To determine our discount rate, we project a cash flow based on annual accrued benefits. For active  participants, the benefits under the respective pension plans are projected to the date of termination. The  projected plan cash flow is discounted to the measurement date, which is the last day of our fiscal year, using the  annual spot rates provided in the Ryan Curve. A single discount rate is then computed so that the present value of the  benefit cash flow equals the present value computed using the Ryan Curve rates. In determining the expected long-term rate of return on assets, we evaluated input from our investment  consultants, actuaries and investment management firms, including our review of asset class return expectations, as  well as long-term historical asset class returns. Projected returns by such consultants and economists are based on  broad equity and bond indices. Our objective is to select an average rate of earnings expected on existing plan assets  and expected contributions to the plan during the year. The value (“market-related value”) of plan assets is multiplied by the expected long-term rate of return on  assets to compute the expected return on plan assets, a component of net periodic pension cost. The market-related  value of plan assets is a calculated value that recognizes changes in fair value over three years. On October 27, 2014, the Society of Actuaries (“SOA”) released new mortality tables that increased life  expectancy assumptions. During the fourth quarter of 2014, we adopted the new mortality tables and revised the  mortality assumptions used in determining our pension and postretirement benefit obligations. The net impact to our  qualified and non-qualified pension obligations resulting from the new mortality assumptions was an increase of  $117.0 million. The assets underlying the Company-sponsored qualified pension plans are managed by professional  investment managers. These investment managers are selected and monitored by the pension investment committee,  composed of certain senior executives, who are appointed by the Finance Committee of the Board of Directors of the  Company. The Finance Committee is responsible for adopting our investment policy, which includes rules regarding  the selection and retention of qualified advisors and investment managers. The pension investment committee is  responsible for implementing and monitoring compliance with our investment policy, selecting and monitoring  investment managers and communicating the investment guidelines and performance objectives to the investment  managers. Our contributions are made on a basis determined by the actuaries in accordance with the funding  requirements and limitations of the Employee Retirement Income Security Act (“ERISA”) and the Internal Revenue  Code. The primary long-term investment objective is to allocate assets in a manner that produces a total rate of return  that meets or exceeds the growth of our pension liabilities. Our plan objective is to transition the asset mix to hedge  liabilities and minimize volatility in the funded status of the plans. In accordance with our asset allocation strategy, for substantially all of our Company-sponsored pension plan  assets, investments are categorized into long duration fixed income investments whose value is highly correlated to  that of the pension plan obligations (“Long Duration Assets”) or other investments, such as equities and high-yield  fixed income securities, whose return over time is expected to exceed the rate of growth in our pension plan  obligations (“Return-Seeking Assets”). The proportional allocation of assets between Long Duration Assets and Return-Seeking Assets is dependent on  the funded status of each pension plan. Under our policy, for example, a funded status between 85% and 90% requires  an allocation of total assets of 46% to 56% to Long Duration Assets and 44% to 54% to Return-Seeking Assets. As our  funded status increases, the allocation to Long Duration Assets will increase and the allocation to Return-Seeking  Assets will decrease. P. 82 – THE NEW YORK TIMES COMPANY Asset Allocation Guidelines Investment Policy and Strategy Company-Sponsored Pension Plans Plan Assets