It is important to understand what Hree Ruhnau would be hoping to happen if gad decided to purchase the put options. He would be expection the dollar to weaken (ending up to the left of DM3.2/$ in Exhibit 1), therefore he would expect the option to expire without value. In the eyes of many corporate treasurers,DM96,000,000 is a lot of money for the purchase of an instrument that the hedger expects or hopes not to use!