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              [html]<thead><tr><td></td><td>( f )</td></tr></thead><tbody><tr><td>Derivative financial instruments</td><td>Ost</td></tr><tr><td>The Santos Group uses derivative financial instruments to hedge its exposure to changes in foreign exchange rates,</td><td>Table</td></tr><tr><td>commodity prices and interest rates anising in the normal course of business. The principal derivatives used are forward</td><td>Age</td></tr><tr><td>foreign exchange contracts, foreign currency swaps, foreign currency oppontracts, interest rate swaps and</td><td>Patients</td></tr><tr><td>commodity crude oil price swap and option contracts and natural gas swap and option contracts. Their use is subject to a</td><td>to</td></tr><tr><td>comprehensive set of policies, procedures and limits approved by the Board of</td><td>Table</td></tr><tr><td>Directors. The Santos Group does not trade in derivative financial instruments for speculative purposes.</td><td>Parameters</td></tr><tr><td>Gains and losses on derivative financial instruments designated as hedges are accounted for on the same basis as the underlying exposures they are hedging.</td><td>of</td></tr><tr><td>The gains and losses on derivative</td><td>d</td></tr><tr><td>financial. instruments hedging specific purchase or sale commitments are def and included in the measurement of tI</td><td>Table</td></tr><tr><td>and included in the measurement of the purchase or sale.</td><td>Parameter</td></tr><tr><td>Where hedge transactions are designated as a hedge of an anticipated specific purchase or sale, the gains or losses on the hedge arrising up to the date of the articipated</td><td>Table</td></tr><tr><td>transaction, together with any costs or gains arising at the time of entering into the hedge, are deferred and included in the measurement of the anticipated transaction</td><td>at</td></tr><tr><td>when the transaction has occurred as designated. Any gains or losses on the hedge transaction after that date are</td><td>Sensory</td></tr><tr><td>included in the statements of financial performance. The net amounts receivable or</td><td>Table</td></tr><tr><td>payable under forward foreign exchange contracts and the associated deferred gains or lasses are recorded on the statements of</td><td>ght</td></tr><tr><td>financial position from the inception of the hedge transaction.</td><td>Table</td></tr><tr><td>Exchange differences relating to amounts payable in foreign currencies designated as a hedge of a self - sustaining foreign operation, together with any related</td><td>d</td></tr><tr><td>income tax expense / benefit, are transferred on consolidation to the foreign currency translation reserve.</td></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr><tr></tr></tbody>
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