38 REMUNERATION REPORT (AUDITED) DETAIL OF 2013 STI ARRANGEMENTS Table 5 Table 6 DETAIL OF LTI ARRANGEMENTS The 2009 LTI grant was tested at the end of the performance period this year, and did not vest.  The Board reviewed the Group’s LTI arrangements during the year, and determined to wind up the Plan as it currently operates.  The following table sets out how the Group’s LTI arrangements operated during the 2013 financial year.  1) As a percentage of Fixed Remuneration. 2) As part of his recruitment arrangements Mr Housego was entitled to a one off payment of $100,000 at the end of the FY13 subject  to achievement of performance goals. In the 2013 financial year, the KMP performance based short-term incentive opportunity and outcomes are set out below: SuMMARy oF THe STi FoR THe 2013 FinAnCiAl yeAR 6.2 lonG TeRM equiTy-BASed inCenTiVe SCHeMe (lTi)  What was the lTi and  who participates? Senior executives whose roles and skills are critical to the strategy of the Group were eligible to participate in  the Company’s equity-based LTI. The LTI aims to reward executives for creating growth in shareholder value. How is the lTi grant  determined? For 2013, participants in the LTI received an allocation of performance rights (rights) which allow the executive  to acquire shares for no consideration subject to achievement of the performance hurdles. No dividends are  payable to participants on the unvested rights. The number of rights to which a participant is entitled depends on the participant’s role and responsibilities.  Allocations were set at a fixed percentage of the executive’s Fixed Remuneration at the time they participate in  the LTI scheme. The value of the rights at the time of allocation is determined by an independent external valuer. In the allocations for the 2008 to 2012 financial years, participants in the LTI received an allocation of  Company shares. The shares were allocated to the executives and held by the trustee in trust until the  performance conditions are met and the allocation vests, or is forfeited. Details of these awards are set out in  the Company’s 2012 remuneration report available at www.fairfaxmedia.com.au  NAME MAXIMUM OPPORTUNITY  -PERFORMANCE-BASED  SHORT-TERM INCENTIVES (1) % OF MAXIMUM  OPPORTUNITY EARNED % OF MAXIMUM  OPPORTUNITY FORFEITED Greg Hywood 150% 0% 100% David Housego (2) 90% 23% 77% Brian Cassell 90% 0% 100% Gail Hambly 90% 0% 100% Allen Williams 90% 0% 100% did the STi provide  for deferral? The STI provided for a cash payment and a component deferred into shares (Deferred Component).  Any amounts earned from the Strategic component and 50% of any amounts earned above “on-target”  performance for Corporate and Business Unit performance would be deferred into shares. The balance of the  bonus is paid to the senior executive as cash. Any Deferred Shares awarded are required to be held in the Trust for two years (as the STI has been earned  by the executive, dividends are paid on the shares during this period). Commencing in the 2013 financial year, the Deferred Component was subject to a claw-back provision. This  means that the Board may exercise its discretion to reduce or cancel shares subject to trading restrictions 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.  As the financial gateway was not met for FY13, no Deferred Shares were awarded. How is performance  then assessed? At the end of the financial year, actual performance is assessed against the measures set at the beginning  of the year.  To what extent were  performance conditions  met during the year? The 2013 incentive gate target was not met and therefore no short term incentives were paid to executives  in respect of the financial year.