FAIRFAX MEDIA  LIMITED  2013  41 REMUNERATION REPORT (AUDITED) RiGHTS GRAnTed To exeCuTiVeS WHo ARe key MAnAGeMenT PeRSonnel duRinG THe PeRFoRMAnCe yeAR  The maximum value of unvested shares in the LTI plans for FY10, FY11, and FY12 is $1,971,843. The minimum total value of all unvested shares  for all plan years is nil. 1) LTI rights are subject to performance hurdles that are outlined in section 6.2. Rights to LTI shares lapse where the applicable performance  conditions are not satisfied on testing. As the LTI rights only vest on satisfaction of performance conditions which are to be tested in future  fiscal periods, fiscal 2013 LTI shares have not yet been forfeited or vested. 2) The rights granted to Executives constituted their full LTI entitlement for fiscal 2013 and were made on 17 September 2012 and 24 October  2012 for the CEO subject to the terms summarised in section 6.2.  3) Fair value per LTI share was calculated by independent consultants PwC as at the grant date of 17 September 2012 and 24 October 2012. 4) The maximum value of the grant has been estimated based on the fair value per instrument. The minimum total value of the grant is nil  (this assumes none of the applicable performance conditions are met). The maximum value has been calculated to be nil for Executives  who have departed during the period. 6.4 ReTiReMenT BeneFiTS FoR exeCuTiVeS 6.5 loAnS To diReCToRS And key MAnAGeMenT PeRSonnel 6.6 HedGinG RiSk on SeCuRiTieS FoRMinG PART oF ReMuneRATion 6.7 ClAW-BACk Except for a very small number of long serving executives who are members of a defined benefit superannuation plan,  retirement benefits are delivered through contribution accumulation superannuation plans. The defined benefit funds (which  are closed to new entrants) provides defined lump sum benefits based on years of service, retirement age and the executive’s  remuneration at the time of retirement. During the year ended 30 June 2013, there were no loans to Directors or to key management personnel (2012: nil).  The rules of the Fairfax Employee Share Plans prohibit employees from creating any encumbrance on unvested share rights.  Under the Board approved Fairfax Securities Trading Policy, the Directors and certain senior employees are not permitted  to enter a financial transaction (whether through a derivative, hedge or other arrangement) which would operate to limit the  economic risk of an employee’s holding of unvested Company securities which have been allocated to the employee as part  of his or her remuneration. Employees who are found not to have complied with the Securities Trading Policy risk disciplinary  sanctions which may include termination of employment. Currently, the deferred component of the STI is subject to a claw-back provision. This means that the Board may exercise its  discretion to reduce or cancel shares in fairness to all parties where a senior executive has engaged in fraud or gross misconduct,  or where material risk or financial-related information has come to light since the grant of the deferred equity and the Board  subsequently considers that the initial grant was not justified. No deferred shares have been earned under the existing STI. The Board proposes to incorporate a similar ability to claw back a proportion of incentives under the new plan being  implemented during 2014.  Table 9 PERFORMANCE  CONDITION(1) NUMBER OF RIGHTS  GRANTED(2) FAIR VALUE  PER RIGHTS(3) MAXIMUM VALUE OF GRANT(4) G Hywood – Chief Executive Officer TSR 4,444,444 $0.08 $355,556 EPS 4,444,444 $0.35 $1,555,555 $1,911,111 D Housego – Chief Financial Officer TSR 1,833,333 $0.09 $165,000 EPS 1,833,333 $0.40 $733,333 $898,333 G Hambly – Group General Counsel  & Company Secretary TSR 1,041,667 $0.09 $93,750 EPS 1,041,667 $0.40 $416,667 $510,417 A Williams – Managing Director  Australian Publishing Media TSR 918,562 $0.09 $82,670 EPS 918,562 $0.40 $367,425 $450,095