We’ll go next to Brent Thill with Citi.

Brent Thill – Citigroup

Thanks. I think your Q1 guidance implies negative 7% to 12% growth, and I guess just as you look at the whole fiscal year ’09, are you looking at trying to get back to break-even or do you think that we are going to see the whole fiscal ’09 as negative as is implied by your Q1 guidance?

Mark Garrett

Again, this is Mark. We gave the Q1 guidance, which we obviously take pretty seriously and try to be prudent about. We’re not prepared to talk about what the rest of the year would look like right now but again, I think you can model it out as I suggested, which is, Q1 and Q2 relatively similar, with a dip in Q4 and a spike, a dip in Q3 and a spike back up in Q4.

Shantanu Narayen

And Brent, I want to also reiterate, I mean, when you think about how we are doing across each of our businesses, I think it’s been clear from our 2008 results that we’ve been executing against each one of the initiatives we outlined and so it’s really going to be how the economy progresses over 2009 rather than anything that we are doing as it relates to execution. You saw LiveCycle had a great year. Acrobat continues to do well and the adoption for our platform continues unabated.

Brent Thill – Citigroup

Okay, and Mark, the FX impact in the quarter and for what you are assuming for the guidance in Q1?

Mark Garrett

Sure. So in Q4, net of our hedging, so including the impact of our hedging, which did give us a positive benefit this quarter, we had a $7 million gain year-over-year. That was a $1 million loss from the Euro and an $8 million gain from the Yen, and then Q4, quarter-over-quarter, we actually had a $20 million loss, a $24 million negative impact from the Euro and a $4 million gain from the Yen. We continue to hedge and we are actually in very good shape, if you look at our hedging, for the beginning of 2009 relative to where rates are today and the guidance that we have provided has factored in both where we think rates will be as well as the benefit of the hedging that we expect.

Brent Thill – Citigroup

Thanks.

Operator

We’ll go next to Sara Friar with Goldman Sachs.

Sara Friar - Goldman Sachs

Great, thanks very much for taking my call. Shantanu, you mentioned that the top line will be driven a lot by just what goes on in the economy, which we all understand. Where you do though have your own ability to change the direction of Adobe is on the bottom line. You’ve made a swift move here with an 8% headcount reduction. How much through the year will you continue to look to keep costs very tight and preserve the margins, even if the demand continues to track maybe even worse than what we are seeing right now?

Shantanu Narayen

Sara, based on what we saw in the economic climate, as you point out, we took fairly quick action. We’ve already restructured and that was actually done on the day that we announced it. So I think rather than have that linger or there be uncertainty within the organization, we were able to get that all behind us. Clearly the focus right now is going to continue to be on driving revenue and focusing on the top line because we believe that that’s our really how we power through this current economic climate, and based on what we saw, we think we’ve made the changes that we need to. And we’ll just continue to monitor our business.

Sara Friar - Goldman Sachs