| Slide 14 of 32 |
| Transaction Exposure |
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| u | Affects exposure
to net cash flow |
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| – | consolidates
subsidiaries’ cash in/outflows |
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| – | e.g.,
minimal exposure in Mexican peso if |
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| F | Subsidiary A has
net inflow of PS9,000,000 |
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| F | Subsidiary B has
net outflow of PS8,700,000 |
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| MNC net flow =
PS300,000 |
