(In thousands of dollars except as noted and per share amounts) 9.  FINANCIAL INSTRUMENTS (CONTINUED):  Risks (continued):  Based on the above gross exposure at year-end, and assuming that all other variables remain constant, in particular  the price of raw sugar and natural gas, a 5-cent increase in the Canadian dollar would result in an increase in net  earnings of $0.8 million, (September 29, 2012 - increase of $1.3 million) while a 5-cent decrease would have an  equal but opposite effect on net earnings.  Management believes that the impact on the gross exposure is not representative as it needs to be adjusted for the  following transactions, which are not recorded on the consolidated statement of financial position as at year end  but were committed during the fiscal year, and will be accounted for as the physical transactions occur:  The net exposure is due mainly to the Company’s policy not to hedge its foreign exchange exposure on natural  gas futures contracts with maturities exceeding 12 months. The impact of a 5-cent increase in the Canadian  dollar would result in an increase of net earnings by $0.6 million in 2013 (September 29, 2012 - increase of $0.2 million) while a decrease would have an equal but opposite effect on net earnings.  Raw sugar futures sales contracts represent, in large part, futures contracts entered into when sugar is priced by  a raw sugar supplier. As both the raw sugar futures sales contracts and the sugar purchases priced not received  are in U.S. dollars, there is no need to economically hedge the currency, hence the reason for the adjustment for  sugar purchases priced not received.  Included in other is the Taber sales formula for refined sugar is based on the raw sugar value which trades in U.S. dollars.As all beet sugar is paid in Canadian dollars, the raw sugar value within the Taber sales contracts is in  U.S. dollars and therefore needs to be economically hedged for currency exposure. (b)  Currency risk (continued): September 28, September 29, 2013 2012 (US$) (US$) Gross exposure as per above  (20,823) (35,789) Sugar purchases priced not received (38,979) (46,356) Committed future sales in U.S. dollars  48,376 84,419 Ocean freight  (3,590) (7,256) Other (407) 569 Net exposure  (15,423) (4,413) 67 Annual Report 2013 Notes to CoNsolidated FiNaNCial statemeNts