Assume that Porsche considers an alternative scenario to the scenario described in question 2: A low-sales scenario with 30% lower than the expected sales volume. Everything else remains the same as in question 2. Assuming different spot exchange rates briefly characterize (a chart is sufficient) how Porsches EUR cash flows, net of variable costs, obtained from its North American sales depend on the spot exchange rate that prevails at the end of July 2009 under this alternative scenario, if: a. Porsche does not hedge its currency exposure at all; b. Porsche hedges its currency exposure by selling a USD forward contract at a forward rate of EUR 0.65/1USD for the amount of expected 2009 sales from question 2 (and not the sales in the low-sales scenario) with a time to maturity of two years; c. Porsche hedges its currency exposure by buying a European put option contract with two years to maturity on USD (providing Porsche the right to sell USD, receiving EUR, at the strike exchange rate of EUR 0.65/1USD) in sufficient quantity to have the right to sell an amount of USD equal to expected 2009 sales from question 2 (and not the sales in the low-sales scenario). Assume the premium for the put option is EUR 50,000 Again, as in question 2, a chart adding this additional scenario is enough.