1.Why do you think Rolls has continued to bear this structural currency mismatch so long?

1.    Why do you think Rolls has continued to bear this structural currency mismatch so long? Why hasn't it done what many automobile companies have done, and move some of their manufacturing and assembly to the country in which the customer resides?

2.    Why are Rolls-Royce's foreign currency hedges performing so poorly? Shouldn't the hedges be pro- tecting its sales and earnings against exchange rate movements?

3.    If you were a member of the leadership team at Rolls-Royce, what would you recommend the com- pany do to manage the risks arising from Brexit?