[amy07]

I thought damn M&A will be in case study (either merging like reverse takeover or unbundling). I’ve never think about currency and interest rate hedging will come together as a case study 50marks. When I did a lots of past exam papers, Interest rate hedging is famous as 25 marks question. And I only remember delta aims to set up riskless portfolio and though I know delta and gamma relates but forgot how. I used a lot of time for question 1.

Question 2 Local NPV is like giveaway question. Don’t even need to do risk adjusted WACC. Only a little bit tricky for sensitivity and VAR part. But I didn’t have enough time.

All three questions, more marks carried for discussion part (especially Q.3) which is students needed to read properly about given information in the question. Part (a) adjusted profit and net cash balance 2marks, Part (b) adjusted SOFP 4marks and the balance marks are for part (c) discussion. All students know that there is no thinking time in the exam.

I found it fair exam but time pressure. And my time management suck!
Overall I’m totally disappointed myself.

[Author]

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