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Note h Financial instruments

At December 31, 2010, Akzo Nobel N.V. had outstanding foreign exchange contracts to buy currencies for a total of €1.6 billion (December 31, 2009: €1.6 billion), while contracts to sell currencies totaled €1.5 billion (December 31, 2009: €1.6 billion). The contracts mainly related to US Dollars, Pound Sterling, Swedish Krona and Swiss Franc, and all have maturities within one year. These contracts offset the foreign exchange contracts concluded by the subsidaries, and the fair value changes are recognized in the statement of income to offset the fair value changes on the contracts with the subsidaries. For information on risk exposure and risk management, see note 24 of the notes to the consolidated financial statements.

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