Question-and-Answer Session
Thank you. [Operator Instructions]. And the first question comes from Faisel Khan with Citi.
Unidentified Analyst
This is actually Barry Kline [ph]. How is it going guys?
Lon R. Greenberg - Chairman of AmeriGas Propane Inc. a General partner, Chairman of UGI Corp., Chief Executive Officer of UGI Corp. and President of UGI Corporation
How are you?
Unidentified Analyst
Good. I had a couple of quick questions here. What exchange rate are you guys assuming in your guidance?
Lon R. Greenberg - Chairman of AmeriGas Propane Inc. a General partner, Chairman of UGI Corp., Chief Executive Officer of UGI Corp. and President of UGI Corporation
142 and 142.
Unidentified Analyst
142, 142.
Lon R. Greenberg - Chairman of AmeriGas Propane Inc. a General partner, Chairman of UGI Corp., Chief Executive Officer of UGI Corp. and President of UGI Corporation
Because, don't forget, we've already got that hedged effectively because of the way we hedge our propane purchases.
Unidentified Analyst
Okay. And then over what period, did you hedge it.
Lon R. Greenberg - Chairman of AmeriGas Propane Inc. a General partner, Chairman of UGI Corp., Chief Executive Officer of UGI Corp. and President of UGI Corporation
That's... we got all the 2009 covered, most of 2010 I believe.
Unidentified Analyst
Yes, we got three years, don't we?
Lon R. Greenberg - Chairman of AmeriGas Propane Inc. a General partner, Chairman of UGI Corp., Chief Executive Officer of UGI Corp. and President of UGI Corporation
Yes, some of these are rolling ... We don't have much in...
Unidentified Analyst
That is okay. What type of demand ... what type of propane demand growth do you expect in both, the U.S and international and what have you seen so far with the decline in commodity prices versus your expectations with regard to the demand.
Lon R. Greenberg - Chairman of AmeriGas Propane Inc. a General partner, Chairman of UGI Corp., Chief Executive Officer of UGI Corp. and President of UGI Corporation
Yes, let me take a shot at that Barry. We ... the industry in the U.S probably are not going to experience any growth. And for us to tell you that we could grow our business, 5, 6, 7% you ought to be checking our sanity, I think that is something that's achievable for us in that environment. We do have a goal of some growth and the reason we are able to execute and create that growth is, we really approach it through three prongs and domestically, one prong is our cylinder exchange business, our cylinder exchange program really. And the other is our strategic accounts program and the third is our base business.
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