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14. FINANCIAL INSTRUMENTS 

## Fair Values 

The fair values of financial instruments have been determined as follows: 

(i) Current assets and current liabilities 

The fair values of financial instruments included in current assets and liabilities approximate their carrying values due to their short-term nature. 

(ii) Investments and other assets 

(a) The fair value of publicly traded shares included in this category is determined by the closing market values for those investments. 

(b) The fair value of other investments in this category approximates their carrying value. 

(iii) Long-term debt 

The carrying value of the Company’s bank loans approximates their fair value because interest charges under the terms of the bank loans are based upon current Canadian bank prime and bankers’ acceptance rates and on U.S. bank base and LIBOR rates. 

(iv) Derivative financial instruments 

The fair value of interest rate and cross-currency exchange agreements is based upon quotations by the counterparties to the agreements. 

The estimated fair values of long-term debt and related derivative financial instru- ments are as follows: 

<img src='content_image/32136.jpg'>

Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates are sub- jective in nature and involve uncertainties and matters of significant judgement and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates. 

