text: The fair values of our Equity Derivatives are based on the quoted market 
  value of RCI’s Class B Non-Voting shares. 
  (cid:129) Financial assets and financial liabilities in Level 2 include valuations 
  using inputs based on observable market data, either directly or 
  indirectly, other than the quoted prices. 
  
  Fair value estimates are made at a specific point in time based on 
  relevant market 
  the financial 
  instruments. The estimates are subjective in nature and involve 
  uncertainties and matters of judgment. 
  
  (cid:129) Level 3 valuations are based on inputs that are not based on 
  information and information about 
  observable market data. 
  
  There were no material financial instruments categorized in Level 3 as at 
  December 31, 2013 and 2012. 
  
  Our disclosure of the three-level hierarchy reflects the significance of 
  the inputs used in measuring fair value: 
  (cid:129) We determine fair value of financial assets and financial liabilities in 
  Level 1 by referring to quoted prices in active markets for identical 
  assets and liabilities. 
  
  The table below shows the financial instruments carried at fair value by valuation method as at December 31, 2013 and 2012. 