FRM p. 7.18 exmaple 7.2 embedded option

clusterapple

1) 請問什麼是 share future movements in the currency on a 50:50 basis ?
2) why Exportalot Ltd should reject the offer ? 我看了答案也不明白
3) counterparty give up in order to achieve the 50 per cent cover level 是什麼意思

exportalot Ltd and importalot Ltd each have a USD 20 million exposure one year from today.
the spot rate is AUD/USD0.9000 and the forward outright rate is AUD/USD0.8500. Both companies are approached by
their counterparties in the contracts and are offered a repricing clause which shares future movements in the currency
on a 50:50 basis.  Both companies were intending to cover 50 per cents of their exposures anyway, so both analyse the offer.
which company should reject this offer ?
Exportalot Ltd should reject the offer as explained below
if it covers 50 per cent of its exposure on the financial markets, Exportalot locks in USD10 000 000/0,8500 = AUD11 764 706.
this compares to the sport rate on the USD 10 million of 10/0.9000 = AUD11 111 111, a difference of AUD653595
(which is what the counterparty would have to give up in order to achieve the 50 per cent cover level).

the difference would probaly cover the corporate financial risk manager's salary for a year or two