Accordingly, the Company’s foreign currency hedging strategy
may not protect it from significant changes in the exchange rate of
the US dollar to the euro and the pound sterling, in particular over
the long term, which could have a negative effect on its results of
operation and financial condition. In addition, the portion of the
Company’s US dollar-denominated revenues that is not hedged in
accordance with the Company’s hedging strategy will be exposed
to changes in exchange rates, which may be significant.