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Note h Financial instruments

At December 31, 2008, Akzo Nobel N.V. had outstanding foreign exchange contracts to buy currencies for a total of €1.0 billion (December 31, 2007: €12.0 billion), while contracts to sell currencies totaled €2.3 billion (December 31, 2007: €4.5 billion). At year-end 2007, the foreign exchange contracts mainly related to the pound sterling hedge for the acquisition of ICI and the sale of certain ICI businesses to Henkel.

The other contracts mainly related to US dollars, Swedish krona, Norwegian kronor, and Japanese yen, and all have maturities within one year. These contracts offset the foreign exchange contracts concluded by the subsidiaries, and the fair value changes are recognized in the statement of income to offset the fair value changes on these contracts with the subsidiaries. For information on risk exposure and risk management, see note 25 of the notes to the consolidated financial statements.

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