 $0.00 Strike: $85.13 $0.00
Disclosure

SEC source: 0001127602-15-009443 · form4.xml · derivative · entry 3

Nemeth Julio N · CIK 0001630118 · President-Global Business Svcs

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 57,560

Underlying: Common Stock · 57,560 shares

Expires 2025-02-27

F1 · derivative.exercise_price: Employee stock option granted pursuant to Issuer's 2014 Stock and Incentive Compensation Plan.

Read SEC document
February 26, 2015 Filed Feb 27, 2015 20:13 UTC PROCTER & GAMBLE Co PG · Entity 2814 SaleCommon Stock 565 $85.20 $48,136.31
Disclosure

SEC source: 0001127602-15-008760 · form4.xml · nonDerivative · entry 1

Nemeth Julio N · CIK 0001630118 · President-Global Business Svcs

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 17,856.1398

F1 · shares: Shares sold to cover taxes on previous Restricted Stock Unit grant.

Read SEC document
February 23, 2015 Filed Feb 25, 2015 19:10 UTC PROCTER & GAMBLE Co PG · Entity 2814 Exercise / conversionStock Option (Right to Buy) · Derivative 9,651 $0.00 Strike: $60.50 $0.00
Disclosure

SEC source: 0001127602-15-008212 · form4.xml · derivative · entry 4

Nemeth Julio N · CIK 0001630118 · President-Global Business Svcs

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Stock · 9,651 shares

Expires 2016-02-28

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.

Read SEC document
February 23, 2015 Filed Feb 25, 2015 19:10 UTC PROCTER & GAMBLE Co PG · Entity 2814 SaleCommon Stock 9,651 $85.43 $824,523.53
Disclosure

SEC source: 0001127602-15-008212 · form4.xml · nonDerivative · entry 2

Nemeth Julio N · CIK 0001630118 · President-Global Business Svcs

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 18,421.1398

F1 · price: Weighted average price of the shares sold. The price range was $85.431 to $85.435. Full information regarding the number of shares sold at each separate price available upon request.

Read SEC document
February 23, 2015 Filed Feb 25, 2015 19:10 UTC PROCTER & GAMBLE Co PG · Entity 2814 Exercise / conversionCommon Stock 9,651 $60.50 $583,885.50
Disclosure

SEC source: 0001127602-15-008212 · form4.xml · nonDerivative · entry 1

Nemeth Julio N · CIK 0001630118 · President-Global Business Svcs

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 28,072.1398

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.

Read SEC document
February 03, 2015 Filed Feb 3, 2015 20:51 UTC PROCTER & GAMBLE Co PG · Entity 2814 SaleCommon Stock 2,629 $85.56 $224,944.08
Disclosure

SEC source: 0001127602-15-003954 · form4.xml · nonDerivative · entry 1

Nemeth Julio N · CIK 0001630118 · President-Global Business Svcs

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 18,409.2988

F1 · price: Weighted average price of the shares sold. The price range was $85.56 to $85.57. Full information regarding the number of shares sold at each separate price available upon request.

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.