CELANESE CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) ?
amend certain material agreements governing BCP Crystal’s indebtedness; ?
change the business conducted by Celanese Holdings and its subsidiaries; and ?
enter into hedging agreements that restrict dividends from subsidiaries.
In addition, the senior credit facilities require BCP Crystal to maintain the following financial covenants: a maximum total leverage ratio, a maximum bank debt leverage ratio, a minimum interest coverage ratio and maximum capital expenditures limitation.
The maximum consolidated net bank debt to Adjusted EBITDA ratio, as defined, previously required under the senior credit facilities, was eliminated when the Company amended the facilities in January 2005.
As of December 31, 2005, the Company was in compliance with all of the financial covenants related to its debt agreements.
The maturation of the Company’s debt, including short term borrowings, is as follows:
## Table 0 ##
(1) Includes $2 million purchase accounting adjustment to assumed debt.17.
Benefit Obligations Pension obligations.
Pension obligations are established for benefits payable in the form of retirement, disability and surviving dependent pensions.
The benefits offered vary according to the legal, fiscal and economic conditions of each country.
The commitments result from participation in defined contribution and defined benefit plans, primarily in the U. S.  Benefits are dependent on years of service and the employee’s compensation.
Supplemental retirement benefits provided to certain employees are non-qualified for U. S.  tax purposes.
Separate trusts have been established for some non-qualified plans.
Defined benefit pension plans exist at certain locations in North America and Europe.
As of December 31, 2005, the Company’s U. S.  qualified pension plan represented greater than 85% and 75% of Celanese’s pension plan assets and liabilities, respectively.
Independent trusts or insurance companies administer the majority of these plans.
Actuarial valuations for these plans are prepared annually.
The Company sponsors various defined contribution plans in Europe and North America covering certain employees.
Employees may contribute to these plans and the Company will match these contributions in varying amounts.
Contributions to the defined contribution plans are based on specified percentages of employee contributions and they aggregated $12 million for the year ended December 31, 2005, $8 million for the nine months ended December 31, 2004, $3 million for the three months ended March 31, 2004 and $11 million for the year ended December 31, 2003.
In connection with the acquisition of CAG, the Purchaser agreed to pre-fund $463 million of certain pension obligations.
During the nine months ended December 31, 2004, $409 million was pre-funded to the Company’s pension plans.
The Company contributed an additional $54 million to the non-qualified pension plan’s rabbi trusts in February 2005.
In connection with the Company’s acquisition of Vinamul and Acetex, the Company assumed certain assets and obligations related to the acquired pension plans.
The Company recorded liabilities of $128 million for these pension plans.
Total pension assets acquired amounted to $85 million.
PART II Item 5.
Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Market Information Our Series A common stock has traded on the New York Stock Exchange under the symbol “CE” since January 21, 2005.
The closing sale price of our Series A common stock, as reported by the New York Stock Exchange, on February 6, 2009 was $11.92.
The following table sets forth the high and low intraday sales prices per share of our common stock, as reported by the New York Stock Exchange, for the periods indicated.
## Table 1 ##
Holders No shares of Celanese’s Series B common stock are issued and outstanding.
As of February 6, 2009, there were 72 holders of record of our Series A common stock, and one holder of record of our perpetual preferred stock.
By including persons holding shares in broker accounts under street names, however, we estimate our shareholder base to be approximately 56,000 as of February 6, 2009.  Dividend Policy Our Board of Directors adopted a policy of declaring, subject to legally available funds, a quarterly cash dividend on each share of our Series A common stock at an annual rate of $0.16 per share unless our Board of Directors, in its sole discretion, determines otherwise.
Pursuant to this policy, we paid quarterly dividends of $0.04 per share on February 1, 2008, May 1, 2008, August 1, 2008 and November 1, 2008 and similar quarterly dividends during each quarter of 2007.
The annual cash dividend declared and paid during the years ended December 31, 2008 and 2007 were $24 million and $25 million, respectively.
Dividends payable to holders of our Series A common stock cannot be declared or paid nor can any funds be set aside for the payment thereof, unless we have paid or set aside funds for the payment of all accumulated and unpaid dividends with respect to the shares of our preferred stock, as described below.
Our Board of Directors may, at any time, modify or revoke our dividend policy on our Series A common stock.
We are required under the terms of the preferred stock to pay scheduled quarterly dividends, subject to legally available funds.
For so long as the preferred stock remains outstanding, (1) we will not declare, pay or set apart funds for the payment of any dividend or other distribution with respect to any junior stock or parity stock and (2) neither we, nor any of our subsidiaries, will, subject to certain exceptions, redeem, purchase or otherwise acquire for consideration junior stock or parity stock through a sinking fund or otherwise, in each case unless we have paid or set apart funds for the payment of all accumulated and unpaid dividends with respect to the shares of preferred stock and any parity stock for all preceding dividend periods.
Pursuant to this policy, we paid quarterly dividends of $0.265625 per share on our 4.25% convertible perpetual preferred stock on February 1, 2008, May 1, 2008, August 1, 2008 and November 1, 2008 and similar quarterly dividends during each quarter of 2007.
also produce acetate flake which is processed into acetate fiber in the form of a tow band.
Our Nutrinova business produces and sells Sunett?, a high intensity sweetener, and food protection ingredients, such as sorbates, for the food, beverage and pharmaceutical industries.
Key Products Acetate tow is used primarily in cigarette filters.
We produce acetate flake by processing wood pulp with acetic anhydride.
We purchase wood pulp that is made from reforested trees from major suppliers and produce acetic anhydride internally.
The acetate flake is then further processed into acetate fiber in the form of a tow band.
According to the 2008 Stanford Research Institute International Chemical Economics Handbook, we are the world’s leading producer of acetate tow, including production of our China ventures.
Sales of acetate tow amounted to approximately 12%, 11% and 9% of our consolidated net sales for the years ended December 31, 2008, 2007 and 2006, respectively.
We have an approximate 30% interest in three manufacturing China ventures, which are accounted for as cost method investments (Note 8) that produce acetate flake and tow.
Our partner in each of the ventures is the Chinese state-owned tobacco entity, China National Tobacco Corporation.
In addition, approximately 10% of our 2008 acetate tow sales were sold directly to China, the largest single market for acetate tow in the world.
Acesulfame potassium, a high intensity sweetener marketed under the trademark Sunett?, is used in a variety of beverages, confections and dairy products throughout the world.
Sunett?
pricing for targeted applications reflects the value added by Nutrinova, through consistent product quality and reliable supply.
Nutrinova’s strategy is to be the most reliable and highest quality producer of this product, to develop new product applications and expand into new markets.
Nutrinova’s food ingredients business consists of the production and sale of food protection ingredients, such as sorbic acid and sorbates, and high intensity sweeteners worldwide.
Nutrinova’s food protection ingredients are mainly used in foods, beverages and personal care products.
The primary raw materials for these products are ketene and crotonaldehyde.
Sorbates pricing is extremely sensitive to demand and industry capacity and is not necessarily dependent on the prices of raw materials.
Facilities Acetate Products has production sites in the United States, Mexico, the United Kingdom and Belgium, and participates in three manufacturing ventures in China.
Nutrinova has production facilities in Germany, as well as sales and distribution facilities in all major world markets.
Markets The following table illustrates the destination of the net sales of the Consumer Specialties segment by geographic region for the years ended December 31, 2008, 2007 and 2006.
Net Sales to External Customers by Destination — Consumer Specialties
## Table 2 ##

<table><tr><td></td><td>Total (in$millions)</td></tr><tr><td>2006</td><td>155</td></tr><tr><td>2007</td><td>29</td></tr><tr><td>2008</td><td>22</td></tr><tr><td>2009</td><td>40</td></tr><tr><td>2010</td><td>28</td></tr><tr><td>Thereafter<sup>-1</sup></td><td>3,163</td></tr><tr><td>Total</td><td>3,437</td></tr></table>
<table><tr><td></td><td colspan="2"> Price Range</td></tr><tr><td></td><td> High</td><td> Low</td></tr><tr><td> 2008</td><td></td><td></td></tr><tr><td>Quarter ended March 31, 2008</td><td>$43.72</td><td>$31.76</td></tr><tr><td>Quarter ended June 30, 2008</td><td>$50.99</td><td>$39.50</td></tr><tr><td>Quarter ended September 30, 2008</td><td>$47.02</td><td>$24.68</td></tr><tr><td>Quarter ended December 31, 2008</td><td>$27.76</td><td>$5.71</td></tr><tr><td> 2007</td><td></td><td></td></tr><tr><td>Quarter ended March 31, 2007</td><td>$32.00</td><td>$24.50</td></tr><tr><td>Quarter ended June 30, 2007</td><td>$39.43</td><td>$30.59</td></tr><tr><td>Quarter ended September 30, 2007</td><td>$42.49</td><td>$30.70</td></tr><tr><td>Quarter ended December 31, 2007</td><td>$44.77</td><td>$35.16</td></tr></table>
<table><tr><td></td><td colspan="6"> Year Ended December 31,</td></tr><tr><td></td><td colspan="2">2008</td><td colspan="2">2007</td><td colspan="2"> 2006</td></tr><tr><td></td><td></td><td>% of</td><td></td><td>% of</td><td></td><td> % of </td></tr><tr><td></td><td> $</td><td>Segment</td><td> $</td><td>Segment</td><td> $</td><td> Segment</td></tr><tr><td></td><td colspan="6"> (In millions, except percentages)</td></tr><tr><td>North America</td><td>194</td><td>17%</td><td>201</td><td>18%</td><td>204</td><td>23%</td></tr><tr><td>Europe/Africa</td><td>497</td><td>43%</td><td>427</td><td>39%</td><td>248</td><td>28%</td></tr><tr><td>Asia/Australia</td><td>413</td><td>36%</td><td>437</td><td>39%</td><td>395</td><td>45%</td></tr><tr><td>South America</td><td>51</td><td>4%</td><td>46</td><td>4%</td><td>29</td><td>4%</td></tr><tr><td>Total</td><td>1,155</td><td></td><td>1,111</td><td></td><td>876</td><td></td></tr></table>

Question: What is the growing rate of South America in the year with the most Europe/Africa?