There will be no exchange rate adjustments in Year 11. The real-world exchange rate values prevailing
at the time your instructor re-starts the industry after any practice decisions and the real-world rates
prevailing at the time of the decision deadline for Year 11 will serve as the base for calculating the Year 12
exchange rate adjustments. The real-world changes in the exchange rates between the Year 11 and Year
12 decision deadlines serve as the basis for exchange rate adjustments in Year 13. And so on through the
exercise. This means you have the advantage of knowing in advance what the exchange rate effects will
be in the upcoming year and can thus take actions to mitigate adverse exchange rate effects (we have
done this to help you manage the risks of exchange rate fluctuations as opposed to giving you the option to
engage in currency hedging, which is pretty intricate and has risks of its own).