b'FORGING TRANSFORMATION. FOSTERING SUSTAINABILITY. NOTES TO THE SPECIAL PURPOSE FINANCIAL STATEMENTSFOR THE YEAR ENDED 30 JUNE 2018(Expressed in Trinidad and Tobago Dollars)4.Summary of significant accounting policies (continued) n.Determination of fair values (continued)ii.Investment in subsidiariesAn external, independent valuation company, having appropriate recognised professional qualifications and experience was contracted to value NIBTTs investment in subsidiaries. In determining the value of subsidiaries, three (3) valuation methods were considered. Under the market approach, the trading multiples method was applied; under the cost approach, the based valuation method and under the income approach, the excess return model was used. The values derived from these approaches were considered baseline. The baseline values were then applied using an average of the lows and highs of each method. A price range was created and from these scenarios a point estimate was derived using probability estimates for each scenario.iii.Investment properties and property, plant and equipment at fair valueAn external, independent valuation company, having appropriate recognised professional qualifications and recent experience in the location and category of property being valued, was used by NIBTT to value its investment property portfolio. The fair values are based on market values, being the estimated amount for which a property could be exchanged on the date of the valuation between a willing buyer and a willing seller in an arms length transaction after proper marketing wherein the parties had each acted knowledgeably and willingly.iv.OtherThe carrying amounts of financial assets and liabilities, included under other assets, cash and cash equivalents and other liabilities, approximate their fair values because of the short-term maturities on these instruments. The carrying values of fixed deposits are assumed to approximate fair value due to their term to maturity not exceeding one year.30 June 2018Level 1Level 2Level 3Total$000$000$000$000Properties, plant and equipment520,337520,337Investment properties324,700324,700Investment in subsidiaries1,991,8651,991,865845,0371,991,8652,836,90230 June 2017Level 1Level 2Level 3Total$000$000$000$000Properties, plant and equipment526,954526,954Investment properties328,750328,750Investment in subsidiaries2,000,4882,000,488855,7042,000,4882,856,19249'