(Amounts in thousands of Brazilian reais – R$, unless otherwise stated)

	2009	2008	01.01.2008
Cash and banks:
Local currency	1,945	8,184	22,811
Foreign currency	12,456	6,513	6,196
Short-term investments:
Debentures subject to repurchase agreements (a)	58,085	616,653	416,843
Bank certificates of deposit (CDBs) (a)	439,479	436,381	544,017
Money Market Deposit Account – MMDA (b)	2,315	4,426	5,357
Total	514,280	1,072,157	995,224

Cash and banks consist of an imprest cash fund and cash available in bank accounts in Brazil and abroad, derived primarily from deposits made by card-issuing banks. Such amounts are used to settle transactions with merchants.

Short-term investments have the following characteristics:

(a) The yield of debentures and CDBs for the years ended December 31, 2009 and 2008 was, on average, 102.4% and 103.1% of the interbank deposit rate (CDI), respectively.

(b) The funds invested abroad (New York – USA) in MMDA earn yield at a fixed rate of 0.1% per year.

These short-term investments are highly liquid and their fair values do not differ materially from their carrying amounts.