c. Cubs Ltd, an American company, has to make a payment of GBP 100m in 120 days to one of its main UK providers. Additionally, Cubs LTD will receive GBP 50m in 120 days from one of its UK clients, and has a tax refund from its UK subsidiary that amounts to GBP 50m, also in 120 days. i. Draw and explain the exposure faced by Cubs LTD. [5 marks] ii. Could Cubs Ltd improve the outcome of the exposure by buying options? Here, assume that options have zero premium/cost and draw and explain the resulting exposure of the firm. [5 marks] iii. Imagine that for the option bought in part c.ii, Cubs Ltd has to pay a premium equal to half of the strike price. Draw and explain the exposure faced by Cubs LTD. [5 marks]