Ann: Appendix 3G, page-14

There's a few reasons for that.

One is that a lot of companies simply do not have the necessary skills to manage foreign exchange risk dynamically as would be required for a company like E25 - even though it shouldn't be too hard as I suspect you are implying. Secondly, a lot of companies tend to have a kind of flippant attitude towards foreign exchange risk and they consider currency fluctuations to be something out of their direct control - they leave it to mother luck! Importers accept that when the Australian dollar goes up they do well and vice versa. A third reason is that they do not see it as their role - they see it as the investors role to manage that risk......to be hedged via an alternate mechanism.....