We had total foreign currency-denominated debt obligations in an aggregate amount of R$5,114.7 million at December 31, 2008, representing 57.8% of our total consolidated indebtedness at that date. Although we manage a portion of our exchange rate risk through foreign currency derivative instruments and future cash flows from exports in U.S. dollars and other foreign currencies, our foreign currency debt obligations are not completely hedged. A significant devaluation of thereal in relation to the U.S. dollar or other currencies would increase the amount of reais that we need in order to meet debt service requirements of our foreign currency-denominated obligations.