In addition to the preferential CENCOEX exchange rate,
there are and have been parallel exchange markets controlled
by the Central Bank of Venezuela as the only legal
intermediary to execute foreign exchange transactions
outside of CENCOEX. Through December 31, 2013, various
regulations and a limited notional amount of transactions
that ran through these programs essentially eliminated the
Company's ability to access any foreign exchange rate other
than the preferential rate to pay for imported goods and/or
manage our local monetary asset balances. Accordingly, all
of our net monetary assets were measured at the preferential
6.3 VEF per dollar exchange rate through December 31,
2013. In addition, through December 31, 2013, our results
in Venezuela were reflected in our Consolidated Financial
Statements at the official CADIVI rate, which was the rate
we expected to be applicable to dividend repatriations.