The Group’s foreign exchange exposures arise both from subsidiaries operating in foreign countries, generating revenue and incurring cost denominated in foreign currencies, and from operations of local subsidiaries which are transacted in foreign currencies. Our foreign exchange exposures are primarily from USD and Euro. The Group’s Foreign Exchange Management policy guides us in identifying and managing foreign exchange exposures. Our foreign currency exposures are managed centrally by the Group Treasury department. The policy requires open foreign currency exposures to be hedged so as to reduce the level of volatility in the Group’s earnings. Reports of all hedged and unhedged exposures are prepared for regular reviews with the Audit Committee. Hedging strategies are also reviewed periodically with the Board.