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Foreign currency translation reserve

The foreign currency translation reserve comprises:

(i)

all foreign exchange differences arising from the translation of the financial statements of foreign operations whose functional currencies are different from the functional currency of the Company;

(ii)

the effective portion of the cumulative net change in fair value of foreign currency loans used to hedge the Group’s net investment in foreign operations;

(iii)

foreign exchange differences on monetary items which form part of the Group’s net investment in foreign operations; and

(iv)

the Group’s share of foreign currency translation reserve of associates.

Hedging reserve

The hedging reserve comprises:

(i)

the effective portion of the cumulative net change in fair value of cash flow hedging instruments related to hedged transactions that have not yet occurred; and

(ii)

the Group’s share of hedging reserve of associates.

Fair value reserve

The fair value reserve comprises:

(i)

the cumulative net changes in the fair values of available-for-sale financial assets until the investment is derecognised; and

(ii)

the Group’s share of fair value reserve of associates.

(d)

(e)

74

Every Note Counts

N otes to the Financial Statements

Year ended 31 December 2010

(c)

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