The fair value is the measurement category applicable in the case of valuation:

• real estate and intangible assets classified as investments

• shares in other entities and other than real property and intangible assets classified as investments included investments in fixed assets

• Short-term investments for which no active market exists

• receivables and loans classified as financial assets if the company intends to sell them within a period of three months.

• financial liabilities if the company intends to sell them within a period of three months.

Fair value is the amount for which an asset could be exchanged, or a liability settled at arm's length transaction between knowledgeable, willing, unrelated parties.

The fair value of financial instruments that are traded in an active market is a market price less the costs associated with carrying out the transaction - if the amount of these costs is important.

The market price of financial assets held by the entity and financial liabilities that the entity intends to enlist, is reported on the current bid price market, while the market price of financial assets, which the Company intends to acquire, and financial liabilities is reported on the current market offer.

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