Cross currency swaps with a nominal value of £284m were arranged to hedge the foreign currency risk on €350m
of the Euro public notes issued in December 2012, effectively fixing the sterling value of this portion of debt at an
exchange rate of 1.2332.
Assuming the 2015 US dollar and the Euro foreign exchange rate market movements against sterling in 2015 were
repeated in 2016, the fair value net gain on the cross currency swaps which hedge part of the currency loan notes
would be expected to fall by £23m and this would impact equity.