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- "text": "- 2. Right-click the relationships to be stopped and select **Stop**, as shown in Figure 11-146.\n\n| Create Consistency Group | = Actions ▼ | | | | Default | V | Contains V | Filter | నే |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| Name | State | | Master Volume 个 | Auxiliary Volume | | | | | IIi |\n| V Not in a Group | | | | | | | | | |\n| RSRR01_rel | Rename ... | Canalata Synchronized B | ITSO-RR100 | ITSO-SS200 | | | | | |\n| V 日 -> ITSO-RS-TST01 | | istent Stopped | Master System: ITSO-SV1 -> Auxiliary System: ITSO-SV1. | | | | | | |\n| rcre10 | Add to Consistency Group | ht Stopped | ITSO-SRC-CG1 | ITSO-TGT-CG1 | | | | | |\n| √ 目一>目 ITSO-RB02-001 | Change Volumes | tent Stopped | Master System: ITSO-SV1 -> Auxiliary System: ITSO-5V1. | | | | | | |\n| ALN01_rel | Start | Stopped | ITSO-NGroD01 | ITSO-NGro002 | | | | | |\n| SJC-LA01_rel | Stop | Stopped | TODES-OSII | ITSO-LA001 | | | | | |\n| | Switch | | | | | | | | |\n| | Delete | | | | | | | | |\n| | Edit Relationship | | | | | | | | |\n\n*Figure 11-146 Stopping a Remote Copy relationship*\n\n- 3. When a remote copy relationship is stopped, access to the auxiliary volume can be changed so it can be read and written by a host. A confirmation message is displayed, as shown in Figure 11-147.\n\n| Stop Remote-Copy Relationship |\n| --- |\n| Do you want to allow read/write access to the secondary volume when stopping remote-copy |\n| relationship RSRR01_rel? |\n| Allow secondary read/write access |\n| Cancel Stop Relationship |\n\n*Figure 11-147 Grant access in read and write to the auxiliary volume*",
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- "text": "- 3. Select the Consistency Group for this remote copy relationship by using the menu, as shown in Figure 11-136. Click **Add to Consistency Group** to confirm your changes.\n\n| × Add Relationship to Consistency Group |\n| --- |\n| Select the consistency group to move the relationship ALN01_ rel |\n| Consistency Group ITSO-RB01-001 |\n| Cancel Add to Consistency Group |\n\n*Figure 11-136 Selecting the Consistency Group to add the relationships to*\n\n# **11.9.7 Removing remote copy relationships from Consistency Group**\n\nTo remove one or multiple relationships from a remote copy consistency group, complete the following steps:\n\n- 1. Open the **Copy Services** → → **Remote Copy** panel.\n- 2. Right-click the relationships to be removed and select **Remove from Consistency Group**, as shown in Figure 11-137.\n\n| ( Create Consistency Group | = Actions ▼ | | | Default | V | Contains V | Filter | 区 |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| Name | State | Master Volume ← | Auxiliary Volume | | | | | Ili |\n| Not in a Group | | | | | | | | |\n| 日 -- > ITSO-RS-TST01 | State: Inconsistent Stopped | Master System: ITSO-SV1 -> Auxiliary System: ITSO-SV1. | | | | | | |\n| ▽ 目一→目 ITSO-RB01-001 | State: Consistent Stopped | Master System: ITSO-5V1 > Auxiliary System: ITSO-SV1. | | | | | | |\n| ALN01_rel | Canadaat Staanad | ITSO-NGro001 | ITSO-NGro002 | | | | | |\n| SJC-LA01_rel | Rename ... | TODCS-OSLI | ITSO-LA0D1 | | | | | |\n| | Add to Consistency Group | | | | | | | |\n| | Change Volumes | | | | | | | |\n| | Remove from Consistency Group | | | | | | | |\n| | Delete | | | | | | | |\n\n*Figure 11-137 Removing relationships from a Consistency Group*",
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- "query": "What was the proportion of revenue generated by wireless telecommunications operations in 2009?",
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- "text": "Network revenue was higher this year compared to last year. This was the net effect of:\n\n- higher data revenue related to an increase in subscriber levels and higher usage of wireless data services\n- partially offset by our introduction of new lower priced US and international roaming plans and rates which offer consumers more value, and\n- the continued adoption of customer friendly simplified plans, which often bundle in certain features like voicemail, caller ID and long distance that we have charged for separately in the past.\n\nExcluding the decline in US and international roaming revenue this year, network revenue would have increased 1%.\n\nData revenue was 17% higher this year mainly because of the continued penetration and growing use of smartphones, tablet devices and wireless laptops, which increased the use of e-mail, wireless, Internet access, text messaging and other wireless data services. Data revenue represented approximately 47% of total network revenue this year, compared to approximately 41% last year.\n\nPostpaid churn was 1.24% this year, compared to 1.29% in 2012. The lower churn rate is partly attributable to the new simplified plans and the roaming plans we introduced.\n\nGross postpaid subscriber additions were 1.4 million this year, or 3% lower than last year, which reduced net postpaid subscriber additions to 228,000, despite a lower postpaid churn. We believe the industry transition from three year to two year plans resulting from the recent adoption of the Canadian Radio-television and Telecommunications Commission (CRTC) Wireless Code may have slowed our overall wireless subscriber growth from the second half of the year. See \"Regulation in Our Industry\" for more information on the Wireless Code.\n\nWe activated and upgraded approximately 2.7 million smartphones this year, compared to approximately 2.9 million in 2012. Approximately 34% of these were for new subscribers. The decrease was mainly because there was a 10% reduction in hardware upgrades by existing subscribers during the year, which we also believe is at least partly due to the move from three to two year contracts and the associated pricing changes.\n\nThe percentage of subscribers with smartphones increased to 75% of our overall postpaid subscriber base, compared to 69% at the end of 2012. Smartphone subscribers typically generate significantly higher ARPU and are less likely to churn.\n\nThe decrease in prepaid subscriber net additions was mainly because of increasing competition at the lower end of the wireless market where prepaid products are mainly sold.\n\nBlended ARPU was down slightly this year compared to last year because the voice component declined at a faster rate than the data component increased.\n\n#### (%) **DATA REVENUE PERCENT OF BLENDED ARPU**\n\n#### *Lower Equipment Sales*\n\nEquipment sales (net of subsidies) include revenue from sales to:\n\n- independent dealers, agents and retailers\n- directly to subscribers through fulfillment by Wireless' customer service groups, websites, telesales and corporate stores.\n\nRevenue from equipment sales was lower this year, mainly because fewer existing subscribers upgraded their devices and there were fewer gross activations.\n\n#### **Lower Operating Expenses**\n\nWe assess operating expenses in two categories:\n\n- the cost of wireless handsets and equipment\n- all other expenses involved in day-to-day operations, to service existing subscriber relationships and attract new subscribers.\n\nThe cost of equipment was $50 million lower than last year, or 3%, mainly because fewer existing subscribers upgraded hardware and fewer new customers were added during the year as discussed above. We activated and upgraded fewer devices compared to 2012.",
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- "text": "#### INDUSTRY TRENDS\n\n#### The telecommunications industry in Canada, and our business segments, is affected by several overarching trends.\n\n#### CHANGING TECHNOLOGIES AND CONSUMER DEMANDS\n\nConsumer demand for mobile devices, digital media and on-demand content across platforms is pushing providers to build networks that can provide more data faster, cheaper and more easily. Increased adoption of smartphones and double digit growth in our data revenue continued this year, reflecting expanded use of applications, mobile video, messaging and other wireless data.\n\n#### COMPETITION\n\nCompetition in wireless from national and regional operators as well as smaller new entrants changes how we compete for wireless services. This puts downward pressure on pricing affecting profit margins and impacts customer churn.\n\nTraditional wireline telephone and television services are now offered over the Internet, opening the door to more non-traditional competitors, and changing how traditional providers compete. This is changing the mix of packages and pricing that service providers offer, affecting profit margins and customer churn.\n\n#### **WIRELESS TRENDS**\n\nMore sophisticated wireless networks, devices and applications are making it easier and faster to receive data, driving growth in wireless data services.\n\nWireless providers are investing in the next generation of broadband wireless data networks, such as LTE, to support the growing data demand.\n\nWireless market penetration in Canada is approximately 80% of the population, and is expected to grow at an estimated 2% annually.\n\nThe new CRTC code of conduct has limited wireless term contracts to two years from three years. Although the code of conduct has only been in place for a month, we believe this is currently reducing churn and slowing growth in the wireless marketplace.\n\n#### **CABLE TRENDS**\n\nYounger generations are increasingly using the Internet and social media as a substitute for traditional wireline telephone services, and televised content is increasingly available online, both on wireline and on wireless devices.\n\nWe face new competition from companies like Skype and Vonage, who market Voice over Internet Protocol (VoIP) telephony services, and Netflix and Apple TV, who provide televised content over the Internet.\n\nNorth American cable companies are improving their cable networks and expanding their service offerings to include Internet, digital cable and VoIP telephony services, while competition from telco IPTV deployments and non-facilities based service providers continues to cause pricing pressures which negatively impacts revenue growth.\n\nIn the media industry, there continues to be a shift towards on-line media consumption by consumers which in turn drives advertisers to spend more on-line versus traditional media. In addition, there are more media competitors as additional on-line media companies enter the market, including large global companies.\n\n#### REGULATION\n\nMost areas of our business are highly regulated, which affects who we compete with, the programming we can offer, where and how we use our networks, how we build our businesses and the spectrum we purchase. The telecommunications industry is being affected by more regulation and more reviews of the current regulations.\n\n#### ECONOMIC CONDITIONS\n\nOur businesses are affected by general economic conditions and consumer confidence and spending, especially in our Media segment, where advertising revenue is directly affected by the economy.\n\n#### **BUSINESS SOLUTIONS TRENDS**\n\nCompanies are using fibre-based access and cloud computing to capture and share information in more volume and detail. This, combined with the rise of multimedia and Internet-based applications, is driving exponential growth in data demand.",
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- "text": "#### COMPETITION\n\nWe compete on quality of service, scope of services, network coverage, sophistication of wireless technology, breadth of distribution, selection of devices, branding and positioning, and price.\n\n- Wireless technology: we were the first carrier in Canada to launch an LTE network catering to customers seeking the increased capacity and speed it provides. We compete with Bell, Telus MTS and Eastlink, all of whom operate LTE networks and we expect competition to grow over time as LTE becomes the prevailing technology in Canada. We also compete with these providers and other regional providers such as Wind Mobile, on HSPA and GSM networks and with providers that use alternative wireless technologies, like Wi-Fi \"hotspots\".\n- Product, branding and pricing: we compete nationally with Bell and Telus. We also complete with newer entrants, various regional players and resellers.\n- Distribution: we compete with other service providers for both dealers and prime locations for our own stores as well as third party retail distribution shelf space outlets.\n- Wireless networks and handset devices: the parity of wireless devices across networks has dramatically transformed the competitive landscape, and we expect this to continue and even intensify. Consolidation among new entrants or with incumbent carriers could alter the competitive landscape for Wireless regionally or nationally.\n- Spectrum: we are currently participating in an auction for 700 MHz spectrum. Industry Canada has also announced an auction for additional 2500 MHz spectrum in 2015 in which we may be restricted from participating in the geographic areas where we already hold more than 40 MHz of 2500 MHz spectrum. The outcomes of both of these auctions may increase competition.\n\n#### WIRELESS FINANCIAL RESULTS\n\n| | | Years ended December 31 | |\n| --- | --- | --- | --- |\n| (In millions of dollars, except percentages) | 2013 | 2012 | % Chg |\n| Operating revenue | | | |\n| Network revenue | $ 6,748 | $ 6,719 | – |\n| Equipment sales | 522 | 561 | (7) |\n| Operating revenue – Wireless | 7,270 | 7,280 | – |\n| Operating expenses | | | |\n| Cost of equipment 1 | (1,535) | (1,585) | (3) |\n| Other operating expenses | (2,578) | (2,632) | (2) |\n| | (4,113) | (4,217) | (2) |\n| Adjusted operating profit – Wireless | $ 3,157 | $ 3,063 | 3 |\n| Adjusted operating profit margin as | | | |\n| % of network revenue | 46.8% | 45.6% | |\n| Additions to property, plant and equipment | $ 865 | $ 1,123 | (23) |\n| Data revenue included in network revenue | $ 3,175 | $ 2,722 | 17 |\n| Data revenue as % of network revenue | 47% | 41% | |\n\n1 Includes the cost of equipment sales and direct channel subsidies.\n\n#### WIRELESS SUBSCRIBER RESULTS 1, 2\n\n| (Subscriber statistics in thousands, | | | Years ended December 31 | |\n| --- | --- | --- | --- | --- |\n| except ARPU and churn) | 2013 | 2012 | | Chg |\n| Postpaid | | | | |\n| Gross additions | 1,409 | 1,457 | | (48) |\n| Net additions | 228 | 268 | | (40) |\n| Total postpaid subscribers | 8,074 | 7,846 | | 228 |\n| Monthly churn | 1.24% | 1.29% | | (0.05)pts |\n| Monthly average revenue per user | | | | |\n| (ARPU) | $ 67.76 | $ 69.30 | $ | (1.54) |\n| Prepaid | | | | |\n| Gross additions | 525 | 627 | | (102) |\n| Net losses | (162) | (170) | | 8 |\n| Total prepaid subscribers | 1,429 | 1,591 | | (162) |\n| Monthly churn | 3.85% | 3.98% | | (0.13)pts |\n| ARPU | $ 15.64 | $ 15.84 | $ | (0.20) |\n| Blended ARPU | $ 59.58 | $ 59.79 | $ | (0.21) |\n\n1 Does not include subscribers from our wireless home phone product.\n\n**WIRELESS POSTPAID AND PREPAID SUBSCRIBERS**\n\n2 ARPU, subscriber counts and subscriber churn are key performance indicators. See \"Key Performance Indicators*\"*.\n\n#### **Operating Revenue**\n\nOur operating revenue depends on the size of our subscriber base, the average revenue per user and revenue from equipment sales.\n\n#### *Higher Network Revenue*",
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- "text": "#### **Wireless**\n\nThe trends in Wireless revenue and adjusted operating profit reflect:\n\n- the growing number of wireless voice and data subscribers\n- decreased churn\n- higher usage of wireless data\n- higher handset subsidies as more consumers shift to smartphones\n- a slight decrease in blended ARPU due to changes in wireless price plans.\n\nWe continue to target higher value postpaid subscribers, which has contributed to the significantly heavier mix of postpaid versus prepaid subscribers. Growth in our customer base and overall market penetration have resulted in higher costs over time for customer service, retention, credit and collection; however, most of the cost increases have been offset by gains in operating efficiencies.\n\nWireless' operating results are influenced by the timing of our marketing and promotional expenditures and higher levels of subscriber additions and related subsidies, resulting in higher subscriber acquisition and activation-related expenses in certain periods. This increased activity generally occurs in the third and fourth quarters, and can also occur or be accentuated by the launch of popular new wireless handset models.\n\n#### **Cable**\n\nThe trends in Cable services revenue and operating profit increases are primarily due to:\n\n- higher penetration and usage of Internet, digital and telephony products and services\n- offset by competitive losses of television subscribers and pricing changes over the past year.\n\nCable's operating results are affected by modest seasonal fluctuations in subscriber additions and disconnections, typically caused by:\n\n- university and college students moving\n- individuals temporarily suspending service for extended vacations or seasonal relocations\n- the concentrated marketing we generally conduct in our fourth quarter.\n\n#### **Business Solutions**\n\nThe trends in Business Solutions operating profit margin primarily reflect the ongoing shift from lower-margin, off-net legacy long distance and data services to higher-margin, on-net next generation IP-based services.\n\nBusiness Solutions does not generally have any unique seasonal aspects to its business.",
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- "text": "The Company records equipment revenue from the sale of handsets and accessories to subscribers in its retail stores and to local distributors in its territories upon delivery. The Company does not record equipment revenue on handsets and accessories purchased from national third-party retailers, those purchased though the Company's business-tobusiness sales force, or directly from Sprint by subscribers in its territories. The Company believes the equipment revenue and related cost of equipment associated with the sale of wireless handsets and accessories is a separate earnings process from the sale of wireless services to subscribers. For competitive marketing reasons, the Company sells wireless handsets at prices lower than the cost. In certain instances the Company may offer larger handset discounts as an incentive for the customer to agree to a multi-year service contract. The Company also sells wireless handsets to existing customers at a loss in handset sales and the corresponding cost in cost of goods, and accounts for these transactions separately from agreements to provide customers wireless service. These transactions are viewed as a cost to retain the existing customers and deter churn.\n\nFor the Company's wireless customers that purchase and activate their service through a channel not covered by EITF 00-21, the wireless customers generally pay an activation fee to the Company when they initiate service. The Company defers the activation fee revenue (except when a special promotion reduces or waives the fee) over the average life of its subscribers, which is estimated to be 30 months. The Company recognizes service revenue from its subscribers as they use the service. The Company provides a reduction of recorded revenue for billing adjustments and the portion of revenue (8%) that is retained by Sprint. The Company also reduces recorded revenue for rebates and discounts given to subscribers on wireless handset sales in accordance with (\"EITF\") Issue No. 01-9 \"Accounting for Consideration Given by a Vendor to a Subscriber (Including a Reseller of the Vendor's Products).\" The Company",
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- "text": "Wireless revenues from the Company's paging operation were $0.3 million, a decrease of $0.1 million as the local customer base increasingly chose alternative digital wireless services. Paging service subscribers declined by 7.8% in 2002 from 3,190 subscribers to 2,940 subscribers.\n\nWithin wireline revenues, the Telephone operation contributed $22.5 million, an increase of $0.9 million, or 4.0%. Telephone access revenues were $10.9 million, an increase of $1.4 million or 14.8%. The growth in access revenues was driven by a 38.4% increase in access minutes of use on the Company's network and an increased percentage of minutes in the intrastate jurisdiction, where rates are higher than the interstate jurisdiction. On January 1, 2002 the Federal subscriber line charge (SLC) for residential customers increased from $3.50 to $5.00 per month. The SLC",
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- "text": "#### **Results of Continuing Operations**\n\n#### **2003 compared to 2002**\n\nTotal revenue was $105.9 million in 2003, an increase of $12.9 million or 13.9%. Total revenues included $70.0 million of wireless revenues, an increase of $12.0 million or 20.7%; wireline revenues of $29.0 million, an increase of $0.3 million or 0.9%; and other revenues of $7.0 million, an increase of $0.6 million or 9.7%.\n\nWithin wireless revenues, the PCS operation contributed $69.8 million, an increase of $11.6 million, or 20.8%. PCS service revenues were $44.4 million, an increase of $10.9 million or 32.4%. Service revenue growth was driven by the increase in subscribers, totaling 85,139 at December 31, 2003, an increase of 17,297 or 25.5%, compared to 67,842 subscribers at year-end 2002. The company had churn of 2.1% in 2003 compared to 2.8% in 2002. The decline in the churn rate is the result of tightening the credit screening for new subscribers as well as continued efforts to improve the after sales support. Competition in the wireless industry continues to have a significant impact on the results of the Company's PCS operation.\n\nPCS travel revenue, including reseller revenue, which is compensation between Sprint and its PCS Affiliates for use of the other party's network, was $16.8 million, an increase of $0.3 million or 1.8%. Travel revenue is impacted by the geographic size of the Company's network service area, the overall number of Sprint wireless customers, their travel patterns and the travel exchange rate. The rate received on travel was $0.058 per minute in 2003, compared to $0.10 per minute in 2002. As a part of the amended management agreement signed on January 30, 2004, Sprint and the Company agreed to maintain the travel rate at $0.058 per minute through December 31, 2006.",
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- "text": "The Company participates in the telecommunications industry, which requires substantial investment in fixed assets or plant. This significant capital requirement may preclude profitability during the initial years of operation. The strategy of the Company is to grow and diversify the business by adding services and geographic areas that can leverage the existing plant, but to do so within the opportunities and constraints presented by the industry. For many years the Company focused on reducing reliance on the regulated telephone operation, which up until 1981 was the primary business within the Company. This initial diversification was concentrated in other wireline businesses, such as the cable television and regional fiber facility businesses, but in 1990 the Company made its first significant investment in the wireless sector through its former investment in the Virginia 10 RSA Limited partnership. By 1998, revenues of the regulated telephone operation had decreased to 59.2% of total revenues. In that same year more than 76.6% of the Company's total revenue was generated by wireline operations, and initiatives were already underway to make wireless a more significant contributor to total revenues.\n\nDuring the 1990's significant investments were made in the cellular and PCS (wireless) businesses. The VA 10 RSA cellular operation, in which the Company held a 66% interest and was the general partner, experienced rapid revenue growth and excellent margins in the late 1990's. The cellular operation covered only six counties, and became increasingly dependent on roaming revenues. Management believed the roaming revenues and associated margins would be unsustainable as other wireless providers increasingly offered nationally-branded services with significantly reduced usage charges. To position it to participate in the newer, more advanced, digital wireless services, in 1995 the Company entered the PCS business through an affiliation with American Personal Communications (APC), initiating service along the Interstate 81 corridor from Harrisonburg, Virginia to Chambersburg, Pennsylvania. This territory was a very close match to the Company's fiber network, thereby providing economic integration that might not be available to other wireless carriers. In 1999, the Company entered a new affiliation arrangement with Sprint, the successor to APC (which introduced the Company to a nationally-branded wireless service) and expanded the PCS footprint further into Central Pennsylvania. The Company's combined capital investment in 2000 and 2001 in the PCS operation was $45.1 million.",
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- "text": "Wireless Local Number Portability (WLNP) permits a subscriber to change wireless service providers in the same market area while retaining their existing telephone number. This Federal Communications Commission mandate was effective November 24, 2003 in the 100 largest metropolitan areas and will be effective in all areas of the United States on May 24, 2004. Although the initial impact of WLNP appears to be insignificant, there may be a significant future impact to the Company's operation. As a result of WLNP, portions of the PCS subscriber base may migrate to other wireless providers, thereby contributing to increased churn. Alternatively, the implementation of WLNP may allow the Company to attract additional subscribers from other wireless providers.\n\nThe Company has limited control over the service plans and marketing promotions offered to Sprint customers in the competitive wireless telecommunications industry. Sprint controls the marketing plans, advertising message and market promotions offered in the Company's market area. As a result, the plans and promotions offered may have a material adverse effect on the Company's results of operations.\n\nThe Company relies on Sprint for the development of new products and services to remain competitive in the wireless industry. Examples of these services are text messaging, video, and push to talk walkie-talkie features. If these services do not work properly or if Sprint should not continue to develop new competitive products, the results could have a material adverse impact on the results of the Company.\n\nThe Company is required to participate in national and regional third party distribution programs formulated and negotiated by Sprint. Sprint has entered into reseller agreements which may impact the Company. These distribution and reseller programs may have an adverse effect on the results of the Company.",
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- "text": "#### **Revenue Recognition**\n\nWe recognize revenue when we can estimate its amount and are reasonably assured that we can collect it. Revenue is recorded net of discounts.\n\n| Source of revenue | How we recognize it |\n| --- | --- |\n| Monthly subscriber fees for wireless, cable, telephony and Internet | • Record revenue as the service is provided |\n| services, rental of equipment, network services and media subscriptions | |\n| Revenue from airtime, data services, roaming, long-distance and optional | • Record revenue as the services or products are delivered |\n| services, pay-per-use services and other sales of products | |\n| Revenue from the sale of wireless and cable equipment | • Record revenue when the equipment is delivered and accepted by |\n| | the independent dealer or subscriber in direct sales |\n| Equipment subsidies related to providing equipment to new and existing | • Record a reduction of equipment revenues when the equipment is |\n| subscribers | activated |\n| Installation fees charged to subscribers in Cable | • These fees do not meet the criteria as a separate unit of accounting |\n| | • We defer and amortize these fees over the related service period, |\n| | which is approximately three years |\n| | • In Business Solutions we defer and amortize fees over the length of |\n| | the customer contract |\n| Activation fees charged to subscribers in Wireless | • These fees do not meet the criteria as a separate unit of accounting |\n| | • We record these fees as part of equipment revenue |\n| Advertising revenue | • Record revenue in the period the advertising airs on our radio or |\n| | television stations, is featured in our publications or displayed on our |\n| | digital properties |\n| Monthly subscription revenues received by television stations for | • Record revenue in the month the services are delivered to cable and |\n| subscriptions from cable and satellite providers | satellite providers' subscribers |\n| Toronto Blue Jays' revenue from home game admission and concessions | • Recognize revenue as the related games are played during the |\n| | baseball season and goods are sold |\n| Toronto Blue Jays' revenue from the Major League Baseball Revenue | • Recognize revenue when it can be determined |\n| Sharing Agreement which redistributes funds between member clubs | |\n| based on each club's relative revenues | |\n| Revenue from Toronto Blue Jays, radio and television broadcast | • Record revenue at the time the related games are aired |\n| agreements | |\n| Awards granted to customers through customer loyalty programs, which | • Estimate the portion of the original sale to allocate to the award |\n| are considered a separately identifiable component of the sales | credit based on the fair value of the future goods and services that |\n| transactions | can be obtained when the credit is redeemed |\n| | • Defer the allocated amount until the awards are redeemed by the |\n| | customer and we provide the goods or services |\n| | • Recognize revenue based on the redemption of award credits relative |\n| | to the award credits that we expect to be redeemed |\n| Interest income on credit card receivables | • Record revenue as earned using the effective interest rate method |",
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- "query": "What has Rogers Communications done to improve its television platform?",
- "target_page": 2,
- "target_passage": "Launched NextBox 3.0 delivering a superior TV experience and leveraged the success of Rogers AnyPlace TV, our Internet and mobile on-demand TV service.",
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- "text": "## **ROGERS COMMUNICATIONS INC.** AT A GLANCE\n\n#### **ROGERS COMMUNICATIONS**\n\n**Rogers Communications (TSX: RCI; NYSE: RCI) is a diversified Canadian telecommunications and media company. As discussed in the following pages, Rogers Communications is engaged in the telecom and media businesses through its primary operating segments Rogers Wireless, Rogers Cable, Rogers Business Solutions and Rogers Media.** \n\n#### WIRELESS SEGMENT\n\nRogers Wireless provides wireless voice and data communications services across Canada to approximately 9.5 million customers under the Rogers Wireless, Fido and chatr brands. Rogers Wireless is Canada's largest wireless provider and the only national carrier operating on the combined global standard GSM/HSPA+/LTE technology platforms. Rogers Wireless is Canada's leader in innovative wireless services, and provides customers with the best and latest wireless devices and applications and the fastest network speeds. Rogers Wireless also provides seamless wireless roaming across the U.S. and more than 200 other countries, and is the Canadian leader in the deployment of mobile commerce and machineto-machine communications.\n\n#### CABLE AND BUSINESS SOLUTIONS SEGMENTS\n\nRogers Cable is a leading Canadian cable services provider, whose service territory covers approximately 4.0 million homes in Ontario, New Brunswick and Newfoundland representing approximately 30% of the Canadian cable market. Our advanced digital hybrid fibre-coax network provides market leading highspeed broadband Internet access speeds, the most innovative selection of digital television and online viewing and telephony services to millions of residential and small business customers. Together with Rogers Business Solutions, it also provides scalable carrier-grade business telecom, networking, hosting and managed data services, and IP connectivity and solutions to medium and large enterprise, government and carrier customers.\n\n#### MEDIA SEGMENT\n\nRogers Media is Canada's premier destination for category-leading television and radio broadcasting, sports entertainment, publishing, and digital media properties. Television assets include national City network which reaches more than 80% of Canadians, five OMNI Television multilingual channels, seven regional and national Sportsnet channels, as well as specialty channels FX Canada, OLN, The Biography Channel and G4. Rogers Media also owns The Shopping Channel, Canada's only nationally televised and online shopping service. It operates more than 50 Canadian radio stations, publishes 50+ well known consumer and business magazines, and owns a suite of digital media properties. Media owns the Toronto Blue Jays Baseball Club and Rogers Centre, Canada's largest sports and entertainment facility. Rogers also holds a 37.5% investment in Maple Leaf Sports & Entertainment, owner of NHL Toronto Maple Leafs, NBA Toronto Raptors and MLS Toronto FC.",
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- "text": "Our new wireless Share Everything plans were Canada's first to let individuals, families and small businesses share wireless data and unlimited nationwide talk and text, with up to 10 wireless devices. Rogers recently further enhanced its exciting One Number service by introducing smartphone apps which enable customers to use mobile data or Wi-Fi to talk, text and video chat using their existing Rogers wireless number from any device.\n\nWe also keep customers informed and entertained with Rogers nextgeneration NextBox 3.0 TV experience which allows customers to view and record up to eight HD programs simultaneously, store hundreds of hours of content and enjoy whole-home PVR capability. And with Rogers Anyplace TV, it's also a wireless experience where viewers can navigate their cable guide, use a virtual remote, set PVR recordings and stream live or on-demand content from a tablet, smartphone, laptop or gaming console.\n\nRogers continues to be Canada's innovation leader in rapidly growing areas such as wireless machine-to-machine communications, remote home monitoring and automation, mobile payments, in-car infotainment and telematics, and digital media. As well, Rogers has deployed a suite of unique local digital services that create virtual marketplaces for bringing consumers and businesses together and provide location-based targeted offers.\n\nThese are just a few examples of the ways Rogers continues to innovate and lead the way, introducing wireless, broadband and digital technologies and services that fundamentally change the way customers stay connected, informed and entertained anywhere they are. Canadians know there's one thing to be certain of – if they're with Rogers, they'll never miss a thing.",
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- "text": "With Canada's first and fastest LTE wireless network – the global gold standard in wireless network technology – Rogers makes \"placeshifting\" a reality so customers can connect to their communications, information and entertainment from almost anywhere, easily and seamlessly. With Rogers, watching TV on the train, conducting a virtual white-boarding session from the beach, disarming a home monitoring system from a smartphone, or answering a home phone from 5,000 kilometers away are becoming everyday activities. Rogers customers no longer have to pick up the phone to check their voicemail; they don't need to be in town to catch their local news; and they don't have to be at their PCs to access their e-mail. And with Rogers, businesses no longer need to work in traditional offices because we help them to quickly set up virtual workspaces, with complete access to customers, colleagues, files and corporate applications, so they are as productive on the road as they are in the office.\n\nAnd now, small businesses as well as households can enjoy the flexibility and value of Rogers new Wireless Home and Small Business Phone products as well.\n\nCustomers know that Rogers makes it easy and seamless to connect with the same personalized information, communications and entertainment experiences no matter where they are – at work, at school, at home or away, including when travelling to more than 200 countries around the world. And they know that only Rogers is there first with innovative new services, such as mobile TV, remote home monitoring, and Rogers One Number, which allows them to switch calls between their wireless device, computer, and home phone without interruption; manage e-mails, text messages and voicemail; hold live video chats; and combine and sync contacts from across multiple devices – no matter where they are.",
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- "text": "WIRELESS CABLE MEDIA **ROGERS.COM**",
- "page_start": 131,
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- "text": "## **LEADING** CONTENT\n\n#### ROGERS IS COMMITTED TO DELIVERING WORLD-CLASS CONTENT AND EXPERIENCES TO CONSUMERS AND ADVERTISING SOLUTIONS TO BUSINESSES. THE COMPANY HAS A STRONG LEGACY OF BUILDING POWERFUL MEDIA BRANDS WITH COMPELLING CONTENT THAT RESONATES WITH AUDIENCES ACROSS MULTIPLE PLATFORMS ON ANY DEVICE.\n\nToday, businesses across Canada connect with customers through Rogers category-leading television and radio assets, sports entertainment, televised and online shopping, publishing, and digital media properties as the one-stop solution for all their local and national advertising needs.\n\nRogers Media is Canada's premier combination of diversified broadcast, specialty, sports, print and online media assets which together touch nearly 90% of Canadians every week. This includes over 50 popular AM and FM radio stations across Canada. In television, it includes the seven station City network which broadcasts intensely local, urban-oriented",
- "page_start": 15,
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- "text": "ROGERS COMMUNICATIONS INC. **2013 ANNUAL REPORT**",
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- "text": "knows how businesses work, we also offer a choice of specifically designed plans and options that allow users to share buckets of voice and data, connect directly with team members, establish wireless backup for point-of-sale and other systems, and roam frequently with cost certainty.\n\nFor hundreds of thousands of smaller businesses located in and around Rogers cable footprint, Rogers offers a compelling set of wired telephony and Internet solutions that provide enterprise-grade dependability and value. With voice, data, hosting and online security solutions built specifically for business, Rogers provides a single reliable source for innovative, dependable communications solutions that are backed up by around-the-clock live agent support.\n\nLarger enterprises also increasingly rely on Rogers to deliver corporatecritical voice, Internet, networking and managed data centre solutions across its fibre-optic network that connects thousands of commercial and municipal buildings. These next generation on-net services for enterprise customers are backed by dedicated, around-the-clock support and connectivity to Rogers high-speed national fibre-optic backbone that provides redundancy as well as seamless connectivity into the United States and Europe.\n\nRogers also provides the most extensive set of advanced wireless machine-to-machine connectivity solutions which help businesses to increase productivity, reduce costs and optimize operations. As well, Rogers remains at the forefront of mobile commerce and electronic payments solutions in the Canadian market.\n\nBusinesses across Canada also connect with customers through Rogers leading media brands as the one-stop solution for all their local and national radio, television, online and print advertising needs.",
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- "text": "## **BUSINESS** SOLUTIONS\n\nIN TODAY'S FAST-PACED DIGITAL WORLD OF BUSINESS, THE ABILITY TO COMMUNICATE AND ACCESS INFORMATION ANYTIME, ANYPLACE IS A COMPETITIVE ADVANTAGE THAT BUSINESS PROFESSIONALS LOOK TO ROGERS TO PROVIDE. ROGERS ENSURES THE INFORMATION THAT DRIVES COMMERCE FORWARD IS ALWAYS ON HAND AND HELPS BUSINESSES DEFINE HOW TO WIN IN THE DIGITAL WORLD.\n\nRogers provides a single reliable source for advanced business-focused voice, Internet and data networking solutions designed specifically for the most demanding of wireless and wired commercial requirements.\n\nBusinesses across Canada rely on Rogers for its national wireless network, world-leading LTE technology, seamless global connectivity, and the broadest array of wireless applications and devices, because they know that their mobility and remote connectivity needs are always covered with the most advanced solutions available. Because Rogers",
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- "text": "#### WIRELESS\n\n## ROGERS IS CANADA'S LARGEST WIRELESS\n\nCOMMUNICATIONS SERVICE PROVIDER\n\nAs at December 31, 2013, we had:\n\n- approximately 9.5 million subscribers\n- approximately 34% share of the Canadian wireless market.\n\n#### PRODUCTS AND SERVICES\n\nRogers is a Canadian leader in innovative new wireless network technologies and services. We provide wireless voice and advanced high-speed data communication services to subscribers across Canada under the Rogers, Fido and Chatr brands, and provide our customers with the best and latest wireless devices and applications including:\n\n- mobile high speed Internet access\n- wireless voice and enhanced voice features\n- wireless home phone\n- device protection\n- text messaging\n- e-mail\n- global voice and data roaming\n- machine-to-machine solutions\n- advanced business solutions\n- Suretap mobile wallet\n- Rogers AnyPlace TV\n- Rogers One Number\n- Rogers First Rewards Loyalty Program.\n\n#### NATIONAL DISTRIBUTION\n\nWe distribute our wireless products using various channels including:\n\n- independent dealer networks\n- company-owned Rogers, Fido and Chatr retail stores\n- customer self-serve rogers.com, fido.ca, chatrwireless.com, ecommerce sites\n- Rogers call centres and outbound telemarketing\n- major retail chains and convenience stores.\n\n#### EXTENSIVE WIRELESS NETWORK\n\nRogers has one of the most extensive and advanced wireless networks in Canada:\n\n- supports wireless services on smartphone, tablets, computers and a broad variety of M2M, mobile commerce, retail point of sale and other specialized devices\n- the first LTE high-speed network in Canada, which reached more than 73% of the Canadian population at December 31, 2013\n- voice and data roaming agreements with international carriers in more than 200 countries\n- network sharing arrangements with several regional wireless operators in Canada.\n\nWe are continuously enhancing our IP service infrastructure for all of our wireless services. Advances in technology have transformed how our customers interact and how they use the variety of tools that are available to them in their personal and professional lives. Technology has also changed the way businesses operate.\n\nNew technologies allow us to offer new services, such as Rogers One Number, which makes enhanced wireless services available to subscribers on their computer, tablet, or smartphone and can be used as an alternative to fixed line telephony. Users enjoy the same services and features across the coverage area, thanks to the seamless integrated nature of the Rogers network and those of our roaming and network sharing partners.",
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- "text": "## **CONNECTED** HOME\n\nROGERS CONTINUES TO DEFINE HOW FAMILIES COME TOGETHER AND CONNECT WITH THEIR WORLD. MILLIONS OF CANADIANS DEPEND ON ROGERS TO KEEP THEM INFORMED, CONNECTED AND ENTERTAINED WITH A COMBINATION OF THE FASTEST INTERNET SPEEDS AND THE MOST INNOVATIVE TELEVISION, TELEPHONY AND HOME MONITORING SOLUTIONS AVAILABLE.\n\nThe core of Rogers connected home strategy is to provide customers with the fastest broadband connections, together with the ability to seamlessly shift – to shift time, to shift screens and to shift places so they access what they want, when they want, on the screen of their choice.\n\nRogers offers the best in on-demand, sports, movies, specialty, episodic and multicultural programming. Customers can schedule, pause, rewind",
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- "query": "Until what NHL season will the Vancouver's ice hockey team be a Rogers Communications partner?",
- "target_page": 39,
- "target_passage": "Sportsnet announced a 10-year partnership extension with the Vancouver Canucks through the 2022-2023 NHL seasons",
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- "text": "#### ACQUISITIONS\n\n- Closed our agreement to acquire Metro 14 Montreal for $10 million on February 4, 2013, and relaunched the station as City Montreal, expanding the City broadcast TV network into the largest market in Quebec and increasing the City television network reach to over 80% of Canadian households.\n- Finalized our purchase of theScore, Canada's third largest specialty sports channel, for $167 million. We later rebranded theScore as Sportsnet 360.\n\n#### NHL\n\n- Advanced our strategy of delivering highly sought-after sports content anywhere, anytime, on any platform and strengthening the value of our sports brand by entering into an exclusive 12-year licensing agreement with the NHL which begins with the 2014-2015 season and grants Rogers the following:\n\t- national rights across television broadcasts, wireless and mobile tablets and Internet streaming\n\t- national rights to all regular season games, all playoff games and the Stanley Cup Final, and all special events and nongame events (e.g. NHL All-Star Game, NHL Draft) – in multiple languages\n\t- out-of-market rights for all regional games\n\t- ownership of all linear and digital highlights, including condensed games and video archives\n\t- NHL broadcast assets: Rogers to operate NHL Centre Ice and NHL Game Centre Live\n\t- sponsorship rights to the NHL Shield logo as an official partner of the NHL\n\t- Canadian representation of ad sales for NHL.com\n\t- ownership of all commercial inventories for the television broadcasts\n\t- rights to sublicense broadcasting rights to TVA and CBC\n\t- rights to use the Hockey Night In Canada brand through the CBC sublicense agreement.\n\nThrough this agreement, Rogers plans to provide Canadians with a unique viewing experience that will feature expanded pre- and postgame coverage of regular season and playoff games and other enhanced NHL content. We expect this agreement to drive Sportsnet subscriber growth and to provide highly sought after content in multiple languages across all of Rogers' platforms.\n\n#### MEDIA FINANCIAL RESULTS\n\n| | | Years ended December 31 | |\n| --- | --- | --- | --- |\n| (In millions of dollars, except percentages) | 2013 1 | 2012 | % Chg |\n| Operating revenue – Media | $ 1,704 | $ 1,620 | 5 |\n| Operating expenses | (1,543) | (1,430) | 8 |\n| Adjusted operating profit – Media | $ 161 | $ 190 | (15) |\n| Adjusted operating profit margin | 9.4% | 11.7% | |\n| Additions to property, plant and equipment | $ 79 | $ 55 | 44 |\n\n1 Results of operations include theScore's operating results as of April 30, 2013 (the date of acquisition).\n\n#### **MEDIA REVENUE**\n\n(IN MILLIONS OF DOLLARS)\n\n#### **Higher Operating Revenue**\n\nMedia generates revenue in five areas:\n\n- advertising sales across its television, radio, publishing and digital media properties\n- circulation\n- subscriptions\n- retail product sales\n- ticket sales, receipts of MLB revenue sharing and concession sales associated with Rogers Sports Entertainment.\n\nOperating revenue was 5% higher this year, mainly because of:\n\n- higher subscription and advertising revenue generated by the Sportsnet properties, including the acquisition of theScore, and overall growth in distribution of our other specialty channels\n- higher advertising revenue of $21 million resulting from timing of NHL hockey games. Advertising revenue last year was lower than normal due to the NHL player lockout which resulted in no NHL games being aired, and higher than normal this year due to the compressed 2012-2013 season which started in January 2013 and the compressed 2013-2014 NHL schedule in advance of the upcoming winter Olympics\n- higher attendance and merchandise sales at Blue Jays games\n- higher sales at The Shopping Channel.\n\nThe increases in revenue were partially offset by continuing volatility in advertising spending across most industry sectors, driven by a continued slow economy.",
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- "text": "programs based on what customers are viewing, helping Canadians to explore and uncover more programming that appeals to their individual tastes.\n\n#### BUSINESS SOLUTIONS\n\n- Following the acquisition of Blackiron and Pivot Data Centres this year, Business Solutions announced it is expanding its hosting and colocation business in Western Canada through a newly expanded data centre in Edmonton and a new Western Canada flagship data centre in Calgary.\n- SIP Trunking, a new IP-based voice solution, was announced for enterprises designed to complement our fibre-based Internet and WAN connectivity services. Merging voice services with a business data network, SIP Trunking solutions dynamically allocate bandwidth as needed to support voice and/or data needs depending upon capacity requirements during peak hours and also provide a platform for next generation IP-based video, mobile and productivity applications and services.\n\n#### MEDIA\n\n- Exclusive NHL 12-year licensing agreement to broadcast national NHL games beginning with the 2014-2015 season was signed. The agreement grants Rogers the exclusive distribution of all national live and in-progress regular season and playoff games within Canada, in multiple languages, across all platforms. We executed separate agreements to sublicense certain of these broadcasting rights to TVA Sports and CBC.\n- Sportsnet 360 was launched, which is comprised of the rebranded theScore assets. The acquisition of theScore received final regulatory approval in the first half of this year.\n- Sportsnet announced a 10-year partnership extension with the Vancouver Canucks through the 2022-2023 NHL seasons, continuing a 14-year network tradition as the regional television broadcaster of Canucks hockey. The new agreement features a comprehensive suite of multimedia rights including television, online and mobile, delivering up to 60 regular season Vancouver Canucks games each season. Sportsnet is also the official regional television broadcast rights holder for the Toronto Maple Leafs, Calgary Flames and Edmonton Oilers.\n- Next Issue Canada, an innovative, all-you-can-read subscription digital magazine service that provides consumers with exclusive and unlimited access to a catalogue of more than 100 premium Canadian and US titles was launched. Next Issue Canada delivers access to our leading publishing brands alongside many of the most popular US magazine titles.\n- The Shopping Channel launched a brighter, easier, and more engaging multi-channel retail experience and a refreshed on-air and online look, an all-new mobile app, special-themed programming and improved shipping. The leading interactive and only national Canadian multi-channel retailer also added on-air social media engagement, new leading brands and more celebrity guest appearances.\n- Sportsnet announced an eight-year multi-platform broadcast rights extension with MLB Properties and MLB Advanced Media to show live and in-progress regular season and playoff baseball games and highlights within Canada.",
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- "text": "programming across the country's largest markets, as well as five OMNI Television stations which deliver multilingual news, information and entertainment to Canada's multiple language communities.\n\nThe Sportsnet specialty network provides sports programming across Canada through its four regional television channels and its nationallydistributed Sportsnet ONE, Sportsnet World, and Sportsnet 360 stations. Rogers also owns other Canadian specialty television channels, including FX Canada, OLN, The Biography Channel and G4.\n\nThe Shopping Channel – Canada's only nationally televised and Internet shopping service – is a leading interactive multi-channel retailer, offering a vast assortment of exclusive products and top brand names. As one of Canada's most innovative and diversified retailers, it provides customers with exceptional selections in health/beauty, jewelry, home/lifestyle, fashion/accessories, and electronics.\n\nRogers also publishes many well-known consumer magazines, such as Maclean's, Chatelaine, FLARE, L'actualité, and Canadian Business, and is the leading publisher of a number of industry, medical and financial publications. Rogers also controls a suite of fast-growing digital media assets, including 90+ owned and 300+ premium partnership online sites, as well as the recently launched Next Issue Canada digital magazine platform which provides 100+ of North America's most celebrated titles on an unlimited anytime, anywhere basis.\n\nIn sports entertainment, Rogers owns the Toronto Blue Jays baseball team and Rogers Centre stadium, Canada's largest sports and entertainment facility and home field of the Blue Jays. Rogers also holds a 37.5% investment in Maple Leaf Sports & Entertainment which owns the NHL Maple Leafs, NBA Raptors, MLS Toronto FC and a number of other sports related assets.",
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- "text": "## **ROGERS COMMUNICATIONS INC.** AT A GLANCE\n\n#### **ROGERS COMMUNICATIONS**\n\n**Rogers Communications (TSX: RCI; NYSE: RCI) is a diversified Canadian telecommunications and media company. As discussed in the following pages, Rogers Communications is engaged in the telecom and media businesses through its primary operating segments Rogers Wireless, Rogers Cable, Rogers Business Solutions and Rogers Media.** \n\n#### WIRELESS SEGMENT\n\nRogers Wireless provides wireless voice and data communications services across Canada to approximately 9.5 million customers under the Rogers Wireless, Fido and chatr brands. Rogers Wireless is Canada's largest wireless provider and the only national carrier operating on the combined global standard GSM/HSPA+/LTE technology platforms. Rogers Wireless is Canada's leader in innovative wireless services, and provides customers with the best and latest wireless devices and applications and the fastest network speeds. Rogers Wireless also provides seamless wireless roaming across the U.S. and more than 200 other countries, and is the Canadian leader in the deployment of mobile commerce and machineto-machine communications.\n\n#### CABLE AND BUSINESS SOLUTIONS SEGMENTS\n\nRogers Cable is a leading Canadian cable services provider, whose service territory covers approximately 4.0 million homes in Ontario, New Brunswick and Newfoundland representing approximately 30% of the Canadian cable market. Our advanced digital hybrid fibre-coax network provides market leading highspeed broadband Internet access speeds, the most innovative selection of digital television and online viewing and telephony services to millions of residential and small business customers. Together with Rogers Business Solutions, it also provides scalable carrier-grade business telecom, networking, hosting and managed data services, and IP connectivity and solutions to medium and large enterprise, government and carrier customers.\n\n#### MEDIA SEGMENT\n\nRogers Media is Canada's premier destination for category-leading television and radio broadcasting, sports entertainment, publishing, and digital media properties. Television assets include national City network which reaches more than 80% of Canadians, five OMNI Television multilingual channels, seven regional and national Sportsnet channels, as well as specialty channels FX Canada, OLN, The Biography Channel and G4. Rogers Media also owns The Shopping Channel, Canada's only nationally televised and online shopping service. It operates more than 50 Canadian radio stations, publishes 50+ well known consumer and business magazines, and owns a suite of digital media properties. Media owns the Toronto Blue Jays Baseball Club and Rogers Centre, Canada's largest sports and entertainment facility. Rogers also holds a 37.5% investment in Maple Leaf Sports & Entertainment, owner of NHL Toronto Maple Leafs, NBA Toronto Raptors and MLS Toronto FC.",
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- "text": "- Exclusive 12-year licensing agreement to broadcast national NHL games, beginning with the 2014-2015 season was signed. The agreement grants Rogers the exclusive distribution rights of all national regular season and playoff games within Canada, in multiple languages, across all platforms. At the same time, we executed separate agreements to sublicence certain of these broadcasting rights to TVA Sports and CBC.\n- Strategic acquisitions of Score Media Inc. (theScore), Mountain Cablevision Ltd. (Mountain Cable), Blackiron Data ULC (Blackiron) and Pivot Data Centres were completed.\n- Rogers First Rewards, a new loyalty program allowing customers to earn points on their eligible purchases and redeem them online for a wide selection of Rogers products and services, was launched in the Greater Toronto Area, Ottawa, Kingston, Sudbury and other cities throughout Ontario. We also received regulatory approval to launch a Rogers credit card which augments this loyalty program and will accelerate the rate at which customers earn points.\n\n**ADJUSTED OPERATING PROFIT BY SEGMENT**\n\n#### (IN MILLIONS OF DOLLARS) **CONSOLIDATED TOTAL ASSETS**\n\n(IN MILLIONS OF DOLLARS)",
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- "text": "#### MEDIA\n\n#### DIVERSIFIED CANADIAN MEDIA COMPANY\n\nWe have a broad portfolio of media properties, which most significantly includes:\n\n- category-leading television and radio broadcasting properties\n- multi-platform shopping\n- publishing including Next Issue Canada\n- digital media\n- sports media and entertainment\n- exclusive 12-year licensing agreement with the NHL to broadcast all national live hockey games within Canada in multiple languages on all platforms beginning with the 2014- 2015 season.\n\n#### A NETWORK OF MEDIA ASSETS THAT REACHES CANADIANS COAST-TO-COAST\n\n| Radio | We operate more than 50 AM and FM radio stations in markets across Canada, including popular radio brands such as 98.1 CHFI, |\n| --- | --- |\n| | 680 News, Sportsnet 590, The FAN, KISS 92.5, JACK FM and SONiC. |\n| Television | We operate several conventional and specialty television networks: |\n| | • City network, which together with affiliated stations, has distribution to over 80% of Canadian households |\n| | • OMNI multicultural television stations |\n| | • Specialty channels that include Outdoor Life Network, The Biography Channel (Canada), G4 Canada and FX (Canada) |\n| | • Sportsnet's four regional networks and Sportsnet One, Sportsnet World and Sportsnet 360 |\n| | • The Shopping Channel, Canada's only national televised shopping channel which generates a significant and growing portion of its |\n| | revenues from online sales. |\n| Publishing | • We publish many well-known consumer magazines such as Maclean's, Chatelaine, Flare, Hello! Canada and Canadian Business |\n| | • We are a leading publisher of marketing, medical, financial and trade publications |\n| | • We also have a broad digital presence with a number of online publications, and are extending content across new platforms |\n| | • We deliver exclusive and unlimited access to a catalogue of more than 100 premium Canadian and US magazine titles through Next |\n| | Issue Canada digital magazine service offering. |\n| Digital Media | Our online and mobile digital media platforms include digital advertising across websites and mobile platforms, digital content |\n| | subscriptions, and commerce solutions. |\n| Sports Entertainment | We own the Toronto Blue Jays, Canada's only Major League Baseball team, and the Rogers Centre event venue, which hosts the |\n| | Toronto Blue Jays' home games and other professional league games, concerts, trade shows and special events. |\n\n#### COMPETITION\n\nOur radio stations compete mainly with individual stations in local markets, but they also compete:\n\n- nationally with other large radio operators, including satellite radio operator Sirius/XM, the CBC, Bell Media and Corus Entertainment\n- with other media, including newspapers, magazines, television and outdoor advertising\n- with new technologies such as online web information services, music downloading, portable media players and online music streaming services.\n\nThe Shopping Channel competes with:\n\n- retail stores, catalogue, Internet and direct mail retailers\n- infomercials that sell products on television\n- other television channels, for channel placement, viewer attention and loyalty.\n\nOur magazines and other publications compete for readership and advertisers with:\n\n- other Canadian magazines\n- foreign, mostly US, titles that sell in significant quantities in Canada\n- online information and entertainment websites.\n\nTelevision and specialty services compete for viewers and advertisers with:\n\n- other Canadian television stations that broadcast in their local markets, including those owned and operated by the CBC, Bell Media and Shaw Media, some of which have greater national coverage\n- other specialty channels\n- other distant Canadian signals and US border stations given the timeshifting capacity available to digital subscribers\n- other media, including newspapers, magazines, radio and outdoor advertising\n- content available on the Internet.\n\nCompetition in Sports Entertainment includes:",
- "page_start": 50,
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- "source_file": "NYSE_RCI_2013.pdf"
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- "text": "#### **Higher Operating Expenses**\n\nWe assess Media operating expenses in four areas:\n\n- the cost of broadcast content (including sports programming)\n- the cost of retail products sold by The Shopping Channel and Sports Entertainment\n- Blue Jays player payroll\n- all other expenses involved in day-to-day operations.\n\nOperating expenses were 8% higher than 2012, mainly because of higher programming costs at Sportsnet, higher Toronto Blue Jays player salaries, higher merchandise spending at The Shopping Channel and costs associated with our launch of Next Issue Canada.\n\nThe higher programming costs this year are a combination of lower costs in 2012 because of the NHL player lockout, and higher costs this year because more hockey games than normal were aired because of the compressed NHL hockey schedule due in part to upcoming winter Olympics. Approximately $62 million of Media's year over year increase in operating expense this year resulted from the 2012 NHL lockout and the timing of games aired in 2013. Player salaries at the Toronto Blue Jays were $34 million higher this year.\n\n#### **Lower Adjusted Operating Profit**\n\nAdjusted operating profit was down compared to last year mainly because of revenue and expenses changes described above.\n\nExcluding the impact of the 2012 NHL lockout and the compressed NHL schedule:\n\n- operating revenue would have been 4% higher this year compared to last year, instead of 5% higher as reported\n- adjusted operating profit would have been 7% higher this year compared to last year, instead of 15% lower as reported.\n\nExcluding the acquisition of theScore:\n\n- operating revenue would have been 4% higher this year compared to last year, instead of 5% higher as reported\n- adjusted operating profit would have been 19% lower this year compared to last year, instead of 15% lower as reported.",
- "page_start": 52,
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- "source_file": "NYSE_RCI_2013.pdf"
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- "text": "## **CONNECTED** HOME\n\nROGERS CONTINUES TO DEFINE HOW FAMILIES COME TOGETHER AND CONNECT WITH THEIR WORLD. MILLIONS OF CANADIANS DEPEND ON ROGERS TO KEEP THEM INFORMED, CONNECTED AND ENTERTAINED WITH A COMBINATION OF THE FASTEST INTERNET SPEEDS AND THE MOST INNOVATIVE TELEVISION, TELEPHONY AND HOME MONITORING SOLUTIONS AVAILABLE.\n\nThe core of Rogers connected home strategy is to provide customers with the fastest broadband connections, together with the ability to seamlessly shift – to shift time, to shift screens and to shift places so they access what they want, when they want, on the screen of their choice.\n\nRogers offers the best in on-demand, sports, movies, specialty, episodic and multicultural programming. Customers can schedule, pause, rewind",
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- "source_file": "NYSE_RCI_2013.pdf"
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- "text": "## **LEADING** CONTENT\n\n#### ROGERS IS COMMITTED TO DELIVERING WORLD-CLASS CONTENT AND EXPERIENCES TO CONSUMERS AND ADVERTISING SOLUTIONS TO BUSINESSES. THE COMPANY HAS A STRONG LEGACY OF BUILDING POWERFUL MEDIA BRANDS WITH COMPELLING CONTENT THAT RESONATES WITH AUDIENCES ACROSS MULTIPLE PLATFORMS ON ANY DEVICE.\n\nToday, businesses across Canada connect with customers through Rogers category-leading television and radio assets, sports entertainment, televised and online shopping, publishing, and digital media properties as the one-stop solution for all their local and national advertising needs.\n\nRogers Media is Canada's premier combination of diversified broadcast, specialty, sports, print and online media assets which together touch nearly 90% of Canadians every week. This includes over 50 popular AM and FM radio stations across Canada. In television, it includes the seven station City network which broadcasts intensely local, urban-oriented",
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- "text": "\"ROGERS MADE CLEAR PROGRESS ON A NUMBER OF STRATEGIC FRONTS, WHILE CONTINUING TO DELIVER STRONG RETURNS TO SHAREHOLDERS AND BUILDING UPON THE COMPANY'S DEEP-ROOTED FOUNDATIONS FOR THE FUTURE BENEFIT OF ALL OUR STAKEHOLDERS.\"\n\n**ALAN HORN, CPA, CA**\n\n## A MESSAGE FROM THE **CHAIRMAN**\n\n**2013 was another solid year in which Rogers made clear progress on a number of strategic fronts, while continuing to deliver strong returns to shareholders and building upon the company's deep-rooted foundations for the future benefit of all our stakeholders. Our management team delivered on their financial guidance targets in what continue to be highly competitive and regulatorily intense markets.**\n\nRogers continued to deliver on the evolution and expansion of its core services. It quickly expanded the reach of Canada's first and fastest LTE wireless network to 73% of the Canadian population, introduced significant enhancements to its broadband data speeds and cable TV platform, and further added to its leading sports content and digital media assets.\n\nThe company executed several strategic transactions that support Rogers core growth strategies, including in the areas of wireless spectrum and network sharing, cable footprint expansion, and significantly expanding its data centre, colocation and managed services capabilities for businesses. In addition, it struck a landmark 12 year agreement with the NHL for the exclusive national hockey broadcast rights across Canada.\n\nRogers also continued to deliver on its innovation agenda, being first to market with a series of new services in 2013, including in the quickly growing areas of mobile payments, machine-to-machine communications, home monitoring, local digital services, and a new and unique customer loyalty program.\n\nWe continued to return increasing amounts of cash to shareholders. In 2013, the company's significant cash generation allowed the Board to increase the dividend\n\nby 10% and return approximately $900 million to our shareholders in the form of dividends and share buybacks. And we further increased the dividend by 5% in February 2014, continuing a multi-year trend of dividend growth. As you read on in this report, you will find many more examples and much detail of the company's operational and financial accomplishments over the past year.\n\nI would like to take the opportunity to thank our recently retired President and Chief Executive Officer Nadir Mohamed for his leadership and substantial contributions at Rogers over the past 13 years. Succeeding a founder with professional management is always a delicate and important transition in the life cycle of a company, and Nadir provided important continuity and solid leadership as CEO over the course of the past five years for which the Board and management team are thankful.\n\nFollowing an extensive international search process, in September, 2013 the Board announced that Guy Laurence would become President and Chief Executive Officer of Rogers effective in December 2013. Guy brings 30 years of global experience in telecom, pay television and media, and is a proven, hands-on executive who has consistently delivered strong financial and operating results in highly complex and\n\ncompetitive markets. Guy is an excellent fit for this role on many levels and the entire Board look forward to his leadership for many years to come.",
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- "source_file": "NASDAQ_EMMS_2004.pdf",
- "query": "I am a shareholder of Emmis Communication, but I will be available from the 20th of June to the 4th of July, will the Annual Meeting take place during this period?",
- "target_page": 6,
- "target_passage": "The Annual Meeting of shareholders will be held at 10 a.m. Central Time on Wednesday, June 30, 2004, at Emmis’ Corporate office.",
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- "text": "In other words, you can count on Emmis to continue to do what it has always done: Outperform.\n\nThank you for your belief and investment in Emmis.\n\nJeffrey H. Smulyan chairman & ceo emmis communications",
- "page_start": 4,
- "page_end": 4,
- "source_file": "NASDAQ_EMMS_2004.pdf"
- },
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- "text": "## Outperform\n\nEmmis Communications 2004 Annual Report",
- "page_start": 0,
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- "source_file": "NASDAQ_EMMS_2004.pdf"
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- "text": "## about emmis\n\nEmmis Communications (NASDAQ: EMMS) owns 23 FM and 4 AM domestic radio stations serving the nation's largest markets of New York, Los Angeles and Chicago as well as Phoenix, St. Louis, Austin, Indianapolis and Terre Haute, Ind. In addition, Emmis owns 16 television stations, award-winning regional and specialty magazines, a radio network, international radio interests, and ancillary businesses in broadcast sales and publishing.\n\nEmmis was founded in 1980, and the company launched its first radio station, WENS-FM, in July 1981. As Emmis (the Hebrew word for \"truth\") acquired more radio stations across the nation, it established a reputation for sound operations and emerged as a radio industry leader and innovator. Emmis was the first broadcast company to own toprated radio stations in both L.A. and New York, and it pioneered such concepts as the all-sports format.\n\nThe company launched its magazine division in 1988 with the purchase of *Indianapolis Monthly*, and moved into the world of international radio in 1997, when it was awarded a license to operate a national radio network in Hungary. In 1998, Emmis expanded into television by buying six television stations in markets throughout the United States. In the last six years, the company has added properties in each of its divisions.\n\nWith its emphasis on solid operations, integrity, community involvement and fun, the company's culture has been repeatedly lauded by both its employees and its peers. Trade publications have regularly cited the company's leaders as being among the best in the business.\n\nEmmis became a public company in 1994. It maintains its worldwide headquarters in Indianapolis, where the company was founded.\n\n*This annual report contains certain non-GAAP measures. For a presentation of the directly comparable GAAP measure and a reconciliation of the non-GAAP measures to the GAAP measures, see the attachment to the back of our Form 10-K in this Annual Report.*",
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- "text": "### ®\n\nemmis communications one emmis plaza 40 monument circle indianapolis, indiana 46204",
- "page_start": 7,
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- "source_file": "NASDAQ_EMMS_2004.pdf"
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- "text": "#### Corporate Office\n\nOne Emmis Plaza, 40 Monument Circle, Suite 700, Indianapolis, Indiana 46204, 317.266.0100.\n\n#### Business\n\nEmmis Communications (NASDAQ: EMMS) is a diversified media firm with awardwinning radio broadcasting, television broadcasting and magazine publishing operations. Emmis' 23 FM and 4 AM domestic radio stations serve the nation's largest markets of New York, Los Angeles and Chicago as well as Phoenix, St. Louis, Austin, Indianapolis and Terre Haute, Ind. The company's 16 television stations are located in Albuquerque, N.M.; Fort Myers, Fla.; Green Bay, Wis.; Honolulu; Huntington, W.Va.; Mobile, Ala./Pensacola, Fla.; New Orleans; Omaha, Neb.; Orlando, Fla.; Portland, Ore.; Terre Haute, Ind.; Topeka, Kan.; Tucson, Ariz.; and Wichita, Kan. Emmis also publishes *Indianapolis Monthly, Texas Monthly, Cincinnati, Atlanta, Los Angeles* and Country Sampler Group magazines; has a 59.5% interest in Sláger Rádió, a national radio network in Hungary; operates nine FM radio stations serving more than 50 percent of the population in the Flanders region of Belgium; and has ancillary businesses in broadcast sales, publishing and interactive products.\n\n#### Transfer Agent Register\n\nWachovia Bank N.A., Shareholder Services Group, 1525 West W.T. Harris Blvd., 3c3, Charlotte, North Carolina 28288-1153.\n\n#### Annual Meeting\n\nThe Annual Meeting of shareholders will be held at 10 a.m. Central Time on Wednesday, June 30, 2004, at Emmis' Corporate office.\n\n#### Form 10-K\n\nA copy of the Annual Report on Form 10-K for the fiscal year ended February 29, 2004, which was filed with the Securities and Exchange Commission, will be sent to shareholders without charge upon written request to Kate Healey, Emmis Communications Corporation, One Emmis Plaza, 40 Monument Circle, Suite 700, Indianapolis, Indiana 46204, or ir@emmis.com.\n\n#### Market and Dividend Information\n\nThe Company's Class A Common Stock is traded in the over-the-counter market and is quoted on the National Association of Securities Dealers Automated Quotation (NASDAQ) National Market System under the symbol EMMS.\n\nThe following table sets forth the high and low bid prices of the Class A Common Stock for the periods indicated. No dividends were paid during any such periods.\n\n| Quarter Ended | High | Low |\n| --- | --- | --- |\n| May 2002 | 31.85 | 26.15 |\n| August 2002 | 30.15 | 11.65 |\n| November 2002 | 24.05 | 14.25 |\n| February 2003 | 24.86 | 17.82 |\n| May 2003 | 21.24 | 14.84 |\n| August 2003 | 23.87 | 18.68 |\n| November 2003 | 24.06 | 18.00 |\n| February 2004 | 28.65 | 22.74 |\n\nOn April 23, 2004, there were approximately 4,841 record holders of the Class A Common Stock and one record holder of the Class B Common Stock.\n\nEmmis intends to retain future earnings for use in its business and does not anticipate paying any dividends on shares of its common stock in the foreseeable future.\n\n#### Executive Officers\n\nJeffrey H. Smulyan Chairman of the Board, President and Chief Executive Officer\n\nWalter Z. Berger Executive Vice President, Chief Financial Officer and Treasurer\n\nRandall Bongarten Television Division President\n\nRichard F. Cummings Radio Division President\n\nGary L. Kaseff Executive Vice President, General Counsel\n\nPaul W. Fiddick International Division President\n\nMichael Levitan Senior Vice President, Human Resources\n\nGary Thoe Publishing Division President\n\n#### Board of Directors\n\nJeffrey H. Smulyan Chairman of the Board, President and Chief Executive Officer\n\nSusan B. Bayh Former Commissioner of the International Joint Commission of the United States and Canada\n\nWalter Z. Berger Executive Vice President, Chief Financial Officer and Treasurer\n\nGary L. Kaseff Executive Vice President, General Counsel\n\nRichard A. Leventhal President and Majority Owner, LMCS, LLC\n\nPeter A. Lund Media consultant and former President of CBS Inc.\n\nGreg A. Nathanson Media consultant and former President of Fox Television Stations and Emmis Television",
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- "text": "## you can count on emmis to continue to do\n\n#### Dear Shareholders,\n\nOn our year-end conference call, I said that last year was the best in Emmis Communications' history. And while that might have sounded like the usual Wall Street hyperbole – like any other CEO bragging about his company's performance – the difference is, I believed it. And I still do.\n\nBut I've been in this business long enough to know two things for sure: What I believe is not as important as what I can prove, and what we did last year is only meaningful if it reflects on how we will do in the coming year. The good news is, Emmis does have the results to back up my high praise, and what we did to perform last year does directly relate to how we'll perform in the year ahead.\n\n#### **The best year**\n\nThe bottom line is this: Emmis Communications turned in a remarkable performance last year. Again and again, and by a number of measures, we outperformed our peers, our markets and our own solid track record.\n\nAnd we did this in a year that was challenging in just about every way. The economy was unstable, public companies came under continuing scrutiny, indecency issues hounded broadcasters, competition for tight ad dollars increased and technology continued to reshape the media world.\n\nBut our people refused to be slowed by those challenges. Instead, they worked through them. They innovated, hustled and focused. And they produced.\n\nOur radio division's revenue growth led our markets and the industry – in our fiscal year, our group was up 4.5 percent while our markets were up 2.7 percent and the industry only 1 percent. Based on this kind of performance, we have consistently ranked among the nation's leaders in per-station revenue, and we continue to produce top-rated programming in markets across the nation.\n\nOur TV performance was even more impressive. The Emmis television group's revenues were up 0.5 percent in calendar 2003, a year when our markets saw a 2.3 percent decrease in revenues, and the industry experienced a 4.7 percent revenue decline. This industry-leading result made us one of the few groups in the nation to post positive growth. In addition, we gained revenue share at 11 of our 13 measured stations and held the line on expenses, giving us a 1.2 percent increase in fiscal-year cash flow.\n\nOur publishing and international divisions also posted strong results. In a tough publishing market, our magazines boosted their division's revenues by 4.6 percent over last year and increased cash flow by 3.3 percent. Our international division turned in a revenue increase of 27 percent and a cash flow increase of 31 percent.\n\nIn addition to boosting performance in our divisions, we honed our corporate operations by continuing to build one of the most adept and hardest-working corporate groups in American media. With this team in place, we've brought our leverage and cost of capital down to more manageable levels, found ways to combat the continually increasing costs of health insurance and, in a truly top-notch effort, smoothly integrated our new Austin radio properties – in just under a year as a part of Emmis, the Austin properties are enjoying significant ratings and revenue increases.\n\nOf course, for you, the real bottom line on our performance is its impact on your investment. I'm proud to say that we saw a 27 percent increase in our share price over the course of the last fiscal year – we ended fiscal '03 at 19.79, and closed the book on fiscal '04 at 25.17.\n\n#### **How we did it**\n\nOperationally, we were on top of our game last year. However, as I said, I know that the past year's performance really only matters if it reflects on what we'll do in the coming year. The good news is, it does. We performed at these high levels not by doing something unusual, but by operating the way Emmis has always operated, and the way we always will.",
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- "text": "Directors and senior management may buy or sell Company securities in the four week period following significant announcements by the Company, including the release of the quarterly report, half-yearly results, the preliminary annual results and the lodgement of the Company's Annual Report (subject to the prohibition of dealing in the Company's securities if they possess unpublished price sensitive information).\n\nDirectors and senior management must also receive approval from the Chairman before buying or selling Company securities.\n\nThe Company's Share Trading Policy is available in the 'Corporate Governance' section of the Company's website.\n\n## Communication with Shareholders and Continuous Disclosure\n\nThe Company is committed to providing relevant and timely information to its shareholders in accordance with its continuous disclosure obligations under the ASX Listing Rules and the *Corporations Act 2001* (Cth).\n\nInformation is communicated to shareholders through the distribution of the Company's Annual Report and other communications. All releases are posted on the Company's website and released to the ASX in a timely manner.\n\nThe Company has practices in place throughout the year governing who may authorise and make disclosures and the method by which the market is to be informed of any price sensitive information.\n\nThe Company Secretary is responsible for communications with the ASX and ensuring that the Company meets its continuous disclosure obligations.\n\nThe Company's Continuous Disclosure is available in the 'Corporate Governance' section of the Company's website.\n\n## Annual General Meeting\n\nAll shareholders are encouraged to attend and participate in the Company's Annual General Meeting. Shareholders may attend in person or send a proxy as their representative.\n\nThe Company's external auditor is routinely invited to and attends the Annual General Meeting in order to respond to questions raised by shareholders relating to the content and conduct of the audit and accounting policies adopted by the Company in relation to the preparation of the financial statements.\n\n## Corporate Governance Disclosure\n\nThe Company's governance policies and procedures comply in all substantial respects with the Australian Securities Exchange Corporate Governance Principles and Recommendations with 2010 Amendments. The following table compares the ASX Recommendations and the Company's corporate governance policies and practices.",
- "page_start": 38,
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- "source_file": "ASX_KCN_2013.pdf"
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- "text": "## what it has always done: outperform.\n\nIn addition, we commit ourselves to creating the best content in our markets. Our magazines routinely dominate their industry awards ceremonies – last year, *Texas Monthly* won a coveted National Magazine Award, and Emmis publications claimed more than half of the awards at the City and Regional Magazine competition. Our radio stations feature some of the industry's most popular personalities – in 2003, Emmis people and stations were awarded three Marconi Radio Awards. And our television operations are regularly honored by journalism organizations for their news gathering and community service. In short, we provide our markets with reliable, high-quality content – content that helps us assemble the audiences our advertisers want to reach.\n\nWe then generate revenue by overallocating to sales. We give our teams well-developed strategies, clearly defined brands and solid products. We build bigger, better sales forces and put a greater emphasis on local dollars than our competitors. We hire aggressive managers, set ambitious goals and then watch our people work harder and smarter than anyone else.\n\nWe also seize the right opportunities and make the most of them. As the cost of buying radio properties has gone through the roof, we have been careful about buying. However, when we had a chance to acquire the LBJ stations in Austin, we knew it was the right fit: good stations, a tremendous heritage and a great culture, all with an opportunity for growth. And we've already built on that group's track record – since we bought them, we've reformatted one station and quickly sent it to No. 1 in the market, and we've pushed revenues up 9 percent for the entire group.\n\nFinally, we innovate. Why has Emmis, traditionally a radio company, become the company to emulate in TV? Because we approached TV in a way it's never been approached before. Why do we operate leading hip-hop stations in markets across the nation? Because we pioneered the concept. Why have we created a new \"Music with Class\" format in St. Louis' Red 104.1? Because we believe we see a new opportunity. We know that successful companies don't follow the pack. They lead it, and that's what we'll always do.\n\n#### **The year ahead**\n\nThat last point – innovation – is an important one, especially for the future of Emmis, because we are planning something that could change the face of American TV and once again demonstrate that Emmis is a company that leads the way.\n\nForty years ago, Americans began taking down their TV antennas and severing broadcasters' direct link to television audiences. Since then, the cable companies—the middlemen who replaced us—have created more than $300 billion of value for themselves. However, changes in technology have given broadcasters the ability to provide the American public with the most popular TV channels, without the middlemen and at a more reasonable price.\n\nWe are developing an innovative model that will leverage that technology to get broadcast companies back into the game. I believe it has the potential to revolutionize the television industry. I also believe it will add substantial value to your investment.\n\nWe unveiled this concept at the National Association of Broadcasters meeting in April. I am proud to say that 11 other television companies joined us at that meeting to express their support for what we're calling the Broadcasters' Initiative, and more are signing on each week. Once again, Emmis has leveraged innovation to take a leading role in our industries.\n\nWe'll continue to use innovation to push us forward. Meanwhile, we'll also build and maintain the best teams, produce the best media content, outhustle and outsell our competitors, seize the best opportunities and operate this company better than any other.\n\nIn other words, you can count on Emmis to continue to do what it has always done: Outperform.\n\nThank you for your belief and investment in Emmis.",
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- "text": "April 2024",
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- "text": "# **Item 9B. Other Information.**\n\nNone.\n\n# **PART III**\n\n# **Item 10. Directors, Executive Officers and Corporate Governance.**\n\nThe information required under this item is included in the following sections of our Proxy Statement for our 2015 Annual Meeting of Shareholders, the sections of which are incorporated by reference herein and will be filed within 120 days after the end of our fiscal year:\n\nExecutive Officers Director Elections Board Committees and Charters Director Nominating Process Website Access to Corporate Governance Documents Section 16(a) Beneficial Ownership Reporting Compliance Corporate Governance\n\nThe certifications of our President and Chief Financial Officer required pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act of 2002 are included as exhibits to this Annual Report on Form 10-K and were included as exhibits to each of our quarterly reports on Form 10-Q. Our President certified to the New York Stock Exchange (\"NYSE\") on May 15, 2014 pursuant to Section 303A.12(a) of the NYSE's listing standards, that he was not aware of any violation by the Company of the NYSE's corporate governance listing standards as of that date.\n\n# **Item 11. Executive Compensation.**\n\nThe information required under this item is included in the following sections of our Proxy Statement for our 2015 Annual Meeting of Shareholders, the sections of which are incorporated by reference herein and will be filed within 120 days after the end of our fiscal year:\n\nCompensation of Executive Officers Compensation Discussion and Analysis Director Compensation Compensation Committee Interlocks and Insider Participation\n\n# **Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters.**\n\nThe information required under this item is included in the following sections of our Proxy Statement for our 2015 Annual Meeting of Shareholders, the sections of which are incorporated by reference herein and will be filed within 120 days after the end of our fiscal year:\n\nSecurity Ownership of Certain Beneficial Owners and Management Equity Compensation Plans\n\n# **Item 13. Certain Relationships and Related Transactions, and Director Independence.**\n\nThe information required under this item is included in the following sections of our Proxy Statement for our 2015 Annual Meeting of Shareholders, the sections of which are incorporated by reference herein and will be filed within 120 days after the end of our fiscal year:\n\nElection of Directors Certain Relationships and Related Transactions\n\n# **Item 14. Principal Accounting Fees and Services.**\n\nThe information required under this item is included in the following section of our Proxy Statement for our 2015 Annual Meeting of Shareholders, the section of which is incorporated by reference herein and will be filed within 120 days after the end of our fiscal year:\n\nRatification of the Appointment of Independent Registered Public Accounting Firm",
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- "source_file": "NYSE_JWN_2014.pdf"
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- "references": {
- "source_file": "NASDAQ_EMMS_2004.pdf",
- "query": "Who is the President of the TV Department of Emmis Communications?",
- "target_page": 6,
- "target_passage": "Randall Bongarten Television Division President",
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- "text": "In other words, you can count on Emmis to continue to do what it has always done: Outperform.\n\nThank you for your belief and investment in Emmis.\n\nJeffrey H. Smulyan chairman & ceo emmis communications",
- "page_start": 4,
- "page_end": 4,
- "source_file": "NASDAQ_EMMS_2004.pdf"
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- "text": "## Outperform\n\nEmmis Communications 2004 Annual Report",
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- "text": "### ®\n\nemmis communications one emmis plaza 40 monument circle indianapolis, indiana 46204",
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- "text": "## about emmis\n\nEmmis Communications (NASDAQ: EMMS) owns 23 FM and 4 AM domestic radio stations serving the nation's largest markets of New York, Los Angeles and Chicago as well as Phoenix, St. Louis, Austin, Indianapolis and Terre Haute, Ind. In addition, Emmis owns 16 television stations, award-winning regional and specialty magazines, a radio network, international radio interests, and ancillary businesses in broadcast sales and publishing.\n\nEmmis was founded in 1980, and the company launched its first radio station, WENS-FM, in July 1981. As Emmis (the Hebrew word for \"truth\") acquired more radio stations across the nation, it established a reputation for sound operations and emerged as a radio industry leader and innovator. Emmis was the first broadcast company to own toprated radio stations in both L.A. and New York, and it pioneered such concepts as the all-sports format.\n\nThe company launched its magazine division in 1988 with the purchase of *Indianapolis Monthly*, and moved into the world of international radio in 1997, when it was awarded a license to operate a national radio network in Hungary. In 1998, Emmis expanded into television by buying six television stations in markets throughout the United States. In the last six years, the company has added properties in each of its divisions.\n\nWith its emphasis on solid operations, integrity, community involvement and fun, the company's culture has been repeatedly lauded by both its employees and its peers. Trade publications have regularly cited the company's leaders as being among the best in the business.\n\nEmmis became a public company in 1994. It maintains its worldwide headquarters in Indianapolis, where the company was founded.\n\n*This annual report contains certain non-GAAP measures. For a presentation of the directly comparable GAAP measure and a reconciliation of the non-GAAP measures to the GAAP measures, see the attachment to the back of our Form 10-K in this Annual Report.*",
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- "text": "#### Corporate Office\n\nOne Emmis Plaza, 40 Monument Circle, Suite 700, Indianapolis, Indiana 46204, 317.266.0100.\n\n#### Business\n\nEmmis Communications (NASDAQ: EMMS) is a diversified media firm with awardwinning radio broadcasting, television broadcasting and magazine publishing operations. Emmis' 23 FM and 4 AM domestic radio stations serve the nation's largest markets of New York, Los Angeles and Chicago as well as Phoenix, St. Louis, Austin, Indianapolis and Terre Haute, Ind. The company's 16 television stations are located in Albuquerque, N.M.; Fort Myers, Fla.; Green Bay, Wis.; Honolulu; Huntington, W.Va.; Mobile, Ala./Pensacola, Fla.; New Orleans; Omaha, Neb.; Orlando, Fla.; Portland, Ore.; Terre Haute, Ind.; Topeka, Kan.; Tucson, Ariz.; and Wichita, Kan. Emmis also publishes *Indianapolis Monthly, Texas Monthly, Cincinnati, Atlanta, Los Angeles* and Country Sampler Group magazines; has a 59.5% interest in Sláger Rádió, a national radio network in Hungary; operates nine FM radio stations serving more than 50 percent of the population in the Flanders region of Belgium; and has ancillary businesses in broadcast sales, publishing and interactive products.\n\n#### Transfer Agent Register\n\nWachovia Bank N.A., Shareholder Services Group, 1525 West W.T. Harris Blvd., 3c3, Charlotte, North Carolina 28288-1153.\n\n#### Annual Meeting\n\nThe Annual Meeting of shareholders will be held at 10 a.m. Central Time on Wednesday, June 30, 2004, at Emmis' Corporate office.\n\n#### Form 10-K\n\nA copy of the Annual Report on Form 10-K for the fiscal year ended February 29, 2004, which was filed with the Securities and Exchange Commission, will be sent to shareholders without charge upon written request to Kate Healey, Emmis Communications Corporation, One Emmis Plaza, 40 Monument Circle, Suite 700, Indianapolis, Indiana 46204, or ir@emmis.com.\n\n#### Market and Dividend Information\n\nThe Company's Class A Common Stock is traded in the over-the-counter market and is quoted on the National Association of Securities Dealers Automated Quotation (NASDAQ) National Market System under the symbol EMMS.\n\nThe following table sets forth the high and low bid prices of the Class A Common Stock for the periods indicated. No dividends were paid during any such periods.\n\n| Quarter Ended | High | Low |\n| --- | --- | --- |\n| May 2002 | 31.85 | 26.15 |\n| August 2002 | 30.15 | 11.65 |\n| November 2002 | 24.05 | 14.25 |\n| February 2003 | 24.86 | 17.82 |\n| May 2003 | 21.24 | 14.84 |\n| August 2003 | 23.87 | 18.68 |\n| November 2003 | 24.06 | 18.00 |\n| February 2004 | 28.65 | 22.74 |\n\nOn April 23, 2004, there were approximately 4,841 record holders of the Class A Common Stock and one record holder of the Class B Common Stock.\n\nEmmis intends to retain future earnings for use in its business and does not anticipate paying any dividends on shares of its common stock in the foreseeable future.\n\n#### Executive Officers\n\nJeffrey H. Smulyan Chairman of the Board, President and Chief Executive Officer\n\nWalter Z. Berger Executive Vice President, Chief Financial Officer and Treasurer\n\nRandall Bongarten Television Division President\n\nRichard F. Cummings Radio Division President\n\nGary L. Kaseff Executive Vice President, General Counsel\n\nPaul W. Fiddick International Division President\n\nMichael Levitan Senior Vice President, Human Resources\n\nGary Thoe Publishing Division President\n\n#### Board of Directors\n\nJeffrey H. Smulyan Chairman of the Board, President and Chief Executive Officer\n\nSusan B. Bayh Former Commissioner of the International Joint Commission of the United States and Canada\n\nWalter Z. Berger Executive Vice President, Chief Financial Officer and Treasurer\n\nGary L. Kaseff Executive Vice President, General Counsel\n\nRichard A. Leventhal President and Majority Owner, LMCS, LLC\n\nPeter A. Lund Media consultant and former President of CBS Inc.\n\nGreg A. Nathanson Media consultant and former President of Fox Television Stations and Emmis Television",
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- "text": "Peter A. Lund Media consultant and former President of CBS Inc.\n\nGreg A. Nathanson Media consultant and former President of Fox Television Stations and Emmis Television\n\nFrank V. Sica Senior Advisor Soros Fund Management LLC\n\nLawrence B. Sorrel Managing Partner and Co-CEO Tailwind Capital Partners",
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- "text": "## Executive Summary\n\n#### ABOUT ROGERS COMMUNICATIONS INC.\n\n#### Rogers Communications is one of Canada's leading diversified communications and media companies.\n\n(%)\n\nWe provide a broad range of services: wireless and wired voice and data communications, cable television, high-speed Internet, cable telephony, wired telecom and data networking services to consumers and businesses. We also compete in television and radio broadcasting, multi-platform shopping, sports media and entertainment, digital media and consumer, trade and professional publications.\n\nAlmost all of our operations and sales are in Canada. We have a highly skilled and diversified workforce of approximately 28,000 employees. Our head-office is in Toronto, Ontario and we have numerous offices across Canada.\n\n#### FOUR BUSINESS SEGMENTS\n\nWe report our results of operations in four segments.\n\n| Wireless | Wireless telecommunications operations |\n| --- | --- |\n| | for consumers and businesses |\n| Cable | Cable telecommunications operations, |\n| | including cable television, Internet and |\n| | cable telephony for |\n| | Canadian consumers and businesses |\n| Business Solutions | Network connectivity through our fibre |\n| | network assets to support a range of |\n| | voice, data, networking, data centre and |\n| | cloud-based services for medium and |\n| | large Canadian businesses, governments, |\n| | and other telecommunications providers |\n| Media | A diversified portfolio of media |\n| | properties, including television and radio |\n| | broadcasting, digital media, multi |\n| | platform shopping, publishing and sports |\n| | media and entertainment |",
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- "text": "## you can count on emmis to continue to do\n\n#### Dear Shareholders,\n\nOn our year-end conference call, I said that last year was the best in Emmis Communications' history. And while that might have sounded like the usual Wall Street hyperbole – like any other CEO bragging about his company's performance – the difference is, I believed it. And I still do.\n\nBut I've been in this business long enough to know two things for sure: What I believe is not as important as what I can prove, and what we did last year is only meaningful if it reflects on how we will do in the coming year. The good news is, Emmis does have the results to back up my high praise, and what we did to perform last year does directly relate to how we'll perform in the year ahead.\n\n#### **The best year**\n\nThe bottom line is this: Emmis Communications turned in a remarkable performance last year. Again and again, and by a number of measures, we outperformed our peers, our markets and our own solid track record.\n\nAnd we did this in a year that was challenging in just about every way. The economy was unstable, public companies came under continuing scrutiny, indecency issues hounded broadcasters, competition for tight ad dollars increased and technology continued to reshape the media world.\n\nBut our people refused to be slowed by those challenges. Instead, they worked through them. They innovated, hustled and focused. And they produced.\n\nOur radio division's revenue growth led our markets and the industry – in our fiscal year, our group was up 4.5 percent while our markets were up 2.7 percent and the industry only 1 percent. Based on this kind of performance, we have consistently ranked among the nation's leaders in per-station revenue, and we continue to produce top-rated programming in markets across the nation.\n\nOur TV performance was even more impressive. The Emmis television group's revenues were up 0.5 percent in calendar 2003, a year when our markets saw a 2.3 percent decrease in revenues, and the industry experienced a 4.7 percent revenue decline. This industry-leading result made us one of the few groups in the nation to post positive growth. In addition, we gained revenue share at 11 of our 13 measured stations and held the line on expenses, giving us a 1.2 percent increase in fiscal-year cash flow.\n\nOur publishing and international divisions also posted strong results. In a tough publishing market, our magazines boosted their division's revenues by 4.6 percent over last year and increased cash flow by 3.3 percent. Our international division turned in a revenue increase of 27 percent and a cash flow increase of 31 percent.\n\nIn addition to boosting performance in our divisions, we honed our corporate operations by continuing to build one of the most adept and hardest-working corporate groups in American media. With this team in place, we've brought our leverage and cost of capital down to more manageable levels, found ways to combat the continually increasing costs of health insurance and, in a truly top-notch effort, smoothly integrated our new Austin radio properties – in just under a year as a part of Emmis, the Austin properties are enjoying significant ratings and revenue increases.\n\nOf course, for you, the real bottom line on our performance is its impact on your investment. I'm proud to say that we saw a 27 percent increase in our share price over the course of the last fiscal year – we ended fiscal '03 at 19.79, and closed the book on fiscal '04 at 25.17.\n\n#### **How we did it**\n\nOperationally, we were on top of our game last year. However, as I said, I know that the past year's performance really only matters if it reflects on what we'll do in the coming year. The good news is, it does. We performed at these high levels not by doing something unusual, but by operating the way Emmis has always operated, and the way we always will.",
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- "text": "## what it has always done: outperform.\n\nIn addition, we commit ourselves to creating the best content in our markets. Our magazines routinely dominate their industry awards ceremonies – last year, *Texas Monthly* won a coveted National Magazine Award, and Emmis publications claimed more than half of the awards at the City and Regional Magazine competition. Our radio stations feature some of the industry's most popular personalities – in 2003, Emmis people and stations were awarded three Marconi Radio Awards. And our television operations are regularly honored by journalism organizations for their news gathering and community service. In short, we provide our markets with reliable, high-quality content – content that helps us assemble the audiences our advertisers want to reach.\n\nWe then generate revenue by overallocating to sales. We give our teams well-developed strategies, clearly defined brands and solid products. We build bigger, better sales forces and put a greater emphasis on local dollars than our competitors. We hire aggressive managers, set ambitious goals and then watch our people work harder and smarter than anyone else.\n\nWe also seize the right opportunities and make the most of them. As the cost of buying radio properties has gone through the roof, we have been careful about buying. However, when we had a chance to acquire the LBJ stations in Austin, we knew it was the right fit: good stations, a tremendous heritage and a great culture, all with an opportunity for growth. And we've already built on that group's track record – since we bought them, we've reformatted one station and quickly sent it to No. 1 in the market, and we've pushed revenues up 9 percent for the entire group.\n\nFinally, we innovate. Why has Emmis, traditionally a radio company, become the company to emulate in TV? Because we approached TV in a way it's never been approached before. Why do we operate leading hip-hop stations in markets across the nation? Because we pioneered the concept. Why have we created a new \"Music with Class\" format in St. Louis' Red 104.1? Because we believe we see a new opportunity. We know that successful companies don't follow the pack. They lead it, and that's what we'll always do.\n\n#### **The year ahead**\n\nThat last point – innovation – is an important one, especially for the future of Emmis, because we are planning something that could change the face of American TV and once again demonstrate that Emmis is a company that leads the way.\n\nForty years ago, Americans began taking down their TV antennas and severing broadcasters' direct link to television audiences. Since then, the cable companies—the middlemen who replaced us—have created more than $300 billion of value for themselves. However, changes in technology have given broadcasters the ability to provide the American public with the most popular TV channels, without the middlemen and at a more reasonable price.\n\nWe are developing an innovative model that will leverage that technology to get broadcast companies back into the game. I believe it has the potential to revolutionize the television industry. I also believe it will add substantial value to your investment.\n\nWe unveiled this concept at the National Association of Broadcasters meeting in April. I am proud to say that 11 other television companies joined us at that meeting to express their support for what we're calling the Broadcasters' Initiative, and more are signing on each week. Once again, Emmis has leveraged innovation to take a leading role in our industries.\n\nWe'll continue to use innovation to push us forward. Meanwhile, we'll also build and maintain the best teams, produce the best media content, outhustle and outsell our competitors, seize the best opportunities and operate this company better than any other.\n\nIn other words, you can count on Emmis to continue to do what it has always done: Outperform.\n\nThank you for your belief and investment in Emmis.",
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- "text": "First of all, we focus on assembling and maintaining the best teams in our markets. We have traditionally had the top salespeople, creative and technical professionals, news staffs, managers and support staff in every city where we operate. Their peers turn to them for industry leadership, honor them with awards and copy them at every opportunity. We invest in these people, giving them industry-leading benefits packages, great opportunities and the tools they need to succeed. This has always been a hallmark of Emmis, and it won't change.",
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- "text": "## about emmis\n\nEmmis Communications (NASDAQ: EMMS) owns 23 FM and 4 AM domestic radio stations serving the nation's largest markets of New York, Los Angeles and Chicago as well as Phoenix, St. Louis, Austin, Indianapolis and Terre Haute, Ind. In addition, Emmis owns 16 television stations, award-winning regional and specialty magazines, a radio network, international radio interests, and ancillary businesses in broadcast sales and publishing.\n\nEmmis was founded in 1980, and the company launched its first radio station, WENS-FM, in July 1981. As Emmis (the Hebrew word for \"truth\") acquired more radio stations across the nation, it established a reputation for sound operations and emerged as a radio industry leader and innovator. Emmis was the first broadcast company to own toprated radio stations in both L.A. and New York, and it pioneered such concepts as the all-sports format.\n\nThe company launched its magazine division in 1988 with the purchase of *Indianapolis Monthly*, and moved into the world of international radio in 1997, when it was awarded a license to operate a national radio network in Hungary. In 1998, Emmis expanded into television by buying six television stations in markets throughout the United States. In the last six years, the company has added properties in each of its divisions.\n\nWith its emphasis on solid operations, integrity, community involvement and fun, the company's culture has been repeatedly lauded by both its employees and its peers. Trade publications have regularly cited the company's leaders as being among the best in the business.\n\nEmmis became a public company in 1994. It maintains its worldwide headquarters in Indianapolis, where the company was founded.\n\n*This annual report contains certain non-GAAP measures. For a presentation of the directly comparable GAAP measure and a reconciliation of the non-GAAP measures to the GAAP measures, see the attachment to the back of our Form 10-K in this Annual Report.*",
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- "text": "#### Corporate Office\n\nOne Emmis Plaza, 40 Monument Circle, Suite 700, Indianapolis, Indiana 46204, 317.266.0100.\n\n#### Business\n\nEmmis Communications (NASDAQ: EMMS) is a diversified media firm with awardwinning radio broadcasting, television broadcasting and magazine publishing operations. Emmis' 23 FM and 4 AM domestic radio stations serve the nation's largest markets of New York, Los Angeles and Chicago as well as Phoenix, St. Louis, Austin, Indianapolis and Terre Haute, Ind. The company's 16 television stations are located in Albuquerque, N.M.; Fort Myers, Fla.; Green Bay, Wis.; Honolulu; Huntington, W.Va.; Mobile, Ala./Pensacola, Fla.; New Orleans; Omaha, Neb.; Orlando, Fla.; Portland, Ore.; Terre Haute, Ind.; Topeka, Kan.; Tucson, Ariz.; and Wichita, Kan. Emmis also publishes *Indianapolis Monthly, Texas Monthly, Cincinnati, Atlanta, Los Angeles* and Country Sampler Group magazines; has a 59.5% interest in Sláger Rádió, a national radio network in Hungary; operates nine FM radio stations serving more than 50 percent of the population in the Flanders region of Belgium; and has ancillary businesses in broadcast sales, publishing and interactive products.\n\n#### Transfer Agent Register\n\nWachovia Bank N.A., Shareholder Services Group, 1525 West W.T. Harris Blvd., 3c3, Charlotte, North Carolina 28288-1153.\n\n#### Annual Meeting\n\nThe Annual Meeting of shareholders will be held at 10 a.m. Central Time on Wednesday, June 30, 2004, at Emmis' Corporate office.\n\n#### Form 10-K\n\nA copy of the Annual Report on Form 10-K for the fiscal year ended February 29, 2004, which was filed with the Securities and Exchange Commission, will be sent to shareholders without charge upon written request to Kate Healey, Emmis Communications Corporation, One Emmis Plaza, 40 Monument Circle, Suite 700, Indianapolis, Indiana 46204, or ir@emmis.com.\n\n#### Market and Dividend Information\n\nThe Company's Class A Common Stock is traded in the over-the-counter market and is quoted on the National Association of Securities Dealers Automated Quotation (NASDAQ) National Market System under the symbol EMMS.\n\nThe following table sets forth the high and low bid prices of the Class A Common Stock for the periods indicated. No dividends were paid during any such periods.\n\n| Quarter Ended | High | Low |\n| --- | --- | --- |\n| May 2002 | 31.85 | 26.15 |\n| August 2002 | 30.15 | 11.65 |\n| November 2002 | 24.05 | 14.25 |\n| February 2003 | 24.86 | 17.82 |\n| May 2003 | 21.24 | 14.84 |\n| August 2003 | 23.87 | 18.68 |\n| November 2003 | 24.06 | 18.00 |\n| February 2004 | 28.65 | 22.74 |\n\nOn April 23, 2004, there were approximately 4,841 record holders of the Class A Common Stock and one record holder of the Class B Common Stock.\n\nEmmis intends to retain future earnings for use in its business and does not anticipate paying any dividends on shares of its common stock in the foreseeable future.\n\n#### Executive Officers\n\nJeffrey H. Smulyan Chairman of the Board, President and Chief Executive Officer\n\nWalter Z. Berger Executive Vice President, Chief Financial Officer and Treasurer\n\nRandall Bongarten Television Division President\n\nRichard F. Cummings Radio Division President\n\nGary L. Kaseff Executive Vice President, General Counsel\n\nPaul W. Fiddick International Division President\n\nMichael Levitan Senior Vice President, Human Resources\n\nGary Thoe Publishing Division President\n\n#### Board of Directors\n\nJeffrey H. Smulyan Chairman of the Board, President and Chief Executive Officer\n\nSusan B. Bayh Former Commissioner of the International Joint Commission of the United States and Canada\n\nWalter Z. Berger Executive Vice President, Chief Financial Officer and Treasurer\n\nGary L. Kaseff Executive Vice President, General Counsel\n\nRichard A. Leventhal President and Majority Owner, LMCS, LLC\n\nPeter A. Lund Media consultant and former President of CBS Inc.\n\nGreg A. Nathanson Media consultant and former President of Fox Television Stations and Emmis Television",
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- "text": "### ®\n\nemmis communications one emmis plaza 40 monument circle indianapolis, indiana 46204",
- "page_start": 7,
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- "text": "## Outperform\n\nEmmis Communications 2004 Annual Report",
- "page_start": 0,
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- "text": "In other words, you can count on Emmis to continue to do what it has always done: Outperform.\n\nThank you for your belief and investment in Emmis.\n\nJeffrey H. Smulyan chairman & ceo emmis communications",
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- "text": "## what it has always done: outperform.\n\nIn addition, we commit ourselves to creating the best content in our markets. Our magazines routinely dominate their industry awards ceremonies – last year, *Texas Monthly* won a coveted National Magazine Award, and Emmis publications claimed more than half of the awards at the City and Regional Magazine competition. Our radio stations feature some of the industry's most popular personalities – in 2003, Emmis people and stations were awarded three Marconi Radio Awards. And our television operations are regularly honored by journalism organizations for their news gathering and community service. In short, we provide our markets with reliable, high-quality content – content that helps us assemble the audiences our advertisers want to reach.\n\nWe then generate revenue by overallocating to sales. We give our teams well-developed strategies, clearly defined brands and solid products. We build bigger, better sales forces and put a greater emphasis on local dollars than our competitors. We hire aggressive managers, set ambitious goals and then watch our people work harder and smarter than anyone else.\n\nWe also seize the right opportunities and make the most of them. As the cost of buying radio properties has gone through the roof, we have been careful about buying. However, when we had a chance to acquire the LBJ stations in Austin, we knew it was the right fit: good stations, a tremendous heritage and a great culture, all with an opportunity for growth. And we've already built on that group's track record – since we bought them, we've reformatted one station and quickly sent it to No. 1 in the market, and we've pushed revenues up 9 percent for the entire group.\n\nFinally, we innovate. Why has Emmis, traditionally a radio company, become the company to emulate in TV? Because we approached TV in a way it's never been approached before. Why do we operate leading hip-hop stations in markets across the nation? Because we pioneered the concept. Why have we created a new \"Music with Class\" format in St. Louis' Red 104.1? Because we believe we see a new opportunity. We know that successful companies don't follow the pack. They lead it, and that's what we'll always do.\n\n#### **The year ahead**\n\nThat last point – innovation – is an important one, especially for the future of Emmis, because we are planning something that could change the face of American TV and once again demonstrate that Emmis is a company that leads the way.\n\nForty years ago, Americans began taking down their TV antennas and severing broadcasters' direct link to television audiences. Since then, the cable companies—the middlemen who replaced us—have created more than $300 billion of value for themselves. However, changes in technology have given broadcasters the ability to provide the American public with the most popular TV channels, without the middlemen and at a more reasonable price.\n\nWe are developing an innovative model that will leverage that technology to get broadcast companies back into the game. I believe it has the potential to revolutionize the television industry. I also believe it will add substantial value to your investment.\n\nWe unveiled this concept at the National Association of Broadcasters meeting in April. I am proud to say that 11 other television companies joined us at that meeting to express their support for what we're calling the Broadcasters' Initiative, and more are signing on each week. Once again, Emmis has leveraged innovation to take a leading role in our industries.\n\nWe'll continue to use innovation to push us forward. Meanwhile, we'll also build and maintain the best teams, produce the best media content, outhustle and outsell our competitors, seize the best opportunities and operate this company better than any other.\n\nIn other words, you can count on Emmis to continue to do what it has always done: Outperform.\n\nThank you for your belief and investment in Emmis.",
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- "text": "#### emmis entities\n\n#### **RADIO**\n\n**Austin** KDHT-FM (93.3), Rhythmic CHR KEYI-FM (103.5), Oldies KGSR-FM (107.1), Adult Alternative KLBJ-AM (590), News/Talk KLBJ-FM (93.7), Album Oriented Rock KROX-FM (101.5), Alternative Rock **Chicago** WKQX-FM (101.1), Alternative Rock **Indianapolis** WENS-FM (97.1), Adult Contemporary WIBC-AM (1070), News/Talk/Sports WNOU-FM (93.1), CHR WYXB-FM (105.7), Soft Adult Contemporary Network Indiana, Statewide news network **Los Angeles** KPWR-FM (105.9), Hip-Hop/R&B KZLA-FM (93.9), Country **New York** WQCD-FM (101.9), Smooth Jazz WQHT-FM (97.7), Hip-Hop WRKS-FM(98.7), Classic Soul/Today's R&B **Phoenix** KKFR-FM(92.3), Rhythmic CHR KKLT-FM (98.7), Adult Contemporary KMVP-AM (860), Sports\n\n#### **St. Louis**\n\nKFTK-FM (97.1), Talk KIHT-FM (96.3), Classic Hits KPNT-FM (105.7), Alternative Rock KSHE-FM (94.7), Album Oriented Rock WRDA-FM (104.1), New Standards **Terre Haute** WTHI-FM (99.9), Country WWVR-FM (105.5), Classic Rock\n\n#### **TELEVISION**\n\n- Albuquerque, N.M., KRQE-TV (Channel 13), CBS programming/local news Fort Myers, Fla., WFTX-TV (Channel 4), Fox programming/local news Green Bay, Wis., WLUK-TV (Channel 11), Fox programming/local news Honolulu, KHON-TV (Channel 2), Fox programming/local news Honolulu, KGMB-TV (Channel 9), CBS programming/local news Huntington/Charleston, W.Va., WSAZ-TV (Channel 3), NBC programming/local news Mobile, Ala./Pensacola, Fla., WALA-TV (Channel 10), Fox programming/local news Mobile, Ala./Pensacola, Fla., WBPG-TV (Channel 55), WB programming New Orleans, WVUE-TV (Channel 8), Fox programming/local news Omaha, Neb., KMTV-TV (Channel 3), CBS programming/local news\n#### Orlando, Fla., WKCF-TV (Channel 18), WB programming Portland, Ore., KOIN-TV (Channel 6), CBS programming/local news Terre Haute, Ind., WTHI-TV (Channel 10), CBS programming/local news Topeka, Kan., KSNT-TV (Channel 27), NBC programming/local news Tucson, Ariz., KGUN-TV (Channel 9), ABC programming/local news Wichita, Kan., KSNW-TV (Channel 3), NBC programming/local news\n\n#### **PUBLISHING**\n\n- *Atlanta Country Sampler Cincinnati Indianapolis Monthly Los Angeles Texas Monthly*\n#### **INTERNATIONAL** Hungary, Sláger Rádió, Classic Rock/local programming Belgium, nine stations serving the Flanders region\n\n**RELATED BUSINESSES** Emmis Books Emmis Interactive RDS\n\nKTAR-AM (620), News/Talk/Sports",
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- "text": "## you can count on emmis to continue to do\n\n#### Dear Shareholders,\n\nOn our year-end conference call, I said that last year was the best in Emmis Communications' history. And while that might have sounded like the usual Wall Street hyperbole – like any other CEO bragging about his company's performance – the difference is, I believed it. And I still do.\n\nBut I've been in this business long enough to know two things for sure: What I believe is not as important as what I can prove, and what we did last year is only meaningful if it reflects on how we will do in the coming year. The good news is, Emmis does have the results to back up my high praise, and what we did to perform last year does directly relate to how we'll perform in the year ahead.\n\n#### **The best year**\n\nThe bottom line is this: Emmis Communications turned in a remarkable performance last year. Again and again, and by a number of measures, we outperformed our peers, our markets and our own solid track record.\n\nAnd we did this in a year that was challenging in just about every way. The economy was unstable, public companies came under continuing scrutiny, indecency issues hounded broadcasters, competition for tight ad dollars increased and technology continued to reshape the media world.\n\nBut our people refused to be slowed by those challenges. Instead, they worked through them. They innovated, hustled and focused. And they produced.\n\nOur radio division's revenue growth led our markets and the industry – in our fiscal year, our group was up 4.5 percent while our markets were up 2.7 percent and the industry only 1 percent. Based on this kind of performance, we have consistently ranked among the nation's leaders in per-station revenue, and we continue to produce top-rated programming in markets across the nation.\n\nOur TV performance was even more impressive. The Emmis television group's revenues were up 0.5 percent in calendar 2003, a year when our markets saw a 2.3 percent decrease in revenues, and the industry experienced a 4.7 percent revenue decline. This industry-leading result made us one of the few groups in the nation to post positive growth. In addition, we gained revenue share at 11 of our 13 measured stations and held the line on expenses, giving us a 1.2 percent increase in fiscal-year cash flow.\n\nOur publishing and international divisions also posted strong results. In a tough publishing market, our magazines boosted their division's revenues by 4.6 percent over last year and increased cash flow by 3.3 percent. Our international division turned in a revenue increase of 27 percent and a cash flow increase of 31 percent.\n\nIn addition to boosting performance in our divisions, we honed our corporate operations by continuing to build one of the most adept and hardest-working corporate groups in American media. With this team in place, we've brought our leverage and cost of capital down to more manageable levels, found ways to combat the continually increasing costs of health insurance and, in a truly top-notch effort, smoothly integrated our new Austin radio properties – in just under a year as a part of Emmis, the Austin properties are enjoying significant ratings and revenue increases.\n\nOf course, for you, the real bottom line on our performance is its impact on your investment. I'm proud to say that we saw a 27 percent increase in our share price over the course of the last fiscal year – we ended fiscal '03 at 19.79, and closed the book on fiscal '04 at 25.17.\n\n#### **How we did it**\n\nOperationally, we were on top of our game last year. However, as I said, I know that the past year's performance really only matters if it reflects on what we'll do in the coming year. The good news is, it does. We performed at these high levels not by doing something unusual, but by operating the way Emmis has always operated, and the way we always will.",
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- "text": "#### Abstract (continued)\n\nand safety via a novel evaluation framework. This study suggests the importance of a physician-inloop implementation design for this model and demonstrates an effective strategy to measure preimplementation patient safety of LLM models.\n\nJAMA Network Open. 2024;7(12):e2448723. doi:10.1001/jamanetworkopen.2024.48723\n\n## **Introduction**\n\nHandoffs, where patient information is exchanged between health professionals during a transfer of clinical responsibility, have been identified as a critical source of medical errors.1,2 The Joint Commission, the Accreditation Council for Graduate Medical Education, and the Association of American Medical Colleges have all recommended the development of high-quality and standardized handoff processes to address the substantial patient risk of this ubiquitous event.3,4 Implementing handoff tools has previously demonstrated significant reductions in medical errors.5,6 High-quality handoffs from emergency medicine (EM) to inpatient (IP) services (EM-to-IP) are challenged by medical complexity, diagnostic uncertainty, rapidly evolving care plans, and time constraints.7-10 The EM-to-IP handoff structure is not well standardized, frequently communicated verbally, and poorly adhered to in emergency departments (EDs), including in medical centers with formalized handoff systems.11-14 Prior research has demonstrated that suboptimal EM-to-IP handoff is associated with adverse events, EM leaders and front-line clinicians themselves view the EM-to-IP handoff as high risk, and an electronic health record (EHR)-based technology is commonly mentioned as the most desired assistive tool in improving ED transitions of care.15-18 Limited work to date has demonstrated EM electronic handoff tools as feasible, efficient, and effective.19-21 In April 2023, EM and internal medicine leadership of the study site collaboratively developed and launched a mandatory, EHR-based handoff workflow via a standardized EM-to-IP handoff note template, designed for realtime completion by the EM care team at time of admission. At 3 and 6 months postlaunch, informal evaluation of new EM-to-IP handoff notes through random medical record review and unstructured clinician feedback sessions revealed variable completeness, quality, and subsequent usefulness of the handoff notes.",
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- "text": "# Outperform.\n\n### emmis communications 2004 abbreviated financial highlights *in thousands except where noted*\n\n| year ended Feb. 28 (29) | '00 | '01 | '02 | '03 | '04 |\n| --- | --- | --- | --- | --- | --- |\n| net revenues | 325,265 | 473,345 | 539,822 | 562,363 | 591,868 |\n| station operating income* | 125,477 | 174,213 | 185,665 | 213,112 | 220,445 |\n| station op income margin | 38.6% | 36.8% | 34.4% | 37.9% | 37.2% |\n| leverage | 2.5x | 6.8x | 9.3x | 6.5x | 6.7x |\n| | | | | | *excluding noncash compensation |\n\nradio tv publishing $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $0 00 01 02 03 04 **325,265 473,345 539,822 562,363 591,868**\n\n5 4 3 2 1 0 1% 2.7% 4.5% **INDUSTRY MARKETS EMMIS** radio division revenue growth fiscal 2004\n\nnet revenue station operating income, excluding noncash compensation\n\ntv division revenue growth calendar 2003\n\n-",
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- "query": "What are the two components considered in the expected free energy?",
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- "target_passage": "The former (utilitarian) objective is to realize one’s preferences, such as being satiated or safe, by minimizing the discrepancy between preferred sensa- tions (encoded as “priors over observations” in active inference) and current sensations in different modalities (e.g. interoceptive or exteroceptive). The latter (epistemic) objective is to reduce uncertainty about one’s estimated state",
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- "text": "FIG. 1: Effective McMillan-Mayer short-range pair potentials extracted from explicit solvent simulations using the HNC closure. (a) Cation anion, (b) cation cation, (c) anion anion, (d) cation anion RDF obtained from explicit solvent MD and implicit solvent MC simulations.\n\npute all ion thermodynamic properties through implicit solvent MC simulations.\n\nThe second stage of our coarse-graining procedure consists in applying LPT, in order to deduce the best analytical model of electrolyte solutions which reproduces this molecular description. The principle of LPT is to describe the properties of a given system in terms of those of a well known reference system, with the difference between them treated as a perturbation in the reference potential. Assuming pairwise additive potentials, Vij = V (0) ij + ∆Vij , a first-order truncated expression for the free energy density of the system βfv is obtained,\n\n$$\\beta f_{v}\\lesssim\\beta f_{v}^{(0)}+\\frac{1}{2}\\beta\\sum_{i,j}\\rho_{i}\\rho_{j}\\int\\mathrm{d}\\mathbf{r}\\,g_{i j}^{(0)}(r)\\Delta V_{i j}(r)\\qquad(1)$$\n\nwhich depends only on the free-energy density f (0) v and RDF g (0) of the reference fluid, with β = (kBT ) −1 and ρi the concentration of species i. The Gibbs-Bogoliubov inequality [15] ensures that the right-hand side of Eq. (1) is actually a strict upper bound. Once a reference system has been chosen, the expression on the right-hand side of Eq. (1) must be minimized with respect to the parameters defining the reference. This procedure yields the best first-order approximation to the free energy of the system under consideration.\n\nFor a system of charged particles in solution, the natural reference is the PM, defined in terms of the charge and diameter (σi) of each species. In this case, the perturbing potentials are just the short-range effective potentials computed above (∆Vij = V SR ij ). We use the MSA [3] solution to the PM, since it provides analytical expressions for both the free energy and the RDF. The perturbation term is evaluated using an exponential approximation to the RDF obtained within the MSA, g(r) = exp [gMSA(r) − 1], which removes any unphysical negative regions and improves the comparison with HNC calculations.\n\nFIG. 2: (Color online) (a) Osmotic coefficient Φ in the McMillan-Mayer frame of reference. (diamond) MC simulations, (dot dashed) MSA2, (dot) Debye H¨uckel Limiting law (DHLL), (cross) experiments (Ref. [18] with the McMillan-Mayer to Lewis Randall conversion). (b) Minimization diameters. (dot dashed) MSA2 and (diamond) MSA-fit.\n\nWe first used LPT for a two-component system (Na+ and Cl− free ions) within the MSA (model MSA2), for concentrations ranging from 0.1 to 2.0 mol l−1 . The minimization leads to almost constant diameters on the whole range of concentration: σ1 = 3.67 ˚A and σ2 = 4.78 ˚A. As shown in Fig. 2, these parameters yield osmotic coefficients close to MC calculations only at very low concentration, i.e., c ≤ 0.1 mol l−1 (experimental values are given for indicative purposes only, since a perfect model will exactly match the MC results). For molar solutions, the LPT results differ considerably from MC calculations. This discrepancy can easily be understood by comparing the diameters found within the MSA2 calculation with the effective potentials given in Fig. 1. The anion/cation contact distance obtained within the MSA2 calculation is 4.2 ˚A, which is in the region of the second minimum of the effective potential and corresponds to the situation where there is a single layer of water molecules between the ions. The first minimum of the potential, which corresponds to the contact ion pair (CIP) is thus completely ignored by the MSA2 calculation. If the MSA diameters are directly fitted to reproduce the MC osmotic pressure, much smaller values are obtained. These MSA-fit hydrated diameters, which are compared to the MSA2 diameters in the bottom part of Fig. 2, are averages of the CIP and the solvent-separated ion pair.",
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- "text": "quantities as its target: the variational free energy (*VFE*) in the case of perception and the expected free energy (*EFE*) in the case of action. The *VFE* is the free energy associated with a given sensory observation and is resolved perceptually by updating beliefs about the environment. The *EFE* is the free energy that is expected in the future, contingent on a given policy or course of action. Choosing action policies associated with a low *EFE* lead to reducing uncertainty about the environment, as well as making preferred observations more likely.\n\n#### *2.1. POMDPs in Active Inference*\n\nIn AIF, the POMDP is one of the most common families of generative models used to make inferences about the environment. It is a Markovian discrete state-space model, where employing it means representing the environment and observations as inhabiting one among a set of possible (possibly multidimensional) states, and that the changes in these states can only depend on the system's previous state and the agent's actions. Environmental states are not directly observable, so they have to be inferred based on incoming sensory observations. In AIF for POMDPs and other generative models in general, both perception and action are cast as Bayesian inferences (see Sections 2.2 and 2.3), as well as the learning of parameters of the generative model (see Section 2.4). Crucially, an agent's generative model does not a priori have to be isomorphic to the true environment (i.e., the data-generating process), although this will generally lead to a successful inference, and that the generative model will therefore often come to resemble the environment through learning.\n\nA discrete state-space POMDP in AIF is conventionally defined by five main sets of parameters: **A**, **B**, **C**, **D** and **E** [1,33], see Figure 1. Together, these parametrise the agent's prior beliefs about the prior probability of different states in the environment, how states of the environment change and how they generate observations. Typically, they will be vectors, matrices or tensors; however, henceforth we denote them by their corresponding letter in bold. These make up the components needed for the agent to perform AIF.\n\n**A**, also called the *observation model*, represents the state-to-observation likelihood model. This describes how observations depend on or are generated by states of the environment. It is structured as a matrix with a column for each possible environmental state *s*, and a row for each possible observation *o*. Each column is then a categorical probability distribution over the observations that will occur given the environmental state (meaning that each column must contain non-negative values that sum to 1). If the observations are multidimensional (i.e., multiple observations are made at each time point), there is a matrix for each observation modality. If two or more states determine the observation, the likelihood model then becomes a tensor. If **A** is imprecise (i.e., the probabilities are highly entropic and evenly distributed), observations are taken to carry less information about the environment, in many cases leading to more uncertain inferences, and vice versa.",
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- "text": "| Core Concepts | |\n| --- | --- |\n| AIF | Active inference is a formal framework for modelling behaviour and cog |\n| | nition. Perception and action are cast as minimising free energy—the VFE |\n| | and EFE, respectively—given a generative model of the environment. |\n| VFE | The variational free energy F quantifies how well a generative model |\n| | explains incoming sensory observations. It can be rewritten as the negative |\n| | log model evidence (called surprise) upper-bounded by the divergence |\n| | from the optimal posterior p(s o). Perception as inference is accomplished |\n| | by selecting the approximate posterior q(s) with the lowest associated |\n| | VFE. |\n| | F[q(s), o] ≜ DKL[q(s)∥p(o,s)] = DKL[q(s)∥p(s o)] − ln p(o) |\n| | {z } {z } Divergence Surprise |\n| EFE | The expected free energy G quantifies the expected future free energy |\n| | under an action policy π. It consists of an information gain term and a |\n| | pragmatic value term that provide a natural balance between exploratory |\n| | and goal-seeking behaviour. Action as inference is accomplished by select |\n| | ing the action policy with the lowest associated EFE. |\n| | = − Eq(o˜,s˜ π) [ln q(s˜ o˜, π) − ln q(s˜ π)] − Eq(o˜ π) [ln p(o˜ C)] Gπ |\n| | {z } {z } Information gain Pragmatic value |\n| Generative | The generative model is an agent's formal assumptions about the structure |\n| model | and dynamics of its environment, based on which perceptual and active |\n| | inferences are carried out. Many types of generative models exist that are |\n| | suitable for different environments and tasks. |\n| POMDP | The Partially Observable Markov Decision Process is a type of flexible |\n| | generative model that is widely used in the AIF literature. In discrete time |\n| | and usually a discrete state space, this model type is parametrised to fit a |\n| | given task by a set matrices containing probability distributions. |\n\n## **2. Active Inference with POMDPs**\n\nIn this section, we briefly describe the core concepts of AIF and POMDPs. This should familiarise the reader with the vernacular used in the later sections regarding the functionalities of the package. While various extensions, such as structure learning, which enables an agent to learn the structure or shape of its environment through model comparison [44–47], or hierarchical and temporally deep POMDPs [48,49], are relevant for future work, describing these in detail is beyond the scope of this foundational paper.\n\nAt the core of AIF lies the minimisation of a variational free energy upper bound on surprise for perception, as well as action. This is motivated by the free energy principle [4–8], which states that self-organising systems can be described as minimising the variational free energy of their sensory states. The minimisation of free energy generally takes two",
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- "text": "## Active inference, interoceptive processing, and uncertainty reduction\n\nActive inference is based on the idea that in order to engage in adaptive allostatic regulation and goal-directed behavior, living organisms continuously strive to minimize the surprise of their sensations or, more formally, an upper bound to surprise: variational free energy (Parr et al. 2022). Notably, the (expected) free energy minimization processes that drive active inference jointly consider two complementary objectives. The former (utilitarian) objective is to realize one's preferences, such as being satiated or safe, by minimizing the discrepancy between preferred sensations (encoded as \"priors over observations\" in active inference) and current sensations in different modalities (e.g. interoceptive or exteroceptive). The latter (epistemic) objective is to reduce uncertainty about one's estimated state. This means that active inference agents tend to avoid ambiguous states, encompassing the avoidance of ambiguous places where self-localization is challenging, ambiguous social situations where safety is uncertain, and ambiguous bodily states, such as unsure feelings of fatigue. However, one apparent exception to this aversion to ambiguity arises when exploring novel states implies the opportunity to learn new things and enhance one's model; see Friston et al. (2017) for a discussion. Furthermore, and importantly, active inference agents will actively operate in the environment to reduce their ambiguity; for example, by actively seeking informative sensations that disambiguate in which location they are (e.g. by looking for traffc signs), whether their social context is safe or unsafe (e.g. by trying to understand other's intentions from their facial expressions and actions), or whether they are currently fatigued (e.g. by putting attention to one's heart), happy, or sad.\n\nThe last examples—disambiguating one's fatigue and emotional states—may seem strange if one assumes that we do have direct access to the body- and allostasis-related states (e.g. states of satiation, thirst, and fatigue) and to our emotions (e.g. we automatically know whether we are happy or sad). However, one assumption of active inference is that one's bodily and emotional states are not necessarily observable but, instead, \"hidden states\" that need to be inferred on the basis of sensations (especially, but not exclusively, of interoceptive sensations from the inside of the body) and of an implicit, unconscious model of how the body functions (Barrett and Simmons 2015, Pezzulo et al. 2015, Seth and Friston 2016). In other words, the same inferential process that allows active inference agents to estimate the hidden state of the external environment (e.g. the presence or absence of an object in the environment) is also used to estimate other hidden states, such as fatigue, happiness, or sadness. This implies that one can also be wrong, or be fooled, about these states; for example, we could experience the \"interoceptive illusion\" of feeling more fatigued than our physiological parameters would afford (Iodice et al. 2019).",
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- "text": "*Dollar amounts are in thousands of Canadian dollars (except as noted)*\n\n## *Apartment Property Expenses*\n\nSame store apartment property expenses increased 5.5% for the year ended December 31, 2013, due primarily to increased utility and fuel expenses as a result of high natural gas prices in Atlantic Canada, and higher electricity costs.\n\n## **Utility and Fuel Expense ‑ Same Store**\n\nFor the years ended December 31,\n\n| | 2013 | 2012 | % Change |\n| --- | --- | --- | --- |\n| Natural gas | $4,565 | $2,729 | 67.3% |\n| Oil | 1,523 | 2,095 | (27.3)% |\n| Electricity | 5,197 | 4,671 | 11.3% |\n| Water | 3,582 | 3,474 | 3.1% |\n| Other | 30 | 33 | (9.1)% |\n| Total utility and fuel expenses | $14,897 | $13,002 | 14.6% |\n\nKillam's apartment properties are heated with a combination of natural gas (55%), electricity (36%), oil (8%) and other sources (1%).\n\nElectricity costs at the unit level are usually paid directly by tenants, reducing Killam's exposure to the majority of the 4,500 units heated with electricity. Fuel costs associated with natural gas or oil fired heating plants are paid by Killam. As such, the Company is exposed to fluctuations in natural gas and oil costs, which represent 40.9% of total same store utility and fuel costs in 2013. Killam invests in green initiatives at its properties to maximize efficiencies, including converting many of its Halifax properties to natural gas from oil over the last three years as natural gas infrastructure has been expanded in the city. The decision to convert was supported by the substantial price difference between the cost of natural gas and oil in recent years.\n\nAs noted in the table above, Killam's utility and fuel expenses increased 14.6% in 2013 compared to 2012. The increase was primarily attributable to higher natural gas, electricity costs and water costs.\n\nKillam's natural gas expenses increased by 67.3% in 2013 due to higher gas prices in Atlantic Canada and an increase in properties burning natural gas following conversions of certain Halifax heating plants from oil to gas in 2012 and 2013. The reduction in oil expense in the quarter and year‑to‑date reflects this reduction in oil exposure.\n\nAs the following chart highlights, the per gigajoule (Gj) commodity cost for natural gas in New Brunswick and Nova Scotia was much higher than NYMEX in 2013 and less correlated to NYMEX than in previous years. (NYMEX is the New York Mercantile Exchange, a commodity futures exchange. Henry Hub, a gas distribution hub in Louisiana is the pricing point for natural gas futures contracts traded on NYMEX). The cost of natural gas in Atlantic Canada and New England experienced a spike from December 2012 until late spring 2013 and a second spike in December 2013, compared to other areas of Canada. Those spikes were both due to increased demand from utilities in Northeast New England and a shortage of gas pipeline capacity in Northeastern New England and Atlantic Canada. A temporary decline in gas supply off the coast of Nova Scotia further contributed to the high pricing in the first part of the year.\n\n## **Historic Natural Gas Pricing ($ per Gj) Henry Hub Vs. Heritage Gas**",
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- "text": "The first stage consists in calculating the McMillan-Mayer effective ion-ion interaction potentials V eff ij (r), by inverting the radial distribution functions (RDF) gij (r) obtained by MD. The simulations were carried out on a box of 2000 water molecules and 48 NaCl pairs using the same interaction potentials as in reference [16]. This setup corresponds to a concentration of 0.64 mol l−1 . NPT ensemble sampling at standard pressure and temperature was enforced, with a time step of 1 fs and a pressure bath coupling constant of 1 ps. An equilibration run of 0.25 ns was followed by a production run of 0.6 ns for five different initial configurations. The averages of the resulting RDF were then used for the potential inversion via the HNC closure [15]. These effective potentials are assumed to be concentration independent and will be used for simulations at all concentrations.\n\nSubtracting the long-range Coulombic potential V LR ij (r) (which depends on the dielectric constant of the solvent) from V eff ij (r), we obtain the short-range contribution V SR ij (r) to the effective potentials. These are given in Fig. 1 (species 1 and 2 refer to Na+ and Cl− free ions, respectively). All the short-range potentials exhibit oscillations corresponding to the solvent layering between the ions, but this effect is particularly important for the cation-anion interaction: a considerable potential barrier (& 2kBT ) separates the first two attractive wells. To serve as a reference, Monte Carlo (MC) simulations were performed with these effective potentials; a comparison between MD and MC RDF is also provided in Fig. 1. The excellent agreement between both sets of RDF validates the HNC inversion procedure [17], and allows us to com-\n\n2 CNRS, UMR 7195, PECSA, F-75005 Paris, France 3\n\nInstitut de Chimie S´eparative de Marcoule (ICSM),\n\n∗Electronic address: john.molina@etu.upmc.fr\n\n†Electronic address: jean-francois.dufreche@upmc.fr",
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- "text": "## Models of electrolyte solutions from molecular descriptions: The example of NaCl solutions\n\nJohn Jairo Molina1,2,3 , ∗ Jean-Fran¸cois Dufrˆeche1,2,3 , † Mathieu\n\nSalanne1,2 , Olivier Bernard1,2 , Marie Jardat1,2 , and Pierre Turq1,2\n\n1 UPMC-Universit´e Paris 06, UMR 7195, PECSA, F-75005 Paris, France\n\nUMR 5257 CEA–CNRS–Universit´e Montpellier 2, Site de Marcoule,\n\nBˆatiment 426, BP 17171, 30207 Bagnols-sur-C`eze Cedex, France\n\nWe present a method to derive implicit solvent models of electrolyte solutions from all-atom descriptions; providing analytical expressions of the thermodynamic and structural properties of the ions consistent with the underlying explicit solvent representation. Effective potentials between ions in solution are calculated to perform perturbation theory calculations, in order to derive the best possible description in terms of charged hard spheres. Applying this method to NaCl solutions yields excellent agreement with the all-atom model, provided ion association is taken into account.\n\nSince the pioneering works of Debye, H¨uckel, and Onsager, electrolyte solutions have been commonly described by continuous solvent models, for which the McMillan-Mayer theory [1] provides a rigorous statistical-mechanical foundation. Within that level of description, simple phenomenological models such as the primitive model (PM), for which the ions are assimilated to charged hard spheres [2], can lead to explicit formulas for the thermodynamic and structural properties (e.g., with the help of the mean spherical approximation (MSA) [3] or the binding MSA (BIMSA) [4]). These models are the most practical to use [5], since they allow for a direct link between the experimental measurements and the microscopic parameters of the system. Nevertheless, they ignore the molecular structure of the solvent. Consequently, they cannot properly account for the complex specific effects of the ions, which appear in numerous biological, chemical, and physical interfacial phenomena [6, 7], without further developments.\n\nAn alternative procedure consists in carrying out molecular simulations, where both the solvent and solute are treated explicitly. After a rigorous averaging over the solvent configurations, a coarse-grained description of the ions, which still includes the effect of the solvent structure, can be obtained [8–11]. However, this set of methods is purely numeric; they do not provide any analytical expression for thermodynamic quantities. They are therefore restricted to simple geometries [12, 13] (bulk solutions or planar interfaces). The description of complex systems, such as porous or electrochemical materials, is still based on continuous solvent models [14].\n\nIn this letter we present a method aimed at bridging the gap between analytical and numerical approaches. It is based on the application of liquid perturbation theory (LPT) [15] to effective ion-ion potentials extracted from molecular dynamics (MD) results. Different approximations of the PM are employed for the case of NaCl electrolyte solutions: a two component model (MSA2), that only takes free ions into account, and two different three component models (MSA3 and BIMSA3), which include a third species (the contact ion pair). As we proceed to show, LPT allows us to select the best simple model which accurately accounts for the thermodynamics and the physical-chemistry of the system.",
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- "text": "To overcome this difficulty, we have explicitly introduced the CIP in our model (species 3). Straightforward calculations, based on a characteristic-function formalism, allow us to define an equivalent model in which the free ions and the CIP are explicitly taken into account [19, 20]. We apply this formalism by defining a pair as an anion and a cation at a distance less than 4 ˚A, which corresponds to the position of the effective potential maximum. The interaction between free, like charges in this new system remains unchanged, and the cation-anion interactions are easily approximated by ex-",
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- "text": "Franzen) sued AI companies for using their work to train generative AI.[195][196] Another discussed approach is to envision a separate *sui generis* system of protection for creations generated by AI to ensure fair attribution and compensation for human authors.[197]\n\n#### **Dominance by tech giants**\n\nThe commercial AI scene is dominated by Big Tech companies such as Alphabet Inc., Amazon, Apple Inc., Meta Platforms, and Microsoft. [198][199][200] Some of these players already own the vast majority of existing cloud infrastructure and computing power from data centers, allowing them to entrench further in the marketplace.[201][202]\n\n#### **Power needs and environmental impacts**\n\nIn January 2024, the International Energy Agency (IEA) released *Electricity 2024, Analysis and Forecast to 2026*, forecasting electric power use.[203] This is the first IEA report to make projections for data centers and power consumption for artificial intelligence and cryptocurrency. The report states that power demand for these uses might double by 2026, with additional electric power usage equal to electricity used by the whole Japanese nation.[204]\n\nProdigious power consumption by AI is responsible for the growth of fossil fuels use, and might delay closings of obsolete, carbon-emitting coal energy facilities. There is a feverish rise in the construction of data centers throughout the US, making large technology firms (e.g., Microsoft, Meta, Google, Amazon) into voracious consumers of electric power. Projected electric consumption is so immense that there is concern that it will be fulfilled no matter the source. A ChatGPT search involves the use of 10 times the electrical energy as a Google search. The large firms are in haste to find power sources – from nuclear energy to geothermal to fusion. The tech firms argue that – in the long view – AI will be eventually kinder to the environment, but they need the energy now. AI makes the power grid more efficient and \"intelligent\", will assist in the growth of nuclear power, and track overall carbon emissions, according to technology firms.[205]\n\nA 2024 Goldman Sachs Research Paper, *AI Data Centers and the Coming US Power Demand Surge*, found \"US power demand (is) likely to experience growth not seen in a generation....\" and forecasts that, by 2030, US data centers will consume 8% of US power, as opposed to 3% in 2022, presaging growth for the electrical power generation industry by a variety of means.[206] Data centers' need for more and more electrical power is such that they might max out the electrical grid. The Big Tech companies counter that AI can be used to maximize the utilization of the grid by all.[207]\n\nIn 2024, the *Wall Street Journal* reported that big AI companies have begun negotiations with the US nuclear power providers to provide electricity to the data centers. In March 2024 Amazon purchased a Pennsylvania nuclear-powered data center for $650 Million (US).[208] Nvidia CEO Jen-Hsun Huang said nuclear power is a good option for the data centers.[209]\n\nIn September 2024, Microsoft announced an agreement with Constellation Energy to re-open the Three Mile Island nuclear power plant to provide Microsoft with 100% of all electric power produced by the plant for 20 years. Reopening the plant, which suffered a partial nuclear meltdown of its Unit 2 reactor in 1979, will require Constellation to get through strict regulatory processes which will include extensive safety scrutiny from the US Nuclear Regulatory Commission. If approved (this will be the first ever US re-commissioning of a nuclear plant), over 835 megawatts of power – enough for 800,000 homes – of",
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- "text": "in a given band is compensated by an appropriate change of the spectral weight in other bands such that the total spectral weight, integrated over all bands, is conserved, as in Eq. (1). Still, non-conservation of the spectral weight within a given band is an interesting phenomenon as the degree of non-conservation is an indicator of relevant energy scales in the problem. Indeed, when relevant energy scales are much smaller than the Fermi energy, i.e., changes in the conductivity are confined to a near vicinity of a Fermi surface (FS), one can expand εk near kF as εk = vF (k − kF ) + (k − kF ) 2/(2mB) + O(k − kF ) 3 and obtain ∇2 k~x ε~k ≈ 1/mB [this approximation is equivalent to approximating the density of states (DOS) by a constant]. Then WK becomes πne2/(2mB) which does not depend on temperature. The scale of the temperature dependence of WK is then an indicator how far in energy the changes in conductivity extend when, e.g., a system evolves from a normal metal to a superconductor. Because relevant energy scales increase with the interaction strength, the temperature dependence of WK is also an indirect indicator of whether a system is in a weak, intermediate, or strong coupling regime.\n\nIn a conventional BCS superconductor the only relevant scales are the superconducting gap ∆ and the impurity scattering rate Γ. Both are generally much smaller than the Fermi energy, so the optical integral should be almost T -independent, i.e., the spectral weight lost in a superconducting state at low frequencies because of gap opening is completely recovered by the zero-frequency δfunction. In a clean limit, the weight which goes into a δ−function is recovered within frequencies up to 4∆. This is the essence of FGT sum rule 2,3. In a dirty limit, this scale is larger, O(Γ), but still WK is T -independent and there was no \"violation of sum rule\".\n\nThe issue of sum rule attracted substantial interest in the studies of high Tc cuprates5–18,21–26 in which pairing is without doubts a strong coupling phenomenon. From a theoretical perspective, the interest in this issue was originally triggered by a similarity between WK and the kinetic energy K = 2P ε~k n~k . 18–20 For a model with a simple tight binding cosine dispersion εk ∝ (cos kx + cos ky), d 2 ε~k d k2 x ∼ −ε~k and WK = −K. For a more complex dispersion there is no exact relation between WK and K, but several groups argued 17,27,28 that WK can still be regarded as a good monitor for the changes in the kinetic energy. Now, in a BCS superconductor, kinetic energy increases below Tc because nk extends to higher frequencies (see Fig.2). At strong coupling, K not necessary increases because of opposite trend associated with the fermionic self-energy: fermions are more mobile in the SCS due to less space for scattering at low energies than they are in the NS. Model calculations show that above some coupling strength, the kinetic energy decreases below Tc 29. While, as we said, there is no one-to-one correspondence between K and WK, it is still likely that, when K decreases, WK increases.\n\nA good amount of experimental effort has been put into\n\naddressing the issue of the optical sum rule in the c−axis7 and in-plane conductivities 8–16 in overdoped, optimally doped, and underdoped cuprates. The experimental results demonstrated, above all, outstanding achievements of experimental abilities as these groups managed to detect the value of the optical integral with the accuracy of a fraction of a percent. The analysis of the change of the optical integral between normal and SCS is even more complex because one has to (i) extend NS data to T < Tc and (ii) measure superfluid density with the same accuracy as the optical integral itself.",
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- "query": "How could the heart rate be estimated by means of an active inference paradigm?",
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- "target_passage": "The second panel of Fig. 2 shows the Shannon surprise of an inference model that estimates the current heart rate using the two standard components of a generative model. The for- mer component is the prior, which encodes the person’s a priori probabilistic belief (i.e. probability distribution) about her “nor- mal” heart rate range; here, the prior is a Gaussian centered on 67 and has a precision of 0.11. The latter component is the likeli- hood, which encodes the probabilistic mapping between sensory (heartbeat) observations and the hidden state (heart rate); here, the likelihood is a Gaussian centered on the current heart rate with an additional bias of 15 pulses, and the panel shows the results for 10 values for precision obtained by subdividing the range [0.1,10] into equal intervals.",
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- "text": "Finally, there is a third essential element that determines the accuracy of the inference: precision control. In predictive coding, the infuence of prediction errors on inference is weighted by their precision, i.e. inverse variance (pink triangles in Fig. 1). This weighting would ensure that very reliable sensations have more impact on inference than unreliable sensations. However, precision (like all other variables) needs to be estimated, but this might be incorrect. An incorrect setting of precisions has been associated with various psychopathological conditions, such as psychosis (Adams et al. 2013), eating disorders (Barca and Pezzulo 2020), panic disorders (Maisto et al. 2021), symptom perception (Pezzulo et al. 2019), depression (Barrett et al. 2016), and many others (Khalsa et al. 2018, Paulus et al. 2019). Intuitively, assigning excessively high weight to noisy sensations yields an incorrect inference that tracks the noise rather than the correct state of the estimated variable system (i.e. overftting), whereas assigning excessively low weight to sensations (or excessively high weight to prior knowledge) makes the system poorly responsive to incoming observations that might signal a change in the state of the system—and both are examples of aberrant inference (Friston et al. 2014).\n\nFigure 2 provides a formal illustration of the above by plotting some examples of Bayesian inference using generative models under various levels of precision of the model components. For simplicity, we focus on a simplifed example of inference of an interoceptive variable: one's heart rate. Heart rate is a \"hidden variable\" in Bayesian parlance since it is not directly observable but needs to be inferred through two sources of information: prior knowledge about the most likely heart rate and sensory (heartbeat) observations. The top panel of Fig. 2 shows a series of (noisy) heartbeat observations. In the beginning, they are in the normal range for an adult (time steps 1–10), then they increase signifcantly, simulating tachycardia (time steps 11–20), then they go back to the normal range (time steps 21–30), then they decrease signifcantly, simulating bradycardia (time steps 31–40), and fnally, they go back to the normal range (time steps 41–50).\n\nThe second panel of Fig. 2 shows the Shannon surprise of an inference model that estimates the current heart rate using the two standard components of a generative model. The former component is the prior, which encodes the person's a priori probabilistic belief (i.e. probability distribution) about her \"normal\" heart rate range; here, the prior is a Gaussian centered on 67 and has a precision of 0.11. The latter component is the likelihood, which encodes the probabilistic mapping between sensory (heartbeat) observations and the hidden state (heart rate); here, the likelihood is a Gaussian centered on the current heart rate with an additional bias of 15 pulses, and the panel shows the results for 10 values for precision obtained by subdividing the range [0.1,10] into equal intervals. The results shown in the second panel of Fig. 2 show that Shannon surprise increases dramatically during episodes of tachycardia and bradycardia, which are far from the normal range. The pattern of results is the same across all levels of likelihood precision. However, the inference with a very high precision (a precision of 10) tracks more closely the noise sensory signals and can therefore lead to more extreme results.",
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- "text": "## Active inference, interoceptive processing, and uncertainty reduction\n\nActive inference is based on the idea that in order to engage in adaptive allostatic regulation and goal-directed behavior, living organisms continuously strive to minimize the surprise of their sensations or, more formally, an upper bound to surprise: variational free energy (Parr et al. 2022). Notably, the (expected) free energy minimization processes that drive active inference jointly consider two complementary objectives. The former (utilitarian) objective is to realize one's preferences, such as being satiated or safe, by minimizing the discrepancy between preferred sensations (encoded as \"priors over observations\" in active inference) and current sensations in different modalities (e.g. interoceptive or exteroceptive). The latter (epistemic) objective is to reduce uncertainty about one's estimated state. This means that active inference agents tend to avoid ambiguous states, encompassing the avoidance of ambiguous places where self-localization is challenging, ambiguous social situations where safety is uncertain, and ambiguous bodily states, such as unsure feelings of fatigue. However, one apparent exception to this aversion to ambiguity arises when exploring novel states implies the opportunity to learn new things and enhance one's model; see Friston et al. (2017) for a discussion. Furthermore, and importantly, active inference agents will actively operate in the environment to reduce their ambiguity; for example, by actively seeking informative sensations that disambiguate in which location they are (e.g. by looking for traffc signs), whether their social context is safe or unsafe (e.g. by trying to understand other's intentions from their facial expressions and actions), or whether they are currently fatigued (e.g. by putting attention to one's heart), happy, or sad.\n\nThe last examples—disambiguating one's fatigue and emotional states—may seem strange if one assumes that we do have direct access to the body- and allostasis-related states (e.g. states of satiation, thirst, and fatigue) and to our emotions (e.g. we automatically know whether we are happy or sad). However, one assumption of active inference is that one's bodily and emotional states are not necessarily observable but, instead, \"hidden states\" that need to be inferred on the basis of sensations (especially, but not exclusively, of interoceptive sensations from the inside of the body) and of an implicit, unconscious model of how the body functions (Barrett and Simmons 2015, Pezzulo et al. 2015, Seth and Friston 2016). In other words, the same inferential process that allows active inference agents to estimate the hidden state of the external environment (e.g. the presence or absence of an object in the environment) is also used to estimate other hidden states, such as fatigue, happiness, or sadness. This implies that one can also be wrong, or be fooled, about these states; for example, we could experience the \"interoceptive illusion\" of feeling more fatigued than our physiological parameters would afford (Iodice et al. 2019).",
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- "text": "Figure 2. A simplifed example of (Bayesian) inference of one's heart rate. First panel: simulated time series of heartbeat observations. Second panel: Shannon surprise of a generative model composed of a fxed prior about heart rate (a Gaussian with a mean of 67 and a precision of 0.11) and a likelihood (a Gaussian centered on the current heart rate with an additional bias of 15 pulses, with various precisions that vary between 0.47 and 10, see the legend). Third panel: Bayesian surprise, which measures the discrepancy between posterior and prior probabilities over time. Bottom panels: the two series of panels are organized in two (left and right) columns, which show the frst fve time steps of inference for the two cases with high precision (of 10) and low precision (of 0.1) of the likelihood, respectively. See the main text for an explanation and online article for colored version of this fgure.\n\nthe current model generate signifcant surprise, and sometimes, the surprise can remain relatively high for long periods before the model adapts (or the world changes), especially with some parameterizations of the generative model. This is particularly relevant in this context since active inference agents strive to minimize their surprise (and the long-term average of surprise, entropy, which is a measure of uncertainty) by changing their model, or changing the world, or both.\n\nSecond, these examples illustrate the importance of precision control and the appropriate setting of precision parameters in guiding inference. Remarkably, the inference can be more or less accurate or fast using the same data, depending on the precision parameters. Note that in Fig. 2, we manipulated only the precision of the likelihood. However, it would also be possible to manipulate the precision of the prior, together or in alternative to the precision of the likelihood. Generally speaking, when the precision of the",
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- "text": "The third panel shows the Bayesian surprise (or the Kullback-Leibler divergence between posterior and prior probability distributions) over time. This is a measure of how much dissimilar the posterior and the prior are, and it always decreases as a result of inference, but note that it decreases much more rapidly when the precision of the likelihood is 10, which is another indication that the posterior is \"overftting,\" meaning that the inference result is excessively biased by the likelihood distribution.\n\nFinally, the two bottom series of panels are organized in two (left and right) columns, which show the frst fve time steps of inference for the two cases with high precision (of 10) and low precision (of 0.1) of the likelihood, respectively. In these plots, the prior distributions are in blue, the posterior distributions are in green, and the likelihoods are in red. It is possible to note that in the left (high precision) panels, the posterior inference closely follows the likelihood (it \"overfts\") after fve time steps and the inferred heart rate is slightly biased (i.e. it is 79). Differently, in the right (low precision) panels, the inference converges much slower to a high precision posterior, but without overftting.\n\nThese simple examples of Bayesian inference illustrate two things. First, sensory observations that are unpredictable given",
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- "text": "Equipped with a generative model like the one shown in Fig. 1, an active inference agent can continuously infer (and act upon) the state of the world and of the body, including the internal milieu, at multiple time scales. Of particular interest, here are multimodal inferences that unite exteroceptive and interoceptive sources of evidence. One example of this is the perception of faces expressing emotions. Two studies reported that",
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- "text": "| Core Concepts | |\n| --- | --- |\n| AIF | Active inference is a formal framework for modelling behaviour and cog |\n| | nition. Perception and action are cast as minimising free energy—the VFE |\n| | and EFE, respectively—given a generative model of the environment. |\n| VFE | The variational free energy F quantifies how well a generative model |\n| | explains incoming sensory observations. It can be rewritten as the negative |\n| | log model evidence (called surprise) upper-bounded by the divergence |\n| | from the optimal posterior p(s o). Perception as inference is accomplished |\n| | by selecting the approximate posterior q(s) with the lowest associated |\n| | VFE. |\n| | F[q(s), o] ≜ DKL[q(s)∥p(o,s)] = DKL[q(s)∥p(s o)] − ln p(o) |\n| | {z } {z } Divergence Surprise |\n| EFE | The expected free energy G quantifies the expected future free energy |\n| | under an action policy π. It consists of an information gain term and a |\n| | pragmatic value term that provide a natural balance between exploratory |\n| | and goal-seeking behaviour. Action as inference is accomplished by select |\n| | ing the action policy with the lowest associated EFE. |\n| | = − Eq(o˜,s˜ π) [ln q(s˜ o˜, π) − ln q(s˜ π)] − Eq(o˜ π) [ln p(o˜ C)] Gπ |\n| | {z } {z } Information gain Pragmatic value |\n| Generative | The generative model is an agent's formal assumptions about the structure |\n| model | and dynamics of its environment, based on which perceptual and active |\n| | inferences are carried out. Many types of generative models exist that are |\n| | suitable for different environments and tasks. |\n| POMDP | The Partially Observable Markov Decision Process is a type of flexible |\n| | generative model that is widely used in the AIF literature. In discrete time |\n| | and usually a discrete state space, this model type is parametrised to fit a |\n| | given task by a set matrices containing probability distributions. |\n\n## **2. Active Inference with POMDPs**\n\nIn this section, we briefly describe the core concepts of AIF and POMDPs. This should familiarise the reader with the vernacular used in the later sections regarding the functionalities of the package. While various extensions, such as structure learning, which enables an agent to learn the structure or shape of its environment through model comparison [44–47], or hierarchical and temporally deep POMDPs [48,49], are relevant for future work, describing these in detail is beyond the scope of this foundational paper.\n\nAt the core of AIF lies the minimisation of a variational free energy upper bound on surprise for perception, as well as action. This is motivated by the free energy principle [4–8], which states that self-organising systems can be described as minimising the variational free energy of their sensory states. The minimisation of free energy generally takes two",
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- "text": "**Figure 5. A** learning for the actual reward condition (reward condition left). The agent correctly learned the probability of receiving rewards in the rewarding arm. It did not learn the probabilities of the non-rewarding arm since it did not explore that option. The color grading signifies the likelihood of an observation being generated by a specific state. The more saturated the color, the higher the likelihood.\n\n## *4.3. Fitting the Model to the Data*\n\nSimulations are useful for a variety of purposes, like exploring the consequences of different priors and parameters and establishing the face validity of hypothetical mechanisms underlying behavioural phenomena. However, we often want to use models to make inferences about specific observed phenomena, like the differences in behaviour between various populations, as in computational psychiatry [14]. One standard method here is model fitting, where we estimate the parameter values (e.g., prior beliefs) of an AIF model that are the most likely given some observed behaviour of a participant. This is often performed with approximate Bayesian methods. In the cognitive and behavioural sciences, the predominant method is Markov Chain Monte Carlo (MCMC) methods [34], which are slower but in the limit can estimate parameter posteriors without making assumptions about their functional form. An alternative, which is more often used in other fields and also available in ActiveInference is variational methods, which are faster but require making assumptions about the functional form of the posterior. In general, MCMC methods are favourable when making parameter inferences (i.e., comparing parameters of the same model fitted to different data, like two groups of subjects). When performing a Bayesian model comparison (i.e., comparing different models fitted to the same data), the different approaches rely on different approximations of the model evidence, with the variational",
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- "text": "participants processed faces expressing fear (but not neutral faces or faces expressing other emotions) when their heart rate was high—hence congruent with the fearful expression (Pezzulo et al. 2018, Yu et al. 2021). The generative model shown in Fig. 1 could support this kind of inference by using interoceptive information from the heart (i.e. high heart rate) as evidence that \"there might be something fearful out there\" (Pezzulo 2013). Another more complex example regards emotional awareness and self-awareness—which signifcantly engage the brain regions involved in interoception and the representation of physiological processes (Garfnkel et al. 2013). The generative model shown in Fig. 1 might support processes of emotional awareness in a way that is neither purely bottom-up (i.e. as if interoceptive signals cause emotional awareness) nor top-down (i.e. as if emotional awareness causes interoceptive signals), but rather through a circular causality between central predictions about bodily state that engage autonomic refexes—and interoceptive streams—that update the predictions (Seth and Friston 2016). In this perspective, any representation that induces interoceptive predictions could be associated with emotional or affective content; crucially, this is also the case with some aspects of self-awareness (e.g. recognizing one's own face) that require integrating interoceptive streams with concurrent exteroceptive (e.g. visual) and proprioceptive cues. These examples illustrate that the generative model of Fig. 1 natively implements both the multisensory integration required to unite (for example) interoceptive and exteroceptive streams and the active aspects that are supposed to support emotional and self-processing—and the construction of an \"embodied self\" (i.e. the circular causality between engaging autonomic refexes and capturing the ensuing interoceptive signals).\n\nIn general, the accuracy of the inference of hidden bodily states, the \"embodied self,\" or other aspects of the model depends on the signal-to-noise ratio of the sensations and on the quality of the model. For example, it is diffcult to self-localize in a city if it is dark (low signal-to-noise ratio) or if one does not know the city well (poor model). The inference of hidden bodily and emotional states might function in an analogous manner. If the quality of the afferent interoceptive (e.g. cardiac) signals is low, or if one has a poor model of how one's body functions, then it would estimate one's bodily states such as fatigue incorrectly (which in turn would also impair its adaptive regulation of the same bodily states). Interoceptive signals could be \"too noisy\" for various reasons, which might be related to physiology, infammation, or stress. The body model can be poor in various ways, too. For example, it could poorly characterize the statistical relations between interoceptive sensations and hidden bodily states (e.g. systematically mischaracterize high heart rate as caused by hunger but not fatigue or joy).",
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- "text": "In this article, we started with formal accounts of brain processing based on active inference to discuss the mechanisms and functional purpose of the (apparently) maladaptive ways to \"control the body\" that arise in these and other psychopathological behaviors. We frst discussed how we build models of the world, of our bodily and interoceptive processes, of our emotions, and of the embodied self, which provides a sense of understanding of reality and affords adaptive control at many levels, from the allostatic regulation of our physiological states to the achievement of our individual and social goals. Then, we discussed under which conditions we can become highly uncertain about our current state and the future course of action. These conditions include both contextual factors (e.g. periods of noteworthy changes or stress) and factors related to the person's internal models (e.g. poor models in which precision parameters are incorrectly set). We next turned to active inference and discussed how reducing uncertainty (not just maximizing utility) is a key imperative in this framework. This implies that an active inference agent can sometimes privilege uncertainty minimization over utility maximization. In extreme conditions, such as when interoceptive uncertainty is excessive or diffcult to reduce, a person could develop maladaptive strategies to deal with it, such as acting on the body to produce interoceptive sensations of pain or starvation that reduce interoceptive uncertainty.\n\nThe centrality of physiological processes and bodily information for the sense of self has been widely discussed by interoceptive research (Seth et al. 2012, Quigley et al. 2021). Here, in continuity with previous works (Barca and Pezzulo 2020), we suggest that (i) some pathological behaviors—that \"act on the body\" in maladaptive ways—might be considered as strategies for modifying internal models and the sense of self when it is defcient, through bodily sensations and (ii) the sense of self can be defcient when bodily information is uncertain, and this can happen not only in clinical conditions but also during pivotal periods of developmental transition, e.g. in adolescence.",
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- "text": "quantities as its target: the variational free energy (*VFE*) in the case of perception and the expected free energy (*EFE*) in the case of action. The *VFE* is the free energy associated with a given sensory observation and is resolved perceptually by updating beliefs about the environment. The *EFE* is the free energy that is expected in the future, contingent on a given policy or course of action. Choosing action policies associated with a low *EFE* lead to reducing uncertainty about the environment, as well as making preferred observations more likely.\n\n#### *2.1. POMDPs in Active Inference*\n\nIn AIF, the POMDP is one of the most common families of generative models used to make inferences about the environment. It is a Markovian discrete state-space model, where employing it means representing the environment and observations as inhabiting one among a set of possible (possibly multidimensional) states, and that the changes in these states can only depend on the system's previous state and the agent's actions. Environmental states are not directly observable, so they have to be inferred based on incoming sensory observations. In AIF for POMDPs and other generative models in general, both perception and action are cast as Bayesian inferences (see Sections 2.2 and 2.3), as well as the learning of parameters of the generative model (see Section 2.4). Crucially, an agent's generative model does not a priori have to be isomorphic to the true environment (i.e., the data-generating process), although this will generally lead to a successful inference, and that the generative model will therefore often come to resemble the environment through learning.\n\nA discrete state-space POMDP in AIF is conventionally defined by five main sets of parameters: **A**, **B**, **C**, **D** and **E** [1,33], see Figure 1. Together, these parametrise the agent's prior beliefs about the prior probability of different states in the environment, how states of the environment change and how they generate observations. Typically, they will be vectors, matrices or tensors; however, henceforth we denote them by their corresponding letter in bold. These make up the components needed for the agent to perform AIF.\n\n**A**, also called the *observation model*, represents the state-to-observation likelihood model. This describes how observations depend on or are generated by states of the environment. It is structured as a matrix with a column for each possible environmental state *s*, and a row for each possible observation *o*. Each column is then a categorical probability distribution over the observations that will occur given the environmental state (meaning that each column must contain non-negative values that sum to 1). If the observations are multidimensional (i.e., multiple observations are made at each time point), there is a matrix for each observation modality. If two or more states determine the observation, the likelihood model then becomes a tensor. If **A** is imprecise (i.e., the probabilities are highly entropic and evenly distributed), observations are taken to carry less information about the environment, in many cases leading to more uncertain inferences, and vice versa.",
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- "query": "At what stage of childhood does the construction of narrative identity take place?",
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- "text": "reciprocity with caregivers and peers. Thus, in parallel to the negotiation of identity with caregivers (through a relative detachment from them, a renegotiation of intimacy, and the questioning of their confrmatory authority), the modifcations of friendship structures—from childhood to adolescence—lay the ground for the progressive recognition of social contexts and peer relationships as the elite territories for the modulation and exploration of personal identity. The redefnition that the adolescent has to face in these territories of exploration (of the self as an individual separated from the other and of the self with the other) might pass through a phase of reduced coherence in the narration of the self and hence an increased level of uncertainty. Coherence in the self's narrative is considered a measure of well-being and has been associated with psychopathology in adulthood (Klimstra and Denissen 2017) and adolescence (Lind et al. 2020, Shiner et al. 2021). For example, narrative incoherence has been found to be associated with personality disorders in adolescents (Lind et al. 2019), where \"identity diffusion\" (e.g. feelings of emptiness and being fragmented and lack of a sense of continuity over time) might be considered an expression of high levels of uncertainty of the self.\n\nEmotion-wise, a developmental trend toward an increased specifcity of emotion-related maps of bodily sensations (Barca et al. 2023)—a proxy of interoceptive representations of emotions—has been reported from children aged 6 years to adulthood (Hietanen et al. 2016). Pubertal changes encompass dramatic bodily and neuroendocrine system changes, comprising—but not reduced to—changes in the reproductive, adrenal, and growth axes (Cameron 2004). Thus, adolescents might face at least four sources of uncertainty: (i) the uncertainty due to physiological alterations related to bodily changes and to modifcation in hormonal levels leading to sexual maturity; (ii) the uncertainty in selfidentity (i.e. the structure of self-awareness) and personal identity (i.e, the narrative diachronic self) (Drummond 2021), which might be coupled with changes in body image and the development of gender identity; (iii) the uncertainty in affect regulation, with the emergence of new forms of affectivity as feelings of love and sexual attraction toward a partner; and (iv) uncertainty in the social context, with respect to their social status and role expectations in the adult society. Such high levels of uncertainty might lead to a poorly defned sense of self, with unclear boundaries and a sense of emptiness. In this context, pain becomes a possible way to recover a bodily sense of self, and self-injurious behavior might be instantiated as an attempt to reduce the rise in the levels of uncertainty in these (and potentially other) domains, toward the transition to adulthood (see Miller et al. 2020 for a closely related approach on addiction).\n\n## Active inference, interoceptive processing, and uncertainty reduction",
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- "text": "Management believes that building and buying new apartments has the opportunity to generate more stable cash flows and improved returns on investments over time compared to buying older buildings. Management acknowledges that there was a dilutive impact on FFO per share growth during the period of construction but believes the short‑term impact is more than offset by the 10‑15 years of nominal maintenance costs provided by a newly built project. Older buildings typically require a much higher capital spend per year, estimated at least $1,200 per unit per year, versus an estimated $300 per unit for new construction. Assuming similar NOI growth between an old and new building, the lower capital spend on the new build is expected to result in a higher return on the total investment in the property in the first 10 – 15 years of ownership. Management expects to provide disclosure regarding capital spend associated with its new development projects over the next few years to provide support for this theory and show the Company's ability to grow the return on investments of the new developments over time.",
- "page_start": 48,
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- "text": "# *3. Why Books are Important to Training AI*\n\nDespite the proliferation of online content and some speculating that books would simply die out with the advent of the Internet,9 books remain a critical vehicle for disseminating knowledge. The more scientists study how books can impact people, the less surprising this is. Our brains have been shown to interact with longform books in meaningful ways: we develop bigger vocabularies when we read books; we develop more empathy when we read literary fiction; and connectivity between different regions of our brain increases when we read. 10\n\nIn that light, it might be unsurprising that books are important for training AI models. A broadly accessible books dataset could be useful not only for building LLMs, but also for many other types of AI research and development.\n\n## *Performance and Quality*\n\nThe performance and versatility of an AI model can significantly depend on whether the training corpus includes books or not. Books are uniquely valuable for AI training due to several characteristics.\n\n- **Length:** Books tend to represent longer-form content, and fiction books, in particular, represent long-form narrative. An AI trained on this longer-form, narrative type of content is able to make connections over a longer context, so instead of putting words together to form a single sentence, the AI becomes more able to string concepts together into a coherent whole; even after a book is divided into many \"chunks\" before the process of tokenization, that will still provide long stretches of text that are longer than the average web page. While Web documents, for instance, tend to be longer than a single sentence, they are not typically hundreds of pages long like a book.\n- **Quality:** The qualities of the training data impact the outputs a tool can produce. Consider an LLM trained on gibberish; it can learn the patterns of that gibberish and, in turn, produce related gibberish, but will not be very useful for writing an argument or a story, for instance. In contrast, training an LLM on books with well-constructed arguments or crafted stories could serve those purposes. While \"well-constructed\" and \"crafted\" are necessarily subjective, the traditional role of editors and the publishing process can provide a useful indicator for the quality of writing inside of books. What's more, metadata for books — information such as the title, author and year of publication — is often more comprehensive than metadata for information\n\n"the novel, too, as we know it, has come to its end\" — \"The End of Books.\" *Archive.nytimes.com*, 21 June 9 1992, archive.nytimes.com/www.nytimes.com/books/98/09/27/specials/coover-end.html. Accessed 27 Aug. 2021.\n\nStanborough, Rebecca Joy. \"Benefits of Reading Books: For Your Physical and Mental Health.\" 10 *Healthline*, 15 Oct. 2019, www.healthline.com/health/benefits-of-reading-books#prevents-cognitivedecline.",
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- "text": "and rephrased and asked follow-up questions to clarify and confirm the correct understanding of participants' answers.\n\nAs similar themes arose repeatedly and no new themes emerged in the final interviews, data saturation was achieved (23).\n\n#### 2.7 Analysis\n\nThe transcribed material was analyzed using systematic text condensation (STC) (30) and was organized utilizing NVivo (version 1.7.1). STC is a method for cross-case analysis inspired by phenomenology. It involves four-steps: (1) identification overall themes from the empirical material, (2) extraction of meaning units from the text which were then coded into groups, (3) condensation of all meaning units within the subgroups into an artificial quotation, that summarize and represents participants' voices, (4) recontextualization of the material into categories, presented as analytical texts. The process is iterative, resulting in continuous movement between the transcripts and within different steps of the analysis. An example of the STC process is illustrated in Figure 1.\n\nThe first author (SSHD) transcribed the interviews and read all material several times, while BN and ECA read most of the interviews before preliminary themes were agreed on. SSHD identified meaning units adhering to these themes and coded them into groups. Condensates of the subgroups were written by SSHD and discussed by all researchers. SSHD then recontextualized the material by forming categories described as analytical texts supplemented by quotes, a process that was discussed and revised several times by all authors. All authors contributed to writing the manuscript. Enactive theory was used to interpret the results, aiming at extracting new knowledge beyond what the informants had provided (28).\n\n## 3 Results\n\nParticipants were interviewed one-on-one by the first author (SSHD) in November and December 2021 (mean = 14 days postoutdoor group). The time and place of the interviews were agreed upon according to participants' preferences (undisturbed office (n = 14), participant's home (n = 1)). None dropped out. The interviews lasted between 40 and 70 min (mean = 54, total = 822) and were audio-recorded.\n\nThe results are presented as four categories summarized in Figure 2 and described below as analytic texts and illustrative quotes referenced with the participant ID and EDSS score.\n\nFIGURE 1\n\nExample of the analysis process (excerpts).",
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- "text": "The described emotional associations of these bodily changes are interesting. Achieving higher exercise intensities, easier movements, reduced pain and improved sensation lead to positive feelings and enhanced prospects for both PA and life, while for some individuals, a failure to achieve high-intensity or no immediate changes in impairments are associated with feelings of loss and negative prospects. This calls attention to acknowledging that sensorimotor capacities facilitate or constrain how an individual perceives the world, which is closely interlinked with feelings, and that influence why participants perceive what they do (34). These experiences necessitate that sensorimotor changes in pwMS involve not only their biological body but also their relational and self-individuating modes of operating in the world, including how an experience coheres with, for example, participants' historical experiences (35). As we primarily regulate such modes to achieve an optimal positive mood state, this can also explain why only changes perceived as positive appear to enhance participants' beliefs for the future (36). Negative experiences such as failure to achieve high intensity because the legs are not working in the last interval can thus be perceived as detrimental by pwMS.\n\nWe argue that participants' perceived bodily changes affected their self-efficacy for being physically active. Self-efficacy involves an individual's perception of exerting control over his or her own actions (37) and has been extensively reported to be pertinent to PA engagement in pwMS (38, 39). However, selfefficacy is theoretically described according to social cognitive theory (38). Our findings highlight how experiencing, expressing and socially interacting through the body (embodied experiences) shape individuals' self-efficacy and suggest a crucial role of bodily perceptions in constituting self-efficacy for PA.\n\n#### 4.2 Interactions and environment shape meaning making\n\nParticipants perceived the group setting to increase motivation, support, and commitment, which has been found in previously published work (16, 31).\n\nThe physiotherapist-participant interaction is acknowledged in exercise interventions for pwMS, pointing to professionals' role in informing participants of exercise benefits in the management of MS, including the prescribing mode, frequency, intensity, and duration of exercise (40). Tailored interventions are supported",
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- "text": "- (ii) to access critical public services, including—\n\t- (aa) social services,\n\t- (bb) services provided to victims (such as victims of crime),\n- (iii) to move to a different place for self-isolation where it becomes impracticable to remain at the address at which they are self-isolating;\n- (j) for the purposes of, or connected with, undertaking a test in accordance with Schedule 8 or Schedule 10;\n- (k) if self-isolating in a goods vehicle by virtue of paragraph (3)(d)—\n\t- (i) for sanitary reasons,\n\t- (ii) to take exercise outside,\n\t- (iii) where required or permitted by that paragraph, to move to a different place for selfisolation,\n\t- (iv) to inspect the vehicle or its load or to carry out any other task required for the safe and continued operation of the vehicle, including refuelling, and\n\t- (v) for any other reason or purpose specified in this paragraph.\n\n(12) For the purposes of this regulation, the place referred to in paragraph (3) includes the premises where P is self-isolating together with any garden, yard, passage, stair, garage, outhouse, or other appurtenance of such premises.\n\n(13) If P is a child, any person who has custody or charge of P during P's period of self-isolation must ensure, so far as reasonably practicable, that P self-isolates in accordance with this regulation.\n\n(14) If P has arrived from Wales or Scotland and is in England, temporarily, for a reason which would constitute an exception under paragraph (11), P is not required to comply with this regulation.\n\n(15) If P is a person described—\n\n- (a) in paragraph 1(1) of Schedule 4—\n\t- (i) where P is a person described in paragraph 1(1)(a) to (k) of, and meets the conditions set out in paragraph 1(3) of, that Schedule, P is not required to comply with this regulation,\n\t- (ii) in any other case, paragraph (3)(b) and (c) does not apply to P;\n- (b) in paragraph 1(2) of Schedule 4 (essential work for foreign country etc), P is not required to comply with this regulation;\n- (c) in paragraph 33 of Schedule 4 (healthcare), paragraph (2) does not require P to remain in isolation in the circumstances set out in paragraph 33 of that Schedule;\n- (d) in paragraph 43 of Schedule 4 (horticultural work)—\n\t- (i) paragraph (2) does not require P to remain in isolation from any other person who is living or working on the specified farm,\n\t- (ii) paragraph (3)(a)(i) applies with the modification that the address specified by P as the address at which they intend to self-isolate must be the specified farm, where \"specified farm\" has the meaning given in paragraph 43 of Schedule 4;\n- (e) either—\n\t- (i) in paragraph 44 of Schedule 4 (elite sports),\n\t- (ii) in sub-paragraphs (1)(h) to (l) of paragraph 2 of Schedule 11 (exemptions from additional measures applicable to arrivals from category 3 countries and territories),\n\nP satisfies the requirements of paragraph (2) if P complies with the relevant conditions specified in paragraph 44(4) of Schedule 4;",
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- "text": "# **5. Previous Projections**\n\nAt the end of September 2014 the published prison population was within 1.8 % of the 2013 Scenario 2 (central) projection, and within 3.4 % of the 2013 Scenario 1 projection and 0.2 % of the 2013 Scenario 3 projection. This does not indicate which scenario the actual prison population will track going forward.\n\nDifferences between the 2013 projections and the actual population could be explained by changes, different to those projected, in overall demand, offence mix, age and gender of defendants, court routes, custody rates or sentence lengths.\n\nChart 3 plots the 2014 Central Scenario projection against the three 2013 prison population projections. The 2014-2020 Central Scenario projection is above all three scenarios from last year. The higher level of the new projections can be attributed to a more serious case mix coming into the courts with a resulting increase in average custodial sentence lengths. The projection for June 2019 in the Central Scenario this year is 10.2 % above the equivalent scenario (Scenario 2) last year.\n\n**Chart 3: Comparing 2013 and 2014 projections (November 2014 – December 2020)**",
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- "text": "- **33.**—(1) Any of the following—\n\t- (a) a person (\"P\") who—\n\t\t- (i) before travelling to the United Kingdom has made arrangements with a provider in the United Kingdom to receive healthcare (or, where P is a child, on whose behalf such arrangements have been made),\n\t\t- (ii) is in possession of written confirmation of the arrangements from the provider,\n\t\t- (iii) has travelled to the United Kingdom to receive that healthcare, and\n\t\t- (iv) is attending a place to receive that healthcare or is travelling directly between that place and the place where they are self-isolating;\n\t- (b) a person who—\n\t\t- (i) is accompanying P for the purpose of providing necessary care or support to P in the circumstances referred to in sub-paragraph (1)(a)(iv), or\n\t\t- (ii) is travelling, for the purpose of so accompanying P, directly between the place where they are self-isolating and either of the places referred to in sub-paragraph (1)(a)(iv),\n\nwhere that person has travelled to the United Kingdom for that purpose and is in possession of the confirmation referred to in sub-paragraph (1)(a)(ii) or a copy of it;\n\n- (c) an accompanying child who is accompanying P or, where P is a child, is accompanying a person referred to in sub-paragraph (1)(b);\n- (d) a live donor who is attending a place for the purpose referred to in the definition of \"live donor\" or is travelling directly between that place and the place where they are selfisolating.\n- (2) For the purposes of this paragraph—\n\t- (a) \"accompanying child\", in relation to P, means a child who has arrived in England with P and for whom P has responsibility, or where P is a child, a child who has arrived in England with the person referred to in sub-paragraph (1)(b) and for whom that person has responsibility;\n\t- (b) \"healthcare\" means all forms of healthcare provided for individuals, whether relating to mental or physical health, including healthcare in connection with giving birth;\n\t- (c) \"live donor\" means a person who—\n\t\t- (i) has travelled to the United Kingdom for the purpose of donation of material which consists of or includes their human cells pursuant to arrangements made with a provider in the United Kingdom before travelling to the United Kingdom, and which are to be used by the provider for the purpose of providing healthcare, and\n\t\t- (ii) is in possession of written confirmation of the arrangements from the provider;\n\t- (d) \"provider\" means a provider of healthcare;\n\t- (e) references to a place where a person is self-isolating are to a place where they are required to self-isolate, or permitted to be at, by virtue of regulation 9.\n\n**34.**—(1) A person who has travelled to the United Kingdom for the purpose of transporting material which consists of, or includes, human cells or blood and which is to be used for the provision of healthcare by a provider.\n\n(2) For the purposes of sub-paragraph (1)—\n\n- (a) \"blood\" includes blood components;\n- (b) \"healthcare\" and \"provider\" have the meanings given in paragraph 33(2).\n\n**35.** A person who is an \"inspector\" within the meaning given in regulation 8(1) of the Human Medicines Regulations 2012(**a**), or who has been appointed as an inspector under regulation 33 of\n\n(<b>a) S.I. 2012/1916.",
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- "text": "3Voita et al. (2019a) look at the evolution of token embeddings, showing that in the earlier Transformer layers, MLM forces the acquisition of contextual information at the expense of the token identity, which gets recreated in later layers.",
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- "text": "- (iv) in the goods vehicle or a hotel, hostel or bed and breakfast accommodation while not undertaking the work described in that paragraph if P is travelling with another person in a goods vehicle with a sleeper cab.\n(4) The address specified by P in the Passenger Locator Form pursuant to paragraph 2(a) of Schedule 6 must be—\n\n- (a) their home;\n- (b) the home of a friend or family member;\n- (c) a hotel, hostel, bed and breakfast accommodation, holiday apartment or home, campsite, caravan park or boarding house, canal boat or any other vessel;\n- (d) a military site or establishment;\n- (e) accommodation facilitated by the Secretary of State for the purposes of P's self-isolation;\n- (f) where P is an asylum seeker, accommodation provided or arranged under section 4, 95 or 98 of the Immigration and Asylum Act 1999; or\n- (g) where P is a person described in paragraph 9(1) of Schedule 10 to the Immigration Act 2016 (powers of Secretary of State to enable person to meet bail conditions), accommodation provided or arranged under that paragraph.\n\n(5) More than one address may be specified as the place at which P intends to self-isolate in the Passenger Locator Form where—\n\n- (a) a legal obligation requires P to change addresses; or\n- (b) it is necessary for P to stay overnight at an address on their arrival in England before travelling directly to another address at which they will be self-isolating.\n\n(6) In paragraph (3)(a)(ii) \"a place at which they intend to self-isolate while in England\" means—\n\n- (a) where the person has completed a Passenger Locator Form, at an intended place of selfisolation specified in that form;\n- (b) where the person has completed a form equivalent to a Passenger Locator Form pursuant to an enactment in Scotland, Wales or Northern Ireland, at an intended place of selfisolation specified in that form;\n- (c) in any other case at a place described in paragraph (4)(a) to (c).\n\n(7) P must, on their arrival in England, travel directly to the place at which they are to selfisolate, and must then self-isolate until whichever is the earlier of—\n\n- (a) the end of the 10th day after the day on which they arrived in England or, if later, the end of any period that applies by virtue of paragraph 2 or 3 of Schedule 8;\n- (b) their departure from England; or\n\n- (c) the beginning of P's period of self-isolation, where P or R, where P is a child, is notified under regulation 2A or 2B of the Self-Isolation Regulations(**a**).\n(8) In paragraph (7)(c), \"period of self-isolation\" and \"R\" have the meanings given for the purposes of Part 1 of the Self-Isolation Regulations (see regulations 3 and 5 of those Regulations).\n\n(9) Paragraph (2) does not require P to remain in isolation—\n\n- (a) from any person with whom they were travelling when they arrived in England and who is also self-isolating in the place where P is self-isolating;\n- (b) where P is self-isolating in their home, from any member of their household;\n- (c) where P is self-isolating in the home of a friend or family member, from any member of the household of that friend or family member;\n\n(<b>a) A person notified, or a child in respect of whom a notification is given, under regulation 2A or 2B will be required to selfisolate in accordance with those Regulations from the moment the notification is given. Regulations 2A and 2B were inserted by S.I. 2021/364.",
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- "source_file": "OTC_NSANY_2004.pdf",
- "query": "What was the indicator related to increasing Nissan's research and development activities in terms of publication of scientific articles in 2004?",
- "target_page": 46,
- "target_passage": "And the number of research papers we present at societies such as The Japan Society of Mechanical Engineers rose dramatically in fiscal 2004. ",
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- "text": "DESPITE NISSAN'S RECORD OPERATING RESULT IN FISCAL 2004, ITS STOCK PERFORMANCE RETURN WAS NEGATIVE AND LOWER THAN THE TOPIX INDEX. THE INVESTOR RELATIONS TEAM WAS STRENGTHENED AT THE START OF FISCAL 2005 TO BETTER ADDRESS THE NEEDS OF INVESTORS AND ENHANCE THEIR UNDERSTANDING OF NISSAN'S PERFORMANCE. INVESTORS WILL NOW BE ABLE TO GAIN A MORE IN-DEPTH VIEW OF THE COMPANY'S OPERATIONS AND PERFORMANCE INDICATORS.\n\n#### **Share Performance in Fiscal 2004**\n\nNissan's share price began at ¥1,143 at the beginning of fiscal 2004 and ended the fiscal year at ¥1,099, generating a negative return of 3.85 percent. Total shareholder return (TSR) was -1.67 percent, while the dividend yield came to 2.18 percent (¥24 per share dividend, divided by the ¥1,099 closing price). Adverse movements in foreign exchange rates and commodity price hikes adversely affected Nissan's profitability, which was reflected in the share price. In addition, specific events relating directly to the company also had a negative impact. Later in this report, corporate officers will explain what actions Nissan has undertaken to ensure better performance.\n\n#### **Payout Policy**\n\nNissan announced its NISSAN Value-Up three-year dividend policy, covering the period from fiscal 2005 to fiscal 2007, at the annual general meeting of shareholders on June 23, 2004. Nissan proposes a long-term dividend policy to provide more visibility and improve transparency into the ways in which Nissan rewards its shareholders. Nissan believes that a long-term dividend policy reduces uncertainty for investors who already own or are considering acquiring Nissan stock.\n\n#### **Fiscal Year 2004 Share Performance** (Index: April 1, 2004=100)\n\n80 Apr. **2004 2005** \n\n#### **IR Activities**\n\nUnder NISSAN Value-Up, the IR team's performance will be evaluated based on the price-earnings ratio (PER) and volatility relative to our major competitors. PER is used to measure how successfully the IR team manages market expectations about Nissan in order to maintain the Nissan share price close to an intrinsic value. The other measure, volatility, is used to measure the risk investors perceive when considering Nissan stock. If Nissan can successfully reduce volatility, the minimum return required by investors should decline. The IR team believes that a strengthening of disclosure activities is required to improve both measures. The team plans to disclose not only financial results but also more forward-looking information about Nissan fundamentals such as technology and product. Such forward-looking information helps investors to forecast future performance more precisely and reduces uncertainty about the future. As a consequence, Nissan will increase the number of investor conferences, events, and teleconferences during fiscal 2005.\n\n#### **Five-Year Share Performance**",
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- "text": "Due to changes in government regulations, information on risks involved in business operations has been disclosed in the Yukashoken-Houkokusho for the year ended March 31,2005 as follows:\n\n#### Economic Factors\n\nThe demand for products manufactured by Nissan is affected by the economic conditions in each country or market in which they are offered for sale. Nissan conducts its operations all over the world and, in particular, in the major markets of North America, Europe, and Asia, to say nothing of Japan. While Nissan strives to develop a comprehensive and integrated projection of the global economic outlook, any greater-than-anticipated downturn in one of these markets may have a significant effect on Nissan financial position and results of operations.\n\n#### International Activities and Overseas Expansion\n\nNissan's manufacturing and marketing activities outside Japan are conducted in the United States, in Europe, and in the developing and emerging markets of Asia. Nissan forecasts and evaluates a wide variety of risks inherent in doing business in such overseas markets including the following factors, each of which entails a greater-than-anticipated level of risk:\n\n- Unfavorable political or economic factors\n- Legal or regulatory changes\n- Potentially adverse tax consequences\n- Labor disputes including strikes\n- Difficulties in recruiting and retaining personnel\n- Social, political or economic turmoil due to terrorism, war, or other destabilizing factors.\n\n#### Research and Development\n\nNissan's technology must be \"real world\"—useful, pragmatic and easy to use. Nissan anticipates the nature and scope of the market demand, and then prioritizes and invests in new technologies. Nonetheless, any sudden and greater-than-anticipated changes in its business environment or in customer preferences may impact negatively on customer satisfaction with these new technologies.\n\n#### Product Defects\n\nNissan places a high priority on safety and does its best to enhance safety from the standpoint of research and development, manufacturing and sales. Although Nissan takes out insurance policies to cover product liability, this does not necessarily mean that all potential defects and the related liabilities are fully covered. If Nissan were to implement strict product recalls for its customers, Nissan would incur significant additional expenses which could adversely affect its financial position and results of operations.\n\n#### Fluctuation in Foreign Currency Exchange Rates\n\nNissan's Japanese operations export vehicles to various countries around the world. In general, the appreciation of the yen against other currencies adversely affects Nissan's financial results of operations and, on the contrary, the depreciation of the yen against other currencies favorably affects Nissan's financial results of operations. Any sharp appreciation of the currencies of those countries against the yen could lead to increases in both procurement and production costs which would adversely affect Nissan's competitiveness.\n\n#### Derivatives\n\nNissan utilizes derivatives transactions for the purpose of hedging its exposure to fluctuation in foreign exchange rates, interest rates and commodity prices. While Nissan can hedge against these risks by using derivatives transactions, Nissan, by so doing, may miss the potential gains which could result from seizing the market opportunities to profit from such fluctuation in exchange rates and interest rates.\n\nIn addition, Nissan manages its exposure to credit risk by limiting its counterparties to financial institutions with high credit ratings. However, a default by any one of these counterparties could have an adverse effect on Nissan's financial position and operating results.\n\n#### Lawsuits and Claims",
- "page_start": 72,
- "page_end": 72,
- "source_file": "OTC_NSANY_2004.pdf"
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- "text": "#### Lawsuits and Claims\n\nWith respect to various lawsuits and claims which Nissan encounters, the possibility exists that the position defended by Nissan will not be accepted and that the outcome may be significantly different from that anticipated. As a result, any such verdict or settlement could adversely affect Nissan's financial position and operating results.\n\n#### Government Regulations\n\nThe automobile industry worldwide is influenced by a broad spectrum of regulations governing the emission levels of exhaust fumes, fuel economy guidelines, noise level limitations and safety standards, and Nissan expects these regulations to become increasingly stringent. In order to ensure compliance, it may be necessary for Nissan to make significant ongoing investments in these areas which would have an impact on its financial position and results of operations.\n\n#### Intellectual Property Rights\n\nNissan owns a wide variety of proprietary technologies and has the expertise to differentiate Nissan's products making them unique from those of its competitors. These assets have proven their value in the growth of Nissan's business and will, no doubt, continue to be of value in the future. Nissan strives to protect its intellectual property assets; however, in certain markets, Nissan may encounter difficulty in fully protecting the proprietary rights to its own technologies. Cases may arise where Nissan finds itself unable to prohibit others from infringing on its intellectual property rights.\n\nThe Company has established Intellectual Property Rights Management Department for the purpose of protecting intellectual property rights in specific areas, strengthening activities to protect Nissan's intellectual property rights, and abstracting new intellectual property rights. And the department has been performing various activities to protect and create Nissan Brand.\n\n#### Natural Disasters\n\nNissan's corporate headquarters and many of its manufacturing facilities are located in Japan, where the statistically proven probability of earthquakes is higher than in many other countries. Nissan has developed risk management guidelines relating to earthquake damage and the CEO has organized a global task force to direct disaster prevention and recovery activities. In addition, the Gruop has begun to strengthen its manufacturing facilities with anti-seismic reinforcement. However, if a severe earthquake were to hit one of Nissan's key facilities causing a halt in production, this would adversely affect Nissan's financial position and results of operations.\n\n#### Sales Financing Business Risk\n\nSales financing is an integral part of Nissan's core business, providing strong support to its automotive sales, while maintaining high profitability and a sound and stable financial condition through strict risk management policies. However, the sales financing companies have a high exposure to interest-rate risk, residual value risk, and credit risk, any one of which may adversely affect Nissan's financial position and results of operations.\n\n#### Counterparty Credit Risk\n\nNissan does business with a variety of counterparties and manages its counterparty credit risk by conducting a comprehensive annual assessment of its customers' financial condition based on their financial information. Nonetheless, any significant default by a counterparty would adversely affect Nissan's financial position and results of operations.\n\n#### Employee Retirement Benefit Expenses and Obligations",
- "page_start": 72,
- "page_end": 72,
- "source_file": "OTC_NSANY_2004.pdf"
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- "text": "## OUR WORLD\n\nNISSAN HAS A GLOBAL PRESENCE. BORN IN JAPAN, WE ARE PERFECTLY AT HOME IN THE U.S., THE UK, SPAIN, THAILAND, CHINA, EGYPT, BRAZIL AND WELL OVER 150 OTHER NATIONS WHERE NISSAN CARS AND THEIR COMPONENT PARTS ARE PRODUCED, SOLD AND DRIVEN. WITH NISSAN, DRIVING PLEASURE IS A SENSATION THAT KNOWS NO BORDERS. THIS IS THE NISSAN SHIFT_",
- "page_start": 59,
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- "text": "NISSAN IS ABOUT MEETING UNMET NEEDS, CRAFTING SINGULAR PRODUCTS AND TRANSFORMING BRAND STRENGTH AND INNOVATION INTO NEW BUSINESS OPPORTUNITIES. WE ARE NISSAN. WE ARE INFINITI. WE ARE NISSAN LIGHT COMMERCIAL VEHICLES, EXPANDING OUR RANGE. WE ARE NISSAN INDUSTRIAL MACHINERY, LEVERAGING OUR EXPERTISE TO BUILD FORKLIFTS AND MARINE PRODUCTS. AND WE ARE NISSAN FINANCIAL SERVICES, PROVIDING OUR CUSTOMERS WITH A COMPREHENSIVE LINEUP OF OFFERINGS. THIS IS THE NISSAN SHIFT_",
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- "text": "## **More value, Higher quality, Win-win partnerships** HIROTO SAIKAWA\n\nPURCHASING\n\nExecutive Vice President\n\n\"The evolution that took place in Nissan's purchasing activities during the Nissan Revival Plan, or NRP, and continued through NISSAN 180, will stretch even further during NISSAN Value-Up. Why evolution and not revolution? Because the shift in purchasing that started six years ago was not a single action, it was a mindset change that continues to drive all our activities.\n\nPurchasing represents the single largest area of cost for Nissan. Through the NISSAN Value-Up business plan, we are determined to drive greater value from our purchasing activities and maintain the momentum built over the last six years.\n\nDuring the Nissan Revival Plan years, our focus was on catching up with the rest of the industry. NISSAN 180 was focused on reaching the benchmarks set during NRP and now as we enter the NISSAN Value-Up period, that focus evolves towards being the global cost leader.\n\nOne of the key breakthrough strategies of NISSAN Value-Up is the focus on new and emerging markets. On the sales side, markets like China, India, Russia and ASEAN represent significant opportunities for Nissan. On the purchasing side, we look at the cost competitiveness of these new markets and how we can increasingly use them to enhance our global competitiveness.\n\nOur strategy for what we call 'Leading Competitive Countries', or LCCs, is to focus on those markets that we see as trend leaders in both cost, quality and supply stability. We will focus first on China and then on ASEAN nations. This will bring cost advantages for our major regions, such as Japan, North America and Western Europe, making us more competitive. We're also investigating sourcing from Eastern Europe, the Mercosur trading zone, and India.\n\nOur Alliance with Renault has also provided substantial purchasing benefits and opportunities. Formed in 2001, the Renault Nissan Purchasing Organization, or RNPO, now accounts for over 70 percent of all purchasing for Nissan and Renault. Nissan will further benefit from RNPO through the utilization of Renault supply bases in certain LCCs.\n\nAlthough the turnaround in the Nissan business has been profound, we also recognize that our supplier partners have played a significant role. Going forward, we intend to reinforce those relationships, building value on both sides. For example, we are reinvigorating our innovative 3-3-3 engineering program.\n\nWe are also deploying a purchasing process that gets suppliers involved earlier and further upstream in the product development process, the concept of 'project partners'. This is a program that identifies key technologies and innovations that require substantial investments from both sides. Suppliers will be selected as project partners for a specific area and will work closer with us to develop lower cost and higher quality solutions. This win-win approach has already started with interior systems and chassis development projects.\n\nLast year, we faced several challenges with raw materials. Those risks—both price and supply related—are a factor that we have to recognize and address in the coming years. Last year, the pressure was concentrated on the supply side, going forward we see an increasingly challenging cost environment. Working closely with our key raw material suppliers as well as parts suppliers and accelerating our cost reduction countermeasures will be key during NISSAN Value-Up.\n\nOur purchasing philosophy at Nissan is focused on value, quality and relationships. We want our purchasing process to be transparent and proactive, and create more value for our suppliers and for the company.\"",
- "page_start": 49,
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- "text": "## **Making Profit as a Smaller Player**\n\nEUROPE\n\n\"Europe is one of the most fragmented automotive market in the world and a highly competitive one besides. Despite our relatively small size, however, we have begun to demonstrate that it is possible to make money in Europe. In fact, although Nissan does not yet deliver the levels of profitability here\n\nDOMINIQUE THORMANN Senior Vice President Nissan Europe\n\nthat the U.S. or other markets generate, we surpassed our NISSAN 180 business targets in fiscal 2004. Our profitability is now on par with the best European manufacturers. Nissan has a foundation for increasing profitability further in the coming years in Europe.\n\nNissan is already an established name around the region, and the brand is strongly associated with 4x4 technology, off-road vehicles and pickup trucks. However, there is also a solid heritage built around the Micra, a model designed for urban driving. Both the first and second generations of this car were very successful, and the third generation is performing well. To leverage our 4x4 heritage and SUV strength into the passenger car segment, Nissan is developing a series of crossover vehicles that blend car-like performance with 4x4 versatility. The Qashqai concept vehicle introduced at the 2004 Geneva Motor Show is the first of these—smaller, more affordable, and better adapted to European roads. The Qashqai will go into production in our plant in Sunderland in the UK in early 2007. The Murano, launched this year, is a precursor to the Qashqai in the larger executive segment. Europeans have already taken to the Murano, driving sales far past our initial forecasts in all markets. This car is helping make Nissan a brand that people aspire to own.\n\nNissan is still a small player in the region, selling 550,000 cars across a very large and diverse territory that stretches from the Atlantic Ocean to Russia, and from Finland to Israel. In the past we covered the area through multiple distribution channels, which we are currently in the process of simplifying. A few aspects of the European market have made profitability more difficult to achieve. For example, automakers must provide models with much diversity: diesel and gasoline powertrains; manual and automatic transmissions. The cars must also be engineered to suit the high driving speeds typical in the region and ensure superior handling, which results in higher costs.\n\nAs in many other mature markets, an incentive war is raging in Europe. Nissan's position here, as elsewhere, is to use incentives selectively and to always protect profitability. Providing products which customers recognize and appreciate for their style and attributes rather than being the best deal is the foundation of Nissan's profitable growth. We now have a wide range of products, five of which were newly launched in 2005, including the Pathfinder and the Navara pickup. We will release the Micra C+C at the Frankfurt Motor Show in September, giving customers the option of a unique standard glass roof in a fully retracting hard convertible top.\n\nNissan's manufacturing still defines the leading edge in Europe. According to *The Harbour Report*, our plant in Sunderland is the most productive plant in Europe. Sunderland will start production on a new B-segment car based on the Tone concept car in early 2006, followed by the Qashqai crossover vehicle in early 2007. Our Barcelona plant, which manufactures SUVs, 4x4s and light commercial vehicles, will reach full capacity in mid-2005. Finally, our truck plant in Avila, Spain, which specializes in light-duty trucks, will start producing a replacement for the popular Cabstar in late 2006. This efficient production base is a critical part of our profitable growth scenario.",
- "page_start": 62,
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- "text": "# **Pursuing Value Through Technological Excellence** MITSUHIKO YAMASHITA\n\nExecutive Vice President\n\n\"I have two prime objectives. The first is to realize our corporate vision, 'Enriching people's lives,' from an engineering standpoint. The second is to create a future vision for people working in R&D. Research and development is all about providing practical value to the customer via technological excellence, which in turn creates value for our shareholders. Nissan has made a major commitment to technological excellence so that we can accomplish these objectives.\n\n#### **Research and Development**\n\nTECHNOLOGY\n\nNissan's investment in R&D has been rising. In fiscal 2004 we devoted approximately ¥400 billion to it, equivalent to 4.6 percent of our turnover. We estimate that our financial commitment to R&D will continue to range between 4.5 and 5 percent. R&D investments take a lot of time to pay off, of course, so it's difficult to evaluate our evolution over the short term. Given our expanded output, however, I believe that we are headed in the right direction.\n\nFor example, the number of patents we have generated is growing quickly, exceeding 4,000 in fiscal 2003—more than twice the fiscal 1999 figure. And the number of research papers we present at societies such as The Japan Society of Mechanical Engineers rose dramatically in fiscal 2004. These are direct results of our commitment to research. We are also generating more new technologies related to safety and the environment, such as the Around View Monitor and the lane-keeping system.\n\nWe have succeeded in shortening our production pipeline, too, using a new vehicle development process called V3P that our engineers devised over the past three years. V3P, which stands for Value-up innovation of Product, Process, and Program, has helped us cut our development time almost in half, from 20 months to just 10.5 months. I believe this makes Nissan the world benchmark in development. That improvement is having a major effect on the flexibility and execution of R&D at Nissan, and will ultimately boost the company's profitability.\n\nThe number of new products we have brought to market over the past three years is equally significant more than thirty new vehicles. That's an impressive engineering achievement, and the reason you are seeing so many new Nissan models on the road.\n\nOur R&D infrastructure, however, is still in need of expansion. We've therefore begun building new facilities at the Nissan Technical Center, NTC, and at the Nissan Advanced Technical Center, NATC, both of which are in Japan. These additions represent a major investment, and show Nissan's dedication to maintaining and enhancing its technological skills.\n\nOur technology base is in Japan, where we have some ten thousand people involved in R&D, but we also have two major centers in North America and Europe, and smaller operations in Taiwan, China, Thailand, South Africa and Brazil. In the past, these entities were mostly standalone operations, but today there are many more joint projects\n\nRear active steering Intelligent cruise control Shock-absorbing body, to reduce pedestrian injuries",
- "page_start": 45,
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- "text": "## **NISSAN Value-Up: Sustaining Performance**\n\nNissan's position today is much different than it was six years ago or even three years ago. In 1999, we were in crisis, and the Nissan Revival Plan was needed to revive our company and build a future. In April 2002, when NISSAN 180 began, we wanted to complete the revival process, with an emphasis on profitable growth.\n\nNISSAN Value-Up is about sustaining performance. About taking all the gains we have made in connecting with our customers, in growing volumes, in creating value, in earning profits, in improving management— and then building upon these gains.\n\nWith NISSAN Value-Up, you will not see a radical break from NISSAN 180. This plan is evolutionary, not revolutionary. We will take the core elements that got us to this point—namely, more revenue, less cost, more quality and speed, and maximized Alliance benefit with Renault and build upon them.\n\nNISSAN Value-Up has three critical commitments:\n\n- Profit: Nissan will maintain the top level of operating profit margin among global automakers for each of the three years of the plan.\nVolume:Nissan will achieve global sales of 4.2 million units measured in fiscal 2008.\n\n- ROIC: Nissan will achieve a 20 percent ROIC on average over the course of the plan, based on the new formula that excludes cash on hand from the denominator.\nNISSAN Value-Up will oversee 28 new models, resulting in the start of production of 70 models worldwide, over two dozen more than the 44 production starts during NISSAN 180. Of the 28 new models, 18 will be replacements for existing models and 10 will be completely new \"conquest\" models. We will enter more new segments, and we will introduce six models that will delight customers by being completely innovative in their concept and benefits.\n\nWe will pursue four major breakthroughs while implementing NISSAN Value-Up:\n\n- Our Infiniti luxury brand will extend its reach into new markets such as China and Russia and continue to establish its credibility as a Tier-1 luxury player.\n- We will develop our Light Commercial Vehicle (LCV) business into a fully competitive global operation through new market and product entries. By 2007, we plan to increase our LCV volume by 40 percent from fiscal 2004 to 434,000 units. During this period, operating margin is targeted to double from 4 percent to 8 percent.\n- We will take a more efficient global sourcing approach to maximize our opportunities and minimize our overall costs as we grow. Our engineering, production and purchasing functions will continue their acceleration toward being fully integrated global operations.\n- We will continue to invest in new and emerging markets, including China, India and Russia.",
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- "text": "#### LETTER FROM THE COO\n\nMuch has been written about the Nissan revival. While innovative product, an improved cost base, greater manufacturing efficiencies and a better-defined brand have all been factors, the strongest element in our revival has been our people. And, what we learned during the crisis in the 90s and through the Nissan Revival Plan and Nissan 180 plan, now guides how we will manage the company in the future. We call it the Nissan Management Way. It is both a philosophy and set of disciplines that guide us at all levels of the organization and will help Nissan build on the momentum of the past six years.\n\nAlthough our president and CEO Carlos Ghosn has now taken on the same responsibilities at Renault, our basic management style will not change. As in the past, the Executive Committee, chaired by Carlos Ghosn, is still the highest decision making authority for strategy and management policy.\n\nThe COO position I now hold was created to provide an \"operating officer\" in the truest sense of the title. As COO my role is to assist the CEO by executing the business plan, monitoring the Company's performance and supervising dayto-day operations. The decisions I make are always based on the Nissan Management Way and support the commitments of the NISSAN Value-Up business plan.\n\nWhat distinguishes the Nissan Management Way is that we are both profit-driven and customer-focused, and that we share our strategy globally and execute in a cross-functional way. These cross-functional activities are particularly important to our success; along with cross-functional thinking, they have helped create an organization of singular structure, focus and culture. In this organization, employees representing each of Nissan's three axis—regional businesses such as Japan and U.S., functions such as engineering and manufacturing, and products—are actively encouraged to work together to maximize profits and to avoid a 'silo' mentality that is only focused on their immediate operational group.\n\nFiscal 2005 is a year of immense challenges and uncertainties, but we have still pushed ahead with an ambitious business plan for this period. As COO, my priority is to keep a close watch on Nissan's performance to ensure that we deliver our commitments. These include achieving the final Nissan 180 commitment of one million additional vehicles by the end of September 2005 and hitting our financial targets for fiscal 2005. There is no doubt that we have the strong leadership and management teams capable of sustaining the high level of performance required to reach these goals.\n\nNissan is now a learning organization. We have fully integrated the changes that began during the Nissan Revival Plan and continue to shape our business in the future. Our employees continually seek to build a better Nissan and fortify the brand, and are not afraid to speak out on issues and openly discuss challenges that face the business. Within the Nissan Management Way, we call that \"healthy conflict\"— and it strongly related to our belief in transparency and accountability. This is the essence of the evolution that continues to empower our company.\n\nOur alliance with Renault also continues to be a source of immense strength. We expect to further reinforce the Alliance and to develop new synergies now that Carlos Ghosn is the CEO of both companies.\n\nWhile we have the kinds of advantages I have mentioned, we also have risks. One of those risks is complacency. During the last six years, we have made significant achievements and consistently met tough commitments, but countless challenges remain. Our industry is immensely competitive, our customers more demanding than ever and we have no time to rest and congratulate ourselves. We need to create a culture where employees are always motivated to challenge themselves and the company and to create value for all our stakeholders.",
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- "text": "## OUR WORLD\n\nNISSAN HAS A GLOBAL PRESENCE. BORN IN JAPAN, WE ARE PERFECTLY AT HOME IN THE U.S., THE UK, SPAIN, THAILAND, CHINA, EGYPT, BRAZIL AND WELL OVER 150 OTHER NATIONS WHERE NISSAN CARS AND THEIR COMPONENT PARTS ARE PRODUCED, SOLD AND DRIVEN. WITH NISSAN, DRIVING PLEASURE IS A SENSATION THAT KNOWS NO BORDERS. THIS IS THE NISSAN SHIFT_",
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- "text": "NISSAN IS ABOUT MEETING UNMET NEEDS, CRAFTING SINGULAR PRODUCTS AND TRANSFORMING BRAND STRENGTH AND INNOVATION INTO NEW BUSINESS OPPORTUNITIES. WE ARE NISSAN. WE ARE INFINITI. WE ARE NISSAN LIGHT COMMERCIAL VEHICLES, EXPANDING OUR RANGE. WE ARE NISSAN INDUSTRIAL MACHINERY, LEVERAGING OUR EXPERTISE TO BUILD FORKLIFTS AND MARINE PRODUCTS. AND WE ARE NISSAN FINANCIAL SERVICES, PROVIDING OUR CUSTOMERS WITH A COMPREHENSIVE LINEUP OF OFFERINGS. THIS IS THE NISSAN SHIFT_",
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- "text": "## **Making Profit as a Smaller Player**\n\nEUROPE\n\n\"Europe is one of the most fragmented automotive market in the world and a highly competitive one besides. Despite our relatively small size, however, we have begun to demonstrate that it is possible to make money in Europe. In fact, although Nissan does not yet deliver the levels of profitability here\n\nDOMINIQUE THORMANN Senior Vice President Nissan Europe\n\nthat the U.S. or other markets generate, we surpassed our NISSAN 180 business targets in fiscal 2004. Our profitability is now on par with the best European manufacturers. Nissan has a foundation for increasing profitability further in the coming years in Europe.\n\nNissan is already an established name around the region, and the brand is strongly associated with 4x4 technology, off-road vehicles and pickup trucks. However, there is also a solid heritage built around the Micra, a model designed for urban driving. Both the first and second generations of this car were very successful, and the third generation is performing well. To leverage our 4x4 heritage and SUV strength into the passenger car segment, Nissan is developing a series of crossover vehicles that blend car-like performance with 4x4 versatility. The Qashqai concept vehicle introduced at the 2004 Geneva Motor Show is the first of these—smaller, more affordable, and better adapted to European roads. The Qashqai will go into production in our plant in Sunderland in the UK in early 2007. The Murano, launched this year, is a precursor to the Qashqai in the larger executive segment. Europeans have already taken to the Murano, driving sales far past our initial forecasts in all markets. This car is helping make Nissan a brand that people aspire to own.\n\nNissan is still a small player in the region, selling 550,000 cars across a very large and diverse territory that stretches from the Atlantic Ocean to Russia, and from Finland to Israel. In the past we covered the area through multiple distribution channels, which we are currently in the process of simplifying. A few aspects of the European market have made profitability more difficult to achieve. For example, automakers must provide models with much diversity: diesel and gasoline powertrains; manual and automatic transmissions. The cars must also be engineered to suit the high driving speeds typical in the region and ensure superior handling, which results in higher costs.\n\nAs in many other mature markets, an incentive war is raging in Europe. Nissan's position here, as elsewhere, is to use incentives selectively and to always protect profitability. Providing products which customers recognize and appreciate for their style and attributes rather than being the best deal is the foundation of Nissan's profitable growth. We now have a wide range of products, five of which were newly launched in 2005, including the Pathfinder and the Navara pickup. We will release the Micra C+C at the Frankfurt Motor Show in September, giving customers the option of a unique standard glass roof in a fully retracting hard convertible top.\n\nNissan's manufacturing still defines the leading edge in Europe. According to *The Harbour Report*, our plant in Sunderland is the most productive plant in Europe. Sunderland will start production on a new B-segment car based on the Tone concept car in early 2006, followed by the Qashqai crossover vehicle in early 2007. Our Barcelona plant, which manufactures SUVs, 4x4s and light commercial vehicles, will reach full capacity in mid-2005. Finally, our truck plant in Avila, Spain, which specializes in light-duty trucks, will start producing a replacement for the popular Cabstar in late 2006. This efficient production base is a critical part of our profitable growth scenario.",
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- "text": "#### Europe\n\n| Nissan Europe S.A.S. | Trappes, France | Management of European manufacturing and sales | €1,626 | 100.00 |\n| --- | --- | --- | --- | --- |\n| Nissan International Finance | Amsterdam, | Financing for group companies | €13 | 100.00 |\n| (Netherlands) B.V. | The Netherlands | | | |\n| Nissan France S.A. | Trappes, France | Sales of automobiles and parts | €4 | 94.77 |\n| Nissan Motor (GB) Ltd. | Rickmansworth, UK | Sales of automobiles and parts | £136 | 100.00 |\n| Nissan Holding (UK) Ltd. | Sunderland, UK | Holding company for English subsidiaries | €870 | 100.00 |\n| Nissan Italia S.p.A. | Rome, Italy | Sales of automobiles and parts | €5 | 100.00 |\n| Nissan Motor Manufacturing | Sunderland, UK | Manufacture and sales of automobiles and parts | £250 | 100.00 |\n| (UK) Ltd. | | | | |\n| Nissan Technical Center | Granfield, UK | Research and development, testing | £15 | 100.00 |\n| Europe Ltd. | | | | |\n| Nissan Forklift Europe B.V. | Amsterdam, | Sales of forklifts and parts | €6 | 100.00 |\n| | The Netherlands | | | |\n| Nissan Motor Iberica, S.A. | Barcelona, Spain | Manufacture and sales of automobiles and parts | €725 | 99.76 |\n| Nissan Motor Espana, S.A. | Barcelona, Spain | Sales of automobiles and parts | €12 | 100.00 |\n| Nissan Forklift Espana, S.A. | Noain, Spain | Manufacture and sales of forklifts and parts | €9 | 100.00 |\n| Australia | | | | |\n| Nissan Motor Co. (Australia) Pty. Ltd. | Dandenong, Victoria | Sales of automobiles and parts | A$290 | 100.00 |\n| New Zealand | | | | |\n| Nissan New Zealand Ltd. | Auckland | Managing New Zealand subsidiaries; | NZ$51 | 100.00 |\n| | | automobile sales | | |\n| South Africa | | | | |\n| Nissan Motor Company | Rosslyn | Managing South African subsidiaries; | R39 | 100.00 |\n| South Africa (Pty) Ltd. | | automobile manufacturing and sales | | |\n| Middle East | | | | |\n| Nissan Middle East F.Z.E. | Dubai, UAE | Automobile sales | Dh2 | 100.00 |\n| China | | | | |\n| Nissan Motor (China) Ltd. | Hong Kong | Automobile sales | HK$16 | 100.00 |\n| Dongfeng Motor Co., Ltd. | Hubei | Manufacture and sales of automobiles and parts | RMB16,700 | 50.00 |\n| Taiwan | | | | |\n| Yulon Nissan Motor Co., Ltd. | Miao Li Hsien | Manufacture and sales of automobiles and parts | NT$3,000 | 40.00 |\n| Thailand | | | | |\n| Siam Nissan Automobile Co., Ltd. | Samuthprakarn | Manufacture and sales of automobiles and parts | THB1,931 | 75.00 |\n| Other consolidated subsidiaries | 156 companies | | | |\n| Total consolidated subsidiaries | 200 companies | | | |",
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- "text": "### OUR WORK\n\nNISSAN IS A WORLD-CLASS AUTOMOBILE MANUFACTURER. TO ENVISION, PLAN, BUILD AND DISTRIBUTE MILLIONS OF AUTOMOBILES TO THE WORLD REQUIRES A CLEAR DEFINITION OF ROLES AND PROCESSES. AT NISSAN, OUR BUSINESS DIVISIONS COMMUNICATE IDEAS ACROSS COUNTRIES, CULTURES AND FUNCTIONS TO DEVISE THE TRANSPARENT, EFFICIENT SOLUTIONS THAT CREATE SUCCESS. THIS IS THE NISSAN SHIFT_",
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- "text": "#### Lawsuits and Claims\n\nWith respect to various lawsuits and claims which Nissan encounters, the possibility exists that the position defended by Nissan will not be accepted and that the outcome may be significantly different from that anticipated. As a result, any such verdict or settlement could adversely affect Nissan's financial position and operating results.\n\n#### Government Regulations\n\nThe automobile industry worldwide is influenced by a broad spectrum of regulations governing the emission levels of exhaust fumes, fuel economy guidelines, noise level limitations and safety standards, and Nissan expects these regulations to become increasingly stringent. In order to ensure compliance, it may be necessary for Nissan to make significant ongoing investments in these areas which would have an impact on its financial position and results of operations.\n\n#### Intellectual Property Rights\n\nNissan owns a wide variety of proprietary technologies and has the expertise to differentiate Nissan's products making them unique from those of its competitors. These assets have proven their value in the growth of Nissan's business and will, no doubt, continue to be of value in the future. Nissan strives to protect its intellectual property assets; however, in certain markets, Nissan may encounter difficulty in fully protecting the proprietary rights to its own technologies. Cases may arise where Nissan finds itself unable to prohibit others from infringing on its intellectual property rights.\n\nThe Company has established Intellectual Property Rights Management Department for the purpose of protecting intellectual property rights in specific areas, strengthening activities to protect Nissan's intellectual property rights, and abstracting new intellectual property rights. And the department has been performing various activities to protect and create Nissan Brand.\n\n#### Natural Disasters\n\nNissan's corporate headquarters and many of its manufacturing facilities are located in Japan, where the statistically proven probability of earthquakes is higher than in many other countries. Nissan has developed risk management guidelines relating to earthquake damage and the CEO has organized a global task force to direct disaster prevention and recovery activities. In addition, the Gruop has begun to strengthen its manufacturing facilities with anti-seismic reinforcement. However, if a severe earthquake were to hit one of Nissan's key facilities causing a halt in production, this would adversely affect Nissan's financial position and results of operations.\n\n#### Sales Financing Business Risk\n\nSales financing is an integral part of Nissan's core business, providing strong support to its automotive sales, while maintaining high profitability and a sound and stable financial condition through strict risk management policies. However, the sales financing companies have a high exposure to interest-rate risk, residual value risk, and credit risk, any one of which may adversely affect Nissan's financial position and results of operations.\n\n#### Counterparty Credit Risk\n\nNissan does business with a variety of counterparties and manages its counterparty credit risk by conducting a comprehensive annual assessment of its customers' financial condition based on their financial information. Nonetheless, any significant default by a counterparty would adversely affect Nissan's financial position and results of operations.\n\n#### Employee Retirement Benefit Expenses and Obligations",
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- "text": "# **Building on World-Class Productivity and Efficiency** TADAO TAKAHASHI\n\nMANUFACTURING\n\nExecutive Vice President\n\n\"By following the Nissan Production Way and the principle of *doukiseisan*—meaning synchronization with the customer—manufacturing at Nissan remains flexible and integrated, and keeps lead times short. The Nissan Production Way incorporates integration at the supplier, global and logistic levels. That is why we remain the most productive manufacturer in the world.\n\nWe've also become much more efficient, as our utilization rates show. In Japan, we were operating at 54 percent of capacity in 1999. In fiscal 2004 that figure increased to 86 percent, which is just about the maximum possible. During NISSAN Value-Up, we will increase our global utilization rate from approximately 74 percent to over 80 percent. We will not achieve that target by closing facilities, either. In fact, we've opened new plants in the U.S. and China, and increased capacity at our other facilities.\n\nManufacturing achieved a series of milestones during NISSAN 180. One of the biggest was opening the Canton plant in the U.S., which got up to speed quickly, launching five new vehicles in a period of just eight months. We built two plants in China, and restarted operations in Egypt. We dramatically expanded the Decherd, Tennessee engine plant in the U.S., and all engines for North America are now built at Decherd or at our plant in Mexico.\n\nWe also commenced cross-production with Renault: Nissan began building Renault's Platina in Mexico and its Traffic in Spain, while Renault began building our Pickup and Xterra at its factory in Brazil. We also started production of common engines with Renault, with our subsidiary Aichi Kikai and the Yokohama plant producing the four-cylinder engines used in our new Tiida, Note and Lafesta models. In Japan, we launched six new models in just six months—the Murano, Fuga, Lafesta, Tiida, Tiida Latio and Note. We also launched three vehicles—the Tiida, Teana and Tiida Latio—in China.\n\nWhile we were successful in Japan and China, we did have quality issues at the Canton facility. This was\n\nunfortunate, since it affected our ratings in the J. D. Power and Associates Initial Quality Study. We've since taken effective measures to resolve these problems. More importantly, we learned from them. We created new systems and new approaches to quality, which we then applied in Japan and to the new factories in China. Incidentally, the factories in China opened with no significant quality issues. This highlights one of our 'neverending' quests at Nissan, which is to identify problems and rapidly get solutions for them in place.\n\nWe do not rely solely on external quality evaluations. In cooperation with Renault, we created AVES, the Alliance Vehicle Evaluation System. AVES is a sophisticated process involving two people taking four to five hours to evaluate a vehicle. Because it is time-intensive, we also devised a short version of AVES that only takes an hour and can be done at the factory.\n\nThe second major area of focus is logistics, which is becoming more complicated. We send engine parts to the U.S., and soon we will be shipping more parts from leading competitive countries, or LCCs. During 2004, we encountered cargo-handling problems on the U.S. West Coast, which highlighted the need for a more sophisticated tracking system. If we had had such a system in place, we could have anticipated those problems and made the necessary adjustments.",
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- "text": "#### AUTOMOBILES\n\n## **Nissan**\n\n## **Exceeding expectations —the Nissan automobile**\n\nAt the center of everything we do stands the Nissan automobile. Our vehicles are the most tangible expression of our brand and the values of our company. We make cars that both inspire passion and exceed the expectations of our customers. Through bold and thoughtful designs, innovative technologies, and a richer and more rewarding driving experience, we are defining our unique place in the auto industry.\n\nOur product development philosophy differs from that which many of our competitors follow. Rather than focus on what the competition is providing, we concentrate on what they do not. We listen to drivers to discover their unmet needs and desires, and follow the most promising threads of emerging trends. Our designs are bold, geared to electrify and inspire. We see little point in building vehicles that please everyone but excite no one.\n\nThe appeal of a Nissan goes much deeper than the fine lines of its body and the gleam of its paint. We make some of the world's most advanced high-performance engines and transmissions. From our renowned VQ engine series to the latest in high technology, continuously variable transmissions (CVT), we blend driving pleasure with safety, fuel efficiency, and real-world environmental solutions.\n\nNissan has a long history of leadership and innovation in the automotive industry. We began our quest to create the best cars in the world in 1933, when the company was founded in Yokohama. The first Datsun passenger car rolled off the assembly line two years later. In the years since, we have fashioned a reputation for bold and innovative products. We were the first company to design, manufacture and export a small pickup truck from Japan to the United States, and to build and export a sports sedan, the Datsun 510. And we were the first to produce a true sports car that was also affordable, the Z. Today, we build equally exceptional vehicles in factories throughout the world that consistently rank in the top tier for efficiency, productivity and quality.\n\nIn the future, we will take the Nissan brand into new segments and markets. We will accelerate the pace of automotive evolution. And our products will continue to define our brand with clarity and consistency that brings lasting value to all our stakeholders.",
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- "text": "## **NISSAN Value-Up: Sustaining Performance**\n\nNissan's position today is much different than it was six years ago or even three years ago. In 1999, we were in crisis, and the Nissan Revival Plan was needed to revive our company and build a future. In April 2002, when NISSAN 180 began, we wanted to complete the revival process, with an emphasis on profitable growth.\n\nNISSAN Value-Up is about sustaining performance. About taking all the gains we have made in connecting with our customers, in growing volumes, in creating value, in earning profits, in improving management— and then building upon these gains.\n\nWith NISSAN Value-Up, you will not see a radical break from NISSAN 180. This plan is evolutionary, not revolutionary. We will take the core elements that got us to this point—namely, more revenue, less cost, more quality and speed, and maximized Alliance benefit with Renault and build upon them.\n\nNISSAN Value-Up has three critical commitments:\n\n- Profit: Nissan will maintain the top level of operating profit margin among global automakers for each of the three years of the plan.\nVolume:Nissan will achieve global sales of 4.2 million units measured in fiscal 2008.\n\n- ROIC: Nissan will achieve a 20 percent ROIC on average over the course of the plan, based on the new formula that excludes cash on hand from the denominator.\nNISSAN Value-Up will oversee 28 new models, resulting in the start of production of 70 models worldwide, over two dozen more than the 44 production starts during NISSAN 180. Of the 28 new models, 18 will be replacements for existing models and 10 will be completely new \"conquest\" models. We will enter more new segments, and we will introduce six models that will delight customers by being completely innovative in their concept and benefits.\n\nWe will pursue four major breakthroughs while implementing NISSAN Value-Up:\n\n- Our Infiniti luxury brand will extend its reach into new markets such as China and Russia and continue to establish its credibility as a Tier-1 luxury player.\n- We will develop our Light Commercial Vehicle (LCV) business into a fully competitive global operation through new market and product entries. By 2007, we plan to increase our LCV volume by 40 percent from fiscal 2004 to 434,000 units. During this period, operating margin is targeted to double from 4 percent to 8 percent.\n- We will take a more efficient global sourcing approach to maximize our opportunities and minimize our overall costs as we grow. Our engineering, production and purchasing functions will continue their acceleration toward being fully integrated global operations.\n- We will continue to invest in new and emerging markets, including China, India and Russia.",
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- "text": "#### **Aftersales**\n\nJUNICHI ENDO Senior Vice President\n\n\"Aftersales was established in 2002 because Nissan wanted to expand the scope of what was once the Parts Division. Our primary objective is to extend the value chain. We are trying to engage new-car owners for a longer time by offering an extensive range of attractive aftersales products. These products include parts, service contracts, conversion—both accessories and customization—and new service methods such as quick inspection and quick body repair. Global Aftersales covers the downstream business in cooperation with other marketing and sales divisions.\n\nThis has become an increasingly global function as we deploy and monitor various programs throughout the world. For example, Project SX, the new Nissan service standard, should drastically improve dealer service operations. This program educates dealers on how to be more customeroriented by providing insights into productivity, marketing\n\nand management. To increase service productivity and efficiency, we send former factory foremen and engineers to various service workshops to analyze service staff performance. This will help cut repair times and improve customer satisfaction. The Nissan Sales and Service Way is also a tool used to increase the quality of service provided by all dealers. Its successful implementation has enhanced customer satisfaction worldwide.\n\nThe conversion business in Japan looks very promising. We discovered that 50 percent of car owners want to customize their vehicles, and 28 percent already had. Such a high penetration rate illustrates how much people want a car that's different from everyone else's. The Rider series customized versions of Nissan cars developed by our wholly owned subsidiary Autech—are very popular, especially among younger Japanese. The series exemplifies the major potential of the conversion business.\n\nGlobal Aftersales is a young division, but we've performed well from the start, meeting our global commitments every year during NISSAN 180 and contributing to the Company's growth. We have expanded nearly 20 percent year-on-year between 2001 and 2004, and intend to continue this momentum during NISSAN Value-Up. We will optimize our cost structure by sourcing parts from the leading competitive countries. We are striving to develop an even tighter relationship with our customers and to provide them with new services throughout the ownership cycle. I believe this broader range of aftersales services will provide sustainable growth in Nissan's revenues and profit.\"\n\n# Motorsports MOTORSPORTS\n\nMotorsports is a dynamic form of marketing that offers a natural forum for presenting the Nissan brand. On the track, Nissan's technologies are pushed to the limit—and sometimes beyond under grueling conditions.\n\nNissan participates in a wide range of motorsports, including the Super GT Series. This is the most popular racing series in Japan, and is increasingly broadcast around the world. Motorsports will remain an important marketing outlet that enhances both Nissan's brand presence and our engineering capabilities.",
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- "source_file": "ASX_SEA_2014.pdf",
- "query": "Why did Sundance Energy's oil sales improve in 2014?",
- "target_page": 18,
- "target_passage": "The increase in oil revenues was the result of increased oil production volumes ($81.3 million) offset by a decrease in product pricing ($15.7 million). ",
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- "text": "for a new energy future with greater natural gas usage and increased domestic oil production as two of its primary attributes, it is encouraging to see our political leadership finally grasp that natural gas stands alone as the only affordable, scalable and immediately available alternative to foreign oil and that U.S. oil production can be increased significantly in the years ahead.\n\nThe events of the past few months have unmistakably driven home the fact that it is insanity to rely on the Middle East to provide our economy's lifeline of oil. This should be especially obvious when one realizes that during the next 10 years, America will likely export at least another $4 trillion in national wealth to oil exporters around the world. Clearly, our country must demand from its leaders a new and more sustainable energy future.\n\nThe combination of these vast new discoveries of unconventional natural gas and liquids provides America with a unique future pathway toward greater energy independence, an industrial renaissance, economic rejuvenation and greater national security. I remain fully confident that the marketplace understands this and that over time the U.S. will more fully embrace and utilize clean, affordable, abundant American natural gas and increased domestic oil production as the best alternatives to burning environmentally challenged coal and expensive and dangerous foreign oil.\n\nThere is now a clear road ahead toward a more sustainable, affordable, dynamic and independent future if America embraces the remarkable gift of energy abundance that Chesapeake has helped discover in the U.S. You have my commitment, and the commitment of more than\n\nThe combination of these vast new discoveries of unconventional natural gas and liquids provides America with a unique future pathway toward greater energy independence, an industrial renaissance, economic rejuvenation and greater national security.\n\n*Advancing technology for cleaner operations: solar panels at a West Texas well power telemetry systems that provide pumpers with real-time information on oil and water tank levels to alarm them when levels near capacity, preventing tank spills.*\n\n> The good news, however, is that America can now secure a new energy future thanks to Chesapeake and a handful of other leading U.S. E&P companies that have reinvented the process of finding natural gas and oil during the past five years. In doing so, we have discovered twice the resources of natural gas in the U.S. that Saudi Arabia possesses in oil. Furthermore, these same few companies that led the unconventional natural gas revolution have in just the past two years also reinvented the way in which we can find large new oil resources onshore in the U.S. In fact, I believe the U.S. can possibly increase its production of oil from the current 5.8 million barrels per day by 30–50% during the next 5–10 years, thereby potentially reaching the President's 2025 goal of reducing foreign oil imports by 33%, 5–10 years earlier than hoped.\n\n10,000 other Chesapeake employees, that every day we are working hard to create shareholder value and a better future for our communities, our states and our country through the continued discovery and development of unconventional natural gas and liquids.\n\nBest regards,\n\nAubrey K. McClendon Chairman and Chief Executive Officer April 15, 2011",
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- "text": "# NOTES TO THE FINANCIAL STATEMENTS\n\nfor the year ended 31 December 2004\n\nSAN165 WWW Fins 30/3/05 11:55 AM Page 72\n\n#### **23. Interests in Joint Ventures**\n\n(a) Santos Ltd and its controlled entities have combined interests in unincorporated joint ventures in the following major areas:\n\n| Joint venture/area | Principal activities | Average interest |\n| --- | --- | --- |\n| | | % |\n| Amadeus Basin | | |\n| Mereenie | Oil and gas production | 65 |\n| Mereenie Pipeline | Oil transportation | 65 |\n| Palm Valley | Gas production | 48 |\n| Browse Basin | Oil and gas exploration | 74 |\n| Carnarvon Basin | Oil and gas exploration and production | 32 |\n| Cooper Basin Downstream | Liquid hydrocarbon transportation and processing | 65 |\n| Cooper Basin Unit | | |\n| South Australia | Oil and gas production | 65 |\n| Queensland | Oil and gas production | 60 |\n| Cooper/Eromanga Basins | | |\n| South Australia | Oil and gas exploration and production | 65 |\n| Queensland, ATP 259P | Oil and gas exploration and production | 60 |\n| Other Eromanga | Oil and gas exploration and production | 74 |\n| Jackson Moonie Pipeline | Oil transportation | 83 |\n| Eastern Queensland | | |\n| Bowen Basin | Gas exploration and production | 50 |\n| Surat Basin | Oil and gas exploration and production | 48 |\n| Egypt | | |\n| Gulf of Suez | Oil and gas exploration | 50 |\n| Gippsland Basin | Oil and gas exploration and production | 35 |\n| Indonesia | | |\n| East Java Basin | Oil and gas exploration and production | 42 |\n| Kutei Basin | Oil and gas exploration | 35 |\n| West Natuna Basin | Oil and gas exploration and production | 6 |\n| West Papua | Oil and gas exploration | 20 |\n| Offshore Northern Australia | | |\n| Bonaparte Basin | Oil and gas exploration | 95 |\n| Houtman Basin | Oil and gas exploration | 42 |\n| Timor Gap | Oil and gas exploration and production | 17 |\n| Timor Sea | Oil and gas exploration and production | 22 |\n| Otway Basin | Oil and gas exploration and production | 36 |\n| Papua New Guinea | | |\n| PDL1 (Part Hides Field) | Oil and gas exploration | 31 |\n| Other interests | Oil and gas exploration and production | 31 |\n| Sorell Basin | Oil and gas exploration | 58 |\n| USA | | |\n| Gulf Coast | Oil and gas exploration and production | 39 |\n| Rocky Mountains | Oil and gas exploration and production | 50 |\n\n(b) The sales revenue received from the Santos Group's share of petroleum products produced by the joint ventures is $1,493.5 million\n\n(2003: $1,451.2 million) and the contribution of joint venture business undertakings to profit from ordinary activities before interest and tax of the Santos Group is $581.3 million (2003: $496.7 million).",
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- "text": "*Dollar amounts are in thousands of Canadian dollars (except as noted)*\n\n## *Apartment Property Expenses*\n\nSame store apartment property expenses increased 5.5% for the year ended December 31, 2013, due primarily to increased utility and fuel expenses as a result of high natural gas prices in Atlantic Canada, and higher electricity costs.\n\n## **Utility and Fuel Expense ‑ Same Store**\n\nFor the years ended December 31,\n\n| | 2013 | 2012 | % Change |\n| --- | --- | --- | --- |\n| Natural gas | $4,565 | $2,729 | 67.3% |\n| Oil | 1,523 | 2,095 | (27.3)% |\n| Electricity | 5,197 | 4,671 | 11.3% |\n| Water | 3,582 | 3,474 | 3.1% |\n| Other | 30 | 33 | (9.1)% |\n| Total utility and fuel expenses | $14,897 | $13,002 | 14.6% |\n\nKillam's apartment properties are heated with a combination of natural gas (55%), electricity (36%), oil (8%) and other sources (1%).\n\nElectricity costs at the unit level are usually paid directly by tenants, reducing Killam's exposure to the majority of the 4,500 units heated with electricity. Fuel costs associated with natural gas or oil fired heating plants are paid by Killam. As such, the Company is exposed to fluctuations in natural gas and oil costs, which represent 40.9% of total same store utility and fuel costs in 2013. Killam invests in green initiatives at its properties to maximize efficiencies, including converting many of its Halifax properties to natural gas from oil over the last three years as natural gas infrastructure has been expanded in the city. The decision to convert was supported by the substantial price difference between the cost of natural gas and oil in recent years.\n\nAs noted in the table above, Killam's utility and fuel expenses increased 14.6% in 2013 compared to 2012. The increase was primarily attributable to higher natural gas, electricity costs and water costs.\n\nKillam's natural gas expenses increased by 67.3% in 2013 due to higher gas prices in Atlantic Canada and an increase in properties burning natural gas following conversions of certain Halifax heating plants from oil to gas in 2012 and 2013. The reduction in oil expense in the quarter and year‑to‑date reflects this reduction in oil exposure.\n\nAs the following chart highlights, the per gigajoule (Gj) commodity cost for natural gas in New Brunswick and Nova Scotia was much higher than NYMEX in 2013 and less correlated to NYMEX than in previous years. (NYMEX is the New York Mercantile Exchange, a commodity futures exchange. Henry Hub, a gas distribution hub in Louisiana is the pricing point for natural gas futures contracts traded on NYMEX). The cost of natural gas in Atlantic Canada and New England experienced a spike from December 2012 until late spring 2013 and a second spike in December 2013, compared to other areas of Canada. Those spikes were both due to increased demand from utilities in Northeast New England and a shortage of gas pipeline capacity in Northeastern New England and Atlantic Canada. A temporary decline in gas supply off the coast of Nova Scotia further contributed to the high pricing in the first part of the year.\n\n## **Historic Natural Gas Pricing ($ per Gj) Henry Hub Vs. Heritage Gas**",
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- "text": "**CEO'S REPORT**\n\n# *Dear Fellow Shareholders,*\n\n*2014 Review—2014 was a year of stark economic contrasts in our industry. During the first half as in the past several years, historically volatile West Texas Intermediate oil prices seemed range bound between $80 and $110 with geopolitical events driving prices towards the ceiling and demand risks pushing prices towards the floor of the range.*\n\nIn the US, E&P companies were spending record amounts of capital, fueled by cheap and plentiful debt, on horizontal drilling and completions to drive production growth while making material strategic acquisitions in order to increase their long-term exposure to oil prices.\n\nThe easy credit environment caused asset prices to increase significantly to the point where, in our view, risk adjusted returns on new acquisitions were threatening cyclical lows. In line with our strategy, Sundance had monetized several mature assets realizing\n\n| | Sundance's Performance versus the ASX 200 | | |\n| --- | --- | --- | --- |\n| | | ANNUAL PERCENTAGE CHANGE | |\n| | IN 2P PV10 | | |\n| | (NET ASSET VALUE) | IN SUNDANCE | |\n| YEAR | PER DEBT ADJUSTED SHARE | PRICE PER SHARE | IN ASX200 |\n| 2014 | 21.6% | -48.0% | 1.1% |\n| 2013 | 63.3% | 29.9% | 15.1% |\n| 2012 | -15.6% | 87.8% | 14.6% |\n| 2011 | 59.7% | -44.6% | -14.5% |\n\n~$50 million in current period gains while freeing up ~$165 million in invested capital.\n\nWe primarily reinvested this capital in production growth and cash flow with only about $75 million reinvested in acquiring oil and gas leases and producing properties. This resulted in our production increasing from 5,028 BOEPD to 9,434 BOEPD by December 2014 and full year EBITDAX increasing $73.8 million to $126.4 million in 2014. Had prices stayed steady, we likely would have generated earnings before income taxes of over $85 million and a return on capital in excess of 20%.\n\nOur second capital priority for the year was to conclude the appraisal of the Woodford formation in our Logan County, Oklahoma assets. We viewed this relatively modest, but higher risk, investment as having a 25% chance of success with a 15x upside. Unfortunately, we met with mixed success in our appraisal activities proving that in today's onshore US oil and gas industry that the best absolute returns are generated by drilling in proved regions. There are plenty of solid opportunities to efficiently grow the business without exposure to undue geologic risk.\n\nLike many prior bubbles driven by new technologies, the second half of the year saw the pricing environment come crashing down around us. The market became fundamentally unbalanced, driving prices down almost 50% and rendering material portions of global oil and gas development uneconomic.\n\nOur peers went from talking about their growth prospects to fretting about cash costs and liquidity, a stark contrast from the go-go growth times which existed in the first half of the year. This shift in industry strategy has now come in line with our general business philosophy—in the resource space, low-cost, low debt businesses will survive and thrive across cycles; and, relative to our US onshore peer group, Sundance boasts a top 15% cost structure and balance sheet.\n\nOur position as a cost and balance sheet leader is underpinned by two key philosophies: 1) investment in a leading technical team that is encouraged to take reasonable risks to improve recoveries and/or reduce costs, and 2) a ruthless focus on portfolio returns as demonstrated by our consistent track record of divesting assets that don't fit our strategic objectives or promise lower forward return profiles.\n\nOur high quality Eagle Ford acreage produces strong recoveries at reasonable costs and thus generates good returns, even in a low price environment. Because of these characteristics, the majority of our forward capital is expected to be invested generating strong growth and shareholder returns in the Eagle Ford.",
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- "text": "**CHAIRMAN'S LETTER**\n\n*Despite the reduction in crude oil and liquids prices towards the end of the year and continuing into 2015, the opertional performance and focused, value-adding transactions during the past year have positioned the Company very favourably for future growth in net asset value and shareholder returns.*\n\n# *Dear Fellow Shareholders,*\n\n*I am pleased to present Sundance Energy Australia Limited's Annual Report for the 12 months ended 31 December 2014. It has been another year of significant progress for Sundance across our portfolio of liquids rich oil and gas assets in the US.*\n\nThe Company's strategic focus on growing production, cash flows and reserves from large, repeatable resource plays in North America continues to deliver positive results with growth in production, cash flows, and reserves.\n\nDuring late 2013 and 2014, we completed the divestment of our interest in the Williston Basin in North Dakota for $51 million which realised an internal rate of return of 45 percent; and also opportunistically divested our interest in the Denver-Julesburg Basin in Colorado for $114 million which realised an internal rate of return of 104 percent. These divestitures of smaller, less scalable positions enabled us to focus on developing and growing our assets in the Eagle Ford in Texas and our Mississippian/Woodford assets in Oklahoma.\n\nDespite the reduction in crude oil and liquids prices towards the end of the year and continuing into 2015, the operational performance and focused, value-adding transactions during the past year have positioned the Company very favourably for future growth in net asset value and shareholder returns.\n\n### **A year of growing production, cash flow and reserves**\n\nIn line with our strategy we continued to increase the level of company operated assets, and successfully maintained a very strong focus on optimising our operations and reducing costs. This resulted in an impressive improvement in well performance combined with a top tier cost structure.\n\nThrough our operated development program, we ended 2014 with record production of 9,434 barrels of oil equivalent per day (BOEPD) compared with an exit rate of 5,028 BOEPD in December 2013 and an average annual production of 6,635 BOEPD compared to 3,015 BOEPD in 2013. During 2014 we drilled and completed 42.7 net wells, primarily in the Eagle Ford, bringing our total well count to 81.3 by 31 December 2014. High value oil comprised approximately 69 percent of our total 2014 annual production and production from Sundance-operated projects accounted for 89 percent of total production for the year.\n\nCorresponding with the growth in annual production, the Company's full year revenues increased to $159.8 million and Adjusted EBITDAX increased to $126.4 million.\n\nThe Company's development program also generated significant growth in Constant Case reserves during the year. More details are contained elsewhere in this Annual Report, but in summary our 1P Reserves at the end of 2014 were 26.0 MBOE, 2P Reserves 54.1 MBOE, and 3P Reserves 147.7 MBOE. This compares with Reserves of 20.7 MBOE, 34.6 MBOE, and 92.8 MBOE, respectively, at the end of 2013.\n\nIn the current price environment, we have elected to scale back our drilling program to mainly concentrate on limited drilling obligations to hold Eagle Ford acreage. This will enable us to maintain our low leverage profile, which was approximately 1.03x debt to Adjusted EBITDAX at year end, and focus on growing our drilling inventory in an environment with less competition for leases and small acquisitions. Liquidity was $84 million at year end, with a borrowing base redetermination in 2015 expected to materially increase debt availability if the use of such funds is justified in line with our strategy.\n\n### **The Eagle Ford – driving value and production growth**",
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- "text": "At year end, we had 197 gross 3P Reserves drilling locations across our Eagle Ford acreage where we continue to pursue operational and drilling efficiencies, opportunities to further improve well economics by improving recoveries and reducing costs. In 2014 this included a switch to pad drilling with zipper fracs and new completion techniques that have provided significant upside in production.\n\nDespite our current scaling back of drilling activity, we have set 2015 production guidance at 7,850 – 8,500 BOEPD, an increase from the previous year of some 13 – 17 percent, but a target that we believe is achievable while maintaining acceptable levels of liquidity given our demonstrated abilities and growing footprint in the Eagle Ford.\n\n### **Safety and Environment**\n\nSundance has a strong culture throughout the organisation of ensuring that high standards of safety are maintained and that our operations are conducted in an environmentally responsible way. During 2014 our comprehensive safety program was enhanced and further improvements will be a strong focus throughout 2015.\n\n#### **A strong financial position**\n\nSundance is well placed for future growth in the Eagle Ford. The Company has a strong balance sheet to withstand the current low oil price environment, and our sound financial management strategy has seen the Company well supported by both new and existing investors in Australia and internationally.\n\nWe expect that Sundance will grow organically and also through further leasing or bolt-on acquisitions in our core Eagle Ford focus area within our current, conservative balance sheet parameters.\n\n### **Positive outlook for 2015**\n\nDespite the current oil pricing scenario, Sundance's medium-to-long term growth trajectory looks very positive.\n\nWe can demonstrate this through:\n\n- A track record of capital efficient growth\n- A track record of value creation\n- Being a low cost/high margin operator\n- Having top tier Eagle Ford assets with an extensive drilling inventory\n- Having a clean balance sheet\n\nAs a mid-tier oil and gas producer and explorer in the S&P/ASX All Australian 200 index, and with the increasing interest and support from institutional and retail investors. I believe that Sundance will deliver significant long-term value from our assets for our shareholders.\n\n#### **Thank you for your support**\n\nWe have had a busy year at Sundance and I would like to recognise the efforts and valued contribution of the Board of Directors, management team and all staff and contractors of the Company in helping us achieve our strategic goals. I am confident that we have the right team and excellent assets in place to execute our clear and focused strategy that we expect to deliver significant value for our shareholders.\n\nOn behalf of the Board and Company, I would like to thank our shareholders for your strong support of the Company throughout the year. We are committed to delivering long-term value for our shareholders and I look forward to reporting over the rest of the coming year on the continued value creation and growth of Sundance.\n\nYours sincerely,\n\n**MIKE HANNELL** *Chairman*\n\n*The Company has a strong balance sheet to withstand the current low oil price environment, and our sound financial management strategy has seen the Company well supported by both new and existing investors in Australia and internationally.*",
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- "text": "Jeff Fisher Senior Vice President – Production\n\n# **What advantages does CHK's unique vertical integration strategy provide?**\n\nChesapeake has built a large inventory of low-risk natural gas and liquids-rich plays that we plan to develop aggressively over the next two decades. As a result, we know that our company will consistently utilize a tremendous (and growing) amount of oilfield services for this resource development. This high level of planned drilling activity will create value for the provider of oilfield services, and Chesapeake's strategy is to capture a portion of this value for our shareholders rather than transfer it to third-party vendors whose interests and investments are not always aligned with ours. To date, Chesapeake has invested in drilling rigs, rental tools, water management equipment, trucking, compression equipment, midstream services, and most recently pressure pumping and fracture stimulation equipment. Chesapeake's activities require a high level of planning and project coordination that is best accomplished through vertical integration and ownership of the oilfield services we utilize. This approach creates a multitude of cost savings, an alignment of interests, operational synergies, greater capacity of equipment, increased safety and better coordinated logistics. In addition, Chesapeake's control of a large portion of the oilfield service equipment it utilizes provides a unique advantage to control the timing of leasehold development. Simply put, faster development of resources maximizes the present value of leasehold. This has been a key advantage for\n\nChesapeake over the past three years as the company has monetized leasehold investments at premium values through our joint ventures.\n\n# **Will U.S. natural gas prices reconnect with world natural gas prices?**\n\nNatural gas is a premium product and a cleaner-burning fuel than coal or oil-related products, including gasoline, diesel and heating oil. Despite this fact, over the past two years natural gas has received a low price in the U.S. market relative to coal and oil-related products, primarily as a result of a temporary surplus of production. This surplus has been principally caused by high levels of drilling activity as producers focused on holding by production (HBP) leasehold in new highly productive, low cost natural gas shale plays. In essence, producers reinvented U.S. supply ahead of reinventing of U.S. demand. We believe HBP-incentivized drilling on natural gas plays will largely come to an end in 2012, and U.S. demand will soon also be reinvented to allow U.S. natural gas prices to reconnect to price parity with world natural gas prices that have risen to more than double U.S. natural gas prices.\n\nThis surge in world natural gas prices has been in response to $100+ oil prices and surging global liquefied natural gas (LNG) demand. In our view, the arbitrage in value between competing fuels is simply too wide. Capital and ideas will flow toward projects that make the most of this price disparity. Chesapeake and other companies are working to create the ability to export natural gas from the U.S. Gulf Coast and other regions in the form of LNG to premium Pacific Rim, European and South American markets, perhaps as soon as 2015. This initiative will also be aided by the widening of the Panama Canal to accommodate large LNG vessels. Furthermore, we believe that the\n\nJeff Mobley Senior Vice President – Investor Relations and Research",
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- "text": "Jeff Mobley Senior Vice President – Investor Relations and Research\n\ncurrent price disparity between natural gas and oil will increasingly lead to greater use of natural gas in the U.S. transportation system. Whether it be compressed natural gas (CNG) for medium and light-duty vehicles, LNG for heavy-duty vehicles or the commercialization of gas-to-liquids (GTL) natural gas refineries that supplement the U.S. liquid fuel supply stream, we believe that the marketplace will increasingly utilize and embrace natural gas. Chesapeake is working with industry, public policymakers and potential partners on each of these demand reinvention opportunities. Natural gas is clean, affordable, abundant and American. Why *shouldn't* it trade at a BTU premium in the years ahead?\n\nNick Dell'Osso Executive Vice President and Chief Financial Officer\n\n# **Why is an investment grade rating on its debt securities important to CHK?**\n\nWe believe that Chesapeake will benefit in multiple ways from an investment grade rating on our debt securities, which we hope to achieve in 2012 or 2013. First, a higher rating would obviously lower the company's borrowing costs over time. In addition, other less easily quantifiable benefits will also accrue to Chesapeake. Higher debt ratings would result in lower costs on long-term firm transportation contracts that we enter into in order to market our natural gas and oil production as well as facilitate our ability to enter into long-term contracts to sell our natural gas production to international buyers in the form of LNG. An improved rating will also enhance Chesapeake's ability to further attract world-class energy companies to participate in our joint venture projects, which profitably monetize a portion of our leasehold investments and also accelerate the development of our resource base. Finally, and perhaps most importantly, we believe that reduced financial leverage and an investment grade rating will lead to a higher stock price and provide further interest from worldwide equity investors.",
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- "text": "# AMERICA'S PREMIER ENERGY RESOURCE BASE »\n\nChesapeake is the second-largest producer of U.S. natural gas and a Top 15 producer of U.S. oil and natural gas liquids. The company has built a large resource base of high-quality U.S. assets in the Barnett, Haynesville, Bossier, Marcellus and Pearsall natural gas shale plays and in the Granite Wash, Cleveland, Tonkawa, Mississippian, Bone Spring, Avalon, Wolfcamp, Wolfberry, Eagle Ford, Niobrara and Utica unconventional liquids plays. In 2010 Chesapeake increased its focus on applying the geoscientific and horizontal drilling expertise gained from developing unconventional natural gas shale plays to unconventional liquids-rich plays. Our goal is to reach a balanced mix of natural gas and liquids revenue as quickly as possible through organic drilling. We invested approximately $4.7 billion in 2010, net of divestitures, primarily in liquids-rich acreage to provide the foundation for this shift toward more profitable plays.\n\nWe own interests in approximately 46,000 producing natural gas and oil wells, and in 2010 we produced approximately 1.035 trillion cubic feet of natural gas equivalent (tcfe) for an average of 2.8 billion cubic feet of natural gas equivalent (bcfe) per day. At year-end 2010, our proved reserves were 17.1 trillion cubic feet of natural gas equivalent, of which 90% were natural gas and all were onshore in the U.S. We have also captured an inventory of up to 115,000 unrisked net future drilling opportunities — almost 50 years worth of drilling opportunities — on approximately 13.2 million net leasehold acres in the U.S. The following highlights Chesapeake's ownership position in our key operating areas.",
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- "source_file": "NYSE_CHK_2010.pdf"
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- "text": "To this end, further reductions in costs for 2005 are targeted by increasing the focus on fit for purpose rigs and larger campaigns. These efforts will be supported by a significant boost in 3D seismic acquisition that commenced at the end of 2003 and continues in 2005.\n\nCoiled tubing underbalanced drilling operations were performed at three gas wells and one oil well, while multiple pinpoint fracture stimulations were performed at five new gas wells, with between three and six fracs performed in each well.\n\nThese introductory programs are providing encouraging initial results. The underbalanced drilling program achieved better than predicted rate improvements for all three gas wells.\n\nThese programs will now be extended to a variety of more complex and possibly harsher oil and gas wellbore/reservoir environments during 2005.\n\nSantos increased gas well deliverability in the Cooper Basin by 63 TJ per day through numerous projects brought on line during 2004. Some 8 PJ of incremental gas production resulted during 2004 from this optimisation program. These results were achieved at a significantly lower cost than conventional development drilling and substantially exceeded targets set at the beginning of the year.\n\nWhile the Cooper Basin is a mature hydrocarbon area, Santos is drilling wells which can be commercialised quickly and cost-effectively, delivering strong cash flow which can be applied to other growth opportunities. A further focus in 2004 was to leverage Cooper Basin infrastructure; for example, via gas swaps, and increase prices under existing agreements.\n\nAn increased Gas Sales Agreement was reached with CS Energy which resulted in an additional seven wells being drilled at the Scotia coal seam methane gas field in eastern Queensland.",
- "page_start": 13,
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- "source_file": "ASX_STO_2004.pdf"
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- "references": {
- "source_file": "ASX_SEA_2014.pdf",
- "query": "I heard that Sundance Energy has acquired land in South Texas in July 2014, where is it?",
- "target_page": 21,
- "target_passage": "In July 2014, the Company completed the acquisition of approximately 5,700 net Eagle Ford acres in Dimmit County, South Texas",
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- "text": "# **NOTE 2 – BUSINESS COMBINATIONS**\n\n### **Acquisitions in 2014**\n\nThere were no business acquisitions for the year ended 31 December 2014.\n\n# **Acquisition in 2013**\n\nOn 8 March 2013, the Company acquired 100% of the outstanding shares of Texon Petroleum Ltd (\"Texon\", whose name was changed to Armadillo Petroleum Ltd), an Australian corporation with oil and gas assets in the Eagle Ford formation in the United States. The Company acquired Texon to gain access to its existing production and drilling inventory in the Eagle Ford formation. As consideration for substantially all of the net assets of Texon, the Company issued 122.7 million ordinary shares (approximately 30.6% of the total outstanding shares immediately subsequent to the acquisition), which had a fair value of $132.1 million on the acquisition date and net cash consideration of $26.3 million for a total purchase price of $158.4 million. The net cash consideration includes a $141.0 million premerger purchase by the Company of certain Texon oil and gas properties, offset by $114.7 million of cash acquired at the time of the merger. The current income tax liability, included in accrued expenses, and deferred tax liability of $33.4 million and $16.9 million, respectively, are comprised of tax liabilities assumed as at the acquisition date and an increase in the tax liability related to the incremental acquisition date fair value of the acquired development and production and exploration and evaluation assets as compared to Texon's historical basis.\n\nThe following table reflects the final adjusted assets acquired and the liabilities assumed at their fair value or otherwise where specified by AASB 3/IFRS 3 – *Business Combinations* (in thousands):\n\n| Fair value of assets acquired: | |\n| --- | --- |\n| Trade and other receivables | $ 5,604 |\n| Other current assets | 456 |\n| Development and production assets | 53,937 |\n| Exploration and evaluation assets | 150,474 |\n| Prepaid drilling and completion costs | 3,027 |\n| Amount attributable to assets acquired | 213,498 |\n| Fair value of liabilities assumed: | |\n| Trade and other payables | 119 |\n| Accrued expenses | 37,816 |\n| Restoration provision | 277 |\n| Deferred tax liabilities | 16,884 |\n| Amount attributable to liabilities assumed | 55,096 |\n| Net assets acquired | $ 158,402 |\n| Purchase price: | |\n| Cash and cash equivalents, net of cash acquired | $ 26,310 |\n| Issued capital | 132,092 |\n| Total consideration paid | $ 158,402 |\n\nThe net assets recognized in the 31 December 2013 financial statements were based on a provisional assessment of their fair value.",
- "page_start": 74,
- "page_end": 74,
- "source_file": "ASX_SEA_2014.pdf"
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- "text": "Dollar and share amounts in millions except per share, per option and per unit amounts\n\nRent expense for 2014, 2013 and 2012 was as follows:\n\n| Fiscal year | 2014 | 2013 | 2012 |\n| --- | --- | --- | --- |\n| Minimum rent: | | | |\n| Store locations | $170 | $145 | $124 |\n| Offices, warehouses and equipment | 36 | 35 | 32 |\n| Percentage rent | 14 | 14 | 14 |\n| Property incentives | (83) | (69) | (65) |\n| Total rent expense | $137 | $125 | $105 |\n\nThe rent expense above does not include common area charges, real estate taxes and other executory costs, which were $88 in 2014, $81 in 2013 and $74 in 2012.\n\n#### **NOTE 11: COMMITMENTS AND CONTINGENT LIABILITIES**\n\nOur estimated total purchase obligations, capital expenditure contractual commitments and inventory purchase orders were $2,092 as of January 31, 2015. In connection with the purchase of foreign merchandise, we have outstanding trade letters of credit totaling $1 as of January 31, 2015.\n\nPlans for our Manhattan full-line store, which we currently expect to open in late 2018 to 2019, ultimately include owning a condominium interest in a mixed-use tower and leasing certain nearby properties. As of January 31, 2015, we had approximately $125 of fee interest in land, which is expected to convert to the condominium interest once the store is constructed. We have committed to make future installment payments based on the developer meeting pre-established construction and development milestones. Our fee interest in the land is currently and will continue to be subject to lien by project development lenders until project completion or fulfillment of our existing installment payment commitment. In the unlikely event that this project is not completed, the opening may be delayed and we may potentially be subject to future losses or capital commitments in order to complete construction or to monetize our previous investments in the land.\n\n#### **NOTE 12: SHAREHOLDERS' EQUITY**\n\nIn February 2013, our Board of Directors authorized a program to repurchase up to $800 of our outstanding common stock, through March 1, 2015. In September 2014, our Board of Directors authorized a new program to repurchase up to $1,000 of our outstanding common stock through March 1, 2016, in addition to the remaining amount available for repurchase under the previously authorized program. The following is a summary of the activity related to our share repurchase programs in 2012, 2013 and 2014:\n\n| | | Average price | |\n| --- | --- | --- | --- |\n| | Shares | per share | Amount |\n| Capacity at January 28, 2012 | | | $310 |\n| February 2012 authorization (ended February 1, 2014) | | | 800 |\n| Shares repurchased | 14.0 | $51 | (717) |\n| Capacity at February 2, 2013 | | | 393 |\n| February 2013 authorization (ends March 1, 2015) | | | 800 |\n| Shares repurchased | 9.1 | $57 | (523) |\n| Capacity at February 1, 2014 | | | 670 |\n| September 2014 authorization (ends March 1, 2016) | | | 1,000 |\n| Shares repurchased | 8.9 | $66 | (595) |\n| Capacity at January 31, 2015 | | | $1,075 |\n\nThe actual number and timing of future share repurchases, if any, will be subject to market and economic conditions and applicable SEC rules.\n\nWe paid dividends of $1.32 per share in 2014, $1.20 per share in 2013 and $1.08 per share in 2012. In February 2015, we declared a quarterly dividend of $0.37 per share, increased from a quarterly dividend of $0.33 per share in 2014.",
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- "source_file": "NYSE_JWN_2014.pdf"
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- "text": "In order to construct, expand and operate a landÑll, one or more construction or operating permits, as well as zoning and land use approvals, must be obtained. These are diÇcult and time-consuming to obtain, are often opposed by neighboring landowners and citizens' groups, may be subject to periodic renewal and are subject to modiÑcation and revocation by the issuing agency. In connection with our acquisition of existing landÑlls, it may be and on occasion has been necessary for our company to expend considerable time, eÅort and money to bring the acquired facilities into compliance with applicable requirements and to obtain the permits and approvals necessary to increase their capacity.\n\nMany of our facilities own and operate underground storage tanks which are generally used to store petroleum-based products. These tanks are generally subject to federal, state and local laws and regulations that mandate their periodic testing, upgrading, closure and removal, and that, in the event of leaks, require that polluted groundwater and soils be remediated. We believe that all of our underground storage tanks currently meet, in all material respects, all applicable regulations. If underground storage tanks we own or operate leak, and the leakage migrates onto the property of others, we could be liable for response costs and other damages to third parties. We are unaware of facts indicating that issues of compliance with regulations",
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- "source_file": "NYSE_RSG_2004.pdf"
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- "text": "# ACHIEVING INNOVATIVE COMMERCIALISATION\n\nOn top of exploration and new ventures growth opportunities, Santos has a large inventory of gas fields that are yet to be committed to gas contracts. These fields, known as contingent resources, represent significant opportunities for Santos.\n\nSAN165 WWW Text 30/3/05 12:07 PM Page 20\n\nEach year Santos works towards commercialising these fields by finding new gas contracts or extending existing contracts so that they can be booked as Proven (1P) or Proven plus Probable (2P) reserves.\n\nSantos' contingent gas resources are largely located offshore southern Australia and Western Australia, in the Bonaparte Basin offshore northern Australia and onshore Papua New Guinea.\n\nSantos continued to deliver on gas commercialisation during 2004, commercialising 27 million boe during the year. Santos also achieved positive contract price reviews for gas sales that were well above the indexed levels.\n\n## **UNIQUE ENERGY HUBS DELIVER GAS SWAPS**\n\nSome of the most important gas commercialisation achievements for the year were the innovative gas swaps agreements that were only possible because of Santos' unique spread of assets across key Australian gas hubs.\n\nSantos and the other South West Queensland Gas Producers announced a coal seam methane gas swap in May to allow each party to supply the other party's contractual obligations in different states via the Moomba gas hub in central Australia. This arrangement for 200 PJ meant that Origin could avoid building a pipeline and that Santos could capture a share of the saving.\n\nGas swapping will commence in 2005 and could continue until the end of 2011.\n\nA second gas swap, from eastern Queensland to Gippsland, moved gas through three states and five joint ventures, expanding market horizons for partners and providing backup options to customers.\n\n## **EXPANDED CASINO CONTRACT ENHANCES VALUE**\n\nThe commercialisation of the Casino gas field in the Otway Basin, offshore southern Australia, continued during 2004 with an increase in the quantity of gas being sold under the initial term sheet signed in September 2003 with TXU for 293 PJ.\n\nWhen the project was sanctioned in October 2004, the joint venture announced an extension to the original Gas Sales Agreement to supply up to 420 PJ of gas, and possibly another 105 PJ, over 12 years for the Victorian or South Australian markets.\n\nThe Casino contracts are unique in that the reserves have been contracted prior to the field being fully appraised to confirm the quantity of gas available. This has allowed the joint venture to undertake appraisal drilling and near field exploration programs with the knowledge that all of the gas likely to be discovered will be taken, thereby significantly reducing the risk. This shortens the time from discovery to production and delivers profits to Santos and its shareholders sooner.\n\n## **WA CONTRACTS FAST-TRACK JOHN BROOKES**\n\nSantos and its co-venturer Apache won two significant gas contracts in Western Australia\n\nwhich resulted in the fast tracking and sanctioning of the John Brookes gas field in the Carnarvon Basin.\n\n**ENERGY HUB STRATEGY**\n\nThe successful appraisal of the field in late 2003 and early 2004 significantly increased the available gas reserves. The decision to bring the field into production by mid-2005 enabled active marketing of gas above that already allocated to support the declining East Spar field.\n\nIn a separate move, designed to enhance future commercialisation opportunities, the joint venture equity interests in the East Spar and the John Brookes fields were aligned through an acquisition program which created an important production hub at Varanus Island.\n\nJohn Brookes has an expected field life of more than 15 years which could be further extended by a development of the Reindeer field in later years.",
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- "source_file": "ASX_STO_2004.pdf"
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- "text": "# ENHANCING THE PORTFOLIO\n\nIn 2004, Santos continued its normal business of actively managing its portfolio through the divestment of non-core assets and the acquisition of assets that fit well with existing Santos assets or can add to the ability of the Company to meet its strategic goals.\n\nSAN165 WWW Text 30/3/05 12:07 PM Page 23\n\nAs a result of this activity, Santos realised an after-tax profit of $47.4 million on oil and gas asset sales and will continue to high-grade its portfolio on an ongoing basis.\n\nSantos entered into an agreement with PT Medco during the first half of 2004 to acquire some of Novus Petroleum's Indonesian and Cooper Basin assets conditional on the success of PT Medco's takeover offer for Novus, which was ultimately successful.\n\nSpecifically, Santos announced in September 2004 that it had executed formal agreements to acquire an additional 4.75% of the South Australian Cooper Basin, 18% of the Brantas PSC and 9% of the Kakap PSC from Medco for US$110 million. On 31 December 2004, Santos paid Medco US$98 million for the majority of the assets, with payment for the remaining 2.75% of Kakap PSC expected to be made in the first quarter of 2005.\n\nThis acquisition was an important piece in the strategic puzzle to tie up access to follow-up potential from the successful exploration at Jeruk and to provide a production base for the newly established Indonesian core area.\n\nAlso during the first half of 2004, Santos divested its remaining 18.4% shareholding in Magellan\n\nPetroleum Australia Ltd, raising approximately $10.6 million.\n\nEarly in the second half of 2004, Santos concluded the sale of its non-core onshore Otway Basin interests to Origin Energy for $25.75 million. This sale resulted in an after-tax profit of $18 million that was booked in 2004.\n\nIn addition, an exploration joint venture was formed with ConocoPhillips in the NT/P61 block offshore Darwin, Northern Territory, to drill the Caldita well and provide Santos with access rights to a potential expansion of the Wickham Point LNG facility. This deal further enhances Santos' infrastructure strategy to leverage its position within vital infrastructure to improve shareholder value while reducing the risk profile of the wildcat exploration program.\n\nDuring the third quarter, Santos expanded its offshore Victorian gas interests to 50% in both the Patricia-Baleen and the Sole gas fields through the acquisition from Trinity Gas Resources of an additional 30% interest in the Patricia-Baleen gas field and associated processing facilities in eastern Victoria and an additional 15% interest in the Sole gas field.\n\nSantos earned its 30% additional equity in the Patricia-Baleen gas field by meeting Trinity's remaining share of drilling costs on the Baleen 4 well which was drilled successfully as a sidetrack well of Baleen 3. Santos will earn its 15% additional equity in the Sole gas field by meeting certain development costs on behalf of Trinity, if and when the Sole joint venture partners proceed to develop this gas resource.\n\nThe acquisition of these Victorian gas interests strengthens Santos' domestic gas and infrastructure strategy that was further enhanced by the OMV purchase announced early in 2005. Importantly, Santos is now the operator of the strategic Orbost gas processing facility.\n\nLate in the year, Santos sold its 18.02% share in the Carpentaria Gas Pipeline between Ballera and Mount Isa in Queensland to Australian Pipeline Trust for $59 million, resulting in a $21 million after-tax profit that was booked in the 2004 financial year.",
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- "text": "*Dollar amounts are in thousands of Canadian dollars (except as noted)*\n\n#### *Property Acquisitions*\n\nWhen investment properties are acquired, Management considers whether the acquisition represents the acquisition of an asset or a business. The Company accounts for an acquisition as a business combination where an integrated set of activities is acquired in addition to the property. More specifically, consideration is made of the extent to which significant processes are acquired and, in particular, the extent of ancillary services provided by the subsidiary (e.g., maintenance, cleaning, security, bookkeeping, leasing operations, etc.).\n\nManagement believes that the majority of the Company's acquisitions will be classified as asset acquisitions. During the acquisition of most properties, Killam buys the asset itself and any short‑term leases that are in place. Generally, Killam does not purchase any business systems or processes with a property. Management would consider an acquisition to be a business combination if all the following criteria were met:\n\n- The acquisition includes a property portfolio (multiple buildings),\n- A significant staff complement is included, including a maintenance team, leasing representatives and property management personnel, and\n- Systems are acquired and continue to be incorporated into operations.\n\n#### *Investment Properties*\n\nThe Company's accounting policies relating to investment properties are described in Note 2(F). In applying this policy, judgment is applied in determining whether certain costs are additions to the carrying amount of the property and, for properties under construction, identifying the point at which substantial completion of the property occurs and identifying the directly attributable borrowing costs to be included in the carrying value of the development property. Judgment is also applied in determining the extent and frequency of independent appraisals.\n\n#### *Leases*\n\nThe Company has entered into residential property leases on its investment property portfolio. The Company has determined, based on an evaluation of the terms and conditions of the arrangements, that it has not transferred all the significant risks and rewards of ownership of these properties and accounts for the contracts with tenants as operating leases.\n\n#### *Financial Instruments*\n\nThe Company's accounting policies relating to financial instruments are described in Note 2(K). The critical judgments inherent in these policies relate to applying the criteria set out in IAS 39 to designate financial instruments as fair value through profit and loss \"FVTPL\", and determining whether the Company has significant influence over investees with which it has contractual relationships in addition to the financial instrument it holds.\n\n#### *Taxes*\n\nThe Company is subject to income and capital gains taxes in numerous jurisdictions. Significant judgment is required to determine the total provision for current and deferred taxes. There are many transactions and calculations for which the ultimate tax determination and timing of payment is uncertain. The Company recognizes liabilities for current taxes based on estimates of whether additional taxes will be due. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the income and deferred tax provisions in the period in which the determination is made. Deferred tax assets and liabilities are recognized on a net basis to the extent they are relating to the same fiscal entity and fall due in approximately the same period.\n\n#### *Consolidation and joint arrangements*",
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- "text": "horizontal wells drilled just to the Bossier may not always hold Haynesville rights. Therefore, Chesapeake and other producers have been drilling aggressively to hold all rights through the Haynesville before the initial three-year term of a typical lease expires. As a result, there has not been much drilling to the Bossier to date. However, once our leases are held by production (HBP) by Haynesville drilling (we expect to be largely complete with HBP drilling by year-end 2011 and completely finished by year-end 2012), we will begin developing the Bossier Shale more aggressively in 2013. In the Bossier play, we own 205,000 net leasehold acres and estimate we could drill up to 2,600 net wells in the years ahead.\n\nlargest and most respected European energy companies. In this transaction, we sold Statoil 32.5% of our Marcellus assets for $3.375 billion in cash and drilling carries. Today, having sold 32.5% of our original 1.8 million net leasehold acres, we have returned to owning 1.7 million net leasehold acres in the play and are the industry's leading leasehold owner, largest producer and most active developer. We are producing from more than 100 net wells in the Marcellus on our 1.7 million net acres, are currently drilling with 32 rigs and estimate we could drill up to 21,000 additional net wells in the years ahead.\n\n> Colony and Texas Panhandle Granite Wash — These liquids-rich plays generate the company's highest returns (routinely more than 100%) and provided the inspiration\n\n*Generating the highest returns in the company, plays like the Oklahoma Colony Granite Wash inspire Chesapeake to find other liquids-rich opportunities.*\n\nMarcellus Shale — We first became aware of the Marcellus in 2005 when we were negotiating our $2.2 billion acquisition of Appalachia's second-largest natural gas producer, Columbia Natural Resources, LLC. In 2007 we aggressively accelerated our Marcellus leasehold acquisition efforts and began to prepare for our first drilling activities. By early 2008, we had determined the Marcellus could be prospective over an area of approximately 15 million net acres (approximately five times larger than the prospective Haynesville core area and 10 times larger than the Barnett core area).\n\nAfter acquiring 1.8 million net leasehold acres, we entered into a joint venture agreement in late 2008 with Oslo-based Statoil, one of the The very significant upward trajectory of value creation that Chesapeake is on today is primarily driven by the quality of our assets, which feature dominant positions in 16 of the 20 most important major unconventional natural gas and liquids plays in the U.S.\n\nfor the company to find other liquids-rich plays in 2010. The Granite Wash, and other plays with liquids-rich gas production streams, provide the strongest economics in the industry today because they possess the best of both worlds: high-volume natural gas production along with\n\nsignificant volumes of highly valued liquids that dramatically increase investment returns.\n\nWe are producing from approximately 150 net Granite Wash wells, are currently drilling with 16 rigs and estimate we could drill up to 1,700 additional net wells on our 215,000 net leasehold acres in the years ahead. Based on current NYMEX futures prices for natural gas and oil, each Granite Wash well should generate approximately $11.5 million of present value (or up to an undiscounted total of $19.5 billion for all 1,700 wells), making it obvious why finding, leasing and developing more unconventional liquids-rich plays was Chesapeake's number one priority for 2010. We were very successful",
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- "text": "**CEO'S REPORT**\n\n# *Dear Fellow Shareholders,*\n\n*2014 Review—2014 was a year of stark economic contrasts in our industry. During the first half as in the past several years, historically volatile West Texas Intermediate oil prices seemed range bound between $80 and $110 with geopolitical events driving prices towards the ceiling and demand risks pushing prices towards the floor of the range.*\n\nIn the US, E&P companies were spending record amounts of capital, fueled by cheap and plentiful debt, on horizontal drilling and completions to drive production growth while making material strategic acquisitions in order to increase their long-term exposure to oil prices.\n\nThe easy credit environment caused asset prices to increase significantly to the point where, in our view, risk adjusted returns on new acquisitions were threatening cyclical lows. In line with our strategy, Sundance had monetized several mature assets realizing\n\n| | Sundance's Performance versus the ASX 200 | | |\n| --- | --- | --- | --- |\n| | | ANNUAL PERCENTAGE CHANGE | |\n| | IN 2P PV10 | | |\n| | (NET ASSET VALUE) | IN SUNDANCE | |\n| YEAR | PER DEBT ADJUSTED SHARE | PRICE PER SHARE | IN ASX200 |\n| 2014 | 21.6% | -48.0% | 1.1% |\n| 2013 | 63.3% | 29.9% | 15.1% |\n| 2012 | -15.6% | 87.8% | 14.6% |\n| 2011 | 59.7% | -44.6% | -14.5% |\n\n~$50 million in current period gains while freeing up ~$165 million in invested capital.\n\nWe primarily reinvested this capital in production growth and cash flow with only about $75 million reinvested in acquiring oil and gas leases and producing properties. This resulted in our production increasing from 5,028 BOEPD to 9,434 BOEPD by December 2014 and full year EBITDAX increasing $73.8 million to $126.4 million in 2014. Had prices stayed steady, we likely would have generated earnings before income taxes of over $85 million and a return on capital in excess of 20%.\n\nOur second capital priority for the year was to conclude the appraisal of the Woodford formation in our Logan County, Oklahoma assets. We viewed this relatively modest, but higher risk, investment as having a 25% chance of success with a 15x upside. Unfortunately, we met with mixed success in our appraisal activities proving that in today's onshore US oil and gas industry that the best absolute returns are generated by drilling in proved regions. There are plenty of solid opportunities to efficiently grow the business without exposure to undue geologic risk.\n\nLike many prior bubbles driven by new technologies, the second half of the year saw the pricing environment come crashing down around us. The market became fundamentally unbalanced, driving prices down almost 50% and rendering material portions of global oil and gas development uneconomic.\n\nOur peers went from talking about their growth prospects to fretting about cash costs and liquidity, a stark contrast from the go-go growth times which existed in the first half of the year. This shift in industry strategy has now come in line with our general business philosophy—in the resource space, low-cost, low debt businesses will survive and thrive across cycles; and, relative to our US onshore peer group, Sundance boasts a top 15% cost structure and balance sheet.\n\nOur position as a cost and balance sheet leader is underpinned by two key philosophies: 1) investment in a leading technical team that is encouraged to take reasonable risks to improve recoveries and/or reduce costs, and 2) a ruthless focus on portfolio returns as demonstrated by our consistent track record of divesting assets that don't fit our strategic objectives or promise lower forward return profiles.\n\nOur high quality Eagle Ford acreage produces strong recoveries at reasonable costs and thus generates good returns, even in a low price environment. Because of these characteristics, the majority of our forward capital is expected to be invested generating strong growth and shareholder returns in the Eagle Ford.",
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- "text": "### **NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (All tables in millions, except per share data) Ì (Continued)**\n\n### **Capitalized LandÑll Costs**\n\nCapitalized landÑll costs include expenditures for land, permitting costs, cell construction costs and environmental structures. Capitalized permitting and cell construction costs are limited to direct costs relating to these activities, including legal, engineering and construction costs associated with excavation, natural and synthetic liners, construction of leachate collection systems, installation of methane gas collection and monitoring systems, installation of groundwater monitoring wells, and other costs associated with the development of the site. Interest is capitalized on landÑll construction projects while the assets are undergoing activities to ready them for their intended use. Capitalized landÑll costs also include Ñnal capping, closure and post-closure assets accrued in accordance with SFAS 143 as discussed below.\n\nCosts related to acquiring land, excluding the estimated residual value of unpermitted, non-buÅer land, and costs related to permitting and cell construction are depleted as airspace is consumed using the units-ofconsumption method.\n\nCapitalized landÑll costs may also include an allocation of purchase price paid for landÑlls. For landÑlls purchased as part of a group of several assets, the purchase price assigned to the landÑll is determined based upon the discounted expected future cash Öows of the landÑll relative to the other assets within the acquired group. If the landÑll meets the Company's expansion criteria, the purchase price is further allocated between permitted airspace and expansion airspace based upon the ratio of permitted versus probable expansion airspace to total available airspace. LandÑll purchase price is amortized using the units-of-consumption method over the total available airspace including probable expansion airspace where appropriate.\n\n### **Final Capping, Closure and Post-Closure Costs**\n\nOn January 1, 2003, the Company changed the methodology it used to record Ñnal capping, closure and post-closure expense in accordance with SFAS 143. SFAS 143 does not change the basic landÑll accounting policies followed by the Company and others in the waste industry. Through December 31, 2002, the industry has generally amortized capitalized costs and accrued future Ñnal capping, closure and post-closure obligations using the units-of-consumption method as cubic yards of available airspace are consumed over the life of the related landÑll. This practice is referred to as life cycle accounting and will continue to be followed except as modiÑed by SFAS 143 as discussed below.\n\nThe table below reÖects signiÑcant changes between the Company's historical methodology and the methodology the Company currently uses to account for Ñnal capping, closure and post-closure activities and for methane gas collection systems:\n\n| Description | Historical Practice | Current Practice (EÅective January 1, 2003) |\n| --- | --- | --- |\n| DEFINITIONS: | | |\n| Final Capping | Costs related to installation of the | No change. |\n| | components that comprise the | |\n| | permanent Ñnal cover over areas of a | |\n| | landÑll where airspace capacity has | |\n| | been consumed. | |\n| Closure | Includes routine maintenance costs | No change, except that it includes |\n| | incurred after a site ceases to accept | the Ñnal portion of the methane gas |\n| | waste, but prior to being certiÑed | collection system to be constructed. |\n| | closed. | |",
- "page_start": 75,
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- "source_file": "NYSE_RSG_2004.pdf"
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- "text": "*Developing America's fuel in the backyard of America's team: a Chesapeake rig drills deep in the Barnett Shale near Cowboys Stadium in Arlington, Texas.*",
- "page_start": 8,
- "page_end": 8,
- "source_file": "NYSE_CHK_2010.pdf"
- }
- ]
- },
- {
- "references": {
- "source_file": "ASX_SEA_2014.pdf",
- "query": "I am the CFO of Sundance Energy, will my base increase in 2015 as it did in 2014?",
- "target_page": 31,
- "target_passage": "No increases to Managing Director’s or KMP’s base salary",
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- "text": "At year end, we had 197 gross 3P Reserves drilling locations across our Eagle Ford acreage where we continue to pursue operational and drilling efficiencies, opportunities to further improve well economics by improving recoveries and reducing costs. In 2014 this included a switch to pad drilling with zipper fracs and new completion techniques that have provided significant upside in production.\n\nDespite our current scaling back of drilling activity, we have set 2015 production guidance at 7,850 – 8,500 BOEPD, an increase from the previous year of some 13 – 17 percent, but a target that we believe is achievable while maintaining acceptable levels of liquidity given our demonstrated abilities and growing footprint in the Eagle Ford.\n\n### **Safety and Environment**\n\nSundance has a strong culture throughout the organisation of ensuring that high standards of safety are maintained and that our operations are conducted in an environmentally responsible way. During 2014 our comprehensive safety program was enhanced and further improvements will be a strong focus throughout 2015.\n\n#### **A strong financial position**\n\nSundance is well placed for future growth in the Eagle Ford. The Company has a strong balance sheet to withstand the current low oil price environment, and our sound financial management strategy has seen the Company well supported by both new and existing investors in Australia and internationally.\n\nWe expect that Sundance will grow organically and also through further leasing or bolt-on acquisitions in our core Eagle Ford focus area within our current, conservative balance sheet parameters.\n\n### **Positive outlook for 2015**\n\nDespite the current oil pricing scenario, Sundance's medium-to-long term growth trajectory looks very positive.\n\nWe can demonstrate this through:\n\n- A track record of capital efficient growth\n- A track record of value creation\n- Being a low cost/high margin operator\n- Having top tier Eagle Ford assets with an extensive drilling inventory\n- Having a clean balance sheet\n\nAs a mid-tier oil and gas producer and explorer in the S&P/ASX All Australian 200 index, and with the increasing interest and support from institutional and retail investors. I believe that Sundance will deliver significant long-term value from our assets for our shareholders.\n\n#### **Thank you for your support**\n\nWe have had a busy year at Sundance and I would like to recognise the efforts and valued contribution of the Board of Directors, management team and all staff and contractors of the Company in helping us achieve our strategic goals. I am confident that we have the right team and excellent assets in place to execute our clear and focused strategy that we expect to deliver significant value for our shareholders.\n\nOn behalf of the Board and Company, I would like to thank our shareholders for your strong support of the Company throughout the year. We are committed to delivering long-term value for our shareholders and I look forward to reporting over the rest of the coming year on the continued value creation and growth of Sundance.\n\nYours sincerely,\n\n**MIKE HANNELL** *Chairman*\n\n*The Company has a strong balance sheet to withstand the current low oil price environment, and our sound financial management strategy has seen the Company well supported by both new and existing investors in Australia and internationally.*",
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- "text": "**CEO'S REPORT**\n\n# *Dear Fellow Shareholders,*\n\n*2014 Review—2014 was a year of stark economic contrasts in our industry. During the first half as in the past several years, historically volatile West Texas Intermediate oil prices seemed range bound between $80 and $110 with geopolitical events driving prices towards the ceiling and demand risks pushing prices towards the floor of the range.*\n\nIn the US, E&P companies were spending record amounts of capital, fueled by cheap and plentiful debt, on horizontal drilling and completions to drive production growth while making material strategic acquisitions in order to increase their long-term exposure to oil prices.\n\nThe easy credit environment caused asset prices to increase significantly to the point where, in our view, risk adjusted returns on new acquisitions were threatening cyclical lows. In line with our strategy, Sundance had monetized several mature assets realizing\n\n| | Sundance's Performance versus the ASX 200 | | |\n| --- | --- | --- | --- |\n| | | ANNUAL PERCENTAGE CHANGE | |\n| | IN 2P PV10 | | |\n| | (NET ASSET VALUE) | IN SUNDANCE | |\n| YEAR | PER DEBT ADJUSTED SHARE | PRICE PER SHARE | IN ASX200 |\n| 2014 | 21.6% | -48.0% | 1.1% |\n| 2013 | 63.3% | 29.9% | 15.1% |\n| 2012 | -15.6% | 87.8% | 14.6% |\n| 2011 | 59.7% | -44.6% | -14.5% |\n\n~$50 million in current period gains while freeing up ~$165 million in invested capital.\n\nWe primarily reinvested this capital in production growth and cash flow with only about $75 million reinvested in acquiring oil and gas leases and producing properties. This resulted in our production increasing from 5,028 BOEPD to 9,434 BOEPD by December 2014 and full year EBITDAX increasing $73.8 million to $126.4 million in 2014. Had prices stayed steady, we likely would have generated earnings before income taxes of over $85 million and a return on capital in excess of 20%.\n\nOur second capital priority for the year was to conclude the appraisal of the Woodford formation in our Logan County, Oklahoma assets. We viewed this relatively modest, but higher risk, investment as having a 25% chance of success with a 15x upside. Unfortunately, we met with mixed success in our appraisal activities proving that in today's onshore US oil and gas industry that the best absolute returns are generated by drilling in proved regions. There are plenty of solid opportunities to efficiently grow the business without exposure to undue geologic risk.\n\nLike many prior bubbles driven by new technologies, the second half of the year saw the pricing environment come crashing down around us. The market became fundamentally unbalanced, driving prices down almost 50% and rendering material portions of global oil and gas development uneconomic.\n\nOur peers went from talking about their growth prospects to fretting about cash costs and liquidity, a stark contrast from the go-go growth times which existed in the first half of the year. This shift in industry strategy has now come in line with our general business philosophy—in the resource space, low-cost, low debt businesses will survive and thrive across cycles; and, relative to our US onshore peer group, Sundance boasts a top 15% cost structure and balance sheet.\n\nOur position as a cost and balance sheet leader is underpinned by two key philosophies: 1) investment in a leading technical team that is encouraged to take reasonable risks to improve recoveries and/or reduce costs, and 2) a ruthless focus on portfolio returns as demonstrated by our consistent track record of divesting assets that don't fit our strategic objectives or promise lower forward return profiles.\n\nOur high quality Eagle Ford acreage produces strong recoveries at reasonable costs and thus generates good returns, even in a low price environment. Because of these characteristics, the majority of our forward capital is expected to be invested generating strong growth and shareholder returns in the Eagle Ford.",
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- "text": "**CHAIRMAN'S LETTER**\n\n*Despite the reduction in crude oil and liquids prices towards the end of the year and continuing into 2015, the opertional performance and focused, value-adding transactions during the past year have positioned the Company very favourably for future growth in net asset value and shareholder returns.*\n\n# *Dear Fellow Shareholders,*\n\n*I am pleased to present Sundance Energy Australia Limited's Annual Report for the 12 months ended 31 December 2014. It has been another year of significant progress for Sundance across our portfolio of liquids rich oil and gas assets in the US.*\n\nThe Company's strategic focus on growing production, cash flows and reserves from large, repeatable resource plays in North America continues to deliver positive results with growth in production, cash flows, and reserves.\n\nDuring late 2013 and 2014, we completed the divestment of our interest in the Williston Basin in North Dakota for $51 million which realised an internal rate of return of 45 percent; and also opportunistically divested our interest in the Denver-Julesburg Basin in Colorado for $114 million which realised an internal rate of return of 104 percent. These divestitures of smaller, less scalable positions enabled us to focus on developing and growing our assets in the Eagle Ford in Texas and our Mississippian/Woodford assets in Oklahoma.\n\nDespite the reduction in crude oil and liquids prices towards the end of the year and continuing into 2015, the operational performance and focused, value-adding transactions during the past year have positioned the Company very favourably for future growth in net asset value and shareholder returns.\n\n### **A year of growing production, cash flow and reserves**\n\nIn line with our strategy we continued to increase the level of company operated assets, and successfully maintained a very strong focus on optimising our operations and reducing costs. This resulted in an impressive improvement in well performance combined with a top tier cost structure.\n\nThrough our operated development program, we ended 2014 with record production of 9,434 barrels of oil equivalent per day (BOEPD) compared with an exit rate of 5,028 BOEPD in December 2013 and an average annual production of 6,635 BOEPD compared to 3,015 BOEPD in 2013. During 2014 we drilled and completed 42.7 net wells, primarily in the Eagle Ford, bringing our total well count to 81.3 by 31 December 2014. High value oil comprised approximately 69 percent of our total 2014 annual production and production from Sundance-operated projects accounted for 89 percent of total production for the year.\n\nCorresponding with the growth in annual production, the Company's full year revenues increased to $159.8 million and Adjusted EBITDAX increased to $126.4 million.\n\nThe Company's development program also generated significant growth in Constant Case reserves during the year. More details are contained elsewhere in this Annual Report, but in summary our 1P Reserves at the end of 2014 were 26.0 MBOE, 2P Reserves 54.1 MBOE, and 3P Reserves 147.7 MBOE. This compares with Reserves of 20.7 MBOE, 34.6 MBOE, and 92.8 MBOE, respectively, at the end of 2013.\n\nIn the current price environment, we have elected to scale back our drilling program to mainly concentrate on limited drilling obligations to hold Eagle Ford acreage. This will enable us to maintain our low leverage profile, which was approximately 1.03x debt to Adjusted EBITDAX at year end, and focus on growing our drilling inventory in an environment with less competition for leases and small acquisitions. Liquidity was $84 million at year end, with a borrowing base redetermination in 2015 expected to materially increase debt availability if the use of such funds is justified in line with our strategy.\n\n### **The Eagle Ford – driving value and production growth**",
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- "text": "We are targeting positive same store growth in 2014 of up to 2%. Year-over-year occupancy improvements and increased rental rates are expected to generate revenue growth. Increasing our leasing staff and refining our marketing and leasing process is proving effective, resulting in improved occupancy levels in many of our core markets, especially in Ontario and New Brunswick. A colder than normal winter this year (2014) is translating into increased energy consumption and continued volatility in natural gas prices in Atlantic Canada, expected to result in higher than normal heating costs. We continue to invest in energy and operational efficiencies which we expect will keep our controllable costs down throughout the year and partially offset higher heating costs.",
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- "text": "# Our Goals for 2014\n\nComplete a minimum of $75 million in acquisitions.\n\nAcquire over 50% of 2014 acquisitions outside Atlantic Canada, with a focus in Ontario.\n\nGrow same store NOI by up to 2%.\n\nContinue to invest in development with two projects underway, managing projects on schedule and on budget.\n\ndevelopment program to a maximum of 5% of our balance sheet per year. We have three other developments projects in various planning stages, but don't expect to begin construction on any additional new projects until late 2014 or into 2015.\n\n## **Geographic Diversification is a Priority**\n\nGeographic diversification is a priority for Killam. Our asset base in Atlantic Canada is the foundation of the Company; however, with Atlantic Canada representing only 5% of the Canadian rental market, our growth opportunities increase significantly by expanding our target markets outside of this region. With its strong operating platform, Killam can support a larger and more geographically diverse portfolio. We are actively growing a portfolio of apartments in Ontario in three target markets: Ottawa, the Greater Toronto Area, and Southwestern Ontario. An increased investment outside Atlantic Canada will increase not only Killam's growth potential, it will also expand the Company's diversification and exposure to higher growth markets.\n\nAcquisitions in Ontario represented 45% of acquisitions in 2013. In addition to 1,359 apartment units in the province, we also have 2,144 manufactured home community sites, representing 29% of the MHC NOI last year. Based on our current portfolio, 15% of Killam's 2014 NOI will be generated in Ontario, compared to our longer-term goal of generating 50% of NOI outside Atlantic Canada. We expect to reach this goal by focusing acquisition activity in Ontario, with the majority of future investment anticipated in the province over the next few years. We will look for additional development opportunities in Ontario and we are exploring opportunities in Western Canada, attracted by the strong population growth trends in Alberta's urban markets. I would like to thank all Killam employees for their contributions and\n\ncommitment over the last year and our board of directors for their governance. Also, I would like to thank you, our shareholders, for your continued investment in Killam. I invite you to attend the Company's annual meeting on May 7, 2014 at 2:00 pm Atlantic Time at the Halifax Marriott Harbourfront Hotel, either in person or via webcast.\n\nYours truly,\n\nPhilip Fraser",
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- "text": "Dollar and share amounts in millions except per share, per option and per unit amounts\n\nRent expense for 2014, 2013 and 2012 was as follows:\n\n| Fiscal year | 2014 | 2013 | 2012 |\n| --- | --- | --- | --- |\n| Minimum rent: | | | |\n| Store locations | $170 | $145 | $124 |\n| Offices, warehouses and equipment | 36 | 35 | 32 |\n| Percentage rent | 14 | 14 | 14 |\n| Property incentives | (83) | (69) | (65) |\n| Total rent expense | $137 | $125 | $105 |\n\nThe rent expense above does not include common area charges, real estate taxes and other executory costs, which were $88 in 2014, $81 in 2013 and $74 in 2012.\n\n#### **NOTE 11: COMMITMENTS AND CONTINGENT LIABILITIES**\n\nOur estimated total purchase obligations, capital expenditure contractual commitments and inventory purchase orders were $2,092 as of January 31, 2015. In connection with the purchase of foreign merchandise, we have outstanding trade letters of credit totaling $1 as of January 31, 2015.\n\nPlans for our Manhattan full-line store, which we currently expect to open in late 2018 to 2019, ultimately include owning a condominium interest in a mixed-use tower and leasing certain nearby properties. As of January 31, 2015, we had approximately $125 of fee interest in land, which is expected to convert to the condominium interest once the store is constructed. We have committed to make future installment payments based on the developer meeting pre-established construction and development milestones. Our fee interest in the land is currently and will continue to be subject to lien by project development lenders until project completion or fulfillment of our existing installment payment commitment. In the unlikely event that this project is not completed, the opening may be delayed and we may potentially be subject to future losses or capital commitments in order to complete construction or to monetize our previous investments in the land.\n\n#### **NOTE 12: SHAREHOLDERS' EQUITY**\n\nIn February 2013, our Board of Directors authorized a program to repurchase up to $800 of our outstanding common stock, through March 1, 2015. In September 2014, our Board of Directors authorized a new program to repurchase up to $1,000 of our outstanding common stock through March 1, 2016, in addition to the remaining amount available for repurchase under the previously authorized program. The following is a summary of the activity related to our share repurchase programs in 2012, 2013 and 2014:\n\n| | | Average price | |\n| --- | --- | --- | --- |\n| | Shares | per share | Amount |\n| Capacity at January 28, 2012 | | | $310 |\n| February 2012 authorization (ended February 1, 2014) | | | 800 |\n| Shares repurchased | 14.0 | $51 | (717) |\n| Capacity at February 2, 2013 | | | 393 |\n| February 2013 authorization (ends March 1, 2015) | | | 800 |\n| Shares repurchased | 9.1 | $57 | (523) |\n| Capacity at February 1, 2014 | | | 670 |\n| September 2014 authorization (ends March 1, 2016) | | | 1,000 |\n| Shares repurchased | 8.9 | $66 | (595) |\n| Capacity at January 31, 2015 | | | $1,075 |\n\nThe actual number and timing of future share repurchases, if any, will be subject to market and economic conditions and applicable SEC rules.\n\nWe paid dividends of $1.32 per share in 2014, $1.20 per share in 2013 and $1.08 per share in 2012. In February 2015, we declared a quarterly dividend of $0.37 per share, increased from a quarterly dividend of $0.33 per share in 2014.",
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- "text": "WHILE IT IS EARLY DAYS, I BELIEVE WE CAN EVOLVE THE BUSINESS IN A WAY THAT WILL BE EVEN MORE REWARDING FOR OUR CUSTOMERS, OUR SHAREHOLDERS AND EMPLOYEES.\" \"\n\n**GUY LAURENCE**\n\n## A MESSAGE FROM THE **PRESIDENT & CEO**\n\n**As I write these words after recently joining the company, I can say with genuine enthusiasm that it's great to be here at Rogers. I took this post because Rogers is a remarkable company with a rich history and an unrivalled mix of wireless, cable and media assets. It is a good match with my background and my experience.**\n\nDuring the recruiting and onboarding process, I spent considerable time with the Rogers family, the Board of Directors and the leadership team. I am struck by their energy, passion and drive to win, which I think we can harness to do even greater things. I also value the support and longerterm focus of the founding Rogers family who own significant equity in the company.\n\nSince joining, I have criss-crossed Canada meeting my team, external stakeholders and customers. I have also conducted numerous business reviews, overseen the 700 MHz spectrum auction and reviewed the regulatory agenda. All this with the view to developing a detailed set of priorities and plans for the company going forward. After I complete this review in the Spring I will outline a detailed strategy and business plan working with my management team.\n\nRogers has many strengths and I intend to capitalize on them. This is a financially strong company with a solid balance sheet and investment grade credit ratings. We have highly advanced cable and wireless networks and a robust portfolio of media assets. We also have a strong pipeline of new products and services to offer to our customers and some of the most passionate, committed employees I have ever worked with.\n\nWhile it is early days, I believe we can evolve the business in a way that will be even more rewarding for our customers, our shareholders and employees. Our goal is clear – winning on a consistent basis. And while our industry faces the challenge of moderating growth and regulatory uncertainty, few industries are more dynamic and better at leveraging new technologies.\n\nTo win, we must put our customers' needs front and centre in everything we do. This means delivering a better and more consistent customer experience. It means strengthening our value proposition to make sure our customers can answer the question \"why Rogers?\" As a company, we need to bring our collection of assets together in a way that strengthens and differentiates Rogers with our customers and our shareholders. We also need to align and focus our investments in key areas to accelerate our growth. Internally we need to execute with operational excellence. And we need to focus on clarifying accountabilities and strengthening our teams at all levels of the company.\n\nAs CEO, I will work to re-establish our leadership position and accelerate our growth. This will take time. It is a longterm effort that will require a clear strategy, rigorous prioritization and disciplined execution. It will not be easy, but it is the job I have signed up for, and it is a challenge I intend to meet head-on.\n\nI look forward to continuing Ted's legacy, and to leading Rogers through the next phase of growth and to serving you, our shareholders.\n\nThank you for your continued business, investment and support.\n\n**GUY LAURENCE PRESIDENT AND CHIEF EXECUTIVE OFFICER** ROGERS COMMUNICATIONS INC.",
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- "text": "### *Financial Position*\n\nIn May 2014, the borrowing capacity under our credit facilities increased from an aggregate of $63 million to $135 million. The increase in the borrowing capacity was driven by the significant uplift of the Company's proved oil and gas reserves as at 31 December 2013. In conjunction with the increase in the Company's borrowing capacity, the Company expanded the syndicate of banks under the Senior Credit Facility. Bank of America Merrill Lynch and the Bank of Nova Scotia have now joined the bank group which is led by Wells Fargo.\n\nIn July 2014, the borrowing capacity increased an additional net $10 million, to $145 million, after taking into consideration the removal of proved oil and gas reserves associated with the DJ and Williston Basin dispositions and the development of proved oil and gas reserves in the Eagle Ford Formation.\n\nAt 31 December 2014, the Company had $130 million outstanding under our credit facilities and $15 million available under our borrowing capacity. Ending cash at 31 December 2014 was $69.2 million.\n\n### *Cashflow*\n\nCash provided by operating activities for the year ended 31 December 2014 increased 104.5% to $128.1 million compared to the prior year. This increase was primarily due to receipts from sales increasing $85.7 million, or 101.2%, to $170.4 million, while keeping payments to suppliers and employees relatively stable with an increase of $8.2 million, or 37.7%, to $30.0 million. See Review of Operations for more information.\n\nCash used in investing activities for the year ended 31 December 2014 increased $158.9 million, or 96.7%, to $323.2 million. This increase is due to successful implementation of the Company's strategy to develop and grow the reserves from our high working interest, repeatable resource plays, primarily in the Eagle Ford. Due to funding available to the Company through asset sales, capital raises and credit facilities, the Company was able to accelerate its 2015 drilling program into 2014. However, due to the reduction in crude oil prices in the fourth quarter of 2014 and continuing into early 2015, the Company will scale back its drilling program to concentrate on limited drilling obligations to hold Eagle Ford acreage during the 2015 year.\n\nCash provided by financing activities for the year ended 31 December 2014 increased $123.1 million, or 277.0%, to $167.6 million. This increase is a result of the increased availability and draws under the Company's credit facilities and proceeds received in a private placement of shares. In February 2014, the Company completed a private placement in which we sold 84.2 million ordinary shares at A$0.95 per share, resulting in net proceeds of approximately $68.4 million. The first tranche of 63.7 million shares was issued in March 2014 and the second tranche of 20.5 million shares was issued in April 2014.\n\n#### **Matters Subsequent to the End of the Financial Year**\n\nSubsequent to 31 December 2014, an additional $13.9 million was drawn-down the credit facilities, bringing total outstanding debt to $143.9 million, with undrawn funds of $1.1 million.\n\nIn January 2015, the company acquired three leases totalling approximately 14,180 net acres in the Eagle Ford for approximately $13.4 million.\n\n### **Future Developments, Prospects and Business Strategies**\n\nThe Group's business strategies and prospects for growth in future financial years are presently concentrated on growing the value of the Group's current resource plays through direct leasing from mineral owners, small acquisitions of producing properties, drilling inventory within the Group's current balance sheet capabilities, and development of the Group's current acreage. Further information on likely development in the operations of the Group and expected results of operations has not been included because the Directors believe it would result in unreasonable prejudice to the Group.",
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- "text": "Jeff Mobley Senior Vice President – Investor Relations and Research\n\ncurrent price disparity between natural gas and oil will increasingly lead to greater use of natural gas in the U.S. transportation system. Whether it be compressed natural gas (CNG) for medium and light-duty vehicles, LNG for heavy-duty vehicles or the commercialization of gas-to-liquids (GTL) natural gas refineries that supplement the U.S. liquid fuel supply stream, we believe that the marketplace will increasingly utilize and embrace natural gas. Chesapeake is working with industry, public policymakers and potential partners on each of these demand reinvention opportunities. Natural gas is clean, affordable, abundant and American. Why *shouldn't* it trade at a BTU premium in the years ahead?\n\nNick Dell'Osso Executive Vice President and Chief Financial Officer\n\n# **Why is an investment grade rating on its debt securities important to CHK?**\n\nWe believe that Chesapeake will benefit in multiple ways from an investment grade rating on our debt securities, which we hope to achieve in 2012 or 2013. First, a higher rating would obviously lower the company's borrowing costs over time. In addition, other less easily quantifiable benefits will also accrue to Chesapeake. Higher debt ratings would result in lower costs on long-term firm transportation contracts that we enter into in order to market our natural gas and oil production as well as facilitate our ability to enter into long-term contracts to sell our natural gas production to international buyers in the form of LNG. An improved rating will also enhance Chesapeake's ability to further attract world-class energy companies to participate in our joint venture projects, which profitably monetize a portion of our leasehold investments and also accelerate the development of our resource base. Finally, and perhaps most importantly, we believe that reduced financial leverage and an investment grade rating will lead to a higher stock price and provide further interest from worldwide equity investors.",
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- "text": "| | Year ended 31 December | |\n| --- | --- | --- |\n| (In US$'000s) | 2014 | 2013 |\n| IFRS Profit Loss Reconciliation to Adjusted EBITDAX: | | |\n| Profit attributable to owners of Sundance | 15,321 | 15,942 |\n| Income tax (benefit)/expense | (841) | 5,567 |\n| Finance costs, net of amounts capitalised and interest received | 494 | (232) |\n| (Gain) Loss on derivative financial instruments | (10,792) | 554 |\n| Settlement of derivative financial instruments | 1,150 | 282 |\n| Depreciation and amortisation expense | 85,584 | 36,225 |\n| Impairment of non-current assets | 71,212 | - |\n| Exploration expense | 10,934 | - |\n| Stock compensation, value of services | 1,915 | 1,590 |\n| Gain on sale of non-current assets | (48,604) | (7,335) |\n| Adjusted EBITDAX | 126,373 | 52,594 |\n| EBITDAX Margin | 79% | 62% |\n\nThe following table presents a reconciliation of the profit (loss) attributable to owners of Sundance to Adjusted EBITDAX:\n\n#### *Exploration and Development*\n\nFor the month of December 2014, the Company achieved record production of 9,434 Boe/d, which included 869 Boe/d of flared gas from wells waiting to hook-up to pipelines. The December 2014 exit rate increased 88% over prior year's exit rate of 5,028 Boe/d. During the year ended 31 December 2014, the Company produced 2.4 MMBoe, which included 0.2 MMBoe of flared gas. This result was more than double the production in prior year, primarily as a result of increased drilling activity and production in the Eagle Ford Basin.\n\nThe Company's exploration and development activities are focused in the Eagle Ford and the Mississippian/Woodford Formations. Costs incurred for development and production expenditures for the Eagle Ford and Mississippian/Woodford Formations during the year ended 31 December 2014 totalled $324.0 million, which included $295.9 million of drilling and development expenditure related to our 2014 plan, $3.8 million on infrastructure, and $24.3 million of drilling and development expenditure related to our 2015 plan. This investment resulted in the addition of 75 gross (42.7 net) wells into production, including 50 gross (39.5 net) Sundance-operated horizontal wells. An additional 24 gross (13.7 net) wells were drilling, being prepared for fracture stimulation or testing as at 31 December 2014, an increase of 7 gross (3.0 net) compared to the beginning of the year.\n\n#### *Acquisitions*\n\nIn April 2014, the Company acquired approximately 4,800 net acres in the Eagle Ford for an initial purchase price of approximately $10.5 million and two separate earn out payments due upon commencement of drilling in each of three blocks of acreage (total for all three blocks of $7.7 million) and payout of the first two wells drilled on each block of the acreage ($7.7 million). The term of the agreement is two years and provides a one year extension for $500 per acre extended. This acquired acreage is adjacent to our existing acreage in McMullen County, Texas.\n\nIn July 2014, the Company completed the acquisition of approximately 5,700 net Eagle Ford acres in Dimmit County, South Texas, for approximately $36 million and a commitment to drill four Eagle Ford wells. The Company also has the option, at its sole discretion, to acquire the Seller's remaining working interest for an additional $45 million for the earlier of one year from closing the acquisition or six months from first production of hydrocarbons.",
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- "query": "What are the physical requirements for installing the Storwize V7000?",
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- "target_passage": "You must consider several key factors when you are planning the physical site of a Storwize V7000 installation. The physical site must have the following characteristics: \u0002 Meets power, cooling, and location requirements of the Storwize V7000 nodes. \u0002 Has two separate power sources. \u0002 Sufficient rack space exists for the installation of controller and disk expansion enclosures. \u0002 Has sufficient maximum power rating of the rack. Plan your rack placement carefully to not exceed maximum power rating of the rack. For more information about the power and environmental requirements, see this website",
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- "text": "# **3.1 General planning rules**\n\n**Important:** At the time of this writing, the statements that are provided in this book are accurate but can change. Always verify any statements that are made in this book with the IBM Storwize V7000 supported hardware list, device driver, firmware, and recommended software levels information that are available at the following websites:\n\n- -Support Information for Storwize V7000\n- -IBM System Storage Interoperation Center (SSIC)\n\nTo maximize the benefit that is realized from the Storwize V7000, pre-installation planning must include several important steps. These steps ensure that the Storwize V7000 provides the best possible performance, reliability, and ease of management for your application needs. The correct configuration also helps minimize downtime by avoiding changes to the Storwize V7000 and the storage area network (SAN) environment to meet future growth needs.\n\nThis book is *not* intended to provide in-depth information about the described topics. For an enhanced analysis of advanced topics, see *IBM System Storage SAN Volume Controller and Storwize V7000 Best Practices and Performance Guidelines*, SG24-7521.\n\n# **3.1.1 Basic planning flow**\n\nThe general rule of planning is to define your goals, and then, plan a solution that can be shown to meet these goals. Always remember to verify that each element of your configuration is supported.\n\nConsider the following points when planning for the Storwize V7000:\n\n- - Collect and document the number of hosts (application servers) to attach to the Storwize V7000. Identify the traffic profile activity (read or write, sequential, or random), and the performance requirements (bandwidth and input/output [I/O] operations per second [IOPS]) for each host.\n- - Decide whether you are going to use Storwize V7000 to virtualize external storage. If you do, collect and document the following items:\n\t- Information on the back-end storage that exists in the environment and is intended to be virtualized by the Storwize V7000.\n\t- Whether you must configure image mode volumes. If you want to use image mode volumes, decide whether and how you plan to migrate them into managed mode volumes.\n\t- Information about the planned new back-end storage to be virtualized by the Storwize V7000.\n\t- The required virtual storage capacity for fully provisioned and space-efficient (SE) volumes.\n\t- The required storage capacity for:\n\t\t- Local mirror copy (volume mirroring)\n\t\t- Point-in-time copy (IBM FlashCopy)\n\t\t- Remote copy (Metro Mirror and Global Mirror)\n\t\t- Compressed volumes\n\t\t- Encrypted volumes",
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- "text": "- 2076-92F\n- 2076-A9F\n\nThe control enclosures can connect to 8 Gbps and 16 Gbps SAN switches. With an optional 10 Gbps Ethernet card to 10 Gbps Ethernet switch (for iSCSI traffic) and FCoE switches.\n\nModel 2076-624 with 25 Gb Ethernet card can be used for RDMA (iSER). For more information, see 3.7.4, \"iSCSI Extensions for RDMA (iSER)\" on page 62.\n\n# **3.19.2 Back-end storage subsystems**\n\nWhen connecting a back-end storage subsystem to IBM Storwize V7000, follow these guidelines:\n\n- - Connect all storage ports to the switch up to a maximum of 16, and zone them to all of the Storwize V7000 ports.\n- - Zone all ports on the disk back-end storage to all ports on the Storwize V7000 nodes in a clustered system.\n- - Ensure that you configure the storage subsystem LUN-masking settings to map all LUNs that are used by the Storwize V7000 to all the Storwize V7000 WWPNs in the clustered system.\n\nThe Storwize V7000 is designed to handle many paths to the back-end storage.\n\nIn most cases, the Storwize V7000 can improve performance, especially of mid-sized to low-end disk subsystems, older disk subsystems with slow controllers, or uncached disk systems, for the following reasons:\n\n- - The Storwize V7000 can stripe across disk arrays, and it can stripe across the entire set of configured physical disk resources.\n- - The Storwize V7000 control enclosure 2076-524 has 32 GB of cache and 2076-624 has 32 GB of cache (upgradeable to 64 GB).\n- - The Storwize V7000 can provide automated performance optimization of hot spots by using flash drives and Easy Tier.\n\nThe Storwize V7000 large cache and advanced cache management algorithms also allow it to improve the performance of many types of underlying disk technologies. The Storwize V7000 capability to asynchronously manage destaging operations that are incurred by writes while maintaining full data integrity can be important in achieving good database performance.\n\nBecause hits to the cache can occur in the upper (Storwize V7000) and the lower (back-end storage disk controller) level of the overall system, the system as a whole can use the larger amount of cache wherever it is located. Therefore, Storwize V7000 cache also provides more performance benefits for back-end storage systems with extensive cache banks.\n\nAlso, regardless of their relative capacities, both levels of cache tend to play an important role in enabling sequentially organized data to flow smoothly through the system.\n\nHowever, Storwize V7000 cannot increase the throughput potential of the underlying disks in all cases. Performance benefits depend on the underlying storage technology and the workload characteristics, including the degree to which the workload exhibits hotspots or sensitivity to cache size or cache algorithms.",
- "page_start": 102,
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- "text": "A thin-provisioned volume feature that is called *zero detect* provides clients with the ability to reclaim unused allocated disk space (zeros) when they are converting a fully allocated volume to a thin-provisioned volume by using volume mirroring.\n\n# **3.12 Host attachment planning**\n\nThe typical FC host attachment to the Storwize V7000 is done through SAN fabric. However, the system allows direct attachment connectivity between its 8 Gb or 16 Gb Fibre Channel ports and host ports. No special configuration is required for host systems that are using this configuration. However, the maximum number of directly attached hosts is severely limited by the number of FC ports on Storwize V7000's nodes.\n\nThe Storwize V7000 imposes no particular limit on the distance between the Storwize V7000 nodes and host servers. However, for host attachment, the Storwize V7000 supports up to three ISL hops in the fabric. This capacity means that the server to the Storwize V7000 can be separated by up to five FC links, four of which can be 10 km long (6.2 miles) if long wave Small Form-factor Pluggables (SFPs) are used.\n\nFigure 3-9 shows an example of a supported configuration with Storwize V7000 nodes using shortwave SFPs.\n\n*Figure 3-9 Example of host connectivity*\n\nIn Figure 3-9, the optical distance between Storwize V7000 Node 1 and Host 2 is slightly over 40 km (24.85 miles).\n\nTo avoid latencies that lead to degraded performance, avoid ISL hops whenever possible. In an optimal setup, the servers connect to the same SAN switch as the Storwize V7000 nodes.\n\n**Note:** Before attaching host systems to Storwize V7000, review the Configuration Limits and Restrictions for the IBM System Storage Storwize V7000 at this IBM Support web page.",
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- "text": "# **3.18 Storwize V7000 configuration backup procedure**\n\nSave the configuration before and after any change to the clustered system, such as adding nodes and back-end storage. Saving the configuration is a crucial part of Storwize V7000 management, and various methods can be applied to back up your Storwize V7000 configuration. The preferred practice is to implement an automatic configuration backup using the configuration backup command. Make sure that you save the configuration to storage that is not dependent on the SAN Virtualization Controller.\n\nFor more information, see Chapter 13, \"RAS, monitoring, and troubleshooting\" on page 673.\n\n# **3.19 Performance considerations**\n\nStorage virtualization with the Storwize V7000 improves flexibility and simplifies management of storage infrastructure, and can provide a substantial performance advantage. The Storwize V7000 caching capability and its ability to stripe volumes across multiple disk arrays are the reasons why usually significant performance improvements are observed when Storwize V7000 is used to virtualize midrange back-end storage subsystems.\n\n**Tip:** Technically, almost all storage controllers provide both striping (in the form of RAID 5, RAID 6, or RAID 10) and a form of caching. The real benefit of Storwize V7000 is the degree to which you can stripe the data across disks in a storage pool, even if they are installed in different back-end storage systems. This technique maximizes the number of active disks available to service I/O requests. The Storwize V7000 provides more caching, but its impact is secondary for sustained workloads.\n\nTo ensure the performance that you want and verify the capacity of your storage infrastructure, analyze performance and capacity to reveal the business requirements of your storage environment. Use the analysis results and the guidelines in this chapter to design a solution that meets the business requirements of your organization.\n\nWhen considering performance for a system, always identify the bottleneck and, therefore, the limiting factor of a specific system. This is a multidimensional analysis that needs to be performed for each of your workload patterns. There can be different bottleneck components for different workloads.\n\nWhen you are designing a storage infrastructure with the Storwize V7000 or implementing a Storwize V7000 in an existing storage infrastructure, you must ensure that the performance and capacity of the SAN, back-end disk subsystems, and Storwize V7000 meets requirements for the set of known or expected workloads.\n\n# **3.19.1 SAN**\n\nThe following Storwize V7000 models are supported for V8.2.1:\n\n- - Control enclosures:\n\t- 2076-524\n\t- 2076-624\n- - Expansion enclosures:\n\t- 2076-12F\n\t- 2076-24F",
- "page_start": 101,
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- "text": "#### Figure 3-2 shows the Storwize V7000 zoning classes.\n\n*Figure 3-2 Storwize V7000 zoning classes*\n\nThe fundamental rules of Storwize V7000 zoning are described next. However, also review the latest zoning guidelines and requirements when designing zoning for the planned solution by searching for \"SAN configuration and zoning rules summary\" at IBM Knowledge Center.\n\n**Note:** Configurations that use Metro Mirror, Global Mirror, N_Port ID Virtualization, or long-distance links have extra zoning requirements. Do not follow only the general zoning rules if you plan to use any of these.\n\nThe FCoE fabric uses the same set of zoning rules as the Fibre Channel fabric.\n\n# **3.6.3 Storwize V7000 cluster system zone**\n\nThe Storwize V7000 cluster system zone is required only if you deploy solution with more than one control enclosure. The purpose of cluster system zone is to enable traffic between all Storwize V7000 nodes within the clustered system. This traffic consists of heartbeats, cache synchronization, and other data that nodes must exchange to maintain a healthy cluster state.\n\nEach Storwize V7000 port must be zoned so that it can be used for internode communications. A system node cannot have more than 16 paths to another node in the same system.\n\nMixed port speeds are not possible for intracluster communication. All node ports within a clustered system must be running at the same speed.\n\nStorwize V7000 supports the use of mixed fabrics for communication between nodes. The 10 GbE FCoE ports of one Storwize V7000 can be zoned to the FC ports of another node that is part of the same clustered system.",
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- "text": "An IBM Storwize V7000 solution provides a choice of up to 760 disk drives per system or 1024 disk drives per clustered system (by using dense drawers). The solution uses SAS cables and connectors to attach to the optional expansion enclosures.\n\nThe IBM Storwize V7000 system supports a range of external disk systems similar to what IBM SAN Volume Controller supports today. A view of an IBM Storwize V7000 control enclosure is shown in Figure 2-4.\n\n*Figure 2-4 Top-front view of a Storwize V7000 control enclosure*\n\nThe IBM Storwize V7000 solution consists of 1 - 4 control enclosures and optionally, up to 36 expansion enclosures. It supports the intermixing of the different expansion enclosures. Each enclosure contains two canisters. Control enclosures contain two node canisters, and expansion enclosures contain two expansion canisters.\n\n# **2.3.1 IBM Storwize V7000 models**\n\nThe IBM Storwize V7000 consists of enclosures and drives. An enclosure contains two canisters that are seen as part of the enclosure, although they can be replaced independently.\n\n**More information:** For the most up-to-date information about features, benefits, and specifications of IBM Storwize V7000 models, see this web page.\n\nThe information in this IBM Redbooks publication is valid at the time of this writing and covers IBM Spectrum Virtualize V8.2. As IBM Storwize V7000 matures, expect to see new features and enhanced specifications.\n\nThe IBM Storwize V7000 models are listed in Table 2-1.\n\n| Model | Cache | Fibre Channel (FC) / iSCSI / SAS ports | Drive slots | Power supply |\n| --- | --- | --- | --- | --- |\n| 2076-AF1 (with | 64, 128, or 256 | 16 x 16 Gb / | 24 x 2.5-inch | Integrated dual |\n| two node | gigabytes (GB) | 6 x 1 Gb + 8x 10 Gb / | (All Flash) | power supplies |\n| canisters Gen2+) | | 4 x 12 Gb | | with battery |\n\n*Table 2-1 IBM Storwize V7000 models*",
- "page_start": 34,
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- "text": "**2**\n\n# **Chapter 2. System overview**\n\nThis chapter provides an overview of IBM Spectrum Virtualize software and IBM Storwize V7000 architecture and components. The chapter shows the software elements that build the IBM Storwize V7000 platform and provides an overview of the useful management and support tools that helps to maintain and operate the IBM Storwize V7000.\n\nThis chapter includes the following topics:\n\n- -2.1, \"IBM Spectrum Virtualize\" on page 10\n- -2.2, \"Storage virtualization\" on page 10\n- -2.3, \"IBM Storwize V7000 overview\" on page 12\n- -2.4, \"IBM Storwize V7000 hardware\" on page 19\n- -2.5, \"IBM Storwize V7000 components\" on page 19\n- -2.6, \"Business continuity\" on page 39\n- -2.7, \"Management and support tools\" on page 40\n- -2.8, \"Useful IBM Storwize V7000 websites\" on page 42",
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- "text": "When you plan deployment of Storwize V7000, identify networking technologies that you will use.\n\n**Note:** With Spectrum Virtualize V8.1.1.1 and later, RDMA (iSER) is supported by 25 Gb Ethernet iSCSI adapter cards with V7000 Gen2+ only. For more information, see 3.7.4, \"iSCSI Extensions for RDMA (iSER)\" on page 62.\n\n# **3.4 Physical planning**\n\nYou must consider several key factors when you are planning the physical site of a Storwize V7000 installation. The physical site must have the following characteristics:\n\n- -Meets power, cooling, and location requirements of the Storwize V7000 nodes.\n- -Has two separate power sources.\n- -Sufficient rack space exists for the installation of controller and disk expansion enclosures.\n- - Has sufficient maximum power rating of the rack. Plan your rack placement carefully to not exceed maximum power rating of the rack. For more information about the power and environmental requirements, see this website.\n\nYour Storwize V7000 2076-524 and Storwize V7000 2076-624 order includes a printed copy of the IBM Storwize V7000 Gen2 and Gen2+ Quick Installation Guide, which also provides information about environmental and power requirements.\n\n# **3.4.1 Cabling**\n\nCreate a cable connection table that follows your environment's documentation procedure to track all of the following connections that are required for the setup:\n\n- -Power\n- -Ethernet\n- -SAS\n- iSCSI or Fibre Channel over Ethernet (FCoE) connections\n- -Switch ports (FC, Ethernet, and FCoE)\n\nDistribute your disk expansion enclosures evenly between control enclosures, nodes within control enclosures, and SAS channels within nodes. For more information, search for \"SAS cabling guidelines\" at this IBM Knowledge Center page.\n\nWhen planning SAN cabling make sure that your physical topology allows you to observe zoning rules and recommendations.\n\nIf the data center provides more than one power source, make sure that you use that capacity when planning power cabling for your system.\n\n# **3.5 Planning IP connectivity**\n\nSystem management is performed through an embedded graphical user interface (GUI) that is running on the nodes. To access the management GUI, direct a web browser to the system management IP address.",
- "page_start": 69,
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- "text": "# **2.8 Useful IBM Storwize V7000 websites**\n\nSee the following IBM Storwize V7000 web pages for more information:\n\n- - IBM Support page: https://www.ibm.com/support/home/product/5402112/IBM_Storwize_V7000_(2076)\n- - IBM Storwize V7000 Unified and IBM Storwize V7000 Systems: https://www.ibm.com/support/home/product/5421300/IBM_Storwize_V7000_Unified\n- - IBM Storwize V7000 page support http://www-01.ibm.com/support/docview.wss?uid=ssg1S1003741\n- - Direct attachment of IBM Storwize V7000 https://www-01.ibm.com/support/docview.wss?uid=ssg1S1005776\n- -IBM Knowledge Center:\n\nhttps://www.ibm.com/support/knowledgecenter/en/ST3FR7_8.2.1/com.ibm.storwize.v7 000.821.doc/v7000_ichome.html",
- "page_start": 63,
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- "text": "# **A**\n\n# **Appendix A. Performance data and statistics gathering**\n\nThis appendix provides a brief overview of the performance analysis capabilities of the IBM Storwize V7000 and IBM Spectrum Virtualize V8.2. It also describes a method that you can use to collect and process IBM Spectrum Virtualize performance statistics.\n\nIt is beyond the intended scope of this book to provide an in-depth understanding of performance statistics or to explain how to interpret them. For more information about the performance of the Storwize V7000, see *IBM System Storage SAN Volume Controller and Storwize V7000 Best Practices and Performance Guidelines*, SG24-7521.\n\nThis appendix includes the following topics:\n\n- -\"Storwize V7000 performance overview\" on page 740\n- -\"Performance monitoring\" on page 742",
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- "query": "Is '1oijizer--10108453535318919918883384---jhjjzhiuhzrh--14584joiz///KK ' valid for a pool?",
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- "target_passage": "Naming rules: When you choose a name for a pool, the following rules apply: \u0002 Names must begin with a letter. \u0002 The first character cannot be numeric. \u0002 The name can be a maximum of 63 characters. \u0002 Valid characters are uppercase letters (A - Z), lowercase letters (a - z), digits (0 - 9), underscore (_), period (.), hyphen (-), and space. \u0002 Names must not begin or end with a space. \u0002 Object names must be unique within the object type. For example, you can have a volume that is named ABC and a storage pool that is calledvolumes that are calledvolumes called ABC. \u0002 The default object name is valid (object prefix with an integer). \u0002 Objects can be renamed to their current names",
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- "text": "Collect the results above we have the spin-lattice Hamiltonian HSL explicitly written as,\n\nHSL = X cluster j h (Jcluster/2)(Sj1 + Sj2 + Sj3 + Sj4) 2 + k 2 (Q E 1j ) 2 + k 2 (Q E 2j ) 2 + J ′ Q E 1j Sj1 · Sj4 + Sj2 · Sj3 + Sj2 · Sj4 + Sj1 · Sj3 − 2Sj1 · Sj2 − 2Sj3 · Sj4 √ 12 + Q E 2j Sj2 · Sj4 + Sj1 · Sj3 − Sj1 · Sj4 − Sj2 · Sj3 2 i − X x−links 4Jxk 2 3J ′2 Q E 1j · Q E 1k − X y−links 4Jyk 2 3J ′2 Q E 2j · Q E 2k + X z−links 16Jzk 4 9J ′4 Q E 1jQ E 2j · Q E 1kQ E 2k (14)\n\nThe single cluster spin-lattice Hamiltonian [first three lines in (14)] is quite natural. However we need some harmonic(on x- and y-links of honeycomb lattice) and anharmonic coupling (on z-links) between optical phonon",
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- "text": "user_public_key = \"ssh-rsa AAAAB3NzaC1yc2EAAAABIwAAAQEA09+YMqJ8VHX3HC7qy6HSxs3JjTGKbEgK+CExpf811uxsq+uJYbfXEKH19/NCf/U vpkozJBDDXDIxJ4uqOEBWDG4mUuu5U9a4lXgb6qaPYyXwVTygL/IcB0poSGEQQaJzhB05g71uZrya++sG1xHUjSQAQz hDuKrs4Bc3gcN4184UR+BX1pVgCls3NRn9hLrfLWS37M/kn+b/n6VMYYVpHsZ2XVydAn2nwuzktaEuWYaY/1cNd4xuu yVu08GQOon6t5KQ1EZBheADdSsyamulLqW9z4j6Y1wwDe4GPDc5zIW++ASDAZB0eEfbKGDLVdpFsI5YV8nLV1r/T0Y/ FiFZqQ== Bogdan Savu;IBMROO45771;IBMROZZ014E826;J;\" dns1 = \"192.168.11.210\" # DNS server 1 dns_domain = \"domain.example.com\" # DNS Domain Name #Network configuration #-------------------------------- net1_name = \"net_ocp_cluster1\" # Network Name net1_vlan_id = \"1\" # VLAN ID net1_subnet = \"192.168.11.0/21\" # Network/Mask net1_gateway = \"192.168.11.1\" # Gateway net1_start = \"192.168.11.223\" # First IP from Pool net1_end = \"192.168.11.223\" # Last IP from Pool #VM1 configuration (OCP - Master Nodes) #-------------------------------- vm1_number = \"1\" # Number of VMs vm1_memory = \"32\" # Memory GB vm1_cpu = \"8\" # Virtual CPU vm1_vcpu_ratio = \"4\" # vCPU RATIO 1:4 1 vCPU = 0.25 eCPU (cores) vm1_name = \"bsocp\" # Hostname prefix vm1_first_ip = \"192.168.11.223\" # Fist IP from a consecutive pool of IPs vm1_image_name = \"xiv_p9_image_rhel76\" # The image name vm1_remote_restart = \"true\" # Enable Auto Remote Restart vm1_storage_name = \"xiv_StoragePool\" # Storage Template vm1_dockerdisk1 = \"0\" # Docker disk size in GB for ephemeral storage #VM2 configuration (OCP - Infra Nodes) #-------------------------------- vm2_number = \"0\" # Number of VMs vm2_memory = \"16\" # Memory GB vm2_cpu = \"4\" # Virtual CPU vm2_vcpu_ratio = \"4\" # vCPU RATIO 1:4 1 vCPU = 0.25 eCPU (cores) vm2_name = \"infnode\" # Hostname prefix vm2_first_ip = \"192.168.11.205\" # Fist IP from a consecutive pool of IPs vm2_image_name = \"xiv_p9_image_rhel76\" # The image name vm2_remote_restart = \"true\" # Enable Auto Remote Restart vm2_storage_name = \"xiv_StoragePool\" # Storage Template vm2_dockerdisk1 = \"68\" # Docker disk size in GB for ephemeral storage #VM3 configuration (OCP - Workers(App) Nodes) #-------------------------------- vm3_number = \"0\" # Number of VMs vm3_memory = \"32\" # Memory GB vm3_cpu = \"4\" # Virtual CPU vm3_vcpu_ratio = \"4\" # vCPU RATIO 1:4 1 vCPU = 0.25 eCPU (cores) vm3_name = \"appnode\" # Hostname prefix vm3_first_ip = \"192.168.11.208\" # Fist IP from a consecutive pool of IPs vm3_image_name = \"xiv_p9_image_rhel76\" # The image name vm3_remote_restart = \"false\" # Disable Auto Remote Restart vm3_storage_name = \"xiv_StoragePool\" # Storage Template vm3_dockerdisk1 = \"34\" # Docker disk size in GB for ephemeral storage #VM4 configuration (OCP - Load Balancer Node) #-------------------------------- vm4_number = \"0\" # Number of VMs",
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- "text": "- 21. Beneciuk JM, Lentz TA, He Y, Wu SS, George SZ. Prediction of persistent musculoskeletal pain at 12 months: a secondary analysis of the Optimal Screening for Prediction of Referral and Outcome (OSPRO) validation cohort study. Phys Ther. 2018;98:290–301.\n- 22. Freburger JK, Holmes GM, Agans RP, Jackman AM, Darter JD, Wallace AS, et al. The rising prevalence of chronic low back pain. Arch Intern Med. 2009; 169:251–8.\n- 23. Carey TS, Freburger JK, Holmes GM, Jackman A, Knauer S, Wallace A, et al. Race, care seeking, and utilization for chronic back and neck pain: population perspectives. J Pain Off J Am Pain Soc. 2010;11:343–50.\n- 24. Jensen MP, Turner JA, Romano JM, Fisher LD. Comparative reliability and validity of chronic pain intensity measures. Pain. 1999;83:157–62.\n- 25. Bolton JE. Accuracy of recall of usual pain intensity in back pain patients. Pain. 1999;83:533–9.\n- 26. Childs JD, Piva SR, Fritz JM. Responsiveness of the numeric pain rating scale in patients with low back pain. Spine. 2005;30:1331–4.\n- 27. Vernon H. The neck disability index: state-of-the-art, 1991-2008. J Manip Physiol Ther. 2008;31:491–502.\n- 28. Vernon H, Mior S. The neck disability index: a study of reliability and validity. J Manip Physiol Ther. 1991;14:409–15.\n- 29. Hudson-Cook N, Tomes-Nicholson K, Breen A. A revised Oswestry disability questionnaire. In: Roland M, Jenner J, editors. Back pain: new approaches to rehabilitation and education. New York: Manchester University Press; 1989. p. 187–204.\n- 30. Fritz JM, Irrgang JJ. A comparison of a modified Oswestry low back pain disability questionnaire and the Quebec back pain disability scale. Phys Ther. 2001;81:776–88.\n- 31. Beaton DE, Wright JG, Katz JN, Upper Extremity Collaborative Group. Development of the QuickDASH: comparison of three item-reduction approaches. J Bone Joint Surg Am. 2005;87:1038–46.\n- 32. Irrgang JJ, Anderson AF, Boland AL, Harner CD, Kurosaka M, Neyret P, et al. Development and validation of the international knee documentation committee subjective knee form. Am J Sports Med. 2001;29:600–13.\n- 33. Butera KA, Lentz TA, Beneciuk JM, George SZ. Preliminary evaluation of a modified STarT back screening tool across different musculoskeletal pain conditions. Phys Ther. 2016;96:1251–61.\n- 34. Charlson ME, Pompei P, Ales KL, MacKenzie CR. A new method of classifying prognostic comorbidity in longitudinal studies: development and validation. J Chronic Dis. 1987;40:373–83.\n- 35. Katz JN, Chang LC, Sangha O, Fossel AH, Bates DW. Can comorbidity be measured by questionnaire rather than medical record review? Med Care. 1996;34:73–84.\n- 36. George SZ, Beneciuk JM, Bialosky JE, Lentz TA, Zeppieri G, Pei Q, et al. Development of a review-of-systems screening tool for orthopaedic physical therapists: results from the Optimal Screening for Prediction of Referral and Outcome (OSPRO) cohort. J Orthop Sports Phys Ther. 2015;45: 512–26.\n- 37. Lentz TA, Beneciuk JM, Bialosky JE, Zeppieri G, Dai Y, Wu SS, et al. Development of a yellow flag assessment tool for orthopaedic physical therapists: results from the Optimal Screening for Prediction of Referral and Outcome (OSPRO) cohort. J Orthop Sports Phys Ther. 2016;46:327–43.\n- 38. Beneciuk JM, Fritz JM, George SZ. The STarT back screening tool for prediction of 6-month clinical outcomes: relevance of change patterns in outpatient physical therapy settings. J Orthop Sports Phys Ther. 2014;44: 656–64.\n- 39. Myers RH. Classical and modern regression with applications. 2nd ed. Pacific Grove: Duxbury Press; 2000.\n- 40. Weuve J, Tchetgen Tchetgen EJ, Glymour MM, Beck TL, Aggarwal NT, Wilson RS, et al. Accounting for bias due to selective attrition: the example of smoking and cognitive decline. Epidemiol Camb Mass. 2012;23:119–28.\n- 41. Hernán MA, Hernández-Díaz S, Robins JM. A structural approach to selection bias. Epidemiol Camb Mass. 2004;15:615–25.",
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- "text": "#### ICAO STANDARD ATMOSPHERE\n\n| ALTITUDE | DENSITY RATIO | | PRESSURE RATIO | TEMPER- ATURE | TEMPER- ATURE | SPEED OF SOUND | KINEMATIC VISCOSITY |\n| --- | --- | --- | --- | --- | --- | --- | --- |\n| FT. | | ل | | | RATIO | | V |\n| | ச | | ટે | o k | ਰ | 0 KNOTS | FT 2/ SEC |\n| O | 1.0000 | 1.0000 | 1.0000 | 59.00 | 1.0000 | 661.7 | 000158 |\n| 1000 | 0.9711 | 0.9854 | 0.9644 | 55.43 | 0.9931 | 659.5 | .000161 |\n| 2000 | 0.9428 | 0.9710 | 0.9298 | 51.87 | O aBES | 657.2 | 000165 |\n| 3000 | ૦. કારા | 0.9566 | 0.8962 | 48.30 | 0.9794 | 654 a | 000169 |\n| 4000 | 0.8881 | 0.9424 | 0.8637 | 44.74 | 0.9725 | 652.6 | .000174 |\n| 5000 | 0.8617 | 0.9283 | 0.8320 | 41.17 | 0.9656 | 650.3 | .000178 |\n| 6000 | 0.8359 | 0.9143 | 0.8014 | 37.60 | 0.9587 | 647.9 | 000182 |\n| 7000 | 0.8106 | 0.9004 | 0.7716 | 34.04 | o asia | 645.6 | .000187 |\n| 8000 | 0.7860 | 0.8866 | 0.7428 | 30.47 | 0.9450 | 643.3 | .000192 |\n| 9000 | 0.7620 | 0.8729 | 0.7148 | 26.90 | 0.938 I | 640.9 | .000197 |\n| 10000 | 0.7385 | 0.8593 | 0.6877 | 23.34 | 0.9312 | 638.6 | 000202 |\n| 15000 | 0.6292 | 0.7932 | 0.5643 | 5.51 | O. 8969 | 626.7 | .000229 |\n| 20000 | 0.5328 | 0.7299 | 0.4595 | -12.32 | 0.8625 | 614.6 | .000262 |\n| 25000 | 0.4481 | 0.6694 | 0.3711 | - 30.15 | 0.8281 | 602.2 | .000302 |\n| 30000 | 0.3741 | 0.6117 | 0.2970 | -47.98 | 0.7937 | 589.5 | .000349 |\n| 35000 | 0.3099 | 0.5567 | 0.2353 | -65.82 | 0.7594 | 576.6 | .000405 |\n| * 36089 | 0.2971 | 0.5450 | 0.2234 | -69.70 | 0.7519 | 573.8 | .000419 |\n| 40000 | 0.2462 | 0.4962 | 0.1851 | -69.70 | 0.7519 | 573.8 | .000506 |\n| 45000 | 0.1936 | 0.4400 | 0.1455 | -69.70 | 0.7519 | 573.8 | .000643 |\n| 50000 | 0.1522 | 0.3902 | 0.1145 | -69.70 | 0.7519 | 573.8 | .000818 |\n| 55000 | 0.1197 | 0.3460 | 0.0900 | -69.70 | 0.7519 | 573.8 | .001040 |\n| 60000 | ' 0.0941 | 0.3068 | 0.0708 | -69.70 | 0.7519 | 573.8 | .001323 |\n| 65000 | 0.0740 | 0.2721 | 0.0557 | -69.70 | 0.7519 | 573.8 | .001682 |\n| 70000 | 0.0582 | 0.2413 | 0.0438 | - 69.70 | 0.7519 | 573.8 | .002139 |\n| 75000 | 0.0458 | 0.2140 | 0.0344 | - 69.70 | 0.7519 | 573.8 | .002721 |\n| 80000 | 0.0360 | 0.1897 | 0.0271 | - 69.70 | 0.7519 | 573.8 | .003460 |\n| 85000 | 0.0280 | 0.1673 | 0.0213 | -64.80 | 0.7613 | 577.4 | 004499 |\n| 90000 | 0.0217 | 0.1472 | 0.0168 | -56.57 | 0.7772 | 583.4 | .00591 |\n| 95000 | 0.0169 | 0.1299 | 0.0134 | - 48.34 | 0.7931 | 589.3 | .00772 |\n| 100000 | 0.0132 | 0.1149 | 0.0107 | - 40.11 | 0.8089 | રતે રહ્યું હતું હ | .01004 |\n\n*GEOPOTENTIAL OF THE TROPOPAUSE\n\nFigure 1.7. Standard Altitude Table",
- "page_start": 22,
- "page_end": 22,
- "source_file": "00-80T-80.pdf"
- },
- {
- "text": "H = X j (Jcluster/2)(Sj1 + Sj2 + Sj3 + Sj4) 2 − X z−links Jz (16/9)[Sj2 · (Sj3 × Sj4)][Sk2 · (Sk3 × Sk4)] − X x−links Jx (2Sj1 · Sj2 + 1/2)(2Sk1 · Sk2 + 1/2) − X y−links Jy (4/3)[Sj1 · (Sj3 − Sj4)][Sk1 · (Sk3 − Sk4)] (8)\n\nWhile by the represenation (4) and (5), the Hamilto- nian becomes\n\nH = X j (Jcluster/2)(Sj1 + Sj2 + Sj3 + Sj4) 2 − X x−links Jx (2Sj1 · Sj2 + 1/2)(2Sk1 · Sk2 + 1/2) − X y−links Jy (4/3)[Sj1 · (Sj3 − Sj4)][Sk1 · (Sk3 − Sk4)] − X z−links Jz (−4/3)(2Sj3 · Sj4 + 1/2)[Sj1 · (Sj3 − Sj4)](2Sk3 · Sk4 + 1/2)[Sk1 · (Sk3 − Sk4)] (9)\n\nThis model, in terms of physical spins S, has full spin rotation symmetry and time-reversal symmetry. A pseudo-magnetic field term P j ~h · ~τj term can also be included under this mapping, however the resulting Kitaev model with magnetic field is not exactly solvable. It is quite curious that such a formidably looking Hamiltonian (8), with biquadratic and six-spin(or eight-spin) terms, has an exactly solvable low energy sector.\n\nP We emphasize that because the first intra-cluster term cluster Hcluster commutes with the latter Kitaev terms independent of the representation used, the Kitaev model is realized as the exact low energy Hamiltonian of this model without truncation errors of perturbation theories, namely no (|Jx,y,z|/Jcluster) 2 or higher order terms will be generated under the projection to low energy cluster singlet space. This is unlike, for example, the t/U expansion of the half-filled Hubbard model22,23, where at lowest t 2/U order the effective Hamiltonian is the Heisenberg model, but higher order terms (t 4/U3 etc.) should in principle still be included in the low energy effective Hamiltonian for any finite t/U. Similar comparison can be made to the perturbative expansion studies of the Kitaev-type models by Vidal et al.9 , where the low energy effective Hamiltonians were obtained in certian anisotropic (strong bond/triangle) limits. Although the spirit of this work, namely projection to low energy sector, is the same as all previous perturbative approaches to effective Hamiltonians.\n\nNote that the original Kitaev model (1) has threefold rotation symmetry around a honeycomb lattice site, combined with a three-fold rotation in pseudo-spin space (cyclic permutation of τ x , τ y , τ z ). This is not apparent in our model (8) in terms of physical spins, under the current representation of τ x,y,z. We can remedy this by using a different set of pseudo-spin Pauli matrices τ ′x,y,z in (7),\n\n$$\\begin{array}{l}{{\\tau^{\\prime x}=\\sqrt{1/3}\\tau^{z}+\\sqrt{2/3}\\tau^{x},}}\\\\ {{\\tau^{\\prime y}=\\sqrt{1/3}\\tau^{z}-\\sqrt{1/6}\\tau^{x}+\\sqrt{1/2}\\tau^{y},}}\\\\ {{\\tau^{\\prime z}=\\sqrt{1/3}\\tau^{z}-\\sqrt{1/6}\\tau^{x}-\\sqrt{1/2}\\tau^{y}}}\\end{array}$$\n\nWith proper representation choice, they have a symmetric form in terms of physical spins,\n\n$$\\tau^{\\prime x}=-(4/3){\\bf S}_{2}\\cdot({\\bf S}_{3}\\times{\\bf S}_{4})+\\sqrt{2/3}(2{\\bf S}_{1}\\cdot{\\bf S}_{2}+1/2)$$\n \n$$\\tau^{\\prime y}=-(4/3){\\bf S}_{3}\\cdot({\\bf S}_{4}\\times{\\bf S}_{2})+\\sqrt{2/3}(2{\\bf S}_{1}\\cdot{\\bf S}_{3}+1/2)$$\n \n$$\\tau^{\\prime z}=-(4/3){\\bf S}_{4}\\cdot({\\bf S}_{2}\\times{\\bf S}_{3})+\\sqrt{2/3}(2{\\bf S}_{1}\\cdot{\\bf S}_{4}+1/2)\\tag{10}$$\n\nSo the symmetry mentioned above can be realized by a three-fold rotation of the honeycomb lattice, with a cyclic permutation of S2, S3 and S4 in each cluster. This is in fact the three-fold rotation symmetry of the physical spin lattice illustrated in FIG. 2. However this more symmetric representation will not be used in later part of this paper.",
- "page_start": 3,
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- "source_file": "1001.0266.pdf"
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- {
- "text": "- [1] Abraira VE, Kuehn ED, Chirila AM, Springel MW, Toliver AA, Zimmerman AL, Orefice LL, Boyle KA, Bai L, Song BJ, Bashista KA, O'Neill TG, Zhuo J, Tsan C, Hoynoski J, Rutlin M, Kus L, Niederkofler V, Watanabe M, Dymecki SM, Nelson SB, Heintz N, Hughes DI, Ginty DD. The cellular and synaptic architecture of the mechanosensory dorsal horn. Cell 2017;168: 295–310.e19.\n- [2] Bailey AL, Ribeiro-Da-Silva A. Transient loss of terminals from nonpeptidergic nociceptive fibers in the substantia gelatinosa of spinal cord following chronic constriction injury of the sciatic nerve. Neuroscience 2006;138:675–90.\n- [3] Barry AM, Zhao N, Yang X, Bennett DL, Baskozos G. Deep RNA-seq of male and female murine sensory neuron subtypes after nerve injury. PAIN 2023;164:2196–215.\n- [4] Bell AM, Utting C, Dickie AC, Kucharczyk MW, Quillet R, Gutierrez-Mecinas M, Razlan ANB, Cooper AH, Lan Y, Hachisuka J, Weir GA, Bannister K, Watanabe M, Kania A, Hoon MA, Macaulay IC, Denk F, Todd AJ. Deep sequencing of Phox2a nuclei reveals five classes of anterolateral system neurons. bioRxiv 2023.2023.08.20.553715.\n- [5] Bennett DL, Michael GJ, Ramachandran N, Munson JB, Averill S, Yan Q, McMahon SB, Priestley JV. A distinct subgroup of small DRG cells express GDNF receptor components and GDNF is protective for these neurons after nerve injury. J Neurosci 1998;18:3059–72.\n- [6] Bondok AA, Sansone FM. Retrograde and transganglionic degeneration of sensory neurons after a peripheral nerve lesion at birth. Exp Neurol 1984;86:322–30.\n- [7] Boucher TJ, Okuse K, Bennett DLH, Munson JB, Wood JN, McMahon SB. Potent analgesic effects of GDNF in neuropathic pain states. Science 2000;290:124–7.\n- [8] Bradbury EJ, Burnstock G, McMahon SB. The expression of P2X3 purinoreceptors in sensory neurons: effects of axotomy and glial-derived neurotrophic factor. Mol Cell Neurosci 1998;12:256–68.\n- [9] Br ´az JM, Basbaum AI. Triggering genetically-expressed transneuronal tracers by peripheral axotomy reveals convergent and segregated sensory neuron-spinal cord connectivity. Neuroscience 2009;163: 1220–32.\n- [10] Cobos EJ, Nickerson CA, Gao F, Chandran V, Bravo-Caparr ´os I, Gonz ´alez-Cano R, Riva P, Andrews NA, Latremoliere A, Seehus CR, Perazzoli G, Nieto FR, Joller N, Painter MW, Ma CHE, Omura T, Chesler EJ, Geschwind DH, Coppola G, Rangachari M, Woolf CJ, Costigan M. Mechanistic differences in neuropathic pain modalities revealed by correlating behavior with global expression profiling. Cell Rep 2018;22: 1301–12.\n- [11] Coggeshall RE. A consideration of neural counting methods. Trends Neurosci 1992;15:9–13.\n- [12] Decosterd I, Woolf CJ. Spared nerve injury: an animal model of persistent peripheral neuropathic pain. PAIN 2000;87:149–58.\n- [13] Denk F, Ramer LM, Erskine ELKS, Nassar MA, Bogdanov Y, Signore M, Wood JN, McMahon SB, Ramer MS. Tamoxifen induces cellular stress in the nervous system by inhibiting cholesterol synthesis. Acta Neuropathol Commun 2015;3:74.\n- [14] Dobin A, Davis CA, Schlesinger F, Drenkow J, Zaleski C, Jha S, Batut P, Chaisson M, Gingeras TR. STAR: ultrafast universal RNA-seq aligner. Bioinformatics 2013;29:15–21.\n- [15] Faul F, Erdfelder E, Lang AG, Buchner A. G*Power 3: a flexible statistical power analysis program for the social, behavioral, and biomedical sciences. Behav Res Methods 2007;39:175–91.\n- [16] Feng G, Mellor RH, Bernstein M, Keller-Peck C, Nguyen QT, Wallace M, Nerbonne JM, Lichtman JW, Sanes JR. Imaging neuronal subsets in transgenic mice expressing multiple spectral variants of GFP. Neuron 2000;28:41–51.\n- [17] Gangadharan V, Zheng H, Taberner FJ, Landry J, Nees TA, Pistolic J, Agarwal N, M ¨annich D, Benes V, Helmstaedter M, Ommer B, Lechner SG, Kuner T, Kuner R. Neuropathic pain caused by miswiring and abnormal end organ targeting. Nature 2022;606:137–45.\n- [18] Guillery RW. On counting and counting errors. J Comp Neurol 2002;447: 1–7.",
- "page_start": 12,
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- "source_file": "pubmed2.pdf"
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- {
- "text": "modes of neighboring tetrahedra. And these coupling constants λx,y,z need to be tuned to produce Jx,y,z of the Kitaev model. This is still not easy to implement in solid state systems. At lowest non-trivial order of perturbative expansion, we do get our model (9). Higher order terms in expansion destroy the exact solvability, but may be controlled by the small parameters λx,y,z/k.\n\n# B. Generate the High Order Terms by Magnetic Interactions between Clusters.\n\nIn this Subsection we consider more conventional perturbations, magnetic interactions between the clusters, e.g. the Heisenberg coupling Sj · Sk with j and k belong to different tetrahedra. This has the advantage over the previous phonon approach for not introducing additional degrees of freedom. But it also has a significant disadvantage: the perturbation does not commute with the cluster Heisenberg Hamiltonian (2), so the cluster singlet subspace will be mixed with other total spin states. In this Subsection we will use the spin-chirality representation (6) for τ z .\n\nAgain consider two clusters j and k. For simplicity of notations define a projection operator Pjk = PjPk, where Pj,k is projection into the singlet subspace of cluster j and k, respectively, Pj,k = P s=±1 |τ z j,k = sihτ z j,k = s|. For a given perturbation λ Hperturbation with small parameter λ (in factor λ/Jcluster is the expansion parameter), lowest two orders of the perturbation series are\n\n$$\\lambda\\,{\\cal P}_{jk}H_{\\rm perturbation}{\\cal P}_{jk}+\\lambda^{2}\\,{\\cal P}_{jk}H_{\\rm perturbation}(1-{\\cal P}_{jk})$$\n \n$$\\times[0-H_{\\rm cluster}\\ j-H_{\\rm cluster}\\ k]^{-1}(1-{\\cal P}_{jk})H_{\\rm perturbation}{\\cal P}_{jk}\\tag{15}$$\n\nWith proper choice of λ and Hperturbation we can generate\n\nthe desired Jx,y,z terms in (8) from the first and second order of perturbations.\n\nThe calculation can be dramatically simplified by the following fact that any physical spin-1/2 operator S x,y,z ℓ converts the cluster spin singlet states |τ z = ±1i into spin-1 states of the cluster. This can be checked by explicit calculations and will not be proved here. For all the perturbations to be considered later, the above mentioned fact can be exploited to replace the factor [0 − Hcluster j − Hcluster k] −1 in the second order perturbation to a c-number (−2Jcluster) −1 .\n\nThe detailed calculations are given in Appendix B. We will only list the results here.\n\nThe perturbation on x-links is given by\n\n$$\\begin{array}{c}{{\\lambda_{x}\\,H_{\\mathrm{perturbation,~}x}=\\lambda_{x}[\\mathbf{S}_{j1}\\cdot\\mathbf{S}_{k1}+\\mathrm{sgn}(J_{x})\\cdot(\\mathbf{S}_{j2}\\cdot\\mathbf{S}_{k2})]}}\\\\ {{-\\,J_{x}(\\mathbf{S}_{j1}\\cdot\\mathbf{S}_{j2}+\\mathbf{S}_{k1}\\cdot\\mathbf{S}_{k2}).}}\\end{array}$$\n\nwhere λx = p 12|Jx| · Jcluster, sgn(Jx) = ±1 is the sign of Jx.\n\nThe perturbation on y-links is\n\n$$\\begin{array}{r}{\\lambda_{y}\\,H_{\\mathrm{perturbation,}\\,y}}\\\\ {=\\lambda_{y}[\\mathbf{S}_{j1}\\cdot\\mathbf{S}_{k1}+\\operatorname{sgn}(J_{y})\\cdot(\\mathbf{S}_{j3}-\\mathbf{S}_{j4})\\cdot(\\mathbf{S}_{k3}-\\mathbf{S}_{k4})]}\\\\ {\\quad-|J_{y}|(\\mathbf{S}_{j3}\\cdot\\mathbf{S}_{j4}+\\mathbf{S}_{k3}\\cdot\\mathbf{S}_{k4})}\\end{array}$$\n\nwith λy = p 4|Jy| · Jcluster. The perturbation on z-links is\n\n$\\lambda_{z}\\,H_{\\rm perturbation}$, $z$ \n \n$=\\lambda_{z}[{\\bf S}_{j2}\\cdot({\\bf S}_{k3}\\times{\\bf S}_{k4})+{\\rm sgn}(J_{z})\\cdot{\\bf S}_{k2}\\cdot({\\bf S}_{j3}\\times{\\bf S}_{j4})]$ \n \n$-|J_{z}|({\\bf S}_{j3}\\cdot{\\bf S}_{j4}+{\\bf S}_{k3}\\cdot{\\bf S}_{k4})$. \n \n\nwith λz = 4p |Jz| · Jcluster. The entire Hamiltonian Hmagnetic reads explicitly as,\n\nHmagnetic = X cluster j (Jcluster/2)(Sj1 + Sj2 + Sj3 + Sj4) 2 + X x−links p 12|Jx| · Jcluster- Sj1 · Sk1 + sgn(Jx) · (Sj2 · Sk2) − Jx(Sj1 · Sj2 + Sk1 · Sk2) + X y−links q 4|Jy| · Jcluster- Sj1 · (Sk3 − Sk4) + sgn(Jy)Sk1 · (Sj3 − Sj4) − |Jy|(Sj3 · Sj4 + Sk3 · Sk4) + X z−links 4 p |Jz| · Jcluster- Sj2 · (Sk3 × Sk4) + sgn(Jz)Sk2 · (Sj3 × Sj4) − |Jz|(Sj3 · Sj4 + Sk3 · Sk4) . (16)",
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- "text": "| | Sentencing Scenarios | | | | Sentencing Scenarios | |\n| --- | --- | --- | --- | --- | --- | --- |\n| Scenario 1 | Central | Scenario 2 | | Scenario 1 | Central | Scenario 2 |\n| Nov-14 85,800 | 86,100 | 86,100 | Dec-17 | 82,900 | 87,800 | 92,900 |\n| Dec-14 84,300 | 84,600 | 84,800 | Jan-18 | 84,200 | 89,200 | 94,400 |\n| Jan-15 85,900 | 86,200 | 86,700 | Feb-18 | 84,200 | 89,500 | 94,800 |\n| Feb-15 86,400 | 86,800 | 87,400 | Mar-18 | 84,100 | 89,600 | 95,100 |\n| Mar-15 86,700 | 87,200 | 87,900 | Apr-18 | 84,100 | 89,600 | 95,500 |\n| Apr-15 86,700 | 87,400 | 88,300 | May-18 | 84,000 | 89,700 | 95,700 |\n| May-15 86,900 | 87,500 | 88,600 | Jun-18 | 83,900 | 89,700 | 95,800 |\n| Jun-15 87,100 | 87,700 | 88,900 | Jul-18 | 83,700 | 89,800 | 96,000 |\n| Jul-15 87,100 | 88,000 | 89,100 | Aug-18 | 83,700 | 90,100 | 96,400 |\n| Aug-15 87,300 | 88,400 | 89,600 | Sep-18 | 83,800 | 90,300 | 96,800 |\n| Sep-15 87,400 | 88,700 | 90,100 | Oct-18 | 83,400 | 90,100 | 96,700 |\n| Oct-15 87,300 | 88,600 | 90,000 | Nov-18 | 83,400 | 90,100 | 96,800 |\n| Nov-15 87,200 | 88,600 | 90,200 | Dec-18 | 81,600 | 88,300 | 95,100 |\n| Dec-15 85,500 | 87,000 | 88,900 | Jan-19 | 82,900 | 89,700 | 96,500 |\n| Jan-16 86,900 | 88,500 | 90,500 | Feb-19 | 83,000 | 90,000 | 97,200 |\n| Feb-16 87,100 | 88,900 | 91,100 | Mar-19 | 83,000 | 90,100 | 97,400 |\n| Mar-16 87,100 | 89,000 | 91,400 | Apr-19 | 83,000 | 90,100 | 97,300 |\n| Apr-16 87,000 | 89,000 | 91,600 | May-19 | 82,800 | 90,100 | 97,500 |\n| May-16 86,900 | 89,100 | 91,800 | Jun-19 | 82,600 | 90,100 | 97,600 |\n| Jun-16 86,800 | 89,100 | 92,000 | Jul-19 | 82,600 | 90,200 | 97,600 |\n| Jul-16 86,500 | 89,200 | 92,100 | Aug-19 | 82,800 | 90,500 | 98,000 |\n| Aug-16 86,700 | 89,400 | 92,400 | Sep-19 | 82,800 | 90,700 | 98,100 |\n| Sep-16 86,800 | 89,600 | 92,600 | Oct-19 | 82,400 | 90,500 | 98,100 |\n| Oct-16 86,500 | 89,400 | 92,600 | Nov-19 | 82,200 | 90,400 | 98,300 |\n| Nov-16 86,300 | 89,400 | 92,800 | Dec-19 | 80,300 | 88,600 | 96,700 |\n| Dec-16 84,400 | 87,600 | 91,300 | Jan-20 | 81,500 | 89,900 | 98,200 |\n| Jan-17 85,600 | 88,900 | 92,800 | Feb-20 | 81,700 | 90,200 | 98,500 |\n| Feb-17 85,600 | 89,200 | 93,200 | Mar-20 | 81,800 | 90,300 | 98,700 |\n| Mar-17 85,600 | 89,200 | 93,300 | Apr-20 | 81,700 | 90,300 | 98,800 |\n| Apr-17 85,400 | 89,300 | 93,300 | May-20 | 81,500 | 90,300 | 98,800 |\n| May-17 85,300 | 89,300 | 93,500 | Jun-20 | 81,400 | 90,200 | 98,900 |\n| Jun-17 85,200 | 89,300 | 93,600 | Jul-20 | 81,400 | 90,300 | 98,900 |\n| Jul-17 85,000 | 89,300 | 93,900 | Aug-20 | 81,600 | 90,600 | 99,300 |\n| Aug-17 85,200 | 89,600 | 94,200 | Sep-20 | 81,800 | 90,700 | 99,500 |\n| Sep-17 85,200 | 89,800 | 94,500 | Oct-20 | 81,300 | 90,500 | 99,500 |\n| Oct-17 84,900 | 89,600 | 94,500 | Nov-20 | 81,100 | 90,400 | 99,600 |\n| Nov-17 84,700 | 89,500 | 94,600 | Dec-20 | 79,200 | 88,700 | 97,900 |",
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- "text": "#### Monthly tables of overall projected prison population\n\n#### **Table A14: Monthly values of the overall projected prison population (end of month figures)**\n\n| | | Sentencing Scenarios | | | | Sentencing Scenarios | |\n| --- | --- | --- | --- | --- | --- | --- | --- |\n| | Scenario 1 | Central | Scenario 2 | | Scenario 1 | Central | Scenario 2 |\n| Nov-14 | 85,800 | 86,100 | 86,100 | Dec-17 | 82,900 | 87,800 | 92,900 |\n| Dec-14 | 84,300 | 84,600 | 84,800 | Jan-18 | 84,200 | 89,200 | 94,400 |\n| Jan-15 | 85,900 | 86,200 | 86,700 | Feb-18 | 84,200 | 89,500 | 94,800 |\n| Feb-15 | 86,400 | 86,800 | 87,400 | Mar-18 | 84,100 | 89,600 | 95,100 |\n| Mar-15 | 86,700 | 87,200 | 87,900 | Apr-18 | 84,100 | 89,600 | 95,500 |\n| Apr-15 | 86,700 | 87,400 | 88,300 | May-18 | 84,000 | 89,700 | 95,700 |\n| May-15 | 86,900 | 87,500 | 88,600 | Jun-18 | 83,900 | 89,700 | 95,800 |\n| Jun-15 | 87,100 | 87,700 | 88,900 | Jul-18 | 83,700 | 89,800 | 96,000 |\n| Jul-15 | 87,100 | 88,000 | 89,100 | Aug-18 | 83,700 | 90,100 | 96,400 |\n| Aug-15 | 87,300 | 88,400 | 89,600 | Sep-18 | 83,800 | 90,300 | 96,800 |\n| Sep-15 | 87,400 | 88,700 | 90,100 | Oct-18 | 83,400 | 90,100 | 96,700 |\n| Oct-15 | 87,300 | 88,600 | 90,000 | Nov-18 | 83,400 | 90,100 | 96,800 |\n| Nov-15 | 87,200 | 88,600 | 90,200 | Dec-18 | 81,600 | 88,300 | 95,100 |\n| Dec-15 | 85,500 | 87,000 | 88,900 | Jan-19 | 82,900 | 89,700 | 96,500 |\n| Jan-16 | 86,900 | 88,500 | 90,500 | Feb-19 | 83,000 | 90,000 | 97,200 |\n| Feb-16 | 87,100 | 88,900 | 91,100 | Mar-19 | 83,000 | 90,100 | 97,400 |\n| Mar-16 | 87,100 | 89,000 | 91,400 | Apr-19 | 83,000 | 90,100 | 97,300 |\n| Apr-16 | 87,000 | 89,000 | 91,600 | May-19 | 82,800 | 90,100 | 97,500 |\n| May-16 | 86,900 | 89,100 | 91,800 | Jun-19 | 82,600 | 90,100 | 97,600 |\n| Jun-16 | 86,800 | 89,100 | 92,000 | Jul-19 | 82,600 | 90,200 | 97,600 |\n| Jul-16 | 86,500 | 89,200 | 92,100 | Aug-19 | 82,800 | 90,500 | 98,000 |\n| Aug-16 | 86,700 | 89,400 | 92,400 | Sep-19 | 82,800 | 90,700 | 98,100 |\n| Sep-16 | 86,800 | 89,600 | 92,600 | Oct-19 | 82,400 | 90,500 | 98,100 |\n| Oct-16 | 86,500 | 89,400 | 92,600 | Nov-19 | 82,200 | 90,400 | 98,300 |\n| Nov-16 | 86,300 | 89,400 | 92,800 | Dec-19 | 80,300 | 88,600 | 96,700 |\n| Dec-16 | 84,400 | 87,600 | 91,300 | Jan-20 | 81,500 | 89,900 | 98,200 |\n| Jan-17 | 85,600 | 88,900 | 92,800 | Feb-20 | 81,700 | 90,200 | 98,500 |\n| Feb-17 | 85,600 | 89,200 | 93,200 | Mar-20 | 81,800 | 90,300 | 98,700 |\n| Mar-17 | 85,600 | 89,200 | 93,300 | Apr-20 | 81,700 | 90,300 | 98,800 |\n| Apr-17 | 85,400 | 89,300 | 93,300 | May-20 | 81,500 | 90,300 | 98,800 |\n| May-17 | 85,300 | 89,300 | 93,500 | Jun-20 | 81,400 | 90,200 | 98,900 |\n| Jun-17 | 85,200 | 89,300 | 93,600 | Jul-20 | 81,400 | 90,300 | 98,900 |\n| Jul-17 | 85,000 | 89,300 | 93,900 | Aug-20 | 81,600 | 90,600 | 99,300 |\n| Aug-17 | 85,200 | 89,600 | 94,200 | Sep-20 | 81,800 | 90,700 | 99,500 |\n| Sep-17 | 85,200 | 89,800 | 94,500 | Oct-20 | 81,300 | 90,500 | 99,500 |\n| Oct-17 | 84,900 | 89,600 | 94,500 | Nov-20 | 81,100 | 90,400 | 99,600 |\n| Nov-17 | 84,700 | 89,500 | 94,600 | Dec-20 | 79,200 | 88,700 | 97,900 |",
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- "text": "# Appendix B: Derivation of the Terms Generated by Second Order Perturbation of Inter-cluster Magnetic Interactions\n\nIn this Appendix we derive the second order perturbations of inter-cluster Heisenberg and spin-chirality interactions. The results can then be used to construct (16).\n\nFirst consider the perturbation λ Hperturbation = λ[Sj1 · Sk1 + r(Sj2 · Sk2)], where r is a real number to be tuned later. Due to the fact mentioned in Subsection IV B, the action of Hperturbation on any cluster singlet state will produce a state with total spin-1 for both cluster j and k. Thus the first order perturbation in (15) vanishes. And the second order perturbation term can be greatly simplified: operator (1 − Pjk)[0 − Hcluster j − Hcluster k] −1 (1 − Pjk) can be replaced by a c-number (−2Jcluster) −1 . Therefore the perturbation up to second order is\n\n$$-\\frac{\\lambda^{2}}{2J_{\\mathrm{cluster}}}\\,{\\mathcal{P}}_{j k}(H_{\\mathrm{perturbation}})^{2}{\\mathcal{P}}_{j k}$$\n\nThis is true for other perturbations considered later in this Appendix. The cluster j and cluster k parts can be separated, this term then becomes (a, b = x, y, z),\n\n$$\\begin{array}{c}{{-\\,\\frac{\\lambda^{2}}{2J_{\\mathrm{cluster}}}\\sum_{a,b}\\left[\\mathcal{P}_{j}S_{j1}^{a}S_{j1}^{b}\\mathcal{P}_{j}\\cdot\\mathcal{P}_{k}S_{k1}^{a}S_{k1}^{b}\\mathcal{P}_{k}\\right]}}\\\\ {{\\quad+2r\\,\\mathcal{P}_{j}S_{j1}^{a}S_{j2}^{b}\\mathcal{P}_{j}\\cdot\\mathcal{P}_{k}S_{k1}^{a}S_{k2}^{b}\\mathcal{P}_{k}}}\\\\ {{\\quad+r^{2}\\,\\mathcal{P}_{j}S_{j2}^{a}S_{j2}^{b}\\mathcal{P}_{j}\\cdot\\mathcal{P}_{k}S_{k2}^{a}S_{k2}^{b}\\mathcal{P}_{k}\\right]}}\\end{array}$$\n\nThen use the fact that PjS a jℓS b jmPj = δab(1/3)Pj(Sjℓ · Sjm)Pj by spin rotation symmetry, the perturbation becomes\n\n$$-\\frac{\\lambda^{2}}{6J_{\\rm cluster}}\\Big{[}\\frac{9+9r^{2}}{16}+2r\\,{\\cal P}_{jk}({\\bf S}_{j1}\\cdot{\\bf S}_{j2})({\\bf S}_{k1}\\cdot{\\bf S}_{k2}){\\cal P}_{jk}\\Big{]}$$\n \n$$=-\\frac{\\lambda^{2}}{6J_{\\rm cluster}}\\Big{[}\\frac{9+9r^{2}}{16}+(r/2)\\tau_{j}^{x}\\tau_{k}^{x}-r/2$$\n \n$$-r\\,{\\cal P}_{jk}({\\bf S}_{j1}\\cdot{\\bf S}_{j2}+{\\bf S}_{k1}\\cdot{\\bf S}_{k2}){\\cal P}_{jk}\\Big{]}.$$\n\nSo we can choose −(r λ2 )/(12Jcluster) = −Jx, and include the last intra-cluster Sj1 ·Sj2 + Sk1 ·Sk2 term in the first order perturbation.\n\nThe perturbation on x-links is then (not unique),\n\n$\\lambda_{x}\\,H_{\\rm perturbation}$, $x=\\lambda_{x}[{\\bf S}_{j1}\\cdot{\\bf S}_{k1}+{\\rm sgn}(J_{x})\\cdot({\\bf S}_{j2}\\cdot{\\bf S}_{k2})]$ \n \n$-J_{x}({\\bf S}_{j1}\\cdot{\\bf S}_{j2}+{\\bf S}_{k1}\\cdot{\\bf S}_{k2})$\n\nwith λx = p 12|Jx| · Jcluster, and r = sgn(Jx) is the sign of Jx. The non-trivial terms produced by up to second order perturbation will be the τ x j τ x k term. Note that the last term in the above equation commutes with cluster Hamiltonians so it does not produce second or higher order perturbations.\n\nSimilarly considering the following perturbation on ylinks, λ Hperturbation = λ[Sj1 ·(Sk3 − Sk4) + r Sk1 ·(Sj3 − Sj4)]. Following similar procedures we get the second order perturbation from this term\n\n− λ 2 6Jcluster h 9 + 9r 2 8 + 2r Pjk[Sj1 · (Sj3 − Sj4)][Sk1 · (Sk3 − Sk4)]Pjk − (3/2)Pjk(Sk3 · Sk4 + r 2 Sj3 · Sj4)Pjki = − λ 2 6Jcluster h 9 + 9r 2 8 + 2r (3/4)τ y j τ y k − (3/2)Pjk(Sk3 · Sk4 + r 2 Sj3 · Sj4)Pjki\n\nSo we can choose −(r λ2 )/(4Jcluster) = −Jy, and include the last intra-cluster Sk3 · Sk4 + r 2 Sj3 · Sj4 term in the first order perturbation.\n\nTherefore we can choose the following perturbation on y-links (not unique),\n\n$$\\begin{array}{r}{\\lambda_{y}\\,H_{\\mathrm{perturbation,}\\,y}}\\\\ {=\\lambda_{y}[\\mathbf{S}_{j1}\\cdot\\mathbf{S}_{k1}+\\operatorname{sgn}(J_{y})\\cdot(\\mathbf{S}_{j3}-\\mathbf{S}_{j4})\\cdot(\\mathbf{S}_{k3}-\\mathbf{S}_{k4})]}\\\\ {\\quad-|J_{y}|(\\mathbf{S}_{j3}\\cdot\\mathbf{S}_{j4}+\\mathbf{S}_{k3}\\cdot\\mathbf{S}_{k4})}\\end{array}$$\n\nwith λy = p 4|Jy| · Jcluster, r = sgn(Jy) is the sign of Jy. The τ z τ z term is again more difficult to get. We use\n\nj k the representation of τ z by spin-chirality (6). And consider the following perturbation",
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- "query": "I want to start a company that automates kitchen tasks, does that sound like a good idea for 2025?",
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- "target_passage": "Smart home automation Smart home automation has been around for a while, but AI is taking it to the next level. Imagine a home that not only follows your commands, but also anticipates your needs. Enhanced smart home systems can learn your daily routines and adjust settings accordingly, from lighting and temperature to security and entertainment, making your home smarter and more responsive than ever before.",
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- "text": "#### ISSUE\n\nDecember 2024\n\n#### CATEGORIES\n\nTechnology & Cybersecurity Editor's Picks Finance - Personal Home - Interior\n\n# **The top AI-powered tech trends in 2025**\n\n(NC) As we look ahead to 2025, artificial intelligence (AI) continues to revolutionize our lives. From enhancing our daily routines to transforming entire industries, AI's impact is undeniable.\n\nThese five innovations are set to shape our future, offering unprecedented convenience, efficiency and personalization.\n\n### AI-powered computing\n\nAI-powered computing, such as Intel-powered laptops – or AI PC – is at the forefront of technological advancement. But what, exactly, is an AI PC? They're computers that have AI built into their processors – also known as the brain of the computer – which optimizes performance, enhances security and provides a more personalized experience as they learn from your usage patterns. For consumers, this means faster, smarter and more secure computing tailored to your individual needs.\n\n### Smart home automation\n\nSmart home automation has been around for a while, but AI is taking it to the next level. Imagine a home that not only follows your commands, but also anticipates your needs. Enhanced smart home systems can learn your daily routines and adjust settings accordingly, from lighting and temperature to security and entertainment, making your home smarter and more responsive than ever before.\n\n## Health and wellness\n\nThe health-care industry is seeing significant transformation. AI-driven health and wellness applications can monitor vital signs, predict potential health issues, and even provide personalized fitness and\n\nnutrition plans. Wearable devices equipped with this technology can offer real-time health insights, helping individuals make informed decisions about their well-being.\n\n# Financial services\n\nAI is also making waves in the financial sector, offering smarter and more secure ways to manage money. From AI-driven investment platforms that provide personalized financial advice to fraud detection systems that protect against cyber threats, AI can analyze vast amounts of data to identify trends and make more informed financial decisions.\n\n# Enhanced education\n\nIn education, enhanced learning tools provide personalized learning experiences that adapt to each student's strengths and weaknesses. This technology can offer real-time feedback, helping students improve their skills more effectively. Additionally, AI can assist educators by automating administrative tasks and providing insights into student performance, allowing for more focused and effective teaching.\n\nLearn more at intel.com/aipc.\n\nwww.newscanada.com Word Count: 346\n\n#### M ed i a A tt a ch m e n ts −\n\n#### View",
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- "text": "The Process and Resource Management division is one of Nissan's greatest assets. They are sometimes perceived as too rigid, and it is true that the division has established quite a number of rules. However, I easily imagine what can happen to a company without rules. The point, really, is to keep the structure and provide some freedom when needed. The core creative divisions can add great value to a process, such as when they interact with the advanced engineering team. When the creative people are happy with what they have developed, however, someone has to support the complex process of creating added value. That responsibility belongs to the Process and Resource Management division. Otherwise, a nicely crafted process may never be implemented. But at Nissan, employees in the Process and Resource Management division serve as the guardians of the timelines and support the implementation of processes. If a process is not working as we planned, they get the project back on track in a smooth and efficient manner. If a process is no longer relevant, they quickly organize a taskforce to update it.\n\nSo Corporate Planning provides the direction, Design and Product Planning create products with value, and Market Intelligence and Process and Resource Management support the creative teams. Someone has to drive the implementation, and that role belongs to our six program directors in Program Management. The program directors are involved from the beginning. They are businesspeople, the CEOs of their own platform businesses. Each has a different part of the vehicle lineup, but the substance of their mutual targets and commitments is simple: profit. Program directors make it happen. They ensure that everybody in the Company keeps each project consistently profitable through\n\n#### **Nre Global Product Launches 28 All-New Models**\n\nall phases: planning, development and launch, right through to the end of the lifecycle. Our program directors are persuasive people with strong characters, special skills and attributes, and they are not afraid to challenge the system. Their diversity contributes tremendously to Nissan's success. The cumulative work of all these divisions results in a very consistent organization with an upstream process that creates value.\n\nLooking at Nissan's global output over the last six years, it is clear that some terrific products have been created, and the value of the Company as a whole is greater. There are many scorecards that reflect this, and our stakeholders certainly know Nissan's success first-hand. At the same time, we must prepare for the future. We need to reinforce the strength of our program management groups and establish more precise, accurate groups to standardize and improve processes for the future. Ironically, our achievements have created uncertainty for the future. Success creates risk, and the more we highlight our successes, the more we raise the anxiety level of investors. How can our new products be as good as those already released? How can we keep it all going?\n\nOne way to sustain our strong pace is to take greater advantage of the Alliance. The value is there, in areas such as purchasing, development, benchmarking, sales networks, market knowledge and even financial strategy. Yet we must maintain both a balance and a clear separation between the brand identities of Renault and Nissan. Neither company wants to make the same cars, or have the same corporate culture, or have its brand mistaken for the other. We will continue to derive benefits from this strategic partnership while remaining Nissan.",
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- "text": "Home / Arts and Entertainment / New Artificial Intelligence Summit Series Begins With Energy\n\n#### ARTS AND ENTERTAINMENT\n\n# New Artificial Intelligence Summit Series Begins With Energy\n\n### 07/31/2024\n\n (AI) continues to transform the United States and the world. To promote and inform rapid advancements in AI and maintain America's global competitiveness, the Special Competitive Studies Project (SCSP), a nonprofit and nonpartisan initiative with a goal of making recommendations to strengthen America's long-term competitiveness in AI, announces the AI+ Summit Series.\n\nThe series kicks off with the topic of energy. The AI + Energy Summit, scheduled for September 26, 2024, in Washington, D.C., will bring together policy makers, energy industry leaders, top government and academic energy researchers, and technologists to address the challenges of AI's energy consumption and develop solutions for a resilient and abundant energy future. The event also aims to address the implications of AI and energy for national security and promote partnerships between AI and energy stakeholders.\n\nAI and other emerging technologies can help the United States take the lead in energy areas including maximizing energy efficiencies, discovering new materials, and enabling new forms of power generation. AI also has a role to play in overcoming energy challenges. The Department of Energy (DOE) already uses AI in several areas including advanced computing, emergency response, environmental modeling, climate forecasting, and materials research.\n\nSCSP's recent \"Action Plan for U.S. Leadership in Next-Generation Energy,\" raises many issues related to AI and energy, including recommendations for the government to bring America forward. The AI+ Energy Summit will highlight these and other issues, and promote collaboration to solve problems. The stakes are high; if the U.S. falls short on energy, American adversaries could gain the upper hand in AI leadership, according to SCSP experts.\n\nVisit scsp.ai to learn more about the AI+Energy Summit and the SCSP's Next-Generation Energy Action Plan.\n\n#### Article Link\n\nhttps://about.newsusa.com/new-artificial-intelligence-summit-series-begins-with…\n\n#### RELATED ARTICLES\n\nLocal Artists Collaborate for a Unique Fusion of Groove and Collage Mar 06, 2024\n\n| CATEGORIES |\n| --- |\n| FASHION |\n| BUSINESS |\n| INFOGRAPHIC |\n| ENVIRONMENT |\n| HEALTH |\n| MONEY |\n| FOOD |\n| TRAVEL |\n| BRIDAL |\n| RECREATION |\n| TECHNOLOGY |\n| HOME |\n| EDUCATION |\n| ARTS & ENTERTAINMENT |\n| AUTO |\n| CHILDREN |\n| FITNESS |\n| HOLIDAY |\n| INSURANCE |\n| LAWN & GARDEN |\n| LISTICLE |\n| NUTRITION |\n| PARENTING |\n| PETS |\n| SEASONAL |\n\nMar 06, 2024\n\nCelebrate St. Patrick's Day with No Booze, Just Pure Irish Fun and Entertainment\n\n#### Mar 06, 2024\n\nExplore Downtown San Pedro with Flair: Ride the Iconic Red Car Trolley for Free\n\n#### Mar 06, 2024\n\nSay Hello to Your Big Break at the Stapleton Library Job Fair in Vocation, Trade, or Civil Service\n\nFeb 22, 2024\n\nRetrain Your Emotional Brain: A Natural Alternative to Weight Loss Drugs\n\nFeb 21, 2024\n\nSerial Entrepreneur Teaches Us How to Go the Distance in Business and in Life\n\nSPANISH\n\nSENIORS\n\nTIPS AND HOW TO\n\nENTERTAINMENT\n\nCAREER\n\nCOMMUNITY\n\nFAMILY\n\nTIPS\n\nINTERNET\n\nHUMAN_INTEREST\n\nBEAUTY\n\nARTS\n\nREALESTATE\n\nSAFETY\n\nMEDICINE\n\nBOOK_REVIEW\n\nRECIPE\n\nAFRICAN_AMERICANS\n\nHOW_TO\n\nBYLINED_COLUMN\n\nCHARITY\n\nSPORTS\n\nHOME_IMPROVEMENT\n\nTECH\n\nWELLNESS\n\nARTS AND ENTERTAINMENT\n\nFOOD & DRINK\n\nREAL_ESTATE\n\nVETERANS\n\nOUTDOORS\n\nREAL ESTATE\n\nHUMAN INTEREST\n\nMONEY & FINANCE\n\nFASHION & BEAUTY\n\nMONEY AND FINANCE\n\nBOOKS & ENTERTAINMENT\n\nBOOKS\n\nARTS & ENTERTAINMENT\n\n## RECENT POSTS",
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- "text": "**Digitalisation** and its impact on economy and work is a major topic in political and scientific discussions. Obviously the term 'Digitalisation'271 covers such a broad array of technologies and developments that statements on their impact on society, economy and work can rarely be simple and straightforward.272 Digitalisation includes technical issues like 5G coverage, widespread connectivity, IoT and big data, wearables, semiconductor capacities, edge and cloud computing, AI, data handling issues, for example, of medical records, mobile devices and online platforms, and it triggers economic and societal changes, for example, of business models, skills development, education and digital government.\n\nDigital transformation is globally supported by governments using financial, political and legal measures. The European Commission launched in February 2020 the **European Digital Strategy 2020-2025**. This strategy aims to promote a new generation of digital technologies.\n\nConcerning the **overall impact of digitalisation on work**, most researchers state a decrease of certain types of work and growth of others. Cedefop describes this as 'the great divide' and writes:\n\n*'Cedefop's European skills and jobs (ESJ) survey reveals that more than 7 in 10 adult employees in the EU need at least some fundamental ICT level to be able to perform their jobs. Yet, about one in three of those employees are at risk of digital skill gaps. At the same time, almost half of all employees in lowskilled occupations do not require ICT skills to do their work. Cedefop … notes that 'the digital divide is alive and well. A strikingly high share of the EU adult workforce is still employed in a semi-analogue world, at the same time that others are faced with technological obsolescence.'*273\n\nA statement of two researchers from the Massachusetts Institute of Technology shortly summarises this:\n\n*'Technologies such as payroll-processing and inventory-control software, factory automation, computercontrolled machining centers, and scheduling tools have replaced workers on the shop floor and in clerical tasks and rote information processing. By contrast, big data, analytics, and high-speed communications have enhanced the output of people with engineering, creative, and design skills and made them more valuable. The net effect has been to decrease the demand for low-skilled information workers while increasing the demand for highly skilled ones.'*274\n\n**Digital technologies can enhance prevention at workplaces.** They can help to separate workers from hazardous working situations, facilitate better and innovative ways of monitoring exposure, and might improve the quality of work by relieving workers from repetitive or routine tasks. Digital technologies may also create higher levels of autonomy and flexibility or facilitate the access of a more diverse workforce to the labour market, in particular vulnerable groups such as disabled people, ageing",
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- "text": "A lethal autonomous weapon is a machine that locates, selects and engages human targets without human supervision.[o] Widely available AI tools can be used by bad actors to develop inexpensive autonomous weapons and, if produced at scale, they are potentially weapons of mass destruction. [248] Even when used in conventional warfare, it is unlikely that they will be unable to reliably choose targets and could potentially kill an innocent person. [248] In 2014, 30 nations (including China) supported a ban on autonomous weapons under the United Nations' Convention on Certain Conventional Weapons, however the United States and others disagreed.[249] By 2015, over fifty countries were reported to be researching battlefield robots.[250]\n\nAI tools make it easier for authoritarian governments to efficiently control their citizens in several ways. Face and voice recognition allow widespread surveillance. Machine learning, operating this data, can classify potential enemies of the state and prevent them from hiding. Recommendation systems can precisely target propaganda and misinformation for maximum effect. Deepfakes and generative AI aid in producing misinformation. Advanced AI can make authoritarian centralized decision making more competitive than liberal and decentralized systems such as markets. It lowers the cost and difficulty of digital warfare and advanced spyware. [251] All these technologies have been available since 2020 or earlier—AI facial recognition systems are already being used for mass surveillance in China.[252][253]\n\nThere many other ways that AI is expected to help bad actors, some of which can not be foreseen. For example, machine-learning AI is able to design tens of thousands of toxic molecules in a matter of hours.[254]\n\n#### **Technological unemployment**\n\nEconomists have frequently highlighted the risks of redundancies from AI, and speculated about unemployment if there is no adequate social policy for full employment.[255]\n\nIn the past, technology has tended to increase rather than reduce total employment, but economists acknowledge that \"we're in uncharted territory\" with AI.[256] A survey of economists showed disagreement about whether the increasing use of robots and AI will cause a substantial increase in longterm unemployment, but they generally agree that it could be a net benefit if productivity gains are redistributed. [257] Risk estimates vary; for example, in the 2010s, Michael Osborne and Carl Benedikt Frey estimated 47% of U.S. jobs are at \"high risk\" of potential automation, while an OECD report classified only 9% of U.S. jobs as \"high risk\".[p][259] The methodology of speculating about future employment levels has been criticised as lacking evidential foundation, and for implying that technology, rather than social policy, creates unemployment, as opposed to redundancies.[255] In April 2023, it was reported that 70% of the jobs for Chinese video game illustrators had been eliminated by generative artificial intelligence.[260][261]\n\nUnlike previous waves of automation, many middle-class jobs may be eliminated by artificial intelligence; *The Economist* stated in 2015 that \"the worry that AI could do to white-collar jobs what steam power did to blue-collar ones during the Industrial Revolution\" is \"worth taking seriously\".[262] Jobs at extreme risk range from paralegals to fast food cooks, while job demand is likely to increase for care-related professions ranging from personal healthcare to the clergy. [263]\n\nFrom the early days of the development of artificial intelligence, there have been arguments, for example, those put forward by Joseph Weizenbaum, about whether tasks that can be done by computers actually should be done by them, given the difference between computers and humans, and between quantitative",
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- "text": "Franzen) sued AI companies for using their work to train generative AI.[195][196] Another discussed approach is to envision a separate *sui generis* system of protection for creations generated by AI to ensure fair attribution and compensation for human authors.[197]\n\n#### **Dominance by tech giants**\n\nThe commercial AI scene is dominated by Big Tech companies such as Alphabet Inc., Amazon, Apple Inc., Meta Platforms, and Microsoft. [198][199][200] Some of these players already own the vast majority of existing cloud infrastructure and computing power from data centers, allowing them to entrench further in the marketplace.[201][202]\n\n#### **Power needs and environmental impacts**\n\nIn January 2024, the International Energy Agency (IEA) released *Electricity 2024, Analysis and Forecast to 2026*, forecasting electric power use.[203] This is the first IEA report to make projections for data centers and power consumption for artificial intelligence and cryptocurrency. The report states that power demand for these uses might double by 2026, with additional electric power usage equal to electricity used by the whole Japanese nation.[204]\n\nProdigious power consumption by AI is responsible for the growth of fossil fuels use, and might delay closings of obsolete, carbon-emitting coal energy facilities. There is a feverish rise in the construction of data centers throughout the US, making large technology firms (e.g., Microsoft, Meta, Google, Amazon) into voracious consumers of electric power. Projected electric consumption is so immense that there is concern that it will be fulfilled no matter the source. A ChatGPT search involves the use of 10 times the electrical energy as a Google search. The large firms are in haste to find power sources – from nuclear energy to geothermal to fusion. The tech firms argue that – in the long view – AI will be eventually kinder to the environment, but they need the energy now. AI makes the power grid more efficient and \"intelligent\", will assist in the growth of nuclear power, and track overall carbon emissions, according to technology firms.[205]\n\nA 2024 Goldman Sachs Research Paper, *AI Data Centers and the Coming US Power Demand Surge*, found \"US power demand (is) likely to experience growth not seen in a generation....\" and forecasts that, by 2030, US data centers will consume 8% of US power, as opposed to 3% in 2022, presaging growth for the electrical power generation industry by a variety of means.[206] Data centers' need for more and more electrical power is such that they might max out the electrical grid. The Big Tech companies counter that AI can be used to maximize the utilization of the grid by all.[207]\n\nIn 2024, the *Wall Street Journal* reported that big AI companies have begun negotiations with the US nuclear power providers to provide electricity to the data centers. In March 2024 Amazon purchased a Pennsylvania nuclear-powered data center for $650 Million (US).[208] Nvidia CEO Jen-Hsun Huang said nuclear power is a good option for the data centers.[209]\n\nIn September 2024, Microsoft announced an agreement with Constellation Energy to re-open the Three Mile Island nuclear power plant to provide Microsoft with 100% of all electric power produced by the plant for 20 years. Reopening the plant, which suffered a partial nuclear meltdown of its Unit 2 reactor in 1979, will require Constellation to get through strict regulatory processes which will include extensive safety scrutiny from the US Nuclear Regulatory Commission. If approved (this will be the first ever US re-commissioning of a nuclear plant), over 835 megawatts of power – enough for 800,000 homes – of",
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- "text": "## **Building on Strengths and Being Innovative** CARLOS TAVARES\n\nPLANNING\n\nExecutive Vice President\n\n\"The Planning Group covers a great deal of corporate territory and handles a number of key responsibilities within Nissan. Our Corporate Planning division, for example, oversees strategy, setting the Company's long-term course under the Executive Committee's direction. The two creative divisions, Design and Product Planning, create value for the customer. Together, those three divisions form the core of our group, surrounded by several other key divisions. Market Intelligence supports Design and Product Planning in customer understanding. The people in Process and Resource Management provide the practical direction and restraint a company of our size must have when deploying its resources. And Program Management drives the implementation process, turning the work of all the other divisions into reality.\n\nThe role of Corporate Planning is to look to the future and devise ways to take advantage of the business opportunities we identify. In the past, the division relied primarily on three-year plans such the Nissan Revival Plan and NISSAN 180. That strategy served the interests of Nissan stakeholders well. The Company is now sound, and the power and constancy of vision Corporate Planning provides will determine how well Nissan maintains its strength. However, in addition to the mid-term plan, we have now entered a phase that requires us to extend that vision and implement a longer-term plan. Corporate Planning is working closely with the Executive Committee on this matter.\n\nDesign and Product Planning are central to the creation of Nissan's strength. Both focus on satisfying the consumer's unmet needs, and create value in the process. Our product planning DNA is to identify and target our customers, and do it better than our competitors. Rather than simply throwing a product into the market and waiting for a response, we first seek a deep understanding of the expected response. Only then can we create a product consistent with that understanding.\n\nOne key for both creative divisions is to focus on \"customer clusters.\" We refuse to spend our money to develop products that should please everyone. In fact, we may invest in a certain innovation because we understand that a particular subset of customers will appreciate the performance it provides. Our process is very focused, and may even target a smaller customer cluster that no one else is addressing. The marketing process for these two divisions is deep and accurate. This creates value through differentiation.\n\nThe NISSAN Value-Up plan is about focusing on strong products that reinforce our brand, pursuing new concepts and innovation, and expanding geographically in a stronger and faster way. During the Nissan Revival Plan and NISSAN 180, we introduced some influential and innovative models the Murano, the Z, the FX and the X-TRAIL, to name a few. It would be a mistake not to capitalize on those successes and reinforce the brand. At the same time, we cannot rely solely on our current concepts. Launching a new product naturally requires significant expenditures, because awareness and understanding must be created for the new product. We must differentiate to succeed, devise new products and concepts, and venture into areas that others have not. During the NISSAN Value-Up period, we will offer products that build on past successes—without being conservative—as well as products that are new and innovative. Our brand pyramid shows us the way to be both 'bold and thoughtful.'",
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- "text": "### A L L S T E E L : A N A N T I D O T E T O T H E O R D I N A R Y\n\n#### A C A S E S T U D Y I N Q U A L I T Y\n\nGreat, high-quality design creates better work environments and happier end-users. Whether we're building lateral files (the first product for which we became known) or designing awardwinning seating, like our #19® chair, the Allsteel core message remains constant: the highest quality in functionality, durability, and service.\n\nToday's Allsteel is about a broad array of workplace furniture solutions: new, exciting panel and desking systems, storage, seating, and tables that offer a unique counterpoint to the sea of sameness provided by most office furniture. Working closely with architects and designers, we target the contract market, providing project-driven and design-oriented office solutions. Our rapid modeling and prototyping allows for equally rapid product development, a reflection of our agile, lean culture. As innovative as many of our products are, design innovation — for us — is simply what happens along the way to solving customer problems.\n\nSome of our products, like the #19® chair, are iconographically associated with the Allsteel name, and are quite influential in our brand building efforts. Our two newest enterprises are Terrace® 2.6 — a fast-growing systems line providing enormous flexibility and durability — and Get SetTM — an incredibly versatile line of multi-purpose room tables, chairs, and communication products. All of our products respond completely to the needs of end-users because that's where the design process starts.\n\nIn all that we do, our main focus is to identify end-user problems and solve them better than anyone else. The majority of our customers are large corporations with multiple locations worldwide. According to the senior vice president responsible for the global design, construction, and project management of an internationally renowned financial services company, \"Allsteel offers extremely attractive, cost-effective furniture solutions. Your manufacturing and service are best in class you turn everything around with impressive swiftness. There's really not much in the market to beat you.\"\n\nWell-designed, forward-thinking, and glad to be of service. Allsteel is proud to uphold our long heritage of quality.",
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- "text": "Reorganising and simplifying the Company's structure was one of the major outcomes and in May 2004 Santos began operating under a new functionally-based organisation structure.\n\nThe new structure is designed to support the explorationfocused growth strategy. It mirrors the 'conveyor belt' lifecycle of an exploration and production company where exploration success leads to commercialisation and development activity and finally revenue-generating production.\n\nIt also follows the principle that the majority of employees should",
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- "text": "show that even a computer capable of perfectly simulating human behavior would not have a mind.[387]\n\n#### **AI welfare and rights**\n\nIt is difficult or impossible to reliably evaluate whether an advanced AI is sentient (has the ability to feel), and if so, to what degree.[388] But if there is a significant chance that a given machine can feel and suffer, then it may be entitled to certain rights or welfare protection measures, similarly to animals.[389][390] Sapience (a set of capacities related to high intelligence, such as discernment or self-awareness) may provide another moral basis for AI rights.[389] Robot rights are also sometimes proposed as a practical way to integrate autonomous agents into society. [391]\n\nIn 2017, the European Union considered granting \"electronic personhood\" to some of the most capable AI systems. Similarly to the legal status of companies, it would have conferred rights but also responsibilities.[392] Critics argued in 2018 that granting rights to AI systems would downplay the importance of human rights, and that legislation should focus on user needs rather than speculative futuristic scenarios. They also noted that robots lacked the autonomy to take part to society on their own.[393][394]\n\nProgress in AI increased interest in the topic. Proponents of AI welfare and rights often argue that AI sentience, if it emerges, would be particularly easy to deny. They warn that this may be a moral blind spot analogous to slavery or factory farming, which could lead to large-scale suffering if sentient AI is created and carelessly exploited.[390][389]\n\n## **Future**\n\n### **Superintelligence and the singularity**\n\nA superintelligence is a hypothetical agent that would possess intelligence far surpassing that of the brightest and most gifted human mind.[379] If research into artificial general intelligence produced sufficiently intelligent software, it might be able to reprogram and improve itself. The improved software would be even better at improving itself, leading to what I. J. Good called an \"intelligence explosion\" and Vernor Vinge called a \"singularity\".[395]\n\nHowever, technologies cannot improve exponentially indefinitely, and typically follow an S-shaped curve, slowing when they reach the physical limits of what the technology can do.[396]\n\n### **Transhumanism**\n\nRobot designer Hans Moravec, cyberneticist Kevin Warwick and inventor Ray Kurzweil have predicted that humans and machines may merge in the future into cyborgs that are more capable and powerful than either. This idea, called transhumanism, has roots in the writings of Aldous Huxley and Robert Ettinger. [397]",
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- "query": "I want to help my parents who are in residential care, are there any trendy AI-related devices I could help them with? ",
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- "text": "#### ISSUE\n\nDecember 2024\n\n#### CATEGORIES\n\nTechnology & Cybersecurity Editor's Picks Finance - Personal Home - Interior\n\n# **The top AI-powered tech trends in 2025**\n\n(NC) As we look ahead to 2025, artificial intelligence (AI) continues to revolutionize our lives. From enhancing our daily routines to transforming entire industries, AI's impact is undeniable.\n\nThese five innovations are set to shape our future, offering unprecedented convenience, efficiency and personalization.\n\n### AI-powered computing\n\nAI-powered computing, such as Intel-powered laptops – or AI PC – is at the forefront of technological advancement. But what, exactly, is an AI PC? They're computers that have AI built into their processors – also known as the brain of the computer – which optimizes performance, enhances security and provides a more personalized experience as they learn from your usage patterns. For consumers, this means faster, smarter and more secure computing tailored to your individual needs.\n\n### Smart home automation\n\nSmart home automation has been around for a while, but AI is taking it to the next level. Imagine a home that not only follows your commands, but also anticipates your needs. Enhanced smart home systems can learn your daily routines and adjust settings accordingly, from lighting and temperature to security and entertainment, making your home smarter and more responsive than ever before.\n\n## Health and wellness\n\nThe health-care industry is seeing significant transformation. AI-driven health and wellness applications can monitor vital signs, predict potential health issues, and even provide personalized fitness and\n\nnutrition plans. Wearable devices equipped with this technology can offer real-time health insights, helping individuals make informed decisions about their well-being.\n\n# Financial services\n\nAI is also making waves in the financial sector, offering smarter and more secure ways to manage money. From AI-driven investment platforms that provide personalized financial advice to fraud detection systems that protect against cyber threats, AI can analyze vast amounts of data to identify trends and make more informed financial decisions.\n\n# Enhanced education\n\nIn education, enhanced learning tools provide personalized learning experiences that adapt to each student's strengths and weaknesses. This technology can offer real-time feedback, helping students improve their skills more effectively. Additionally, AI can assist educators by automating administrative tasks and providing insights into student performance, allowing for more focused and effective teaching.\n\nLearn more at intel.com/aipc.\n\nwww.newscanada.com Word Count: 346\n\n#### M ed i a A tt a ch m e n ts −\n\n#### View",
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- "text": "# **Artificial intelligence**\n\n**Artificial intelligence** (**AI**), in its broadest sense, is intelligence exhibited by machines, particularly computer systems. It is a field of research in computer science that develops and studies methods and software that enable machines to perceive their environment and use learning and intelligence to take actions that maximize their chances of achieving defined goals.[1] Such machines may be called AIs.\n\nHigh-profile applications of AI include advanced web search engines (e.g., Google Search); recommendation systems (used by YouTube, Amazon, and Netflix); virtual assistants (e.g., Google Assistant, Siri, and Alexa); autonomous vehicles (e.g., Waymo); generative and creative tools (e.g., ChatGPT and AI art); and superhuman play and analysis in strategy games (e.g., chess and Go). However, many AI applications are not perceived as AI: \"A lot of cutting edge AI has filtered into general applications, often without being called AI because once something becomes useful enough and common enough it's not labeled AI anymore.\"[2][3]\n\nVarious subfields of AI research are centered around particular goals and the use of particular tools. The traditional goals of AI research include reasoning, knowledge representation, planning, learning, natural language processing, perception, and support for robotics. [a] General intelligence—the ability to complete any task performed by a human on an at least equal level—is among the field's long-term goals.[4] To reach these goals, AI researchers have adapted and integrated a wide range of techniques, including search and mathematical optimization, formal logic, artificial neural networks, and methods based on statistics, operations research, and economics. [b] AI also draws upon psychology, linguistics, philosophy, neuroscience, and other fields.[5]\n\nArtificial intelligence was founded as an academic discipline in 1956,[6] and the field went through multiple cycles of optimism throughout its history, [7][8] followed by periods of disappointment and loss of funding, known as AI winters. [9][10] Funding and interest vastly increased after 2012 when deep learning outperformed previous AI techniques.[11] This growth accelerated further after 2017 with the transformer architecture, [12] and by the early 2020s many billions of dollars were being invested in AI and the field experienced rapid ongoing progress in what has become known as the AI boom. The emergence of advanced generative AI in the midst of the AI boom and its ability to create and modify content exposed several unintended consequences and harms in the present and raised concerns about the risks of AI and its long-term effects in the future, prompting discussions about regulatory policies to ensure the safety and benefits of the technology.\n\n## **Goals**",
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- "text": "#### **Existential risk**\n\nIt has been argued AI will become so powerful that humanity may irreversibly lose control of it. This could, as physicist Stephen Hawking stated, \"spell the end of the human race\".[265] This scenario has been common in science fiction, when a computer or robot suddenly develops a human-like \"self-awareness\" (or \"sentience\" or \"consciousness\") and becomes a malevolent character. [q] These sci-fi scenarios are misleading in several ways.\n\nFirst, AI does not require human-like sentience to be an existential risk. Modern AI programs are given specific goals and use learning and intelligence to achieve them. Philosopher Nick Bostrom argued that if one gives *almost any* goal to a sufficiently powerful AI, it may choose to destroy humanity to achieve it (he used the example of a paperclip factory manager).[267] Stuart Russell gives the example of household robot that tries to find a way to kill its owner to prevent it from being unplugged, reasoning that \"you can't fetch the coffee if you're dead.\"[268] In order to be safe for humanity, a superintelligence would have to be genuinely aligned with humanity's morality and values so that it is \"fundamentally on our side\".[269]\n\nSecond, Yuval Noah Harari argues that AI does not require a robot body or physical control to pose an existential risk. The essential parts of civilization are not physical. Things like ideologies, law, government, money and the economy are built on language; they exist because there are stories that billions of people believe. The current prevalence of misinformation suggests that an AI could use language to convince people to believe anything, even to take actions that are destructive.[270]\n\nThe opinions amongst experts and industry insiders are mixed, with sizable fractions both concerned and unconcerned by risk from eventual superintelligent AI.[271] Personalities such as Stephen Hawking, Bill Gates, and Elon Musk, [272] as well as AI pioneers such as Yoshua Bengio, Stuart Russell, Demis Hassabis, and Sam Altman, have expressed concerns about existential risk from AI.\n\nIn May 2023, Geoffrey Hinton announced his resignation from Google in order to be able to \"freely speak out about the risks of AI\" without \"considering how this impacts Google.\"[273] He notably mentioned risks of an AI takeover, [274] and stressed that in order to avoid the worst outcomes, establishing safety guidelines will require cooperation among those competing in use of AI.[275]\n\nIn 2023, many leading AI experts endorsed the joint statement that \"Mitigating the risk of extinction from AI should be a global priority alongside other societal-scale risks such as pandemics and nuclear war\".[276]\n\nSome other researchers were more optimistic. AI pioneer Jürgen Schmidhuber did not sign the joint statement, emphasising that in 95% of all cases, AI research is about making \"human lives longer and healthier and easier.\"[277] While the tools that are now being used to improve lives can also be used by bad actors, \"they can also be used against the bad actors.\"[278][279] Andrew Ng also argued that \"it's a mistake to fall for the doomsday hype on AI—and that regulators who do will only benefit vested interests.\"[280] Yann LeCun \"scoffs at his peers' dystopian scenarios of supercharged misinformation and even, eventually, human extinction.\"[281] In the early 2010s, experts argued that the risks are too distant in",
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- "text": "show that even a computer capable of perfectly simulating human behavior would not have a mind.[387]\n\n#### **AI welfare and rights**\n\nIt is difficult or impossible to reliably evaluate whether an advanced AI is sentient (has the ability to feel), and if so, to what degree.[388] But if there is a significant chance that a given machine can feel and suffer, then it may be entitled to certain rights or welfare protection measures, similarly to animals.[389][390] Sapience (a set of capacities related to high intelligence, such as discernment or self-awareness) may provide another moral basis for AI rights.[389] Robot rights are also sometimes proposed as a practical way to integrate autonomous agents into society. [391]\n\nIn 2017, the European Union considered granting \"electronic personhood\" to some of the most capable AI systems. Similarly to the legal status of companies, it would have conferred rights but also responsibilities.[392] Critics argued in 2018 that granting rights to AI systems would downplay the importance of human rights, and that legislation should focus on user needs rather than speculative futuristic scenarios. They also noted that robots lacked the autonomy to take part to society on their own.[393][394]\n\nProgress in AI increased interest in the topic. Proponents of AI welfare and rights often argue that AI sentience, if it emerges, would be particularly easy to deny. They warn that this may be a moral blind spot analogous to slavery or factory farming, which could lead to large-scale suffering if sentient AI is created and carelessly exploited.[390][389]\n\n## **Future**\n\n### **Superintelligence and the singularity**\n\nA superintelligence is a hypothetical agent that would possess intelligence far surpassing that of the brightest and most gifted human mind.[379] If research into artificial general intelligence produced sufficiently intelligent software, it might be able to reprogram and improve itself. The improved software would be even better at improving itself, leading to what I. J. Good called an \"intelligence explosion\" and Vernor Vinge called a \"singularity\".[395]\n\nHowever, technologies cannot improve exponentially indefinitely, and typically follow an S-shaped curve, slowing when they reach the physical limits of what the technology can do.[396]\n\n### **Transhumanism**\n\nRobot designer Hans Moravec, cyberneticist Kevin Warwick and inventor Ray Kurzweil have predicted that humans and machines may merge in the future into cyborgs that are more capable and powerful than either. This idea, called transhumanism, has roots in the writings of Aldous Huxley and Robert Ettinger. [397]",
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- "text": "A lethal autonomous weapon is a machine that locates, selects and engages human targets without human supervision.[o] Widely available AI tools can be used by bad actors to develop inexpensive autonomous weapons and, if produced at scale, they are potentially weapons of mass destruction. [248] Even when used in conventional warfare, it is unlikely that they will be unable to reliably choose targets and could potentially kill an innocent person. [248] In 2014, 30 nations (including China) supported a ban on autonomous weapons under the United Nations' Convention on Certain Conventional Weapons, however the United States and others disagreed.[249] By 2015, over fifty countries were reported to be researching battlefield robots.[250]\n\nAI tools make it easier for authoritarian governments to efficiently control their citizens in several ways. Face and voice recognition allow widespread surveillance. Machine learning, operating this data, can classify potential enemies of the state and prevent them from hiding. Recommendation systems can precisely target propaganda and misinformation for maximum effect. Deepfakes and generative AI aid in producing misinformation. Advanced AI can make authoritarian centralized decision making more competitive than liberal and decentralized systems such as markets. It lowers the cost and difficulty of digital warfare and advanced spyware. [251] All these technologies have been available since 2020 or earlier—AI facial recognition systems are already being used for mass surveillance in China.[252][253]\n\nThere many other ways that AI is expected to help bad actors, some of which can not be foreseen. For example, machine-learning AI is able to design tens of thousands of toxic molecules in a matter of hours.[254]\n\n#### **Technological unemployment**\n\nEconomists have frequently highlighted the risks of redundancies from AI, and speculated about unemployment if there is no adequate social policy for full employment.[255]\n\nIn the past, technology has tended to increase rather than reduce total employment, but economists acknowledge that \"we're in uncharted territory\" with AI.[256] A survey of economists showed disagreement about whether the increasing use of robots and AI will cause a substantial increase in longterm unemployment, but they generally agree that it could be a net benefit if productivity gains are redistributed. [257] Risk estimates vary; for example, in the 2010s, Michael Osborne and Carl Benedikt Frey estimated 47% of U.S. jobs are at \"high risk\" of potential automation, while an OECD report classified only 9% of U.S. jobs as \"high risk\".[p][259] The methodology of speculating about future employment levels has been criticised as lacking evidential foundation, and for implying that technology, rather than social policy, creates unemployment, as opposed to redundancies.[255] In April 2023, it was reported that 70% of the jobs for Chinese video game illustrators had been eliminated by generative artificial intelligence.[260][261]\n\nUnlike previous waves of automation, many middle-class jobs may be eliminated by artificial intelligence; *The Economist* stated in 2015 that \"the worry that AI could do to white-collar jobs what steam power did to blue-collar ones during the Industrial Revolution\" is \"worth taking seriously\".[262] Jobs at extreme risk range from paralegals to fast food cooks, while job demand is likely to increase for care-related professions ranging from personal healthcare to the clergy. [263]\n\nFrom the early days of the development of artificial intelligence, there have been arguments, for example, those put forward by Joseph Weizenbaum, about whether tasks that can be done by computers actually should be done by them, given the difference between computers and humans, and between quantitative",
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- "text": "Some authors have suggested in practice, that the definition of AI is vague and difficult to define, with contention as to whether classical algorithms should be categorised as AI,[367] with many companies during the early 2020s AI boom using the term as a marketing buzzword, often even if they did \"not actually use AI in a material way\".[368]\n\n### **Evaluating approaches to AI**\n\nNo established unifying theory or paradigm has guided AI research for most of its history. [aa] The unprecedented success of statistical machine learning in the 2010s eclipsed all other approaches (so much so that some sources, especially in the business world, use the term \"artificial intelligence\" to mean \"machine learning with neural networks\"). This approach is mostly sub-symbolic, soft and narrow. Critics argue that these questions may have to be revisited by future generations of AI researchers.\n\n#### **Symbolic AI and its limits**\n\nSymbolic AI (or \"GOFAI\")[370] simulated the high-level conscious reasoning that people use when they solve puzzles, express legal reasoning and do mathematics. They were highly successful at \"intelligent\" tasks such as algebra or IQ tests. In the 1960s, Newell and Simon proposed the physical symbol systems hypothesis: \"A physical symbol system has the necessary and sufficient means of general intelligent action.\"[371]\n\nHowever, the symbolic approach failed on many tasks that humans solve easily, such as learning, recognizing an object or commonsense reasoning. Moravec's paradox is the discovery that high-level \"intelligent\" tasks were easy for AI, but low level \"instinctive\" tasks were extremely difficult.[372] Philosopher Hubert Dreyfus had argued since the 1960s that human expertise depends on unconscious instinct rather than conscious symbol manipulation, and on having a \"feel\" for the situation, rather than explicit symbolic knowledge.[373] Although his arguments had been ridiculed and ignored when they were first presented, eventually, AI research came to agree with him.[ab][16]\n\nThe issue is not resolved: sub-symbolic reasoning can make many of the same inscrutable mistakes that human intuition does, such as algorithmic bias. Critics such as Noam Chomsky argue continuing research into symbolic AI will still be necessary to attain general intelligence,[375][376] in part because subsymbolic AI is a move away from explainable AI: it can be difficult or impossible to understand why a modern statistical AI program made a particular decision. The emerging field of neuro-symbolic artificial intelligence attempts to bridge the two approaches.\n\n#### **Neat vs. scruffy**\n\n\"Neats\" hope that intelligent behavior is described using simple, elegant principles (such as logic, optimization, or neural networks). \"Scruffies\" expect that it necessarily requires solving a large number of unrelated problems. Neats defend their programs with theoretical rigor, scruffies rely mainly on incremental testing to see if they work. This issue was actively discussed in the 1970s and 1980s,[377] but eventually was seen as irrelevant. Modern AI has elements of both.\n\n#### **Soft vs. hard computing**",
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- "text": "Home / Arts and Entertainment / New Artificial Intelligence Summit Series Begins With Energy\n\n#### ARTS AND ENTERTAINMENT\n\n# New Artificial Intelligence Summit Series Begins With Energy\n\n### 07/31/2024\n\n (AI) continues to transform the United States and the world. To promote and inform rapid advancements in AI and maintain America's global competitiveness, the Special Competitive Studies Project (SCSP), a nonprofit and nonpartisan initiative with a goal of making recommendations to strengthen America's long-term competitiveness in AI, announces the AI+ Summit Series.\n\nThe series kicks off with the topic of energy. The AI + Energy Summit, scheduled for September 26, 2024, in Washington, D.C., will bring together policy makers, energy industry leaders, top government and academic energy researchers, and technologists to address the challenges of AI's energy consumption and develop solutions for a resilient and abundant energy future. The event also aims to address the implications of AI and energy for national security and promote partnerships between AI and energy stakeholders.\n\nAI and other emerging technologies can help the United States take the lead in energy areas including maximizing energy efficiencies, discovering new materials, and enabling new forms of power generation. AI also has a role to play in overcoming energy challenges. The Department of Energy (DOE) already uses AI in several areas including advanced computing, emergency response, environmental modeling, climate forecasting, and materials research.\n\nSCSP's recent \"Action Plan for U.S. Leadership in Next-Generation Energy,\" raises many issues related to AI and energy, including recommendations for the government to bring America forward. The AI+ Energy Summit will highlight these and other issues, and promote collaboration to solve problems. The stakes are high; if the U.S. falls short on energy, American adversaries could gain the upper hand in AI leadership, according to SCSP experts.\n\nVisit scsp.ai to learn more about the AI+Energy Summit and the SCSP's Next-Generation Energy Action Plan.\n\n#### Article Link\n\nhttps://about.newsusa.com/new-artificial-intelligence-summit-series-begins-with…\n\n#### RELATED ARTICLES\n\nLocal Artists Collaborate for a Unique Fusion of Groove and Collage Mar 06, 2024\n\n| CATEGORIES |\n| --- |\n| FASHION |\n| BUSINESS |\n| INFOGRAPHIC |\n| ENVIRONMENT |\n| HEALTH |\n| MONEY |\n| FOOD |\n| TRAVEL |\n| BRIDAL |\n| RECREATION |\n| TECHNOLOGY |\n| HOME |\n| EDUCATION |\n| ARTS & ENTERTAINMENT |\n| AUTO |\n| CHILDREN |\n| FITNESS |\n| HOLIDAY |\n| INSURANCE |\n| LAWN & GARDEN |\n| LISTICLE |\n| NUTRITION |\n| PARENTING |\n| PETS |\n| SEASONAL |\n\nMar 06, 2024\n\nCelebrate St. Patrick's Day with No Booze, Just Pure Irish Fun and Entertainment\n\n#### Mar 06, 2024\n\nExplore Downtown San Pedro with Flair: Ride the Iconic Red Car Trolley for Free\n\n#### Mar 06, 2024\n\nSay Hello to Your Big Break at the Stapleton Library Job Fair in Vocation, Trade, or Civil Service\n\nFeb 22, 2024\n\nRetrain Your Emotional Brain: A Natural Alternative to Weight Loss Drugs\n\nFeb 21, 2024\n\nSerial Entrepreneur Teaches Us How to Go the Distance in Business and in Life\n\nSPANISH\n\nSENIORS\n\nTIPS AND HOW TO\n\nENTERTAINMENT\n\nCAREER\n\nCOMMUNITY\n\nFAMILY\n\nTIPS\n\nINTERNET\n\nHUMAN_INTEREST\n\nBEAUTY\n\nARTS\n\nREALESTATE\n\nSAFETY\n\nMEDICINE\n\nBOOK_REVIEW\n\nRECIPE\n\nAFRICAN_AMERICANS\n\nHOW_TO\n\nBYLINED_COLUMN\n\nCHARITY\n\nSPORTS\n\nHOME_IMPROVEMENT\n\nTECH\n\nWELLNESS\n\nARTS AND ENTERTAINMENT\n\nFOOD & DRINK\n\nREAL_ESTATE\n\nVETERANS\n\nOUTDOORS\n\nREAL ESTATE\n\nHUMAN INTEREST\n\nMONEY & FINANCE\n\nFASHION & BEAUTY\n\nMONEY AND FINANCE\n\nBOOKS & ENTERTAINMENT\n\nBOOKS\n\nARTS & ENTERTAINMENT\n\n## RECENT POSTS",
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- "text": "Promotion of the wellbeing of the people and communities that these technologies affect requires consideration of the social and ethical implications at all stages of AI system design, development and implementation, and collaboration between job roles such as data scientists, product managers, data engineers, domain experts, and delivery managers.[300]\n\nThe UK AI Safety Institute released in 2024 a testing toolset called 'Inspect' for AI safety evaluations available under a MIT open-source licence which is freely available on GitHub and can be improved with third-party packages. It can be used to evaluate AI models in a range of areas including core knowledge, ability to reason, and autonomous capabilities.[301]\n\n#### **Regulation**\n\nThe regulation of artificial intelligence is the development of public sector policies and laws for promoting and regulating AI; it is therefore related to the broader regulation of algorithms.[302] The regulatory and policy landscape for AI is an emerging issue in jurisdictions globally. [303] According to AI Index at Stanford, the annual number of AI-related laws passed in the 127 survey countries jumped from one passed in 2016 to 37 passed in 2022 alone.[304][305] Between 2016 and 2020, more than 30 countries adopted dedicated strategies for AI.[306] Most EU member states had released national AI strategies, as had Canada, China, India, Japan, Mauritius, the Russian Federation, Saudi Arabia, United Arab Emirates, U.S., and\n\nThe first global AI Safety Summit was held in 2023 with a declaration calling for international cooperation.\n\nVietnam. Others were in the process of elaborating their own AI strategy, including Bangladesh, Malaysia and Tunisia.[306] The Global Partnership on Artificial Intelligence was launched in June 2020, stating a need for AI to be developed in accordance with human rights and democratic values, to ensure public confidence and trust in the technology. [306] Henry Kissinger, Eric Schmidt, and Daniel Huttenlocher published a joint statement in November 2021 calling for a government commission to regulate AI.[307] In 2023, OpenAI leaders published recommendations for the governance of superintelligence, which they believe may happen in less than 10 years.[308] In 2023, the United Nations also launched an advisory body to provide recommendations on AI governance; the body comprises technology company executives, governments officials and academics.[309] In 2024, the Council of Europe created the first international legally binding treaty on AI, called the \"Framework Convention on Artificial Intelligence and Human Rights, Democracy and the Rule of Law\". It was adopted by the European Union, the United States, the United Kingdom, and other signatories.[310]\n\nIn a 2022 Ipsos survey, attitudes towards AI varied greatly by country; 78% of Chinese citizens, but only 35% of Americans, agreed that \"products and services using AI have more benefits than drawbacks\".[304] A 2023 Reuters/Ipsos poll found that 61% of Americans agree, and 22% disagree, that AI poses risks to humanity. [311] In a 2023 Fox News poll, 35% of Americans thought it \"very important\", and an additional 41% thought it \"somewhat important\", for the federal government to regulate AI, versus 13% responding \"not very important\" and 8% responding \"not at all important\".[312][313]",
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- "text": "Artificial intelligent (AI) agents are software entities designed to perceive their environment, make decisions, and take actions autonomously to achieve specific goals. These agents can interact with users, their environment, or other agents. AI agents are used in various applications, including virtual assistants, chatbots, autonomous vehicles, game-playing systems, and industrial robotics. AI agents operate within the constraints of their programming, available computational resources, and hardware limitations. This means they are restricted to performing tasks within their defined scope and have finite memory and processing capabilities. In real-world applications, AI agents often face time constraints for decision-making and action execution. Many AI agents incorporate learning algorithms, enabling them to improve their performance over time through experience or training. Using machine learning, AI agents can adapt to new situations and optimise their behaviour for their designated tasks.[175][176][177]\n\nVincent van Gogh in watercolour created by generative AI software\n\n#### **Other industry-specific tasks**\n\nThere are also thousands of successful AI applications used to solve specific problems for specific industries or institutions. In a 2017 survey, one in five companies reported having incorporated \"AI\" in some offerings or processes.[178] A few examples are energy storage, medical diagnosis, military logistics, applications that predict the result of judicial decisions, foreign policy, or supply chain management.\n\nAI applications for evacuation and disaster management are growing. AI has been used to investigate if and how people evacuated in large scale and small scale evacuations using historical data from GPS, videos or social media. Further, AI can provide real time information on the real time evacuation conditions.[179][180][181]\n\nIn agriculture, AI has helped farmers identify areas that need irrigation, fertilization, pesticide treatments or increasing yield. Agronomists use AI to conduct research and development. AI has been used to predict the ripening time for crops such as tomatoes, monitor soil moisture, operate agricultural robots, conduct predictive analytics, classify livestock pig call emotions, automate greenhouses, detect diseases and pests, and save water.\n\nArtificial intelligence is used in astronomy to analyze increasing amounts of available data and applications, mainly for \"classification, regression, clustering, forecasting, generation, discovery, and the development of new scientific insights.\" For example, it is used for discovering exoplanets, forecasting solar activity, and distinguishing between signals and instrumental effects in gravitational wave astronomy. Additionally, it could be used for activities in space, such as space exploration, including the analysis of data from space missions, real-time science decisions of spacecraft, space debris avoidance, and more autonomous operation.",
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- "text": "models are prone to generating falsehoods called \"hallucinations\", although this can be reduced with RLHF and quality data. They are used in chatbots, which allow people to ask a question or request a task in simple text.[122][123]\n\nCurrent models and services include Gemini (formerly Bard), ChatGPT, Grok, Claude, Copilot, and LLaMA. [124] Multimodal GPT models can process different types of data (modalities) such as images, videos, sound, and text.[125]\n\n### **Hardware and software**\n\nIn the late 2010s, graphics processing units (GPUs) that were increasingly designed with AI-specific enhancements and used with specialized TensorFlow software had replaced previously used central processing unit (CPUs) as the dominant means for large-scale (commercial and academic) machine learning models' training.[126] Specialized programming languages such as Prolog were used in early AI research,[127] but general-purpose programming languages like Python have become predominant.[128]\n\nThe transistor density in integrated circuits has been observed to roughly double every 18 months—a trend known as Moore's law, named after the Intel co-founder Gordon Moore, who first identified it. Improvements in GPUs have been even faster. [129]\n\n## **Applications**\n\nAI and machine learning technology is used in most of the essential applications of the 2020s, including: search engines (such as Google Search), targeting online advertisements, recommendation systems (offered by Netflix, YouTube or Amazon), driving internet traffic, targeted advertising (AdSense, Facebook), virtual assistants (such as Siri or Alexa), autonomous vehicles (including drones, ADAS and self-driving cars), automatic language translation (Microsoft Translator, Google Translate), facial recognition (Apple's Face ID or Microsoft's DeepFace and Google's FaceNet) and image labeling (used by Facebook, Apple's iPhoto and TikTok). The deployment of AI may be overseen by a Chief automation officer (CAO).\n\n### **Health and medicine**\n\nThe application of AI in medicine and medical research has the potential to increase patient care and quality of life.[130] Through the lens of the Hippocratic Oath, medical professionals are ethically compelled to use AI, if applications can more accurately diagnose and treat patients.[131][132]\n\nFor medical research, AI is an important tool for processing and integrating big data. This is particularly important for organoid and tissue engineering development which use microscopy imaging as a key technique in fabrication.[133] It has been suggested that AI can overcome discrepancies in funding allocated to different fields of research.[133] New AI tools can deepen the understanding of biomedically relevant pathways. For example, AlphaFold 2 (2021) demonstrated the ability to approximate, in hours rather than months, the 3D structure of a protein. [134] In 2023, it was reported that AI-guided drug discovery helped find a class of antibiotics capable of killing two different types of drug-resistant bacteria.[135] In 2024, researchers used machine learning to accelerate the search for Parkinson's disease",
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- "text": "Promotion of the wellbeing of the people and communities that these technologies affect requires consideration of the social and ethical implications at all stages of AI system design, development and implementation, and collaboration between job roles such as data scientists, product managers, data engineers, domain experts, and delivery managers.[300]\n\nThe UK AI Safety Institute released in 2024 a testing toolset called 'Inspect' for AI safety evaluations available under a MIT open-source licence which is freely available on GitHub and can be improved with third-party packages. It can be used to evaluate AI models in a range of areas including core knowledge, ability to reason, and autonomous capabilities.[301]\n\n#### **Regulation**\n\nThe regulation of artificial intelligence is the development of public sector policies and laws for promoting and regulating AI; it is therefore related to the broader regulation of algorithms.[302] The regulatory and policy landscape for AI is an emerging issue in jurisdictions globally. [303] According to AI Index at Stanford, the annual number of AI-related laws passed in the 127 survey countries jumped from one passed in 2016 to 37 passed in 2022 alone.[304][305] Between 2016 and 2020, more than 30 countries adopted dedicated strategies for AI.[306] Most EU member states had released national AI strategies, as had Canada, China, India, Japan, Mauritius, the Russian Federation, Saudi Arabia, United Arab Emirates, U.S., and\n\nThe first global AI Safety Summit was held in 2023 with a declaration calling for international cooperation.\n\nVietnam. Others were in the process of elaborating their own AI strategy, including Bangladesh, Malaysia and Tunisia.[306] The Global Partnership on Artificial Intelligence was launched in June 2020, stating a need for AI to be developed in accordance with human rights and democratic values, to ensure public confidence and trust in the technology. [306] Henry Kissinger, Eric Schmidt, and Daniel Huttenlocher published a joint statement in November 2021 calling for a government commission to regulate AI.[307] In 2023, OpenAI leaders published recommendations for the governance of superintelligence, which they believe may happen in less than 10 years.[308] In 2023, the United Nations also launched an advisory body to provide recommendations on AI governance; the body comprises technology company executives, governments officials and academics.[309] In 2024, the Council of Europe created the first international legally binding treaty on AI, called the \"Framework Convention on Artificial Intelligence and Human Rights, Democracy and the Rule of Law\". It was adopted by the European Union, the United States, the United Kingdom, and other signatories.[310]\n\nIn a 2022 Ipsos survey, attitudes towards AI varied greatly by country; 78% of Chinese citizens, but only 35% of Americans, agreed that \"products and services using AI have more benefits than drawbacks\".[304] A 2023 Reuters/Ipsos poll found that 61% of Americans agree, and 22% disagree, that AI poses risks to humanity. [311] In a 2023 Fox News poll, 35% of Americans thought it \"very important\", and an additional 41% thought it \"somewhat important\", for the federal government to regulate AI, versus 13% responding \"not very important\" and 8% responding \"not at all important\".[312][313]",
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- "text": "Home / Arts and Entertainment / New Artificial Intelligence Summit Series Begins With Energy\n\n#### ARTS AND ENTERTAINMENT\n\n# New Artificial Intelligence Summit Series Begins With Energy\n\n### 07/31/2024\n\n (AI) continues to transform the United States and the world. To promote and inform rapid advancements in AI and maintain America's global competitiveness, the Special Competitive Studies Project (SCSP), a nonprofit and nonpartisan initiative with a goal of making recommendations to strengthen America's long-term competitiveness in AI, announces the AI+ Summit Series.\n\nThe series kicks off with the topic of energy. The AI + Energy Summit, scheduled for September 26, 2024, in Washington, D.C., will bring together policy makers, energy industry leaders, top government and academic energy researchers, and technologists to address the challenges of AI's energy consumption and develop solutions for a resilient and abundant energy future. The event also aims to address the implications of AI and energy for national security and promote partnerships between AI and energy stakeholders.\n\nAI and other emerging technologies can help the United States take the lead in energy areas including maximizing energy efficiencies, discovering new materials, and enabling new forms of power generation. AI also has a role to play in overcoming energy challenges. The Department of Energy (DOE) already uses AI in several areas including advanced computing, emergency response, environmental modeling, climate forecasting, and materials research.\n\nSCSP's recent \"Action Plan for U.S. Leadership in Next-Generation Energy,\" raises many issues related to AI and energy, including recommendations for the government to bring America forward. The AI+ Energy Summit will highlight these and other issues, and promote collaboration to solve problems. The stakes are high; if the U.S. falls short on energy, American adversaries could gain the upper hand in AI leadership, according to SCSP experts.\n\nVisit scsp.ai to learn more about the AI+Energy Summit and the SCSP's Next-Generation Energy Action Plan.\n\n#### Article Link\n\nhttps://about.newsusa.com/new-artificial-intelligence-summit-series-begins-with…\n\n#### RELATED ARTICLES\n\nLocal Artists Collaborate for a Unique Fusion of Groove and Collage Mar 06, 2024\n\n| CATEGORIES |\n| --- |\n| FASHION |\n| BUSINESS |\n| INFOGRAPHIC |\n| ENVIRONMENT |\n| HEALTH |\n| MONEY |\n| FOOD |\n| TRAVEL |\n| BRIDAL |\n| RECREATION |\n| TECHNOLOGY |\n| HOME |\n| EDUCATION |\n| ARTS & ENTERTAINMENT |\n| AUTO |\n| CHILDREN |\n| FITNESS |\n| HOLIDAY |\n| INSURANCE |\n| LAWN & GARDEN |\n| LISTICLE |\n| NUTRITION |\n| PARENTING |\n| PETS |\n| SEASONAL |\n\nMar 06, 2024\n\nCelebrate St. Patrick's Day with No Booze, Just Pure Irish Fun and Entertainment\n\n#### Mar 06, 2024\n\nExplore Downtown San Pedro with Flair: Ride the Iconic Red Car Trolley for Free\n\n#### Mar 06, 2024\n\nSay Hello to Your Big Break at the Stapleton Library Job Fair in Vocation, Trade, or Civil Service\n\nFeb 22, 2024\n\nRetrain Your Emotional Brain: A Natural Alternative to Weight Loss Drugs\n\nFeb 21, 2024\n\nSerial Entrepreneur Teaches Us How to Go the Distance in Business and in Life\n\nSPANISH\n\nSENIORS\n\nTIPS AND HOW TO\n\nENTERTAINMENT\n\nCAREER\n\nCOMMUNITY\n\nFAMILY\n\nTIPS\n\nINTERNET\n\nHUMAN_INTEREST\n\nBEAUTY\n\nARTS\n\nREALESTATE\n\nSAFETY\n\nMEDICINE\n\nBOOK_REVIEW\n\nRECIPE\n\nAFRICAN_AMERICANS\n\nHOW_TO\n\nBYLINED_COLUMN\n\nCHARITY\n\nSPORTS\n\nHOME_IMPROVEMENT\n\nTECH\n\nWELLNESS\n\nARTS AND ENTERTAINMENT\n\nFOOD & DRINK\n\nREAL_ESTATE\n\nVETERANS\n\nOUTDOORS\n\nREAL ESTATE\n\nHUMAN INTEREST\n\nMONEY & FINANCE\n\nFASHION & BEAUTY\n\nMONEY AND FINANCE\n\nBOOKS & ENTERTAINMENT\n\nBOOKS\n\nARTS & ENTERTAINMENT\n\n## RECENT POSTS",
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- "text": "#### ISSUE\n\nDecember 2024\n\n#### CATEGORIES\n\nTechnology & Cybersecurity Editor's Picks Finance - Personal Home - Interior\n\n# **The top AI-powered tech trends in 2025**\n\n(NC) As we look ahead to 2025, artificial intelligence (AI) continues to revolutionize our lives. From enhancing our daily routines to transforming entire industries, AI's impact is undeniable.\n\nThese five innovations are set to shape our future, offering unprecedented convenience, efficiency and personalization.\n\n### AI-powered computing\n\nAI-powered computing, such as Intel-powered laptops – or AI PC – is at the forefront of technological advancement. But what, exactly, is an AI PC? They're computers that have AI built into their processors – also known as the brain of the computer – which optimizes performance, enhances security and provides a more personalized experience as they learn from your usage patterns. For consumers, this means faster, smarter and more secure computing tailored to your individual needs.\n\n### Smart home automation\n\nSmart home automation has been around for a while, but AI is taking it to the next level. Imagine a home that not only follows your commands, but also anticipates your needs. Enhanced smart home systems can learn your daily routines and adjust settings accordingly, from lighting and temperature to security and entertainment, making your home smarter and more responsive than ever before.\n\n## Health and wellness\n\nThe health-care industry is seeing significant transformation. AI-driven health and wellness applications can monitor vital signs, predict potential health issues, and even provide personalized fitness and\n\nnutrition plans. Wearable devices equipped with this technology can offer real-time health insights, helping individuals make informed decisions about their well-being.\n\n# Financial services\n\nAI is also making waves in the financial sector, offering smarter and more secure ways to manage money. From AI-driven investment platforms that provide personalized financial advice to fraud detection systems that protect against cyber threats, AI can analyze vast amounts of data to identify trends and make more informed financial decisions.\n\n# Enhanced education\n\nIn education, enhanced learning tools provide personalized learning experiences that adapt to each student's strengths and weaknesses. This technology can offer real-time feedback, helping students improve their skills more effectively. Additionally, AI can assist educators by automating administrative tasks and providing insights into student performance, allowing for more focused and effective teaching.\n\nLearn more at intel.com/aipc.\n\nwww.newscanada.com Word Count: 346\n\n#### M ed i a A tt a ch m e n ts −\n\n#### View",
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- "text": "# **Artificial intelligence**\n\n**Artificial intelligence** (**AI**), in its broadest sense, is intelligence exhibited by machines, particularly computer systems. It is a field of research in computer science that develops and studies methods and software that enable machines to perceive their environment and use learning and intelligence to take actions that maximize their chances of achieving defined goals.[1] Such machines may be called AIs.\n\nHigh-profile applications of AI include advanced web search engines (e.g., Google Search); recommendation systems (used by YouTube, Amazon, and Netflix); virtual assistants (e.g., Google Assistant, Siri, and Alexa); autonomous vehicles (e.g., Waymo); generative and creative tools (e.g., ChatGPT and AI art); and superhuman play and analysis in strategy games (e.g., chess and Go). However, many AI applications are not perceived as AI: \"A lot of cutting edge AI has filtered into general applications, often without being called AI because once something becomes useful enough and common enough it's not labeled AI anymore.\"[2][3]\n\nVarious subfields of AI research are centered around particular goals and the use of particular tools. The traditional goals of AI research include reasoning, knowledge representation, planning, learning, natural language processing, perception, and support for robotics. [a] General intelligence—the ability to complete any task performed by a human on an at least equal level—is among the field's long-term goals.[4] To reach these goals, AI researchers have adapted and integrated a wide range of techniques, including search and mathematical optimization, formal logic, artificial neural networks, and methods based on statistics, operations research, and economics. [b] AI also draws upon psychology, linguistics, philosophy, neuroscience, and other fields.[5]\n\nArtificial intelligence was founded as an academic discipline in 1956,[6] and the field went through multiple cycles of optimism throughout its history, [7][8] followed by periods of disappointment and loss of funding, known as AI winters. [9][10] Funding and interest vastly increased after 2012 when deep learning outperformed previous AI techniques.[11] This growth accelerated further after 2017 with the transformer architecture, [12] and by the early 2020s many billions of dollars were being invested in AI and the field experienced rapid ongoing progress in what has become known as the AI boom. The emergence of advanced generative AI in the midst of the AI boom and its ability to create and modify content exposed several unintended consequences and harms in the present and raised concerns about the risks of AI and its long-term effects in the future, prompting discussions about regulatory policies to ensure the safety and benefits of the technology.\n\n## **Goals**",
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- "text": "- 265. Cellan-Jones (2014).\n- 266. Russell & Norvig 2021, p. 1001.\n- 267. Bostrom (2014).\n- 268. Russell (2019).\n- 269. Bostrom (2014); Müller & Bostrom (2014); Bostrom (2015).\n- 270. Harari (2023).\n- 271. Müller & Bostrom (2014).\n- 272. Leaders' concerns about the existential risks of AI around 2015: Rawlinson (2015), Holley (2015), Gibbs (2014), Sainato (2015)\n- 273. \" \"Godfather of artificial intelligence\" talks impact and potential of new AI\" (https://www.cbsne ws.com/video/godfather-of-artificial-intelligence-talks-impact-and-potential-of-new-ai). *CBS News*. 25 March 2023. Archived (https://web.archive.org/web/20230328225221/https://www. cbsnews.com/video/godfather-of-artificial-intelligence-talks-impact-and-potential-of-new-ai) from the original on 28 March 2023. Retrieved 28 March 2023.\n- 274. Pittis, Don (4 May 2023). \"Canadian artificial intelligence leader Geoffrey Hinton piles on fears of computer takeover\" (https://www.cbc.ca/news/business/ai-doom-column-don-pittis-1.6829302). *CBC*. Archived (https://web.archive.org/web/20240707032135/https://www.cbc. ca/news/business/ai-doom-column-don-pittis-1.6829302) from the original on 7 July 2024. Retrieved 5 October 2024.\n- 275. \" '50–50 chance' that AI outsmarts humanity, Geoffrey Hinton says\" (https://www.bnnbloomb erg.ca/50-50-chance-that-ai-outsmarts-humanity-geoffrey-hinton-says-1.2085394). *Bloomberg BNN*. 14 June 2024. Retrieved 6 July 2024.\n- 276. Valance (2023).\n- 277. Taylor, Josh (7 May 2023). \"Rise of artificial intelligence is inevitable but should not be feared, 'father of AI' says\" (https://www.theguardian.com/technology/2023/may/07/rise-of-arti ficial-intelligence-is-inevitable-but-should-not-be-feared-father-of-ai-says). *The Guardian*. Archived (https://web.archive.org/web/20231023061228/https://www.theguardian.com/techn ology/2023/may/07/rise-of-artificial-intelligence-is-inevitable-but-should-not-be-feared-fatherof-ai-says) from the original on 23 October 2023. Retrieved 26 May 2023.\n- 278. Colton, Emma (7 May 2023). \" 'Father of AI' says tech fears misplaced: 'You cannot stop it' \" (https://www.foxnews.com/tech/father-ai-jurgen-schmidhuber-says-tech-fears-misplaced-can not-stop). *Fox News*. Archived (https://web.archive.org/web/20230526162642/https://www.fo xnews.com/tech/father-ai-jurgen-schmidhuber-says-tech-fears-misplaced-cannot-stop) from the original on 26 May 2023. Retrieved 26 May 2023.\n- 279. Jones, Hessie (23 May 2023). \"Juergen Schmidhuber, Renowned 'Father Of Modern AI,' Says His Life's Work Won't Lead To Dystopia\" (https://www.forbes.com/sites/hessiejones/20 23/05/23/juergen-schmidhuber-renowned-father-of-modern-ai-says-his-lifes-work-wont-leadto-dystopia). *Forbes*. Archived (https://web.archive.org/web/20230526163102/https://www.fo rbes.com/sites/hessiejones/2023/05/23/juergen-schmidhuber-renowned-father-of-modern-ai -says-his-lifes-work-wont-lead-to-dystopia/) from the original on 26 May 2023. Retrieved 26 May 2023.\n- 280. McMorrow, Ryan (19 December 2023). \"Andrew Ng: 'Do we think the world is better off with more or less intelligence?' \" (https://www.ft.com/content/2dc07f9e-d2a9-4d98-b746-b051f93 52be3). *Financial Times*. Archived (https://web.archive.org/web/20240125014121/https://ww w.ft.com/content/2dc07f9e-d2a9-4d98-b746-b051f9352be3) from the original on 25 January 2024. Retrieved 30 December 2023.\n- 281. Levy, Steven (22 December 2023). \"How Not to Be Stupid About AI, With Yann LeCun\" (http s://www.wired.com/story/artificial-intelligence-meta-yann-lecun-interview). *Wired*. Archived (h ttps://web.archive.org/web/20231228152443/https://www.wired.com/story/artificial-intelligenc e-meta-yann-lecun-interview/) from the original on 28 December 2023. Retrieved 30 December 2023.",
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- "text": "# Our Goals for 2014\n\nComplete a minimum of $75 million in acquisitions.\n\nAcquire over 50% of 2014 acquisitions outside Atlantic Canada, with a focus in Ontario.\n\nGrow same store NOI by up to 2%.\n\nContinue to invest in development with two projects underway, managing projects on schedule and on budget.\n\ndevelopment program to a maximum of 5% of our balance sheet per year. We have three other developments projects in various planning stages, but don't expect to begin construction on any additional new projects until late 2014 or into 2015.\n\n## **Geographic Diversification is a Priority**\n\nGeographic diversification is a priority for Killam. Our asset base in Atlantic Canada is the foundation of the Company; however, with Atlantic Canada representing only 5% of the Canadian rental market, our growth opportunities increase significantly by expanding our target markets outside of this region. With its strong operating platform, Killam can support a larger and more geographically diverse portfolio. We are actively growing a portfolio of apartments in Ontario in three target markets: Ottawa, the Greater Toronto Area, and Southwestern Ontario. An increased investment outside Atlantic Canada will increase not only Killam's growth potential, it will also expand the Company's diversification and exposure to higher growth markets.\n\nAcquisitions in Ontario represented 45% of acquisitions in 2013. In addition to 1,359 apartment units in the province, we also have 2,144 manufactured home community sites, representing 29% of the MHC NOI last year. Based on our current portfolio, 15% of Killam's 2014 NOI will be generated in Ontario, compared to our longer-term goal of generating 50% of NOI outside Atlantic Canada. We expect to reach this goal by focusing acquisition activity in Ontario, with the majority of future investment anticipated in the province over the next few years. We will look for additional development opportunities in Ontario and we are exploring opportunities in Western Canada, attracted by the strong population growth trends in Alberta's urban markets. I would like to thank all Killam employees for their contributions and\n\ncommitment over the last year and our board of directors for their governance. Also, I would like to thank you, our shareholders, for your continued investment in Killam. I invite you to attend the Company's annual meeting on May 7, 2014 at 2:00 pm Atlantic Time at the Halifax Marriott Harbourfront Hotel, either in person or via webcast.\n\nYours truly,\n\nPhilip Fraser",
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- "text": "- Gleick, James, \"The Fate of Free Will\" (review of Kevin J. Mitchell, *Free Agents: How Evolution Gave Us Free Will*, Princeton University Press, 2023, 333 pp.), *The New York Review of Books*, vol. LXXI, no. 1 (18 January 2024), pp. 27–28, 30. \"Agency is what distinguishes us from machines. For biological creatures, reason and purpose come from acting in the world and experiencing the consequences. Artificial intelligences – disembodied, strangers to blood, sweat, and tears – have no occasion for that.\" (p. 30.)\n- Halpern, Sue, \"The Coming Tech Autocracy\" (review of Verity Harding, *AI Needs You: How We Can Change AI's Future and Save Our Own*, Princeton University Press, 274 pp.; Gary Marcus, *Taming Silicon Valley: How We Can Ensure That AI Works for Us*, MIT Press, 235 pp.; Daniela Rus and Gregory Mone, *The Mind's Mirror: Risk and Reward in the Age of AI*, Norton, 280 pp.; Madhumita Murgia, *Code Dependent: Living in the Shadow of AI*, Henry Holt, 311 pp.), *The New York Review of Books*, vol. LXXI, no. 17 (7 November 2024), pp. 44–46. \"'We can't realistically expect that those who hope to get rich from AI are going to have the interests of the rest of us close at heart,' ... writes [Gary Marcus]. 'We can't count on governments driven by campaign finance contributions [from tech companies] to push back.'... Marcus details the demands that citizens should make of their governments and the tech companies. They include transparency on how AI systems work; compensation for individuals if their data [are] used to train LLMs (large language model)s and the right to consent to this use; and the ability to hold tech companies liable for the harms they cause by eliminating Section 230, imposing cash penalties, and passing stricter product liability laws... Marcus also suggests... that a new, AI-specific federal agency, akin to the FDA, the FCC, or the FTC, might provide the most robust oversight.... [T]he Fordham law professor Chinmayi Sharma... suggests... establish[ing] a professional licensing regime for engineers that would function in a similar way to medical licenses, malpractice suits, and the Hippocratic oath in medicine. 'What if, like doctors,' she asks..., 'AI engineers also vowed to do no harm?'\" (p. 46.)\n- Henderson, Mark (24 April 2007). \"Human rights for robots? We're getting carried away\" (http:// www.thetimes.co.uk/tto/technology/article1966391.ece). *The Times Online*. London. Archived (https://web.archive.org/web/20140531104850/http://www.thetimes.co.uk/tto/techn ology/article1966391.ece) from the original on 31 May 2014. Retrieved 31 May 2014.\n- Hughes-Castleberry, Kenna, \"A Murder Mystery Puzzle: The literary puzzle *Cain's Jawbone*, which has stumped humans for decades, reveals the limitations of natural-languageprocessing algorithms\", *Scientific American*, vol. 329, no. 4 (November 2023), pp. 81–82. \"This murder mystery competition has revealed that although NLP (natural-language processing) models are capable of incredible feats, their abilities are very much limited by the amount of context they receive. This [...] could cause [difficulties] for researchers who hope to use them to do things such as analyze ancient languages. In some cases, there are few historical records on long-gone civilizations to serve as training data for such a purpose.\" (p. 82.)\n- Immerwahr, Daniel, \"Your Lying Eyes: People now use A.I. to generate fake videos indistinguishable from real ones. How much does it matter?\", *The New Yorker*, 20 November 2023, pp. 54–59. \"If by 'deepfakes' we mean realistic videos produced using artificial intelligence that actually deceive people, then they barely exist. The fakes aren't deep, and the deeps aren't fake. [...] A.I.-generated videos are not, in general, operating in our media as counterfeited evidence. Their role better resembles that of cartoons, especially smutty ones.\" (p. 59.)",
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- "text": "- 282. Arguments that AI is not an imminent risk: Brooks (2014), Geist (2015), Madrigal (2015), Lee (2014)\n- 283. Christian (2020), pp. 67, 73.\n- 284. Yudkowsky (2008).\n- 285. Anderson & Anderson (2011).\n- 286. AAAI (2014).\n- 287. Wallach (2010).\n- 288. Russell (2019), p. 173.\n- 289. Stewart, Ashley; Melton, Monica. \"Hugging Face CEO says he's focused on building a 'sustainable model' for the $4.5 billion open-source-AI startup\" (https://www.businessinsider. com/hugging-face-open-source-ai-approach-2023-12). *Business Insider*. Archived (https://w eb.archive.org/web/20240925013220/https://www.businessinsider.com/hugging-face-open-s ource-ai-approach-2023-12) from the original on 25 September 2024. Retrieved 14 April 2024.\n- 290. Wiggers, Kyle (9 April 2024). \"Google open sources tools to support AI model development\" (https://techcrunch.com/2024/04/09/google-open-sources-tools-to-support-ai-model-develop ment). *TechCrunch*. Archived (https://web.archive.org/web/20240910112401/https://techcrun ch.com/2024/04/09/google-open-sources-tools-to-support-ai-model-development/) from the original on 10 September 2024. Retrieved 14 April 2024.\n- 291. Heaven, Will Douglas (12 May 2023). \"The open-source AI boom is built on Big Tech's handouts. How long will it last?\" (https://www.technologyreview.com/2023/05/12/1072950/op en-source-ai-google-openai-eleuther-meta). *MIT Technology Review*. Retrieved 14 April 2024.\n- 292. Brodsky, Sascha (19 December 2023). \"Mistral AI's New Language Model Aims for Open Source Supremacy\" (https://aibusiness.com/nlp/mistral-ai-s-new-language-model-aims-for-o pen-source-supremacy). *AI Business*. Archived (https://web.archive.org/web/202409052126 07/https://aibusiness.com/nlp/mistral-ai-s-new-language-model-aims-for-open-source-supre macy) from the original on 5 September 2024. Retrieved 5 October 2024.\n- 293. Edwards, Benj (22 February 2024). \"Stability announces Stable Diffusion 3, a next-gen AI image generator\" (https://arstechnica.com/information-technology/2024/02/stability-announc es-stable-diffusion-3-a-next-gen-ai-image-generator). *Ars Technica*. Archived (https://web.ar chive.org/web/20241005170201/https://arstechnica.com/information-technology/2024/02/sta bility-announces-stable-diffusion-3-a-next-gen-ai-image-generator/) from the original on 5 October 2024. Retrieved 14 April 2024.\n- 294. Marshall, Matt (29 January 2024). \"How enterprises are using open source LLMs: 16 examples\" (https://venturebeat.com/ai/how-enterprises-are-using-open-source-llms-16-exa mples). *VentureBeat*. Archived (https://web.archive.org/web/20240926171131/https://ventur ebeat.com/ai/how-enterprises-are-using-open-source-llms-16-examples/) from the original on 26 September 2024. Retrieved 5 October 2024.\n- 295. Piper, Kelsey (2 February 2024). \"Should we make our most powerful AI models open source to all?\" (https://www.vox.com/future-perfect/2024/2/2/24058484/open-source-artificial -intelligence-ai-risk-meta-llama-2-chatgpt-openai-deepfake). *Vox*. Archived (https://web.archi ve.org/web/20241005170204/https://www.vox.com/future-perfect/2024/2/2/24058484/open-s ource-artificial-intelligence-ai-risk-meta-llama-2-chatgpt-openai-deepfake) from the original on 5 October 2024. Retrieved 14 April 2024.\n- 296. Alan Turing Institute (2019). \"Understanding artificial intelligence ethics and safety\" (https:// www.turing.ac.uk/sites/default/files/2019-06/understanding_artificial_intelligence_ethics_and _safety.pdf) (PDF). Archived (https://web.archive.org/web/20240911131935/https://www.turi ng.ac.uk/sites/default/files/2019-06/understanding_artificial_intelligence_ethics_and_safety. pdf) (PDF) from the original on 11 September 2024. Retrieved 5 October 2024.",
- "page_start": 45,
- "page_end": 45,
- "source_file": "wikipedia3.pdf"
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- {
- "text": "- 160. Alex McFarland: *7 Best AI for Math Tools.* (https://www.unite.ai/best-ai-for-math-tools/) Archived (https://web.archive.org/web/20240911125615/https://www.unite.ai/best-ai-for-mat h-tools/) 11 September 2024 at the Wayback Machine unite.ai. Retrieved 2024-08-07\n- 161. Matthew Finio & Amanda Downie: IBM Think 2024 Primer, \"What is Artificial Intelligence (AI) in Finance?\" 8 Dec. 2023\n- 162. M. Nicolas, J. Firzli: Pensions Age/European Pensions magazine, \"Artificial Intelligence: Ask the Industry\" May June 2024 https://videovoice.org/ai-in-finance-innovationentrepreneurship-vs-over-regulation-with-the-eus-artificial-intelligence-act-wont-work-asintended/ Archived (https://web.archive.org/web/20240911125502/https://videovoice.org/ai-i n-finance-innovation-entrepreneurship-vs-over-regulation-with-the-eus-artificial-intelligenceact-wont-work-as-intended/) 11 September 2024 at the Wayback Machine.\n- 163. Congressional Research Service (2019). *Artificial Intelligence and National Security* (https://f as.org/sgp/crs/natsec/R45178.pdf) (PDF). Washington, DC: Congressional Research Service.PD-notice\n- 164. Slyusar, Vadym (2019). Artificial intelligence as the basis of future control networks (Preprint). doi:10.13140/RG.2.2.30247.50087 (https://doi.org/10.13140%2FRG.2.2.30247.5 0087).\n- 165. Iraqi, Amjad (3 April 2024). \" 'Lavender': The AI machine directing Israel's bombing spree in Gaza\" (https://www.972mag.com/lavender-ai-israeli-army-gaza/). *+972 Magazine*. Retrieved 6 April 2024.\n- 166. Davies, Harry; McKernan, Bethan; Sabbagh, Dan (1 December 2023). \" 'The Gospel': how Israel uses AI to select bombing targets in Gaza\" (https://www.theguardian.com/world/2023/ dec/01/the-gospel-how-israel-uses-ai-to-select-bombing-targets). *The Guardian*. Retrieved 4 December 2023.\n- 167. Marti, J Werner (10 August 2024). \"Drohnen haben den Krieg in der Ukraine revolutioniert, doch sie sind empfindlich auf Störsender – deshalb sollen sie jetzt autonom operieren\" (http s://www.nzz.ch/international/die-ukraine-setzt-auf-drohnen-die-autonom-navigieren-und-toet en-koennen-ld.1838731). *Neue Zürcher Zeitung* (in German). Retrieved 10 August 2024.\n- 168. Newsom, Gavin; Weber, Shirley N. (6 September 2023). \"Executive Order N-12-23\" (https:// www.gov.ca.gov/wp-content/uploads/2023/09/AI-EO-No.12-_-GGN-Signed.pdf) (PDF). Executive Department, State of California. Archived (https://web.archive.org/web/202402212 22035/https://www.gov.ca.gov/wp-content/uploads/2023/09/AI-EO-No.12-_-GGN-Signed.pd f) (PDF) from the original on 21 February 2024. Retrieved 7 September 2023.\n- 169. Pinaya, Walter H. L.; Graham, Mark S.; Kerfoot, Eric; Tudosiu, Petru-Daniel; Dafflon, Jessica; Fernandez, Virginia; Sanchez, Pedro; Wolleb, Julia; da Costa, Pedro F.; Patel, Ashay (2023). \"Generative AI for Medical Imaging: extending the MONAI Framework\". arXiv:2307.15208 (https://arxiv.org/abs/2307.15208) [eess.IV (https://arxiv.org/archive/eess.I V)].\n- 170. Griffith, Erin; Metz, Cade (27 January 2023). \"Anthropic Said to Be Closing In on $300 Million in New A.I. Funding\" (https://www.nytimes.com/2023/01/27/technology/anthropic-ai-fu nding.html). *The New York Times*. Archived (https://web.archive.org/web/20231209074235/h ttps://www.nytimes.com/2023/01/27/technology/anthropic-ai-funding.html) from the original on 9 December 2023. Retrieved 14 March 2023.\n- 171. Lanxon, Nate; Bass, Dina; Davalos, Jackie (10 March 2023). \"A Cheat Sheet to AI Buzzwords and Their Meanings\" (https://news.bloomberglaw.com/tech-and-telecom-law/a-c heat-sheet-to-ai-buzzwords-and-their-meanings-quicktake). *Bloomberg News*. Archived (http s://web.archive.org/web/20231117140835/https://news.bloomberglaw.com/tech-and-telecom -law/a-cheat-sheet-to-ai-buzzwords-and-their-meanings-quicktake) from the original on 17 November 2023. Retrieved 14 March 2023.",
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- "text": "A lethal autonomous weapon is a machine that locates, selects and engages human targets without human supervision.[o] Widely available AI tools can be used by bad actors to develop inexpensive autonomous weapons and, if produced at scale, they are potentially weapons of mass destruction. [248] Even when used in conventional warfare, it is unlikely that they will be unable to reliably choose targets and could potentially kill an innocent person. [248] In 2014, 30 nations (including China) supported a ban on autonomous weapons under the United Nations' Convention on Certain Conventional Weapons, however the United States and others disagreed.[249] By 2015, over fifty countries were reported to be researching battlefield robots.[250]\n\nAI tools make it easier for authoritarian governments to efficiently control their citizens in several ways. Face and voice recognition allow widespread surveillance. Machine learning, operating this data, can classify potential enemies of the state and prevent them from hiding. Recommendation systems can precisely target propaganda and misinformation for maximum effect. Deepfakes and generative AI aid in producing misinformation. Advanced AI can make authoritarian centralized decision making more competitive than liberal and decentralized systems such as markets. It lowers the cost and difficulty of digital warfare and advanced spyware. [251] All these technologies have been available since 2020 or earlier—AI facial recognition systems are already being used for mass surveillance in China.[252][253]\n\nThere many other ways that AI is expected to help bad actors, some of which can not be foreseen. For example, machine-learning AI is able to design tens of thousands of toxic molecules in a matter of hours.[254]\n\n#### **Technological unemployment**\n\nEconomists have frequently highlighted the risks of redundancies from AI, and speculated about unemployment if there is no adequate social policy for full employment.[255]\n\nIn the past, technology has tended to increase rather than reduce total employment, but economists acknowledge that \"we're in uncharted territory\" with AI.[256] A survey of economists showed disagreement about whether the increasing use of robots and AI will cause a substantial increase in longterm unemployment, but they generally agree that it could be a net benefit if productivity gains are redistributed. [257] Risk estimates vary; for example, in the 2010s, Michael Osborne and Carl Benedikt Frey estimated 47% of U.S. jobs are at \"high risk\" of potential automation, while an OECD report classified only 9% of U.S. jobs as \"high risk\".[p][259] The methodology of speculating about future employment levels has been criticised as lacking evidential foundation, and for implying that technology, rather than social policy, creates unemployment, as opposed to redundancies.[255] In April 2023, it was reported that 70% of the jobs for Chinese video game illustrators had been eliminated by generative artificial intelligence.[260][261]\n\nUnlike previous waves of automation, many middle-class jobs may be eliminated by artificial intelligence; *The Economist* stated in 2015 that \"the worry that AI could do to white-collar jobs what steam power did to blue-collar ones during the Industrial Revolution\" is \"worth taking seriously\".[262] Jobs at extreme risk range from paralegals to fast food cooks, while job demand is likely to increase for care-related professions ranging from personal healthcare to the clergy. [263]\n\nFrom the early days of the development of artificial intelligence, there have been arguments, for example, those put forward by Joseph Weizenbaum, about whether tasks that can be done by computers actually should be done by them, given the difference between computers and humans, and between quantitative",
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- "query": "Is there any chance that my cousin has been granted financial aid from Chesapeak Energy? He's studying at a college in Oklahoma.",
- "target_page": 26,
- "target_passage": "hat’s why we gave $1.0 million to establish the Chesapeake Energy dormitory for students at the Oklahoma School for Science and Mathematics (OSSM",
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- "text": "We also hire locally whenever possible to help stimulate the local economy, and we provide training when the local work force isn't yet qualified for the jobs we have open. For example, when Chesapeake began operating in the Marcellus Shale of West Virginia and Pennsylvania, finding experienced rig workers was a challenge. To meet that need, Chesapeake's wholly owned subsidiary, Nomac Drilling, built the 40,000-square-foot Eastern Training Center and Housing Facility in Bradford County, near Sayre, Pennsylvania. The campus opened in 2010 and serves as a housing facility and training ground for 266 workers at a time. Nomac and Chesapeake host regular job fairs in the region and the lines of interested candidates often extend out the door.\n\n# **Educational Impact**\n\nWe are also proud to help prepare tomorrow's leaders today. In 2010 Chesapeake supported universities, schools, academic chairs, scholarships and other educational programs with contributions totaling $5.4 million.\n\nInvesting in programs that promote technology and innovation is a key to our country's success. That's why we gave $1.0 million to establish the Chesapeake Energy dormitory for students at the Oklahoma School for Science and Mathematics (OSSM), a public, tuition-free, residential high school located in Oklahoma City for juniors and seniors with exceptional abilities. The extremely competitive school is helping train the next generation of scientists and mathematicians.\n\nWe also established the Chesapeake Energy Presidential Scholars Program at the Oklahoma City University Meinders School of Business, making a $5.0 million commitment to be distributed over the next five years. The Chesapeake Scholars Program will provide up to $25,000 per year in tuition",
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- "text": "to selected students pursuing careers in finance, economics, accounting, marketing, business administration, computer science and information technology. In addition, scholars will take part in a Chesapeake Presidential Leadership Course facilitated by faculty members in coordination with designated Chesapeake leadership coaches, including a Chesapeake senior vice president and OCU alumni.\n\nIn 2007 Chesapeake launched a scholarship program in Texas with an initial $1.25 million contribution, challenging the cities of Fort Worth and Dallas to match its gift within a year. The cities responded and matched the gift, so Chesapeake in 2008 added another $1.25 million to the fund, bringing the total to $3.75 million. The Chesapeake Scholarship Fund currently funds the cost of higher education for 48 minority students. The fund provides each student $20,000 a year for up to four years at the school of their choice. To date more than $1.0 million has been distributed to deserving local students.\n\nTo help ensure the training of qualified geologists, engineers, landmen and energy lawyers in the next generation, we award scholarships to students pursuing energy-related degrees. We also help mentor them through Chesapeake's Peak Program. Junior- and senior-level scholarship recipients are paired with Chesapeake employee mentors who help develop students' knowledge and provide career advice. There are currently 25 mentors and 40 scholarship recipients participating in the Peak Program.\n\nOur recruiting team also initiated a strategic military recruitment effort during the past two years to hire former military personnel to work in a variety of leadership and crew positions. This effort earned Chesapeake an honor from G.I. JOBS magazine when we were named a 2011 Top 100 Military-Friendly Employer. Chesapeake currently employs 37 men and women who formerly served as junior military officers and more than 100 former servicemen and servicewomen who joined the company through a program called Troops 2 Roughnecks.\n\nIn addition to our specific scholarship programs, one-time educational donations and recruitment efforts, in 2010 we gave more than $1.8 million to fund higher education for nearly 400 other students in 12 states through our Chesapeake Scholars program. Chesapeake's scholarships help recruit the best and brightest students and provide educational opportunities in communities where we operate. In Oklahoma City, more than 400 employees volunteer for up to an hour a week on company time at four local public schools. Chesapeake's program has grown to become the largest corporate mentoring program in Oklahoma.\n\n# **Community Impact**\n\nChesapeake employees have been enriching their hometowns as volunteers for many years. We formalized those efforts in 2009 by establishing an official employee volunteer program, the H.E.L.P. (Helping Energize Local Progress) Initiative, wherein employees are invited to volunteer each month for a variety of organizations from food pantries to animal shelters. Through that program, employees donated more than 26,000 hours to their communities in 2009.\n\nIn the summer of 2010, Chesapeake took the H.E.L.P. Initiative to a higher level through the launch of Operation Blue. From Memorial Day through Labor Day, each employee was given four hours of company time to complete the volunteer project of their choice. Our employees eagerly accepted the challenge, and in three months more than 4,900 employees donated 30,900 hours of service to 519 organizations in more than 96 communities across the country. Operation Blue is now an annual volunteer program in which employees roll up their sleeves in the communities they call home.",
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- "text": "*Dollar amounts are in thousands of Canadian dollars (except as noted)*\n\n## *Apartment Property Expenses*\n\nSame store apartment property expenses increased 5.5% for the year ended December 31, 2013, due primarily to increased utility and fuel expenses as a result of high natural gas prices in Atlantic Canada, and higher electricity costs.\n\n## **Utility and Fuel Expense ‑ Same Store**\n\nFor the years ended December 31,\n\n| | 2013 | 2012 | % Change |\n| --- | --- | --- | --- |\n| Natural gas | $4,565 | $2,729 | 67.3% |\n| Oil | 1,523 | 2,095 | (27.3)% |\n| Electricity | 5,197 | 4,671 | 11.3% |\n| Water | 3,582 | 3,474 | 3.1% |\n| Other | 30 | 33 | (9.1)% |\n| Total utility and fuel expenses | $14,897 | $13,002 | 14.6% |\n\nKillam's apartment properties are heated with a combination of natural gas (55%), electricity (36%), oil (8%) and other sources (1%).\n\nElectricity costs at the unit level are usually paid directly by tenants, reducing Killam's exposure to the majority of the 4,500 units heated with electricity. Fuel costs associated with natural gas or oil fired heating plants are paid by Killam. As such, the Company is exposed to fluctuations in natural gas and oil costs, which represent 40.9% of total same store utility and fuel costs in 2013. Killam invests in green initiatives at its properties to maximize efficiencies, including converting many of its Halifax properties to natural gas from oil over the last three years as natural gas infrastructure has been expanded in the city. The decision to convert was supported by the substantial price difference between the cost of natural gas and oil in recent years.\n\nAs noted in the table above, Killam's utility and fuel expenses increased 14.6% in 2013 compared to 2012. The increase was primarily attributable to higher natural gas, electricity costs and water costs.\n\nKillam's natural gas expenses increased by 67.3% in 2013 due to higher gas prices in Atlantic Canada and an increase in properties burning natural gas following conversions of certain Halifax heating plants from oil to gas in 2012 and 2013. The reduction in oil expense in the quarter and year‑to‑date reflects this reduction in oil exposure.\n\nAs the following chart highlights, the per gigajoule (Gj) commodity cost for natural gas in New Brunswick and Nova Scotia was much higher than NYMEX in 2013 and less correlated to NYMEX than in previous years. (NYMEX is the New York Mercantile Exchange, a commodity futures exchange. Henry Hub, a gas distribution hub in Louisiana is the pricing point for natural gas futures contracts traded on NYMEX). The cost of natural gas in Atlantic Canada and New England experienced a spike from December 2012 until late spring 2013 and a second spike in December 2013, compared to other areas of Canada. Those spikes were both due to increased demand from utilities in Northeast New England and a shortage of gas pipeline capacity in Northeastern New England and Atlantic Canada. A temporary decline in gas supply off the coast of Nova Scotia further contributed to the high pricing in the first part of the year.\n\n## **Historic Natural Gas Pricing ($ per Gj) Henry Hub Vs. Heritage Gas**",
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- "text": "Chesapeake's contributions take many forms: financial and equipment donations, volunteerism and scholarships. Last year, we made numerous in-kind donations of laptops, reconditioned Chesapeake fleet vehicles and subsidized office space. These contributions provide essential operating tools as nonprofit organizations across the nation attempt to serve more people — often with lower budgets — in tough economic times.\n\nFor example, in Louisiana we donated 12 vehicles in 2010, including one to the Panola College Oil and Natural Gas Technology Program, which teaches students about the natural gas industry and provides them with hands-on technical training. Across many of the company's operating areas, we've donated computers to deserving students, schools and organizations through Chesapeake's Discovering Tomorrow's Leaders program. In 2010 the company equipped 14 students with laptops and donated 70 computers to schools or supporting nonprofit organizations.\n\nChesapeake partners with other companies and organizations to meet basic, practical needs in hundreds of communities. An example is our\n\n*Putting food on the table — Employees volunteer at the Regional Food Bank of Oklahoma as part of Operation Blue.*\n\nsponsorship of the annual Day of Caring at the Ganus Center of Harding University in White County, Arkansas. During the event, approximately 1,200 uninsured or underinsured residents received a day of free medical, dental and eye screenings.\n\nTo help cultivate an appreciation for the great outdoors, in 2010 Chesapeake provided $25,000 to REAL School Gardens, a Fort Worthbased organization that establishes gardens at approximately 70 lower income elementary schools in North Texas. At I.M. Terrell Elementary School, students, parents, teachers and volunteers from Chesapeake and other groups worked together to prepare vegetable gardens and flower beds. In addition to teamwork skills and gardening, students learned about nutrition and took home food from the garden's bounty.\n\nWe supported servicemen and servicewomen by partnering with the Shreveport Chapter of Operation Support Our Troops, Inc. Our contribution helped offset the postage to send more than 100 care packages to troops overseas. The shipment was the largest in the organization's history and included Christmas cards, games and nonperishable food items.\n\nBy investing in the communities where we operate and the people whose lives we touch, we ensure a stronger today and a more hopeful tomorrow.",
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- "text": "**Social contribution and donation type-cards** \n\nAXU,\" a new kind of premium credit card AXU,\" a new kind of premium credit card that opens the door to a higher-quality, that opens the door to a higher-quality, more natural lifestyle. Holders of the more natural lifestyle. Holders of the \"Cedyna Card AXU,\" the name of sounds \"Cedyna Card AXU,\" the name of sounds like the Japanese for \"shake hands,\" and like the Japanese for \"shake hands,\" and refers to the links among people, between refers to the links among people, between people and society and between people people and society and between people and our planet Earth, get eco-resort and and our planet Earth, get eco-resort and environmental product updates. They can environmental product updates. They can contribute to environmental protection by contribute to environmental protection by donating to environmental protection groups donating to environmental protection groups through Cedyna, based on sums spent. through Cedyna, based on sums spent. Cedyna is helping build a more humanistic Cedyna is helping build a more humanistic and affluent global society. and affluent global society.\n\n**Harnessing the Bank of Japan's \"Fund-Provisioning Measure to Support Strengthening the Foundations** \n\n#### Kansai Genki Fund:\n\n#### A helping hand for the regional economy\n\nKansai Urban Banking Corporation has Kansai Urban Banking Corporation has launched a support initiative to boot up launched a support initiative to boot up next-generation industries. Marketing teams next-generation industries. Marketing teams with specialists in fields such as medical and with specialists in fields such as medical and nursing care, and environment and energy nursing care, and environment and energy businesses have been assigned to the head businesses have been assigned to the head office. office.\n\nTo strengthen these measures, it set up the To strengthen these measures, it set up the Kansai Genki Fund in September 2010, tapping Kansai Genki Fund in September 2010, tapping the Bank of Japan the Bank of Japan's \"Fund-supply measure to s \"Fund-supply measure to support strengthening the foundations for support strengthening the foundations for economic growth\" loan program. The bank economic growth\" loan program. The bank responds proactively to funding demand responds proactively to funding demand from local companies wishing to expand local companies wishing to expand into areas such as medical and nursing care, areas such as medical and nursing care, environment and energy environment and energy technologies, and technologies, and Asia-related businesses, on a priority basis. Asia-related businesses, on a priority basis. As of June 30, 2011, loans totaling ¥8.8 billion As of June 30, 2011, loans totaling ¥8.8 billion had been made from the Kansai Genki Fund had been made from the Kansai Genki Fund for 38 projects, of which 76.3% fell into the for 38 projects, of which 76.3% fell into the above three priority categories. The Kansai above three priority categories. The Kansai\n\nWe provide financing support We provide financing support to local care businesses to local care businesses\n\n| Others: | |\n| --- | --- |\n| 23.7% | |\n| | 34.2% |\n| | Kansai Genki |\n| | Fund |\n| | Financing |\n| Investment and business | by sector |\n| expansion | (June 30, 2011) |\n| in Asia, etc.: | |\n| 10.5% | |\n\nMedical, nursing and healthcare businesses: 31.6%\n\nGenki Fund is used to help customers develop Genki Fund is used to help customers develop a wide range of businesses. The bank will a wide range of businesses. The bank will continue to play its role as a regional financial continue to play its role as a regional financial institution dedicated to supporting customers institution dedicated to supporting customers that show originality and energy in helping that show originality and energy in helping develop the Kansai economy. develop the Kansai economy.",
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- "text": "For the years ended 31 December 2014 and 2013, the Company capitalised nil and $0.2 million, respectively, of financing costs related to the Senior Credit Facility, which offset the principal balance. As at 31 December 2014 there was $95.0 million outstanding under the Company's Senior Credit Facility. As at 31 December 2014, the Company was in compliance with all restrictive financial and other covenants under the Senior Credit Facility.\n\nThe Company capitalised $3.4 million and $1.3 million of interest expense during the years ended 31 December 2014 and 2013, respectively.",
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- "text": "**6100 NORTH WESTERN AVENUE OKLAHOMA CITY, OK 73118 WWW.CHK.COM**",
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- "text": "for further details (in Japanese): www.smbc.co.jp/ccs/\n\n#### **SMBC GLOBAL FOUNDATION 10 The United States**\n\nBased in the United States, SMBC Global Foundation has Based in the United States, SMBC Global Foundation has provided scholarships to more than 5,000 university students provided scholarships to more than 5,000 university students in Asian countries since its establishment in 1994. In the in Asian countries since its establishment in 1994. In the United States, it supports educational trips to Japan United States, it supports educational trips to Japan organized by a high school located in Harlem, New York City, organized by a high school located in Harlem, New York City, and volunteer employees of SMBC and JRI to participate in and volunteer employees of SMBC and JRI to participate in school beautification programs. The foundation also provides school beautification programs. The foundation also provides matching gifts for SMBC employees. matching gifts for SMBC employees.\n\nHigh school students from New York who visited Japan on a study trip\n\nScholarship award ceremony for university students in Vietnam",
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- "text": "# Doing the Right Thing\n\nAt Killam we are investing in our communities, as well as our real estate. We believe that giving back to the community is an important part of being a responsible corporate citizen.\n\n## **Supporting Killam Families with Scholarship Program**\n\nKillam's Scholarship Program awards three $3,000 scholarships to children or grandchildren of Killam employees on an annual basis. After a competitive application process in 2013, Bradley Price, Hayley Gillis and Georgia Telman were selected for demonstrating an outstanding combination of academic excellence and community involvement.\n\n## **Home Away from Home**\n\nOn an annual basis, Killam donates six fully furnished apartments to hospitals in Halifax, Saint John, Moncton, Fredericton and Charlottetown. These units are used by families of patients who need to travel away from home for health care.\n\n## **Red Cross**\n\nKillam has partnered with the Red Cross in many of its core markets. The Red Cross is on hand to help when emergencies and disasters impact communities. Over the last six years, Killam has provided the Red Cross with financial assistance to fund their operations. In return, the Red Cross has provided emergency training to Killam staff, helping us react effectively to emergencies when required.\n\n## **Supporting Higher Education in Atlantic Canada**\n\nOn an annual basis, Killam's board of directors join together to support a common charity or organization. During 2013 the board members together donated $100,000 to establish an endowment at Mount Allison University in Sackville, New Brunswick, providing an annual entrance scholarship to the university. Previous $100,000 board donations supported the Boys and Girls Clubs of Prince Edward Island, the YMCA of Greater Halifax/Dartmouth and Saint Mary's University in Halifax.\n\n## **Caring for Kids**\n\nDuring 2013 Killam organized the Caring for Kids Lottery, a fundraiser in support of the IWK Health Centre in Halifax. The IWK Health Centre provides quality medical care to women, children, youth and families in the Maritime provinces. Killam tenants supported the cause through the purchase of lottery tickets for the chance to win free rent for a year. All funds raised went directly to the IWK Foundation.",
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- "text": "## Specific Examples of CSR Activities\n\n# **Together with Our Customers**\n\n**We work as a team to improve customer satisfaction and product quality, and, while supporting the customer, contribute to the sustainable development of society as a whole.**\n\n# **The financial sector's role in improving the nation's diet and in strengthening the agricultural and fisheries sectors**\n\nFor many years, food supply networks in For many years, food supply networks in Japan were premised on mass production and Japan were premised on mass production and mass consumption, enabling the country to mass consumption, enabling the country to meet soaring food demand at a time of rapid meet soaring food demand at a time of rapid growth in the population and economy. growth in the population and economy. But in recent years, consumers have come to But in recent years, consumers have come to place more priority on factors other than place more priority on factors other than volume and price, such as food safety and volume and price, such as food safety and healthiness, and the cultural aspects of diet. healthiness, and the cultural aspects of diet. As discussion continues on the need for As discussion continues on the need for farmers to increase production scale and farmers to increase production scale and move into processing and marketing, major move into processing and marketing, major changes are underway in the agriculture and changes are underway in the agriculture and fisheries sector in Japan. fisheries sector in Japan.\n\nAgainst this backdrop, SMBC has developed Against this backdrop, SMBC has developed a new financial product for this sector. a new financial product for this sector. The SMBC Food and Agricultural Assessment The SMBC Food and Agricultural Assessment Loan comes with conditions, depending on Loan comes with conditions, depending on the results of an evaluation of food-producers' the results of an evaluation of food-producers' progress in areas such as food safety and progress in areas such as food safety and environment-friendliness, healthiness and environment-friendliness, healthiness and nutritional value, and efficiency of distribution. nutritional value, and efficiency of distribution. The Japan Research Institute researches The Japan Research Institute researches\n\nmeasures in the me a s u r e s i n t h e areas of food and of food and farming being taken farming being taken by the loan applicant, by the loan applicant, and drafts a simple and drafts a simple \"diagnosis\" stating \"diagnosis\" stating whether there is room whether there is room\n\nfor future improvement. Ernst & Young for future improvement. Ernst & Young ShinNihon LLC provides expert opinions on ShinNihon LLC provides expert opinions on ongoing improvement of this system. ongoing improvement of this system.\n\nBy backing customer companies' own By backing customer companies' own initiatives in the areas of food and agriculture initiatives in the areas of food and agriculture in this way, SMBC will be supporting measures in this way, SMBC will be supporting measures to improve the diet of the Japanese and to improve the diet of the Japanese and strengthen the agriculture and fisheries sector. strengthen the agriculture and fisheries sector.\n\n#### **For further details, please see our website.**\n\nA roundtable session with experts held in August 2011 eyesight concerns. eyesight concerns. considered the role of the new SMBC Food and Agricultural Assessment Loan in improving the food supply chain that links food and fishery producers with food processors and consumers. Opinions were also exchanged on what other future role the bank might assume in this regard, given the current situation and issues facing the food industry\n\nand agriculture in Japan.\n\n**Roundtable session: SMBC Food and Agricultural Assessment Loan**\n\n#### **Key comments of participants**",
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- "query": "Has the Sumitomo Mitsui Financial Group offered help to the elderly?",
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- "target_passage": "Currently, the proportion of people aged 65 or over in Japan has reached 23.4%*. SMFG will help create frameworks enabling the elderly to enjoy a vibrant lifestyle with peace of mind, through support for life-cycleframeworks enabling the elderly to enjoy a vibrant lifestyle with peace of mind, through support for life-cycle planning and other measures. The SMFG Group aims to create systems and a corporate culture that foster a soundplanning and other measures. The SMFG Group aims to create systems and a corporate culture that foster a sound balance between work and care needs, given that many group employees will later need to nurse ailing relatives.balance between work and care needs, given that many group employees will later need to nurse ailing relatives",
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- "text": "Sumitomo Mitsui Financial Group CSR Report **Digest version**",
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- "text": "#### **Further measures needed**\n\n- Give further support for businesses involved in greenhouse gas Give further support for businesses involved in greenhouse gas reduction, water supply, new energy and resource initiatives reduction, water supply, new energy and resource initiatives\n- Do more to safeguard biodiversity, in our capacity as a Do more to safeguard biodiversity, in our capacity as a financial institution financial institution\n- Share our information assets and know-how globally in the Share our information assets and know-how globally in the environmental business environmental business\n\nprograms to solve the problem of programs to solve the problem of pollution around the Besshi copper pollution around the Besshi copper mine, while the Mitsui Group set up mine, while the Mitsui Group set up the Mitsui Memorial Hospital to the Mitsui Memorial Hospital to give the poorest in society access to give the poorest in society access to basic medical care. Based on this basic medical care. Based on this corporate social responsibility corporate social responsibility DNA embedded in the business DNA embedded in the business philosophies of both the Sumitomo philosophies of both the Sumitomo and Mitsui groups over the 400 and Mitsui groups over the 400 years of their existence, we will years of their existence, we will continue to play our part in solving continue to play our part in solving problems facing the international problems facing the international community through our financial community through our financial service service operations. operations.\n\nIn the past, the Sumitomo Group In the past, the Sumitomo Group undertook large-scale afforestation undertook large-scale afforestation\n\n# **Shrinking and aging population Ensuring peace of mind for the future**\n\nCurrently, the proportion of people aged 65 or over in Japan has reached 23.4%*. SMFG will help create Currently, the proportion of people aged 65 or over in Japan has reached 23.4%*. SMFG will help create frameworks enabling the elderly to enjoy a vibrant lifest frameworks enabling the elderly to enjoy a vibrant lifestyle with peace of mind, through support for life-cycle yle with peace of mind, through support for life-cycle planning and other measures. The SMFG Group aims to crea planning and other measures. The SMFG Group aims to create systems and a corporate culture that foster a sound te systems and a corporate culture that foster a sound balance between work and care needs, given that many gr balance between work and care needs, given that many group employees will later need to nurse ailing relatives. oup employees will later need to nurse ailing relatives. *Estimates by the Statistics Bureau, Ministry of Internal Affairs and Communications (October 1, 2011)\n\n#### **Further measures needed**\n\n- nursing care nursing care\n- elderly (planning for asset management for old age) elderly (planning for asset management for old age)\n- Foster a better work-life balance Foster a better work-life balance\n\n# **Symbiosis and diversity**\n\nSupport businesses involved in health, medical and Support businesses involved in health, medical and\n\nExpand range of financial products and services for the Expand range of financial products and services for the",
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- "text": "# Commitment from the Top\n\n**A Conversation with Tadao Ando, Takeshi Kunibe and Koichi Miyata** \n\n# **What can we do now to spur the reconstruction and revitalization of Japan, and help resolve global issues?**\n\n#### *Uplifting the nation's spirits Uplifting the nation's spirits*\n\nJapan is now facing a wide variety of problems, ranging from the reconstruction of the Tohoku region (the northeastern region o Japan is now facing a wide variety of problems, ranging from the reconstruction of the Tohoku region (the northeastern region of Japan) Japan) after the March 11 earthquake and tsunami (\"the Great East Japan Earthquake\") to a shrinking and aging population, with falling after the March 11 earthquake and tsunami (\"the Great East Japan Earthquake\") to a shrinking and aging population, with falling birth rates birth rates and increasing numbers of the aged. and increasing numbers of the aged.\n\nWe must now find ways for people to coexist in harmony with nature, based on a global perspective. We must now find ways for people to coexist in harmony with nature, based on a global perspective.\n\nSumitomo Mitsui Financial Group (SMFG) invited the world-famous architect Tadao Ando to join in a conversation on the issues fa Sumitomo Mitsui Financial Group (SMFG) invited the world-famous architect Tadao Ando to join in a conversation on the issues facing society ing society and the ways in which SMFG and its Group companies can bring their expertise to bear as a financial services group. and the ways in which SMFG and its Group companies can bring their expertise to bear as a financial services group.\n\n# Tadao Ando\n\nArchitect. Professor Emeritus at the University of Tokyo, Representative and Vice-chairman of the Great East Japan Earthquake Reconstruction Design Council. Awarded the Order of Cultural Merit in 2010.\n\n**Our measures to support reconstruction after the disastrous earthquake and tsunami Uplifting the nation's spirits**\n\n̶ SMFG has the following priorities in its SMFG has the following priorities in its corporate social responsibility program: corporate social responsibility program: Reconstruction after the earthquake Reconstruction after the earthquake and tsunami, environmental measures, and tsunami, environmental measures, addressing the shrinking and aging addressing the shrink ing a nd aging population, and global challenges. — population, and global challenges. —\n\n**Kunibe**: Japan is facing a difficult period Japan is facing a difficult period with limited prospects for economic growth with limited prospects for economic growth due to a shrinking, aging population and due to a shrinking, aging population and a mature economy. Against this backdrop, a mature economy. Against this backdrop, the country was hit by the unprecedented the country was hit by the unprecedented catastrophe of the Great East Japan catastrophe of the Great East Japa n Earthquake. We must face up to the new Earthquake. We must face up to the new challenges arising from this disaster. challenges arising from this disaster.\n\nI believe the time has come for us to I believe the time has come for us to reconsider what we can do in our capacity reconsider what we can do in our capacity as a financial institution to address a variety as a financial institution to address a variety of issues, including the four priorities. of issues, including the four priorities. Today I hope we can discuss not only the road Today I hope we can discuss not only the road to reconstruction after the disaster, but also to reconstruction after the disaster, but also ways to uplift the nation's spirits. ways to uplift the nation's spirits.",
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- "text": "Throughout this report, **\"Sumitomo Mitsui Financial Group\"** or **\"SMFG\"** refers to the holding company alone. **\"The SMFG Group\"** refers to the holding company and its primary domestic and international subsidiaries and affiliates. Company name abbreviations and other special terminology\n\n## **Reference guidelines**\n\nGlobal Reporting Initiative (GRI) Sustainability Reporting Guidelines 2006 (G3) * Global Reporting Initiative (GRI): Established as an international standard for sustainability reporting, compilers set up an international organization (GRI) in 1997 to encourage its adoption worldwide.\n\n# **About this Report**\n\n- Period Covered : April 1, 2010 to March 31, 2011 ( \"Fiscal 2010\" ) Note: Certain items in this report refer to activities taking place after April 2011.\nPublication Date of Japanese Document : December 2011\n\n- Contact :\n\t- 1-2 Marunouchi 1-chome, Chiyoda-ku, Tokyo 100-0005 TEL: +81-3-3282-8111\n\nGroup CSR Department, Sumitomo Mitsui Financial Group, Inc.",
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- "text": "# **Social Contribution Activities**\n\n**SMFG as a corporate citizen: Working to create a prosperous society for all**\n\nGarbage was analyzed in the Kugenuma Beach cleanup event, in which SMFG and its Group companies participated\n\n# **SMFG and its Group companies participate in neighborhood cleanup programs**\n\nIn fiscal 2010, 150 volunteers from the In fiscal 2010, 150 volunteers from the SMFG Group participated in beach cleanup SMFG Group participated in beach cleanup activities in Kanagawa and Hyogo prefectures activities in Kanagawa and Hyogo prefectures on \"SMFG Clean-up Day.\" This initiative is on \"SMFG Clean-up Day.\" This initiative is not simply a matter of picking up garbage. It not simply a matter of picking up garbage. It also involves inspections and analysis of also involves inspections and analysis of garbage to identify pointers for providing garbage to identify pointers for providing solutions for environmental issues in the solutions for environmental issues in the future. future.\n\nIn addition to beach cleanup activities in In addition to beach cleanup activities in Chiba and Hyogo prefectures by SMBC Chiba and Hyogo prefectures by SMBC Friend Securities, Group companies of Friend Securities, Group companies of Cedyna, Sumitomo Mitsui Finance & Leasing, Cedyna, Sumitomo Mitsui Finance & Leasing, the Japan Research Institute and SMBC the Japan Research Institute and SMBC Nikko Securities carry out ongoing cleanup Nikko Securities carry out ongoing cleanup and other activities in the areas around their and other activities in the areas around their offices and branches. offices and branches.\n\nThe Minato Bank and Kansai Urban Banking The Minato Bank and Kansai Urban Banking Corporation also engage in cleanup activities Corporation also engage in cleanup activities around Suma Beach and Lake Biwa, to around Suma Beach and Lake Biwa, to protect the regional environment. protect the regional environment.\n\n# **Supporting education in developing countries, together with our customers and employees**\n\nCardholders and employees of Sumitomo Cardholders and employees of Sumitomo Mitsui Card joined a literary social contribution Mitsui Card joined a literary social contribution initiative by participating in the Books To initiative by participating in the Books To The People 2010 project operated by BOOKOFF The People 2010 project operated by BOOKOFF CORP. This project aims to provide CORP. This project aims to provide environ environments in which children can read books in ments in which children can read books in purpose-built facilities, through donations to purpose-built facilities, through donations to Room to Read, a non-governmental organi Room to Read, a non-governmental organization that supports education in developing zation that supports education in developing countries. These NGO donations are pegged countries. These NGO donations are pegged to total numbers of used books and other to total numbers of used books and other items purchased by cardholders. Through items purchased by cardholders. Through the Sumitomo Mitsui Card-operated online the Sumitomo Mitsui Card-operated online shopping mall POINT UP Mall, cardholders shopping mall POINT UP Mall, cardholders are encouraged to buy used books through are encouraged to buy used books through BOOKOFF, and employees collect and donate BOOKOFF, and employees collect and donate used books from their homes and companies. used books from their homes and companies.\n\nCollection box for used books and other items\n\nBuilding libraries in developing countries through the NGO Room to Read\n\ninstalled in an employee canteen Supporting education in developing countries\n\n# **Donations through \"The World Bank Green Fund\"**",
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- "text": "### EXECUTIVES\n\nFrom left: Mitsuhiko Yamashita, Tadao Takahashi, Toshiyuki Shiga, Carlos Ghosn, Itaru Koeda, Hiroto Saikawa, Carlos Tavares\n\n#### **BOARD OF DIRECTORS AND AUDITORS**\n\n#### **Representative Board Members**\n\nCarlos Ghosn President and Co-Chairman\n\nItaru Koeda Co-Chairman\n\nToshiyuki Shiga Co-Chairman\n\n#### **Board Members**\n\n- Tadao Takahashi Hiroto Saikawa Mitsuhiko Yamashita Carlos Tavares Shemaya Lévy Patrick Pélata\n- **Auditors** Hisayoshi Kojima Shinji Ichishima Keishi Imamura Haruo Murakami\n\n#### **EXECUTIVE COMMITTEE MEMBERS**\n\n- Carlos Ghosn Toshiyuki Shiga Itaru Koeda Tadao Takahashi Hiroto Saikawa Mitsuhiko Yamashita Carlos Tavares Alain-Pierre Raynaud\n(As of June 21, 2005)",
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- "text": "# **Priority Issues for Us** As one of Japa As one of Japan's leading financial services groups, s leading financial services groups,\n\nthe SMFG Group is taking the lead in aggressively addressing the four priority issues the SMFG Group is taking the lead in aggressively addressing the four priority issues we have identified as significantly impacting the nation. we have identified as significantly impacting the nation.\n\n**Measures for Japan's regeneration**\n\n# **Reconstruction after the earthquake and tsunami**\n\nMitsui Charity Hospital at its establishment Mitsui Charity Hospital at its establishment\n\nBesshi copper mine in the Meiji era Besshi copper mine in the Meiji era And today And today\n\nThe March 11 earthquake and tsunami (The Gr The March 11 earthquake and tsunami (The Great East Japan Earthquake) undermined power eat East Japan Earthquake) undermined power generation capacity and severed manufacturing supply chains across the nation. This was in addition generation capacity and severed manufacturing supply chains across the nation. This was in addition to the severe damage sustained by agriculture and fisheries in the Northeast. to the severe damage sustained by agriculture and fisheries in the Northeast.\n\nThe disaster also threw into relief many social issues facing the nation. By leveraging our role as The disaster also threw into relief many social issues facing the nation. By leveraging our role as a leading financial services group, we are committing our full range of resources to dealing with the a leading financial services group, we are committing our full range of resources to dealing with the enormous task of regional reconstruction after the earthquake, in partnership with stakeholders enormous task of regional reconstruction after the earthquake, in partnership with stakeholders including enterprises, local governments and non-profit organizations. including enterprises, local governments and non-profit organizations.\n\n#### **Further measures needed**\n\n- Wide-ranging financial support for the reconstruction of infrastructure Wide-ranging financial support for the reconstruction of infrastructure\n- Ongoing disaster recovery activities by employee volunteers Ongoing disaster recovery activities by employee volunteers\n- Comprehensive support for industrial recovery Comprehensive support for industrial recovery in partnership with local governments and in partnership with local governments and financial institutions in the disaster-affected areas financial institutions in the disaster-affected areas\n\n**Environmental measures Creating systems for sustainability Global challenges**\n\nThe SMFG Group has positioned environmental businesses as an area where it can most effectively The SMFG Group has positioned environmental businesses as an area where it can most effectively leverage its role as a leading financial services group. This is a priority field for the future. leverage its role as a leading financial services group. This is a priority field for the future. Measures are being stepped up on a range of fronts — not only involving a low-carbon society, but Measures are being stepped up on a range of fronts — not only involving a low-carbon society, but also dealing with issues such as water supply, soil contamination, energy and biodiversity. We aim to also dealing with issues such as water supply, soil contamination, energy and biodiversity. We aim to contribute to sustainable development by supporting contribute to sustainable development by supporting the worldwide adoption of Japan's much-admired the worldwide adoption of Japan's much-admired technological breakthroughs, with a particular focus on the Asian region. technological breakthroughs, with a particular focus on the Asian region.\n\n#### **Further measures needed**",
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- "text": "## **Corporate Outline (as of September 30, 2011)**\n\n| Company Name | : | Sumitomo Mitsui Financial Group, Inc. |\n| --- | --- | --- |\n| Business Description | : | Management of banking subsidiaries (under the stipulations of Japan's Banking Act) and of |\n| | | non-bank subsidiaries, as well as the performance of ancillary functions |\n| Established | : | December 2, 2002 |\n| Head Office | : | 1-2, Marunouchi 1-chome, Chiyoda-ku, Tokyo, Japan |\n| Chairman of the Board | : | Masayuki Oku |\n| President | : | Koichi Miyata (Concurrent Director at Sumitomo Mitsui Banking Corporation) |\n| Capital | : | ¥2,337.8 billion |\n| Stock Exchange Listings | : | Tokyo Stock Exchange (First Section) |\n| | | Osaka Securities Exchange (First Section) |\n| | | Nagoya Stock Exchange (First Section) |\n| | | Note: American Depositary Receipts (ADRs) are listed on the New York Stock Exchange. |\n\n## **Structure of Sumitomo Mitsui Financial Group (as of September 30, 2011)**\n\n# **Our CSR reporting**\n\nAt Sumitomo Mitsui Financial Group, three kinds of CSR reports are compiled.\n\n| CSR report 2011 (digest version) | CSR disclosure through |\n| --- | --- |\n| Covers CSR baselines and CSR activities at SMFG and its Group companies, Covers CSR baselines and CSR activities at SMFG and its Group companies, | specific examples |\n| centered on specific examples centered on specific examples | |\n| CSR report 2011 | Comprehensive |\n| (digest version with examples of activities and | |\n| statistical performance, online PDF file) | disclosure of |\n| Covers environment-related statistical data and gives more detailed Covers environment-related statistical data and gives more detailed | CSR activities |\n| information on CSR activities information on CSR activities | |\n| CSR report (online version, Japanese only) | Enriched |\n| www.smfg.co.jp/responsibility | CSR disclosure |\n| This is the official version of our CSR report. Covers the full spectrum of This is the official version of our CSR report. Covers the full spectrum of | |\n| CSR activities at SMFG CSR activities at SMFG | |\n\n# **Editorial Policy**\n\nThis report has been created in an effort to convey to our stakeholders the variety of our initiatives and the roles the SMFG Group is fulfilling as we work to create a sustainable society. We have aimed to present the information clearly, so that readers may understand our attitude that the fulfillment of CSR is the essence of business itself, and our initiatives act upon this. Our CSR Report 2011 (digest version), launched last fiscal year, is intended to present more concise reports of the Group's CSR activities, with a focus on specific activities of interest. To complement this, we have also posted online our CSR Report 2011 (digest version, with examples of activities and statistical performance), with more detailed information on CSR activities and statistical data omitted in the CSR Report 2011 (digest version). We disclose the full range of our CSR activities as a Group on our website in the official-use version of our CSR Report (in Japanese only). It is recommended that you read it in combination with the above two digest versions in order to understand our CSR and other activities in greater detail.\n\nFrom the current fiscal year, we are including third-party opinions in the website version.\n\n# **Scope of this Report**\n\n- Sumitomo Mitsui Financial Group, Inc.\n- Sumitomo Mitsui Banking Corporation\n- SMFG Card & Credit, Inc.\n- Sumitomo Mitsui Card Company, Limited\n- Cedyna Financial Corporation\n- Sumitomo Mitsui Finance and Leasing Co., Ltd.\n- The Japan Research Institute, Limited\n- SMBC Friend Securities Co., Ltd.\n- SMBC Nikko Securities Inc.\n- THE MINATO BANK, LTD.\n- Kansai Urban Banking Corporation\n- Other Group companies",
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- "text": "and agriculture in Japan.\n\n**Roundtable session: SMBC Food and Agricultural Assessment Loan**\n\n#### **Key comments of participants**\n\n\"We want to deliver value by creating demand and quality combined with safety, peace of mind and trust.\" Katsutoshi Konuma, Section Manager, Social & Environmental Management, Asahi Breweries Ltd.\n\nYasuhiro Nakashima Associate Professor Graduate School of Agricultural and Life Sciences, The University of Tokyo\n\n\"Eating should be something that generates emotion. New potential exists in the world of cuisine.\" Daisuke Yamamoto, Vice Senior Consultant, Research Department, The Japan Research Institute, Limited\n\n\"As consumer tastes go through a time of great change, I think it is important to prioritize ingredients and the attitude of customers toward eating.\"\n\n\"An important concept is multilateral dialogue as the number of parties involved in food production increases throughout the supply chain.\" Yoichiro Fukayama, Planning Dept., Deputy Head (with powers of representation) of the Corporate Banking Unit & Middle Market Banking Unit, SMBC\n\nModerated by Kenji Sawami, Partner, Ernst & Young ShinNihon LLC\n\n# **Making banking a more pleasant experience for all customers**\n\nWith the old-age dependency ratio soaring, With the old-age dependency ratio soaring, the SMFG Group aims to provide friendly, the SMFG Group aims to provide friendly, easy-to-use banking services for all its easy-to-use banking services for all its customers. customers.\n\nSome Group companies are likewise making Some Group companies are likewise making their facilities barrier-free at bank branches their facilities barrier-free at bank branches with large numbers of customers, to tailor with large numbers of customers, to tailor services to the needs of all customers. services to the needs of all customers.\n\nFor example at the Minato Bank, we have For example at the Minato Bank, we have equipped all ATMs at all our branches and equipped all ATMs at all our branches and cashpoints with voice-guidance handsets for cashpoints with voice-guidance handsets for the visually impaired. the visually impaired.\n\nIn addition, we have set up priority seating In addition, we have set up priority seating in the lobby of each of our branches for in the lobby of each of our branches for customers who are very old or who have customers who are very old or who have mobility problems. We are also steadily mobility problems. We are also steadily introducing queue-number displays using introducing queue-number displays using Color Universal Design (CUD) principles, Color Universal Design (CUD) principles, which are easier to read for customers with which are easier to read for customers with\n\nHandheld hearing support device (The Minato Bank)",
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- "text": "**Miyata**: In the same way, other SMFG In the same way, other SMFG Group companies have been sending out Group companies have been sending out volunteers, and providing donations not only volunteers, and providing donations not only as a company, but also through individual as a company, but also through individual employees. SMBC was at the heart of all these employees. SMBC was at the heart of all these activities, and this was a good opportunity activities, and this was a good opportunity for us to appreciate anew how our business for us to appreciate anew how our business contributes to the public good. contributes to the public good.\n\n# Koichi Miyata\n\nPresident Sumitomo Mitsui Financial Group, Inc.\n\nThe SMFG Group has 62,000 employees, The SMFG Group has 62,000 employees, \"stepping up to the plate and working hard \"stepping up to the plate and working hard to give something back to society.\" I think it to give something back to society.\" I think it is important to develop ways of making this is important to develop ways of making this a shared aspiration of all the employees of a shared aspiration of all the employees of the Group. the Group.",
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- "query": "Does Chesapeake Energy have a project to reduce excessive water use?",
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- "target_passage": "Created to meet the challenge of reducing our water usage, Chesapeake’s Aqua Renew® program uses state-of-the-art technology to recycle pro- duced water.",
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- "text": "# INVESTING IN OUR WORLD AND OUR PEOPLE »\n\nAs we explore for and produce clean, affordable, abundant, American natural gas, we provide an important solution to our nation's energy challenges and its quest for energy independence. With at least a 200 year supply of natural gas located right here in the U.S., this versatile fuel can be used to not only heat homes, create electricity and meet America's transportation needs, but also to fuel the country's future by creating jobs and stimulating local and national economies through investment and taxes.\n\n# **Environmentally Friendly Operations**\n\nAt Chesapeake, we realize that the way a great product is produced is as important as the product itself. For example, we have helped pioneer the use of multiwell padsites to drill up to 16 wells from a single location, greatly reducing our land and road use and overall environmental footprint. We use the latest horizontal and directional drilling technology to place wells at a safe distance from homes, schools and businesses. In addition, we build and maintain access roads and work to eliminate soil erosion near our sites, as well as restore local vegetation.\n\nWe implement advanced, modern protective measures known as Best Management Practices (BMPs) to help ensure energy development is conducted in an environmentally responsible manner. Procedures are implemented throughout our operations to protect freshwater aquifers and reduce environmental impacts. BMPs protect wildlife, air quality, water and landscapes as we work to develop vitally needed domestic energy sources.\n\nImplemented throughout the entire life cycle of a well, BMPs can be as simple as strategically placing a berm, or land barrier, on locations to control surface water runoff. Others involve cutting-edge operational technologies such as utilizing the most advanced techniques offered in drilling fluids, well casing and cement design. Regardless of complexity, all BMPs are based on the idea that the environmental footprint of energy development should be as small and temporary as possible. These practices are continually evolving and further improving as Chesapeake and the industry develop new innovative techniques and approaches to business.\n\nIn addition to our BMPs, Chesapeake has also initiated several innovative internal programs focused on water recycling and greener hydraulic fracturing processes.\n\n# *Aqua Renew***®**\n\nCreated to meet the challenge of reducing our water usage, Chesapeake's *Aqua Renew*® program uses state-of-the-art technology to recycle pro-\n\nduced water. Since the company's preliminary reclamation project in\n\n2006, our focus on water reuse and conservation has become a companywide endeavor, stretching from the Barnett Shale of North Texas to the Marcellus Shale of northern Pennsylvania.\n\nThe *Aqua Renew* program has yet to find a limit to how much recycled water could be used without compromising well production. In fact, our Marcellus Shale operations are treating and recycling virtually 100% of produced water (more than 10 million gallons per month) for reuse in our hydraulic fracturing operations. Properly conducted modern fracking is a highly engineered, controlled, sophisticated and safe procedure.\n\nWith such large volumes of recycled water, the company is seeing more than just environmental advantages. We estimate that this\n\n*Green operations — Chesapeake's Best Management Practices ensure our operations are as environmentally friendly as possible, while protecting our employees, neighbors and the areas where we operate.*",
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- "text": "wet natural gas and dry natural gas), similar to the components of the Eagle Ford Shale. We have made a large commitment to this play and have acquired approximately 1.2 million net leasehold acres and expect to increase this total to as much as 1.5 million net leasehold acres in the coming months. We are currently using three rigs to evaluate the play and believe our leasehold could support the drilling of up to 12,000 net wells. This is an area where we anticipate bringing in a joint venture partner late in 2011 or early in 2012.\n\n# **Our People**\n\nGreat assets cannot exist without great people, so we take great pride in hiring, training, motivating, rewarding and retaining what we regard\n\nas the best employees in the industry. From our beginning 22 years ago with 10 employees in Oklahoma City to employing more than 10,000 people across 15 states today, Chesapeake has always focused on building first-class human resources within a distinctive corporate culture. Talk to Chesapeake employees and you will note genuine pride and great enthusiasm about the company and the critical role that we play in delivering increasing quantities of clean and affordable American natural gas and valuable and reliable liquids to energy consumers across the country.\n\nChesapeake employees are distinctive in other ways as well. They are much younger than the industry average, with half of our almost 4,000 Oklahoma City-based headquarters employees 33 years old or younger. Their enthusiasm and willingness to learn create an atmosphere of vitality and energy at Chesapeake, important ingredients of our distinctive culture. These attributes, along with a vibrant and attractive corporate headquarters campus, low levels of bureaucracy, great assets and a well-executed corporate strategy combine to create our culture of success and innovation.\n\nThis has generated extremely positive external feedback as Chesapeake was recently recognized for the fourth consecutive year as one of the FORTUNE 100 Best Companies to Work For®(3) in the U.S. In fact, we moved up to #32 overall and #1 in our industry — we are very proud of having created and sustained what is now considered the best place to work in all of the U.S. energy production industry.\n\nIn addition, we were honored in December 2010 at the 12th Annual Platts Global Energy Awards as finalists for CEO of the Year, Community\n\nFrom our beginning 22 years ago with 10 employees in Oklahoma City to employing more than 10,000 people across 15 states today, Chesapeake has always focused on building first-class human resources within a distinctive corporate culture.\n\n*<< A Chesapeake rig drills in the Marcellus Shale, where the company is the leading leasehold owner, largest producer and most active driller.*\n\nDevelopment Program of the Year, Deal of the Year, Energy Producer of the Year and the Industry Leadership Award. Chesapeake was one of only two companies selected as a finalist in five or more categories. The company was also honored in 2010 with a Certificate of Recognition for our military reserve recruiting efforts, named a 2010 Best Diversity Company by Engineering & Information Technology Magazine and recognized for Best Investor Relations in Energy Sector and Best Investor Relations Website at the 2010 IR Magazine U.S. Awards.\n\n# **Recent Events and a Better Way Forward**\n\nYou may be aware that I have been outspoken in attempting to persuade our country's political leadership to recognize that the discovery of vast resources of unconventional natural gas and oil in the U.S. is a complete game changer for our country from an economic, national security and environmental perspective. After two years of my best efforts and the efforts of many others in the industry, most notably T. Boone Pickens,",
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- "text": "We also hire locally whenever possible to help stimulate the local economy, and we provide training when the local work force isn't yet qualified for the jobs we have open. For example, when Chesapeake began operating in the Marcellus Shale of West Virginia and Pennsylvania, finding experienced rig workers was a challenge. To meet that need, Chesapeake's wholly owned subsidiary, Nomac Drilling, built the 40,000-square-foot Eastern Training Center and Housing Facility in Bradford County, near Sayre, Pennsylvania. The campus opened in 2010 and serves as a housing facility and training ground for 266 workers at a time. Nomac and Chesapeake host regular job fairs in the region and the lines of interested candidates often extend out the door.\n\n# **Educational Impact**\n\nWe are also proud to help prepare tomorrow's leaders today. In 2010 Chesapeake supported universities, schools, academic chairs, scholarships and other educational programs with contributions totaling $5.4 million.\n\nInvesting in programs that promote technology and innovation is a key to our country's success. That's why we gave $1.0 million to establish the Chesapeake Energy dormitory for students at the Oklahoma School for Science and Mathematics (OSSM), a public, tuition-free, residential high school located in Oklahoma City for juniors and seniors with exceptional abilities. The extremely competitive school is helping train the next generation of scientists and mathematicians.\n\nWe also established the Chesapeake Energy Presidential Scholars Program at the Oklahoma City University Meinders School of Business, making a $5.0 million commitment to be distributed over the next five years. The Chesapeake Scholars Program will provide up to $25,000 per year in tuition",
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- "text": "to selected students pursuing careers in finance, economics, accounting, marketing, business administration, computer science and information technology. In addition, scholars will take part in a Chesapeake Presidential Leadership Course facilitated by faculty members in coordination with designated Chesapeake leadership coaches, including a Chesapeake senior vice president and OCU alumni.\n\nIn 2007 Chesapeake launched a scholarship program in Texas with an initial $1.25 million contribution, challenging the cities of Fort Worth and Dallas to match its gift within a year. The cities responded and matched the gift, so Chesapeake in 2008 added another $1.25 million to the fund, bringing the total to $3.75 million. The Chesapeake Scholarship Fund currently funds the cost of higher education for 48 minority students. The fund provides each student $20,000 a year for up to four years at the school of their choice. To date more than $1.0 million has been distributed to deserving local students.\n\nTo help ensure the training of qualified geologists, engineers, landmen and energy lawyers in the next generation, we award scholarships to students pursuing energy-related degrees. We also help mentor them through Chesapeake's Peak Program. Junior- and senior-level scholarship recipients are paired with Chesapeake employee mentors who help develop students' knowledge and provide career advice. There are currently 25 mentors and 40 scholarship recipients participating in the Peak Program.\n\nOur recruiting team also initiated a strategic military recruitment effort during the past two years to hire former military personnel to work in a variety of leadership and crew positions. This effort earned Chesapeake an honor from G.I. JOBS magazine when we were named a 2011 Top 100 Military-Friendly Employer. Chesapeake currently employs 37 men and women who formerly served as junior military officers and more than 100 former servicemen and servicewomen who joined the company through a program called Troops 2 Roughnecks.\n\nIn addition to our specific scholarship programs, one-time educational donations and recruitment efforts, in 2010 we gave more than $1.8 million to fund higher education for nearly 400 other students in 12 states through our Chesapeake Scholars program. Chesapeake's scholarships help recruit the best and brightest students and provide educational opportunities in communities where we operate. In Oklahoma City, more than 400 employees volunteer for up to an hour a week on company time at four local public schools. Chesapeake's program has grown to become the largest corporate mentoring program in Oklahoma.\n\n# **Community Impact**\n\nChesapeake employees have been enriching their hometowns as volunteers for many years. We formalized those efforts in 2009 by establishing an official employee volunteer program, the H.E.L.P. (Helping Energize Local Progress) Initiative, wherein employees are invited to volunteer each month for a variety of organizations from food pantries to animal shelters. Through that program, employees donated more than 26,000 hours to their communities in 2009.\n\nIn the summer of 2010, Chesapeake took the H.E.L.P. Initiative to a higher level through the launch of Operation Blue. From Memorial Day through Labor Day, each employee was given four hours of company time to complete the volunteer project of their choice. Our employees eagerly accepted the challenge, and in three months more than 4,900 employees donated 30,900 hours of service to 519 organizations in more than 96 communities across the country. Operation Blue is now an annual volunteer program in which employees roll up their sleeves in the communities they call home.",
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- "text": "Jeff Fisher Senior Vice President – Production\n\n# **What advantages does CHK's unique vertical integration strategy provide?**\n\nChesapeake has built a large inventory of low-risk natural gas and liquids-rich plays that we plan to develop aggressively over the next two decades. As a result, we know that our company will consistently utilize a tremendous (and growing) amount of oilfield services for this resource development. This high level of planned drilling activity will create value for the provider of oilfield services, and Chesapeake's strategy is to capture a portion of this value for our shareholders rather than transfer it to third-party vendors whose interests and investments are not always aligned with ours. To date, Chesapeake has invested in drilling rigs, rental tools, water management equipment, trucking, compression equipment, midstream services, and most recently pressure pumping and fracture stimulation equipment. Chesapeake's activities require a high level of planning and project coordination that is best accomplished through vertical integration and ownership of the oilfield services we utilize. This approach creates a multitude of cost savings, an alignment of interests, operational synergies, greater capacity of equipment, increased safety and better coordinated logistics. In addition, Chesapeake's control of a large portion of the oilfield service equipment it utilizes provides a unique advantage to control the timing of leasehold development. Simply put, faster development of resources maximizes the present value of leasehold. This has been a key advantage for\n\nChesapeake over the past three years as the company has monetized leasehold investments at premium values through our joint ventures.\n\n# **Will U.S. natural gas prices reconnect with world natural gas prices?**\n\nNatural gas is a premium product and a cleaner-burning fuel than coal or oil-related products, including gasoline, diesel and heating oil. Despite this fact, over the past two years natural gas has received a low price in the U.S. market relative to coal and oil-related products, primarily as a result of a temporary surplus of production. This surplus has been principally caused by high levels of drilling activity as producers focused on holding by production (HBP) leasehold in new highly productive, low cost natural gas shale plays. In essence, producers reinvented U.S. supply ahead of reinventing of U.S. demand. We believe HBP-incentivized drilling on natural gas plays will largely come to an end in 2012, and U.S. demand will soon also be reinvented to allow U.S. natural gas prices to reconnect to price parity with world natural gas prices that have risen to more than double U.S. natural gas prices.\n\nThis surge in world natural gas prices has been in response to $100+ oil prices and surging global liquefied natural gas (LNG) demand. In our view, the arbitrage in value between competing fuels is simply too wide. Capital and ideas will flow toward projects that make the most of this price disparity. Chesapeake and other companies are working to create the ability to export natural gas from the U.S. Gulf Coast and other regions in the form of LNG to premium Pacific Rim, European and South American markets, perhaps as soon as 2015. This initiative will also be aided by the widening of the Panama Canal to accommodate large LNG vessels. Furthermore, we believe that the\n\nJeff Mobley Senior Vice President – Investor Relations and Research",
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- "text": "# INVESTING IN OUR COMMUNITIES »\n\nChesapeake's sense of civic commitment provides a bountiful harvest of benefits to cities large and small. We partner with groups and organizations across all of our operating areas to improve the communities our employees, contractors, vendors, land and mineral owners call home. We believe the success of our business depends on the strength, goodwill and vitality of those communities. Most importantly, we believe it is the responsibility of every successful business to share success with its neighbors.\n\nIn 2010 we gave more than $25 million to charitable organizations and projects across our operating areas, primarily focusing on community development, education, health and medical and social services.\n\n# **Economic Impact**\n\nWhile much of the U.S. is still struggling to recover from the economic recession, the positive impact of natural gas and oil operations has provided a valuable economic recovery stimulus for states that are home to exploration and development activities. As the nation's second-largest producer of natural gas, a Top 15 producer of liquids and most active driller of new wells, Chesapeake's arrival in a new play stimulates economic activity, augments personal income through jobs and royalty payments, generates substantial tax revenue and sustains communities throughout its operating areas.\n\nIn addition to the general economic impact of our activities on local economies, the company's tax contributions are substantial. In 2010 Chesapeake paid approximately $675 million in taxes, including ad valorem, severance, sales, employer, and corporate income and franchise taxes. These taxes pay for ongoing government services and also build and maintain schools, recreational facilities, and parks and roads — at a time when state and local governments are still feeling the pinch of recession. We are proud to support America's economy with our growth while also helping to protect the environment through the greater use of clean-burning natural gas and reducing the country's dependence on expensive foreign oil.\n\nChesapeake also makes contributions that help improve lives and economies in cities where we operate: $25 million in 2010 alone. For example, this past year we donated $200,000 to establish the Chesapeake Environmental and Recycling Center at Goodwill Industries of Central Oklahoma. The center will provide an additional 80 jobs to disabled Oklahomans, as well as help Goodwill recycle 10 million pounds a year, which\n\n### **Chesapeake's $25 million of charitable giving in 2010**\n\n- Community Development\n- Education\n- Health and Medical\n- Social Services\n\nequates to one-third of the goods that otherwise would have been destined for Oklahoma City-area landfills. In West Virginia, we helped fund construction of the Morgantown Market\n\n*Equipping the next generation — West Virginia students hold their new laptops from Chesapeake as part of the company's Discovering Tomorrow's Leaders program.* \n\nPlace, a permanent site for the city's farmers' market, creating more business opportunities for local farmers.\n\nChesapeake also supports local chambers of commerce and city councils in all of its operating areas. In the Haynesville Shale last year, we awarded grants to the Shelby County, Sabine Parish and Coushatta-Red River chambers of commerce to help fund tourism, business communications and chamber events. In Texas, we assisted more than 250 civic, professional and community service organizations throughout Johnson, Tarrant and western Dallas counties, and sponsored memberships in 35 local Texas chambers of commerce. By helping local chambers and businesses grow and thrive, we are creating stronger economies.",
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- "text": "Jeff Mobley Senior Vice President – Investor Relations and Research\n\ncurrent price disparity between natural gas and oil will increasingly lead to greater use of natural gas in the U.S. transportation system. Whether it be compressed natural gas (CNG) for medium and light-duty vehicles, LNG for heavy-duty vehicles or the commercialization of gas-to-liquids (GTL) natural gas refineries that supplement the U.S. liquid fuel supply stream, we believe that the marketplace will increasingly utilize and embrace natural gas. Chesapeake is working with industry, public policymakers and potential partners on each of these demand reinvention opportunities. Natural gas is clean, affordable, abundant and American. Why *shouldn't* it trade at a BTU premium in the years ahead?\n\nNick Dell'Osso Executive Vice President and Chief Financial Officer\n\n# **Why is an investment grade rating on its debt securities important to CHK?**\n\nWe believe that Chesapeake will benefit in multiple ways from an investment grade rating on our debt securities, which we hope to achieve in 2012 or 2013. First, a higher rating would obviously lower the company's borrowing costs over time. In addition, other less easily quantifiable benefits will also accrue to Chesapeake. Higher debt ratings would result in lower costs on long-term firm transportation contracts that we enter into in order to market our natural gas and oil production as well as facilitate our ability to enter into long-term contracts to sell our natural gas production to international buyers in the form of LNG. An improved rating will also enhance Chesapeake's ability to further attract world-class energy companies to participate in our joint venture projects, which profitably monetize a portion of our leasehold investments and also accelerate the development of our resource base. Finally, and perhaps most importantly, we believe that reduced financial leverage and an investment grade rating will lead to a higher stock price and provide further interest from worldwide equity investors.",
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- "text": "# DEAR FELLOW SHAREHOLDERS »\n\n2010 was a very important year of transition and achievement for Chesapeake, a year in which we initiated three very important strategic shifts: from asset gathering to asset harvesting, from focusing exclusively on natural gas to a balanced focus on natural gas and liquids and from having a leveraged balance sheet to one worthy of an investment grade rating.\n\n*Home to three distinct forms of hydrocarbons: dry natural gas, natural gas liquids and oil, the Eagle Ford Shale in South Texas epitomizes Chesapeake's shift to a balanced focus on natural gas and liquids.*\n\n2010 also marked a truly transformative year for our industry. We and a handful of our peers enhanced our capabilities to find and produce significant new resources of oil and natural gas liquids (collectively, \"liquids\") in unconventional formations. Chesapeake and these other companies combined creativity, innovation and technology to reinvent the way that our industry explores for and produces natural gas and liquids.\n\nFurthermore, 2010 was the year when global energy companies more fully recognized the importance of these developments and the tremendous opportunities that have emerged in the U.S. Through a wide variety of transactions, including several led by Chesapeake, the global energy industry made it clear that the assets owned by Chesapeake and some of its peers are the most attractive in the world. This realization has already increased the value of highquality unconventional assets in the U.S. and, in time, should lead to higher\n\nstock prices for the leading U.S. onshore E&P companies, especially Chesapeake. Simply put, the global energy industry is beating a path to our door, and we are welcoming it with open arms.\n\nBefore we move ahead, I want to emphasize that even though 2010 was a year of transition and achievement, our stock price was essentially unchanged. Nevertheless, it was still a very strong year for the company operationally and financially. Here are the year's highlights for your review:\n\n- >> Average daily natural gas and oil production increased 14% from 2.5 billion cubic feet of natural gas equivalent (bcfe) in 2009 to 2.8 bcfe in 2010;\n- >> Proved natural gas and oil reserves increased 20% in 2010, from 14.3 trillion cubic feet of natural gas equivalent (tcfe) to 17.1 tcfe;\n- >> Reserve replacement for 2010 reached 375% at a drilling, completion and net acquisition cost of only $0.76 per thousand cubic feet of natural gas equivalent (mcfe)(1);\n- >> Realized hedging gains were $2.1 billion;\n- >> Revenues increased 22% to $9.4 billion;\n- >> Adjusted ebitda(2) increased 15% to $5.1 billion;\n- >> Operating cash flow(2) increased 5% to $4.5 billion; and\n- >> Adjusted earnings per fully diluted share(2) increased 16% to $2.95.",
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- "text": "### **LIQUIDS-RICH AREAS**\n\n2010 Total Production: 0 bcfe, NM, NM\n\n205,000, +14%, 2%\n\n12/31/10 Proved Reserves: 10 bcfe, NM, NM\n\n12/31/10 Net Leasehold Acres:***\n\nAnadarko Basin The Anadarko Basin is home to four of Chesapeake's liquids-rich plays, which we anticipate will become significant contributors to our growth in the years ahead. Chesapeake was one of the first to utilize modern horizontal drilling methods and has assembled an unrivaled leasehold position in numerous horizontal liquids-rich plays in the basin. Chesapeake will continue drilling with a focus on the Granite Wash, where rates of return are the highest in our company, and with an increasing focus on the Cleveland, Tonkawa and Mississippian liquids-rich unconventional plays. We estimate we could drill up to 11,400 net wells on our Anadarko Basin acreage in the future and plan to utilize an average of 31 operated rigs in 2011 to further develop our current 1.7 million net leasehold acres. **5** 2010 Total Production:\n\n145 bcfe, +4%, 14%\n\n12/31/10 Proved Reserves: 2,440 bcfe, +21%, 14%\n\n12/31/10 Net Leasehold Acres: 1,420,000, +15%, 11%\n\nEagle Ford Shale As part of a growing emphasis on increasing oil and natural gas liquids production, Chesapeake has built the industry's second-largest leasehold position in the Eagle Ford Shale play in South Texas. In 2010 Chesapeake increased its leasehold from 80,000 net acres at the beginning of the year to more than 600,000 net acres. In November 2010, Chesapeake completed a $2.2 billion Eagle Ford Shale joint venture agreement with Beijing-based CNOOC Limited (NYSE:CEO), whereby CNOOC acquired a 33.3% interest in 600,000 net leasehold acres in the Eagle Ford Shale. CNOOC paid Chesapeake approximately $1.12 billion in cash at closing and will pay 75% of Chesapeake's share of drilling and completion expenditures until the $1.08 billion carry obligation has been funded, which Chesapeake expects to occur by year-end 2012. Our focus has been in the wet gas and oil prone portions of the play. We estimate we could drill up to 5,500 net wells on our Eagle Ford acreage and plan to utilize an average of 23 operated rigs in 2011 to further develop our leasehold position in the Eagle Ford Shale. In addition, we believe that the Pearsall Shale should be prospective for natural gas underneath approximately 75% of our Eagle Ford leasehold. **6**\n\n2010 Total Production: 2 bcfe, NM, NM 12/31/10 Proved Reserves:\n\n110 bcfe, NM, 1%\n\n12/31/10 Net Leasehold Acres: 470,000, +488%, 4%\n\nPermian Basin Chesapeake has built a strong position of approximately 1.2 million net leasehold acres in the Permian Basin including 560,000 net leasehold acres in the Bone Spring, Avalon, Wolfcamp and Wolfberry unconventional liquids plays. This area has the potential to deliver significant upside as we move toward increasing our oil production substantially in the years ahead. We have developed multiple new horizontal oil projects in this area, where we plan to utilize an average of approximately eight operated rigs in 2011 to further develop our leasehold in the Permian and Delaware basins and estimate we could drill up to 4,400 net wells. **7**\n\n2010 Total Production: 60 bcfe, -20%, 6%\n\n12/31/10 Proved Reserves: 770 bcfe, +4%, 5%\n\n12/31/10 Net Leasehold Acres: 1,200,000, -44%, 9%\n\nRockies Chesapeake is the second-largest leasehold owner in the Niobrara Shale, Frontier and Codell plays in the Powder River and Denver Julesburg (DJ) basins of Wyoming and Colorado. In February 2011, Chesapeake completed a $1.3 billion joint venture agreement with CNOOC, whereby CNOOC acquired a 33.3% interest in Chesapeake's approximately 800,000 net leasehold acres in the Powder River and DJ basins. CNOOC paid Chesapeake approximately $570 million in cash at closing and will pay an additional $697 million in carries by funding 66.7% of Chesapeake's **8**\n\nNote: Figures do not add to company totals.",
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- "text": "for a new energy future with greater natural gas usage and increased domestic oil production as two of its primary attributes, it is encouraging to see our political leadership finally grasp that natural gas stands alone as the only affordable, scalable and immediately available alternative to foreign oil and that U.S. oil production can be increased significantly in the years ahead.\n\nThe events of the past few months have unmistakably driven home the fact that it is insanity to rely on the Middle East to provide our economy's lifeline of oil. This should be especially obvious when one realizes that during the next 10 years, America will likely export at least another $4 trillion in national wealth to oil exporters around the world. Clearly, our country must demand from its leaders a new and more sustainable energy future.\n\nThe combination of these vast new discoveries of unconventional natural gas and liquids provides America with a unique future pathway toward greater energy independence, an industrial renaissance, economic rejuvenation and greater national security. I remain fully confident that the marketplace understands this and that over time the U.S. will more fully embrace and utilize clean, affordable, abundant American natural gas and increased domestic oil production as the best alternatives to burning environmentally challenged coal and expensive and dangerous foreign oil.\n\nThere is now a clear road ahead toward a more sustainable, affordable, dynamic and independent future if America embraces the remarkable gift of energy abundance that Chesapeake has helped discover in the U.S. You have my commitment, and the commitment of more than\n\nThe combination of these vast new discoveries of unconventional natural gas and liquids provides America with a unique future pathway toward greater energy independence, an industrial renaissance, economic rejuvenation and greater national security.\n\n*Advancing technology for cleaner operations: solar panels at a West Texas well power telemetry systems that provide pumpers with real-time information on oil and water tank levels to alarm them when levels near capacity, preventing tank spills.*\n\n> The good news, however, is that America can now secure a new energy future thanks to Chesapeake and a handful of other leading U.S. E&P companies that have reinvented the process of finding natural gas and oil during the past five years. In doing so, we have discovered twice the resources of natural gas in the U.S. that Saudi Arabia possesses in oil. Furthermore, these same few companies that led the unconventional natural gas revolution have in just the past two years also reinvented the way in which we can find large new oil resources onshore in the U.S. In fact, I believe the U.S. can possibly increase its production of oil from the current 5.8 million barrels per day by 30–50% during the next 5–10 years, thereby potentially reaching the President's 2025 goal of reducing foreign oil imports by 33%, 5–10 years earlier than hoped.\n\n10,000 other Chesapeake employees, that every day we are working hard to create shareholder value and a better future for our communities, our states and our country through the continued discovery and development of unconventional natural gas and liquids.\n\nBest regards,\n\nAubrey K. McClendon Chairman and Chief Executive Officer April 15, 2011",
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- "query": "Has the CEO of Chesapeake Energy met with the US President about America's energy production?",
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- "target_passage": "I am pleased to report that we have apparently finally convinced President Barack Obama and Congressional leadership to recognize that the energy path America is on today is completely unsustainable.",
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- "text": "wet natural gas and dry natural gas), similar to the components of the Eagle Ford Shale. We have made a large commitment to this play and have acquired approximately 1.2 million net leasehold acres and expect to increase this total to as much as 1.5 million net leasehold acres in the coming months. We are currently using three rigs to evaluate the play and believe our leasehold could support the drilling of up to 12,000 net wells. This is an area where we anticipate bringing in a joint venture partner late in 2011 or early in 2012.\n\n# **Our People**\n\nGreat assets cannot exist without great people, so we take great pride in hiring, training, motivating, rewarding and retaining what we regard\n\nas the best employees in the industry. From our beginning 22 years ago with 10 employees in Oklahoma City to employing more than 10,000 people across 15 states today, Chesapeake has always focused on building first-class human resources within a distinctive corporate culture. Talk to Chesapeake employees and you will note genuine pride and great enthusiasm about the company and the critical role that we play in delivering increasing quantities of clean and affordable American natural gas and valuable and reliable liquids to energy consumers across the country.\n\nChesapeake employees are distinctive in other ways as well. They are much younger than the industry average, with half of our almost 4,000 Oklahoma City-based headquarters employees 33 years old or younger. Their enthusiasm and willingness to learn create an atmosphere of vitality and energy at Chesapeake, important ingredients of our distinctive culture. These attributes, along with a vibrant and attractive corporate headquarters campus, low levels of bureaucracy, great assets and a well-executed corporate strategy combine to create our culture of success and innovation.\n\nThis has generated extremely positive external feedback as Chesapeake was recently recognized for the fourth consecutive year as one of the FORTUNE 100 Best Companies to Work For®(3) in the U.S. In fact, we moved up to #32 overall and #1 in our industry — we are very proud of having created and sustained what is now considered the best place to work in all of the U.S. energy production industry.\n\nIn addition, we were honored in December 2010 at the 12th Annual Platts Global Energy Awards as finalists for CEO of the Year, Community\n\nFrom our beginning 22 years ago with 10 employees in Oklahoma City to employing more than 10,000 people across 15 states today, Chesapeake has always focused on building first-class human resources within a distinctive corporate culture.\n\n*<< A Chesapeake rig drills in the Marcellus Shale, where the company is the leading leasehold owner, largest producer and most active driller.*\n\nDevelopment Program of the Year, Deal of the Year, Energy Producer of the Year and the Industry Leadership Award. Chesapeake was one of only two companies selected as a finalist in five or more categories. The company was also honored in 2010 with a Certificate of Recognition for our military reserve recruiting efforts, named a 2010 Best Diversity Company by Engineering & Information Technology Magazine and recognized for Best Investor Relations in Energy Sector and Best Investor Relations Website at the 2010 IR Magazine U.S. Awards.\n\n# **Recent Events and a Better Way Forward**\n\nYou may be aware that I have been outspoken in attempting to persuade our country's political leadership to recognize that the discovery of vast resources of unconventional natural gas and oil in the U.S. is a complete game changer for our country from an economic, national security and environmental perspective. After two years of my best efforts and the efforts of many others in the industry, most notably T. Boone Pickens,",
- "page_start": 13,
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- "text": "for a new energy future with greater natural gas usage and increased domestic oil production as two of its primary attributes, it is encouraging to see our political leadership finally grasp that natural gas stands alone as the only affordable, scalable and immediately available alternative to foreign oil and that U.S. oil production can be increased significantly in the years ahead.\n\nThe events of the past few months have unmistakably driven home the fact that it is insanity to rely on the Middle East to provide our economy's lifeline of oil. This should be especially obvious when one realizes that during the next 10 years, America will likely export at least another $4 trillion in national wealth to oil exporters around the world. Clearly, our country must demand from its leaders a new and more sustainable energy future.\n\nThe combination of these vast new discoveries of unconventional natural gas and liquids provides America with a unique future pathway toward greater energy independence, an industrial renaissance, economic rejuvenation and greater national security. I remain fully confident that the marketplace understands this and that over time the U.S. will more fully embrace and utilize clean, affordable, abundant American natural gas and increased domestic oil production as the best alternatives to burning environmentally challenged coal and expensive and dangerous foreign oil.\n\nThere is now a clear road ahead toward a more sustainable, affordable, dynamic and independent future if America embraces the remarkable gift of energy abundance that Chesapeake has helped discover in the U.S. You have my commitment, and the commitment of more than\n\nThe combination of these vast new discoveries of unconventional natural gas and liquids provides America with a unique future pathway toward greater energy independence, an industrial renaissance, economic rejuvenation and greater national security.\n\n*Advancing technology for cleaner operations: solar panels at a West Texas well power telemetry systems that provide pumpers with real-time information on oil and water tank levels to alarm them when levels near capacity, preventing tank spills.*\n\n> The good news, however, is that America can now secure a new energy future thanks to Chesapeake and a handful of other leading U.S. E&P companies that have reinvented the process of finding natural gas and oil during the past five years. In doing so, we have discovered twice the resources of natural gas in the U.S. that Saudi Arabia possesses in oil. Furthermore, these same few companies that led the unconventional natural gas revolution have in just the past two years also reinvented the way in which we can find large new oil resources onshore in the U.S. In fact, I believe the U.S. can possibly increase its production of oil from the current 5.8 million barrels per day by 30–50% during the next 5–10 years, thereby potentially reaching the President's 2025 goal of reducing foreign oil imports by 33%, 5–10 years earlier than hoped.\n\n10,000 other Chesapeake employees, that every day we are working hard to create shareholder value and a better future for our communities, our states and our country through the continued discovery and development of unconventional natural gas and liquids.\n\nBest regards,\n\nAubrey K. McClendon Chairman and Chief Executive Officer April 15, 2011",
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- "text": "Jeff Mobley Senior Vice President – Investor Relations and Research\n\ncurrent price disparity between natural gas and oil will increasingly lead to greater use of natural gas in the U.S. transportation system. Whether it be compressed natural gas (CNG) for medium and light-duty vehicles, LNG for heavy-duty vehicles or the commercialization of gas-to-liquids (GTL) natural gas refineries that supplement the U.S. liquid fuel supply stream, we believe that the marketplace will increasingly utilize and embrace natural gas. Chesapeake is working with industry, public policymakers and potential partners on each of these demand reinvention opportunities. Natural gas is clean, affordable, abundant and American. Why *shouldn't* it trade at a BTU premium in the years ahead?\n\nNick Dell'Osso Executive Vice President and Chief Financial Officer\n\n# **Why is an investment grade rating on its debt securities important to CHK?**\n\nWe believe that Chesapeake will benefit in multiple ways from an investment grade rating on our debt securities, which we hope to achieve in 2012 or 2013. First, a higher rating would obviously lower the company's borrowing costs over time. In addition, other less easily quantifiable benefits will also accrue to Chesapeake. Higher debt ratings would result in lower costs on long-term firm transportation contracts that we enter into in order to market our natural gas and oil production as well as facilitate our ability to enter into long-term contracts to sell our natural gas production to international buyers in the form of LNG. An improved rating will also enhance Chesapeake's ability to further attract world-class energy companies to participate in our joint venture projects, which profitably monetize a portion of our leasehold investments and also accelerate the development of our resource base. Finally, and perhaps most importantly, we believe that reduced financial leverage and an investment grade rating will lead to a higher stock price and provide further interest from worldwide equity investors.",
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- "text": "Home / Arts and Entertainment / New Artificial Intelligence Summit Series Begins With Energy\n\n#### ARTS AND ENTERTAINMENT\n\n# New Artificial Intelligence Summit Series Begins With Energy\n\n### 07/31/2024\n\n (AI) continues to transform the United States and the world. To promote and inform rapid advancements in AI and maintain America's global competitiveness, the Special Competitive Studies Project (SCSP), a nonprofit and nonpartisan initiative with a goal of making recommendations to strengthen America's long-term competitiveness in AI, announces the AI+ Summit Series.\n\nThe series kicks off with the topic of energy. The AI + Energy Summit, scheduled for September 26, 2024, in Washington, D.C., will bring together policy makers, energy industry leaders, top government and academic energy researchers, and technologists to address the challenges of AI's energy consumption and develop solutions for a resilient and abundant energy future. The event also aims to address the implications of AI and energy for national security and promote partnerships between AI and energy stakeholders.\n\nAI and other emerging technologies can help the United States take the lead in energy areas including maximizing energy efficiencies, discovering new materials, and enabling new forms of power generation. AI also has a role to play in overcoming energy challenges. The Department of Energy (DOE) already uses AI in several areas including advanced computing, emergency response, environmental modeling, climate forecasting, and materials research.\n\nSCSP's recent \"Action Plan for U.S. Leadership in Next-Generation Energy,\" raises many issues related to AI and energy, including recommendations for the government to bring America forward. The AI+ Energy Summit will highlight these and other issues, and promote collaboration to solve problems. The stakes are high; if the U.S. falls short on energy, American adversaries could gain the upper hand in AI leadership, according to SCSP experts.\n\nVisit scsp.ai to learn more about the AI+Energy Summit and the SCSP's Next-Generation Energy Action Plan.\n\n#### Article Link\n\nhttps://about.newsusa.com/new-artificial-intelligence-summit-series-begins-with…\n\n#### RELATED ARTICLES\n\nLocal Artists Collaborate for a Unique Fusion of Groove and Collage Mar 06, 2024\n\n| CATEGORIES |\n| --- |\n| FASHION |\n| BUSINESS |\n| INFOGRAPHIC |\n| ENVIRONMENT |\n| HEALTH |\n| MONEY |\n| FOOD |\n| TRAVEL |\n| BRIDAL |\n| RECREATION |\n| TECHNOLOGY |\n| HOME |\n| EDUCATION |\n| ARTS & ENTERTAINMENT |\n| AUTO |\n| CHILDREN |\n| FITNESS |\n| HOLIDAY |\n| INSURANCE |\n| LAWN & GARDEN |\n| LISTICLE |\n| NUTRITION |\n| PARENTING |\n| PETS |\n| SEASONAL |\n\nMar 06, 2024\n\nCelebrate St. Patrick's Day with No Booze, Just Pure Irish Fun and Entertainment\n\n#### Mar 06, 2024\n\nExplore Downtown San Pedro with Flair: Ride the Iconic Red Car Trolley for Free\n\n#### Mar 06, 2024\n\nSay Hello to Your Big Break at the Stapleton Library Job Fair in Vocation, Trade, or Civil Service\n\nFeb 22, 2024\n\nRetrain Your Emotional Brain: A Natural Alternative to Weight Loss Drugs\n\nFeb 21, 2024\n\nSerial Entrepreneur Teaches Us How to Go the Distance in Business and in Life\n\nSPANISH\n\nSENIORS\n\nTIPS AND HOW TO\n\nENTERTAINMENT\n\nCAREER\n\nCOMMUNITY\n\nFAMILY\n\nTIPS\n\nINTERNET\n\nHUMAN_INTEREST\n\nBEAUTY\n\nARTS\n\nREALESTATE\n\nSAFETY\n\nMEDICINE\n\nBOOK_REVIEW\n\nRECIPE\n\nAFRICAN_AMERICANS\n\nHOW_TO\n\nBYLINED_COLUMN\n\nCHARITY\n\nSPORTS\n\nHOME_IMPROVEMENT\n\nTECH\n\nWELLNESS\n\nARTS AND ENTERTAINMENT\n\nFOOD & DRINK\n\nREAL_ESTATE\n\nVETERANS\n\nOUTDOORS\n\nREAL ESTATE\n\nHUMAN INTEREST\n\nMONEY & FINANCE\n\nFASHION & BEAUTY\n\nMONEY AND FINANCE\n\nBOOKS & ENTERTAINMENT\n\nBOOKS\n\nARTS & ENTERTAINMENT\n\n## RECENT POSTS",
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- "text": "We also hire locally whenever possible to help stimulate the local economy, and we provide training when the local work force isn't yet qualified for the jobs we have open. For example, when Chesapeake began operating in the Marcellus Shale of West Virginia and Pennsylvania, finding experienced rig workers was a challenge. To meet that need, Chesapeake's wholly owned subsidiary, Nomac Drilling, built the 40,000-square-foot Eastern Training Center and Housing Facility in Bradford County, near Sayre, Pennsylvania. The campus opened in 2010 and serves as a housing facility and training ground for 266 workers at a time. Nomac and Chesapeake host regular job fairs in the region and the lines of interested candidates often extend out the door.\n\n# **Educational Impact**\n\nWe are also proud to help prepare tomorrow's leaders today. In 2010 Chesapeake supported universities, schools, academic chairs, scholarships and other educational programs with contributions totaling $5.4 million.\n\nInvesting in programs that promote technology and innovation is a key to our country's success. That's why we gave $1.0 million to establish the Chesapeake Energy dormitory for students at the Oklahoma School for Science and Mathematics (OSSM), a public, tuition-free, residential high school located in Oklahoma City for juniors and seniors with exceptional abilities. The extremely competitive school is helping train the next generation of scientists and mathematicians.\n\nWe also established the Chesapeake Energy Presidential Scholars Program at the Oklahoma City University Meinders School of Business, making a $5.0 million commitment to be distributed over the next five years. The Chesapeake Scholars Program will provide up to $25,000 per year in tuition",
- "page_start": 25,
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- "text": "# DEAR FELLOW SHAREHOLDERS »\n\n2010 was a very important year of transition and achievement for Chesapeake, a year in which we initiated three very important strategic shifts: from asset gathering to asset harvesting, from focusing exclusively on natural gas to a balanced focus on natural gas and liquids and from having a leveraged balance sheet to one worthy of an investment grade rating.\n\n*Home to three distinct forms of hydrocarbons: dry natural gas, natural gas liquids and oil, the Eagle Ford Shale in South Texas epitomizes Chesapeake's shift to a balanced focus on natural gas and liquids.*\n\n2010 also marked a truly transformative year for our industry. We and a handful of our peers enhanced our capabilities to find and produce significant new resources of oil and natural gas liquids (collectively, \"liquids\") in unconventional formations. Chesapeake and these other companies combined creativity, innovation and technology to reinvent the way that our industry explores for and produces natural gas and liquids.\n\nFurthermore, 2010 was the year when global energy companies more fully recognized the importance of these developments and the tremendous opportunities that have emerged in the U.S. Through a wide variety of transactions, including several led by Chesapeake, the global energy industry made it clear that the assets owned by Chesapeake and some of its peers are the most attractive in the world. This realization has already increased the value of highquality unconventional assets in the U.S. and, in time, should lead to higher\n\nstock prices for the leading U.S. onshore E&P companies, especially Chesapeake. Simply put, the global energy industry is beating a path to our door, and we are welcoming it with open arms.\n\nBefore we move ahead, I want to emphasize that even though 2010 was a year of transition and achievement, our stock price was essentially unchanged. Nevertheless, it was still a very strong year for the company operationally and financially. Here are the year's highlights for your review:\n\n- >> Average daily natural gas and oil production increased 14% from 2.5 billion cubic feet of natural gas equivalent (bcfe) in 2009 to 2.8 bcfe in 2010;\n- >> Proved natural gas and oil reserves increased 20% in 2010, from 14.3 trillion cubic feet of natural gas equivalent (tcfe) to 17.1 tcfe;\n- >> Reserve replacement for 2010 reached 375% at a drilling, completion and net acquisition cost of only $0.76 per thousand cubic feet of natural gas equivalent (mcfe)(1);\n- >> Realized hedging gains were $2.1 billion;\n- >> Revenues increased 22% to $9.4 billion;\n- >> Adjusted ebitda(2) increased 15% to $5.1 billion;\n- >> Operating cash flow(2) increased 5% to $4.5 billion; and\n- >> Adjusted earnings per fully diluted share(2) increased 16% to $2.95.",
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- "text": "Chesapeake Energy Corporation is the second-largest producer of natural gas, a Top 15 producer of oil and natural gas liquids and the most active driller of new wells in the U.S.\n\nHeadquartered in Oklahoma City, the company's operations are focused on discovering and developing unconventional natural gas and oil fields onshore in the U.S. Chesapeake owns leading positions in the Barnett, Haynesville, Bossier, Marcellus and Pearsall natural gas shale plays and in the Granite Wash, Cleveland, Tonkawa, Mississippian, Bone Spring, Avalon, Wolfcamp, Wolfberry, Eagle Ford,\n\nNiobrara and Utica unconventional liquids-rich plays. The company has also vertically integrated its operations and owns substantial midstream, compression, drilling and oilfield service assets. Chesapeake's stock is listed on the New York Stock Exchange under the symbol CHK. Further information is available at **www.chk.com** where Chesapeake routinely posts announcements, updates, events, investor information, presentations and press releases.\n\n# **CONTENTS**\n\n- 1 Financial Review\n- 4 Letter to Shareholders\n- 16 Operating Areas\n- 20 Investor Q&A\n- 22 Social Responsibility\n\t- 24 Community Relations\n\t- 26 Environmental, Health & Safety\n- 28 Board of Directors\n- 28 Governance\n- 29 Officers\n- 30 Employees\n- 45 Form 10-K\n- Inside Back Cover\n\t- Corporate Information\n\n### **ON THE COVER**\n\n*Moving west, a Chesapeake rig drills toward the Niobrara Shale in the Powder River Basin of southeastern Wyoming, one of several new liquids-rich plays that are enabling the company to increase its profitability and return on capital.*",
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- "text": "to selected students pursuing careers in finance, economics, accounting, marketing, business administration, computer science and information technology. In addition, scholars will take part in a Chesapeake Presidential Leadership Course facilitated by faculty members in coordination with designated Chesapeake leadership coaches, including a Chesapeake senior vice president and OCU alumni.\n\nIn 2007 Chesapeake launched a scholarship program in Texas with an initial $1.25 million contribution, challenging the cities of Fort Worth and Dallas to match its gift within a year. The cities responded and matched the gift, so Chesapeake in 2008 added another $1.25 million to the fund, bringing the total to $3.75 million. The Chesapeake Scholarship Fund currently funds the cost of higher education for 48 minority students. The fund provides each student $20,000 a year for up to four years at the school of their choice. To date more than $1.0 million has been distributed to deserving local students.\n\nTo help ensure the training of qualified geologists, engineers, landmen and energy lawyers in the next generation, we award scholarships to students pursuing energy-related degrees. We also help mentor them through Chesapeake's Peak Program. Junior- and senior-level scholarship recipients are paired with Chesapeake employee mentors who help develop students' knowledge and provide career advice. There are currently 25 mentors and 40 scholarship recipients participating in the Peak Program.\n\nOur recruiting team also initiated a strategic military recruitment effort during the past two years to hire former military personnel to work in a variety of leadership and crew positions. This effort earned Chesapeake an honor from G.I. JOBS magazine when we were named a 2011 Top 100 Military-Friendly Employer. Chesapeake currently employs 37 men and women who formerly served as junior military officers and more than 100 former servicemen and servicewomen who joined the company through a program called Troops 2 Roughnecks.\n\nIn addition to our specific scholarship programs, one-time educational donations and recruitment efforts, in 2010 we gave more than $1.8 million to fund higher education for nearly 400 other students in 12 states through our Chesapeake Scholars program. Chesapeake's scholarships help recruit the best and brightest students and provide educational opportunities in communities where we operate. In Oklahoma City, more than 400 employees volunteer for up to an hour a week on company time at four local public schools. Chesapeake's program has grown to become the largest corporate mentoring program in Oklahoma.\n\n# **Community Impact**\n\nChesapeake employees have been enriching their hometowns as volunteers for many years. We formalized those efforts in 2009 by establishing an official employee volunteer program, the H.E.L.P. (Helping Energize Local Progress) Initiative, wherein employees are invited to volunteer each month for a variety of organizations from food pantries to animal shelters. Through that program, employees donated more than 26,000 hours to their communities in 2009.\n\nIn the summer of 2010, Chesapeake took the H.E.L.P. Initiative to a higher level through the launch of Operation Blue. From Memorial Day through Labor Day, each employee was given four hours of company time to complete the volunteer project of their choice. Our employees eagerly accepted the challenge, and in three months more than 4,900 employees donated 30,900 hours of service to 519 organizations in more than 96 communities across the country. Operation Blue is now an annual volunteer program in which employees roll up their sleeves in the communities they call home.",
- "page_start": 26,
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- "text": "# **Strong Partners**\n\nOver the past few years, in addition to gathering the industry's best assets, Chesapeake has also built the industry's finest collection of global energy partners and energy stock investors. We have now entered into transactions with PXP, BP, Statoil, Total, CNOOC and BHP Billiton. Collectively, we have sold these companies certain assets for total consideration of $20.5 billion in the form of cash and drilling and completion carries for which our net cost was only $6.1 billion resulting in overall value creation of $14.4 billion. While these transactions have been very\n\nrewarding to our buyers, they have been truly outstanding for Chesapeake, providing us an attractive source of capital, a reduction of risk, a quick recovery of our leasehold investment in new plays and a much greater ability to capture a large resource base with decades of highly profitable drilling opportunities.\n\nIn addition, we are the only U.S. E&P company that has attracted to its stock ownership roster some of the world's leading governmentsponsored investors: Temasek Holdings (Singapore), China Investment Corporation, Korea Investment Corporation and Abu Dhabi Investment Authority. Along with our largest shareholder, Memphis, Tennesseebased Southeastern Asset Management (12%), these shareholders are some of the world's largest and most astute investors, and who also happen to manage some of the world's largest pools of capital and have a very long-term investment horizon. Their support is an important validation of our strategy.\n\n# **Short-Term Pain for Long-Term Gain**\n\nDespite this all-star lineup of global partners and investors, some other investors have not yet fully recognized the benefits of our industry leadership in acquiring unconventional natural gas and liquids assets. Whether it was our leveraged balance sheet during recent tough recessionary times, our heavy focus on natural gas during a time of persistent market pessimism about natural gas prices or our large capital investments in undeveloped liquids-rich leasehold undertaken to enable Chesapeake to remain an industry leader in the years ahead, it is clear\n\nThrough a wide variety of transactions, including several led by Chesapeake, the global energy industry made it clear that the assets owned by Chesapeake and some of its peers are the most attractive in the world.\n\n### *<< Aubrey K. McClendon, Co-Founder, Chairman and Chief Executive Officer*\n\nthat we were less popular in the stock market in 2010 than we were in 2009, when our stock price increased by 60%.\n\nWe anticipated that some market unpopularity in 2010 would likely be the price we would pay as we positioned Chesapeake to be the leader not only in unconventional U.S. natural gas, but also in unconventional U.S. liquids. However, now that we have largely completed the investments needed to accomplish this transition to a portfolio balanced with liquids, the rebound in our stock price could be sharp as investors begin to focus more clearly on Chesapeake's three-way transition from an asset gatherer to an asset harvester, from less natural gas exposure to more liquids exposure and from a leveraged balance sheet to one worthy of an investment grade rating.\n\nAccordingly, in early January 2011, we announced our \"25/25 Plan,\" a two-year plan designed to reduce our long-term debt by 25% while still growing the company's production by 25%. We designed this plan to articulate very clearly the benefits of becoming an asset harvester",
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- "text": "# BOARD OF DIRECTORS »\n\n#### STANDING (LEFT TO RIGHT)\n\n### Merrill A. \"Pete\" Miller, Jr. (1,2)\n\nChairman, President and CEO National Oilwell Varco, Inc. Houston, Texas\n\n### SEATED (LEFT TO RIGHT)\n\n### Don Nickles(4)\n\nFormer U.S. Senator, Oklahoma Founder and President The Nickles Group, LLC Washington, D.C.\n\n# V. Burns Hargis(1)\n\nPresident Oklahoma State University Stillwater, Oklahoma\n\n> Charles T. Maxwell (3,4) Senior Energy Analyst Weeden & Co. Greenwich, Connecticut\n\nAubrey K. McClendon Chairman of the Board and Chief Executive Officer Chesapeake Energy Corporation Oklahoma City, Oklahoma\n\nFrederick B. Whittemore(3,4) Advisory Director Morgan Stanley New York, New York *Retiring from the Board in June 2011*\n\n# Richard K Davidson(1)\n\nRetired Chairman and CEO Union Pacific Corporation Bonita Springs, Florida\n\nFrank Keating(3) Former Governor, Oklahoma President and CEO American Bankers Association Washington, D.C.\n\n- (1) Audit Committee\nFounder and CEO Next Decade The Woodlands, Texas\n\n- (2) Lead Independent Director\nKathleen M. Eisbrenner (3,4)\n\n- (3) Compensation Committee\n- (4) Nominating and Corporate Governance Committee\n\nLouis A. Simpson Chairman SQ Advisors, LLC Naples, Florida *Nominated for* \n\n*election in June 2011*\n\n# Governance\n\nOur Board of Directors is responsible to our shareholders for the oversight of the company and for the implementation and operation of an effective and sound corporate governance environment. We believe that effective corporate governance contributes to long-term corporate performance. An effective governance structure should reinforce a culture of corporate integrity, foster the company's pursuit of long-term strategic goals of growth and profit and ensure quality and continuity of corporate leadership. Our directors will continue to be diligent in their efforts to preserve the public trust while fostering the long-term success of the company.",
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