In our Trading Update issued on 15 December 2011, we said that Sterling had appreciated materially against the local currencies of the countries in which we operate during the course of 2011. In accordance with our published policy, we have now put in place foreign currency contracts to hedge the majority (70%) of our expected 2012 overseas profits. We estimate that the effective average exchange rate likely to be achieved for the full year is around 17% adverse to that achieved in 2011.
The hedged rates achieved are set out in the table below.
| 2012 hedged exchange rate | |
| Poland | 5.50 |
| Czech Republic | 31.00 |
| Slovakia | 1.20 |
| Hungary | 397.14 |
| Mexico | 21.96 |
| Romania | 5.36 |
For further information contact:
| Finsbury: | |
| James Leviton | +44 (0) 207 251 3801 |
| International Personal Finance plc: | |
| Rachel Moran (Investor Relations) | +44 (0) 113 285 6798 |
| John Mitra (Media) | +44 (0) 113 285 6784 |
