Operating exposure can be defined as:

a-the sensitivity of realized domestic currency values of the firm's contractual cash flows denominated in foreign currencies to unexpected exchange rate changes.

b-the extent to which the firm's operating cash flows would be affected by random changes in exchange rates.

c-the link between the future home currency values of the firm's assets and liabilities and exchange rate fluctuations.

d-the potential that the firm's consolidated financial statement can be affected by changes in exchange rates.