Foreign Exchange Management Policy

This policy outlines procedures for foreign exchange management.

According to this sample, while maintaining foreign exchange transaction costs within budget targets, a company should: minimize foreign exchange losses due to balance sheet exposures, and minimize the risk that U.S. dollar earnings through the end of the outlook period will be adversely impacted by currency movement. This policy also states that the foreign exchange committee should have sole authority, as granted by the board of directors, to determine which balance sheet and economic exposures to hedge and which exposures are not economically feasible to hedge.