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Rebel and Partners (R&P) has an enterprise value of VBUSD= 25 million; its total net debt is USD 5 million, USD 2 million is issued

Rebel and Partners (R&P) has an enterprise value of VBUSD= 25 million; its total net debt is USD 5 million, USD 2 million is issued in GBP, and the FX business exposure of R&P to the GBP is 1.20.R&P also has a short position in a GBP Swap (at-market) worth USD 2 million. What is the FX equity exposure of R&P?

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1.63

1.40

1.30

1.52

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