TapewireFind a company

person · Reporting owner

Thomas Charlene A

Disclosed activity across 2 companies

Tapewire entity
71499
SEC CIK
0001781339

Export transaction history ↓

Reported relationships

Latest disclosed role at each company.

CompanyLast reported asReport datePublished
UNITED PARCEL SERVICE INCUPS · Entity 2301CHF Diversity, Equity & In OffAugust 25, 2022August 26, 2022

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.

UNITED PARCEL SERVICE INC

Report date August 25, 2022 · Filed August 26, 2022

Security / awardOwnership accountDisclosed shares / unitsDisclosure context
Class A Common StockSEC Table I · non-derivativeDirect6,797.5285 Reported balance After 2022-08-25 transaction · row 1 Account or security details depend on footnotes; rows are not merged.
1 source row

Row 1 · 2022-08-25 · Other · Disposed 18,541 · Balance 6,797.5285

F1: Conversion of shares of Class A common stock into Class B common stock in accordance with the terms thereof.

F2: Includes 501.8594 shares in the reporting person's 401(k) account.

Class B Common StockSEC Table I · non-derivativeDirect22,313 Reported balance After 2022-08-25 transaction · row 2
1 source row

Row 2 · 2022-08-25 · Other · Acquired 18,541 · Balance 22,313

F1: Conversion of shares of Class A common stock into Class B common stock in accordance with the terms thereof.

Filing footnotes · ownership attribution and instrument terms

F1: Conversion of shares of Class A common stock into Class B common stock in accordance with the terms thereof.

F2: Includes 501.8594 shares in the reporting person's 401(k) account.

Past disclosures · reporting ended (1)

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

ALLETE INC

Report date December 15, 2025 · Filed December 16, 2025

Section 16 reporting ended · disclosed 2025-12-16. Current position is not established by this disclosure.

Security / awardOwnership accountDisclosed shares / unitsDisclosure context
Common StockSEC Table I · non-derivativeDirect0 Reported balance After 2025-12-15 transaction · row 1
1 source row

Row 1 · 2025-12-15 · Disposition to issuer · Disposed 8,310.63 · Balance 0

F1: Pursuant to the terms of that certain Agreement and Plan of Merger ("Merger Agreement"), dated as of May 5, 2024, by and among ALLETE, Inc., a Minnesota corporation (the "Company"), Alloy Parent LLC, a Delaware limited liability company ("Parent"), and Alloy Merger Sub LLC, a Delaware limited liability company and wholly owned subsidiary of Parent ("Merger Sub"), at the effective time on December 15, 2025 (the "Effective Time"), Merger Sub merged with and into the Company, with the Company surviving such merger (the "Merger") as a subsidiary of Parent. In connection with the Merger, each share of Company common stock, no par value ("Common Stock"), was automatically converted into the right to receive $67.00 in cash per share without interest (the "Merger Consideration"). The disposition of the securities by the Reporting Person in the Merger was approved by the Company's board of directors in the manner contemplated by Rule 16b-3 under the Securities Exchange Act of 1934, as amended.

Filing footnotes · ownership attribution and instrument terms

F1: Pursuant to the terms of that certain Agreement and Plan of Merger ("Merger Agreement"), dated as of May 5, 2024, by and among ALLETE, Inc., a Minnesota corporation (the "Company"), Alloy Parent LLC, a Delaware limited liability company ("Parent"), and Alloy Merger Sub LLC, a Delaware limited liability company and wholly owned subsidiary of Parent ("Merger Sub"), at the effective time on December 15, 2025 (the "Effective Time"), Merger Sub merged with and into the Company, with the Company surviving such merger (the "Merger") as a subsidiary of Parent. In connection with the Merger, each share of Company common stock, no par value ("Common Stock"), was automatically converted into the right to receive $67.00 in cash per share without interest (the "Merger Consideration"). The disposition of the securities by the Reporting Person in the Merger was approved by the Company's board of directors in the manner contemplated by Rule 16b-3 under the Securities Exchange Act of 1934, as amended.

Transaction history

JSON API
Reset

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
August 18, 2020 Filed Aug 19, 2020 20:33 UTC UNITED PARCEL SERVICE INC UPS · Entity 2301 Exercise / conversionOption to Purchase Class A Common · Derivative 655 $0.00 Strike: $111.80 $0.00
Disclosure

SEC source: 0001225208-20-010753 · doc4.xml · derivative · entry 3

Thomas Charlene A · CIK 0001781339 · Chief Human Resources Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 2,620

Underlying: Class A Common Stock · 655 shares

Expires 2029-02-14

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_date: Option to purchase 3,275 shares granted on February 14, 2019 vests 20% annually beginning on February 14, 2020.

Read SEC document
August 18, 2020 Filed Aug 19, 2020 20:33 UTC UNITED PARCEL SERVICE INC UPS · Entity 2301 Tax withholdingClass A Common Stock 516.9709 $160.30 $82,870.44
Disclosure

SEC source: 0001225208-20-010753 · doc4.xml · nonDerivative · entry 2

Thomas Charlene A · CIK 0001781339 · Chief Human Resources Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 5,387.0231

F1 · balance_after: Includes 399.2804 shares in the Reporting Person's 401(k) account.

Read SEC document
August 18, 2020 Filed Aug 19, 2020 20:33 UTC UNITED PARCEL SERVICE INC UPS · Entity 2301 Exercise / conversionClass A Common Stock 655 $111.80 $73,229.00
Disclosure

SEC source: 0001225208-20-010753 · doc4.xml · nonDerivative · entry 1

Thomas Charlene A · CIK 0001781339 · Chief Human Resources Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 5,903.994

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 · balance_after: Includes 399.2804 shares in the Reporting Person's 401(k) account.

Read SEC document
March 18, 2020 Filed Mar 20, 2020 20:02 UTC UNITED PARCEL SERVICE INC UPS · Entity 2301 Exercise / conversionRestricted Performance Units · Derivative 1,751.6841 $0.00 $0.00
Disclosure

SEC source: 0001225208-20-005450 · doc4.xml · derivative · entry 3

Thomas Charlene A · CIK 0001781339 · Chief Human Resources Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

Underlying: Class A Common Stock · 1,751.6841 shares

Expires 2020-03-08

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.

F3 · derivative.exercise_price: One unit is equivalent to one share of UPS Class A common stock.

F4 · derivative.exercise_date: The RPUs vested one year after the date of grant

Read SEC document
March 18, 2020 Filed Mar 20, 2020 20:02 UTC UNITED PARCEL SERVICE INC UPS · Entity 2301 Tax withholdingClass A Common Stock 825 $94.00 $77,550.00
Disclosure

SEC source: 0001225208-20-005450 · doc4.xml · nonDerivative · entry 2

Thomas Charlene A · CIK 0001781339 · Chief Human Resources Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 5,186.1105

F2 · balance_after: Includes 336.3969 shares in the Reporting Person's 401(k) account.

Read SEC document
March 18, 2020 Filed Mar 20, 2020 20:02 UTC UNITED PARCEL SERVICE INC UPS · Entity 2301 Exercise / conversionClass A Common Stock 1,751.6841 $0.00 $0.00
Disclosure

SEC source: 0001225208-20-005450 · doc4.xml · nonDerivative · entry 1

Thomas Charlene A · CIK 0001781339 · Chief Human Resources Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 6,011.1105

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: Includes dividend equivalent units attributed to the RPUs prior to conversion.

F2 · balance_after: Includes 336.3969 shares in the Reporting Person's 401(k) account.

Read SEC document
February 21, 2020 Filed Feb 21, 2020 21:25 UTC UNITED PARCEL SERVICE INC UPS · Entity 2301 Exercise / conversionRestricted Performance Units · Derivative 1,606 $0.00 $0.00
Disclosure

SEC source: 0001225208-20-003124 · doc4.xml · derivative · entry 3

Thomas Charlene A · CIK 0001781339 · Chief Human Resources Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

Underlying: Class A Common Stock · 1,606 shares

Expires 2020-02-12

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: One unit is equivalent to one share of UPS Class A common stock.

F3 · derivative.exercise_date: The RPUs were vested when earned on February 12, 2020.

F3 · derivative.expiration_date: The RPUs were vested when earned on February 12, 2020.

Read SEC document
February 21, 2020 Filed Feb 21, 2020 21:25 UTC UNITED PARCEL SERVICE INC UPS · Entity 2301 Tax withholdingClass A Common Stock 795 $117.06 $93,062.70
Disclosure

SEC source: 0001225208-20-003124 · doc4.xml · nonDerivative · entry 2

Thomas Charlene A · CIK 0001781339 · Chief Human Resources Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 4,255.8054

F1 · balance_after: Includes 332.7759 shares in the Reporting Person's 401(k) account.

Read SEC document
February 21, 2020 Filed Feb 21, 2020 21:25 UTC UNITED PARCEL SERVICE INC UPS · Entity 2301 Exercise / conversionClass A Common Stock 1,606 $0.00 $0.00
Disclosure

SEC source: 0001225208-20-003124 · doc4.xml · nonDerivative · entry 1

Thomas Charlene A · CIK 0001781339 · Chief Human Resources Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 5,050.8054

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 · balance_after: Includes 332.7759 shares in the Reporting Person's 401(k) account.

Read SEC document
February 12, 2020 Filed Feb 14, 2020 21:08 UTC UNITED PARCEL SERVICE INC UPS · Entity 2301 GrantRestricted Performance Units · Derivative 1,606 $0.00 $0.00
Disclosure

SEC source: 0001225208-20-002355 · doc4.xml · derivative · entry 3

Thomas Charlene A · CIK 0001781339 · Chief Human Resources Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,606

Underlying: Class A Common Stock · 1,606 shares

Expires 2020-02-12

F3 · derivative.exercise_price: Restricted Performance Units (RPUs) granted as Long-Term Incentive Performance awards under the United Parcel Service, Inc. Incentive Compensation Plan. Each RPU represents the right to receive one share of Class A common stock.

Read SEC document
February 12, 2020 Filed Feb 14, 2020 21:08 UTC UNITED PARCEL SERVICE INC UPS · Entity 2301 GrantRestricted Performance Units · Derivative 1,697 $0.00 $0.00
Disclosure

SEC source: 0001225208-20-002355 · doc4.xml · derivative · entry 2

Thomas Charlene A · CIK 0001781339 · Chief Human Resources Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,697

Underlying: Class A Common Stock · 1,697 shares

Expires not disclosed

F2 · derivative.exercise_price: Restricted Performance Units (RPUs) granted as Management Incentive Performance awards under the United Parcel Service, Inc. Incentive Compensation Plan. Each RPU represents the right to receive one share of Class A common stock. RPUs vest and convert to shares of Class A common stock on the first anniversary of the grant date.

F2 · derivative.exercise_date: Restricted Performance Units (RPUs) granted as Management Incentive Performance awards under the United Parcel Service, Inc. Incentive Compensation Plan. Each RPU represents the right to receive one share of Class A common stock. RPUs vest and convert to shares of Class A common stock on the first anniversary of the grant date.

F2 · derivative.expiration_date: Restricted Performance Units (RPUs) granted as Management Incentive Performance awards under the United Parcel Service, Inc. Incentive Compensation Plan. Each RPU represents the right to receive one share of Class A common stock. RPUs vest and convert to shares of Class A common stock on the first anniversary of the grant date.

Read SEC document
February 12, 2020 Filed Feb 14, 2020 21:08 UTC UNITED PARCEL SERVICE INC UPS · Entity 2301 GrantOption to Purchase Class A Common · Derivative 12,426 $0.00 Strike: $105.54 $0.00
Disclosure

SEC source: 0001225208-20-002355 · doc4.xml · derivative · entry 1

Thomas Charlene A · CIK 0001781339 · Chief Human Resources Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 12,426

Underlying: Class A Common Stock · 12,426 shares

Expires 2030-02-12

F1 · derivative.exercise_date: Securities vest at the rate of 20% annually beginning February 12, 2021

Read SEC document
January 22, 2020 Filed Jan 24, 2020 21:10 UTC UNITED PARCEL SERVICE INC UPS · Entity 2301 Exercise / conversionRestricted Performance Units · Derivative 205.1915 $0.00 $0.00
Disclosure

SEC source: 0001225208-20-001123 · doc4.xml · derivative · entry 12

Thomas Charlene A · CIK 0001781339 · Chief Human Resources Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 617

Underlying: Class A Common Stock · 205.1915 shares

Expires 2023-01-15

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: Represents Restricted Performance Units (RPUs) granted as Management Incentive Awards under the United Parcel Service, Inc. Incentive Compensation Plan. Each RPU represents the right to receive one share of Class A common stock.

F3 · derivative.exercise_date: RPUs vest ratably over five years from the date of grant.

F4 · balance_after: Includes dividend equivalent units attributed to the RPUs.

Read SEC document
January 22, 2020 Filed Jan 24, 2020 21:10 UTC UNITED PARCEL SERVICE INC UPS · Entity 2301 Exercise / conversionRestricted Performance Units · Derivative 169.4687 $0.00 $0.00
Disclosure

SEC source: 0001225208-20-001123 · doc4.xml · derivative · entry 11

Thomas Charlene A · CIK 0001781339 · Chief Human Resources Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 340

Underlying: Class A Common Stock · 169.4687 shares

Expires 2022-01-15

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: Represents Restricted Performance Units (RPUs) granted as Management Incentive Awards under the United Parcel Service, Inc. Incentive Compensation Plan. Each RPU represents the right to receive one share of Class A common stock.

F3 · derivative.exercise_date: RPUs vest ratably over five years from the date of grant.

F4 · balance_after: Includes dividend equivalent units attributed to the RPUs.

Read SEC document
January 22, 2020 Filed Jan 24, 2020 21:10 UTC UNITED PARCEL SERVICE INC UPS · Entity 2301 Exercise / conversionRestricted Performance Units · Derivative 181.4624 $0.00 $0.00
Disclosure

SEC source: 0001225208-20-001123 · doc4.xml · derivative · entry 10

Thomas Charlene A · CIK 0001781339 · Chief Human Resources Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 182

Underlying: Class A Common Stock · 181.4624 shares

Expires 2021-01-15

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: Represents Restricted Performance Units (RPUs) granted as Management Incentive Awards under the United Parcel Service, Inc. Incentive Compensation Plan. Each RPU represents the right to receive one share of Class A common stock.

F3 · derivative.exercise_date: RPUs vest ratably over five years from the date of grant.

F4 · balance_after: Includes dividend equivalent units attributed to the RPUs.

Read SEC document
January 22, 2020 Filed Jan 24, 2020 21:10 UTC UNITED PARCEL SERVICE INC UPS · Entity 2301 Exercise / conversionRestricted Performance Units · Derivative 148.0773 $0.00 $0.00
Disclosure

SEC source: 0001225208-20-001123 · doc4.xml · derivative · entry 9

Thomas Charlene A · CIK 0001781339 · Chief Human Resources Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

Underlying: Class A Common Stock · 148.0773 shares

Expires 2020-01-15

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: Represents Restricted Performance Units (RPUs) granted as Management Incentive Awards under the United Parcel Service, Inc. Incentive Compensation Plan. Each RPU represents the right to receive one share of Class A common stock.

F3 · derivative.exercise_date: RPUs vest ratably over five years from the date of grant.

Read SEC document
January 22, 2020 Filed Jan 24, 2020 21:10 UTC UNITED PARCEL SERVICE INC UPS · Entity 2301 Tax withholdingClass A Common Stock 117 $117.93 $13,797.81
Disclosure

SEC source: 0001225208-20-001123 · doc4.xml · nonDerivative · entry 8

Thomas Charlene A · CIK 0001781339 · Chief Human Resources Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 3,444.8054

F1 · balance_after: Includes 332.7759 shares in the Reporting Person's 401(k) account

Read SEC document
January 22, 2020 Filed Jan 24, 2020 21:10 UTC UNITED PARCEL SERVICE INC UPS · Entity 2301 Tax withholdingClass A Common Stock 99 $117.93 $11,675.07
Disclosure

SEC source: 0001225208-20-001123 · doc4.xml · nonDerivative · entry 7

Thomas Charlene A · CIK 0001781339 · Chief Human Resources Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 3,561.8054

F1 · balance_after: Includes 332.7759 shares in the Reporting Person's 401(k) account

Read SEC document
January 22, 2020 Filed Jan 24, 2020 21:10 UTC UNITED PARCEL SERVICE INC UPS · Entity 2301 Tax withholdingClass A Common Stock 94 $117.93 $11,085.42
Disclosure

SEC source: 0001225208-20-001123 · doc4.xml · nonDerivative · entry 6

Thomas Charlene A · CIK 0001781339 · Chief Human Resources Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 3,660.8054

F1 · balance_after: Includes 332.7759 shares in the Reporting Person's 401(k) account

Read SEC document
January 22, 2020 Filed Jan 24, 2020 21:10 UTC UNITED PARCEL SERVICE INC UPS · Entity 2301 Tax withholdingClass A Common Stock 80 $117.93 $9,434.40
Disclosure

SEC source: 0001225208-20-001123 · doc4.xml · nonDerivative · entry 5

Thomas Charlene A · CIK 0001781339 · Chief Human Resources Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 3,754.8054

F1 · balance_after: Includes 332.7759 shares in the Reporting Person's 401(k) account

Read SEC document
January 22, 2020 Filed Jan 24, 2020 21:10 UTC UNITED PARCEL SERVICE INC UPS · Entity 2301 Exercise / conversionClass A Common Stock 148.0773 $0.00 $0.00
Disclosure

SEC source: 0001225208-20-001123 · doc4.xml · nonDerivative · entry 4

Thomas Charlene A · CIK 0001781339 · Chief Human Resources Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 3,834.8054

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 · balance_after: Includes 332.7759 shares in the Reporting Person's 401(k) account

Read SEC document
January 22, 2020 Filed Jan 24, 2020 21:10 UTC UNITED PARCEL SERVICE INC UPS · Entity 2301 Exercise / conversionClass A Common Stock 169.4687 $0.00 $0.00
Disclosure

SEC source: 0001225208-20-001123 · doc4.xml · nonDerivative · entry 3

Thomas Charlene A · CIK 0001781339 · Chief Human Resources Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 3,686.7281

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 · balance_after: Includes 332.7759 shares in the Reporting Person's 401(k) account

Read SEC document
January 22, 2020 Filed Jan 24, 2020 21:10 UTC UNITED PARCEL SERVICE INC UPS · Entity 2301 Exercise / conversionClass A Common Stock 181.4624 $0.00 $0.00
Disclosure

SEC source: 0001225208-20-001123 · doc4.xml · nonDerivative · entry 2

Thomas Charlene A · CIK 0001781339 · Chief Human Resources Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 3,517.2594

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 · balance_after: Includes 332.7759 shares in the Reporting Person's 401(k) account

Read SEC document
January 22, 2020 Filed Jan 24, 2020 21:10 UTC UNITED PARCEL SERVICE INC UPS · Entity 2301 Exercise / conversionClass A Common Stock 205.1915 $0.00 $0.00
Disclosure

SEC source: 0001225208-20-001123 · doc4.xml · nonDerivative · entry 1

Thomas Charlene A · CIK 0001781339 · Chief Human Resources Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 3,335.797

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 · balance_after: Includes 332.7759 shares in the Reporting Person's 401(k) account

Read SEC document
December 27, 2019 Filed Jan 24, 2020 21:07 UTC UNITED PARCEL SERVICE INC UPS · Entity 2301 GiftClass A Common Stock 107 $0.00 $0.00
Disclosure

SEC source: 0001225208-20-001113 · doc5.xml · nonDerivative · entry 1

Thomas Charlene A · CIK 0001781339 · Chief Human Resources Officer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 3,130.6055

F1 · balance_after: Includes 332.7759 shares in the Reporting Person's 401(k) account

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.