Our results of operations and financial condition are significantly affected by movements in the exchange rate of reais to the U.S. dollar, the euro and the pound sterling. We invoice for our export products primarily in U.S. dollars and, in Europe, in euros and pounds sterling, but we report our results of operations in reais. Appreciation of the real against those currencies decreases the amounts we receive in reais and therefore value of our net sales from exports. For example, in 2008, our export volumes increased 5.0%, while our gross sales from exports increased 20.5% as a result of the significant devaluation of the real against the U.S. dollar during that period.