In July 1984, the British Government decided to privatize Jaguar plc. Jaguar sold over 50 % of its cars in the United States, but its production was confined to Britain, so it was subject to considerable exchange rate exposure. Your task is to take into account the exposure in pricing the shares of Jaguar and value how much the firm is worth under several exchange rate scenarios.

Consider the exposure (delta) of Jaguar to the $/ rate for a U.S. investor rather than a U.K. investor

Is the exposure to the dollar-based owners the same as that of the pound-based investors above? Why or why not?