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## Determination of fair value 

Carlsberg has no financial instruments measured at fair value on the basis of level 1 input (quoted prices) or level 3 input (non- observable data). 

The fair value of borrowings is disclosed in section 4.4.1. The carrying amount of other financial assets and liabilities approximates their fair value. 

## METHODS AND ASSUMPTIONS TO DETERMINE FAIR VALUE 

The methods and assumptions used in determining the fair values of each category of financial assets and financial liabilities are described in the table. The methods are unchanged from 2012. 

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