Explanation:

Let's break down the code pattern:

- For HOARDING -> NGQZHCFM

Let's look at the position shifts (A=1, B=2, ... Z=26):

- H(8)?N(14): +6

- O(15)?G(7): -8

- A(1)?Q(17): +16

- R(18)?Z(26): +8

- D(4)?H(8): +4

- I(9)?C(3): -6

- N(14)?F(6): -8

- G(7)?M(13): +6

- Now, for TREATISE:

Let's apply the same sequence as above to each letter:

1. T(+6): T(20)+6=26 ? Z

2. R(-8): R(18)-8=10 ? J

3. E(+16): E(5)+16=21 ? U

4. A(+8): A(1)+8=9 ? I

5. T(+4): T(20)+4=24 ? X

6. I(-6): I(9)-6=3 ? C

7. S(-8): S(19)-8=11 ? K

8. E(+6): E(5)+6=11 ? K

So, the code is: ZJUIXCKK

Now, let's see if any option matches:

1. QSSHDZRD

2. DQSHSZDR

3. SUBFJUET

4. QSZDHSDR

None match our pattern. Let's look at the given options and “”

Summary:

- I decoded following the pattern from the example, but none of the options match.

- The pattern above is consistent and logical, but the options do not align.