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Stable Dollar Strong Dollar Weak Dollar Current Future USD/EUR USD/EUR 1.22 1.22 Current USD/EUR Future USD/EUR 1.22 1.01 Current USD/EUR Future USD/EUR 1.22 1.48 Expecting to pay Expecting to pay 25,000 euros 30,500 dollars Expecting to pay Expecting to pay 25,000 euros 30,500 dollars Expecting to pay Expecting to pay 25,000 euros 30,500 dollars No Hedging actually paying windfall 30,500 dollars 0 dollars actually paying windfall 25,250 dollars 5,250 dollars actually paying windfall 37,000 dollars $ (6,500) dollars Hedging with 100% forwards actually paying windfall 30,500 dollars 0 dollars actually paying windfall 30,500 dollars O dollars actually paying windfall 30,500 dollars dollars $ Hedging with 100% options actually paying 32,025 dollars windfall $ (1,525) dollars actually paying windfall 26,775 dollars 3,725 dollars actually paying windfall 32,025 dollars $ (1,525) dollars Hedging with 100% options actually paying 32,025 dollars windfall $ (1,525) dollars actually paying windfall 26,775 dollars 3,725 dollars actually paying windfall 32,025 dollars $ (1,525) dollars Decision % Cover $Windfall S levels 1.01 1.22 1.48 3408 Original Final Total Total Forwards Options Needs Needs Covered Options Forwards Uncovered 100% 0% 100% 25000 25000 25000 25000 0 100% 25% 75% 25000 25000 25000 18750 6250 100% 50% 50% 25000 25000 25000 12500 12500 100% 75% 25% 25000 25000 25000 6250 18750 100% 100% 0% 25000 25000 25000 0 25000 0 75% 0% 100% 25000 25000 18750 18750 0 6250 75% 25% 75% 25000 25000 18750 14063 4688 6250 75% 50% 50% 25000 25000 18750 9375 9375 6250 75% 75% 25% 25000 25000 18750 4688 14063 6250 75% 100% 0% 25000 25000 18750 0 18750 6250 50% 0% 100% 25000 25000 12500 12500 0 12500 50% 25% 75% 25000 25000 12500 9375 3125 12500 50% 50% 50% 25000 25000 12500 6250 6250 12500 50% 75% 25% 25000 25000 12500 3125 9375 12500 50% 100% 0% 25000 25000 12500 0 12500 12500 25% 0% 100% 25000 25000 6250 6250 0 18750 75% 25000 25000 6250 4688 1563 18750 25% 50% 50% 25000 25000 6250 3125 3125 18750 25% 75% 25% 25000 25000 6250 1563 4688 18750 25% 100% 0% 25000 25000 6250 6250 18750 0% 0% 0% 25000 25000 0 0 0 25000 25% 25% oo o Stable Dollar Strong Dollar Weak Dollar Current Future USD/EUR USD/EUR 1.22 1.22 Current USD/EUR Future USD/EUR 1.22 1.01 Current USD/EUR Future USD/EUR 1.22 1.48 Expecting to pay Expecting to pay 25,000 euros 30,500 dollars Expecting to pay Expecting to pay 25,000 euros 30,500 dollars Expecting to pay Expecting to pay 25,000 euros 30,500 dollars No Hedging actually paying windfall 30,500 dollars 0 dollars actually paying windfall 25,250 dollars 5,250 dollars actually paying windfall 37,000 dollars $ (6,500) dollars Hedging with 100% forwards actually paying windfall 30,500 dollars 0 dollars actually paying windfall 30,500 dollars O dollars actually paying windfall 30,500 dollars dollars $ Hedging with 100% options actually paying 32,025 dollars windfall $ (1,525) dollars actually paying windfall 26,775 dollars 3,725 dollars actually paying windfall 32,025 dollars $ (1,525) dollars Hedging with 100% options actually paying 32,025 dollars windfall $ (1,525) dollars actually paying windfall 26,775 dollars 3,725 dollars actually paying windfall 32,025 dollars $ (1,525) dollars Decision % Cover $Windfall S levels 1.01 1.22 1.48 3408 Original Final Total Total Forwards Options Needs Needs Covered Options Forwards Uncovered 100% 0% 100% 25000 25000 25000 25000 0 100% 25% 75% 25000 25000 25000 18750 6250 100% 50% 50% 25000 25000 25000 12500 12500 100% 75% 25% 25000 25000 25000 6250 18750 100% 100% 0% 25000 25000 25000 0 25000 0 75% 0% 100% 25000 25000 18750 18750 0 6250 75% 25% 75% 25000 25000 18750 14063 4688 6250 75% 50% 50% 25000 25000 18750 9375 9375 6250 75% 75% 25% 25000 25000 18750 4688 14063 6250 75% 100% 0% 25000 25000 18750 0 18750 6250 50% 0% 100% 25000 25000 12500 12500 0 12500 50% 25% 75% 25000 25000 12500 9375 3125 12500 50% 50% 50% 25000 25000 12500 6250 6250 12500 50% 75% 25% 25000 25000 12500 3125 9375 12500 50% 100% 0% 25000 25000 12500 0 12500 12500 25% 0% 100% 25000 25000 6250 6250 0 18750 75% 25000 25000 6250 4688 1563 18750 25% 50% 50% 25000 25000 6250 3125 3125 18750 25% 75% 25% 25000 25000 6250 1563 4688 18750 25% 100% 0% 25000 25000 6250 6250 18750 0% 0% 0% 25000 25000 0 0 0 25000 25% 25% oo o
