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LEVEL 3

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CAPITAL MARKETS PROGRAMME
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SECURITIES (VERSION 23)
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TIME ALLOWED: 2 HOURS

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No copying of any part of this paper is permitted without the prior

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written authority of the Chartered Institute for Securities & Investment

© Chartered Institute for Securities & Investment

How to use this sample paper

These 100 questions should be answered in two hours in the real exam, so make
sure you time yourself accurately.

Record your answer for each question by circling your selected answer.

When you have finished the test, you may check your answers against the Answer
Sheet at the back of this paper.

The exam is scored as follows:

70-100 Pass

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0-69 Fail

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For those questions you answered incorrectly, the answer sheet will show you the
corresponding syllabus element, sub element and learning objective against which
the questions were written, so you can identify any syllabus areas where you may
need to revise further.
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Securities (Capital Markets Programme) (Version 23)

1 Which of the following is TRUE of ordinary share voting rights?

A The number of votes is in direct proportion to the number of shareholders

voting
B Unused voting rights may be used at the discretion of the Company's
Chairman
C A shareholder may appoint a third party to vote on his/her behalf at an annual
general meeting
D Shareholders must vote in person at extraordinary general meetings

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2 A bond is issued with the following specification: £100% par value; 3.5%
coupon; maturity date 17 October 2022. What basic information is missing?
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A Nominal value
B Issuer's name
C Bondholder's name
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D Interest rate payable

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3 The MOST accurate description of modified duration is it:

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A predicts the price movement in a bond given a change in its yield

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B gives a bond a risk weighting expressed in years

C allows a bond to be valued by discounting future cash flows
D is used by non tax paying investors to determine yield returns
Securities (Capital Markets Programme) (Version 23)

4 Which of the following characteristics is most often associated with the

secondary market?

A The market where companies make their initial public offering

B The market where companies can make offers for subscriptions
C The market where listed securities are freely transacted
D The market where companies are able to raise capital

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5 During a new issue, who are normally members of the syndicate?

A The underwriters
B The sponsor, legal team and accountants
C
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The lead manager and co-managers
D The investment banks
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6 Which of the following is a corporate governance expectation for an issuer

that is planning to list securities?

A A listing agent must be appointed in advance

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B The corporate broker must ensure a market exists in the shares

C Non-executive directors from other industries must be appointed
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D The role of chairman and chief executive should be split

Securities (Capital Markets Programme) (Version 23)

7 The trading in shares of a company that does not meet formal stock exchange
listing requirements is usually described as:

A open outcry
B over the counter
C unlisted securities transactions
D negotiated trades

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8 A large US oil company is being floated on both the New York and London
Stock Exchanges. Beta Ltd is a London based investment bank responsible
for the UK listing. Beta's role within the syndicate would MOST LIKELY be
described as a: PA
A sponsor
B co-manager
C co-lead manager
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D book runner
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9 KLF Securities Ltd is a member of the London Stock Exchange. It buys and
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sells shares for clients and also carries out transactions on its own behalf.
This type of firm is MOST likely to be known as a:
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A broker dealer
B inter dealer broker
C market maker
D principal
Securities (Capital Markets Programme) (Version 23)

10 What type of electronic platform is commonly used to facilitate dealer-to-

customer trading of bonds?

A TradeWeb
B Brokertec
C MTS
D OTC Market

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11 Which of the following factors determines whether bonds can be traded
electronically?

A Duration PA
B Credit Rating
C Liquidity
D Settlement arrangements
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12 Which method is the least expensive for a company to raise funds?

A Introduction
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B Offer for sale

C Offer for subscription
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D Placing
Securities (Capital Markets Programme) (Version 23)

13 What is the purpose of the law, employed in some jurisdictions, whereby

securities lending and borrowing is often mandatory?

A To ensure the short sellers pre-borrow the stock to be sold so settlement is

timely
B To avoid unsettled sales clogging up the settlement process, leading to
illiquidity
C To provide better audit trials and record keeping for Hedge Funds
D To deter short sellers from making gains in falling markets

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14 Which of the following is regarded as a purpose of including a stakeholder
review within an annual report?PA
A It can provide information that may be of interest for investors wanting to
engage in socially responsible investing
B It provides an overview of the strategy that the company has adopted
C It allows the CFO to summarise the company performance based on a whole
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range of different metrics

D It outlines how the company runs its business, including commentary from an
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Independent Non-executive Director

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15 Where a trade involves shares which are 'dematerialised', this means that:
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A the shareholders' register will be unaffected

B the settlement period will be less than the standard duration
C the transaction will be settled electronically
D the need for a central counterparty will be avoided
Securities (Capital Markets Programme) (Version 23)

16 XYZ Ltd appoints a number of professional service firms to form an origination

team for its forthcoming flotation on the Official List of the London Stock
Exchange. Which part of the team is responsible for carrying out the due
diligence on the prospectus?

A The legal adviser and corporate broker

B The listing agent only
C The legal adviser only
D The legal adviser and reporting accountant

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17 Why would a global custodian set up a network of sub-custodian banks
outside its main domestic market rather than use its established branches in
these jurisdictions?
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A It enables the global custodian to demonstrate to overseas authorities that it is
not behaving in an anti-competitive manner in the local market
B It achieves the most efficient use of regulatory capital and minimises reporting
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requirements under the 'Consolidated Supervision' rules

C It allows the global custodian to choose the best available domestic expertise
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in each location by using competition to achieve the best combination of

service levels and cost
D It is favoured by the Securities and Exchange Commission and substantially
reduces the internal auditing and reporting required to ensure that the needs
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of customers are put before the needs of the global custodian

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18 The use of a designation on an account is primarily used:

A as a legal appendage to the account

B as a reference to identify the account
C to identify the underlying owner in a pooled account
D to identify stock held by nominees only
Securities (Capital Markets Programme) (Version 23)

19 In which type of issue in the Eurobond market is the lead manager MOST
likely to place the entire deal themselves without forming a syndicate?

A A bought deal
B A fixed price re-offer
C An auction
D An offer for subscription

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20 Securities lending generally:

A provides liquidity to the market

B provides introductions from institutions to lenders that would otherwise be
difficult to make
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C serves to lend stock to companies requiring finance
D generates income for companies requiring finance
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21 Why might an organisation build a strategic stake in a listed company?

A It wants to reduce market liquidity in that company's shares

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B It wants to exert influence on the decision making of the other company

C It wants to force the company into a merger situation
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D It seeks to increase the share price of the other company

Securities (Capital Markets Programme) (Version 23)

22 An analysis of ABC Ltd shows that its trading activities have increased by
around 10% over the last 12 months.
Which of its financial statements is MOST likely to have provided this
information?

A Statement of Financial Position

B Income Statement
C Statement of Changes in Equity
D Cash Flow Statement

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23 Pre-emptive rights entitle shareholders to:

A
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subscribe for shares in a rights issue pro rata to their existing holding
B receive nil-paid shares when the company makes a placing
C vote at annual general meetings
D receive a dividend if the company makes a profit
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24 Positive purchased goodwill is included in which part of a group Statement of

Financial Position?
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A Current assets
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B Non-current assets
C Current liabilities
D Non-current liabilities
Securities (Capital Markets Programme) (Version 23)

25 Following an annual review, a company’s land assets have declined in value.

How is this reflected in the Statement of Financial Position?’

A Amortisation is increased
B Depreciation is increased
C Depreciation is decreased
D Revaluation reserve is decreased

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26 Turnover less the cost of sales, distribution and administration gives which of
the following income statement figures?

A Profit before tax PA

B Distributable profit
C Total gross income
D Operating profit
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27 Which of the following is a required heading in a cash flow statement?

A Bank account summary

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B Taxation liabilities
C Investing activities
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D Loan and debt statement

Securities (Capital Markets Programme) (Version 23)

28 What type of cash flow is the 'free cash flow to shareholders' known as?

A Equity
B Dividend
C Investment
D Repayment

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29 ABC Plc has announced profits attributable to ordinary shareholders of

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£2,000,000. ABC Plc has 10 million ordinary shares with a nominal value of
50p and a market price of £2.00. What are the earnings per share of the
company?

A 2½p
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B 5p
C 10p
D 20p
E
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30 Which of the following BEST describes why an investor would invest in a

money market fund?
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A To obtain a short-term, low risk return

B To invest in government securities
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C To hedge against a falling stock market

D To obtain a short-term, medium risk return
Securities (Capital Markets Programme) (Version 23)

31 A quote driven market uses which of the following pricing systems?

A Single price
B Two-way
C An auction
D Order book

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32 Life insurance companies generally invest for their long-term obligations in

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which asset class?

A Equities
B Fixed income
C Derivatives
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D Futures
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33 A significant benefit of utilising a central counterparty system is that it:

A prohibits anonymous trading

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B facilitates certificated trades

C increases operational risk capital requirements
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D reduces systemic risk

Securities (Capital Markets Programme) (Version 23)

34 The price of a corporate bond is directly influenced by:

A the company's P/E ratio

B new gilt issues
C trading in the company's shares
D the equivalent benchmark bond

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35 Which of the following is a key difference when comparing a company's profit

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against cash?

A Cash received exceeds cash paid

B Recognition of revenues at point of sale
C
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Profit is based on cash paid rather than expenditure incurred
D Purchase of a non-tangible asset is gradually paid in cash over a period
E
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36 The risk that can be eliminated from equity investment by diversifying into a
number of shares is known as:

A Market
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B Unsystematic
C Systematic
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D Systemic
Securities (Capital Markets Programme) (Version 23)

37 If the 'Dow divisor' used to calculate the Dow Jones Industrial Average Index
is 0.2, this means that a $1 price change of a component stock will, in itself,
trigger an index movement of:

A 2 points
B 5 points
C 20 points
D 50 points

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38 What type of financial instrument is always issued at a discount to par?

A Eurobonds PA
B American Depositary Receipts
C Commercial Paper
D Debentures
E
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39 Spot transactions in the foreign exchange market are normally settled within a
MAXIMUM of how many working days?

A 1
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B 2
C
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3
D 4
Securities (Capital Markets Programme) (Version 23)

40 In a EUR/USD transaction, the US dollar is often described as the:

A base currency
B bid currency
C cross currency
D counter currency

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41 If the GBP/USD spot rate is 1.4200 and the annual interest rate is 2.2% in the

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US and 3.1% in the UK, what would be the one year forward rate?

A 1.4076
B 1.4152
C 1.4325
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D 1.4512
E
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42 What is the MAIN purpose of continuous linked settlement?

A To reflect all currency price movements in a trade

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B To remove market risk from the trading process

C To ensure matching transaction payments are made simultaneously
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D To minimise processing costs when completing transactions

Securities (Capital Markets Programme) (Version 23)

43 The theory that Country X's currency will deteriorate against Country Y's
currency if it has a higher inflation rate, is generally known as:

A collateralised price adjusting

B purchasing power parity
C synthetic exchange revaluation
D cost benefit equalisation

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44 ABC Plc decide to carry out a one-for-five rights issue.

If the cum-rights share price is 460p and the rights issue price for the new
shares is 250p, what will be the value of the nil paid rights?
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A 35p
B 42p
C 175p
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D 210p
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45 A company wishes to issue €10m in zero coupon bonds to raise money for a
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new infrastructure project.

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The issue will be priced:

A at a premium to face value

B at a discount to face value
C at nominal value
D at par value
Securities (Capital Markets Programme) (Version 23)

46 A securities broker is charging commission at the rate of 0.6% of the value of

the securities traded for client X and 1.4% for client Y.

This indicates that:

A client X is trading bonds, client Y is trading equities

B client X is based in the UK, client Y is based offshore
C only client Y is named in the International Order Book
D only client Y is being provided with research and/or advice services

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47 Ann purchased new shares arising from a placing by Company X.

This confirms that she was:

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A selected by her financial intermediary
B an existing shareholder
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C sent an offer for subscription by the company

D offered favourable terms under an open offer
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48 An investor is deemed to be a potential predator regarding the shares in

Company X and has already notified X that it holds 4% of its shares.
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The investor must now notify the company if:

A the holding increases to 4.75%

B the holding falls to 2.95%
C further shares are purchased under contracts for differences
D any options are held on these shares
Securities (Capital Markets Programme) (Version 23)

49 The seller of a security is at the confirmation stage of the clearing and

settlement process.

This indicates that:

A they have agreed the basis on which the trade will proceed
B the settlement system has matched the buyer's and seller's details
C both the purchase price and security have reached the transfer stage in the
settlement system

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D the settlement system has updated the security register and activated a bank
transfer

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50 In order to amortise an asset over its useful life, a company must:
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A create a cash reserve to fund the asset's replacement
B calculate the asset's annual contribution towards profits
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C reflect an ongoing reduction in the company's financial statements

D show a proportionate annual expense in the statement of cash flows
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51 Which type of entity within the wholesale financial services sector is most
likely to arrange settlement of any purchases of securities for its clients?
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A Custodian
B Stockbroker
C Investment bank
D Fund manager
Securities (Capital Markets Programme) (Version 23)

52 A fund manager is considering the purchase of Japanese Government Bonds

(JGBs) or German Bobls.

He should be aware that:

A the German Bobl is likely to have the shorter period to maturity

B the German Bobl will have the longest settlement period
C the German Bobl pays its coupon on a semi-annual basis
D both the JGB and the German Bobl pay coupons with the same frequency

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53 Rafiq is a private investor who is interested in investing in property.
PA
A key benefit of Rafiq investing in a real estate investment trust (REIT)
compared with investment in a residential property is that:

A he will reduce his exposure to liquidity risk

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B stamp duty will be payable at a reduced rate

C he will receive dividend income which is usually tax free
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D he will benefit from tax-free capital growth

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54 A prime broker has covered a short position in a hedge fund's long strategy.
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In these circumstances, which service has the broker provided?

A Cash management
B Core settlement
C Securities lending and borrowing
D Rehypothecation
Securities (Capital Markets Programme) (Version 23)

55 What key benefit usually arises from the use of central counterparties when
executing trades on an exchange's order book?

A Greater transparency as to the identity of the dealing parties

B Improved prices
C The lack of netting of transactions
D A reduction in trade volumes

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56 What is the key difference between stock lending and repurchase
agreements?

A Under a stock lending agreement, a fee is charged to the borrower

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B Under a stock lending agreement, a fee is charged by the borrower
C Under a repurchase agreement, a fee is charged by the borrower
D Under a repurchase agreement, a fee is charged to the borrower
E
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57 To assess the default risk of a company, an investment analyst should

primarily make use of:
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A counterparty risk analysis

B regression analysis
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C gearing ratios
D credit ratings
Securities (Capital Markets Programme) (Version 23)

58 Stockbrokers can receive remuneration by charging:

A fees and commissions only

B fees only
C commissions and levies only
D commissions, fees and levies

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59 Which type of entity within the wholesale sector of the financial services

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market is most likely to engage in treasury dealing for corporate clients?

A Fund managers
B Custodians
C Investment banks
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D Investment services providers
E
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60 What key risks are evident when an investor purchases overseas sovereign
bonds?

A Country risk and exchange rate risk

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B Counterparty risk and country risk

C Counterparty risk and liquidity risk
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D Exchange rate risk and liquidity risk

Securities (Capital Markets Programme) (Version 23)

61 Determine the present value (PV) of a £100 nominal bond with a zero rate
coupon, redeemable in two years at a discount rate of 6%?

A £106
B £94.34
C £89
D £112.36

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62 Which of the following is MOST likely to establish a fund that maintains a
short term liability profile allowing very little risk and low returns?

A Trustees of pension funds PA

B Life assurance companies
C Managers of collective investment schemes
D General insurance companies
E
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63 Which of the following risks could increase as a consequence of high

frequency trading?
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A Credit
B Liquidity
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C Counterparty
D Systemic
Securities (Capital Markets Programme) (Version 23)

64 A key benefit of an investor purchasing residential properties for investment

purposes is:

A that 40% of the income received will usually be tax free

B long-term rental contracts of 10 years or more guarantee a steady income
stream
C the tenant will be responsible for any repairs and maintenance
D a wide range of property types are available, which can lead to a diversified
portfolio

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65 What is a key benefit of purchasing shares in an investment trust compared to
a comparable unit trust? PA
A Lower stamp duty reserve tax costs
B Improved liquidity and tradeability
C Potential to invest at a discount to net asset value
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D Clarity of a single price to buy & sell

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66 A key issue facing investors who wish to invest in deposits based overseas is
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that they:

A will suffer higher levels of taxation

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B will usually be offered lower interest rates compared with UK rates

C will always be covered by the FSCS deposit insurance
D may be subject to exchange controls when repatriating the money
Securities (Capital Markets Programme) (Version 23)

67 An investor has purchased Treasury Bills (T-bills).

She should be made aware that the returns payable will be:

A capped by the regulatory authority

B determined by the price paid
C in the form of a fixed coupon payment
D in the form of a variable coupon payment

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68 Which of the following is the best description of a bond's coupon at par?

A The market value of the bond at issue

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B The market value of the bond, cum dividend
C The interest rate that the borrower pays to the bondholder
D The total amount that will be paid on the redemption date
E
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69 An investor considering investing in an unregulated collective investment

scheme should be made aware that:
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A the fund must hold a range of assets and not just a single holding
B the fund will not be permitted to gear
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C such an investment should be considered to be a long-term commitment

D performance fees will be prohibited
Securities (Capital Markets Programme) (Version 23)

70 When considering the operation and characteristics of private equity funds, a

fund manager should be aware that:

A returns are usually correlated with the economic cycle

B such funds cannot be marketed to retail clients
C this type of fund must be set up under a trust deed
D the use of performance fees is not permitted

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71 A key consideration to a broker who is considering placing clients' investments
in emerging and frontier markets is that:

A less liquidity will be in evidence

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B settlement periods are usually longer than 7 days
C these markets do not have the same degree of sophistication as developed
markets
D there is always a greater risk of either bribery or corruption taking place
E
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72 A bond has been issued where, on maturity, a single repayment will be made
on the specified date.
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This type of bond is:

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A a bond to a sinking fund

B a bullet issue
C a government bond
D a corporate bond
Securities (Capital Markets Programme) (Version 23)

73 Which type of risk is involved with risks concerning the potential collapse of a
financial market?

A Counterparty risk
B Liquidity risk
C Settlement risk
D Systematic risk

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74 Which passive bond strategy involves constructing a bond portfolio whose
coupon and redemption payment cash flows are synchronised to match those
of the liabilities to be met?

A Cash matching
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B Duration-based immunisation
C Policy switching
D Anomaly switching
E
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75 Ordinary shareholders are usually entitled to a dividend:

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A proposed by the directors at each AGM

B at a fixed rate per year
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C at a fixed proportion of the company's profits

D equal to their share's paid-up capital
Securities (Capital Markets Programme) (Version 23)

76 A client holds £20,000 nominal of XYZ plc 6% Bond.

Ignoring taxation, what is the annual income received from this investment
assuming the current price is £120?

A £720
B £1,000
C £1,200
D £1,400

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77 The shape of a yield curve for bonds is usually a good indication of the:

A
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extent to which returns will be influenced by a change in demand
B market view on the level of future interest rates
C degree of volatility in their pricing
D relationship between bond and equity returns
E
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78 Which of the following methods does a credit agency use to rate a bond
issuer?
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A Reviewing the bond issuer's assets

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B Whether the cash generated will be sufficient to service and repay its debts
C Whether the coupon rate of the bond is suitable
D Reviewing the potential yield of the bond
Securities (Capital Markets Programme) (Version 23)

79 If a Eurobond is described as immobilised, this means that it:

A cannot be sold
B has to be retained in its original currency
C is held in a depositary
D must remain in just one territory

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80 An American Depositary Receipt is:

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A an entitlement to an underlying US share
B the right to buy shares in a US company on a specified date
PA
C the right to buy shares in a non-US company on a specified date
D an entitlement to an underlying non-US share
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81 Which of the following factors is the BEST example of a main determinant of

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currency exchange rate movements?

A Consumer price indices

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B Interest rate differentials

C The performance of commodity prices
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D Weather events and natural disasters

Securities (Capital Markets Programme) (Version 23)

82 A company sells its shares to an investment bank, which subsequently sells

those shares to investors at a premium to the price they paid.

This is known as:

A an invitation to subscribe
B an offer for sale
C a Dutch auction
D a premium listing

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83 Company X is listed on an overseas stock exchange and is seeking an
introduction to become listed on the London Stock Exchange (LSE).
PA
If this approach is successful, Company X is MOST likely to benefit from:

A immediate access to the primary market of the LSE

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B extra liquidity in its shares

C capital raised through the additional share issue
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D increased flexibility available under the greenshoe option

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84 Convertible bonds offer which of the following that exchangeable bonds do

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not?

A A regular coupon payment

B Shares in the underlying company
C The right to redeem at any time
D Voting rights similar to ordinary shares
Securities (Capital Markets Programme) (Version 23)

85 If a flotation is undersubscribed, generally the obligation on the underwriter is

to buy unsubscribed shares:

A within a price range set by the issuer

B at the offer price
C at an agreed premium to the offer price
D at an agreed discount to the offer price

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86 When listing new shares, why might a company choose to appoint an
underwriter?

A To ensure the shares are widely marketed

PA
B To prevent the shares being sold on too quickly
C To ensure that all the shares are sold
D To prevent a fall in the share price
E
PL

87 What benefit does stabilisation bring to the issuer and investors?

A Reduces volatility across the market, making it more attractive to buy and hold
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shares
B Fixes the lot-size in which shares can be traded, reducing the volatility of the
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share price
C The shares can be sold at a guaranteed price for a fixed period after flotation
D Makes the shares look less volatile, reducing the likelihood of panic selling
Securities (Capital Markets Programme) (Version 23)

88 When an issuer of new bonds is deciding which investment bank it wants to

assist in the issue, the decision is normally finalised after which stage of the
process?

A Roadshow
B Pitching
C Marketing
D Tendering

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89 Which of the following is a disadvantage of an order driven market?

A No guarantee of order executionPA

B There is less transparency
C Market makers are needed to quote prices
D Trades are not matched automatically
E
PL

90 Securities firm X is responding to recent market movements through the

medium of high frequency trading, rather than placing conventional orders in
the same way as firm Y.
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The reason for this strategy is that, compared to firm Y, firm X is looking to
benefit by dealing:
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A more quickly
B a large quantity of stock in a single order
C at lower costs
D across wider markets
Securities (Capital Markets Programme) (Version 23)

91 A free float calculation excludes:

A shares held by owners holding more than 3% of all shares

B insider holdings
C shares held under an ADR scheme
D shares held within a Nominee company

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92 Why might a company decide to launch a scrip issue?

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A To launch a takeover bid
B To raise extra capital PA
C To obtain a stockmarket listing
D To reduce the share price
E

93 When a nominee company takes registered title to shares, it becomes the:

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A beneficial owner
B appointed proxy
M

C legal owner
D sub registrar
SA
Securities (Capital Markets Programme) (Version 23)

94 Which of the following is sometimes considered a disadvantage of holding

shares through a pooled nominee?

A Loss of dividend income

B Unable to reclaim tax on dividend income
C Loss of shareholder perks
D Anonymity

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95 On a Statement of Financial Position under which heading would you expect
to find pre-payments?

A Fixed assets PA
B Current assets
C Reserves
D Current liabilities
E
PL

96 In order to calculate the depreciation of an asset, a company must identify

both its:
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A annual contribution to profit and expected replacement cost

B ongoing market value and anticipated replacement date
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C disposal value and annual running and repair cost

D useful business lifespan and non-recoverable cost
Securities (Capital Markets Programme) (Version 23)

97 Within a cash flow statement, dividends received should appear under which
heading?

A Income collection
B Inflow cash
C Investing activity
D Cash generation profit

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98 As an alternative to using the cash flow statement to calculate free cash flow,
which of the following is often used?

A Statement of Financial PositionPA

B Debtors ledger and bank account balances
C Income statement
D Expenditure calculations
E
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99 Which of the following is a risk of selling a bond prior to its maturity date?

A The final payment will be reduced

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B A coupon payment may be missed

C The market value could be above the nominal value
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D The market value could be below the nominal value

Securities (Capital Markets Programme) (Version 23)

100 Why would an investor, who wants capital growth, invest in all major asset
classes?

A The classes tend to operate on a strong positive correlation basis

B Each class has different risk/reward characteristics
C The classes are all linked to a common index
D Each class can accommodate a full range of investment terms

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PA
E
PL
M
SA
Securities (Capital Markets Programme) (Version 23)

Question Number Answer Syllabus Reference

1 C 2.2.1
2 B 2.3.1
3 A 2.3.2
4 C 3.1.1
5 C 4.2.1
6 D 4.2.3
7 B 5.1.3
8 C 4.2.1

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9 A 5.2.2
10 A 5.7.1

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11 C 5.7.2
12 D 4.1.4
13 A 7.2.1
14 A 8.5.1
15 C 7.1.2
16
PA
D 4.2.3
17 C 7.1.3
18 B 7.1.5
19 A 6.4.1
20 A 7.2.1
E

21 B 6.4.2
22 B 8.1.1
PL

23 A 6.3.1
24 B 8.2.1
25 D 8.2.2
26 D 8.3.1
M

27 C 8.4.1
28 A 8.4.3
SA

29 D 8.6.7
30 A 9.1.3
31 B 5.2.1
32 A 9.2.1
33 D 5.3.3
34 D 5.7.3
35 B 8.4.2
36 B 9.1.6
37 B 5.4.1
38 C 2.1.3
39 B 2.8.1
40 D 2.8.1
41 A 2.8.2
 42 C 7.1.7
43 B 2.8.3
44 C 6.3.2
45 B 2.4.3
46 D 5.3.4
47 A 4.1.4
48 B 6.4.2
49 A 7.1.1
50 C 8.2.2
51 A 1.1.3
52 A 2.4.4
53 A 2.7.3

R
54 C 5.2.4
55 B 5.3.3

PE
56 A 7.2.2
57 D 9.1.1
58 A 1.1.2
59 C 1.1.3
60 A 9.1.5
61
PA
C 2.3.6
62 D 9.2.1
63 D 5.2.3
64 D 2.7.3
65 C 2.9.2
E

66 D 2.1.1
67 B 2.1.2
PL

68 C 2.3.1
69 C 2.9.1
70 A 2.9.4
71 C 5.1.2
M

72 B 6.2.1
73 D 9.1.1
SA

74 A 9.3.2
75 A 2.2.1
76 C 2.3.3
77 B 2.3.5
78 B 2.5.3
79 C 2.6.1
80 D 2.7.1
81 B 2.8.3
82 B 4.1.3
83 B 4.1.5
84 B 4.1.6
85 D 4.2.4
86 C 4.2.4
 87 D 4.2.5
88 B 4.4.3
89 A 5.2.1
90 A 5.2.3
91 B 5.4.1
92 D 6.2.2
93 C 7.1.4
94 C 7.1.5
95 B 8.2.1
96 D 8.2.2
97 C 8.4.1
98 C 8.4.3

R
99 D 9.1.4
100 B 9.1.7

PE
PA
E
PL
M
SA