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    Exhibit 4 (B) : Volatility of Foreign Exchange Ratesa (1/86-9/95)

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    anmolsaini01
    The document contains data on the volatility of foreign exchange rates between the US dollar and other major currencies from 1986 to 1995. It shows the mean, standard deviation, maximum, percentiles and minimum of monthly and yearly percentage changes in average exchange rates. The volatility was highest for the Japanese Yen at 3% standard deviation and 8.5% maximum monthly change. The lowest volatility was for the US dollar/Canadian dollar at 1% standard deviation and 2.3% maximum monthly change.

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    Exhibit 4 (B) : Volatility of Foreign Exchange Ratesa (1/86-9/95)

    Uploaded by

    anmolsaini01
    28 views5 pages
    The document contains data on the volatility of foreign exchange rates between the US dollar and other major currencies from 1986 to 1995. It shows the mean, standard deviation, maximum, percentiles and minimum of monthly and yearly percentage changes in average exchange rates. The volatility was highest for the Japanese Yen at 3% standard deviation and 8.5% maximum monthly change. The lowest volatility was for the US dollar/Canadian dollar at 1% standard deviation and 2.3% maximum monthly change.

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    Aspen Exhibits

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    The document contains data on the volatility of foreign exchange rates between the US dollar and other major currencies from 1986 to 1995. It shows the mean, standard deviation, maximum, percentiles and minimum of monthly and yearly percentage changes in average exchange rates. The volatility was highest for the Japanese Yen at 3% standard deviation and 8.5% maximum monthly change. The lowest volatility was for the US dollar/Canadian dollar at 1% standard deviation and 2.3% maximum monthly change.

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    © All Rights Reserved
    Download as XLS, PDF, TXT or read online from Scribd
    Download as xls, pdf, or txt
    28 views5 pages

    Exhibit 4 (B) : Volatility of Foreign Exchange Ratesa (1/86-9/95)

    Uploaded by

    anmolsaini01
    The document contains data on the volatility of foreign exchange rates between the US dollar and other major currencies from 1986 to 1995. It shows the mean, standard deviation, maximum, percentiles and minimum of monthly and yearly percentage changes in average exchange rates. The volatility was highest for the Japanese Yen at 3% standard deviation and 8.5% maximum monthly change. The lowest volatility was for the US dollar/Canadian dollar at 1% standard deviation and 2.3% maximum monthly change.

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    Exhibit 4(b) Volatility of Foreign Exchange Ratesa(1/86-9/95)

    $/£ $/DM $/Belg. Franc


    $/¥ $/$C
    Mean 0.10% 0.50% 0.50% 0.60% 0.00%
    Std. Deviation 2.90% 2.80% 2.70% 3.00% 1.00%

    Maximum 6.90% 7.00% 6.80% 8.50% 2.30%


    99th Percentile 5.70% 6.80% 6.50% 8.30% 2.00%
    95th Percentileb 4.30% 4.50% 4.60% 6.00% 1.70%
    90th Percentile 3.30% 4.10% 3.80% 4.60% 1.40%
    75th Percentile 2.00% 2.50% 2.50% 2.30% 0.70%
    50th Percentile 0.20% 0.50% 0.60% 0.40% 0.20%
    25th Percentile -1.30% -1.20% -1.30% -1.10% -0.60%
    10th Percentile -3.50% -2.80% -2.70% -3.20% -1.40%
    5th Percentilec -4.60% -3.90% -3.90% -4.10% -1.80%
    1st Percentile -7.70% -6.30% -6.30% -5.70% -2.20%
    Minimum -10.60% -8.10% -8.20% -7.90% -2.50%
    Source: ReuterLink
    a Mean, standard deviation, and percentile rankings of month-to-month percentage changes in average monthly foreign exchange rates.
    b The corresponding year-to-year percentage changes in average yearly foreign exchange rates were 10.8%,
    19.0%, 19.2%, 15.4%, and 6.7%.
    c The corresponding yearly numbers were -12.5%, -6.3%, -6.9%, -6.1%, and -6.1%.

    1
    hly foreign exchange rates.
    Exhibit 5(a)
    (000) of currency Salesa Operating Expenses
    In local In $US In local Exchange
    currency currency In $US Rateb
    U.S. $ 42,577 42,577 35,810 35,810 1.0000
    UK Pound 3,715 5,865 3,022 4,771 1.5873
    German DM 2,188 1,466 722 484 0.6711
    Belgian Francc 0 0 158,223 5,153 0.0326
    Japanese Yen 665,767 7,072 414,793 4,406 0.0106
    Other currencies N/A 517 N/A 322
    Total N/A 57,498 N/A 50,947

    Exhibit 5(b)
    Currrent Sales a Prior Salesb Expensesc
    In local In $US In local In $ US In local In $ US
    currency currency currency
    U.S. $ 19,760 19,760 11,242 11,242 37,045 37,045
    UK Pound 1,724 2,722 981 1,548 3,129 4,940
    German DM 1,015 680 577 387 722 484
    Belgian Franc 0 0 0 0 158,223 5,153
    Japanese Yen 308,984 3,282 175,781 1,867 414,793 4,406
    Other currencies N/A 240 N/A 137 N/A 322
    Total N/A 26,685 N/A 15,181 N/A 52,351
    Exchange
    Rated
    1.0000
    1.5873
    0.6711
    0.0326
    0.0106
    CASH FLOW
    Local Currency USD Volatility Risk
    U.S. $ -6043 -6043 NA
    UK Pound -424 -673 10.8% -72.7
    German DM 870 584 -6.3% -36.8
    Belgian Franc -158223 -5158 19.2% -990.3
    Japanese Yen 69972 742 -6.1% -45.2
    Other currencies NA 55 -6.1% -3.4
    Total -93848 -10494 CFaR -1148.4

    Note: All figures are in thousands

    percentage of expected financing 10.94%

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