EXAMINER’S GENERAL COMMENT The questions were standard and were based on the syllabus. There were not too many areas of ambiguity. Unfortunately, the performance was far below expectation which could be as a result of inclusion of some unexpected areas of the syllabus.

STANDARD OF THE PAPER The paper was of the same standard as those administered in previous exams. The questions were fairly spread over the key areas of the syllabus and marks were based on the weightings. Per the weightings in the manual, Investment Appraisal should be assigned 10 marks while Performance Measurement should be 15 marks. However the Investment Appraisal in question one was allotted 14 marks and Performance Measurement 11 marks. Question 2 (b) was quite easy but the calculations involved would require more time to complete. None of the questions was seen as overloaded and marks allocation was fair.