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- "text": "# NAIIS Web Application (Release version 1.1.3) User Manual (As of 10 February 2014)\n\n## **Annex 1: Non‐Annex I (NAI) Parties**\n\n*NAIIS-User-Manual.Docx* Page 47 10/02/2013",
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- "query": "What was the proportion of revenue generated by wireless telecommunications operations in 2009?",
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- "text": "## **2003 compared to 2002**\n\n##### * **Income Taxes** *\n\nThe following table shows the access traffic minutes of use for the two years of 2003 and 2002.\nOriginating access revenue increased in 2003 due in part to a shift from interstate to intrastate traffic. On similar traffic volume in both years, the Company generated an additional $0.4 million due to a favorable rate differential of $0.03 per minute on the increase in the mix of intrastate traffic. The Company’s increased access revenue was also a result of the benefit gained through terminating more minutes through the switch, which increased 36.0 million minutes or 35.7% over 2002. The rates for terminating traffic were similar in both years, although the percentage of terminating traffic to total traffic increased from 58% in 2002 to 65% in 2003.\nWithin wireline revenues, the Telephone operation contributed $22.7 million, an increase of $0.3 million, or 1.2%. Telephone access revenues were $11.6 million, an increase of $0.7 million or 6.7%. During 2003, the Company recorded a $1.2 million reduction to access revenue, of which $0.7 million was related to 2002, resolving disputes with interexchange carriers on the rating of long distance calls transiting the Telephone switching network for termination on wireless networks.\nWireless revenues from the Company’s paging operation were $0.2 million, a decrease of $0.1 million as the customer base increasingly chose alternative wireless services. Paging service subscribers declined by 32.3% in 2003 from 2,940 subscribers to 1,989 subscribers. The paging operation continues to decline as more areas are covered by wireless voice services, which have features that surpass those of paging technologies. The Company anticipates that its paging customer base will continue to decline in the future.\nWireless revenues included tower leases of $2.6 million, an increase of $0.5 million or 24.8%. The increase was the result of other wireless carriers executing additional leases to use space on the Company’s portfolio of towers. Of the 88 towers and poles owned by the Company as of December 31, 2003, 52 towers have one or more external tenants, compared to 46 towers with external tenants at the end of 2002.",
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- "text": "# ROGERS COMMUNICATIONS INC. 2013 ANNUAL REPORT MEDIA WIRELESS CABLE ROGERS.COM\n\n## **93 Consolidated Statements of Cash Flows**\n\n####### **Operating Income and Net Income**\n\ntransaction does occur, it will require regulatory approvals.\n4G LTE subscribers\n38 ROGERS COMMUNICATIONS INC. 2013 ANNUAL REPORT\n**MANAGEMENT’S DISCUSSION AND ANALYSIS** COMPETITION\nWe compete on quality of service, scope of services, network coverage,\nsophistication of wireless technology, breadth of distribution, selection\nof devices, branding and positioning, and price.\n- Wireless technology: we were the first carrier in Canada to launch an\nLTE network catering to customers seeking the increased capacity\nand speed it provides. We compete with Bell, Telus MTS and Eastlink,\nall of whom operate LTE networks and we expect competition to\ngrow over time as LTE becomes the prevailing technology in Canada.\nWe also compete with these providers and other regional providers\nsuch as Wind Mobile, on HSPA and GSM networks and with\nproviders that use alternative wireless technologies, like Wi-Fi\n“hotspots”.\n- Product, branding and pricing: we compete nationally with Bell and\nTelus. We also complete with newer entrants, various regional\nplayers and resellers.\n- Distribution: we compete with other service providers for both\ndealers and prime locations for our own stores as well as third party\nretail distribution shelf space outlets.\n- Wireless networks and handset devices: the parity of wireless devices\nacross networks has dramatically transformed the competitive\nlandscape, and we expect this to continue and even intensify.\nConsolidation among new entrants or with incumbent carriers could\nalter the competitive landscape for Wireless regionally or nationally.\n- Spectrum: we are currently participating in an auction for 700 MHz\nspectrum. Industry Canada has also announced an auction for\nadditional 2500 MHz spectrum in 2015 in which we may be\nrestricted from participating in the geographic areas where we\nalready hold more than 40 MHz of 2500 MHz spectrum. The\noutcomes of both of these auctions may increase competition.\nWIRELESS FINANCIAL RESULTS\n(In millions of dollars, except percentages)\nYears ended December 31\n**2013** 2012 % Chg\nOperating revenue\nNetwork revenue **$ 6,748** $ 6,719 -\nEquipment sales **522** 561 (7)\n**Operating revenue - Wireless 7,270** 7,280 -\nOperating expenses\nCost of equipment 1 **(1,535)** (1,585) (3)\nOther operating expenses **(2,578)** (2,632) (2)\n**(4,113)** (4,217) (2)\n**Adjusted operating profit - Wireless $ 3,157** $ 3,063 3\nAdjusted operating profit margin as\n% of network revenue **46.8%** 45.6%\nAdditions to property, plant and equipment **$ 865** $ 1,123 (23)\nData revenue included in network revenue **$ 3,175** $ 2,722 17\nData revenue as % of network revenue **47%** 41%",
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- "text": "## **2003**\n\nWireless 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.\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": "# ROGERS COMMUNICATIONS INC. 2013 ANNUAL REPORT MEDIA WIRELESS CABLE ROGERS.COM\n\n## **93 Consolidated Statements of Cash Flows**\n\n####### **Business Solutions**\n\ncontinuing operations was $1.01. The decrease this quarter was largely\nbecause of the $233 million gain on spectrum licenses in 2012 noted\nabove.\nQUARTERLY TRENDS\nOur operating results generally vary from quarter to quarter because of\nchanges in general economic conditions and seasonal fluctuations, in\neach of our business segments, which have a material impact. As such,\none quarter’s operating results are not necessarily indicative of our\nresults in a subsequent quarter. Wireless, Cable and Media each have\nunique seasonal aspects to their businesses.\nFluctuations in net income from quarter to quarter can also be\nattributed to losses on the repayment of debt, foreign exchange gains\nor losses, changes in the fair value of derivative instruments, other\nincome and expenses, impairment of assets and changes in income tax\nexpense.\n####### **Wireless**\nThe trends in Wireless revenue and adjusted operating profit reflect:\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\nplans.\nWe continue to target higher value postpaid subscribers, which has\ncontributed to the significantly heavier mix of postpaid versus prepaid\nsubscribers. Growth in our customer base and overall market\npenetration have resulted in higher costs over time for customer service,\nretention, credit and collection; however, most of the cost increases\nhave been offset by gains in operating efficiencies.\nWireless’ operating results are influenced by the timing of our\nmarketing and promotional expenditures and higher levels of subscriber\nadditions and related subsidies, resulting in higher subscriber acquisition\nand activation-related expenses in certain periods. This increased activity\ngenerally occurs in the third and fourth quarters, and can also occur or\nbe accentuated by the launch of popular new wireless handset models.\n####### **Cable**\nThe trends in Cable services revenue and operating profit increases are\nprimarily due to:\n- higher penetration and usage of Internet, digital and telephony\nproducts and services\n- offset by competitive losses of television subscribers and pricing\nchanges over the past year.\nCable’s operating results are affected by modest seasonal fluctuations\nin subscriber additions and disconnections, typically caused by:\n- university and college students moving\n- individuals temporarily suspending service for extended vacations or\nseasonal relocations\n- the concentrated marketing we generally conduct in our fourth\nquarter.\n####### **Business Solutions**\nThe trends in Business Solutions operating profit margin primarily reflect",
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- "text": "# ROGERS COMMUNICATIONS INC. 2013 ANNUAL REPORT MEDIA WIRELESS CABLE ROGERS.COM\n\n## **93 Consolidated Statements of Cash Flows**\n\n####### **Lower Operating Expenses**\n\nInternet access, text messaging and other wireless data services. Data\nrevenue represented approximately 47% of total network revenue this\nyear, compared to approximately 41% last year.\nPostpaid churn was 1.24% this year, compared to 1.29% in 2012. The\nlower churn rate is partly attributable to the new simplified plans and\nthe roaming plans we introduced.\nGross postpaid subscriber additions were 1.4 million this year, or 3%\nlower than last year, which reduced net postpaid subscriber additions to\n228,000, despite a lower postpaid churn. We believe the industry\ntransition from three year to two year plans resulting from the recent\nadoption of the Canadian Radio-television and Telecommunications\nCommission (CRTC) Wireless Code may have slowed our overall\nwireless subscriber growth from the second half of the year. See\n“Regulation in Our Industry” for more information on the Wireless\nCode.\nWe activated and upgraded approximately 2.7 million smartphones this\nyear, compared to approximately 2.9 million in 2012. Approximately\n34% of these were for new subscribers. The decrease was mainly\nbecause there was a 10% reduction in hardware upgrades by existing\nsubscribers during the year, which we also believe is at least partly due\nto the move from three to two year contracts and the associated pricing\nchanges.\nThe percentage of subscribers with smartphones increased to 75% of\nour overall postpaid subscriber base, compared to 69% at the end of\n2012. Smartphone subscribers typically generate significantly higher\nARPU and are less likely to churn.\n(%)\n**SMARTPHONES AS A PERCENTAGE OF POSTPAID SUBSCRIBERS**\n**2013**\n2012\n2011\n**75%**\n69%\n56%\nThe decrease in prepaid subscriber net additions was mainly because of\nincreasing competition at the lower end of the wireless market where\nprepaid products are mainly sold.\nBlended ARPU was down slightly this year compared to last year because\nthe voice component declined at a faster rate than the data component\nincreased.\n(IN MILLIONS OF DOLLARS)\n**WIRELESS DATA REVENUE**\n**2013**\n2012\n2011\n**$3,175**\n$2,722\n$2,325\n(%)\n**DATA REVENUE PERCENT OF BLENDED ARPU**\n**2013**\n2012\n2011\n**47%**\n41%\n35%\n*Lower Equipment Sales*\nEquipment sales (net of subsidies) include revenue from sales to:\n- independent dealers, agents and retailers\n- directly to subscribers through fulfillment by Wireless’ customer\nservice groups, websites, telesales and corporate stores.\nRevenue from equipment sales was lower this year, mainly because\nfewer existing subscribers upgraded their devices and there were fewer\ngross activations.\n####### **Lower Operating Expenses**\nWe assess operating expenses in two categories:",
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- "text": "# ROGERS COMMUNICATIONS INC. 2013 ANNUAL REPORT MEDIA WIRELESS CABLE ROGERS.COM\n\n## **93 Consolidated Statements of Cash Flows**\n\n####### **Operating Revenue**\n\n1 Includes the cost of equipment sales and direct channel subsidies.\n(IN MILLIONS OF DOLLARS)\n**WIRELESS NETWORK REVENUE**\n**2013**\n2012\n2011\n**$6,748**\n$6,719\n$6,601\nWIRELESS SUBSCRIBER RESULTS 1, 2\n(Subscriber statistics in thousands, except ARPU and churn)\nYears ended December 31\n**2013** 2012 Chg\n**Postpaid**\nGross additions **1,409** 1,457 (48)\nNet additions **228** 268 (40)\nTotal postpaid subscribers **8,074** 7,846 228\nMonthly churn **1.24%** 1.29% (0.05)pts\nMonthly average revenue per user\n(ARPU) **$ 67.76** $ 69.30 $ (1.54)\n**Prepaid**\nGross additions **525** 627 (102)\nNet losses **(162)** (170) 8\nTotal prepaid subscribers **1,429** 1,591 (162)\nMonthly churn **3.85%** 3.98% (0.13)pts\nARPU **$ 15.64** $ 15.84 $ (0.20)\n**Blended ARPU $ 59.58** $ 59.79 $ (0.21)\n1 Does not include subscribers from our wireless home phone product.\n2 ARPU, subscriber counts and subscriber churn are key performance indicators. See\n“Key Performance Indicators *”* .\n(IN THOUSANDS)\n**WIRELESS POSTPAID AND PREPAID SUBSCRIBERS**\n**2013**\n2012\n2011\n**1,429 8,074**\n1,591 7,846\n1,761 7,574\nPostpaid Prepaid\n($)\n**WIRELESS POSTPAID MONTHLY ARPU**\n**2013**\n2012\n2011\n**$67.76**\n$69.30\n$70.26\n(%)\n**WIRELESS POSTPAID MONTHLY CHURN**\n**2013**\n2012\n2011\n**1.24%**\n1.29%\n1.32%\n####### **Operating Revenue**\nOur operating revenue depends on the size of our subscriber base, the\naverage revenue per user and revenue from equipment sales.\n*Higher Network Revenue*\nNetwork revenue includes revenue derived from voice and data services\nfrom postpaid monthly fees, airtime, data usage, long distance charges,\noptional service charges, inbound and outbound roaming charges and\ncertain fees, as well as prepaid usage for airtime, data and other\nancillary charges such as long distance.\n2013 ANNUAL REPORT ROGERS COMMUNICATIONS INC. 39\nMANAGEMENT’S DISCUSSION AND ANALYSIS\nNetwork revenue was higher this year compared to last year. This was\nthe net effect of:\n- higher data revenue related to an increase in subscriber levels and\nhigher usage of wireless data services\n- partially offset by our introduction of new lower priced US and\ninternational roaming plans and rates which offer consumers more\nvalue, and\n- the continued adoption of customer friendly simplified plans, which\noften bundle in certain features like voicemail, caller ID and long\ndistance that we have charged for separately in the past.\nExcluding the decline in US and international roaming revenue this year,\nnetwork revenue would have increased 1%.\nData revenue was 17% higher this year mainly because of the\ncontinued penetration and growing use of smartphones, tablet devices\nand wireless laptops, which increased the use of e-mail, wireless,",
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- "text": "# ROGERS COMMUNICATIONS INC. 2013 ANNUAL REPORT MEDIA WIRELESS CABLE ROGERS.COM\n\n## **93 Consolidated Statements of Cash Flows**\n\n####### **Higher Operating Revenue and Adjusted Operating Profit**\n\nNet income **1,669** 1,725 (3)\nBasic earnings per share from continuing operations **3.24** 3.32 (2)\nDiluted earnings per share from continuing operations **3.22** 3.30 (2)\nCash provided by operating activities **3,990** 3,421 17\nPre-tax free cash flow 1 **2,044** 2,029 1\nAfter-tax free cash flow 1 **1,548** 1,649 (6)\n**Wireless**\nOperating revenue **$ 7,270** $ 7,280 -\nAdjusted operating profit **3,157** 3,063 3\nAdjusted operating profit margin as % of network revenue **46.8%** 45.6%\n**Cable**\nOperating revenue **$ 3,475** $ 3,358 3\nAdjusted operating profit **1,718** 1,605 7\nAdjusted operating profit margin **49.4%** 47.8%\n**Business Solutions**\nOperating revenue **$ 374** $ 351 7\nAdjusted operating profit **106** 89 19\n**Media**\nOperating revenue **$ 1,704** $ 1,620 5\nAdjusted operating profit **161** 190 (15)\n####### **Key Performance Indicators**\nYears ended December 31\n**2013** 2012 % Chg\n**Subscriber counts results (000s) 3**\nWireless subscribers **9,503** 9,437 1\nTelevision subscribers **2,127** 2,214 (4)\nInternet subscribers **1,961** 1,864 5\nPhone subscribers **1,153** 1,074 7\n**Additional Wireless metrics 3**\nWireless blended ARPU **$ 59.58** $ 59.79 -\nWireless churn **1.24%** 1.29%\n**Ratios**\nDividend payout ratio 3 **54%** 48%\nDividends as a percentage of pre-tax free cash flow 1 **44%** 40%\nReturn on assets 3 **7.1%** 8.6%\nAdjusted net debt/adjusted operating profit 1,3 **2.4** 2.3\n**Employee-related information**\nTotal active employees **28,026** 26,801 5\n1 As adjusted amounts, pre-tax free cash flow, after-tax cash flow and adjusted net debt are Non-GAAP measures and should not be considered as a substitute or alternative for\nGAAP measures. They are not defined terms under IFRS, and do not have standard meanings, so may not be a reliable way to compare us to other companies. See “Non-GAAP\nMeasures” for information about these measures, including how we calculate them.\n2 As defined. See “Additional GAAP Measures”.\n3 As defined. See “Key Performance Indicators *”.*\n2013 ANNUAL REPORT ROGERS COMMUNICATIONS INC. 27\nMANAGEMENT’S DISCUSSION AND ANALYSIS\n####### **Key Achievements**\n####### **Higher Operating Revenue and Adjusted Operating Profit**\n- Consolidated operating revenue was 2% higher this year compared\nto 2012, led by an increase in data revenue at Wireless, higher\nInternet revenue at Cable, higher Next Generation revenue at\nBusiness Solutions and higher subscriber revenue at Media. Revenue\ngrew by 3% in Cable, 7% in Business Solutions and 5% in Media,\nwhile revenue at Wireless remained unchanged as the increase in\ndata revenue was offset by the decrease in voice revenue.",
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- "text": "## **3,070**\n\n#### **SHENANDOAH TELECOMMUNICATIONS COMPANY AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n##### **General**\n\nThe Company reports revenues as wireless, wireline and other revenues. These revenue classifications are defined as follows: Wireless revenues are made up of the Personal Communications Company (a PCS Affiliate of Sprint), and the Mobile Company. Wireline revenues include the following subsidiary revenues in the financial results: Telephone Company, Network Company, Cable Television Company, and the Long Distance Company. Other revenues are comprised of the revenues of ShenTel Service Company, the Leasing Company, ShenTel Communications Company and the Holding Company. For additional information on the Company's business segments, see Note 14 to audited consolidated financial statements appearing elsewhere in this report.\nThe 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.\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": "# ROGERS COMMUNICATIONS INC. 2013 ANNUAL REPORT MEDIA WIRELESS CABLE ROGERS.COM\n\n## **93 Consolidated Statements of Cash Flows**\n\n####### **MEDIA TRENDS**\n\nsmaller new entrants changes how we compete for wireless services.\nThis puts downward pressure on pricing affecting profit margins and\nimpacts customer churn.\nTraditional wireline telephone and television services are now offered\nover the Internet, opening the door to more non-traditional\ncompetitors, and changing how traditional providers compete. This is\nchanging the mix of packages and pricing that service providers offer,\naffecting profit margins and customer churn.\nIn the media industry, there continues to be a shift towards on-line\nmedia consumption by consumers which in turn drives advertisers to\nspend more on-line versus traditional media. In addition, there are more\nmedia competitors as additional on-line media companies enter the\nmarket, including large global companies.\nREGULATION\nMost areas of our business are highly regulated, which affects who we\ncompete with, the programming we can offer, where and how we use\nour networks, how we build our businesses and the spectrum we\npurchase. The telecommunications industry is being affected by more\nregulation and more reviews of the current regulations.\nECONOMIC CONDITIONS\nOur businesses are affected by general economic conditions and\nconsumer confidence and spending, especially in our Media segment,\nwhere advertising revenue is directly affected by the economy.\n####### **WIRELESS TRENDS**\nMore sophisticated wireless\nnetworks, devices and\napplications are making it easier\nand faster to receive data, driving\ngrowth in wireless data services.\nWireless providers are investing in\nthe next generation of broadband\nwireless data networks, such as\nLTE, to support the growing data\ndemand.\nWireless market penetration in\nCanada is approximately 80% of\nthe population, and is expected to\ngrow at an estimated 2%\nannually.\nThe new CRTC code of conduct\nhas limited wireless term contracts\nto two years from three years.\nAlthough the code of conduct has\nonly been in place for a month,\nwe believe this is currently\nreducing churn and slowing\ngrowth in the wireless\nmarketplace.\n\n####### **MEDIA TRENDS**\nConsumer demand for digital\nmedia, mobile devices and on-\ndemand content is pushing\nadvertisers to shift some of their\nspending to digital platforms.\nTraditional media assets in\nCanada have become\nincreasingly controlled by a small\nnumber of competitors with\nsignificant scale and financial\nresources, while technology has\nallowed new entrants and even\nindividuals to become media\nplayers in their own right. Across\nboth traditional and emerging\nplatforms, many players have\nbecome more vertically\nintegrated, as both providers and\npurchasers of content.\nAccess to premium content has",
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- "text": "# ROGERS COMMUNICATIONS INC. 2013 ANNUAL REPORT MEDIA WIRELESS CABLE ROGERS.COM\n\n## **93 Consolidated Statements of Cash Flows**\n\n####### **WIRELESS**\n\nlarge businesses, including other service providers, and government\neither wirelessly or over our terrestrial network. Revenue generated\nfrom these segments is generally based on monthly subscription and\nnetwork usage rates. Costs include attracting, setting-up and retaining\ncustomers, content, and the costs of upgrading and maintaining the\nunderlying network.\nOur wireless network is currently one of the most extensive and\nadvanced independent high-speed wireless data networks in Canada,\ncapable of supporting wireless services on smartphones, tablets,\ncomputers and a broad variety of machine-to-machine and specialized\ndevices. We built the first Long Term Evolution (LTE) high speed\nnetwork in Canada, reaching nearly 73% of the Canadian population\nat December 31, 2013. We also have roaming agreements with\ninternational carriers in more than 200 other countries, including 5 LTE\nroaming operators and have network sharing arrangements with several\ncarriers in Canada.\nOur expansive fibre and hybrid fibre coaxial infrastructure delivers\nservices to consumers and businesses in Ontario, New Brunswick and\nNewfoundland. We also operate a North American transcontinental\nfibre-optic network that extends over 41,000 route kilometres that is\nused to serve enterprise customers, including government and other\ntelecommunications service providers. In Canada, the network extends\ncoast to coast and includes local and regional fibre, transmission\nelectronics and systems, hubs, POPs and IP Routing and switching\ninfrastructure. The network also extends to the US, from Vancouver\nsouth to Seattle, from the Manitoba-Minnesota border through\nMinneapolis, Milwaukee and Chicago, and from Toronto, through\nBuffalo, and Montreal, through Albany, to New York City, allowing us\nto connect Canada’s largest markets, while also reaching key US\nmarkets for the exchange of data and voice traffic.\n**Media** provides television and radio broadcasting services to end\ncustomers over both traditional broadcast networks and new digital\nnetworks as well as multi-platform shopping, consumer and trade\npublications and sports media and entertainment experiences, primarily\nthrough its ownership of the Toronto Blue Jays. Revenue is largely\ndriven by advertising and, in the case of TV broadcasting and publishing\nby additional revenues from monthly subscriptions. Revenue is also\ngenerated by the sale of merchandise and event tickets. Costs include\nsports programming, broadcast content (including TV studios, writers\nand on air and on field talent), the cost of merchandise and the\nproduction costs associated with each medium.\nWe report our results of operations in four segments, which reflect how\nwe manage our operations and measure our performance.\n####### **WIRELESS**\nsee page 37",
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- "query": "What has Rogers Communications done to improve its television platform?",
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- "text": "# ROGERS COMMUNICATIONS INC. 2013 ANNUAL REPORT MEDIA WIRELESS CABLE ROGERS.COM\n\n## **93 Consolidated Statements of Cash Flows**\n\n####### **MEDIA TRENDS**\n\n3. EXPAND OUR SERVICES REACH\nExpand the reach of our networks and services through new\nconstruction and targeted acquisitions that complement our existing\nplatforms; by more widely deploying products and services; and by\nexpanding the reach of our key media brands nationally and across our\ndigital platforms.\nOUR PROGRESS IN 2013\nWe expanded our wireless network by establishing key network sharing\nagreements to bring LTE to more customers at faster speeds to\ncustomers in Manitoba, Quebec and the Ottawa region, and through\nour relationship with AT&T to become the first Canadian carrier to offer\nLTE roaming for customers travelling to the US. We also secured an\noption to buy Shaw’s Advanced Wireless Service (AWS) spectrum\nholdings.\nWe launched new products, including Rogers Smart Home Monitoring,\nto customers in Ontario’s Golden Horseshoe area and Atlantic Canada.\nWe completed several strategic acquisitions this year that strengthened\nour offering of cable television, Internet and telephony services in the\nHamilton, Ontario area, established Business Solutions as a leader in\nCanadian data centre and hosting services and increased the reach of\nour television broadcast network to over 80% of Canadian households.\n4. STRENGTHEN THE CUSTOMER EXPERIENCE\nConstantly improve the experience that customers have using our\nproducts and services by making it easier for them, providing the tools\nand resources customers need to use our products with confidence,\nbeing attuned to our customers’ evolving needs and continuing to\nsimplify our product offerings.\nOUR PROGRESS IN 2013\nWe launched several new programs this year to improve the customer\nexperience, including Canada’s first Share Everything plans for\nindividuals, families and small businesses, our “worry free” $7.99 per\nday US wireless data roaming plan, a new suite of simplified travel value\npacks of voice, text and data roaming, and the Rogers First Rewards\nloyalty program, and we received regulatory approval for the Rogers\ncredit card. Connected for Success, our new broadband Internet pilot\nproject is designed to provide affordable broadband Internet,\ncomputers and software to residents of Toronto Community Housing as\npart of the Rogers Youth Fund program.\n5. IMPROVE PRODUCTIVITY AND COST STRUCTURE\nContinue to focus on cost-optimization initiatives and organizational\nefficiency by improving service delivery, reducing complexity, focusing\non fewer projects with more impact, managing expenses and working\nmore closely with key suppliers.\nOUR PROGRESS IN 2013\nWe continued to make progress on our cost efficiency initiatives this\nyear, which contributed to a 3% increase in consolidated adjusted",
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- "text": "# ROGERS COMMUNICATIONS INC. 2013 ANNUAL REPORT MEDIA WIRELESS CABLE ROGERS.COM\n\n## **2013 was another solid year in which Rogers made clear progress on a number of**\n\n####### **cable and media assets. It is a good match with my background and my experience.**\n\nthink we can harness to do even greater\nthings. I also value the support and longer-\nterm focus of the founding Rogers family\nwho own significant equity in the company.\nSince joining, I have criss-crossed Canada\nmeeting my team, external stakeholders\nand customers. I have also conducted\nnumerous business reviews, overseen the\n700 MHz spectrum auction and reviewed\nthe regulatory agenda. All this with the\nview to developing a detailed set of\npriorities and plans for the company going\nforward. After I complete this review in\nthe Spring I will outline a detailed strategy\nand business plan working with my\nmanagement team.\nRogers has many strengths and I intend to\ncapitalize on them. This is a financially\nstrong company with a solid balance sheet\nand investment grade credit ratings. We\nhave highly advanced cable and wireless\nnetworks and a robust portfolio of media\nassets. We also have a strong pipeline of\nnew products and services to offer to our\ncustomers and some of the most\npassionate, committed employees I have\never worked with.\nWhile it is early days, I believe we can\nevolve the business in a way that will be\neven more rewarding for our customers,\nour shareholders and employees. Our goal\nis clear - winning on a consistent basis.\nAnd while our industry faces the challenge\nof moderating growth and regulatory\nuncertainty, few industries are more\ndynamic and better at leveraging new\ntechnologies.\nTo win, we must put our customers’ needs\nfront and centre in everything we do. This\nmeans delivering a better and more\nconsistent customer experience. It means\nstrengthening our value proposition to\nmake sure our customers can answer the\nquestion “why Rogers?” As a company, we\nneed to bring our collection of assets\ntogether in a way that strengthens and\ndifferentiates Rogers with our customers\nand our shareholders. We also need to\nalign and focus our investments in key areas\nto accelerate our growth. Internally we\nneed to execute with operational\nexcellence. And we need to focus on\nclarifying accountabilities and strengthening\nour teams at all levels of the company.\nAs CEO, I will work to re-establish our\nleadership position and accelerate our\ngrowth. This will take time. It is a long-\nterm effort that will require a clear\nstrategy, rigorous prioritization and\ndisciplined execution. It will not be easy,\nbut it is the job I have signed up for, and it",
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- "text": "# ROGERS COMMUNICATIONS INC. 2013 ANNUAL REPORT MEDIA WIRELESS CABLE ROGERS.COM\n\n## **2013 was another solid year in which Rogers made clear progress on a number of**\n\n##### **STRATEGIC OBJECTIVES** AND **VALUE DRIVERS**\n\n####### **our actions and investments are guided by the following six long-term strategic objectives:**\n\nis a challenge I intend to meet head-on.\nI look forward to continuing Ted’s legacy,\nand to leading Rogers through the next\nphase of growth and to serving you, our\nshareholders.\nThank you for your continued business,\ninvestment and support.\n2013 ANNUAL REPORT ROGERS COMMUNICATIONS INC. 03\n####### **GUY LAURENCE**\n**PRESIDENT AND CHIEF EXECUTIVE OFFICER**\nROGERS COMMUNICATIONS INC.\n##### **STRATEGIC OBJECTIVES** AND **VALUE DRIVERS**\n**At Rogers, our purpose is to easily connect customers with what matters most. Our vision is to be known for leading**\n**the enablement of seamless, and reliable experiences across any device, place or time.**\n####### **DELIVER DIFFERENTIATED**\n####### **END-TO-END CUSTOMER**\n####### **EXPERIENCES**\nFocus on evolving our cross-device\nintegration to enable seamless,\nreliable and easy-to-use experiences\nanytime, anyplace and anywhere; on\ndelivering a differentiated range of\ndevices and device-related services;\nand on enabling greater integration\nof our media assets across screens.\n####### **STRENGTHEN THE**\n####### **CUSTOMER EXPERIENCE**\nConstantly improve the experience\nthat customers have using our\nproducts and services by making it\neasier for them; providing the tools\nand resources customers need to use\nour products with confidence; being\nattuned to our customers’ evolving\nneeds; and continuing to simplify\nour product offerings.\n####### **EXPAND OUR SERVICES REACH**\nExpand the reach of our networks and\nservices through new construction and\ntargeted acquisitions that complement\nour existing platforms; by more widely\ndeploying products and services; and\nby expanding the reach of key media\nbrands nationally and across our digital\nplatforms.\n####### **DRIVE FUTURE GROWTH**\n####### **OPPORTUNITIES**\nContinue to develop targeted new\ngrowth areas of our business, including\nmachine-to-machine communications,\nmobile commerce and video, sports,\nbusiness communications services,\nlocal and digital media services,\nand home automation.\n####### **MAINTAIN INDUSTRY-LEADING**\n####### **NETWORKS**\nReinforce our fastest and most reliable\nnetworks by expanding our LTE\nnetwork to a wider proportion of the\nCanadian population, continuing to\nincrease broadband Internet speeds\nto capture and monetize the growth\nin data consumption, and further\nenhancing our TV platform with next\ngeneration features and functionality.\n####### **IMPROVE PRODUCTIVITY**\n####### **AND COST STRUCTURE**\nContinue to focus on cost-optimization\ninitiatives and organizational efficiency\nby improving service delivery; reducing\ncomplexity; focusing on fewer, more\nimpactful projects; managing expenses,\nand working closely with key suppliers.\nFOR A DETAILED DISCUSSION OF OUR STRATEGIC GOALS AND OBJECTIVES,\nSEE THE “ **OUR STRATEGY** ” SECTION IN THE ACCOMPANYING MD&A LATER IN THE REPORT.\n####### **DELIVER INDUSTRY-LEADING SHAREHOLDER RETURNS**\n####### **Our mandate is to deliver long-term value and industry-leading shareholder returns.**\n####### **To sustain our lead as the top integrated telecommunications and media company in Canada,**\n####### **our actions and investments are guided by the following six long-term strategic objectives:**\n04 ROGERS COMMUNICATIONS INC. 2013 ANNUAL REPORT",
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- "text": "# ROGERS COMMUNICATIONS INC. 2013 ANNUAL REPORT MEDIA WIRELESS CABLE ROGERS.COM\n\n## **2013 was another solid year in which Rogers made clear progress on a number of**\n\n##### **WHY INVEST** IN ROGERS\n\n####### **ADJUSTED NET INCOME AND EARNINGS PER SHARE**\n\n2013 ANNUAL REPORT ROGERS COMMUNICATIONS INC. 07\n**CONNECTED** HOME\nROGERS CONTINUES TO DEFINE HOW FAMILIES COME\nTOGETHER AND CONNECT WITH THEIR WORLD. MILLIONS OF\nCANADIANS DEPEND ON ROGERS TO KEEP THEM INFORMED,\nCONNECTED AND ENTERTAINED WITH A COMBINATION OF\nTHE FASTEST INTERNET SPEEDS AND THE MOST INNOVATIVE\nTELEVISION, TELEPHONY AND HOME MONITORING\nSOLUTIONS AVAILABLE.\nThe core of Rogers connected home strategy is to provide customers\nwith the fastest broadband connections, together with the ability to\nseamlessly shift - to shift time, to shift screens and to shift places so they\naccess what they want, when they want, on the screen of their choice.\nRogers offers the best in on-demand, sports, movies, specialty, episodic\nand multicultural programming. Customers can schedule, pause, rewind\nBROADBAND\nINTERNET\nE-MAIL\n& MESSAGING\nWHOLE HOME\nPVR\nCATEGORY-\nLEADING MEDIA\nCONTENT\nHOME\nTELEPHONY\nANY SCREEN\nSTREAMING TV\nON-DEMAND\nVIDEO CONTENT\nHOME\nMONITORING\n& AUTOMATION\nCONVERGED\nWIRELESS/\nWIRELINE\n08 ROGERS COMMUNICATIONS INC. 2013 ANNUAL REPORT\nand view content on demand. They can search content and control their\nPVR remotely from their smartphone. They can stream programming to\ntheir tablet anywhere in their home. A single Rogers Nextbox serves as\na master PVR for the entire home enabling simultaneous viewing and\nrecording of up to eight separate shows and storage of over 250 hours\nof high-definition programming. And customers can access television\nand movie content on-demand from anywhere by laptop, tablet or\nsmartphone using the Rogers Anyplace TV app.\nTelevision has never been this good, this easy, or this simple to control.\nAnd it’s even better when combined with innovative Rogers features,\nsuch as the ability to screen phone calls on their TV, listen to voicemail\non their tablet, or receive talking text messages on their home phone.\nWireless customers can also use Rogers One Number to switch calls\namong their computer, home phone and wireless device without\ninterruption; manage e-mails; text messages and voicemail; hold live\nvideo chats; and combine and sync contacts from across multiple devices.\nWhen they’re not at home, more and more customers also rely on\nRogers Smart Home Monitoring, a complete monitoring, automation\nand security solution that includes the most innovative technology and\nfeatures available. Smart Home Monitoring lets customers monitor,\ncontrol and receive alerts by smartphone or online, staying connected\nto their home from almost anywhere, and enjoying the peace of mind\nthat comes with having the most reliable monitoring solution available.",
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- "text": "# ROGERS COMMUNICATIONS INC. 2013 ANNUAL REPORT MEDIA WIRELESS CABLE ROGERS.COM\n\n##### **D E L I V E RI NG ON OUR COMMITMENTS** IN 2 013\n\n####### **GROWTH**\n\n**94** Not Not Not es es es to to Consol ida da ted tedd Fi Fi Fi nan nan cia c l\nSt Sta Sta tem t ent s\n**126** Cor por r ate ate an an and S d S d S har har h eho eh lde r I nfo nfo fo rma rma rma tio tio tion\n####### **DIVIDEND**\n####### **GROWTH**\n**WHAT WE SAID:** Increase\ncash returns to shareholders\nconsistently over time.\n**WHAT WE DID:** Increased the\nannualized dividend per share\n10% from $1.58 to $1.74 in 2013.\nFurther increased the dividend\nby 5% to $1.83 in February 2014.\n####### **HIGHER VALUE**\n####### **WIRELESS SUBSCRIBERS**\n**WHAT WE SAID:** Continue the\ngrowth in our smartphone\nsubscriber base to drive wireless\ndata revenue and ARPU.\n**WHAT WE DID:** Activated nearly\n2.7 million smartphones, helping\nbring smartphone penetration\nto 75% of postpaid subscriber\nbase.\n####### **OPERATING**\n####### **EFFICIENCIES**\n**WHAT WE SAID:** Implement\nproductivity improvement\ninitiatives to capture sustainable\noperating efficiencies.\n**WHAT WE DID:** Reduced operating\nexpenses for the combined Wireless\nand Cable segments, excluding the\ncost of wireless equipment sales, by\napproximately 1% from 2012 levels.\n####### **EVOLVE AND ENHANCE**\n####### **TELEVISION PLATFORM**\n**WHAT WE SAID:** Invest in the\nevolution of our current TV\nplatform and extend our video\nofferings to new platforms.\n**WHAT WE DID:** Launched NextBox\n3.0 delivering a superior TV\nexperience and leveraged the\nsuccess of Rogers AnyPlace TV,\nour Internet and mobile\non-demand TV service.\n####### **FAST AND RELIABLE**\n####### **NETWORKS**\n**WHAT WE SAID:** Maintain\nRogers leadership in network\ntechnology and innovation.\n**WHAT WE DID:** Rogers was\nnamed both the fastest wireless\nnetwork and the fastest\nbroadband ISP in Canada\nby PCMag.com.\n####### **ENHANCE AND STRENGTHEN**\n####### **THE CORE BUSINESS**\n**WHAT WE SAID:** We will make\nstrategic investments to expand\nand strengthen the core\nbusiness.\n**WHAT WE DID:** Executed\nstrategic acquisitions including\nMountain Cable, data centre and\nhosting assets, theScore and\nvaluable, high profile sports\ncontent.\n####### **DATA REVENUE**\n####### **GROWTH**\n**WHAT WE SAID:** Generate\ndouble-digit wireless and\nbroadband data growth consistent\nwith our data usage monetization\nstrategy.\n**WHAT WE DID:** Grew wireless",
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- "text": "# ROGERS COMMUNICATIONS INC. 2013 ANNUAL REPORT MEDIA WIRELESS CABLE ROGERS.COM\n\n## **2013 was another solid year in which Rogers made clear progress on a number of**\n\n##### **WHY INVEST** IN ROGERS\n\n####### **ADJUSTED NET INCOME AND EARNINGS PER SHARE**\n\nnavigate their cable guide, use a virtual remote, set PVR recordings and\nstream live or on-demand content from a tablet, smartphone, laptop\nor gaming console.\nRogers continues to be Canada’s innovation leader in rapidly growing\nareas such as wireless machine-to-machine communications, remote\nhome monitoring and automation, mobile payments, in-car\ninfotainment and telematics, and digital media. As well, Rogers has\ndeployed a suite of unique local digital services that create virtual\nmarketplaces for bringing consumers and businesses together and\nprovide location-based targeted offers.\nThese are just a few examples of the ways Rogers continues to\ninnovate and lead the way, introducing wireless, broadband and digital\ntechnologies and services that fundamentally change the way\ncustomers stay connected, informed and entertained anywhere they\nare. Canadians know there’s one thing to be certain of - if they’re with\nRogers, they’ll never miss a thing.\n2013 ANNUAL REPORT ROGERS COMMUNICATIONS INC. 15\n**SOCIAL** RESPONSIBILITY\nATTAINING LEADERSHIP IN OUR INDUSTRY AND THE\nPRIVILEGE OF BEING CANADIANS’ COMPANY-OF-CHOICE IS\nABOUT DELIVERING THE BEST INNOVATIVE SERVICES WHILE\nBEING A RESPONSIBLE BUSINESS - AIMS THAT ARE DEEPLY\nCONNECTED.\nEach year we work hard to build a more sustainable business and\ncontribute to building a more sustainable world. Applying social and\nenvironmental responsibility throughout Rogers’ daily operations - and\nbeyond our own walls to our supply chain and communities - helps us\nattract customers, enhance employee recruitment and retention, mitigate\nrisks and provide value to all of our stakeholders.\nTo create a great workplace, we focus on all aspects of the employee\nexperience - investing millions in employee training and development,\nproviding attractive compensation and benefits, and developing a\nYOUTH\nEDUCATION\nEMPLOYEE\nEXPERIENCE\nARTS &\nCULTURE\nETHICAL\nSUPPLY CHAIN\nECONOMIC\nCONTRIBUTIONS\nENVIRONMENTAL\nRESPONSIBILITY\nCOMMUNITY\nINVESTMENT LOCAL SHELTERS\n& FOOD BANKS GOOD\nGOVERNANCE\n16 ROGERS COMMUNICATIONS INC. 2013 ANNUAL REPORT\npositive health, safety and wellness culture. In 2013, Rogers was\nrecognized as one of Canada’s Top 100 Employers and one of the\nBest Diversity Employers.\nIn support of positive change in communities across Canada, Rogers\nprovided cash and in-kind donations to support various organizations\nand causes, including youth education through our flagship program\nRogers Youth Fund. This fund supports after-school homework clubs,\nacademic tutoring and alternative schooling that help youth excel.\nAs a natural extension of our business, we also contribute significant\nfunding to encourage the development of innovative and creative\nCanadian content for film, television and wireless mobile devices.",
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- "text": "# ROGERS COMMUNICATIONS INC. 2013 ANNUAL REPORT MEDIA WIRELESS CABLE ROGERS.COM\n\n## **2013 was another solid year in which Rogers made clear progress on a number of**\n\n##### **WHY INVEST** IN ROGERS\n\n####### **ADJUSTED NET INCOME AND EARNINGS PER SHARE**\n\n**Rogers Communications has excellent positions in growing markets, powerful brands that stand for innovation,**\n**proven management, a long record of driving growth and shareholder value, and the financial strength to continue**\n**to deliver long-term growth.**\n##### **WHY INVEST** IN ROGERS\nCanada’s largest wireless carrier and\na leading cable television provider,\noffering a “quadruple play” of wireless,\nInternet, television and telephony\nservices to consumers and businesses.\n####### **LEADER IN CANADIAN**\n####### **COMMUNICATIONS INDUSTRY**\nA leading provider of communications\nand entertainment products and\nservices that are increasingly becoming\nintegrated necessities in today’s world.\n####### **MUST-HAVE PRODUCTS**\n####### **AND SERVICES**\nUnique and complementary collection\nof leading broadcast radio and\ntelevision, specialty TV, sports\nentertainment, publishing and\ndigital media assets.\n####### **CATEGORY-LEADING**\n####### **MEDIA ASSETS**\nMajority of revenue and cash flow is\ngenerated from wireless and broadband\nservices, the fastest growing segments\nof the telecommunications industry.\n####### **SUPERIOR ASSET MIX**\nStrong franchises with nationally\nrecognized and highly respected\nbrands that stand solidly in Canada\nfor innovation, choice and value.\n####### **STRONG FRANCHISES**\n####### **AND POWERFUL BRANDS**\nLeading wireless and broadband\nnetwork platforms that deliver the\nmost innovative communications,\ninformation and entertainment\nservices.\n####### **LEADING NETWORKS**\n####### **AND INNOVATIVE PRODUCTS**\nExperienced, performance-oriented\nmanagement and operating teams\nwith solid industry expertise,\nsupported by the spirit of innovation\nand an entrepreneurial culture.\n####### **PROVEN LEADERSHIP AND**\n####### **ENGAGED EMPLOYEE BASE**\nFinancially strong with an investment\ngrade balance sheet, conservative debt\nleverage, and significant available\nfinancial liquidity.\n####### **FINANCIAL STRENGTH**\n####### **AND FLEXIBILITY**\nRCI common stock actively trades on\nthe TSX and NYSE, with average daily\ntrading volume of approximately\n1.6 million shares. Each share pays\nan annualized dividend of $1.83\nper share in 2014.\n####### **HEALTHY TRADING VOLUME**\n####### **AND GROWING DIVIDENDS**\n####### **ANNUALIZED DIVIDENDS PER SHARE: 2008- 2013**\n2011 2012 **2013** 2008 2009 2010\n**$1.74**\n$1.00\n$1.16 $1.28\n$1.42\n$1.58\n####### **ADJUSTED NET INCOME AND EARNINGS PER SHARE**\n2011 2012 **2013** 2008 2009 2010\n**$1.8**\n**$3.42**\n$1.3\n$1.6 $1.7 $1.7 $1.8\nADJUSTED NET INCOME ($ IN BILLIONS)\nADJUSTED DILUTED EARNINGS PER SHARE\n$1.99\n$2.53\n$2.94 $3.17 $3.41\n2013 ANNUAL REPORT ROGERS COMMUNICATIONS INC. 05\n**WIRELESS** EVERYWHERE\nROGERS KNOWS THAT NO MATTER WHERE ITS CUSTOMERS\nARE, BEING IN TOUCH WITH FRIENDS, FAMILY AND\nCOLLEAGUES MAKES THEIR LIVES MORE CONNECTED.\nAND BEING CONNECTED ANYTIME, ANYWHERE, TO THE\nINFORMATION AND ENTERTAINMENT THAT MATTERS\nMOST MAKES LIFE EASIER AND MORE ENJOYABLE.\nThat’s why, in the city and around the world, millions of Canadians rely",
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- "text": "# ROGERS COMMUNICATIONS INC. 2013 ANNUAL REPORT MEDIA WIRELESS CABLE ROGERS.COM\n\n## **93 Consolidated Statements of Cash Flows**\n\n####### **MEDIA**\n\nCanada’s largest provider of\nwireless communications services.\n\n####### **MEDIA**\nsee page 47\nA diversified Canadian media\ncompany that engages in\ntelevision and radio\nbroadcasting, multi-platform\nshopping, publishing, digital,\nand sports media and\nentertainment.\n2013 ANNUAL REPORT ROGERS COMMUNICATIONS INC. 29\nMANAGEMENT’S DISCUSSION AND ANALYSIS\nOUR STRENGTHS\nLEADER IN CANADIAN COMMUNICATIONS INDUSTRY\nCanada’s largest wireless carrier and a leading cable television provider,\noffering quad-play services (i.e. wireless, television, Internet and\ntelephony) to consumers and businesses.\nPOWERFUL BRANDS\nStrong nationally recognized and highly respected premium brands that\nwe believe evoke innovation, entrepreneurial spirit, choice and value.\nLEADING NETWORKS AND INNOVATIVE PRODUCTS\nLeading Canadian wireless and cable internet network platforms that\nhave been recognized as offering fastest speeds upon which to deliver\nthe innovative communications, media, information and entertainment\nservices.\nMUST-HAVE PRODUCTS AND SERVICES\nA leading Canadian provider of communications and entertainment\nproducts and services that are becoming increasingly integrated and\nnecessary in today’s world.\nCATEGORY-LEADING MEDIA ASSETS\nUnique and complementary collection of leading Canadian broadcast\nradio and television, specialty TV, sports media and entertainment,\npublishing and digital media assets.\nSUPERIOR ASSET MIX\nMajority of revenue and cash flow is generated from wireless and\nInternet services.\nPROVEN LEADERSHIP AND ENGAGED EMPLOYEE BASE\nExperienced performance-oriented management and operating teams,\nwith highly developed industry expertise, supported by the spirit of\ninnovation and an entrepreneurial culture.\nFINANCIAL STRENGTH AND FLEXIBILITY\nFinancially strong with an investment grade balance sheet, conservative\ndebt leverage and significant available liquidity.\nHEALTHY TRADING VOLUMES AND HISTORY OF DIVIDEND\nGROWTH\nOur common stock actively trades on the TSX and NYSE with an\naverage daily trading volume of approximately 1.6 million shares.\nDividends have increased in each of the last 5 years and each share paid\nan annualized dividend of $1.74 in 2013. In February 2014, we further\nincreased our annualized dividend by 5% to $1.83.\n30 ROGERS COMMUNICATIONS INC. 2013 ANNUAL REPORT\n**MANAGEMENT’S DISCUSSION AND ANALYSIS** INDUSTRY TRENDS\nThe telecommunications industry in Canada, and our business segments, is affected by several overarching trends.\nCHANGING TECHNOLOGIES AND CONSUMER DEMANDS\nConsumer demand for mobile devices, digital media and on-demand\ncontent across platforms is pushing providers to build networks that can\nprovide more data faster, cheaper and more easily. Increased adoption\nof smartphones and double digit growth in our data revenue continued\nthis year, reflecting expanded use of applications, mobile video,\nmessaging and other wireless data.\nCOMPETITION\nCompetition in wireless from national and regional operators as well as",
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- "text": "# ROGERS COMMUNICATIONS INC. 2013 ANNUAL REPORT MEDIA WIRELESS CABLE ROGERS.COM\n\n## **93 Consolidated Statements of Cash Flows**\n\n####### **Key Financial Information**\n\ninvestors), on SEDAR (sedar.com) and on EDGAR (sec.gov), or you can\ne-mail us at investor.relations@rci.rogers.com. Information on or\nconnected to these and any other websites referenced in this document\nis not part of this MD&A.\nYou can also go to rogers.com/investors for information about our\ngovernance practices, corporate social responsibility reporting, a\nglossary of communications and media industry terms, and additional\ninformation about our business.\n2013 ANNUAL REPORT ROGERS COMMUNICATIONS INC. 25\nMANAGEMENT’S DISCUSSION AND ANALYSIS\nExecutive Summary\nABOUT ROGERS COMMUNICATIONS INC.\nRogers Communications is one of Canada’s leading diversified communications and media companies.\nWe provide a broad range of services: wireless and wired voice and data\ncommunications, cable television, high-speed Internet, cable telephony,\nwired telecom and data networking services to consumers and\nbusinesses. We also compete in television and radio broadcasting,\nmulti-platform shopping, sports media and entertainment, digital media\nand consumer, trade and professional publications.\nAlmost all of our operations and sales are in Canada. We have a highly\nskilled and diversified workforce of approximately 28,000 employees.\nOur head-office is in Toronto, Ontario and we have numerous offices\nacross Canada.\nFOUR BUSINESS SEGMENTS\nWe report our results of operations in four segments.\nWireless Wireless telecommunications operations\nfor consumers and businesses\n| Cable | Cable telecommunications operations, including cable television, Internet and cable telephony for Canadian consumers and businesses |\n|:---|:---|\n| Business Solutions | Network connectivity through our fibre network assets to support a range of voice, data, networking, data centre and cloud-based services for medium and large Canadian businesses, governments, and other telecommunications providers |\n| Media | A diversified portfolio of media properties, including television and radio broadcasting, digital media, multi- platform shopping, publishing and sports media and entertainment |\n$12.7 BILLION\n(%)\n**2013 CONSOLIDATED REVENUE BY SEGMENT**\nWIRELESS **57%**\nCABLE **27%**\nMEDIA **13%**\nBUSINESS SOLUTIONS **3%**\n$5.0 BILLION\n(%)\n**2013 CONSOLIDATED ADJUSTED OPERATING PROFIT BY SEGMENT**\nWIRELESS **61%**\nCABLE **33%**\nMEDIA **4%**\nBUSINESS SOLUTIONS **2%**\n26 ROGERS COMMUNICATIONS INC. 2013 ANNUAL REPORT\n**MANAGEMENT’S DISCUSSION AND ANALYSIS** 2013 HIGHLIGHTS\n####### **Key Financial Information**\nYears ended December 31\n(In millions of dollars, except per share amounts) **2013** 2012 % Chg\n**Consolidated**\nOperating revenue **$ 12,706** $ 12,486 2\nAs adjusted 1 :\nOperating profit **$ 4,993** $ 4,834 3\nOperating profit margin **39.3%** 38.7%\nNet income **$ 1,769** $ 1,781 (1)\nDiluted earnings per share **3.42** 3.41 -\nOperating income 2 **2,926** 2,766 6",
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- "text": "# ROGERS COMMUNICATIONS INC. 2013 ANNUAL REPORT MEDIA WIRELESS CABLE ROGERS.COM\n\n## **93 Consolidated Statements of Cash Flows**\n\n####### **Higher Adjusted Operating Profit**\n\n- the cost of wireless handsets and equipment\n- all other expenses involved in day-to-day operations, to service\nexisting subscriber relationships and attract new subscribers.\nThe cost of equipment was $50 million lower than last year, or 3%,\nmainly because fewer existing subscribers upgraded hardware and\nfewer new customers were added during the year as discussed above.\nWe activated and upgraded fewer devices compared to 2012.\nTotal customer retention spending (including subsidies on handset\nupgrades) was $939 million, 0.3% lower than last year. The reduction\nwas mainly because fewer existing subscribers upgraded their hardware\nas discussed above, which we partially attribute to the recent shift to\ntwo year contracts.\nOther operating expenses (excluding retention spending), were down\nslightly from 2012, due to a continued focus on cost productivity\ninitiatives we are implementing across various functions.\n####### **Higher Adjusted Operating Profit**\nAdjusted operating profit was 3% higher this year compared to last\nyear because of continued growth of wireless data, our improvements\nin cost management and efficiency and lower volumes of hardware\nsales and upgrades. Adjusted operating profit margin as a percentage\nof network revenue increased this year to 46.8% from 45.6% in 2012.\n(IN MILLIONS OF DOLLARS)\n**WIRELESS ADJUSTED OPERATING PROFIT**\n**2013**\n2012\n2011\n**$3,157**\n$3,063\n$3,036\n40 ROGERS COMMUNICATIONS INC. 2013 ANNUAL REPORT\n**MANAGEMENT’S DISCUSSION AND ANALYSIS** CABLE\nONE OF CANADA’S LARGEST PROVIDERS OF CABLE\nTELEVISION, HIGH-SPEED INTERNET AND\nPHONE SERVICES\n- 2.1 million television subscribers - approximately 31.4% of\nCanadian cable television subscribers\n- 2.0 million high-speed Internet subscribers\n- 1.2 million telephony subscribers\n- a network that passes approximately 4 million homes in\nOntario, New Brunswick and Newfoundland.\nPRODUCTS AND SERVICES\nOur advanced digital two-way hybrid fibre-coaxial network provides a\nleading and innovative selection of digital television and online viewing,\nhigh-speed broadband Internet access, and cable telephony services:\n- programming includes high-definition television (HDTV)\n- on-demand, including movies, television series and events\n- personal video recorders (PVRs) and Whole Home PVR\n- time-shifted programming\n- digital specialty, multicultural and sports programming\n- Rogers Anyplace TV and Anyplace TV Home Edition for viewing on\nsmartphones, tablets and personal computers.\nCable Television generates service revenue from three areas:\n- digital cable - includes digital channel service fees, including premium\nand specialty service subscription fees, pay per view service fees and\nvideo on demand service fees\n- analog cable - includes basic cable service fees plus extended basic\n(or tier) service fees and access fees for use of channel capacity by",
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- "query": "Until what NHL season will the Vancouver's ice hockey team be a Rogers Communications partner?",
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- "target_passage": "Sportsnet announced a 10-year partnership extension with the Vancouver Canucks through the 2022-2023 NHL seasons",
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- "text": "# ROGERS COMMUNICATIONS INC. 2013 ANNUAL REPORT MEDIA WIRELESS CABLE ROGERS.COM\n\n## **93 Consolidated Statements of Cash Flows**\n\n####### **MEDIA TRENDS**\n\nCanadian cable industry first, the application recommends similar\nprograms based on what customers are viewing, helping Canadians\nto explore and uncover more programming that appeals to their\nindividual tastes.\nBUSINESS SOLUTIONS\n- Following the acquisition of Blackiron and Pivot Data Centres this\nyear, Business Solutions announced it is expanding its hosting and\ncolocation business in Western Canada through a newly expanded\ndata centre in Edmonton and a new Western Canada flagship data\ncentre in Calgary.\n- SIP Trunking, a new IP-based voice solution, was announced for\nenterprises designed to complement our fibre-based Internet and\nWAN connectivity services. Merging voice services with a business\ndata network, SIP Trunking solutions dynamically allocate bandwidth\nas needed to support voice and/or data needs depending upon\ncapacity requirements during peak hours and also provide a platform\nfor next generation IP-based video, mobile and productivity\napplications and services.\nMEDIA\n- Exclusive NHL 12-year licensing agreement to broadcast national NHL\ngames beginning with the 2014-2015 season was signed. The\nagreement grants Rogers the exclusive distribution of all national live\nand in-progress regular season and playoff games within Canada, in\nmultiple languages, across all platforms. We executed separate\nagreements to sublicense certain of these broadcasting rights to TVA\nSports and CBC.\n- Sportsnet 360 was launched, which is comprised of the rebranded\ntheScore assets. The acquisition of theScore received final regulatory\napproval in the first half of this year.\n- Sportsnet announced a 10-year partnership extension with the\nVancouver Canucks through the 2022-2023 NHL seasons, continuing\na 14-year network tradition as the regional television broadcaster of\nCanucks hockey. The new agreement features a comprehensive suite\nof multimedia rights including television, online and mobile,\ndelivering up to 60 regular season Vancouver Canucks games each\nseason. Sportsnet is also the official regional television broadcast\nrights holder for the Toronto Maple Leafs, Calgary Flames and\nEdmonton Oilers.\n- Next Issue Canada, an innovative, all-you-can-read subscription\ndigital magazine service that provides consumers with exclusive and\nunlimited access to a catalogue of more than 100 premium Canadian\nand US titles was launched. Next Issue Canada delivers access to our\nleading publishing brands alongside many of the most popular US\nmagazine titles.\n- The Shopping Channel launched a brighter, easier, and more\nengaging multi-channel retail experience and a refreshed on-air and\nonline look, an all-new mobile app, special-themed programming\nand improved shipping. The leading interactive and only national\nCanadian multi-channel retailer also added on-air social media",
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- "text": "# ROGERS COMMUNICATIONS INC. 2013 ANNUAL REPORT MEDIA WIRELESS CABLE ROGERS.COM\n\n## **93 Consolidated Statements of Cash Flows**\n\n####### **Higher Adjusted Operating Profit**\n\nadvertisers with:\n- other Canadian magazines\n- foreign, mostly US, titles that sell in significant quantities in Canada\n- online information and entertainment websites.\nTelevision and specialty services compete for viewers and advertisers\nwith:\n- other Canadian television stations that broadcast in their local\nmarkets, including those owned and operated by the CBC, Bell\nMedia and Shaw Media, some of which have greater national\ncoverage\n- other specialty channels\n- other distant Canadian signals and US border stations given the time-\nshifting capacity available to digital subscribers\n- other media, including newspapers, magazines, radio and outdoor\nadvertising\n- content available on the Internet.\nCompetition in Sports Entertainment includes:\n- other Toronto professional teams, for attendance at Blue Jays games\n- other Major League Baseball teams, for Blue Jays players and fans\n- other local sporting and special event venues.\n2013 ANNUAL REPORT ROGERS COMMUNICATIONS INC. 47\nMANAGEMENT’S DISCUSSION AND ANALYSIS\nACQUISITIONS\n- Closed our agreement to acquire Metro 14 Montreal for $10 million\non February 4, 2013, and relaunched the station as City Montreal,\nexpanding the City broadcast TV network into the largest market in\nQuebec and increasing the City television network reach to over\n80% of Canadian households.\n- Finalized our purchase of theScore, Canada’s third largest specialty\nsports channel, for $167 million. We later rebranded theScore as\nSportsnet 360.\nNHL\n- Advanced our strategy of delivering highly sought-after sports\ncontent anywhere, anytime, on any platform and strengthening the\nvalue of our sports brand by entering into an exclusive 12-year\nlicensing agreement with the NHL which begins with the 2014-2015\nseason and grants Rogers the following:\n- national rights across television broadcasts, wireless and\nmobile tablets and Internet streaming\n- national rights to all regular season games, all playoff games\nand the Stanley Cup Final, and all special events and non-\ngame events (e.g. NHL All-Star Game, NHL Draft) - in multiple\nlanguages\n- out-of-market rights for all regional games\n- ownership of all linear and digital highlights, including\ncondensed games and video archives\n- NHL broadcast assets: Rogers to operate NHL Centre Ice and\nNHL Game Centre Live\n- sponsorship rights to the NHL Shield logo as an official partner\nof the NHL\n- Canadian representation of ad sales for NHL.com\n- ownership of all commercial inventories for the television\nbroadcasts\n- rights to sublicense broadcasting rights to TVA and CBC\n- rights to use the Hockey Night In Canada brand through the\nCBC sublicense agreement.",
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- "text": "# ROGERS COMMUNICATIONS INC. 2013 ANNUAL REPORT MEDIA WIRELESS CABLE ROGERS.COM\n\n## **93 Consolidated Statements of Cash Flows**\n\n####### **Significant Developments**\n\nto $1.83.\n####### **New CEO**\n- Guy Laurence joined Rogers in December 2013, as our new President\nand Chief Executive Officer, succeeding Nadir Mohamed who retired\nfrom Rogers. Mr. Laurence brings 30 years of global experience in\nthe telecommunications and media industries.\n####### **Significant Developments**\n- Exclusive 12-year licensing agreement to broadcast national NHL\ngames, beginning with the 2014-2015 season was signed. The\nagreement grants Rogers the exclusive distribution rights of all\nnational regular season and playoff games within Canada, in multiple\nlanguages, across all platforms. At the same time, we executed\nseparate agreements to sublicence certain of these broadcasting\nrights to TVA Sports and CBC.\n- Strategic acquisitions of Score Media Inc. (theScore), Mountain\nCablevision Ltd. (Mountain Cable), Blackiron Data ULC (Blackiron)\nand Pivot Data Centres were completed.\n- Rogers First Rewards, a new loyalty program allowing customers to\nearn points on their eligible purchases and redeem them online for a\nwide selection of Rogers products and services, was launched in the\nGreater Toronto Area, Ottawa, Kingston, Sudbury and other cities\nthroughout Ontario. We also received regulatory approval to launch\na Rogers credit card which augments this loyalty program and will\naccelerate the rate at which customers earn points.\n(IN MILLIONS OF DOLLARS)\n**REVENUE BY SEGMENT**\n**2013**\n2012\n2011\n**$1,704**\n$1,620\n$1,611\n**$374**\n$351\n$405\n**$3,475**\n$3,358\n$3,309\n**$7,270**\n$7,280\n$7,138\nWireless Cable Business Solutions Media\n(IN MILLIONS OF DOLLARS)\n**ADDITIONS TO CONSOLIDATED PROPERTY, PLANT AND EQUIPMENT**\n**2013**\n2012\n2011\n**$2,240**\n$2,142\n$2,127\n(IN MILLIONS OF DOLLARS)\n**ADJUSTED OPERATING PROFIT BY SEGMENT**\n**2013**\n2012\n2011\n**$161**\n$190\n$180\n**$106**\n$89\n$86\n**$1,718**\n$1,605\n$1,549\n**$3,157**\n$3,063\n$3,036\nWireless Cable Business Solutions Media\n(IN MILLIONS OF DOLLARS)\n**CONSOLIDATED TOTAL ASSETS**\n**2013**\n2012\n2011\n**$23,601**\n$19,618\n$18,362\n28 ROGERS COMMUNICATIONS INC. 2013 ANNUAL REPORT\n**MANAGEMENT’S DISCUSSION AND ANALYSIS** Understanding Our Business\nRogers Communications is one of Canada’s leading diversified communications and media companies.\n**Our vision** is to be known for leading the enablement and delivery of seamless, customer-driven communications,\nentertainment, information and transactional experiences across any device, place or time.\n**Wireless** provides wireless voice and data communication services,\nincluding machine to machine to both consumer and enterprise\nbusinesses, governments and other telecommunications service\nproviders. **Cable** provides voice and data communications, home\nmonitoring, television and high-speed Internet services to both\nconsumers and businesses. **Business Solutions** provides voice and data\ncommunications and advanced services including data centre based\nsolutions and cloud computing services to a wide range of medium to",
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- "text": "# ROGERS COMMUNICATIONS INC. 2013 ANNUAL REPORT MEDIA WIRELESS CABLE ROGERS.COM\n\n## **2013 was another solid year in which Rogers made clear progress on a number of**\n\n##### **WHY INVEST** IN ROGERS\n\n####### **ADJUSTED NET INCOME AND EARNINGS PER SHARE**\n\nmagazine platform which provides 100+ of North America’s most\ncelebrated titles on an unlimited anytime, anywhere basis.\nIn sports entertainment, Rogers owns the Toronto Blue Jays baseball\nteam and Rogers Centre stadium, Canada’s largest sports and\nentertainment facility and home field of the Blue Jays. Rogers also holds\na 37.5% investment in Maple Leaf Sports & Entertainment which owns\nthe NHL Maple Leafs, NBA Raptors, MLS Toronto FC and a number of\nother sports related assets.\n2013 ANNUAL REPORT ROGERS COMMUNICATIONS INC. 13\n**DELIVERING** WHAT’S NEXT\nINNOVATION AND A DRIVE TO BE FIRST TO DELIVER THE\nMOST ADVANCED INFORMATION, COMMUNICATIONS,\nENTERTAINMENT AND TRANSACTION SERVICES, SOLUTIONS\nAND DEVICES ARE AT THE VERY CORE OF ROGERS.\nAs one of the first carriers in the world to offer the telecommunications\n“quadruple play” of wireless, television, Internet and telephony services\nover its own networks, few have more capabilities or success in enabling\nsubscribers to enjoy their experiences across multiple screens.\nRogers has a long history of firsts, including the first cellular call in Canada,\nthe world’s first high-speed cable modem service, the first digital cellular\nnetwork in North America, Canada’s first video-on-demand and mobile\nTV services, the first HSPA and LTE networks and the first to offer iPhone,\nAndroid, BlackBerry and Windows 8 in Canada. With the combination of\nour advanced next-generation national wireless network, our powerful\nbroadband cable infrastructure and our category-leading media assets,\nwe are in a unique position to help Canadians to live like never before.\nLEADING\nNEXT GENERATION\nNETWORKS\nDIGITAL MEDIA\nMOBILE\nCOMMERCE\nHOME\nAUTOMATION\nMACHINE-TO-\nMACHINE\nCOMMUNICATIONS\nMOBILE\nSTREAMING\nTELEVISION\nADVANCED IP\nSOLUTIONS\nENTERPRISE\nMOBILE\nAPPLICATIONS\nCONVERGED\nWIRELESS/\nWIRELINE\n14 ROGERS COMMUNICATIONS INC. 2013 ANNUAL REPORT\nOur new wireless Share Everything plans were Canada’s first to let\nindividuals, families and small businesses share wireless data and\nunlimited nationwide talk and text, with up to 10 wireless devices.\nRogers recently further enhanced its exciting One Number service by\nintroducing smartphone apps which enable customers to use mobile\ndata or Wi-Fi to talk, text and video chat using their existing Rogers\nwireless number from any device.\nWe also keep customers informed and entertained with Rogers next-\ngeneration NextBox 3.0 TV experience which allows customers to view\nand record up to eight HD programs simultaneously, store hundreds of\nhours of content and enjoy whole-home PVR capability. And with\nRogers Anyplace TV, it’s also a wireless experience where viewers can",
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- "text": "# ROGERS COMMUNICATIONS INC. 2013 ANNUAL REPORT MEDIA WIRELESS CABLE ROGERS.COM\n\n## **2013 was another solid year in which Rogers made clear progress on a number of**\n\n##### **WHY INVEST** IN ROGERS\n\n####### **ADJUSTED NET INCOME AND EARNINGS PER SHARE**\n\nRogers remains at the forefront of mobile commerce and electronic\npayments solutions in the Canadian market.\nBusinesses across Canada also connect with customers through Rogers\nleading media brands as the one-stop solution for all their local and\nnational radio, television, online and print advertising needs.\n2013 ANNUAL REPORT ROGERS COMMUNICATIONS INC. 11\nROGERS IS COMMITTED TO DELIVERING WORLD-CLASS\nCONTENT AND EXPERIENCES TO CONSUMERS AND\nADVERTISING SOLUTIONS TO BUSINESSES. THE COMPANY\nHAS A STRONG LEGACY OF BUILDING POWERFUL MEDIA\nBRANDS WITH COMPELLING CONTENT THAT RESONATES WITH\nAUDIENCES ACROSS MULTIPLE PLATFORMS ON ANY DEVICE.\nToday, businesses across Canada connect with customers through Rogers\ncategory-leading television and radio assets, sports entertainment,\ntelevised and online shopping, publishing, and digital media properties as\nthe one-stop solution for all their local and national advertising needs.\nRogers Media is Canada’s premier combination of diversified broadcast,\nspecialty, sports, print and online media assets which together touch\nnearly 90% of Canadians every week. This includes over 50 popular AM\nand FM radio stations across Canada. In television, it includes the seven\nstation City network which broadcasts intensely local, urban-oriented\n**LEADING** CONTENT\nLEADING\nSPORTSNET TV\nFRANCHISE\nOMNI\nMULTICULTURAL\nNETWORK\nCITY NATIONAL\nTELEVISION\nNETWORK\nTORONTO\nBLUE JAYS\nBASEBALL TEAM\nNATIONAL\nRADIO\nPORTFOLIO\nTELEVISED\nSHOPPING\nNETWORK\n37.5% OWNERSHIP\nOF LEAFS,\nRAPTORS & TFC\nDIGITAL MEDIA\nPORTFOLIO\nICONIC\nMAGAZINE\nBRANDS\n12 ROGERS COMMUNICATIONS INC. 2013 ANNUAL REPORT\nprogramming across the country’s largest markets, as well\nas five OMNI Television stations which deliver multilingual news,\ninformation and entertainment to Canada’s multiple language\ncommunities.\nThe Sportsnet specialty network provides sports programming across\nCanada through its four regional television channels and its nationally-\ndistributed Sportsnet ONE, Sportsnet World, and Sportsnet 360\nstations. Rogers also owns other Canadian specialty television channels,\nincluding FX Canada, OLN, The Biography Channel and G4.\nThe Shopping Channel - Canada’s only nationally televised and\nInternet shopping service - is a leading interactive multi-channel\nretailer, offering a vast assortment of exclusive products and top brand\nnames. As one of Canada’s most innovative and diversified retailers,\nit provides customers with exceptional selections in health/beauty,\njewelry, home/lifestyle, fashion/accessories, and electronics.\nRogers also publishes many well-known consumer magazines, such as\nMaclean’s, Chatelaine, FLARE, L’actualité, and Canadian Business, and is\nthe leading publisher of a number of industry, medical and financial\npublications. Rogers also controls a suite of fast-growing digital media\nassets, including 90+ owned and 300+ premium partnership online\nsites, as well as the recently launched Next Issue Canada digital",
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- "text": "# ROGERS COMMUNICATIONS INC. 2013 ANNUAL REPORT MEDIA WIRELESS CABLE ROGERS.COM\n\ntelevision and online viewing and telephony services to millions of residential\nand small business customers. Together with Rogers Business Solutions, it also\nprovides scalable carrier-grade business telecom, networking, hosting and\nmanaged data services, and IP connectivity and solutions to medium and large\nenterprise, government and carrier customers.\nMEDIA SEGMENT\nRogers Media is Canada’s premier destination for category-leading television and\nradio broadcasting, sports entertainment, publishing, and digital media properties.\nTelevision assets include national City network which reaches more than 80% of\nCanadians, five OMNI Television multilingual channels, seven regional and national\nSportsnet channels, as well as specialty channels FX Canada, OLN, The Biography\nChannel and G4. Rogers Media also owns The Shopping Channel, Canada’s only\nnationally televised and online shopping service. It operates more than 50 Canadian\nradio stations, publishes 50+ well known consumer and business magazines, and\nowns a suite of digital media properties. Media owns the Toronto Blue Jays Baseball\nClub and Rogers Centre, Canada’s largest sports and entertainment facility. Rogers\nalso holds a 37.5% investment in Maple Leaf Sports & Entertainment, owner of NHL\nToronto Maple Leafs, NBA Toronto Raptors and MLS Toronto FC.\n####### **REVENUE**\n($ IN BILLIONS)\n2011 **7.1**\n2012 **7.3**\n**2013 7.3**\n####### **REVENUE**\n($ IN BILLIONS)\n2011 **1.61**\n2012 **1.62**\n**2013 1.70**\n####### **REVENUE**\n($ IN BILLIONS)\n**BUSINESS SOLUTIONS / CABLE**\n2011\n2012\n**2013**\n**3.3**\n**3.4**\n**3.5**\n2011 **12.3**\n####### **REVENUE**\n($ IN BILLIONS)\n2012 **12.5**\n**2013 12.7**\n####### **ADJUSTED OPERATING PROFIT**\n($ IN BILLIONS)\n2011 **3.0**\n2012 **3.1**\n**2013 3.2**\n####### **ADJUSTED OPERATING PROFIT**\n($ IN BILLIONS)\n2011 **0.18**\n2012 **0.19**\n**2013 0.16**\n**BUSINESS SOLUTIONS / CABLE**\n2011\n2012\n**2013**\n####### **ADJUSTED OPERATING PROFIT**\n($ IN BILLIONS)\n**1.5**\n**1.6**\n**1.7**\n####### **ADJUSTED OPERATING PROFIT**\n($ IN BILLIONS)\n2011 **4.7**\n2012 **4.8**\n**2013 5.0**",
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- "text": "# ROGERS COMMUNICATIONS INC. 2013 ANNUAL REPORT MEDIA WIRELESS CABLE ROGERS.COM\n\n## **93 Consolidated Statements of Cash Flows**\n\n####### **Higher Adjusted Operating Profit**\n\n**2013**\n2012\n2011\n**$1,718**\n$1,605\n$1,549\n**49.4%**\n47.8%\n46.8%\n44 ROGERS COMMUNICATIONS INC. 2013 ANNUAL REPORT\n**MANAGEMENT’S DISCUSSION AND ANALYSIS** BUSINESS SOLUTIONS\nLEADING-EDGE COMMUNICATIONS SERVICES TO\nCANADIAN BUSINESSES\n- sells to medium and large enterprises, governments and\nfinancial institutions amongst others\n- 7,298 on-net fibre connected buildings\n- fibre passes next to an additional 20,014 near-net buildings.\nSERVICES THAT MEET THE INCREASING DEMANDS OF\nTODAY’S CRITICAL BUSINESS APPLICATIONS\n- voice, data networking, Internet protocol (IP) and ethernet services\nover multiservice customer access devices that allow customers to\nscale and add services such as private networking, Internet, IP voice\n(SIP) and cloud solutions which blend seamlessly to grow with their\nbusiness requirements\n- optical wave, Internet, ethernet and multi-protocol label switching\n(MPLS) services provide scalable and secure metro and wide area\nprivate networking that enable and interconnect critical business\napplications for businesses that have one or many offices, data\ncentres or points of presence (as well as cloud applications) across\nCanada\n- extensive wireless and cable access networks services for primary,\nbridging and back-up connectivity\n- contracts are typically for 1 to 5 year terms, supported by\ncomprehensive service level agreements.\nNETWORK\nBusiness Solutions is supported by Rogers networks and a dedicated\nbusiness support network monitoring team that provides Business\nSolutions customers with proactive network monitoring and problem\nresolution.\nDISTRIBUTION\nOur enterprise and carrier wholesale sales team sells Business Solutions\nservices to Canadian business and public sector telecom customers. An\nextensive network of third-party channel distributors deal with IT\nintegrators, consultants, local service providers and other indirect sales\nrelationships. This diverse approach gives greater breadth of coverage\nand sustains strong sales growth for next generation services.\nCOMPETITION\nA number of different players in the Canadian market compete for\nenterprise network and communications services. There are relatively\nfew national providers, but each market has its own competitors that\nusually focus on the geographic markets where they have the most\nextensive networks.\nIn the wireline voice and data market, we compete with facilities and\nnon-facilities-based telecommunications service providers. In markets\nwhere we own network infrastructure, we compete with incumbent\nfibre-based providers. The following are our main competitors, but\nthere are also regional competitors:\n- Ontario: Bell, Cogeco Data Services and Allstream\n- Quebec: predominantly Bell and Videotron\n- Atlantic Canada: Bell Alliant and Eastlink.\n- Western Canada: Shaw and Telus\n$0.36 BILLION\n(%)\n**2013 BUSINESS SOLUTIONS SERVICE REVENUE MIX**",
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- "text": "# ROGERS COMMUNICATIONS INC. 2013 ANNUAL REPORT MEDIA WIRELESS CABLE ROGERS.COM\n\n## **93 Consolidated Statements of Cash Flows**\n\n####### **Higher Adjusted Operating Profit**\n\n$1.7 BILLION\n(%)\n**2013 MEDIA REVENUE MIX**\nTELEVISION **42%**\nTHE SHOPPING CHANNEL **17%**\nPUBLISHING **14%**\nRADIO **13%**\nSPORTS ENTERTAINMENT **14%**\nA NETWORK OF MEDIA ASSETS THAT REACHES CANADIANS COAST-TO-COAST\nRadio We operate more than 50 AM and FM radio stations in markets across Canada, including popular radio brands such as 98.1 CHFI,\n680 News, Sportsnet 590, The FAN, KISS 92.5, JACK FM and SONiC.\nTelevision 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\nrevenues from online sales.\nPublishing - 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\nIssue Canada digital magazine service offering.\nDigital Media Our online and mobile digital media platforms include digital advertising across websites and mobile platforms, digital content\nsubscriptions, and commerce solutions.\nSports Entertainment We own the Toronto Blue Jays, Canada’s only Major League Baseball team, and the Rogers Centre event venue, which hosts the\nToronto Blue Jays’ home games and other professional league games, concerts, trade shows and special events.\nCOMPETITION\nOur radio stations compete mainly with individual stations in local\nmarkets, but they also compete:\n- nationally with other large radio operators, including satellite radio\noperator Sirius/XM, the CBC, Bell Media and Corus Entertainment\n- with other media, including newspapers, magazines, television and\noutdoor advertising\n- with new technologies such as online web information services,\nmusic downloading, portable media players and online music\nstreaming services.\nThe Shopping Channel competes with:\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\nand loyalty.\nOur magazines and other publications compete for readership and",
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- "text": "# ROGERS COMMUNICATIONS INC. 2013 ANNUAL REPORT MEDIA WIRELESS CABLE ROGERS.COM\n\n## **93 Consolidated Statements of Cash Flows**\n\n####### **Operating Income and Net Income**\n\nBusiness Solutions operating revenue was higher than last year mainly\nbecause we completed the acquisitions of Blackiron Data and Pivot\nData Centres earlier this year combined with the continued growth in\non-net and next generation services, partially offset by planned decline\nin legacy voice and data services.\nMedia operating revenue was higher than last year mainly because of\nrevenue growth at Sportsnet, higher attendance at Toronto Blue Jays\ngames and higher sales at The Shopping Channel.\n####### **Adjusted Operating Profit**\nWireless adjusted operating profit was higher this year because of\nhigher network revenue, our continued cost management and\nproductivity initiatives implemented across various areas and lower cost\nof equipment.\nCable adjusted operating profit was higher than last year because of\nthe continued growth in revenue combined with a shift in our product\nmix towards higher margin Internet and phone products.\nMedia’s adjusted operating profit was lower compared to last year. The\nincrease in operating revenue this year was more than offset by the\ncombined impact of higher player salaries at the Toronto Blue Jays, the\nNHL player lockout in 2012 and the costs associated with broadcasting\nmore NHL hockey games in 2013 because of the condensed 2012-2013\nseason which started in January 2013 and the compressed 2013-2014\nseason schedule associated with the upcoming winter Olympics.\nAdjusted operating profit relating to Corporate items and intercompany\neliminations was lower compared to last year because of continued\ninvestment in growth initiatives such as Rogers’ credit card, Outrank,\nRogers Alerts and other digital opportunities.\n####### **Operating Income and Net Income**\nOperating income was higher than last year while net income was\nlower. The increase in operating income is mainly because of the\nincrease in adjusted operating profit. Net income was lower mainly\nbecause in 2012 we realized a $233 million gain on spectrum licenses\nthat Inukshuk sold to our non-related venture partner as well as the\nrelated income tax benefits we recorded that year.\n36 ROGERS COMMUNICATIONS INC. 2013 ANNUAL REPORT\n**MANAGEMENT’S DISCUSSION AND ANALYSIS** WIRELESS\nROGERS IS CANADA’S LARGEST WIRELESS\nCOMMUNICATIONS SERVICE PROVIDER\nAs at December 31, 2013, we had:\n- approximately 9.5 million subscribers\n- approximately 34% share of the Canadian wireless market.\nPRODUCTS AND SERVICES\nRogers is a Canadian leader in innovative new wireless network\ntechnologies and services. We provide wireless voice and advanced\nhigh-speed data communication services to subscribers across Canada\nunder the Rogers, Fido and Chatr brands, and provide our customers",
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- "text": "# ROGERS COMMUNICATIONS INC. 2013 ANNUAL REPORT MEDIA WIRELESS CABLE ROGERS.COM\n\n## **93 Consolidated Statements of Cash Flows**\n\n####### **Operating Income and Net Income**\n\nwith the best and latest wireless devices and applications including:\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.\nNATIONAL DISTRIBUTION\nWe distribute our wireless products using various channels including:\n- independent dealer networks\n- company-owned Rogers, Fido and Chatr retail stores\n- customer self-serve rogers.com, fido.ca, chatrwireless.com, ecommerce\nsites\n- Rogers call centres and outbound telemarketing\n- major retail chains and convenience stores.\n$7.3 BILLION\n(%)\n**2013 WIRELESS REVENUE MIX**\nPOSTPAID VOICE **46%**\nDATA **44%**\nEQUIPMENT **7%**\nPREPAID VOICE **3%**\nEXTENSIVE WIRELESS NETWORK\nRogers has one of the most extensive and advanced wireless networks\nin Canada:\n- supports wireless services on smartphone, tablets, computers and a\nbroad variety of M2M, mobile commerce, retail point of sale and\nother specialized devices\n- the first LTE high-speed network in Canada, which reached more\nthan 73% of the Canadian population at December 31, 2013\n- voice and data roaming agreements with international carriers in\nmore than 200 countries\n- network sharing arrangements with several regional wireless\noperators in Canada.\nWe are continuously enhancing our IP service infrastructure for all of\nour wireless services. Advances in technology have transformed how\nour customers interact and how they use the variety of tools that are\navailable to them in their personal and professional lives. Technology\nhas also changed the way businesses operate.\nNew technologies allow us to offer new services, such as Rogers One\nNumber, which makes enhanced wireless services available to\nsubscribers on their computer, tablet, or smartphone and can be used\nas an alternative to fixed line telephony. Users enjoy the same services\nand features across the coverage area, thanks to the seamless\nintegrated nature of the Rogers network and those of our roaming and\nnetwork sharing partners.\n2013 ANNUAL REPORT ROGERS COMMUNICATIONS INC. 37\nMANAGEMENT’S DISCUSSION AND ANALYSIS\nSIGNIFICANT SPECTRUM POSITION\nOur wireless services are supported by our significant spectrum holdings in both high-band and low-band spectrum. As part of our network\nstrategy, we expect to continue making significant capital investments in spectrum to:\n- support the rapidly growing usage of wireless data services\n- introduce new innovative network-enabled features and functionality.\nOur spectrum holdings include:",
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- "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": "# Outperform Emmis Communications 2004 Annual Report\n\n## Outperform.\n\n##### what it has always done: outperform.\n\nmarkets of New York, Los Angeles and Chicago as well as Phoenix, St. Louis, Austin,\nIndianapolis and Terre Haute, Ind. The company’s 16 television stations are located in\nAlbuquerque, N.M.; Fort Myers, Fla.; Green Bay, Wis.; Honolulu; Huntington, W.Va.;\nMobile, Ala./Pensacola, Fla.; New Orleans; Omaha, Neb.; Orlando, Fla.; Portland, Ore.;\nTerre Haute, Ind.; Topeka, Kan.; Tucson, Ariz.; and Wichita, Kan. Emmis also publishes\n*Indianapolis Monthly, Texas Monthly, Cincinnati, Atlanta, Los Angeles* and Country\nSampler Group magazines; has a 59.5% interest in Sláger Rádió, a national radio\nnetwork in Hungary; operates nine FM radio stations serving more than 50 percent of\nthe population in the Flanders region of Belgium; and has ancillary businesses in\nbroadcast sales, publishing and interactive products.\nTransfer Agent Register\nWachovia Bank N.A., Shareholder Services Group,\n1525 West W.T. Harris Blvd., 3c3, Charlotte, North Carolina 28288-1153.\nAnnual Meeting\nThe Annual Meeting of shareholders will be held at 10 a.m. Central Time on\nWednesday, June 30, 2004, at Emmis’ Corporate office.\nForm 10-K\nA copy of the Annual Report on Form 10-K for the fiscal year ended February 29,\n2004, which was filed with the Securities and Exchange Commission, will be sent\nto shareholders without charge upon written request to Kate Healey, Emmis\nCommunications Corporation, One Emmis Plaza, 40 Monument Circle, Suite 700,\nIndianapolis, Indiana 46204, or ir@emmis.com.\nMarket and Dividend Information\nThe Company’s Class A Common Stock is traded in the over-the-counter market\nand is quoted on the National Association of Securities Dealers Automated\nQuotation (NASDAQ) National Market System under the symbol EMMS.\nThe following table sets forth the high and low bid prices of the Class A Common\nStock for the periods indicated. No dividends were paid during any such periods.\nQuarter Ended High Low\nMay 2002 31.85 26.15\nAugust 2002 30.15 11.65\nNovember 2002 24.05 14.25\nFebruary 2003 24.86 17.82\nMay 2003 21.24 14.84\nAugust 2003 23.87 18.68\nNovember 2003 24.06 18.00\nFebruary 2004 28.65 22.74\nOn April 23, 2004, there were approximately 4,841 record holders of the Class A\nCommon Stock and one record holder of the Class B Common Stock.\nEmmis intends to retain future earnings for use in its business and does not anticipate",
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- "text": "# 2013 Annual Report u\n\n## Corporate Governance Statement\n\nfollowing significant announcements by the\nCompany, including the release of the quarterly\nreport, half-yearly results, the preliminary annual\nresults and the lodgement of the Company’s\nAnnual Report (subject to the prohibition of\ndealing in the Company’s securities if they\npossess unpublished price sensitive information).\nDirectors and senior management must also\nreceive approval from the Chairman before\nbuying or selling Company securities.\nThe Company’s Share Trading Policy is available\nin the ‘Corporate Governance’ section of the\nCompany’s website.\nCommunication with Shareholders and Continuous Disclosure\nThe Company is committed to providing relevant\nand timely information to its shareholders in\naccordance with its continuous disclosure\nobligations under the ASX Listing Rules and the\n*Corporations Act 2001* (Cth).\nInformation is communicated to shareholders\nthrough the distribution of the Company’s\nAnnual Report and other communications. All\nreleases are posted on the Company’s website\nand released to the ASX in a timely manner.\nThe Company has practices in place throughout\nthe year governing who may authorise and make\ndisclosures and the method by which the market\nis to be informed of any price sensitive\ninformation.\nThe Company Secretary is responsible for\ncommunications with the ASX and ensuring that\nthe Company meets its continuous disclosure\nobligations.\nThe Company’s Continuous Disclosure is avail-\nable in the ‘Corporate Governance’ section of\nthe Company’s website.\nAnnual General Meeting\nAll shareholders are encouraged to attend and\nparticipate in the Company’s Annual General\nMeeting. Shareholders may attend in person or\nsend a proxy as their representative.\nThe Company’s external auditor is routinely\ninvited to and attends the Annual General\nMeeting in order to respond to questions raised\nby shareholders relating to the content and\nconduct of the audit and accounting policies\nadopted by the Company in relation to the\npreparation of the financial statements.\nCorporate Governance Disclosure\nThe Company’s governance policies and proce-\ndures comply in all substantial respects with the\nAustralian Securities Exchange Corporate\nGovernance Principles and Recommendations\nwith 2010 Amendments. The following table\ncompares the ASX Recommendations and the\nCompany’s corporate governance policies and\npractices.\ncontinued\n**38**\nCorporate Governance Statement\n1.1 Companies should establish the functions reserved to the Board and those delegated to senior executives and disclose those functions. √\n1.2 Companies should disclose the process for evaluating the performance of senior executives. √\n1.3 Companies should provide the information indicated in the Guide to reporting on Principle 1. √\n2.1 A majority of the Board should be independent Directors. √",
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- "text": "# Outperform Emmis Communications 2004 Annual Report\n\n#### about emmis\n\nEmmis Communications (NASDAQ: EMMS) owns 23 FM and 4 AM\ndomestic radio stations serving the nation’s largest markets of New\nYork, Los Angeles and Chicago as well as Phoenix, St. Louis, Austin,\nIndianapolis and Terre Haute, Ind. In addition, Emmis owns 16 television\nstations, award-winning regional and specialty magazines, a radio net-\nwork, international radio interests, and ancillary businesses in broadcast\nsales and publishing.\nEmmis was founded in 1980, and the company launched its first radio\nstation, WENS-FM, in July 1981. As Emmis (the Hebrew word for\n“truth”) acquired more radio stations across the nation, it established a\nreputation for sound operations and emerged as a radio industry leader\nand innovator. Emmis was the first broadcast company to own top-\nrated radio stations in both L.A. and New York, and it pioneered such\nconcepts as the all-sports format.\nThe company launched its magazine division in 1988 with the purchase\nof *Indianapolis Monthly* , and moved into the world of international radio\nin 1997, when it was awarded a license to operate a national radio\nnetwork in Hungary. In 1998, Emmis expanded into television by buying\nsix television stations in markets throughout the United States. In the last\nsix years, the company has added properties in each of its divisions.\nWith its emphasis on solid operations, integrity, community involvement\nand fun, the company’s culture has been repeatedly lauded by both its\nemployees and its peers. Trade publications have regularly cited the\ncompany’s leaders as being among the best in the business.\nEmmis became a public company in 1994. It maintains its worldwide\nheadquarters in Indianapolis, where the company was founded.\n*This annual report contains certain non-GAAP measures. For a presen-*\n*tation of the directly comparable GAAP measure and a reconciliation of*\n*the non-GAAP measures to the GAAP measures, see the attachment to*\n*the back of our Form 10-K in this Annual Report.*",
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- "text": "# Outperform Emmis Communications 2004 Annual Report\n\n## Outperform.\n\n##### what it has always done: outperform.\n\nWe unveiled this concept at the National Association of\nBroadcasters meeting in April. I am proud to say that 11\nother television companies joined us at that meeting to\nexpress their support for what we’re calling the Broadcasters’\nInitiative, and more are signing on each week. Once again,\nEmmis has leveraged innovation to take a leading role in our\nindustries.\nWe’ll continue to use innovation to push us forward.\nMeanwhile, we’ll also build and maintain the best teams, pro-\nduce the best media content, outhustle and outsell our com-\npetitors, seize the best opportunities and operate this com-\npany better than any other.\nIn other words, you can count on Emmis to continue to do\nwhat it has always done: Outperform.\nThank you for your belief and investment in Emmis.\n##### what it has always done: outperform.\nJeffrey H. Smulyan\nchairman & ceo emmis communications\nExecutive Officers\nJeffrey H. Smulyan\nChairman of the Board,\nPresident and Chief Executive Officer\nWalter Z. Berger\nExecutive Vice President,\nChief Financial Officer and Treasurer\nRandall Bongarten\nTelevision Division President\nRichard F. Cummings\nRadio Division President\nGary L. Kaseff\nExecutive Vice President,\nGeneral Counsel\nPaul W. Fiddick\nInternational Division President\nMichael Levitan\nSenior Vice President,\nHuman Resources\nGary Thoe\nPublishing Division President\nBoard of Directors\nJeffrey H. Smulyan\nChairman of the Board,\nPresident and Chief Executive Officer\nSusan B. Bayh\nFormer Commissioner of the International Joint\nCommission of the United States and Canada\nWalter Z. Berger\nExecutive Vice President,\nChief Financial Officer and Treasurer\nGary L. Kaseff\nExecutive Vice President,\nGeneral Counsel\nRichard A. Leventhal\nPresident and Majority Owner,\nLMCS, LLC\nPeter A. Lund\nMedia consultant and former\nPresident of CBS Inc.\nGreg A. Nathanson\nMedia consultant and former\nPresident of Fox Television Stations and\nEmmis Television\nFrank V. Sica\nSenior Advisor\nSoros Fund Management LLC\nLawrence B. Sorrel\nManaging Partner and Co-CEO\nTailwind Capital Partners\nCorporate Office\nOne Emmis Plaza, 40 Monument Circle, Suite 700, Indianapolis, Indiana 46204,\n317.266.0100.\nBusiness\nEmmis Communications (NASDAQ: EMMS) is a diversified media firm with award-\nwinning radio broadcasting, television broadcasting and magazine publishing\noperations. Emmis’ 23 FM and 4 AM domestic radio stations serve the nation’s largest",
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- "text": "#14. This is the seventh consecutive year we’ve\n\n## **2015 Outlook**\n\n####### **(a)3. EXHIBITS**\n\nOur President certified to the New York Stock Exchange (“NYSE”) on May 15, 2014 pursuant to Section 303A.12(a) of the NYSE’s listing\nstandards, that he was not aware of any violation by the Company of the NYSE’s corporate governance listing standards as of that date.\n**Item 11. Executive Compensation.**\nThe information required under this item is included in the following sections of our Proxy Statement for our 2015 Annual Meeting of\nShareholders, the sections of which are incorporated by reference herein and will be filed within 120 days after the end of our fiscal year:\nCompensation of Executive Officers\nCompensation Discussion and Analysis\nDirector Compensation\nCompensation Committee Interlocks and Insider Participation\n**Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters.**\nThe information required under this item is included in the following sections of our Proxy Statement for our 2015 Annual Meeting of\nShareholders, the sections of which are incorporated by reference herein and will be filed within 120 days after the end of our fiscal year:\nSecurity Ownership of Certain Beneficial Owners and Management\nEquity Compensation Plans\n**Item 13. Certain Relationships and Related Transactions, and Director Independence.**\nThe information required under this item is included in the following sections of our Proxy Statement for our 2015 Annual Meeting of\nShareholders, the sections of which are incorporated by reference herein and will be filed within 120 days after the end of our fiscal year:\nElection of Directors\nCertain Relationships and Related Transactions\n**Item 14. Principal Accounting Fees and Services.**\nThe information required under this item is included in the following section of our Proxy Statement for our 2015 Annual Meeting of\nShareholders, the section of which is incorporated by reference herein and will be filed within 120 days after the end of our fiscal year:\nRatification of the Appointment of Independent Registered Public Accounting Firm\nNordstrom, Inc. and subsidiaries 69\n**PART IV**\n**Item 15. Exhibits and Financial Statement Schedules.**\nThe following information required under this item is filed as part of this report:\n####### **(a)1. FINANCIAL STATEMENTS**\n**Page**\nReport of Independent Registered Public Accounting Firm\nConsolidated Statements of Earnings\nConsolidated Statements of Comprehensive Earnings\nConsolidated Balance Sheets\nConsolidated Statements of Shareholders’ Equity\nConsolidated Statements of Cash Flows\nManagement’s Report on Internal Control Over Financial Reporting\nReport of Independent Registered Public Accounting Firm\n####### **(a)3. EXHIBITS**\nExhibits are incorporated herein by reference or are filed with this report as set forth in the Index to Exhibits on pages 72 through 78 hereof.",
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- "text": "# Outperform Emmis Communications 2004 Annual Report\n\n## Outperform.\n\n###### emmis communications 2004 abbreviated financial highlights *in thousands except where noted*\n*year ended Feb. 28 (29)* ’00 ’01 ’02 ’03 ’04\nnet revenues 325,265 473,345 539,822 562,363 591,868\nstation operating income* 125,477 174,213 185,665 213,112 220,445\nstation op income margin 38.6% 36.8% 34.4% 37.9% 37.2%\nleverage 2.5x 6.8x 9.3x 6.5x 6.7x\n**excluding noncash compensation*\npublishing tv radio\n5\n4\n3\n2\n1\n0 1% 2.7% 4.5%\n**INDUSTRY**\n**MARKETS**\n**EMMIS**\nradio division revenue growth fiscal 2004\n$600,000\n$500,000\n$400,000\n$300,000\n$200,000\n$100,000\n$0 00 01 02 03 04\n$300,000\n$250,000\n$200,000\n$150,000\n$100,000\n$50,000\n$0 00 01 02 03 04\n**325,265**\n**473,345 539,822 562,363 591,868**\n**125,447**\n**174,213 185,665 213,112 220,445**\nnet revenue station operating income, excluding noncash compensation\n4\n2\n0\n-2\n-4\n-6 -4.7% -2.3% 0.5%\n**INDUSTRY MARKETS EMMIS**\ntv division revenue growth calendar 2003\nDear Shareholders,\nOn our year-end conference call, I said that last year was the\nbest in Emmis Communications’ history. And while that might\nhave sounded like the usual Wall Street hyperbole - like any\nother CEO bragging about his company’s performance - the\ndifference is, I believed it. And I still do.\nBut I’ve been in this business long enough to know two\nthings for sure: What I believe is not as important as what I\ncan prove, and what we did last year is only meaningful if it\nreflects on how we will do in the coming year. The good\nnews is, Emmis does have the results to back up my high\npraise, and what we did to perform last year does directly\nrelate to how we’ll perform in the year ahead.\n**The best year**\nThe bottom line is this: Emmis Communications turned in a\nremarkable performance last year. Again and again, and by a\nnumber of measures, we outperformed our peers, our mar-\nkets and our own solid track record.\nAnd we did this in a year that was challenging in just about\nevery way. The economy was unstable, public companies\ncame under continuing scrutiny, indecency issues hounded\nbroadcasters, competition for tight ad dollars increased and\ntechnology continued to reshape the media world.",
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- "text": "# Outperform Emmis Communications 2004 Annual Report\n\n## Outperform.\n\n##### you can count on emmis to continue to do\n\nthe last fiscal year - we ended fiscal ’03 at 19.79, and closed\nthe book on fiscal ’04 at 25.17.\n**How we did it**\nOperationally, we were on top of our game last year. However,\nas I said, I know that the past year’s performance really only\nmatters if it reflects on what we’ll do in the coming year. The\ngood news is, it does. We performed at these high levels not\nby doing something unusual, but by operating the way Emmis\nhas always operated, and the way we always will.\nFirst of all, we focus on assembling and maintaining the best\nteams in our markets. We have traditionally had the top\nsalespeople, creative and technical professionals, news\nstaffs, managers and support staff in every city where we\noperate. Their peers turn to them for industry leadership,\nhonor them with awards and copy them at every opportunity.\nWe invest in these people, giving them industry-leading ben-\nefits packages, great opportunities and the tools they need to\nsucceed. This has always been a hallmark of Emmis, and it\nwon’t change.\n##### you can count on emmis to continue to do\nIn addition, we commit ourselves to creating the best content\nin our markets. Our magazines routinely dominate their\nindustry awards ceremonies - last year, *Texas Monthly* won a\ncoveted National Magazine Award, and Emmis publications\nclaimed more than half of the awards at the City and\nRegional Magazine competition. Our radio stations feature\nsome of the industry’s most popular personalities - in 2003,\nEmmis people and stations were awarded three Marconi\nRadio Awards. And our television operations are regularly\nhonored by journalism organizations for their news gathering\nand community service. In short, we provide our markets\nwith reliable, high-quality content - content that helps us\nassemble the audiences our advertisers want to reach.\nWe then generate revenue by overallocating to sales. We\ngive our teams well-developed strategies, clearly defined\nbrands and solid products. We build bigger, better sales\nforces and put a greater emphasis on local dollars than our\ncompetitors. We hire aggressive managers, set ambitious\ngoals and then watch our people work harder and smarter",
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- "text": "# ANNUAL REPORT 2004\n\n## **15. SUBSEQUENT EVENT**\n\n####### **ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULE**\n\naudited by Ernst & Young LLP, an independent registered public accounting Ñrm, as stated in their report\nwhich is included herein.\n87\n####### **Changes in Internal Control Over Financial Reporting**\nBased on an evaluation, under the supervision and with the participation of our management, including\nour Chief Executive OÇcer and Chief Financial OÇcer, there has been no change in our internal control over\nÑnancial reporting during our last Ñscal quarter identiÑed in connection with that evaluation, that has\nmaterially aÅected, or is reasonably likely to materially aÅect, our internal control over Ñnancial reporting.\n####### **ITEM 9B. OTHER INFORMATION**\nNone.\n88\n####### **PART III**\nThe information required by Items 10, 11, 12 (except for the information required by Item 201(d) of\nRegulation S-K), 13 and 14 of Part III of Form 10-K will be set forth in the Proxy Statement of the Company\nrelating to the 2005 Annual Meeting of Stockholders and is incorporated by reference herein.\n####### **ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND**\n####### **MANAGEMENT**\nThe following table sets forth certain information regarding equity compensation plans as of Decem-\nber 31, 2004 (number of securities in millions):\n**Number of**\n**Securities Remaining**\n**Number of Available for**\n**Securities to be Future Issuance**\n**Issued Under Weighted-Average Under Equity**\n**Exercise of Exercise Price of Compensation Plans**\n**Outstanding Outstanding Excluding Securities**\n**Options, Warrants Options, Warrants ReÖected in**\n**Plan Category and Rights and Rights Column A**\nEquity compensation plans approved by\nsecurity holders ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 11.1 $18.51 6.0\nEquity compensation plans not approved\nby security holdersÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ Ì Ì Ì\nTotal ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 11.1 $18.51 6.0\n89\n####### **PART IV**\n####### **ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULE**\n(a) The following documents are Ñled as part of this report:\n1. All Financial Statements:\nThe following Ñnancial statements are Ñled as part of this report under Item 8 Ì Financial\nStatements and Supplementary Data.\n**Page**\nReport of Independent Registered Public Accounting Firm on the\nFinancial StatementsÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 51\nReport of Independent Registered Public Accounting Firm on Internal\nControl over Financial Reporting ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 52\nConsolidated Balance Sheets as of December 31, 2004 and 2003ÏÏÏÏÏÏÏ 53\nConsolidated Statements of Income for each of the Three Years Ended\nDecember 31, 2004 ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 54\nConsolidated Statements of Stockholders' Equity and Comprehensive",
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- "text": "# Outperform Emmis Communications 2004 Annual Report\n\n## Outperform.\n\n###### emmis communications 2004 abbreviated financial highlights *in thousands except where noted*\n\nBut our people refused to be slowed by those challenges.\nInstead, they worked through them. They innovated, hustled\nand focused. And they produced.\nOur radio division’s revenue growth led our markets and the\nindustry - in our fiscal year, our group was up 4.5 percent\nwhile our markets were up 2.7 percent and the industry only\n1 percent. Based on this kind of performance, we have con-\nsistently ranked among the nation’s leaders in per-station\nrevenue, and we continue to produce top-rated programming\nin markets across the nation.\nOur TV performance was even more impressive. The Emmis\ntelevision group’s revenues were up 0.5 percent in calendar\n2003, a year when our markets saw a 2.3 percent decrease\nin revenues, and the industry experienced a 4.7 percent\nrevenue decline. This industry-leading result made us one of\nthe few groups in the nation to post positive growth. In addi-\ntion, we gained revenue share at 11 of our 13 measured\nstations and held the line on expenses, giving us a 1.2\npercent increase in fiscal-year cash flow.\nOur publishing and international divisions also posted strong\nresults. In a tough publishing market, our magazines boosted\ntheir division’s revenues by 4.6 percent over last year and\nincreased cash flow by 3.3 percent. Our international division\nturned in a revenue increase of 27 percent and a cash flow\nincrease of 31 percent.\nIn addition to boosting performance in our divisions, we\nhoned our corporate operations by continuing to build one\nof the most adept and hardest-working corporate groups in\nAmerican media. With this team in place, we’ve brought\nour leverage and cost of capital down to more manageable\nlevels, found ways to combat the continually increasing\ncosts of health insurance and, in a truly top-notch effort,\nsmoothly integrated our new Austin radio properties - in just\nunder a year as a part of Emmis, the Austin properties are\nenjoying significant ratings and revenue increases.\nOf course, for you, the real bottom line on our performance is\nits impact on your investment. I’m proud to say that we saw\na 27 percent increase in our share price over the course of",
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- "text": "# MERMAID MARINE AUSTRALIA LIMITED ACN 083 185 693\n\n## **-**\n\n### D I R E C TO R S ’ R E P O R T\n\n31\nat the Company’s annual general meeting in November 2000, it was proposed to invite each\nholder of the above options to subscribe for one new 30 November 2001, 0.75 cent option for\neach of the above options held on its expiry at a proposed issue price of 1 cent per new option.\nThere is no inherent right arising from these options to participate in any new issue of shares in\nthe Company which may be offered to shareholders from time to time prior to the exercise of\nthe options. The Company will ensure however, that during the exercise period, for the purpose\nof determining entitlement to any new issue, the relevant record date will be at least 12 business\ndays after the new issue is exercised, so as to give the holder of options an opportunity to exercise\ntheir options prior to the relevant record date of any new issue.\nIn accordance with the provisions of the\nMermaid Marine Australia Limited Employee Share Option Incentive Plan (the “Employee\nOption Plan”), as at the date of this report a total of 42 employees have under option an aggregate\nof 615,000 ordinary shares in the Company. Of the 615,000 ordinary shares under option pursuant\nto the Employee Option Plan, half (307,500) may be purchased within 12 months of 18 June 2000\nat an issue price of 60 cents per share and half (307,500) may be purchased within 12 months of\n18 June 2000 at an issue price of 70 cents per share.\nHolders of options over unissued shares in the Company do not have the right, by virtue of the",
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- "source_file": "ASX_MRM_2000.pdf"
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- "query": "Who is the President of the TV Department of Emmis Communications?",
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- "target_passage": "Randall Bongarten Television Division President",
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- "text": "# Outperform Emmis Communications 2004 Annual Report\n\n## Outperform.\n\n##### what it has always done: outperform.\n\nWe unveiled this concept at the National Association of\nBroadcasters meeting in April. I am proud to say that 11\nother television companies joined us at that meeting to\nexpress their support for what we’re calling the Broadcasters’\nInitiative, and more are signing on each week. Once again,\nEmmis has leveraged innovation to take a leading role in our\nindustries.\nWe’ll continue to use innovation to push us forward.\nMeanwhile, we’ll also build and maintain the best teams, pro-\nduce the best media content, outhustle and outsell our com-\npetitors, seize the best opportunities and operate this com-\npany better than any other.\nIn other words, you can count on Emmis to continue to do\nwhat it has always done: Outperform.\nThank you for your belief and investment in Emmis.\n##### what it has always done: outperform.\nJeffrey H. Smulyan\nchairman & ceo emmis communications\nExecutive Officers\nJeffrey H. Smulyan\nChairman of the Board,\nPresident and Chief Executive Officer\nWalter Z. Berger\nExecutive Vice President,\nChief Financial Officer and Treasurer\nRandall Bongarten\nTelevision Division President\nRichard F. Cummings\nRadio Division President\nGary L. Kaseff\nExecutive Vice President,\nGeneral Counsel\nPaul W. Fiddick\nInternational Division President\nMichael Levitan\nSenior Vice President,\nHuman Resources\nGary Thoe\nPublishing Division President\nBoard of Directors\nJeffrey H. Smulyan\nChairman of the Board,\nPresident and Chief Executive Officer\nSusan B. Bayh\nFormer Commissioner of the International Joint\nCommission of the United States and Canada\nWalter Z. Berger\nExecutive Vice President,\nChief Financial Officer and Treasurer\nGary L. Kaseff\nExecutive Vice President,\nGeneral Counsel\nRichard A. Leventhal\nPresident and Majority Owner,\nLMCS, LLC\nPeter A. Lund\nMedia consultant and former\nPresident of CBS Inc.\nGreg A. Nathanson\nMedia consultant and former\nPresident of Fox Television Stations and\nEmmis Television\nFrank V. Sica\nSenior Advisor\nSoros Fund Management LLC\nLawrence B. Sorrel\nManaging Partner and Co-CEO\nTailwind Capital Partners\nCorporate Office\nOne Emmis Plaza, 40 Monument Circle, Suite 700, Indianapolis, Indiana 46204,\n317.266.0100.\nBusiness\nEmmis Communications (NASDAQ: EMMS) is a diversified media firm with award-\nwinning radio broadcasting, television broadcasting and magazine publishing\noperations. Emmis’ 23 FM and 4 AM domestic radio stations serve the nation’s largest",
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- "text": "# ROGERS COMMUNICATIONS INC. 2013 ANNUAL REPORT MEDIA WIRELESS CABLE ROGERS.COM\n\n## **2013 was another solid year in which Rogers made clear progress on a number of**\n\nCompany Director\n8 **Isabelle Marcoux**\nChair,\nTranscontinental Inc.\n9 **The Hon. David R. Peterson, PC, QC**\nSenior Partner and Chairman,\nCassels Brock & Blackwell LLP\n22 **Edward S. Rogers***\nDeputy Chairman and\nExecutive Vice President,\nEmerging Business,\nCorporate Development,\nRogers Communications\n10 **Loretta A. Rogers**\nCompany Director\n11 **Martha L. Rogers**\nDoctor of\nNaturopathic Medicine\n23 **Melinda M. Rogers***\nSenior Vice President,\nStrategy and Development,\nRogers Communications\n12 **Dr. Charles Sirois**\nChief Executive Officer,\nTelesystem Ltd.\n13 **John H. Tory, O. Ont.**\nCompany Director\n*** Management Directors are pictured on the following page.**\nAS OF FEBRUARY 11, 2014\n##### **DIRECTORS** OF ROGERS COMMUNICATIONS INC.\n3\n9\n4\n10\n5\n11\n6 7 8\n1 2\n12 13\n**DIRECTORS**\nFor detailed biographical\ninformation of Rogers Directors,\ngo to **rogers.com/investors**\n20 ROGERS COMMUNICATIONS INC. 2013 ANNUAL REPORT\n14 **Guy Laurence**\nPresident and Chief\nExecutive Officer\n15 **Robert F. Berner**\nExecutive Vice President,\nNetwork and Chief Technology Officer\n16 **Robert W. Bruce**\nPresident,\nCommunications Division\n17 **Linda P. Jojo**\nExecutive Vice President,\nInformation Technology and\nChief Information Officer\n18 **Philip B. Lind, CM**\nExecutive Vice President,\nRegulatory and Vice Chairman\n19 **David P. Miller**\nSenior Vice President,\nLegal and General Counsel\n20 **Keith W. Pelley**\nPresident, Rogers Media\n21 **Jim M. Reid**\nSenior Vice President,\nHuman Resources and\nChief Human Resources Officer\n22 **Edward S. Rogers**\nDeputy Chairman and\nExecutive Vice President,\nEmerging Business,\nCorporate Development\n23 **Melinda M. Rogers**\nSenior Vice President,\nStrategy and Development\n24 **Anthony Staffieri, FCPA, FCA**\nExecutive Vice President\nand Chief Financial Officer\n25 **Terrie L. Tweddle**\nVice President,\nCorporate Communications\nAS OF FEBRUARY 11, 2014\n##### **SENIOR EXECUTIVE OFFICERS** OF ROGERS COMMUNICATIONS INC.\n14\n20\n15\n21\n16\n22\n17\n23\n18\n24\n19\n25\nFor detailed biographical information\nof Rogers Executive Officers, go to\n**rogers.com/investors**\nSENIOR **EXECUTIVE OFFICERS**\n2013 ANNUAL REPORT ROGERS COMMUNICATIONS INC. 21",
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- "text": "# Outperform Emmis Communications 2004 Annual Report\n\n## Outperform.\n\n##### you can count on emmis to continue to do\n\nthan anyone else.\nWe also seize the right opportunities and make the most\nof them. As the cost of buying radio properties has gone\nthrough the roof, we have been careful about buying.\nHowever, when we had a chance to acquire the LBJ stations\nin Austin, we knew it was the right fit: good stations, a\ntremendous heritage and a great culture, all with an opportu-\nnity for growth. And we’ve already built on that group’s track\nrecord - since we bought them, we’ve reformatted one sta-\ntion and quickly sent it to No. 1 in the market, and we’ve\npushed revenues up 9 percent for the entire group.\nFinally, we innovate. Why has Emmis, traditionally a radio\ncompany, become the company to emulate in TV? Because\nwe approached TV in a way it’s never been approached\nbefore. Why do we operate leading hip-hop stations in mar-\nkets across the nation? Because we pioneered the concept.\nWhy have we created a new “Music with Class” format in St.\nLouis’ Red 104.1? Because we believe we see a new oppor-\ntunity. We know that successful companies don’t follow the\npack. They lead it, and that’s what we’ll always do.\n**The year ahead**\nThat last point - innovation - is an important one, especially\nfor the future of Emmis, because we are planning something\nthat could change the face of American TV and once again\ndemonstrate that Emmis is a company that leads the way.\nForty years ago, Americans began taking down their TV\nantennas and severing broadcasters’ direct link to television\naudiences. Since then, the cable companies—the middlemen\nwho replaced us—have created more than $300 billion of\nvalue for themselves. However, changes in technology have\ngiven broadcasters the ability to provide the American public\nwith the most popular TV channels, without the middlemen\nand at a more reasonable price.\nWe are developing an innovative model that will leverage\nthat technology to get broadcast companies back into the\ngame. I believe it has the potential to revolutionize the\ntelevision industry. I also believe it will add substantial value\nto your investment.",
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- "text": "# 2004 Annual Report\n\n## OUR WORK\n\n### COMMUNICATIONS\nO U R W O R K\n**Pursuing Value Through**\n**Technological Excellence** MITSUHIKO YAMASHITA\nExecutive Vice President",
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- "text": "# Outperform Emmis Communications 2004 Annual Report\n\n## Outperform.\n\n###### emmis communications 2004 abbreviated financial highlights *in thousands except where noted*\n*year ended Feb. 28 (29)* ’00 ’01 ’02 ’03 ’04\nnet revenues 325,265 473,345 539,822 562,363 591,868\nstation operating income* 125,477 174,213 185,665 213,112 220,445\nstation op income margin 38.6% 36.8% 34.4% 37.9% 37.2%\nleverage 2.5x 6.8x 9.3x 6.5x 6.7x\n**excluding noncash compensation*\npublishing tv radio\n5\n4\n3\n2\n1\n0 1% 2.7% 4.5%\n**INDUSTRY**\n**MARKETS**\n**EMMIS**\nradio division revenue growth fiscal 2004\n$600,000\n$500,000\n$400,000\n$300,000\n$200,000\n$100,000\n$0 00 01 02 03 04\n$300,000\n$250,000\n$200,000\n$150,000\n$100,000\n$50,000\n$0 00 01 02 03 04\n**325,265**\n**473,345 539,822 562,363 591,868**\n**125,447**\n**174,213 185,665 213,112 220,445**\nnet revenue station operating income, excluding noncash compensation\n4\n2\n0\n-2\n-4\n-6 -4.7% -2.3% 0.5%\n**INDUSTRY MARKETS EMMIS**\ntv division revenue growth calendar 2003\nDear Shareholders,\nOn our year-end conference call, I said that last year was the\nbest in Emmis Communications’ history. And while that might\nhave sounded like the usual Wall Street hyperbole - like any\nother CEO bragging about his company’s performance - the\ndifference is, I believed it. And I still do.\nBut I’ve been in this business long enough to know two\nthings for sure: What I believe is not as important as what I\ncan prove, and what we did last year is only meaningful if it\nreflects on how we will do in the coming year. The good\nnews is, Emmis does have the results to back up my high\npraise, and what we did to perform last year does directly\nrelate to how we’ll perform in the year ahead.\n**The best year**\nThe bottom line is this: Emmis Communications turned in a\nremarkable performance last year. Again and again, and by a\nnumber of measures, we outperformed our peers, our mar-\nkets and our own solid track record.\nAnd we did this in a year that was challenging in just about\nevery way. The economy was unstable, public companies\ncame under continuing scrutiny, indecency issues hounded\nbroadcasters, competition for tight ad dollars increased and\ntechnology continued to reshape the media world.",
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- "text": "# annual report\n\n## Eastland 16\nTommy J. Barrow\n*Chairman of the Board, President and* *Chief Executive Officer*",
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- "text": "# Outperform Emmis Communications 2004 Annual Report\n\n#### about emmis\n\nEmmis Communications (NASDAQ: EMMS) owns 23 FM and 4 AM\ndomestic radio stations serving the nation’s largest markets of New\nYork, Los Angeles and Chicago as well as Phoenix, St. Louis, Austin,\nIndianapolis and Terre Haute, Ind. In addition, Emmis owns 16 television\nstations, award-winning regional and specialty magazines, a radio net-\nwork, international radio interests, and ancillary businesses in broadcast\nsales and publishing.\nEmmis was founded in 1980, and the company launched its first radio\nstation, WENS-FM, in July 1981. As Emmis (the Hebrew word for\n“truth”) acquired more radio stations across the nation, it established a\nreputation for sound operations and emerged as a radio industry leader\nand innovator. Emmis was the first broadcast company to own top-\nrated radio stations in both L.A. and New York, and it pioneered such\nconcepts as the all-sports format.\nThe company launched its magazine division in 1988 with the purchase\nof *Indianapolis Monthly* , and moved into the world of international radio\nin 1997, when it was awarded a license to operate a national radio\nnetwork in Hungary. In 1998, Emmis expanded into television by buying\nsix television stations in markets throughout the United States. In the last\nsix years, the company has added properties in each of its divisions.\nWith its emphasis on solid operations, integrity, community involvement\nand fun, the company’s culture has been repeatedly lauded by both its\nemployees and its peers. Trade publications have regularly cited the\ncompany’s leaders as being among the best in the business.\nEmmis became a public company in 1994. It maintains its worldwide\nheadquarters in Indianapolis, where the company was founded.\n*This annual report contains certain non-GAAP measures. For a presen-*\n*tation of the directly comparable GAAP measure and a reconciliation of*\n*the non-GAAP measures to the GAAP measures, see the attachment to*\n*the back of our Form 10-K in this Annual Report.*",
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- "text": "# Outperform Emmis Communications 2004 Annual Report\n\n## Outperform.\n\n##### you can count on emmis to continue to do\n\nthe last fiscal year - we ended fiscal ’03 at 19.79, and closed\nthe book on fiscal ’04 at 25.17.\n**How we did it**\nOperationally, we were on top of our game last year. However,\nas I said, I know that the past year’s performance really only\nmatters if it reflects on what we’ll do in the coming year. The\ngood news is, it does. We performed at these high levels not\nby doing something unusual, but by operating the way Emmis\nhas always operated, and the way we always will.\nFirst of all, we focus on assembling and maintaining the best\nteams in our markets. We have traditionally had the top\nsalespeople, creative and technical professionals, news\nstaffs, managers and support staff in every city where we\noperate. Their peers turn to them for industry leadership,\nhonor them with awards and copy them at every opportunity.\nWe invest in these people, giving them industry-leading ben-\nefits packages, great opportunities and the tools they need to\nsucceed. This has always been a hallmark of Emmis, and it\nwon’t change.\n##### you can count on emmis to continue to do\nIn addition, we commit ourselves to creating the best content\nin our markets. Our magazines routinely dominate their\nindustry awards ceremonies - last year, *Texas Monthly* won a\ncoveted National Magazine Award, and Emmis publications\nclaimed more than half of the awards at the City and\nRegional Magazine competition. Our radio stations feature\nsome of the industry’s most popular personalities - in 2003,\nEmmis people and stations were awarded three Marconi\nRadio Awards. And our television operations are regularly\nhonored by journalism organizations for their news gathering\nand community service. In short, we provide our markets\nwith reliable, high-quality content - content that helps us\nassemble the audiences our advertisers want to reach.\nWe then generate revenue by overallocating to sales. We\ngive our teams well-developed strategies, clearly defined\nbrands and solid products. We build bigger, better sales\nforces and put a greater emphasis on local dollars than our\ncompetitors. We hire aggressive managers, set ambitious\ngoals and then watch our people work harder and smarter",
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- "text": "# Outperform Emmis Communications 2004 Annual Report\n\n## Outperform.\n\n###### emmis communications 2004 abbreviated financial highlights *in thousands except where noted*\n\nBut our people refused to be slowed by those challenges.\nInstead, they worked through them. They innovated, hustled\nand focused. And they produced.\nOur radio division’s revenue growth led our markets and the\nindustry - in our fiscal year, our group was up 4.5 percent\nwhile our markets were up 2.7 percent and the industry only\n1 percent. Based on this kind of performance, we have con-\nsistently ranked among the nation’s leaders in per-station\nrevenue, and we continue to produce top-rated programming\nin markets across the nation.\nOur TV performance was even more impressive. The Emmis\ntelevision group’s revenues were up 0.5 percent in calendar\n2003, a year when our markets saw a 2.3 percent decrease\nin revenues, and the industry experienced a 4.7 percent\nrevenue decline. This industry-leading result made us one of\nthe few groups in the nation to post positive growth. In addi-\ntion, we gained revenue share at 11 of our 13 measured\nstations and held the line on expenses, giving us a 1.2\npercent increase in fiscal-year cash flow.\nOur publishing and international divisions also posted strong\nresults. In a tough publishing market, our magazines boosted\ntheir division’s revenues by 4.6 percent over last year and\nincreased cash flow by 3.3 percent. Our international division\nturned in a revenue increase of 27 percent and a cash flow\nincrease of 31 percent.\nIn addition to boosting performance in our divisions, we\nhoned our corporate operations by continuing to build one\nof the most adept and hardest-working corporate groups in\nAmerican media. With this team in place, we’ve brought\nour leverage and cost of capital down to more manageable\nlevels, found ways to combat the continually increasing\ncosts of health insurance and, in a truly top-notch effort,\nsmoothly integrated our new Austin radio properties - in just\nunder a year as a part of Emmis, the Austin properties are\nenjoying significant ratings and revenue increases.\nOf course, for you, the real bottom line on our performance is\nits impact on your investment. I’m proud to say that we saw\na 27 percent increase in our share price over the course of",
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- "text": "# Outperform Emmis Communications 2004 Annual Report\n\n## Outperform.\n\npaying any dividends on shares of its common stock in the foreseeable future.\nemmis entities\n**RADIO**\n**Austin**\nKDHT-FM (93.3), Rhythmic CHR\nKEYI-FM (103.5), Oldies\nKGSR-FM (107.1), Adult Alternative\nKLBJ-AM (590), News/Talk\nKLBJ-FM (93.7), Album Oriented Rock\nKROX-FM (101.5), Alternative Rock\n**Chicago**\nWKQX-FM (101.1), Alternative Rock\n**Indianapolis**\nWENS-FM (97.1), Adult Contemporary\nWIBC-AM (1070), News/Talk/Sports\nWNOU-FM (93.1), CHR\nWYXB-FM (105.7), Soft Adult Contemporary\nNetwork Indiana, Statewide news network\n**Los Angeles**\nKPWR-FM (105.9), Hip-Hop/R&B\nKZLA-FM (93.9), Country\n**New York**\nWQCD-FM (101.9), Smooth Jazz\nWQHT-FM (97.7), Hip-Hop\nWRKS-FM(98.7), Classic Soul/Today’s R&B\n**Phoenix**\nKKFR-FM(92.3), Rhythmic CHR\nKKLT-FM (98.7), Adult Contemporary\nKMVP-AM (860), Sports\nKTAR-AM (620), News/Talk/Sports\n**St. Louis**\nKFTK-FM (97.1), Talk\nKIHT-FM (96.3), Classic Hits\nKPNT-FM (105.7), Alternative Rock\nKSHE-FM (94.7), Album Oriented Rock\nWRDA-FM (104.1), New Standards\n**Terre Haute**\nWTHI-FM (99.9), Country\nWWVR-FM (105.5), Classic Rock\n**TELEVISION**\nAlbuquerque, N.M., KRQE-TV (Channel 13),\nCBS programming/local news\nFort Myers, Fla., WFTX-TV (Channel 4),\nFox programming/local news\nGreen Bay, Wis., WLUK-TV (Channel 11),\nFox programming/local news\nHonolulu, KHON-TV (Channel 2),\nFox programming/local news\nHonolulu, KGMB-TV (Channel 9),\nCBS programming/local news\nHuntington/Charleston, W.Va., WSAZ-TV (Channel 3),\nNBC programming/local news\nMobile, Ala./Pensacola, Fla., WALA-TV (Channel 10),\nFox programming/local news\nMobile, Ala./Pensacola, Fla., WBPG-TV (Channel\n55), WB programming\nNew Orleans, WVUE-TV (Channel 8),\nFox programming/local news\nOmaha, Neb., KMTV-TV (Channel 3),\nCBS programming/local news\nOrlando, Fla., WKCF-TV (Channel 18),\nWB programming\nPortland, Ore., KOIN-TV (Channel 6),\nCBS programming/local news\nTerre Haute, Ind., WTHI-TV (Channel 10),\nCBS programming/local news\nTopeka, Kan., KSNT-TV (Channel 27),\nNBC programming/local news\nTucson, Ariz., KGUN-TV (Channel 9),\nABC programming/local news\nWichita, Kan., KSNW-TV (Channel 3),\nNBC programming/local news\n**PUBLISHING**\n*Atlanta*\n*Country Sampler*\n*Cincinnati*\n*Indianapolis Monthly*\n*Los Angeles*\n*Texas Monthly*\n**INTERNATIONAL**\nHungary, Sláger Rádió, Classic Rock/local programming\nBelgium, nine stations serving the Flanders region\n**RELATED BUSINESSES**\nEmmis Books\nEmmis Interactive\nRDS\nemmis communications\none emmis plaza\n40 monument circle\nindianapolis, indiana 46204\n®",
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- "query": "Does the radio station 93.7 in Austin belong to Emmis Communication?",
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- "target_passage": "KLBJ-FM (93.7), Album Oriented Rock",
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- "text": "# Outperform Emmis Communications 2004 Annual Report\n\n#### about emmis\n\nEmmis Communications (NASDAQ: EMMS) owns 23 FM and 4 AM\ndomestic radio stations serving the nation’s largest markets of New\nYork, Los Angeles and Chicago as well as Phoenix, St. Louis, Austin,\nIndianapolis and Terre Haute, Ind. In addition, Emmis owns 16 television\nstations, award-winning regional and specialty magazines, a radio net-\nwork, international radio interests, and ancillary businesses in broadcast\nsales and publishing.\nEmmis was founded in 1980, and the company launched its first radio\nstation, WENS-FM, in July 1981. As Emmis (the Hebrew word for\n“truth”) acquired more radio stations across the nation, it established a\nreputation for sound operations and emerged as a radio industry leader\nand innovator. Emmis was the first broadcast company to own top-\nrated radio stations in both L.A. and New York, and it pioneered such\nconcepts as the all-sports format.\nThe company launched its magazine division in 1988 with the purchase\nof *Indianapolis Monthly* , and moved into the world of international radio\nin 1997, when it was awarded a license to operate a national radio\nnetwork in Hungary. In 1998, Emmis expanded into television by buying\nsix television stations in markets throughout the United States. In the last\nsix years, the company has added properties in each of its divisions.\nWith its emphasis on solid operations, integrity, community involvement\nand fun, the company’s culture has been repeatedly lauded by both its\nemployees and its peers. Trade publications have regularly cited the\ncompany’s leaders as being among the best in the business.\nEmmis became a public company in 1994. It maintains its worldwide\nheadquarters in Indianapolis, where the company was founded.\n*This annual report contains certain non-GAAP measures. For a presen-*\n*tation of the directly comparable GAAP measure and a reconciliation of*\n*the non-GAAP measures to the GAAP measures, see the attachment to*\n*the back of our Form 10-K in this Annual Report.*",
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- "text": "# Outperform Emmis Communications 2004 Annual Report\n\n## Outperform.\n\npaying any dividends on shares of its common stock in the foreseeable future.\nemmis entities\n**RADIO**\n**Austin**\nKDHT-FM (93.3), Rhythmic CHR\nKEYI-FM (103.5), Oldies\nKGSR-FM (107.1), Adult Alternative\nKLBJ-AM (590), News/Talk\nKLBJ-FM (93.7), Album Oriented Rock\nKROX-FM (101.5), Alternative Rock\n**Chicago**\nWKQX-FM (101.1), Alternative Rock\n**Indianapolis**\nWENS-FM (97.1), Adult Contemporary\nWIBC-AM (1070), News/Talk/Sports\nWNOU-FM (93.1), CHR\nWYXB-FM (105.7), Soft Adult Contemporary\nNetwork Indiana, Statewide news network\n**Los Angeles**\nKPWR-FM (105.9), Hip-Hop/R&B\nKZLA-FM (93.9), Country\n**New York**\nWQCD-FM (101.9), Smooth Jazz\nWQHT-FM (97.7), Hip-Hop\nWRKS-FM(98.7), Classic Soul/Today’s R&B\n**Phoenix**\nKKFR-FM(92.3), Rhythmic CHR\nKKLT-FM (98.7), Adult Contemporary\nKMVP-AM (860), Sports\nKTAR-AM (620), News/Talk/Sports\n**St. Louis**\nKFTK-FM (97.1), Talk\nKIHT-FM (96.3), Classic Hits\nKPNT-FM (105.7), Alternative Rock\nKSHE-FM (94.7), Album Oriented Rock\nWRDA-FM (104.1), New Standards\n**Terre Haute**\nWTHI-FM (99.9), Country\nWWVR-FM (105.5), Classic Rock\n**TELEVISION**\nAlbuquerque, N.M., KRQE-TV (Channel 13),\nCBS programming/local news\nFort Myers, Fla., WFTX-TV (Channel 4),\nFox programming/local news\nGreen Bay, Wis., WLUK-TV (Channel 11),\nFox programming/local news\nHonolulu, KHON-TV (Channel 2),\nFox programming/local news\nHonolulu, KGMB-TV (Channel 9),\nCBS programming/local news\nHuntington/Charleston, W.Va., WSAZ-TV (Channel 3),\nNBC programming/local news\nMobile, Ala./Pensacola, Fla., WALA-TV (Channel 10),\nFox programming/local news\nMobile, Ala./Pensacola, Fla., WBPG-TV (Channel\n55), WB programming\nNew Orleans, WVUE-TV (Channel 8),\nFox programming/local news\nOmaha, Neb., KMTV-TV (Channel 3),\nCBS programming/local news\nOrlando, Fla., WKCF-TV (Channel 18),\nWB programming\nPortland, Ore., KOIN-TV (Channel 6),\nCBS programming/local news\nTerre Haute, Ind., WTHI-TV (Channel 10),\nCBS programming/local news\nTopeka, Kan., KSNT-TV (Channel 27),\nNBC programming/local news\nTucson, Ariz., KGUN-TV (Channel 9),\nABC programming/local news\nWichita, Kan., KSNW-TV (Channel 3),\nNBC programming/local news\n**PUBLISHING**\n*Atlanta*\n*Country Sampler*\n*Cincinnati*\n*Indianapolis Monthly*\n*Los Angeles*\n*Texas Monthly*\n**INTERNATIONAL**\nHungary, Sláger Rádió, Classic Rock/local programming\nBelgium, nine stations serving the Flanders region\n**RELATED BUSINESSES**\nEmmis Books\nEmmis Interactive\nRDS\nemmis communications\none emmis plaza\n40 monument circle\nindianapolis, indiana 46204\n®",
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- "text": "# Outperform Emmis Communications 2004 Annual Report\n\n## Outperform.\n\n##### you can count on emmis to continue to do\n\nthan anyone else.\nWe also seize the right opportunities and make the most\nof them. As the cost of buying radio properties has gone\nthrough the roof, we have been careful about buying.\nHowever, when we had a chance to acquire the LBJ stations\nin Austin, we knew it was the right fit: good stations, a\ntremendous heritage and a great culture, all with an opportu-\nnity for growth. And we’ve already built on that group’s track\nrecord - since we bought them, we’ve reformatted one sta-\ntion and quickly sent it to No. 1 in the market, and we’ve\npushed revenues up 9 percent for the entire group.\nFinally, we innovate. Why has Emmis, traditionally a radio\ncompany, become the company to emulate in TV? Because\nwe approached TV in a way it’s never been approached\nbefore. Why do we operate leading hip-hop stations in mar-\nkets across the nation? Because we pioneered the concept.\nWhy have we created a new “Music with Class” format in St.\nLouis’ Red 104.1? Because we believe we see a new oppor-\ntunity. We know that successful companies don’t follow the\npack. They lead it, and that’s what we’ll always do.\n**The year ahead**\nThat last point - innovation - is an important one, especially\nfor the future of Emmis, because we are planning something\nthat could change the face of American TV and once again\ndemonstrate that Emmis is a company that leads the way.\nForty years ago, Americans began taking down their TV\nantennas and severing broadcasters’ direct link to television\naudiences. Since then, the cable companies—the middlemen\nwho replaced us—have created more than $300 billion of\nvalue for themselves. However, changes in technology have\ngiven broadcasters the ability to provide the American public\nwith the most popular TV channels, without the middlemen\nand at a more reasonable price.\nWe are developing an innovative model that will leverage\nthat technology to get broadcast companies back into the\ngame. I believe it has the potential to revolutionize the\ntelevision industry. I also believe it will add substantial value\nto your investment.",
- "page_start": 4,
- "page_end": 4,
- "source_file": "NASDAQ_EMMS_2004.pdf"
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- "text": "# Outperform Emmis Communications 2004 Annual Report\n\n## Outperform.\n\n###### emmis communications 2004 abbreviated financial highlights *in thousands except where noted*\n\nBut our people refused to be slowed by those challenges.\nInstead, they worked through them. They innovated, hustled\nand focused. And they produced.\nOur radio division’s revenue growth led our markets and the\nindustry - in our fiscal year, our group was up 4.5 percent\nwhile our markets were up 2.7 percent and the industry only\n1 percent. Based on this kind of performance, we have con-\nsistently ranked among the nation’s leaders in per-station\nrevenue, and we continue to produce top-rated programming\nin markets across the nation.\nOur TV performance was even more impressive. The Emmis\ntelevision group’s revenues were up 0.5 percent in calendar\n2003, a year when our markets saw a 2.3 percent decrease\nin revenues, and the industry experienced a 4.7 percent\nrevenue decline. This industry-leading result made us one of\nthe few groups in the nation to post positive growth. In addi-\ntion, we gained revenue share at 11 of our 13 measured\nstations and held the line on expenses, giving us a 1.2\npercent increase in fiscal-year cash flow.\nOur publishing and international divisions also posted strong\nresults. In a tough publishing market, our magazines boosted\ntheir division’s revenues by 4.6 percent over last year and\nincreased cash flow by 3.3 percent. Our international division\nturned in a revenue increase of 27 percent and a cash flow\nincrease of 31 percent.\nIn addition to boosting performance in our divisions, we\nhoned our corporate operations by continuing to build one\nof the most adept and hardest-working corporate groups in\nAmerican media. With this team in place, we’ve brought\nour leverage and cost of capital down to more manageable\nlevels, found ways to combat the continually increasing\ncosts of health insurance and, in a truly top-notch effort,\nsmoothly integrated our new Austin radio properties - in just\nunder a year as a part of Emmis, the Austin properties are\nenjoying significant ratings and revenue increases.\nOf course, for you, the real bottom line on our performance is\nits impact on your investment. I’m proud to say that we saw\na 27 percent increase in our share price over the course of",
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- "page_end": 3,
- "source_file": "NASDAQ_EMMS_2004.pdf"
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- "text": "# Outperform Emmis Communications 2004 Annual Report\n\n## Outperform.\n\n##### what it has always done: outperform.\n\nWe unveiled this concept at the National Association of\nBroadcasters meeting in April. I am proud to say that 11\nother television companies joined us at that meeting to\nexpress their support for what we’re calling the Broadcasters’\nInitiative, and more are signing on each week. Once again,\nEmmis has leveraged innovation to take a leading role in our\nindustries.\nWe’ll continue to use innovation to push us forward.\nMeanwhile, we’ll also build and maintain the best teams, pro-\nduce the best media content, outhustle and outsell our com-\npetitors, seize the best opportunities and operate this com-\npany better than any other.\nIn other words, you can count on Emmis to continue to do\nwhat it has always done: Outperform.\nThank you for your belief and investment in Emmis.\n##### what it has always done: outperform.\nJeffrey H. Smulyan\nchairman & ceo emmis communications\nExecutive Officers\nJeffrey H. Smulyan\nChairman of the Board,\nPresident and Chief Executive Officer\nWalter Z. Berger\nExecutive Vice President,\nChief Financial Officer and Treasurer\nRandall Bongarten\nTelevision Division President\nRichard F. Cummings\nRadio Division President\nGary L. Kaseff\nExecutive Vice President,\nGeneral Counsel\nPaul W. Fiddick\nInternational Division President\nMichael Levitan\nSenior Vice President,\nHuman Resources\nGary Thoe\nPublishing Division President\nBoard of Directors\nJeffrey H. Smulyan\nChairman of the Board,\nPresident and Chief Executive Officer\nSusan B. Bayh\nFormer Commissioner of the International Joint\nCommission of the United States and Canada\nWalter Z. Berger\nExecutive Vice President,\nChief Financial Officer and Treasurer\nGary L. Kaseff\nExecutive Vice President,\nGeneral Counsel\nRichard A. Leventhal\nPresident and Majority Owner,\nLMCS, LLC\nPeter A. Lund\nMedia consultant and former\nPresident of CBS Inc.\nGreg A. Nathanson\nMedia consultant and former\nPresident of Fox Television Stations and\nEmmis Television\nFrank V. Sica\nSenior Advisor\nSoros Fund Management LLC\nLawrence B. Sorrel\nManaging Partner and Co-CEO\nTailwind Capital Partners\nCorporate Office\nOne Emmis Plaza, 40 Monument Circle, Suite 700, Indianapolis, Indiana 46204,\n317.266.0100.\nBusiness\nEmmis Communications (NASDAQ: EMMS) is a diversified media firm with award-\nwinning radio broadcasting, television broadcasting and magazine publishing\noperations. Emmis’ 23 FM and 4 AM domestic radio stations serve the nation’s largest",
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- "source_file": "NASDAQ_EMMS_2004.pdf"
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- "text": "# Outperform Emmis Communications 2004 Annual Report\n\n## Outperform.\n\n##### you can count on emmis to continue to do\n\nthe last fiscal year - we ended fiscal ’03 at 19.79, and closed\nthe book on fiscal ’04 at 25.17.\n**How we did it**\nOperationally, we were on top of our game last year. However,\nas I said, I know that the past year’s performance really only\nmatters if it reflects on what we’ll do in the coming year. The\ngood news is, it does. We performed at these high levels not\nby doing something unusual, but by operating the way Emmis\nhas always operated, and the way we always will.\nFirst of all, we focus on assembling and maintaining the best\nteams in our markets. We have traditionally had the top\nsalespeople, creative and technical professionals, news\nstaffs, managers and support staff in every city where we\noperate. Their peers turn to them for industry leadership,\nhonor them with awards and copy them at every opportunity.\nWe invest in these people, giving them industry-leading ben-\nefits packages, great opportunities and the tools they need to\nsucceed. This has always been a hallmark of Emmis, and it\nwon’t change.\n##### you can count on emmis to continue to do\nIn addition, we commit ourselves to creating the best content\nin our markets. Our magazines routinely dominate their\nindustry awards ceremonies - last year, *Texas Monthly* won a\ncoveted National Magazine Award, and Emmis publications\nclaimed more than half of the awards at the City and\nRegional Magazine competition. Our radio stations feature\nsome of the industry’s most popular personalities - in 2003,\nEmmis people and stations were awarded three Marconi\nRadio Awards. And our television operations are regularly\nhonored by journalism organizations for their news gathering\nand community service. In short, we provide our markets\nwith reliable, high-quality content - content that helps us\nassemble the audiences our advertisers want to reach.\nWe then generate revenue by overallocating to sales. We\ngive our teams well-developed strategies, clearly defined\nbrands and solid products. We build bigger, better sales\nforces and put a greater emphasis on local dollars than our\ncompetitors. We hire aggressive managers, set ambitious\ngoals and then watch our people work harder and smarter",
- "page_start": 3,
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- "source_file": "NASDAQ_EMMS_2004.pdf"
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- "text": "# Outperform Emmis Communications 2004 Annual Report\n\n## Outperform.\n\n###### emmis communications 2004 abbreviated financial highlights *in thousands except where noted*\n*year ended Feb. 28 (29)* ’00 ’01 ’02 ’03 ’04\nnet revenues 325,265 473,345 539,822 562,363 591,868\nstation operating income* 125,477 174,213 185,665 213,112 220,445\nstation op income margin 38.6% 36.8% 34.4% 37.9% 37.2%\nleverage 2.5x 6.8x 9.3x 6.5x 6.7x\n**excluding noncash compensation*\npublishing tv radio\n5\n4\n3\n2\n1\n0 1% 2.7% 4.5%\n**INDUSTRY**\n**MARKETS**\n**EMMIS**\nradio division revenue growth fiscal 2004\n$600,000\n$500,000\n$400,000\n$300,000\n$200,000\n$100,000\n$0 00 01 02 03 04\n$300,000\n$250,000\n$200,000\n$150,000\n$100,000\n$50,000\n$0 00 01 02 03 04\n**325,265**\n**473,345 539,822 562,363 591,868**\n**125,447**\n**174,213 185,665 213,112 220,445**\nnet revenue station operating income, excluding noncash compensation\n4\n2\n0\n-2\n-4\n-6 -4.7% -2.3% 0.5%\n**INDUSTRY MARKETS EMMIS**\ntv division revenue growth calendar 2003\nDear Shareholders,\nOn our year-end conference call, I said that last year was the\nbest in Emmis Communications’ history. And while that might\nhave sounded like the usual Wall Street hyperbole - like any\nother CEO bragging about his company’s performance - the\ndifference is, I believed it. And I still do.\nBut I’ve been in this business long enough to know two\nthings for sure: What I believe is not as important as what I\ncan prove, and what we did last year is only meaningful if it\nreflects on how we will do in the coming year. The good\nnews is, Emmis does have the results to back up my high\npraise, and what we did to perform last year does directly\nrelate to how we’ll perform in the year ahead.\n**The best year**\nThe bottom line is this: Emmis Communications turned in a\nremarkable performance last year. Again and again, and by a\nnumber of measures, we outperformed our peers, our mar-\nkets and our own solid track record.\nAnd we did this in a year that was challenging in just about\nevery way. The economy was unstable, public companies\ncame under continuing scrutiny, indecency issues hounded\nbroadcasters, competition for tight ad dollars increased and\ntechnology continued to reshape the media world.",
- "page_start": 2,
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- "text": "# Outperform Emmis Communications 2004 Annual Report\n\n## Outperform.\n\n##### what it has always done: outperform.\n\nmarkets of New York, Los Angeles and Chicago as well as Phoenix, St. Louis, Austin,\nIndianapolis and Terre Haute, Ind. The company’s 16 television stations are located in\nAlbuquerque, N.M.; Fort Myers, Fla.; Green Bay, Wis.; Honolulu; Huntington, W.Va.;\nMobile, Ala./Pensacola, Fla.; New Orleans; Omaha, Neb.; Orlando, Fla.; Portland, Ore.;\nTerre Haute, Ind.; Topeka, Kan.; Tucson, Ariz.; and Wichita, Kan. Emmis also publishes\n*Indianapolis Monthly, Texas Monthly, Cincinnati, Atlanta, Los Angeles* and Country\nSampler Group magazines; has a 59.5% interest in Sláger Rádió, a national radio\nnetwork in Hungary; operates nine FM radio stations serving more than 50 percent of\nthe population in the Flanders region of Belgium; and has ancillary businesses in\nbroadcast sales, publishing and interactive products.\nTransfer Agent Register\nWachovia Bank N.A., Shareholder Services Group,\n1525 West W.T. Harris Blvd., 3c3, Charlotte, North Carolina 28288-1153.\nAnnual Meeting\nThe Annual Meeting of shareholders will be held at 10 a.m. Central Time on\nWednesday, June 30, 2004, at Emmis’ Corporate office.\nForm 10-K\nA copy of the Annual Report on Form 10-K for the fiscal year ended February 29,\n2004, which was filed with the Securities and Exchange Commission, will be sent\nto shareholders without charge upon written request to Kate Healey, Emmis\nCommunications Corporation, One Emmis Plaza, 40 Monument Circle, Suite 700,\nIndianapolis, Indiana 46204, or ir@emmis.com.\nMarket and Dividend Information\nThe Company’s Class A Common Stock is traded in the over-the-counter market\nand is quoted on the National Association of Securities Dealers Automated\nQuotation (NASDAQ) National Market System under the symbol EMMS.\nThe following table sets forth the high and low bid prices of the Class A Common\nStock for the periods indicated. No dividends were paid during any such periods.\nQuarter Ended High Low\nMay 2002 31.85 26.15\nAugust 2002 30.15 11.65\nNovember 2002 24.05 14.25\nFebruary 2003 24.86 17.82\nMay 2003 21.24 14.84\nAugust 2003 23.87 18.68\nNovember 2003 24.06 18.00\nFebruary 2004 28.65 22.74\nOn April 23, 2004, there were approximately 4,841 record holders of the Class A\nCommon Stock and one record holder of the Class B Common Stock.\nEmmis intends to retain future earnings for use in its business and does not anticipate",
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- "text": "# ROGERS COMMUNICATIONS INC. 2013 ANNUAL REPORT MEDIA WIRELESS CABLE ROGERS.COM\n\n## **93 Consolidated Statements of Cash Flows**\n\n####### **Higher Adjusted Operating Profit**\n\n$1.7 BILLION\n(%)\n**2013 MEDIA REVENUE MIX**\nTELEVISION **42%**\nTHE SHOPPING CHANNEL **17%**\nPUBLISHING **14%**\nRADIO **13%**\nSPORTS ENTERTAINMENT **14%**\nA NETWORK OF MEDIA ASSETS THAT REACHES CANADIANS COAST-TO-COAST\nRadio We operate more than 50 AM and FM radio stations in markets across Canada, including popular radio brands such as 98.1 CHFI,\n680 News, Sportsnet 590, The FAN, KISS 92.5, JACK FM and SONiC.\nTelevision 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\nrevenues from online sales.\nPublishing - 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\nIssue Canada digital magazine service offering.\nDigital Media Our online and mobile digital media platforms include digital advertising across websites and mobile platforms, digital content\nsubscriptions, and commerce solutions.\nSports Entertainment We own the Toronto Blue Jays, Canada’s only Major League Baseball team, and the Rogers Centre event venue, which hosts the\nToronto Blue Jays’ home games and other professional league games, concerts, trade shows and special events.\nCOMPETITION\nOur radio stations compete mainly with individual stations in local\nmarkets, but they also compete:\n- nationally with other large radio operators, including satellite radio\noperator Sirius/XM, the CBC, Bell Media and Corus Entertainment\n- with other media, including newspapers, magazines, television and\noutdoor advertising\n- with new technologies such as online web information services,\nmusic downloading, portable media players and online music\nstreaming services.\nThe Shopping Channel competes with:\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\nand loyalty.\nOur magazines and other publications compete for readership and",
- "page_start": 50,
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- "source_file": "NYSE_RCI_2013.pdf"
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- "text": "# Lyon History\n\n## **19th century and modern city**\n\n### **References**\n\nInternationale, 2 place de Montréal,69361 LYON CEDEX 07 FRANCE\" and Lyon: \"Maison Berty Albrecht 14,\nPlace Grandclement, 69100 Viueurbanne, FRANCE\"\n[74. Home page (https://web.archive.org/web/20060512161815/http://membres.lycos.fr/adlcj/). ](https://web.archive.org/web/20060512161815/http://membres.lycos.fr/adlcj/) *Association Pour le*\n*Developpement de la Langue et de la Culture Japonaises* . Retrieved on 12 May 2006.\n[75. \"Bus 47 - Meyzieu ZI - Aéroport St Exupéry - St-Laurent de Maréchal Juin | TCL\" (https://www.tcl.fr/lignes/bus-](https://www.tcl.fr/lignes/bus-47)\n[47). ](https://www.tcl.fr/lignes/bus-47) *www.tcl.fr* . Retrieved 10 March 2020.\n[76. Zeilinger, Stefan (July 2003). \"On the Fast Track: French Railway Modernization and the Origins of the TGV,](https://muse.jhu.edu/article/46124)\n[1944-1983 (review)\" (https://muse.jhu.edu/article/46124). ](https://muse.jhu.edu/article/46124) *Technology and Culture* . **44** (3): 613- 614.\n[doi:10.1353/tech.2003.0143 (https://doi.org/10.1353%2Ftech.2003.0143). ISSN 1097-3729 (https://search.wo](https://search.worldcat.org/issn/1097-3729)\n[rldcat.org/issn/1097-3729). S2CID 109613366 (https://api.semanticscholar.org/CorpusID:109613366).](https://api.semanticscholar.org/CorpusID:109613366)\n[77. \"Eurolines - Lyon Tourist Office\" (https://en.visiterlyon.com/stay/access-come-and-move-in-lyon/transport-and-](https://en.visiterlyon.com/stay/access-come-and-move-in-lyon/transport-and-transfers/eurolines)\n[transfers/eurolines). ](https://en.visiterlyon.com/stay/access-come-and-move-in-lyon/transport-and-transfers/eurolines) *en.visiterlyon.com* . Retrieved 28 January 2024.\n[78. \"Le réseau TCL | TCL\" (https://www.tcl.fr/a-propos-de-tcl/le-reseau-tcl). ](https://www.tcl.fr/a-propos-de-tcl/le-reseau-tcl) *www.tcl.fr* . Retrieved 28 January 2024.\n[79. \"Plan interactif - Carte de Lyon et ses environs | TCL\" (https://www.tcl.fr/se-deplacer/plan-interactif).](https://www.tcl.fr/se-deplacer/plan-interactif)\n*www.tcl.fr* . Retrieved 28 January 2024.\n[80. \"Discover the service | Rhônexpress\" (https://www.rhonexpress.fr/en_GB/discover-the-service).](https://www.rhonexpress.fr/en_GB/discover-the-service)\n*www.rhonexpress.fr* . Retrieved 28 January 2024.\n[81. \"RhônExpress\" (https://www.railway-technology.com/projects/rhonexpress/). ](https://www.railway-technology.com/projects/rhonexpress/) *Railway Technology* . Retrieved\n28 January 2024.\n[82. \"Lyon Public Transportation Statistics\" (https://moovitapp.com/insights/en/Moovit_Insights_Public_Transit_Ind](https://moovitapp.com/insights/en/Moovit_Insights_Public_Transit_Index_France_Lyon-3483)\n[ex_France_Lyon-3483). Global Public Transit Index by Moovit. Retrieved 19 June 2017. ](https://en.wikipedia.org/wiki/File:CC_BY_icon.svg) Material was\n[copied from this source, which is available under a Creative Commons Attribution 4.0 International License (ht](https://creativecommons.org/licenses/by/4.0/)\n[tps://creativecommons.org/licenses/by/4.0/).](https://creativecommons.org/licenses/by/4.0/)\n[83. Council of Europe (2011). \"Intercultural city: Lyon, France\" (http://www.coe.int/t/dg4/cultureheritage/culture/Citi](http://www.coe.int/t/dg4/cultureheritage/culture/Cities/lyon_en.asp)\n[es/lyon_en.asp). ](http://www.coe.int/t/dg4/cultureheritage/culture/Cities/lyon_en.asp) *coe.int* . Retrieved 22 May 2011.\n[84. \"Jumelage\" (http://www.economie.grandlyon.com/tous-les-partenariats-internationaux-villes.html).](http://www.economie.grandlyon.com/tous-les-partenariats-internationaux-villes.html)\n*economie.grandlyon.com* (in French). Grand Lyon économie. Retrieved 14 November 2019.\n[85. \"World Trade Center Saint Louis\" (https://worldtradecenter-stl.com/st-louis-sister-cities-program/lyon-france/).](https://worldtradecenter-stl.com/st-louis-sister-cities-program/lyon-france/)\n*worldtradecenter-stl.com* . World Trade Center Saint Louis. Retrieved 18 May 2020.\n[Official website (http://www.lyon.fr)(in French)](http://www.lyon.fr/)\n[Visit Lyon, the official website for tourism in France (https://en.visiterlyon.com/)](https://en.visiterlyon.com/)\n[Lyon’s English Language News and Information (https://thisislyon.fr/)](https://thisislyon.fr/)\n[Rues de Lyon (https://www.ruesdelyon.net/) Streets, Places, Monuments (in French)](https://www.ruesdelyon.net/)\n[Old maps of Lyon (http://historic-cities.huji.ac.il/france/lyon/lyon.html) Archived (https://web.archive.org/we](https://web.archive.org/web/20210116220537/http://historic-cities.huji.ac.il/france/lyon/lyon.html)\n[b/20210116220537/http://historic-cities.huji.ac.il/france/lyon/lyon.html) 16 January 2021 at the Wayback](https://en.wikipedia.org/wiki/Wayback_Machine)\n[Machine, Historic cities site (http://historic-cities.huji.ac.il/historic_cities.html) Archived (https://web.archive.](https://web.archive.org/web/20220325051637/http://historic-cities.huji.ac.il/historic_cities.html)\n[org/web/20220325051637/http://historic-cities.huji.ac.il/historic_cities.html) 25 March 2022 at the Wayback](https://en.wikipedia.org/wiki/Wayback_Machine)\n[Machine, The National Library of Israel](https://en.wikipedia.org/wiki/National_Library_of_Israel)\n[Retrieved from \"https://en.wikipedia.org/w/index.php?title=Lyon&oldid=1267625203\"](https://en.wikipedia.org/w/index.php?title=Lyon&oldid=1267625203)",
- "page_start": 23,
- "page_end": 24,
- "source_file": "wikipedia4.pdf"
- }
- ]
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- "references": {
- "source_file": "pubmed1.pdf",
- "query": "What are the two components considered in the expected free energy?",
- "target_page": 4,
- "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",
- "chunk_present": {
- "presence": false,
- "index": null
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- "top_chunk": [
- {
- "text": "# Get a specific state , like the expected free energies only\nefe = get_states(agent, \"expected_free_energies\" )",
- "page_start": 14,
- "page_end": 14,
- "source_file": "pubmed7_cc4.pdf"
- },
- {
- "text": "# Get history of expected free energies only\nhistory_efe = get_history(agent, \"expected_free_energies\" ) � � And how to change the parameters of a created agent: � � # Set individual parameter , alpha to 1.0\nset_parameters!(agent, \"alpha\" , 1 .0 )",
- "page_start": 14,
- "page_end": 14,
- "source_file": "pubmed7_cc4.pdf"
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- "text": "# Calculate the PSIS LOO\n\n## **References**\n\n1. Parr, T.; Pezzulo, G.; Friston, K.J. *Active Inference: The Free Energy Principle in Mind, Brain, and Behavior* ; The MIT Press: Cambridge,\nMA, USA, 2022. [ [CrossRef](http://doi.org/10.7551/mitpress/12441.001.0001) ]\n2. Friston, K.; FitzGerald, T.; Rigoli, F.; Schwartenbeck, P.; O’Doherty, J.; Pezzulo, G. Active inference and learning. *Neurosci.*\n*Biobehav. Rev.* **2016** , *68* , 862- 879. [ [CrossRef](http://dx.doi.org/10.1016/j.neubiorev.2016.06.022) ]\n3. Friston, K.; FitzGerald, T.; Rigoli, F.; Schwartenbeck, P.; Pezzulo, G. Active inference: A process theory. *Neural Comput.* **2017** ,\n*29* , 1- 49. [ [CrossRef](http://dx.doi.org/10.1162/NECO_a_00912) ]\n4. Friston, K.J.; Stephan, K.E. Free-energy and the brain. *Synthese* **2007** , *159* , 417- 458. [ [CrossRef](http://dx.doi.org/10.1007/s11229-007-9237-y) ] [ [PubMed](http://www.ncbi.nlm.nih.gov/pubmed/19325932) ]\n5. Friston, K. The free-energy principle: A unified brain theory? *Nat. Rev. Neurosci.* **2010** , *11* , 127- 138. [ [CrossRef](http://dx.doi.org/10.1038/nrn2787) ] [ [PubMed](http://www.ncbi.nlm.nih.gov/pubmed/20068583) ]\n6. Friston, K. The free-energy principle: A rough guide to the brain? *Trends Cogn. Sci.* **2009** , *13* , 293- 301. [ [CrossRef](http://dx.doi.org/10.1016/j.tics.2009.04.005) ] [ [PubMed](http://www.ncbi.nlm.nih.gov/pubmed/19559644) ]\n7. Friston, K. A free energy principle for a particular physics. *arXiv* **2019** , arXiv:1906.10184. [ [CrossRef](http://dx.doi.org/10.48550/arXiv.1906.10184) ]\n8. Friston, K.; Da Costa, L.; Sajid, N.; Heins, C.; Ueltzhöffer, K.; Pavliotis, G.A.; Parr, T. The free energy principle made simpler but\nnot too simple. *Phys. Rep.* **2023** , *1024* , 1- 29. [ [CrossRef](http://dx.doi.org/10.1016/j.physrep.2023.07.001) ]\n9. Friston, K.; Kiebel, S. Predictive coding under the free-energy principle. *Philos. Trans. R. Soc. B Biol. Sci.* **2009** , *364* , 1211- 1221.\n[ [CrossRef](http://dx.doi.org/10.1098/rstb.2008.0300) ] [ [PubMed](http://www.ncbi.nlm.nih.gov/pubmed/19528002) ]\n10. Karl, F. A Free Energy Principle for Biological Systems. *Entropy* **2012** , *14* , 2100- 2121. [ [CrossRef](http://dx.doi.org/10.3390/e14112100) ]\n11. Corcoran, A.W.; Pezzulo, G.; Hohwy, J. From allostatic agents to counterfactual cognisers: Active inference, biological regulation,\nand the origins of cognition. *Biol. Philos.* **2020** , *35* , 32. [ [CrossRef](http://dx.doi.org/10.1007/s10539-020-09746-2) ]\n12. Heins, C.; Millidge, B.; Da Costa, L.; Mann, R.P.; Friston, K.J.; Couzin, I.D. Collective behavior from surprise minimization. *Proc.*\n*Natl. Acad. Sci. USA* **2024** , *121* , e2320239121. [ [CrossRef](http://dx.doi.org/10.1073/pnas.2320239121) ] [ [PubMed](http://www.ncbi.nlm.nih.gov/pubmed/38630721) ]\n13. Patzelt, E.H.; Hartley, C.A.; Gershman, S.J. Computational Phenotyping: Using Models to Understand Individual Differences in\nPersonality, Development, and Mental Illness. *Personal. Neurosci.* **2018** , *1* , e18. [ [CrossRef](http://dx.doi.org/10.1017/pen.2018.14) ] [ [PubMed](http://www.ncbi.nlm.nih.gov/pubmed/32435735) ]\n14. Schwartenbeck, P.; Friston, K. Computational Phenotyping in Psychiatry: A Worked Example. *eNeuro* **2016** , *3* , ENEURO.0049-",
- "page_start": 29,
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- "text": "# Introducing ActiveInference.jl : A Julia Library for Simulation and Parameter Estimation with Activ[...]\n\n## **2. Active Inference with POMDPs**\n\nIn this section, we briefly describe the core concepts of AIF and POMDPs. This\nshould familiarise the reader with the vernacular used in the later sections regarding\nthe functionalities of the package. While various extensions, such as structure learning,\nwhich enables an agent to learn the structure or shape of its environment through model\ncomparison [ 44 - 47 ], or hierarchical and temporally deep POMDPs [ 48 , 49 ], are relevant for\nfuture work, describing these in detail is beyond the scope of this foundational paper.\nAt the core of AIF lies the minimisation of a variational free energy upper bound on\nsurprise for perception, as well as action. This is motivated by the free energy principle [ 4 - 8 ] ,\nwhich states that self-organising systems can be described as minimising the variational\nfree energy of their sensory states. The minimisation of free energy generally takes two\n5 of 33\nquantities as its target: the variational free energy ( *VFE* ) in the case of perception and the\nexpected free energy ( *EFE* ) in the case of action. The *VFE* is the free energy associated with\na given sensory observation and is resolved perceptually by updating beliefs about the\nenvironment. The *EFE* is the free energy that is expected in the future, contingent on a\ngiven policy or course of action. Choosing action policies associated with a low *EFE* lead\nto reducing uncertainty about the environment, as well as making preferred observations\nmore likely.",
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- "text": "# Models of electrolyte solutions from molecular descriptions: The example of NaCl solutions\n\n## solutions\n\nrived, in the infinite dilution limit, from an average of\nthe contributing ion interactions. In Fourier space,\n� V SR 3 i ( k ) = � w ( k / 2) � V SR 1 i + V SR 2 i � ( k ) , i = 1 , 2 (2a)\n� V SR 33 ( k ) = � w ( k / 2) 2 � V SR 11 + V SR 22 + 2 V SR 12 � ( k ) (2b)\nwhere � w ( r ) is the pair probability distribution � w ( r ) = K ��� 1 0 e − β � V int ( r ) (2c)\n� V int ( r ) is the internal part of the pair potential (see\nFig. 3 ), and K 0 is the association constant, defined as:\nK 0 = � ∞\n0\nd r 4 πr 2 e − β � V int ( r ) = 0 . 43 L . mol − 1 (3)\nThe excess free-energy density of the original system\nβf ex v is that of the three component mixture β � f ex v plus a\ncorrection term\nβf ex v = β � f ex v − � ρ 3 ln K 0 , (4) which is due to the change in standard chemical potential\nbetween the two component and three component mod-\nels. It should be noted that the fraction of pairs is now an\nadditional parameter in the minimization scheme, which\nserves to ensure chemical equilibrium. Within this rep-\nresentation, the pair can be modeled as a hard sphere\n(MSA3) or as a dumbbell-like CIP (BIMSA3) [4]. Since\n0 0.5 1 1.5\nc 1/2 (mol.L -1 ) 1/2\n-1.5\n-1\n-0.5\n0\nβ f v ex (mol.L -1\n)\nMC MSA2 MSA3 BIMSA3 DHLL Exp\n0 0.5 1\n0.1\n0.2\nPair Fraction\nFIG. 4: (Color online) Excess free-energy density βf ex v as\na function of the square root of the concentration √ c . (dia-\nmond) MC simulations, (dot dashed) MSA2, (dashed) MSA3,\n(solid) BIMSA3, (dot) DHLL, and (cross) experiments. The\ninset gives the fraction of pairs (MSA3, BIMSA3) as a func-\ntion of √ c .\nwe have no additional information, we consider only sym-",
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- "text": "# Introducing ActiveInference.jl : A Julia Library for Simulation and Parameter Estimation with Activ[...]\n\n## **2. Active Inference with POMDPs**\n\n### *2.3. Action in Active Inference*\n\nAs with perception, action in AIF is guided by the minimisation of free energy. How-\never, instead of *VFE* being minimised directly, it is the free energy that is expected to occur\ndepending on the actions taken by the agent—the expected free energy or *EFE* —that is\nminimised. As stated below, choosing actions that minimise the *EFE* leads to a natural\nbalance between exploration and exploitation, ensuring preferences are realised and am-\nbiguity about the environment is minimised. In AIF, policies *π* are sequences of actions\n*u* . The policy length (also called the planning horizon or temporal depth) is the length of\nthe policies being considered. The total number of policies therefore depends on the policy\nlength and the number of different actions that can be made at each time step. An *EFE* is\nassigned to each policy *π* (denoted as *G* *π* ), where policies associated with a lower *EFE* are\nthen more likely to be chosen.\nOne can rewrite the *EFE* in different ways to highlight different consequences of\noptimising it. Below, we show the two most crucial ways to rewrite it, taken from [ 1 , 33 ].\nWe denote the states and observations that are expected future outcomes of actions with\n(~). Additionally, we introduce a *preference prior* **C** that encodes the agent’s preferences:\n*G* *π* = *−* E *q* ( ̃ *o* , ̃ *s* *|* *π* ) [ ln *q* ( ̃ *s* *|* ̃ *o* , *π* ) *−* ln *q* ( ̃ *s* *|* *π* )] � �� � Information gain",
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- "text": "# AERODYNAMICS FOR NAVAL AVIATORS\n\n## TABLE OF CONTENTS\n\n### Figure 2.14. Thrust Augmentation and the Gas Turbine-Propeller Combination\n\n133\nThe specific fuel consumption of the turbo- prop powerplant is defined as follows :\nspecific fuel consumption= engine fuel flow equivalent shaft horsepower\nc=lbs. per hr. ESHP\nTypical values for specific fuel consumption, c, range from 0.5 to 0.8 lbs. per hr. per ESHP. The variation of specific fuel consumption with operating conditions is similar to that of the turbojet engine. The minimum specific fuel consumption is obtained at relatively high power setting and high altitudes. The low inlet air temperature reduces the specific fuel consumption and the lowest values of c are ob- tained near altitudes of 25,ooO to 3900 ft. Thus; the turboprop as well as the turbojet has a preference for high altitude operation.\nTHE RECRIPROCATING ENGINE\nThe reciprocating engine is one of the most efficient powerplants used for aircraft power. The combination of the reciprocating engine and propeller is one of the most efficient means of converting the chemical energy of fuel into flying time or distance. Because of the in- herent high efficiency, the reciprocating engine is an important type of aircraft powerplant. OPERATING CHARACTERISTICS. The function of the typical reciprocating engine in- volves four strokes of the piston to complete one operating cycle. This principal operating cycle is illustrated in figure 2.15 by the varia- tion of pressure and volume within the cylin- der. The first stroke of the operating cycle is the downstroke of the piston with the intake valve open. This stroke draws in a charge of fuel-air mixture along AB of the pressure- volume diagram. The second stroke accom- plishes compression of the fuel-air mixture along line EC. Combustion is initiated by a spark ignition apparatus and combustion takes place in essentially a constant volume. The combustion of the fuel-air mixture liberates\nNAVWEPS 00-8OT-80 AlR,Pl.ANE PERFORMANCE\nheat and causes the rise of pressure along line CD. The power stroke utilizes the increased pressure through the expansion along line DE. Then the exhaust begins by the initial rejection along line EB and is completed by the upstroke along line BA. The net work produced by the cycle of opera- tion is idealized by the area BCDE on the pressure-volume diagram of figure 2.15. Dur- ing the actual rather than ideal cycle of op- eration, the intake pressure is lower than the exhaust pressure and the negative work repre- sents a pumping loss. The incomplete expan- sion during the power stroke represents a basic loss in the operating cycle because of the re- jection of combustion products along line EB. The area EFB represents a basic loss in the operating cycle because of the rejection of combustion products along line EB. The area EFB represents a certain amount of energy of the exhaust gases, a part of which can be ex- tracted by exhaust turbines as additional shaft power to be coupled to the crankshaft (turbo- compound engine) or to be used in operating a supercharger (turbosupercharger). In addi- tion, the exhaust gas energy may be utilized to augment engine cooling flow (ejector exhaust) and reduce cowl drag. Since the net work produced during the op- erating cycle is represented by the enclosed area of pressure-volume diagram, the output of the engine is affected by any factor which influences this area. The weight of fuel-air mixture will determine the energy released by combustion and the weight of charge can be altered by altitude,supercharging,etc. Mixturestrength, preignition, spark timing, etc., can affect the energy release of a given airflow and alter the work produced during the operating cycle. The mechanical work accomplished during the power stroke is the result of the gas pres- sure sustained on the piston. The linkage of the piston to a crankshaft by the connecting rod applies torque to the output shaft. During this conversion of pressure energy to mechani- cal energy, certain losses are inevitable because",
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- "text": "# UK CLIMATE PROJECTIONS: A PROJECT OVERVIEW What is UKCP18 and why do we need it? What improvements[...]\n\n## **UK CLIMATE PROJECTIONS: A PROJECT OVERVIEW**\n\n#### What can users expect from UKCP18?\nThere are three components to UKCP18: observations of historic climate, marine projections and projections over land.\nThese components are described below and summarised in Table 1. UKCP18 will provide each of these components at\na higher spatial and temporal resolution than UKCP09 and with more information on different types of uncertainty.",
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- "text": "# AERODYNAMICS FOR NAVAL AVIATORS\n\n## TABLE OF CONTENTS\n\n### Figure 2.14. Thrust Augmentation and the Gas Turbine-Propeller Combination\n\nNAVWEPS 00-801-80 AIRPLANE PERFORMANCE\nINTAKE COMPRESSION COMBUSTION POWER EXHAUST\nRECIPROCATING ENGINE OPERATING CYCLE\nE \\ \\ ‘. -. -\\ B ------==.f=\nEXHAUST\n4\nVOLUME",
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- "text": "# AERODYNAMICS FOR NAVAL AVIATORS\n\n## TABLE OF CONTENTS\n\n### Figure 2.13. Effect of Compressor Stall ond Inlet Temperature on Engine Operation\n\n129\nNAVWEPS 0040T-80 AIRPLANE PERFORMANCE\nAFTERBURNER COMPONENTS\nAFTt$lRNRNER\nHOLDERS\nPRE -COMPRESSOR\nWATER INJECTION\nWATER INJECTION NOZZLES\nCHAMBER NOZZLE INJECTION\nTURBINE-PROPELLER COMBINATION\nREDUCTION\nTURBINES\nCHAMBER NOZZLE",
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- "query": "How could the heart rate be estimated by means of an active inference paradigm?",
- "target_page": 6,
- "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": "# Special Issue: Experiencing Well-Being Modeling and controlling the body in maladaptive ways: an ac[...]\n\n### Active inference, interoceptive processing, and uncertainty reduction\n\nting some examples of Bayesian inference using generative models\nunder various levels of precision of the model components. For\nsimplicity, we focus on a simplified example of inference of an\ninteroceptive variable: one’s heart rate. Heart rate is a “hidden\nvariable” in Bayesian parlance since it is not directly observable\nbut needs to be inferred through two sources of information:\nprior knowledge about the most likely heart rate and sensory (heartbeat) observations. The top panel of Fig. 2 shows a series\nof (noisy) heartbeat observations. In the beginning, they are\nin the normal range for an adult (time steps 1- 10), then they\nincrease significantly, simulating tachycardia (time steps 11- 20),\nthen they go back to the normal range (time steps 21- 30), then\nthey decrease significantly, simulating bradycardia (time steps\n31- 40), and finally, they go back to the normal range (time steps\n41- 50). The second panel of Fig. 2 shows the Shannon surprise of\nan inference model that estimates the current heart rate using\nthe two standard components of a generative model. The for-\nmer component is the prior, which encodes the person’s a priori probabilistic belief (i.e. probability distribution) about her “nor-\nmal” heart rate range; here, the prior is a Gaussian centered on\n67 and has a precision of 0.11. The latter component is the likeli-\nhood, which encodes the probabilistic mapping between sensory\n(heartbeat) observations and the hidden state (heart rate); here,\nthe likelihood is a Gaussian centered on the current heart rate\nwith an additional bias of 15 pulses, and the panel shows the\nresults for 10 values for precision obtained by subdividing the\nrange [0.1,10] into equal intervals. The results shown in the second panel of Fig. 2 show that Shannon surprise increases dramatically\nduring episodes of tachycardia and bradycardia, which are far\nfrom the normal range. The pattern of results is the same across\nall levels of likelihood precision. However, the inference with a\nvery high precision (a precision of 10) tracks more closely the noise\nsensory signals and can therefore lead to more extreme results.\nThe third panel shows the Bayesian surprise (or the Kullback-\nLeibler divergence between posterior and prior probability distri-\nbutions) over time. This is a measure of how much dissimilar the\nposterior and the prior are, and it always decreases as a result of\ninference, but note that it decreases much more rapidly when the\nprecision of the likelihood is 10, which is another indication that",
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- "text": "# Special Issue: Experiencing Well-Being Modeling and controlling the body in maladaptive ways: an ac[...]\n\n### Active inference, interoceptive processing, and uncertainty reduction\n\nActive inference is based on the idea that in order to engage in\nadaptive allostatic regulation and goal-directed behavior, living\norganisms continuously strive to minimize the surprise of their\nsensations or, more formally, an upper bound to surprise: varia- tional free energy ( Parr et al. 2022 ). Notably, the (expected) free\nenergy minimization processes that drive active inference jointly\nconsider two complementary objectives. The former (utilitarian)\nobjective is to realize one’s preferences, such as being satiated\nor safe, by minimizing the discrepancy between preferred sensa-\ntions (encoded as “priors over observations” in active inference)\nand current sensations in different modalities (e.g. interoceptive\nor exteroceptive). The latter (epistemic) objective is to reduce\nuncertainty about one’s estimated state. This means that active\ninference agents tend to avoid ambiguous states, encompass-\ning the avoidance of ambiguous places where self-localization is\nchallenging, ambiguous social situations where safety is uncer-\ntain, and ambiguous bodily states, such as unsure feelings of\nfatigue. However, one apparent exception to this aversion to ambi-\nguity arises when exploring novel states implies the opportunity to learn new things and enhance one’s model; see Friston et al.\n(2017) for a discussion. Furthermore, and importantly, active infer-\nence agents will actively operate in the environment to reduce\ntheir ambiguity; for example, by actively seeking informative sen-\nsations that disambiguate in which location they are (e.g. by\nlooking for traffic signs), whether their social context is safe\nor unsafe (e.g. by trying to understand other’s intentions from\ntheir facial expressions and actions), or whether they are cur-\nrently fatigued (e.g. by putting attention to one’s heart), happy,\nor sad.\nThe last examples—disambiguating one’s fatigue and emo-\ntional states—may seem strange if one assumes that we do have\ndirect access to the body- and allostasis-related states (e.g. states\nof satiation, thirst, and fatigue) and to our emotions (e.g. we\nautomatically know whether we are happy or sad). However, one\nassumption of active inference is that one’s bodily and emotional\nstates are not necessarily observable but, instead, “hidden states”\nthat need to be inferred on the basis of sensations (especially,\nbut not exclusively, of interoceptive sensations from the inside\nof the body) and of an implicit, unconscious model of how the body functions ( Barrett and Simmons 2015 , Pezzulo et al. 2015 ,\nSeth and Friston 2016 ). In other words, the same inferential pro-\ncess that allows active inference agents to estimate the hidden",
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- "text": "# Special Issue: Experiencing Well-Being Modeling and controlling the body in maladaptive ways: an ac[...]\n\n### Active inference, interoceptive processing, and uncertainty reduction\n\ncoding with these reflexes—hence realizing an “active inference”\narchitecture—permits minimizing prediction errors by changing\nthe state of the world (by physically acting) or the internal milieu\n(by engaging in autonomic actions) rather than only by changing\npredictions, as described later. Equipped with a generative model like the one shown in Fig. 1 ,\nan active inference agent can continuously infer (and act upon)\nthe state of the world and of the body, including the internal\nmilieu, at multiple time scales. Of particular interest, here are\nmultimodal inferences that unite exteroceptive and interocep-\ntive sources of evidence. One example of this is the percep-\ntion of faces expressing emotions. Two studies reported that\n6 Barca *et* *al.*\nparticipants processed faces expressing fear (but not neutral\nfaces or faces expressing other emotions) when their heart rate\nwas high—hence congruent with the fearful expression ( Pez- zulo et al. 2018 , Yu et al. 2021 ). The generative model shown in Fig. 1 could support this kind of inference by using interocep- tive information from the heart (i.e. high heart rate) as evidence\nthat “there might be something fearful out there” ( Pezzulo 2013 ).\nAnother more complex example regards emotional awareness\nand self-awareness—which significantly engage the brain regions\ninvolved in interoception and the representation of physiologi- cal processes ( Garfinkel 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 sig- nals cause emotional awareness) nor top-down (i.e. as if emotional\nawareness causes interoceptive signals), but rather through a\ncircular causality between central predictions about bodily state—\nthat engage autonomic reflexes—and interoceptive streams—that\nupdate the predictions ( Seth and Friston 2016 ). In this perspec-\ntive, any representation that induces interoceptive predictions\ncould be associated with emotional or affective content; cru-\ncially, this is also the case with some aspects of self-awareness\n(e.g. recognizing one’s own face) that require integrating intero-\nceptive streams with concurrent exteroceptive (e.g. visual) and\nproprioceptive cues. These examples illustrate that the genera- tive model of Fig. 1 natively implements both the multisensory\nintegration required to unite (for example) interoceptive and exte-\nroceptive streams and the active aspects that are supposed to\nsupport emotional and self-processing—and the construction of an “embodied self” (i.e. the circular causality between engag-\ning autonomic reflexes and capturing the ensuing interoceptive\nsignals).\nIn general, the accuracy of the inference of hidden bodily",
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- "text": "# Special Issue: Experiencing Well-Being Modeling and controlling the body in maladaptive ways: an ac[...]\n\n### Active inference, interoceptive processing, and uncertainty reduction\n\nthe posterior is “overfitting,” meaning that the inference result is\nexcessively biased by the likelihood distribution.\nFinally, the two bottom series of panels are organized in two\n(left and right) columns, which show the first five time steps of\ninference for the two cases with high precision (of 10) and low pre-\ncision (of 0.1) of the likelihood, respectively. In these plots, the prior\ndistributions are in blue, the posterior distributions are in green,\nand the likelihoods are in red. It is possible to note that in the left\n(high precision) panels, the posterior inference closely follows the\nlikelihood (it “overfits”) after five time steps and the inferred heart rate is slightly biased (i.e. it is 79). Differently, in the right (low\nprecision) panels, the inference converges much slower to a high\nprecision posterior, but without overfitting.\nThese simple examples of Bayesian inference illustrate two\nthings. First, sensory observations that are unpredictable given\n*Modeling and controlling the body in maladaptive ways* 7\nFigure 2. A simplified example of (Bayesian) inference of one’s heart rate. First panel: simulated time series of heartbeat observations. Second panel:\nShannon surprise of a generative model composed of a fixed prior about heart rate (a Gaussian with a mean of 67 and a precision of 0.11) and a\nlikelihood (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,\nsee the legend). Third panel: Bayesian surprise, which measures the discrepancy between posterior and prior probabilities over time. Bottom panels:\nthe two series of panels are organized in two (left and right) columns, which show the first five time steps of inference for the two cases with high\nprecision (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\nthis figure.\nthe current model generate significant surprise, and sometimes,\nthe surprise can remain relatively high for long periods before the\nmodel adapts (or the world changes), especially with some param-\neterizations of the generative model. This is particularly relevant\nin this context since active inference agents strive to minimize\ntheir surprise (and the long-term average of surprise, entropy,\nwhich is a measure of uncertainty) by changing their model, or\nchanging the world, or both.\nSecond, these examples illustrate the importance of precision\ncontrol and the appropriate setting of precision parameters in",
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- "text": "# Introducing ActiveInference.jl : A Julia Library for Simulation and Parameter Estimation with Activ[...]\n\nAcademic Editor: Astero Provata\nReceived: 25 October 2024\nRevised: 2 January 2025\nAccepted: 7 January 2025\nPublished: 12 January 2025\n**Citation:** Nehrer, S.W.; Ehrenreich\nLaursen, J.; Heins, C.; Friston, K.;\nMathys, C.; Thestrup Waade, P.\nIntroducing ActiveInference.jl : A\nJulia Library for Simulation and\nParameter Estimation with Active\nInference Models. *Entropy* **2025** , *27* , 62.\n[https://doi.org/10.3390/e27010062](https://doi.org/10.3390/e27010062)\n**Copyright:** © 2025 by the authors.\nLicensee MDPI, Basel, Switzerland.\nThis article is an open access article\ndistributed under the terms and\nconditions of the Creative Commons\nAttribution (CC BY) license\n[(https://creativecommons.org/](https://creativecommons.org/licenses/by/4.0/)\n[licenses/by/4.0/).](https://creativecommons.org/licenses/by/4.0/)\n*Article*\n**Introducing ActiveInference.jl : A Julia Library for Simulation and Parameter Estimation with Active Inference Models**\n**Samuel William Nehrer 1,† [, Jonathan Ehrenreich Laursen](https://orcid.org/0009-0005-5041-6367) 1,† [, Conor Heins](https://orcid.org/0009-0005-7087-3717) 2,3, * [, Karl Friston](https://orcid.org/0000-0002-5884-7728) 3,4 [,](https://orcid.org/0000-0001-7984-8909)**\n**Christoph Mathys [5](https://orcid.org/0000-0003-4079-5453) and Peter Thestrup Waade [5](https://orcid.org/0000-0002-6061-0084)**\n1 School of Culture and Communication, Aarhus University, 8000 Aarhus, Denmark;\n202204724@post.au.dk (S.W.N.); 202204836@post.au.dk (J.E.L.)\n2 Department of Collective Behaviour, Max Planck Institute of Animal Behavior, D-78457 Konstanz, Germany\n3 VERSES Research Lab., Los Angeles, CA 90016, USA; k.friston@ucl.ac.uk\n4 Queen Square Institute of Neurology, University College London, London WC1N 3BG, UK\n5 Interacting Minds Centre, Aarhus University, 8000 Aarhus, Denmark; chmathys@cas.au.dk (C.M.);\nptw@cas.au.dk (P.T.W.)\n* Correspondence: cheins@ab.mpg.de\n† These authors contributed equally to this work.\n**Abstract:** We introduce a new software package for the Julia programming language,\nthe library ActiveInference.jl . To make active inference agents with Partially Ob-\nservable Markov Decision Process (POMDP) generative models available to the grow-\ning research community using Julia, we re-implemented the pymdp library for Python.\nActiveInference.jl is compatible with cutting-edge Julia libraries designed for cognitive\nand behavioural modelling, as it is used in computational psychiatry, cognitive science\nand neuroscience. This means that POMDP active inference models can now be easily\nfit to empirically observed behaviour using sampling, as well as variational methods. In\nthis article, we show how ActiveInference.jl makes building POMDP active inference\nmodels straightforward, and how it enables researchers to use them for simulation, as well\nas fitting them to data or performing a model comparison.\n**Keywords:** active inference; free energy principle; predictive processing; Markov decision\nprocess; cognitive modelling; Julia\n**PACS:** 87.15.Aa\n**MSC:** 91-08\n**JEL Classification:** C63",
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- "text": "# Introducing ActiveInference.jl : A Julia Library for Simulation and Parameter Estimation with Activ[...]\n\n## **1. Introduction**\n\nWe introduce a novel software library for Julia, ActiveInference , which lets users\nproduce the simulated behaviour of agents and their internal belief states with active\ninference (AIF) models, as well as fit such models to empirically observed behaviour.\nAIF [ 1 - 3 ] is a generally applicable formal framework for understanding and simulating\nintelligent behaviour that is based in neurobiology and first principles from statistical\nphysics [ 4 - 8 ]. AIF treats action and perception as unified under a joint imperative: to\nminimise the variational free energy ( *VFE* ), which quantifies how well the agent’s internal\ngenerative model explains incoming sensory observations. It is an upper bound on the\nthe surprise from sensory observations, making AIF formally related to prediction error\n*Entropy* **2025** , *27* , 62 [https://doi.org/10.3390/e27010062](https://doi.org/10.3390/e27010062)\n2 of 33\nminimisation [ 9 ]. Choosing actions that minimise the expected free energy ( *EFE* ) of their\nconsequences provides a natural balance between exploratory and exploitative behaviour;\ngeneralises descriptive approaches to behavioural modelling, like reinforcement learning\nand expected utility maximisation; and provides a singular approach to adaptive behaviour\nthat can be used across different environments. AIF was argued to be applicable to any self-\norganising system that actively maintains a stable boundary that defines its integrity [ 10 ],\na broad category that includes cells and plants [ 11 ], as well as humans [ 2 ] and even\ncollectives [ 12 ]. Owing to its generality, AIF has seen a rise in popularity across multiple\nfields. It is used for theoretical simulations of the mechanisms underlying various types of\nbehaviour [ 2 ], computational phenotyping in computational psychiatry [ 13 , 14 ], and agent-\nbased simulations of population dynamics [ 15 ], as well as in engineering and robotics [ 16 ].\nIn AIF, perception and concurrent action are based on performing a variational Bayesian\ninversion of a generative model of the environment (i.e., a model of how the environment\nchanges and brings about sensory observations). This belief updating includes inferring\n(hidden) states of the environment, learning parameters of the generative model and\nlearning the structure of the generative model. Since the requisite inference schemes come\npre-specified, the main task in AIF modelling becomes specifying an appropriate generative\nmodel. This includes specifying priors over environmental states, as well as what might\nbe called *prior preferences* , *preference priors* or *goal priors* : immutable prior expectations that",
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- "text": "# Calculate the PSIS LOO\n\n## **References**\n\n1. Parr, T.; Pezzulo, G.; Friston, K.J. *Active Inference: The Free Energy Principle in Mind, Brain, and Behavior* ; The MIT Press: Cambridge,\nMA, USA, 2022. [ [CrossRef](http://doi.org/10.7551/mitpress/12441.001.0001) ]\n2. Friston, K.; FitzGerald, T.; Rigoli, F.; Schwartenbeck, P.; O’Doherty, J.; Pezzulo, G. Active inference and learning. *Neurosci.*\n*Biobehav. Rev.* **2016** , *68* , 862- 879. [ [CrossRef](http://dx.doi.org/10.1016/j.neubiorev.2016.06.022) ]\n3. Friston, K.; FitzGerald, T.; Rigoli, F.; Schwartenbeck, P.; Pezzulo, G. Active inference: A process theory. *Neural Comput.* **2017** ,\n*29* , 1- 49. [ [CrossRef](http://dx.doi.org/10.1162/NECO_a_00912) ]\n4. Friston, K.J.; Stephan, K.E. Free-energy and the brain. *Synthese* **2007** , *159* , 417- 458. [ [CrossRef](http://dx.doi.org/10.1007/s11229-007-9237-y) ] [ [PubMed](http://www.ncbi.nlm.nih.gov/pubmed/19325932) ]\n5. Friston, K. The free-energy principle: A unified brain theory? *Nat. Rev. Neurosci.* **2010** , *11* , 127- 138. [ [CrossRef](http://dx.doi.org/10.1038/nrn2787) ] [ [PubMed](http://www.ncbi.nlm.nih.gov/pubmed/20068583) ]\n6. Friston, K. The free-energy principle: A rough guide to the brain? *Trends Cogn. Sci.* **2009** , *13* , 293- 301. [ [CrossRef](http://dx.doi.org/10.1016/j.tics.2009.04.005) ] [ [PubMed](http://www.ncbi.nlm.nih.gov/pubmed/19559644) ]\n7. Friston, K. A free energy principle for a particular physics. *arXiv* **2019** , arXiv:1906.10184. [ [CrossRef](http://dx.doi.org/10.48550/arXiv.1906.10184) ]\n8. Friston, K.; Da Costa, L.; Sajid, N.; Heins, C.; Ueltzhöffer, K.; Pavliotis, G.A.; Parr, T. The free energy principle made simpler but\nnot too simple. *Phys. Rep.* **2023** , *1024* , 1- 29. [ [CrossRef](http://dx.doi.org/10.1016/j.physrep.2023.07.001) ]\n9. Friston, K.; Kiebel, S. Predictive coding under the free-energy principle. *Philos. Trans. R. Soc. B Biol. Sci.* **2009** , *364* , 1211- 1221.\n[ [CrossRef](http://dx.doi.org/10.1098/rstb.2008.0300) ] [ [PubMed](http://www.ncbi.nlm.nih.gov/pubmed/19528002) ]\n10. Karl, F. A Free Energy Principle for Biological Systems. *Entropy* **2012** , *14* , 2100- 2121. [ [CrossRef](http://dx.doi.org/10.3390/e14112100) ]\n11. Corcoran, A.W.; Pezzulo, G.; Hohwy, J. From allostatic agents to counterfactual cognisers: Active inference, biological regulation,\nand the origins of cognition. *Biol. Philos.* **2020** , *35* , 32. [ [CrossRef](http://dx.doi.org/10.1007/s10539-020-09746-2) ]\n12. Heins, C.; Millidge, B.; Da Costa, L.; Mann, R.P.; Friston, K.J.; Couzin, I.D. Collective behavior from surprise minimization. *Proc.*\n*Natl. Acad. Sci. USA* **2024** , *121* , e2320239121. [ [CrossRef](http://dx.doi.org/10.1073/pnas.2320239121) ] [ [PubMed](http://www.ncbi.nlm.nih.gov/pubmed/38630721) ]\n13. Patzelt, E.H.; Hartley, C.A.; Gershman, S.J. Computational Phenotyping: Using Models to Understand Individual Differences in\nPersonality, Development, and Mental Illness. *Personal. Neurosci.* **2018** , *1* , e18. [ [CrossRef](http://dx.doi.org/10.1017/pen.2018.14) ] [ [PubMed](http://www.ncbi.nlm.nih.gov/pubmed/32435735) ]\n14. Schwartenbeck, P.; Friston, K. Computational Phenotyping in Psychiatry: A Worked Example. *eNeuro* **2016** , *3* , ENEURO.0049-",
- "page_start": 29,
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- "text": "# Special Issue: Experiencing Well-Being Modeling and controlling the body in maladaptive ways: an ac[...]\n\n### Active inference, interoceptive processing, and uncertainty reduction\n\nguiding inference. Remarkably, the inference can be more or less\naccurate or fast using the same data, depending on the precision parameters. Note that in Fig. 2 , we manipulated only the precision\nof the likelihood. However, it would also be possible to manipulate\nthe precision of the prior, together or in alternative to the precision\nof the likelihood. Generally speaking, when the precision of the\n8 Barca *et* *al.*\nprior is very high, the posterior will closely reflect the prior, ren-\ndering the inference rigid and incapable of adapting to changing\nenvironmental conditions—which might be especially problem-\natic in periods of significant changes, such as adolescence or more\nsimply when one changes city, working environment, and friends. Furthermore, as shown in Fig. 1 , hierarchical predictive coding\narchitectures have precision values associated with every hierar- chical level (whereas, for simplicity, the inference shown in Fig. 2\nis not hierarchical). The correct balance of precision parameters\nwithin and across layers is crucial for accurate inference, as it\nensures that the correct levels of confidence are assigned to data\nand prior information.\nFinally, and importantly, aberrant precision control (as well\nas various combinations of other factors discussed earlier, such\nas noisy bodily sensations and poor bodily mode) can render\ninference not just incorrect but also highly ambiguous, leaving a\nperson in a permanent condition of uncertainty about whether\none is fatigued (when considering the bodily state), happy, or sad\n(when considering the emotional state), what kind of person one\nis or what are one’s desires (when considering self-models), etc.\nImportantly, this condition of uncertainty is not limited to percep-\ntual inference but has a cascade effect on decision-making and\naction selection. Indeed, an uncertain estimate of one’s state auto-\nmatically implies that one has low confidence in the effects of\none’s plans; for example, it renders more difficult the prediction\nof whether a run would be too fatiguing or a party too stressful.\nIt is exactly this kind of uncertainty (about the present and the\nfuture, the body state or the outcomes of social interactions, etc.)\nthat active inference agents strive to avoid.",
- "page_start": 6,
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- "text": "# Introducing ActiveInference.jl : A Julia Library for Simulation and Parameter Estimation with Activ[...]\n\n## **1. Introduction**\n\n**Core Concepts**\n**AIF A** ctive **i** nference is a formal framework for modelling behaviour and cog-\nnition. Perception and action are cast as minimising free energy—the *VFE*\nand *EFE* , respectively—given a generative model of the environment.\n**VFE** The **v** ariational **f** ree **e** nergy *F* quantifies how well a generative model explains incoming sensory observations. It can be rewritten as the negative\nlog model evidence (called surprise) upper-bounded by the divergence\nfrom the optimal posterior *p* ( *s* *|* *o* ) . Perception as inference is accomplished by selecting the approximate posterior *q* ( *s* ) with the lowest associated\n*VFE* .\n*F* [ *q* ( *s* ) , *o* ] ≜ *D* KL [ *q* ( *s* ) *∥* *p* ( *o* , *s* )] = *D* KL [ *q* ( *s* ) *∥* *p* ( *s* *|* *o* )] � �� � Divergence *−* ln *p* ( *o* ) � �� � Surprise\n**EFE** The **e** xpected **f** ree **e** nergy *G* quantifies the expected future free energy\nunder an action policy *π* . It consists of an information gain term and a\npragmatic value term that provide a natural balance between exploratory\nand goal-seeking behaviour. Action as inference is accomplished by select-\ning the action policy with the lowest associated *EFE* .\n*G* *π* = *−* E *q* ( ̃ *o* , ̃ *s* *|* *π* ) [ ln *q* ( ̃ *s* *|* ̃ *o* , *π* ) *−* ln *q* ( ̃ *s* *|* *π* )] � �� � Information gain\n*−* E *q* ( ̃ *o* *|* *π* ) [ ln *p* ( ̃ *o* *|* *C* )] � �� � Pragmatic value\n**Generative**\n**model**\nThe generative model is an agent’s formal assumptions about the structure\nand dynamics of its environment, based on which perceptual and active\ninferences are carried out. Many types of generative models exist that are\nsuitable for different environments and tasks.\n**POMDP** The **P** artially **O** bservable **M** arkov **D** ecision **P** rocess is a type of flexible\ngenerative model that is widely used in the AIF literature. In discrete time\nand usually a discrete state space, this model type is parametrised to fit a\ngiven task by a set matrices containing probability distributions.",
- "page_start": 3,
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- "text": "# Introducing ActiveInference.jl : A Julia Library for Simulation and Parameter Estimation with Activ[...]\n\n## **1. Introduction**\n\nthat aims to provide easy-to-use tools for model fitting with AIF models and to introduce\nAIF to the growing community of researchers using Julia for computational psychiatry and\ncognitive modelling. Julia is a free and open-source high-level programming language that\nretains an easy user interface reminiscent of that in M ATLAB and Python. Simultaneously,\n3 of 33\nJulia uses its “just-in-time” (JIT) compilations via the LLVM framework to approach the\nspeed of languages like C without relying on external compilers [ 36 ]. Julia is also natively\nauto-differentiable, which means it can solve what is called the two-language problem\n(i.e., that high-level languages often have to rely on lower-level languages, either for\nperformance or for auto-differentiability; this is the case with standard tools for cognitive\nmodelling, where languages like R [ 37 ] must rely on external languages like STAN [ 38 ] for\nBayesian model fitting). This means that ActiveInference , in conjunction with Turing [ 39 ],\nJulia’s powerful library for Bayesian model fitting, and its newly developed extension for\nbehavioural modelling, ActionModels , makes it possible to use cutting-edge Markov Chain\nMonte Carlo [ 40 ] methods, as well as variational methods [ 35 ], for Bayesian model fitting\nwith AIF. Crucially, this allows researchers to not only simulate AIF in a fast programming\nlanguage, but to also fit them to empirical behaviour, as is performed in cognitive modelling\nand computational psychiatry. Importantly, this also places AIF models in an ecosystem\nof other models for computational psychiatry so that it can easily be compared with\nmodels, like Hierarchical Gaussian Filters [ 41 ], and reinforcement learning models, like the\nclassic Rescorla- Wagner model [ 42 ]. As part of making ActiveInference.jl available to the\nscientific community, and to the larger software ecosystem within computational psychiatry,\nit is implemented as part of the Translational Algorithms for Psychiatry-Advancing Science\n(TAPAS) ecosystem [ 43 ].\nIn the next section, we provide a conceptual and formal introduction to AIF, particu-\nlarly in the context of using POMDP generative models. In Section 3 , we demonstrate how\nto use the package in practice, both for simulation and parameter estimation. In Section 4 ,\nwe give a fully worked example of how ActiveInference can be used with a concrete\nsimulated dataset. Finally, we discuss potential applications and future directions for\ndeveloping the package.\n4 of 33",
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- "source_file": "pubmed1.pdf",
- "query": "At what stage of childhood does the construction of narrative identity take place?",
- "target_page": 3,
- "target_passage": "Among the challenges that adolescents have to face are the structuring of a “narrative identity” or self-story, featuring the development of a sense of personal identity that integrates past experiences with current, and future goals and meanings in a coherent whole over time ",
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- "text": "# Special Issue: Experiencing Well-Being Modeling and controlling the body in maladaptive ways: an ac[...]\n\n### NSSI in adolescence\n\nAdolescence is the period of developmental transition from child-\nhood to adulthood, which might be stretched up to the early\n20s due to current sociocultural changes (e.g. delays in complet-\ning education, occupational attainment, and parenthood) ( Patton et al. 2018 ). Among the challenges that adolescents have to face\nare the structuring of a “narrative identity” or self-story, featuring\nthe development of a sense of personal identity that integrates\npast experiences with current, and future goals and meanings in\na coherent whole over time ( McAdams and McLean 2013 , McLean\nand Lilgendahl 2019 ). The definition of the new boundaries of\nadolescents’ personal identity involves significant changes in the\n4 Barca *et* *al.*\nreciprocity with caregivers and peers. Thus, in parallel to the\nnegotiation of identity with caregivers (through a relative detach-\nment from them, a renegotiation of intimacy, and the questioning\nof their confirmatory authority), the modifications of friendship\nstructures—from childhood to adolescence—lay the ground for\nthe progressive recognition of social contexts and peer relation-\nships as the elite territories for the modulation and exploration\nof personal identity. The redefinition that the adolescent has to\nface in these territories of exploration (of the self as an individ-\nual separated from the other and of the self with the other) might\npass through a phase of reduced coherence in the narration of\nthe self and hence an increased level of uncertainty. Coherence\nin the self’s narrative is considered a measure of well-being and\nhas been associated with psychopathology in adulthood ( Klim- stra and Denissen 2017 ) and adolescence ( Lind et al. 2020 , Shiner et al. 2021 ). For example, narrative incoherence has been found\nto be associated with personality disorders in adolescents ( Lind et al. 2019 ), where “identity diffusion” (e.g. feelings of emptiness",
- "page_start": 2,
- "page_end": 3,
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- {
- "text": "# Special Issue: Experiencing Well-Being Modeling and controlling the body in maladaptive ways: an ac[...]\n\n### References\n\n3452- 9.\nLaugesen N, Dugas MJ, Bukowski WM. Understanding adolescent worry: the application of a cognitive model. *J Abnorm Child Psychol*\n2003; **31** :55- 64. Lauriola M, Iannattone S, Bottesi G. Intolerance of uncertainty and emotional processing in adolescence: separating between- person stability and within-person change. *Res Child Adolesc Psy-*\n*chopathol* 2023; **51** :871- 84. Leone C, Galosi S, Mollica C *et* *al.* Dissecting pain processing in adoles-\ncents with non-suicidal self injury: could suicide risk lurk among\nthe electrodes?. *Eur J Pain* 2021; **25** :1815- 28. Lind M, Vanwoerden S, Penner F *et* *al.* Inpatient adolescents\nwith borderline personality disorder features: identity diffusion and narrative incoherence.. *Pers Disord Theory Res Treat* 2019; **10** :\n389- 93. Lind M, Vanwoerden S, Penner F *et* *al.* Narrative coherence in ado- lescence: relations with attachment, mentalization, and psy-\nchopathology. *J Pers Assess* 2020; **102** :380- 9. Linson A, Parr T, Friston KJ. Active inference, stressors, and psy- chological trauma: a neuroethological model of (mal)adaptive explore-exploit dynamics in ecological context. *Behav Brain Res*\n2020; **380** :112421.\n12 Barca *et* *al.*\nLiotti G. Trauma, dissociation, and disorganized attachment: three strands of a single braid.. *Psychother Theory Res Pract*\n2004; **41** :472- 86. Liotti G. A model of dissociation based on attachment theory and research. *J Trauma Dissocn* 2006; **7** :55- 73.\nMagerl W, Burkart D, Fernandez A, Schmidt LG, Treede R. Persis-\ntent antinociception through repeated self-injury in patients with\nborderline personality disorder. *Pain* 2012; **153** :575- 84. Maisto D, Barca L, Van den Bergh O *et* *al.* Perception and misperception of bodily symptoms from an active inference perspective: mod- elling the case of panic disorder.. *Psychol Rev* 2021; **128** :690- 710. Malter Cohen M, Jing D, Yang RR *et* *al.* Early-life stress has persistent effects on amygdala function and development in mice and humans. *Proc Natl Acad Sci U S A* 2013; **110** :\n18274- 8.\nMcAdams DP, McLean KC. Narrative identity. *Curr Dir Psychol Sci*\n2013; **22** :233- 8.\nMcEvoy PM, Mahoney AE. To be sure, to be sure: intolerance of uncertainty mediates symptoms of various anxiety disorders and depression. *Behav Ther* 2012; **43** :533- 45.\nMcLean KC, Lilgendahl JP. Narrative identity in adolescence and\nadulthood: pathways of development. In: *Handbook of Personality*\n*Development* . New York, United States: The Guilford Press, 2019,\n418- 32.\nMiller M, Kiverstein J, Rietveld E. Embodying addiction: a predictive",
- "page_start": 10,
- "page_end": 11,
- "source_file": "pubmed1.pdf"
- },
- {
- "text": "# Special Issue: Experiencing Well-Being Modeling and controlling the body in maladaptive ways: an ac[...]\n\n### NSSI in adolescence\n\nand being fragmented and lack of a sense of continuity over time)\nmight be considered an expression of high levels of uncertainty of\nthe self.\nEmotion-wise, a developmental trend toward an increased\nspecificity of emotion-related maps of bodily sensations ( Barca et al. 2023 )—a proxy of interoceptive representations of\nemotions—has been reported from children aged 6 years to adult- hood ( Hietanen et al. 2016 ). Pubertal changes encompass dramatic\nbodily and neuroendocrine system changes, comprising—but not\nreduced to—changes in the reproductive, adrenal, and growth\naxes ( Cameron 2004 ). Thus, adolescents might face at least four\nsources of uncertainty: (i) the uncertainty due to physiological\nalterations related to bodily changes and to modification in hor-\nmonal levels leading to sexual maturity; (ii) the uncertainty in self- identity (i.e. the structure of self-awareness) and personal identity\n(i.e, the narrative diachronic self) ( Drummond 2021 ), which might\nbe coupled with changes in body image and the development of\ngender identity; (iii) the uncertainty in affect regulation, with the\nemergence of new forms of affectivity as feelings of love and sex-\nual attraction toward a partner; and (iv) uncertainty in the social\ncontext, with respect to their social status and role expectations\nin the adult society. Such high levels of uncertainty might lead\nto a poorly defined sense of self, with unclear boundaries and a\nsense of emptiness. In this context, pain becomes a possible way\nto recover a bodily sense of self, and self-injurious behavior might\nbe instantiated as an attempt to reduce the rise in the levels of\nuncertainty in these (and potentially other) domains, toward the transition to adulthood (see Miller et al. 2020 for a closely related\napproach on addiction).",
- "page_start": 3,
- "page_end": 3,
- "source_file": "pubmed1.pdf"
- },
- {
- "text": "# Special Issue: Experiencing Well-Being Modeling and controlling the body in maladaptive ways: an ac[...]\n\n### References\n\n2021b; **2021** :niab037.\nConradt E, Ablow J. Infant physiological response to the still-face paradigm: contributions of maternal sensitivity and infants’ early\nregulatory behavior. *Infant Behav Dev* 2010; **33** :251- 65. Craig AD. How do you feel? Interoception: the sense of the physiolog- ical condition of the body. *Nat Rev Neurosci* 2002; **3** :655- 66. Crucianelli L, Krahé C, Jenkinson PM *et* *al.* Interoceptive ingredients of body ownership: affective touch and cardiac awareness in the\nrubber hand illusion. *Cortex; a Journal Devoted to the Study of the*\n*Nervous System and Behavior* 2018; **104** :180- 92. Deeks AA. Psychological aspects of menopause management. *Best*\n*Pract Res Clin Endocrinol Metab* 2003; **17** :17- 31.\nDeneault A, Hammond SI, Madigan S. A meta-analysis of child-\nparent attachment in early childhood and prosociality. *Develop-*\n*mental Psychology* 2023; **59** :236- 55 Dieguez S, Lopez C. The bodily self: insights from clinical and exper-\nimental research. *Ann Phys Rehabil Med* 2017; **60** :198- 207. Drummond JJ. Self-identity and personal identity. *Phenomenol Cogn Sci*\n2021; **20** :235- 47. Dutra L, Bureau J-F, Holmes B *et* *al.* Quality of early care and child- hood trauma: a prospective study of developmental pathways to\ndissociation. *J Nerv Ment Dis* 2009; **197** :383- 90.\nFonagy P, Campbell C, Luyten P. Attachment, mentalizing and trauma: then (1992) and now (2022). *Brain Sci* 2023; **13** :459.\nFotopoulou A, Tsakiris M. Mentalizing homeostasis: the social origins of interoceptive inference. *Neuropsychoanalysis* 2017; **19** :3- 28. Friston K. A theory of cortical responses. *Philos Trans R Soc Lond B Biol*\n*Sci* 2005; **360** :815- 36. Friston K, Lin M, Frith CD *et* *al.* Active inference, curiosity and insight.\n*Neural Comput* 2017; **29** :2633- 83. Friston KJ, Stephan KE, Montague R *et* *al.* Computational psychiatry:\nthe brain as a phantastic organ. *Lancet Psychiatry* 2014; **1** :148- 58. Garfinkel SN, Nagai Y, Seth AK *et* *al.* Neuroimaging studies of inte-\nroception and self-awareness. In: *Neuroimaging of Consciousness* .\nSpringer Berlin, Heidelberg: Springer, 2013, 207- 24. Gee DG. Sensitive periods of emotion regulation: influences of parental care on frontoamygdala circuitry and plasticity. *New*\n*Dir Child Adolesc Dev* 2016; **2016** :87- 110.\nGee DG and Cohodes EM. Influences of Caregiving on Development:\nA Sensitive Period for Biological Embedding of Predictability and\nSafety Cues. *Curr Dir Psychol Sci* 2021; **30** :376- 83. Glynn LM, Baram TZ. The influence of unpredictable, fragmented parental signals on the developing brain. *Front Neuroendocrinol*",
- "page_start": 10,
- "page_end": 10,
- "source_file": "pubmed1.pdf"
- },
- {
- "text": "# Special Issue: Experiencing Well-Being Modeling and controlling the body in maladaptive ways: an ac[...]\n\n### Discussion\n\n2021 ). Thus, an imbalance in the opioid system might be a rel-\nevant component in NSSI, where self-injures might be acted to initiate the release of β -endorphins to restore homeostasis ( Stanley et al. 2010 , Bresin and Gordon 2013 ). Another line\nof research examined “nociceptive dysregulation,” with possible hypoalgesia ( Kirtley et al. 2016 ), showing higher pain thresh-\nolds and lower pain intensity in adolescents with NSSI ( Nock et al. 2006 , 2009 , van der Venne et al. 2021 ). Recent works failed\nto replicate these findings but reported specific alterations in descending inhibitory pain control ( Leone et al. 2021 , Lalouni et al. 2022 ). Despite some inconsistencies, this is an area that\nis worth further investigation. It remains to investigate to what\nextent the perspective on NSSI offered here could be extended to\ncover the aforementioned body of evidence and whether active\ninference could help integrate the different perspectives we have\ndiscussed.\nWe focused on adolescence as a potentially critical period for\nNSSI, given that it is associated with high levels of uncertainty\nabout several central domains in human life. However, there\nare other (gender-related) developmental periods in which bod-\nily changes might be coupled with increased levels of uncertainty\n(e.g. in physiology, in the sense of self, in the social role) and vulner- ability. Pregnancy and transition to menopause, e.g. are periods of\nendocrine and hormonal upheavals that might impact a woman’s\naffective life and well-being. These physiological changes are cou-\npled with a fundamental developmental transition that requires a\nredefinition of personal identity and narrative integration ( McLean\nand Lilgendahl 2019 ), with increased uncertainty of one’s inter-\nnal states and role in the social context. Taking into account\nthe perimenopausal and menopausal transition, the physiologi-\ncal, psychological, and affective experiences associated with it are\nvery heterogeneous. Some women might experience it as a new\nbeginning, whereas for others, it may be more critical ( Deeks 2003 ). In some cases, e.g. the menopause transition might perturb the\ncontinuity of one’s sense of self, inducing discrepancies in inter-\nnal self-coherence (e.g. the end of childbearing years, the aging\nprocess), which might increase the level of distress ( Barca and De\nMarchis 2018 ).\nThe dramatic changes that a women’s physiology undergoes\nduring life have been suggested to concur with the atypical\ninteroception often reported (e.g. heightened interoceptive atten-",
- "page_start": 9,
- "page_end": 9,
- "source_file": "pubmed1.pdf"
- },
- {
- "text": "# Special Issue: Experiencing Well-Being Modeling and controlling the body in maladaptive ways: an ac[...]\n\n### Introduction\n\none’s body and bodily information might result from adverse\nexperiences during infancy and childhood, such as emotional and physical neglect ( Schmitz et al. 2023 ), or—in less dramatic\nsituations—from reduced affective reciprocity during parental\ninteractions ( Conradt and Ablow 2010 ). Development theories\nunderscore the role of parental care in shaping the experience of\nself and others and integrative processes of consciousness ( Bowlby 1997 , Liotti 2004 , 2006 , Fonagy et al. 2023 ).\nDuring infancy, a child starts making sense of her internal\nexperiences through the information she gets from the external\nworld, most notably from caregivers whose behavior has a fun-\ndamental regulatory function shaping emotional development,\nstress physiology, and refinement of limbic circuitry ( Gee 2016 ).\nIn addition to the quality of caregivers’ response to the infant’s\nneed for proximity, its “predictability” supports the development\nof emotions’ regulatory capacity ( Gee and Cohodes 2021 ; Wu and\nFeng 2020 ) and a cohesive sense of self ( Arciero and Bondolfi\n2009 ), increases prosociality ( Deneault et al. 2023 ), and influ- ences the development of social brain structure (see Ilyka et al.\n2021 for a review). Self-report assessment of exposure to unpre-\ndictability during early life appears to predict symptoms of anx- iety, depression, and anhedonia in adulthood ( Glynn et al. 2019 ).\nEvidence from cross-species studies indicates that the predictabil-\nity of caregivers’ behavior in rodents may specifically influence\nthe offspring’s development of corticolimbic circuitry involved in\nemotion-related functioning ( Glynn and Baram 2019 ). Rodents\nexposed to unpredictable maternal care exhibit atypical amygdala functioning ( Malter Cohen et al. 2013 ) and weaker connectivity with the medial prefrontal cortex ( Guadagno et al. 2018 ). Abraham et al. (2019) evaluated a number of features of the\nneurobiological interoceptive circuit (e.g. the functionality of the\namygdala, insula, and oxytocinergic system) in parents and chil-\ndren over the first 6 years of parenthood. Results revealed a critical\nassociation between parental interoceptive sensitivity—indexed, e.g. by increased bilateral activation of the anterior insula in\nresponse to a video of his/her interacting with his/her infant—\nthe consolidation of the child’s interoceptive circuit and mental\nhealth. Taken together, thus, consistent evidence indicates that\nparental ability to respond appropriately to the children’s needs\nand bodily signals supports the child’s ability to adequately repre-",
- "page_start": 1,
- "page_end": 1,
- "source_file": "pubmed1.pdf"
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- {
- "text": "# nature neuroscience Neuroanatomical changes observed over the course of a human pregnancy\n\n## **Neuroanatomical changes observed over the course of a human pregnancy**\n\n### **Online content**\n\nAny methods, additional references, Nature Portfolio reporting sum-\nmaries, source data, extended data, supplementary information,\nacknowledgements, peer review information; details of author con-\ntributions and competing interests; and statements of data and code\navailability are available at [https://doi.org/10.1038/s41593-024-01741-0](https://doi.org/10.1038/s41593-024-01741-0) .\n**References** 1. World Health Organization. Maternal, newborn, child and\nadolescent health and ageing. [platform.who.int/data/](https://platform.who.int/data/maternal-newborn-child-adolescent-ageing)\n[maternal-newborn-child-adolescent-ageing](https://platform.who.int/data/maternal-newborn-child-adolescent-ageing) (2022).\n2. Thornburg, K. L., Bagby, S. P. & Giraud, G. D. *Knobil and Neill’s*\n*Physiology of Reproduction* pp. 1927- 1955 (Elsevier, 2015).\n3. Brunton, P. J. & Russell, J. A. The expectant brain: adapting for\nmotherhood. *Nat. Rev. Neurosci.* **9** , 11- 25 (2008).\n4. Gregg, C. Pregnancy, prolactin and white matter regeneration.\n*J. Neurol. Sci.* **285** , 22- 27 (2009).\n5. Haim, A. et al. A survey of neuroimmune changes in pregnant\nand postpartum female rats. *Brain Behav. Immun.* **59** ,\n67- 78 (2017).\n6. Barrière, D. A. et al. Brain orchestration of pregnancy and\nmaternal behavior in mice: a longitudinal morphometric study.\n*NeuroImage* **230** , 117776 (2021).\n7. Celik, A., Somer, M., Kukreja, B., Wu, T. & Kalish, B. T. The\ngenomic architecture of pregnancy-associated plasticity in\nthe maternal mouse hippocampus. *eNeuro* **9** , ENEURO.0117-22.\n2022 (2022).\n8. Puri, T. A., Richard, J. E. & Galea, L. A. M. Beyond sex differences:\nshort- and long-term effects of pregnancy on the brain. *Trends*\n*Neurosci.* **46** , 459- 471 (2023).\n9. Chaker, Z. et al. Pregnancy-responsive pools of adult neural\nstem cells for transient neurogenesis in mothers. *Science* **382** ,\n958- 963 (2023).\n10. Diamond, M. C., Johnson, R. E. & Ingham, C. Brain plasticity\ninduced by environment and pregnancy. *Int. J. Neurosci.* **2** ,\n171- 178 (1971).\n11. Servin-Barthet, C. et al. The transition to motherhood:\nlinking hormones, brain and behaviour. *Nat. Rev. Neurosci.* **24** ,\n605- 619 (2023).\n12. Ammari, R. et al. Hormone-mediated neural remodeling\norchestrates parenting onset during pregnancy. *Science* **382** ,\n76- 81 (2023).\n13. Hoekzema, E. et al. Pregnancy leads to long-lasting changes in\nhuman brain structure. *Nat. Neurosci.* **20** , 287- 296 (2017).\n14. Hoekzema, E. et al. Mapping the effects of pregnancy on\nresting state brain activity, white matter microstructure, neural\nmetabolite concentrations and grey matter architecture. *Nat.*\n*Commun.* **13** , 6931 (2022).\n15. Martínez-García, M., Paternina-Die, M., Desco, M., Vilarroya, O.\n& Carmona, S. Characterizing the brain structural adaptations\nacross the motherhood transition. *Front. Glob. Womens Health* **2** ,\n742775 (2021).\n16. Spalek, K. et al. Pregnancy renders anatomical changes in",
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- },
- {
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See also Harnad,](https://en.wikipedia.org/wiki/Stevan_Harnad)\n[Stevan (April 2000). \"How/why the mind- body problem is hard\" (http://cogprints.org/1617/1/](http://cogprints.org/1617/1/harnad00.mind.humphrey.html)\n[harnad00.mind.humphrey.html). ](http://cogprints.org/1617/1/harnad00.mind.humphrey.html) *[Journal of Consciousness Studies](https://en.wikipedia.org/wiki/Journal_of_Consciousness_Studies)* . **7** (4): 54- 61.\n3. See Cooney's foreword to the reprint of Chalmers' paper: Brian Cooney, ed. (1999).\n\"Chapter 27: Facing up to the problem of consciousness\". *The place of mind* . Cengage\nLearning. pp. 382 *ff* [. ISBN 978-0534528256.](https://en.wikipedia.org/wiki/Special:BookSources/978-0534528256)\n[4. Problem of Consciousness (Tuscan 1994) (https://www.youtube.com/watch?v=_lWp-6hH_6](https://www.youtube.com/watch?v=_lWp-6hH_6g%7CHard)\n[g%7CHard)](https://www.youtube.com/watch?v=_lWp-6hH_6g%7CHard)\n5. JCS vol. 4, pp. 3-46, 1997\n6. 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- "query": "What was the indicator related to increasing Nissan's research and development activities in terms of publication of scientific articles in 2004?",
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- "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": "# 2004 Annual Report\n\n## OUR WORK\n\n### TECHNOLOGY\n\nO U R W O R K\nRear active steering Intelligent cruise control Shock-absorbing body, to reduce pedestrian injuries\n“I have two prime objectives. The first is to realize our\ncorporate vision, ‘ Enriching people’s lives,’ from an\nengineering standpoint. The second is to create a\nfuture vision for people working in R&D. Research and\ndevelopment is all about providing practical value to\nthe customer via technological excellence, which in\nturn creates value for our shareholders. Nissan has\nmade a major commitment to technological excellence\nso that we can accomplish these objectives.\n**Research and Development**\nNissan’s investment in R&D has been rising. In fiscal 2004\nwe devoted approximately ¥400 billion to it, equivalent to\n4.6 percent of our turnover. We estimate that our financial\ncommitment to R&D will continue to range between 4.5\nand 5 percent. R&D investments take a lot of time to pay\noff, of course, so it’s difficult to evaluate our evolution\nover the short term. Given our expanded output, however,\nI believe that we are headed in the right direction.\nFor example, the number of patents we have generated\nis growing quickly, exceeding 4,000 in fiscal 2003—more\nthan twice the fiscal 1999 figure. And the number of\nresearch papers we present at societies such as The Japan\nSociety of Mechanical Engineers rose dramatically in fiscal\n2004. These are direct results of our commitment to\nresearch. We are also generating more new technologies\nrelated to safety and the environment, such as the Around\nView Monitor and the lane-keeping system.\nWe have succeeded in shortening our production\npipeline, too, using a new vehicle development process\ncalled V3P that our engineers devised over the past three\nyears. V3P, which stands for Value-up innovation of\nProduct, Process, and Program, has helped us cut our\ndevelopment time almost in half, from 20 months to just\n10.5 months. I believe this makes Nissan the world\nbenchmark in development. That improvement is having a\nmajor effect on the flexibility and execution of R&D at\nNissan, and will ultimately boost the company’s profitability.\nThe number of new products we have brought to\nmarket over the past three years is equally significant—\nmore than thirty new vehicles. That’s an impressive\nengineering achievement, and the reason you are seeing",
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- "text": "# 2004 Annual Report\n\n## PERFORMANCE\n\n### FISCAL YEAR 2004 FINANCIAL REVIEW\n\n239 244 232\n206\n262\n326 300\n378\n354\n427\n**398**\n**478**\n4.0% 3.8%\n5.3% 5.5% 5.8%\n**5.6%**\n4.2% 4.4%\n4.8%\n**4.6%**\n3.4%\n4.1%\n500\n400\n300\n200\n6\n5\n4\n3 **’99 ’00 ’01 ’02 ’03 ’04**\n**Investment in Our Future**\n(Billion Yen) (% of net revenue)\n40\n30\n20\n10\n0 **’00 ’01 ’02 ’03 ’04 ’05* ’06* ’07* ’99**\n*Forecast\n0\n8 14 19 24 29 34\n40\n7\n**Dividend Policy**\n(Dividend per share, in yen)\nP E R F O R M A N C E **Automotive Debt:**\nDespite higher levels incurred for capital expenditures and\nR&D, cash generated from operating activities in the\nautomotive division eliminated net automotive debt. Nissan\nheld a ¥205.8 billion yen net cash position at the close of\nfiscal 2004 in this division.\n**Rating**\nRegarding Nissan’s long-term credit rating, R&I upgraded\nNissan from A- to A on May 11, 2005. S&P upgraded their\nrating from BBB to BBB+ on July 20, 2004, and Moody’s\nupgraded from Baa3 to Baa1 on January 29, 2004.\n**Investment Policy**\nCapital expenditures increased by ¥50.2 billion to ¥477.5\nbillion, representing 5.6 percent of net revenue. This\nincrease included the Canton plant expansion. R&D\nexpenditures increased by ¥43.8 billion to ¥398.1 billion.\nThis increase went to fund new technologies and product\ndevelopment. Our R&D resources are focused on projects\nthat add value to our customers and that will deliver an\nexpected return, in both the short and long term.\n**Dividend**\nAt the annual general meeting of shareholders on June 21,\n2005, the company proposed increasing its dividend to\n¥24 per share in 2004, up from ¥19 in 2003. In the first\nyear of the NISSAN Value-up dividend policy, the\nCompany plans to increase the per-share dividend to ¥29\nin 2005. By the end of NISSAN Value-up in March 2008,\nNissan plans to pay an annual dividend of no less than\n¥40 per share.\n**Return on Invested Capital (ROIC)**\nNissan’s investments are made within the strict guidelines\nof its automotive operating ROIC. Based on these\nguidelines, Nissan reached 20.1 percent of ROIC on a\nconsistent basis as of fiscal 2003.\n**Share Performance in Fiscal 2004**\nNissan’s share price began at ¥1,143 at the beginning",
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- "text": "# 2004 Annual Report\n\n## PERFORMANCE\n\n### FISCAL YEAR 2004 SHARE PERFORMANCE\n\nDESPITE NISSAN’S RECORD OPERATING RESULT IN FISCAL 2004, ITS STOCK PERFORMANCE RETURN WAS\nNEGATIVE AND LOWER THAN THE TOPIX INDEX. THE INVESTOR RELATIONS TEAM WAS STRENGTHENED\nAT THE START OF FISCAL 2005 TO BETTER ADDRESS THE NEEDS OF INVESTORS AND ENHANCE THEIR\nUNDERSTANDING OF NISSAN’S PERFORMANCE. INVESTORS WILL NOW BE ABLE TO GAIN A MORE IN-DEPTH\nVIEW OF THE COMPANY’S OPERATIONS AND PERFORMANCE INDICATORS.\n120\n110\n100\n90\n80 Apr. **2004 2005**\nMay June July Aug. Sept Oct. Nov Dec. Jan. Feb Mar.\nTOPIX Transportation Equipment Index Nissan\nTOPIX\n**Fiscal Year 2004 Share Performance**\n(Index: April 1, 2004=100)\n400\n300\n200\n100\n0 **’01 ’02 ’03 ’04 ’05**\nTOPIX Transportation Equipment Index\nNissan\nTOPIX\n**Five-Year Share Performance**\n(Index: April 3, 2000=100)\nW H O W E A R E\nNISSAN IS ABOUT MEETING UNMET NEEDS, CRAFTING SINGULAR PRODUCTS\nAND TRANSFORMING BRAND STRENGTH AND INNOVATION INTO NEW BUSINESS\nOPPORTUNITIES. WE ARE NISSAN. WE ARE INFINITI. WE ARE NISSAN LIGHT\nCOMMERCIAL VEHICLES, EXPANDING OUR RANGE. WE ARE NISSAN INDUSTRIAL\nMACHINERY, LEVERAGING OUR EXPERTISE TO BUILD FORKLIFTS AND MARINE\nPRODUCTS. AND WE ARE NISSAN FINANCIAL SERVICES, PROVIDING OUR\nCUSTOMERS WITH A COMPREHENSIVE LINEUP OF OFFERINGS.\nTHIS IS THE NISSAN SHIFT_",
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- "text": "# 2004 Annual Report\n\n## PERFORMANCE\n\n### FISCAL YEAR 2004 FINANCIAL REVIEW\n\nof fiscal 2004 and ended the fiscal year at ¥1,099,\ngenerating a negative return of 3.85 percent. Total\nshareholder return (TSR) was -1.67 percent, while the\ndividend yield came to 2.18 percent (¥24 per share dividend,\ndivided by the ¥1,099 closing price). Adverse movements\nin foreign exchange rates and commodity price hikes\nadversely affected Nissan’s profitability, which was reflected\nin the share price. In addition, specific events relating\ndirectly to the company also had a negative impact. Later in\nthis report, corporate officers will explain what actions\nNissan has undertaken to ensure better performance.\n**Payout Policy**\nNissan announced its NISSAN Value-Up three-year dividend\npolicy, covering the period from fiscal 2005 to fiscal 2007, at\nthe annual general meeting of shareholders on June 23,\n2004. Nissan proposes a long-term dividend policy to\nprovide more visibility and improve transparency into the\nways in which Nissan rewards its shareholders. Nissan\nbelieves that a long-term dividend policy reduces uncertainty\nfor investors who already own or are considering acquiring\nNissan stock.\n**IR Activities**\nUnder NISSAN Value-Up, the IR team’s performance will\nbe evaluated based on the price-earnings ratio (PER) and\nvolatility relative to our major competitors. PER is used to\nmeasure how successfully the IR team manages market\nexpectations about Nissan in order to maintain the Nissan\nshare price close to an intrinsic value. The other measure,\nvolatility, is used to measure the risk investors perceive\nwhen considering Nissan stock. If Nissan can successfully\nreduce volatility, the minimum return required by investors\nshould decline. The IR team believes that a strengthening\nof disclosure activities is required to improve both\nmeasures. The team plans to disclose not only financial\nresults but also more forward-looking information about\nNissan fundamentals such as technology and product.\nSuch forward-looking information helps investors to\nforecast future performance more precisely and reduces\nuncertainty about the future. As a consequence, Nissan will\nincrease the number of investor conferences, events, and\nteleconferences during fiscal 2005.\nP E R F O R M A N C E",
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- "text": "# 2004 Annual Report\n\n## OUR WORK\n\n### TECHNOLOGY\n\nso many new Nissan models on the road.\nOur R&D infrastructure, however, is still in need of\nexpansion. We’ve therefore begun building new facilities at\nthe Nissan Technical Center, NTC, and at the Nissan\nAdvanced Technical Center, NATC, both of which are in\nJapan. These additions represent a major investment, and\nshow Nissan’s dedication to maintaining and enhancing its\ntechnological skills.\nOur technology base is in Japan, where we have some\nten thousand people involved in R&D, but we also have two\nmajor centers in North America and Europe, and smaller\noperations in Taiwan, China, Thailand, South Africa and\nBrazil. In the past, these entities were mostly standalone\noperations, but today there are many more joint projects\nO U R W O R K\nTesting at Nissan Advanced Crash Laboratory CARWINGS telematics system Aluminum parts\n500\n400\n(Billion yen) (% of net revenue)\n300\n200\n100\n0\n5\n4\n3\n2\n1\n0 **’00 ’01 ’02 ’03 ’04**\n232 262 300 354 398 3.8% 4.2% 4.4% 4.8% 4.6%\n**R&D Investment**\n5,000\n4,000\n(xxxxxxx)\n3,000\n2,000\n1,000\n0 **’99 ’00 ’01 ’02 ’03**\n**Patent**\n120\n100\n80\n60\n40\n20\n0 **’00 ’01 ’02 ’03 ’04**\n**Research Paper**\nThe number of research papers presented at JSME (The Japan Society of\nMechanical Engineers), JSAE (The Society of Automotive Engineers of Japan), SAE\n(The Society of Automotive Engineers), FISITA (The International Federation of\nAutomotive Engineering Societies)\nand much more collaboration. The core engineering is\ncommon to all—that’s why the different organizations can\nwork together so closely, and why we’re more efficient\ntoday. While each engineering center remains responsible\nfor meeting the specific tastes or specifications that its\nlocal market demands, we have global oversight to ensure\nconsistency, with NTC supervising overall resource\nmanagement and facility investment.\nWe are building on these strengths through greater\ncollaboration with our suppliers—our project partners—and\ndoing it much further upstream. For example, we are\ncreating a facility at the NATC where we can disclose our\nplans to suppliers during the very early planning stages.\nThis means we have to be much more open than before,\nbut in return we will gain a great deal from the ideas our\npartners bring.\nThe Alliance with Renault is another major strength for",
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- "text": "# 2004 Annual Report\n\n## OUR WORK\n\n### PLANNING\n\ntime, we must prepare for the future. We need to reinforce\nthe strength of our program management groups and\nestablish more precise, accurate groups to standardize and\nimprove processes for the future. Ironically, our\nachievements have created uncertainty for the future.\nSuccess creates risk, and the more we highlight our\nsuccesses, the more we raise the anxiety level of investors.\nHow can our new products be as good as those already\nreleased? How can we keep it all going?\nOne way to sustain our strong pace is to take greater\nadvantage of the Alliance. The value is there, in areas such\nas purchasing, development, benchmarking, sales networks,\nmarket knowledge and even financial strategy. Yet we must\nmaintain both a balance and a clear separation between the\nbrand identities of Renault and Nissan. Neither company\nwants to make the same cars, or have the same corporate\nculture, or have its brand mistaken for the other. We will\ncontinue to derive benefits from this strategic partnership\nwhile remaining Nissan.\nO U R W O R K\nWithin the Company, positive tension is what keeps us\ngoing. Our recent success has been a learning experience\nfor us. It created a unique set of values and skills, and these\nare not going to disappear. Moreover, the core skills that\nnow exist in Nissan are what will drive us forward. And we\nwill not lose these skills because we now attract and retain\nthe best employees. The organization is more efficient, and\nwe can push our teams towards higher targets because\ntheir confidence level is higher.\nWe displayed that confidence when we introduced the\nMurano in the U.S. Crossover vehicles were a new concept\nfor the U.S. car buyer, and that carried a risk. The product\nplanners boldly pushed ahead, though, and after the Murano\nbecame a hit in that market, it proved equally popular in\nJapan and Europe. Now, with new product launches rising\nfrom 44 during NISSAN 180 to 70 in NISSAN Value-Up,\nand with global expansion in markets outside our traditional\nregions, you can see how the product planners benefited\nfrom the Murano’s success. From the conceptual stage\nonward, they now have the confidence to make strong\nprojections about how many customers a model will have",
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- "text": "# 2004 Annual Report\n\nThis Annual Report contains forward-looking\nstatements on Nissan’s future plans and targets, and\nrelated operating investment, product planning and\nproduction targets. Please note that there can be no\nassurance that these targets and plans will actually\nbe achieved. Achieving them will depend on many\nfactors, including not only Nissan’s activities and\ndevelopment, but on the dynamics of the automobile\nindustry worldwide and the global economy.\n**1**\nHIGHLIGHTS\n*Millions of* *U.S. dollars* *(Note 1)* *Millions of yen* *(except per* *(except per share amounts and number of employees)* *share amounts)*\n2004 2003 2002 2001 2000 2004 *For the years ended* *Mar. 31, 2005* *Mar. 31, 2004* *Mar. 31, 2003* *Mar. 31, 2002* *Mar. 31, 2001* *Mar. 31, 2005*\nNet sales ¥8,576,277 ¥7,429,219 ¥6,828,588 ¥6,196,241 ¥6,089,620 $80,152\nOperating income 861,160 824,855 737,230 489,215 290,314 8,048\nNet income 512,281 503,667 495,165 372,262 331,075 4,788\nNet income per share (Note 2) 125.16 122.02 117.75 92.61 83.53 1.17\nCash dividends paid (Note 3) 94,236 74,594 50,800 27,841 0 881\nShareholder’s equity ¥2,465,750 ¥2,023,994 ¥1,808,304 ¥1,620,822 ¥ 957,939 $23,044\nTotal assets 9,848,523 7,859,856 7,349,183 7,215,005 6,451,243 92,042\nNet consolidated automotive debt (Note 4) (205,791) 13,603 107,952 431,714 952,657 (1,923)\nNumber of employees 183,607 123,748 127,625 125,099 133,833\nNotes: 1. Unless indicated otherwise, all dollar figures herein refer to U.S. currency. Yen amounts have been translated into U.S. dollars, for convenience\nonly, at ¥107 = $1, the approximate exchange rate on March 31, 2005.\n2. Net income per share amounts are based on the weighted average number of shares of common stock outstanding during each year.\nFigures for net income per share are in exact yen and U.S. dollars.\nNumber of shares outstanding as of March 31, 2005: 4,520,715,112.\n3. Cash dividends during the full year by subsidiary companies to non-Nissan minority shareholders are not included.\n4. Net consolidated automotive debt was ¥8,602 million cash positive in fiscal year 2002, ¥215,861 million cash positive in fiscal year 2003, and\n¥453,470 million cash positive in fiscal year 2004, using the same accounting principles as fiscal year 2001.",
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- "text": "# 2004 Annual Report\n\n## PERFORMANCE\n\n**The recovery story is complete**\n**7**\nP E R F O R M A N C E\n6,089.6\n6,196.2\n6,828.6\n7,429.2\n**8,576.3**\n+15.4%\n2,633\n2,597\n2,771\n3,057\n**3,388**\n+10.8%\n290\n489\n737\n825\n**861**\n+4.4%\n**’00 ’01 ’02 ’03 ’04 ’00 ’01 ’02 ’03 ’04 ’00 ’01 ’02 ’03 ’04**\n**10.0%**\n10.8%\n11.1%\n7.9%\n4.8%\n**Consolidated**\n**Net Revenue**\n(Billion Yen)\n**Consolidated**\n**Operating Profit/Margin**\n(Billion Yen/%)\n**Global Retail Sales**\n(Units: 1000s)\n**8**\nNissan will continue to grow in fiscal 2005. Even assuming a relatively flat total industry volume\nof 61 million units globally, Nissan’s sales are forecast to come to 3,618,000 units, a 6.8 percent\nincrease over the prior year.\nWorldwide, we will launch six all-new models—five in Japan, one in Europe—leading to\ntwenty regional product events.\n**Our sales objectives**\n- Japan: 933,000 units, a 10 percent increase over last year\n- U.S.: 1,047,000 units, an increase of 3.3 percent\n- Europe: 550,000 units, a 1.1 percent increase over last year\n- General Overseas Markets: 1,088,000 units, a 10.7 percent increase\n**Our financial outlook**\nAny new fiscal year brings risks and opportunities, and 2005 brings very high levels of\nuncertainty and risks—volatility in exchange rates, higher interest rates, higher commodity prices,\nhigher energy prices, higher incentives and uncertainty about growth in the U.S. and Japan. The\nopportunity is in following through on the NISSAN Value-Up plan quickly and effectively.\nIn light of these factors, our forecast for fiscal 2005 is as follows. This is based on a foreign\nexchange rate assumption for the year of ¥105 per dollar and ¥130 per euro:\n- Net revenue is predicted to be ¥9 trillion, up 4.9 percent.\n- Operating profit is expected to be ¥870 billion, up 1 percent.\n- Ordinary profit is expected to reach ¥860 billion, up 0.5 percent.\n- Net income is predicted to be ¥517 billion, up 0.9 percent.\n- Capital expenditures are expected to reach ¥540 billion, up 13.1 percent.\n- R&D expenses are forecast to reach ¥450 billion, or 5 percent of net sales, up 13.0 percent.\n- ROIC is expected to remain at or above 20 percent.\nP E R F O R M A N C E\n**Looking to the New Fiscal Year**\n**9**\nP E R F O R M A N C E\n**Europe**\n350Z Roadster",
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- "text": "# 2004 Annual Report\n\n## OUR WORK\n\n### MARKETING\n\ncenter of our business.\nWe work with different research experts and\ncompanies as our partners. They offer a variety of high-\ntech techniques such as glasses with cameras that track\neye movement, instruments that measure brainwaves or\npupil dilation to detect preferences, and non-categorical\nmeasures that help us find personal evaluations of\nperceived quality or design. Our job is to evaluate these\nresearch companies and their output, and to develop the\nbest methodology for our issues. We are always refining\nthe tools we have and looking for new ones that will boost\nour accuracy. Our strong ties with outside experts are a\nsource of competitive advantage for Nissan.\nAgain, it all goes back to being customer-oriented.\nConfirming that customer-oriented stance will create value\nfor Nissan. Market Intelligence must be a dedicated\nevangelist for this change.”\nO U R W O R K\nYUSUKE SEKIGUCHI\nVice President\n**Sales & Marketing**\n“In 2003, I was the “pilot”—essentially the project\nleader—of a cross-functional team that redefined the\ntraditional sales function as a marketing function.\nNow I cover car sales as well as traditional marketing\nactivities such as advertising and sales promotion.\nThis is part of our effort to address one of the most\ncompetitive auto markets in the world—Japan.\nOur dealers conduct sales activities in the\nmarketplace, and our role is to ensure that what they\ndo reflects Nissan’s plans. We also gather customer\nfeedback from the showroom to see how we can\nimprove processes. Direct communication through online\noutlets is another new way of reaching out to customers.\nAlthough the total market in Japan was down in 2004, we\nmanaged to pick up market share. The two halves of the\nyear were completely different, however. The first half was\nthe ‘dry season’—where we didn’t have any new model\nintroduction for over 12 months. We underestimated the\nimpact that would have on our business, and the dealers\nhad a tough time because of it. Then we organized the\nSHIFT_ event in the second half of the year, and for the\nfirst time ever introduced six new models simultaneously.\nThis completely changed the playing field. While it was\na challenge for the dealers to launch six models in five\nmonths, it had a significant and positive impact.\nJapan’s population peaks in 2006, and automobile",
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- "text": "# 2004 Annual Report\n\n## WHO WE ARE\n\n### AUTOMOBILES\n\n#### **Nissan**\nW H O W E A R E\n**Exceeding expectations**\n**—the Nissan automobile**\nW H O W E A R E W H O W E A R E",
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- "text": "# 2004 Annual Report\n\n## OUR WORK\n\n### MANUFACTURING\n\nO U R W O R K\n“By following the Nissan Production Way and the\nprinciple of *doukiseisan* —meaning synchronization\nwith the customer—manufacturing at Nissan remains\nflexible and integrated, and keeps lead times short.\nThe Nissan Production Way incorporates integration at\nthe supplier, global and logistic levels. That is why we\nremain the most productive manufacturer in the world.\nWe’ve also become much more efficient, as our\nutilization rates show. In Japan, we were operating at\n54 percent of capacity in 1999. In fiscal 2004 that\nfigure increased to 86 percent, which is just about the\nmaximum possible. During NISSAN Value-Up, we will\nincrease our global utilization rate from approximately\n74 percent to over 80 percent. We will not achieve that\ntarget by closing facilities, either. In fact, we’ve opened\nnew plants in the U.S. and China, and increased\ncapacity at our other facilities.\nManufacturing achieved a series of milestones during\nNISSAN 180. One of the biggest was opening the Canton\nplant in the U.S., which got up to speed quickly, launching\nfive new vehicles in a period of just eight months. We built\ntwo plants in China, and restarted operations in Egypt. We\ndramatically expanded the Decherd, Tennessee engine\nplant in the U.S., and all engines for North America are now\nbuilt at Decherd or at our plant in Mexico.\nWe also commenced cross-production with Renault:\nNissan began building Renault’s Platina in Mexico and its\nTraffic in Spain, while Renault began building our Pickup\nand Xterra at its factory in Brazil. We also started\nproduction of common engines with Renault, with our\nsubsidiary Aichi Kikai and the Yokohama plant producing\nthe four-cylinder engines used in our new Tiida, Note and\nLafesta models. In Japan, we launched six new models in\njust six months—the Murano, Fuga, Lafesta, Tiida, Tiida\nLatio and Note. We also launched three vehicles—the Tiida,\nTeana and Tiida Latio—in China.\nWhile we were successful in Japan and China, we did\nhave quality issues at the Canton facility. This was\nunfortunate, since it affected our ratings in the J. D. Power\nand Associates Initial Quality Study. We’ve since taken\neffective measures to resolve these problems. More",
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- "text": "# 2004 Annual Report\n\n## FINANCIAL SECTION\n\n### CONSOLIDATED FIVE-YEAR SUMMARY\n\n2003, production for Europe and Mexico was on April to March basis.)\nDue 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:\nEconomic Factors\nThe demand for products manufactured by Nissan is affected by the\neconomic conditions in each country or market in which they are offered\nfor sale. Nissan conducts its operations all over the world and, in particular,\nin the major markets of North America, Europe, and Asia, to say nothing of\nJapan. While Nissan strives to develop a comprehensive and integrated\nprojection of the global economic outlook, any greater-than-anticipated\ndownturn in one of these markets may have a significant effect on Nissan\nfinancial position and results of operations.\nInternational Activities and Overseas Expansion\nNissan’s manufacturing and marketing activities outside Japan are\nconducted in the United States, in Europe, and in the developing and\nemerging markets of Asia. Nissan forecasts and evaluates a wide variety of\nrisks inherent in doing business in such overseas markets including the\nfollowing factors, each of which entails a greater-than-anticipated level of\nrisk:\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\ndestabilizing factors.\nResearch and Development\nNissan’s technology must be “real world”—useful, pragmatic and easy to\nuse. Nissan anticipates the nature and scope of the market demand, and\nthen prioritizes and invests in new technologies. Nonetheless, any sudden\nand greater-than-anticipated changes in its business environment or in\ncustomer preferences may impact negatively on customer satisfaction with\nthese new technologies.\nProduct Defects\nNissan places a high priority on safety and does its best to enhance safety\nfrom the standpoint of research and development, manufacturing and\nsales. Although Nissan takes out insurance policies to cover product\nliability, this does not necessarily mean that all potential defects and the\nrelated liabilities are fully covered. If Nissan were to implement strict\nproduct recalls for its customers, Nissan would incur significant additional\nexpenses which could adversely affect its financial position and results of\noperations.\nFluctuation in Foreign Currency Exchange Rates\nNissan’s Japanese operations export vehicles to various countries around\nthe world. In general, the appreciation of the yen against other currencies",
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- "text": "# 2004 Annual Report\n\n## WHO WE ARE\n\n### OUR WAY\n\n#### **Corporate Governance**\n\nthreads of emerging trends. Our designs are bold, geared to electrify and inspire. We see little\npoint in building vehicles that please everyone but excite no one.\nThe appeal of a Nissan goes much deeper than the fine lines of its body and the gleam of\nits paint. We make some of the world’s most advanced high-performance engines and\ntransmissions. From our renowned VQ engine series to the latest in high technology,\ncontinuously variable transmissions (CVT), we blend driving pleasure with safety, fuel efficiency,\nand real-world environmental solutions.\nNissan has a long history of leadership and innovation in the automotive industry. We began\nour quest to create the best cars in the world in 1933, when the company was founded in\nYokohama. The first Datsun passenger car rolled off the assembly line two years later. In the\nyears since, we have fashioned a reputation for bold and innovative products. We were the first\ncompany to design, manufacture and export a small pickup truck from Japan to the United\nStates, and to build and export a sports sedan, the Datsun 510. And we were the first to\nproduce a true sports car that was also affordable, the Z. Today, we build equally exceptional\nvehicles in factories throughout the world that consistently rank in the top tier for efficiency,\nproductivity and quality.\nIn the future, we will take the Nissan brand into new segments and markets. We will\naccelerate the pace of automotive evolution. And our products will continue to define our brand\nwith clarity and consistency that brings lasting value to all our stakeholders.",
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- "text": "# 2004 Annual Report\n\n## OUR WORLD\n\nO U R W O R L D\nNISSAN HAS A GLOBAL PRESENCE. BORN IN JAPAN, WE ARE PERFECTLY\nAT HOME IN THE U.S., THE UK, SPAIN, THAILAND, CHINA, EGYPT, BRAZIL\nAND WELL OVER 150 OTHER NATIONS WHERE NISSAN CARS AND\nTHEIR COMPONENT PARTS ARE PRODUCED, SOLD AND DRIVEN.\nWITH NISSAN, DRIVING PLEASURE IS A SENSATION THAT KNOWS NO BORDERS.\nTHIS IS THE NISSAN SHIFT_\nO U R W O R L D\ndeclining sales as a result. Still, we do see potential in new\nareas within the market. For example, we increased the\nnumber of women employed as “carlife” advisors and\ntechnical advisors. We did this to put both women and older\ncustomers at ease when they have sales and service\nissues. Both types of advisors are important to our sales\nand service at a dealership because they make the process\nmore transparent and understandable. Service is a very\nprofitable part of business in Japan, so taking ours to the\nnext level is crucial.\nWe have two plans to expand sales in a flat market.\nThe first is to develop a more efficient marketing strategy\nthat is aligned with our quality products. The second is to\nbuild a more efficient dealership network, which will boost\ncustomer satisfaction. If we succeed at these, we can raise\nboth our sales and our customer retention rate.\nOur dealers are reporting that the quality of our\nvehicles has improved greatly. We knew this from the\nupstream side, but it means a great deal to get\nconfirmation from the market. Quality is always a risk factor\nin Japan; consumers here are unforgiving about quality\nproblems. The Internet has accelerated the ability to share\ninformation, both good and bad, so the level and rate of\ninformation from dealers and consumers have gone up\naccordingly. Meanwhile, even prices for used Nissan\nvehicles are improving steadily, a major indication that the\nNissan brand is recognized and valued.\nOur home market is of prime importance to Nissan.\nJapan is a major contributor to our total profit, and we will\ncontinue to make the upgrades in quality, products and\nservice needed to drive sales and profit higher.”",
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- "text": "# 2004 Annual Report\n\n## OUR WORLD\n\n### GENERAL OVERSEAS MARKETS\n\nhave Nissan national sales\ncompanies. It’s a very\ndiverse composition of small\nand large nations, and many\nlanguages and cultures.\nIn fiscal 2004 we met all\nour targets for sales and\nprofit. Out of Nissan’s total unit sales of\napproximately 3.4 million vehicles, for example, GOM\naccounted for 678,000 units. We contribute to\nNissan’s performance in both volume expansion and\nprofitability. And the operating profit margin for GOM\nis better than the corporate average.\nThe strongest regions in my territory were several African\nnations, such as South Africa, and Latin America. Our\nsuccess was due in part to general market strength, but the\ncontinuing appeal of the Nissan Pickup in South Africa and\nLatin America was also a key. Aside from the Middle East,\nwhere larger vehicles like the Armada are preferred, sales\nfor the Pickup and the X-TRAIL have been consistently\nstrong in all markets. We produce the Pickup in South\nAfrica and currently sell over 40,000 vehicles there every\nyear; our market share is around 9 percent. In addition to\nAfrica, the vehicles produced here will be sold in Europe,\nAustralia and New Zealand starting at the beginning of\n2006. In 2005, in the Middle East, we are already seeing\nsignificant increases in volume due to the launch of Infiniti\nand the introduction of new Nissan models in the latter\nhalf of 2004.\nThere are several risks associated with a diverse\nterritory like ours, including political issues, economic\nissues, and a range of other external factors. At Nissan,\nour policy is to stay flexible and adapt to the situation. For\nexample, we had initially planned to supply Pathfinder\nvehicles to the Middle East from Spain. However, the rise in\nthe euro raised costs, so we quickly shifted production to\nthe U.S. Because our job is so diversified, we felt we\nneeded more strategic thinking within GOM. For this",
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- "text": "# 2004 Annual Report\n\n## FINANCIAL SECTION\n\n### NON-CONSOLIDATED FIVE-YEAR SUMMARY\n\nNissan Motor Co., Ltd. and Consolidated Subsidiaries\n*Fiscal years 2004, 2003, 2002, 2001 and 2000*\nFINANCIAL SECTION\n**105**\nConsolidated subsidiaries *As of Mar. 31, 2005*\n*Capital* *Nissan*\n*Company* *Location* *Principal business* *(millions)* *share*(%)*\nJapan\nNissan Shatai Co., Ltd. Hiratsuka-shi, Kanagawa Manufacture and sales of automobiles and parts ¥7,904 43.80\nAichi Machine Industry Co., Ltd. Nagoya, Aichi Manufacture and sales of automotive parts ¥8,518 41.70\nJATCO Ltd. Fuji, Shizuoka Manufacture and sales of automotive parts ¥29,935 81.76\nNissan Kohki Co., Ltd. Samukawa, Kanagawa Manufacture and sales of automotive parts ¥2,020 97.73\nCalsonic Kansei Corporation Tokyo Manufacture and sales of automotive parts ¥40,606 41.87\nNissan Motor Car Carrier Co., Ltd. Tokyo International automobile transport ¥640 60.00\nNissan Trading Co., Ltd. Yokohama, Kanagawa Import and export of automobiles, parts, etc. ¥320 100.00\nNissan Financial Services Co., Ltd. Chiba, Chiba Automobile financing and leasing ¥16,387 100.00\nAutech Japan, Inc. Chigasaki, Kanagawa Development, manufacture and sales of ¥480 100.00\nlimited-edition automobiles\nNissan Real Estate Development Tokyo Real estate sales, purchase and leasing ¥1,000 70.50\nCorporation\nNissan Finance Co., Ltd. Tokyo Finance and accounting support ¥2,491 100.00\nAichi Nissan Motor Co., Ltd. Nagoya, Aichi Sales of automobiles and parts ¥100 100.00\nTokyo Nissan Motor Sales Co., Ltd. Tokyo Sales of automobiles and parts ¥100 100.00\nNissan Prince Tokyo Motor Sales Tokyo Sales of automobiles and parts ¥100 100.00\nCo., Ltd.\nNissan Chuo Parts Sales Co., Ltd. Yokohama, Kanagawa Sales of automobile repair parts ¥545 80.61\nUS\nNissan North America, Inc. Gardena, California Management of North American subsidiaries, $1,791 100.00\nmanufacture and sales of automobiles and parts\nNissan Motor Acceptance Corporation Torrance California Finance of wholesale and retail automobile sales $499 100.00\nin US\nNissan Motor Corporation Honolulu, Hawaii Sales of automobiles and parts $6 100.00\nin Hawaii, Ltd.\nNissan Capital of America, Inc. Torrance, California Financing for group companies $1 100.00\nNissan Technical Center Farmington Hills Research and development, testing $16 100.00\nNorth America, Inc. Michigan\nNissan Motor Insurance Corporation Honolulu, Hawaii Casualty insurance $10 100.00\nNissan Forklift Co., North America Marengo, Illinois Manufacture and sales of forklifts and parts $34 100.00\nCanada\nNissan Canada, Inc. Mississauga, Ontario Sales of automobiles and parts CAN$68 100.00\nMexico\nNissan Mexicana, S.A. de C.V. Mexico D.F. Manufacture and sales of automobiles and parts P17,056 100.00",
- "page_start": 106,
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- "text": "# 2004 Annual Report\n\n## OUR WORLD\n\n### EUROPE\n\nmade profitability more difficult to achieve. For example,\nautomakers must provide models with much diversity:\ndiesel and gasoline powertrains; manual and automatic\ntransmissions. The cars must also be engineered to suit the\nhigh driving speeds typical in the region and ensure\nsuperior handling, which results in higher costs.\nAs in many other mature markets, an incentive war is\nraging in Europe. Nissan’s position here, as elsewhere, is to\nuse incentives selectively and to always protect profitability.\nProviding products which customers recognize and\nappreciate for their style and attributes rather than being the\nbest deal is the foundation of Nissan’s profitable growth. We\nnow have a wide range of products, five of which were newly\nlaunched in 2005, including the Pathfinder and the Navara\npickup. We will release the Micra C+C at the Frankfurt Motor\nShow in September, giving customers the option of a unique\nstandard glass roof in a fully retracting hard convertible top.\nNissan’s manufacturing still defines the leading edge in\nEurope. According to *The Harbour Report* , our plant in\nSunderland is the most productive plant in Europe.\nSunderland will start production on a new B-segment car\nbased on the Tone concept car in early 2006, followed by\nthe Qashqai crossover vehicle in early 2007. Our Barcelona\nplant, which manufactures SUVs, 4x4s and light\ncommercial vehicles, will reach full capacity in mid-2005.\nFinally, our truck plant in Avila, Spain, which specializes in\nlight-duty trucks, will start producing a replacement for the\npopular Cabstar in late 2006. This efficient production\nbase is a critical part of our profitable growth scenario.\nNISSAN Value-Up has given us a plan for building both\nprofit and volume. We will not, however, sacrifice profit to\ngain volume. How far we can go depends on how fast we\ndeliver results. I believe that we have much more room to\ngrow, and to demonstrate that in even a crowded European\nmarket a smaller player can produce significant returns.”\nDOMINIQUE THORMANN\nSenior Vice President\nNissan Europe\nthese, however, and repackaged the Quest to give people\ntheir most popular options. We’ve also made great strides",
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- "text": "# 2004 Annual Report\n\n## OUR WORLD\n\n### EUROPE\n\n**Making Profit as a Smaller Player**\nO U R W O R L D\n“Europe is one of the most\nfragmented automotive\nmarket in the world and\na highly competitive one\nbesides. Despite our\nrelatively small size,\nhowever, we have begun to\ndemonstrate that it is\npossible to make money in\nEurope. In fact, although\nNissan does not yet deliver\nthe levels of profitability here\nthat the U.S. or other markets generate, we surpassed\nour NISSAN 180 business targets in fiscal 2004. Our\nprofitability is now on par with the best European\nmanufacturers. Nissan has a foundation for increasing\nprofitability further in the coming years in Europe.\nNissan is already an established name around the\nregion, and the brand is strongly associated with 4x4\ntechnology, off-road vehicles and pickup trucks.\nHowever, there is also a solid heritage built around\nthe Micra, a model designed for urban driving. Both\nthe first and second generations of this car were very\nsuccessful, and the third generation is performing\nwell. To leverage our 4x4 heritage and SUV strength\ninto the passenger car segment, Nissan is developing\na series of crossover vehicles that blend car-like\nperformance with 4x4 versatility. The Qashqai concept\nvehicle introduced at the 2004 Geneva Motor Show is\nthe first of these—smaller, more affordable, and\nbetter adapted to European roads. The Qashqai will\ngo into production in our plant in Sunderland in the\nUK in early 2007. The Murano, launched this year, is\na precursor to the Qashqai in the larger executive\nsegment. Europeans have already taken to the\nMurano, driving sales far past our initial forecasts in\nall markets. This car is helping make Nissan a brand\nthat people aspire to own.\nNissan is still a small player in the region, selling 550,000\ncars across a very large and diverse territory that stretches\nfrom the Atlantic Ocean to Russia, and from Finland to\nIsrael. In the past we covered the area through multiple\ndistribution channels, which we are currently in the process\nof simplifying. A few aspects of the European market have",
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- "text": "# 2004 Annual Report\n\n## OUR WORK\n\nO U R W O R K\nNISSAN IS A WORLD-CLASS AUTOMOBILE MANUFACTURER.\nTO ENVISION, PLAN, BUILD AND DISTRIBUTE MILLIONS OF AUTOMOBILES\nTO THE WORLD REQUIRES A CLEAR DEFINITION OF ROLES AND PROCESSES.\nAT NISSAN, OUR BUSINESS DIVISIONS COMMUNICATE IDEAS ACROSS COUNTRIES,\nCULTURES AND FUNCTIONS TO DEVISE THE TRANSPARENT,\nEFFICIENT SOLUTIONS THAT CREATE SUCCESS. THIS IS THE NISSAN SHIFT_\nO U R W O R K",
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- "text": "# 2004 Annual Report\n\n## FINANCIAL SECTION\n\n### CONSOLIDATED FIVE-YEAR SUMMARY\n\nNissan Motor Co., Ltd. and Consolidated Subsidiaries\n*Fiscal years 2004, 2003, 2002, 2001 and 2000*\nFINANCIAL SECTION\n*Millions of* *U.S. dollars* *(Note 1)* *Millions of yen* *(except per* *(except per share amounts and number of employees)* *share amounts)*\n2004 2003 2002 2001 2000 2004 *For the years ended* *Mar. 31, 2005* *Mar. 31, 2004* *Mar. 31, 2003* *Mar. 31, 2002* *Mar. 31, 2001* *Mar. 31, 2005*\nNet sales ¥8,576,277 ¥7,429,219 ¥6,828,588 ¥6,196,241 ¥6,089,620 $80,152\nOperating income 861,160 824,855 737,230 489,215 290,314 8,048\nNet income 512,281 503,667 495,165 372,262 331,075 4,788\nNet income per share (Note 2) 125.16 122.02 117.75 92.61 83.53 1.17\nCash dividends paid (Note 3) 94,236 74,594 50,800 27,841 0 881\nShareholder’s equity ¥2,465,750 ¥2,023,994 ¥1,808,304 ¥1,620,822 ¥ 957,939 $23,044\nTotal assets 9,848,523 7,859,856 7,349,183 7,215,005 6,451,243 92,042\nLong-term debt 1,963,173 1,694,793 1,603,246 1,604,955 1,402,547 18,347\nDepreciation and amortization 525,926 461,037 371,125 374,827 360,191 4,915\nNumber of employees 183,607 123,748 127,625 125,099 133,833\nNotes: 1. Unless indicated otherwise, all dollar figures herein refer to U.S. currency. Yen amounts have been translated into U.S. dollars, for convenience\nonly, at ¥107 = $1, the approximate exchange rate on March 31, 2005.\n2. Net income per share amounts are based on the weighted average number of shares of common stock outstanding during each year.\nFigures for net income per share are in exact yen and U.S. dollars.\nNumber of shares outstanding as of March 31, 2005: 4,520,715,112.\n3. Cash dividends during the full year by subsidiary companies to non-Nissan minority shareholders are not included.\nSales and Production (units) 2004 2003 2002 2001 2000 *For the years ended* *Mar. 31, 2005* *Mar. 31, 2004* *Mar. 31, 2003* *Mar. 31, 2002* *Mar. 31, 2001*\nGlobal vehicle production 3,293,339 2,883,409 2,586,602 2,428,279 2,475,730\nJapan 1,481,563 1,475,063 1,444,314 1,272,851 1,313,527\nUnited States 803,556 619,665 392,458 363,366 352,927\nMexico 325,086 308,322 340,658 328,946 312,691\nSpain 142,889 116,589 84,919 137,502 136,807\nUnited Kingdom 319,652 331,924 297,719 296,788 327,792\nOthers 51,572 31,846 26,534 28,826 31,986\nGlobal unit sales (wholesale) 3,470,422 2,946,782 2,635,686 2,460,484 2,564,160\nJapan 819,152 799,206 792,767 702,657 725,842\nNorth America (Notes 1 and 2) 1,394,099 1,204,882 1,040,684 968,030 985,168\nEurope (Note2) 554,901 548,693 458,222 453,697 513,048\nOthers (Note 1) 702,270 394,001 344,013 336,100 340,102\nNotes: 1. Unit sales in Mexico are included in “North America.”\n2. Sales and Production for Europe and Mexico for each year are on a January to December basis. (In the annual reports for the fiscal years before",
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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": "## * **2014 Review** * *—2014 was a year of stark economic contrasts*\n\n##### *in our industry. During the first half as in the past several years,*\n##### *historically volatile West Texas Intermediate oil prices seemed*\n##### *range bound between $80 and $110 with geopolitical events*\n##### *driving prices towards the ceiling and demand risks pushing*\n##### *prices towards the floor of the range.*\nIn the US, E&P companies were spending record amounts of capital, fueled by cheap\nand plentiful debt, on horizontal drilling and completions to drive production growth\nwhile making material strategic acquisitions in order to increase their long-term\nexposure to oil prices.\nThe easy credit environment caused asset prices to increase significantly to the point\nwhere, in our view, risk adjusted returns on new acquisitions were threatening cyclical\nlows. In line with our strategy, Sundance had monetized several mature assets realizing\n~$50 million in current period gains while freeing up\n~$165 million in invested capital.\nWe primarily reinvested this capital in production growth\nand cash flow with only about $75 million reinvested in\nacquiring oil and gas leases and producing properties. This\nresulted in our production increasing from 5,028 BOEPD\nto 9,434 BOEPD by December 2014 and full year EBITDAX\nincreasing $73.8 million to $126.4 million in 2014. Had\nprices stayed steady, we likely would have generated\nearnings before income taxes of over $85 million and a\nreturn on capital in excess of 20%.\nOur second capital priority for the year was to conclude the appraisal of the Woodford\nformation in our Logan County, Oklahoma assets. We viewed this relatively modest, but\nhigher risk, investment as having a 25% chance of success with a 15x upside. Unfortunately,\nwe met with mixed success in our appraisal activities proving that in today’s onshore\nUS oil and gas industry that the best absolute returns are generated by drilling in proved\nregions. There are plenty of solid opportunities to efficiently grow the business without\nexposure to undue geologic risk.\nLike many prior bubbles driven by new technologies, the second half of the year saw the\npricing environment come crashing down around us. The market became fundamentally",
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- "text": "## * **2014 Review** * *—2014 was a year of stark economic contrasts*\n\n##### *prices towards the floor of the range.*\n\nunbalanced, driving prices down almost 50% and rendering material portions of global\noil and gas development uneconomic.\nOur peers went from talking about their growth prospects to fretting about cash costs\nand liquidity, a stark contrast from the go-go growth times which existed in the first half\nof the year. This shift in industry strategy has now come in line with our general business\nphilosophy — in the resource space, low-cost, low debt businesses will survive and thrive\nacross cycles; and, relative to our US onshore peer group, Sundance boasts a top 15%\ncost structure and balance sheet.\nOur position as a cost and balance sheet leader is underpinned by two key philosophies:\n1) investment in a leading technical team that is encouraged to take reasonable risks to\nimprove recoveries and/or reduce costs, and 2) a ruthless focus on portfolio returns as\ndemonstrated by our consistent track record of divesting assets that don’t fit our strategic\nobjectives or promise lower forward return profiles.\nOur high quality Eagle Ford acreage produces strong recoveries at reasonable costs and\nthus generates good returns, even in a low price environment. Because of these character-\nistics, the majority of our forward capital is expected to be invested generating strong\ngrowth and shareholder returns in the Eagle Ford.\nWith mixed appraisal results in the Woodford, Sundance’s Mississippian/Woodford\nposition generally requires higher prices to meet our hurdle rates. Because of the mixed\nWoodford results, higher overall unit costs, and depressed pricing at year end, we\nrecognized an impairment charge of ~$60 million on these assets at year 2014. Had\nprices maintained their strength, we likely would have been in a position to recover our\ninvestment from these assets.\n**CEO’S REPORT**\n**4**\n**Sundance’s Performance versus the ASX 200**\n**ANNUAL PERCENTAGE CHANGE**\nIN 2P PV10\n(NET ASSET VALUE) IN SUNDANCE\n**YEAR** PER DEBT ADJUSTED SHARE PRICE PER SHARE IN ASX200\n2014 21.6% -48.0% 1.1%\n2013 63.3% 29.9% 15.1%\n2012 -15.6% 87.8% 14.6%\n2011 59.7% -44.6% -14.5%\nAs oil prices started to tumble, we reacted swiftly. In early November 2014, we began",
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- "text": "## I Natural gas (Mboe)\n\nto 3,015 BOEPD in 2013. During 2014 we drilled and completed 42.7 net wells, primarily\nin the Eagle Ford, bringing our total well count to 81.3 by 31 December 2014. High\nvalue oil comprised approximately 69 percent of our total 2014 annual production\nand production from Sundance-operated projects accounted for 89 percent of total\nproduction for the year.\nCorresponding with the growth in annual production, the Company’s full year revenues\nincreased to $159.8 million and Adjusted EBITDAX increased to $126.4 million.\nThe Company’s development program also generated significant growth in Constant Case\nreserves during the year. More details are contained elsewhere in this Annual Report,\nbut in summary our 1P Reserves at the end of 2014 were 26.0 MBOE, 2P Reserves 54.1\nMBOE, and 3P Reserves 147.7 MBOE. This compares with Reserves of 20.7 MBOE, 34.6\nMBOE, and 92.8 MBOE, respectively, at the end of 2013.\nIn the current price environment, we have elected to scale back our drilling program to\nmainly concentrate on limited drilling obligations to hold Eagle Ford acreage. This will\nenable us to maintain our low leverage profile, which was approximately 1.03x debt to\nAdjusted EBITDAX at year end, and focus on growing our drilling inventory in an environ-\nment with less competition for leases and small acquisitions. Liquidity was $84 million at\nyear end, with a borrowing base redetermination in 2015 expected to materially increase\ndebt availability if the use of such funds is justified in line with our strategy.\n####### **The Eagle Ford - driving value and production growth**\nSundance has grown its Eagle Ford acreage position from ~7,200 acres upon entering the\nbasin to approximately 26,160 net mineral acres in the Eagle Ford at the end of 2014\nwhich includes the acquisition of approximately 18,000 net acreage in 2014. By the end of\nthe first quarter 2015 this had grown to 38,701 net mineral acres. Our growing presence\nin this prolific oil and gas region has been driving significant value for the Company and\nour shareholders, and continues to form our priority focus for development and acreage\ngrowth in the coming years.",
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- {
- "text": "## I Natural gas (Mboe)\n\n**2013 2014 2013 2014 2013 2014**\n$85,345\n$159,793\n$126,373\n$165,142\n$72,755\n25%\n18%\n82%\n75%\n$338,366\n$217,514\n$52,594\n1,000\n2,000\n3,000\n4,000\n5,000\n6,000\n7,000\n**DAILY PRODUCTION**\n**(Mboe)**\nI Oil and NGL (Bbls)\nI Natural gas (Mboe)\n80%\n20%\n16%\n84%\n**2013 2014**\n##### * **Dear Fellow Shareholders,** *\n##### *I am pleased to present Sundance Energy Australia Limited’s*\n##### *Annual Report for the 12 months ended 31 December 2014. It*\n##### *has been another year of significant progress for Sundance*\n##### *across our portfolio of liquids rich oil and gas assets in the US.*\nThe Company’s strategic focus on growing production, cash flows and reserves from\nlarge, repeatable resource plays in North America continues to deliver positive results\nwith growth in production, cash flows, and reserves.\nDuring late 2013 and 2014, we completed the divestment of our interest in the Williston\nBasin in North Dakota for $51 million which realised an internal rate of return of 45 percent;\nand also opportunistically divested our interest in the Denver-Julesburg Basin in Colorado\nfor $114 million which realised an internal rate of return of 104 percent. These divestitures\nof smaller, less scalable positions enabled us to focus on developing and growing our\nassets in the Eagle Ford in Texas and our Mississippian/Woodford assets in Oklahoma.\nDespite the reduction in crude oil and liquids prices towards the end of the year\nand continuing into 2015, the operational performance and focused, value-adding\ntransactions during the past year have positioned the Company very favourably for\nfuture growth in net asset value and shareholder returns.\n####### **A year of growing production, cash flow and reserves**\nIn line with our strategy we continued to increase the level of company operated assets,\nand successfully maintained a very strong focus on optimising our operations and reducing\ncosts. This resulted in an impressive improvement in well performance combined with a\ntop tier cost structure.\nThrough our operated development program, we ended 2014 with record production\nof 9,434 barrels of oil equivalent per day (BOEPD) compared with an exit rate of 5,028\nBOEPD in December 2013 and an average annual production of 6,635 BOEPD compared",
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- "text": "## **CHAIRMAN’S LETTER**\n\n**2**\n*Despite the reduction in*\n*crude oil and liquids*\n*prices towards the end of*\n*the year and continuing*\n*into 2015, the opertional*\n*performance and focused,*\n*value-adding transactions*\n*during the past year have*\n*positioned the Company*\n*very favourably for future*\n*growth in net asset value*\n*and shareholder returns.*\n**3**\nAt year end, we had 197 gross 3P Reserves drilling locations across our Eagle Ford\nacreage where we continue to pursue operational and drilling efficiencies, opportunities\nto further improve well economics by improving recoveries and reducing costs. In 2014\nthis included a switch to pad drilling with zipper fracs and new completion techniques\nthat have provided significant upside in production.\nDespite our current scaling back of drilling activity, we have set 2015 production guidance\nat 7,850 - 8,500 BOEPD, an increase from the previous year of some 13 - 17 percent,\nbut a target that we believe is achievable while maintaining acceptable levels of liquidity\ngiven our demonstrated abilities and growing footprint in the Eagle Ford.\n####### **Safety and Environment**\nSundance has a strong culture throughout the organisation of ensuring that high standards\nof safety are maintained and that our operations are conducted in an environmentally\nresponsible way. During 2014 our comprehensive safety program was enhanced and\nfurther improvements will be a strong focus throughout 2015.\n####### **A strong financial position**\nSundance is well placed for future growth in the Eagle Ford. The Company has a strong\nbalance sheet to withstand the current low oil price environment, and our sound financial\nmanagement strategy has seen the Company well supported by both new and existing\ninvestors in Australia and internationally.\nWe expect that Sundance will grow organically and also through further leasing or\nbolt-on acquisitions in our core Eagle Ford focus area within our current, conservative\nbalance sheet parameters.",
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- "text": "####### **Corporate Overview and Strategy**\nSundance Energy Australia Limited (ASX: SEA) is an\nonshore oil and natural gas company focused on the\nexploration, development and production of large,\nrepeatable resource plays in North America. The Company’s\noil and natural gas properties are located in premier U.S.\noil and natural gas basins, and its current operational\nactivities are focused in south Texas targeting the Eagle\nFord formation (‘‘Eagle Ford’’) and north central Oklahoma\ntargeting the Mississippian and Woodford formations\n(‘‘Mississippian/Woodford’’).\nThe Company utilises its U.S.-based management and\ntechnical team to appraise, develop, produce and grow its\nportfolio of assets. The Company’s strategy focuses on\ngenerating cash flow from its existing production base,\ndeveloping assets where it is the operator and has high\nworking interests, exploring for additional resources\nwithin its existing basins and pursuing strategic merger\nand acquisition opportunities, which positions it to\ncontrol the pace of its development and the allocation\nof capital resources.\n####### **Contents**\nPerformance Summary .......................................................1\nChairman’s Letter................................................................2\nManaging Director’s Letter..................................................4\nFinancial Overview.............................................................6\nOperations Overview..........................................................8\nEagle Ford.........................................................................10\nGreater Anadarko .............................................................12\nDirectors’ Report...............................................................15\nRemuneration Report .......................................................28\nAuditor’s Independence Declaration.................................45\nCorporate Governance......................................................46\nFinancial Information.......................................................54\nDirectors’ Declaration .....................................................106\nAuditor’s Report..............................................................107\nAdditional Information...................................................109\nCorporate Information....................................................111\nForward-Looking Statements .........................................111\nCompetent Persons Statement........................................111\n####### **Abbreviations & Definitions**\n**1P Reserves** —proved reserves which have at least a 90%\nprobability that the quantities actually recovered will equal or\nexceed the estimate\n**2P Reserves** —proved plus probable reserves which have at\nleast a 50% probability that the quantities actually recovered",
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- "text": "## **2013**\n\n### **2014 2013**\n####### **Year ended 31 December US$’000 US$’000**\n\nOil revenue 144,994 79,365\nNatural gas revenue 6,161 2,774\nNatural gas liquid (NGL) revenue 8,638 3,206\nTotal revenue (net of royalties and transportation costs) 159,793 85,345\n\n####### **NOTE 4 - LEASE OPERATING AND PRODUCTION TAX EXPENSE**",
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- "text": "## **CHAIRMAN’S LETTER**\n\n####### **Positive outlook for 2015**\nDespite the current oil pricing scenario, Sundance’s medium-to-long term growth\ntrajectory looks very positive.\nWe can demonstrate this through:\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\nAs a mid-tier oil and gas producer and explorer in the S&P/ASX All Australian 200 index,\nand with the increasing interest and support from institutional and retail investors. I believe\nthat Sundance will deliver significant long-term value from our assets for our shareholders.\n####### **Thank you for your support**\nWe have had a busy year at Sundance and I would like to recognise the efforts and valued\ncontribution of the Board of Directors, management team and all staff and contractors of\nthe Company in helping us achieve our strategic goals. I am confident that we have the\nright team and excellent assets in place to execute our clear and focused strategy that we\nexpect to deliver significant value for our shareholders.\nOn behalf of the Board and Company, I would like to thank our shareholders for your\nstrong support of the Company throughout the year. We are committed to delivering\nlong-term value for our shareholders and I look forward to reporting over the rest of the\ncoming year on the continued value creation and growth of Sundance.\nYours sincerely,\n**M IKE H ANNELL**\n*Chairman*\n*The Company has a*\n*strong balance sheet to*\n*withstand the current low*\n*oil price environment,*\n*and our sound financial*\n*management strategy*\n*has seen the Company*\n*well supported by*\n*both new and existing*\n*investors in Australia*\n*and internationally.*\n##### * **Dear Fellow Shareholders,** *",
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- "text": "## **2013**\n\n### **2014 2013**\n\n####### **Year ended 31 December US$000 US$000**\n\nSenior Credit Facility 95,000 15,000\nJunior Credit Facility\n\n35,000 15,000\nTotal credit facilities 130,000 30,000\nDeferred financing fees (1,195) (859)\nTotal credit facilities, net of deferred financing fees\n\n128,805 29,141\n\n####### **Junior Credit Facility**\nIn August 2013, Sundance Energy, Inc. (“Sundance Energy”), a wholly owned subsidiary of the Company, entered\ninto a second lien credit agreement with Wells Fargo Energy Capital, Inc., as the administrative agent (the “Junior\nCredit Facility”), which provides for term loans to be made in a series of draws up to $100 million. The Junior Credit\nFacility matures in June 2018 and is secured by a second priority lien on substantially all of the Company’s assets.\nUpon entering into the Junior Credit Facility, the Company immediately borrowed $15 million pursuant to the terms\nof the Junior Credit Facility and paid down the outstanding principal of the Senior Credit Facility. In May 2014, the\nCompany’s borrowing capacity increased to $35 million. As at 31 December 2014, the borrowing capacity under the\nJunior Credit Facility remains at $35 million.\n**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n####### **NOTE 22 - CREDIT FACILITIES continued**\n\nThe principal amount of the loans borrowed under our Junior Credit Facility is due in full on the maturity date.\nInterest on the Junior Credit Facility accrues at a rate equal to the greater of (i) 8.50% or (ii) a base rate (being, at\nour option, either (a) LIBOR for the applicable interest period (adjusted for Eurodollar Reserve Requirements) or (b)\nthe greatest of (x) the prime rate announced by Wells Fargo Bank, N.A., (y) the federal funds rate plus 0.50% and (z)\none-month adjusted LIBOR plus 1.00%), plus a margin of either 6.5% or 7.5%, based on the base rate selected.\n\nThe Company is also required under our Junior Credit Facility to maintain the following financial ratios:\n- a current ratio, consisting of consolidated current assets including undrawn borrowing capacity to\nconsolidated current liabilities, of not less than 1.0 to 1.0 as of the last day of any fiscal quarter;\n- a maximum leverage ratio, consisting of consolidated debt to adjusted consolidated EBITDAX (as defined\nin the Junior Credit Facility), of not greater than 4.5 to 1.0 as of the last day of any fiscal quarter",
- "page_start": 87,
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- "text": "## **2013**\n\n### **2014 2013**\n\n####### **Senior Credit Facility**\n\n(beginning 30 September 2013); and\n- an asset coverage ratio, consisting of PV10 to consolidated debt, of not less than 1.5 to 1.0, as of certain\ntest dates.\n\nFor the years ended 31 December 2014 and 2013, the Company capitalised $0.7 million and $0.3 million,\nrespectively, of financing costs related to the Junior Credit Facility, which offset the principal balance. As at 31\nDecember 2014 there was $35.0 million outstanding under the Company’s Junior Credit Facility. As at 31 December\n2014, the Company was in compliance with all restrictive financial and other covenants under the Junior Credit\nFacility.\n\n####### **Senior Credit Facility**\nOn 31 December 2012, Sundance Energy entered into a credit agreement with Wells Fargo Bank, N.A. (the “Senior\nCredit Facility”), pursuant to which up to $300 million is available on a revolving basis. The borrowing base under\nthe Senior Credit Facility is determined by reference to the value of the Company’s proved reserves. The agreement\nspecifies a semi-annual borrowing base redetermination and the Company can request two additional\nredeterminations each year. The borrowing capacity was increased from prior year to $110 million as at 31\nDecember 2014 based on Company reserves as at 31 December 2014. As at 31 December 2014, the Company had\n$15 million undrawn on the Senior Credit Facility. In conjunction with the increase in the borrowing base, the\nCompany has expanded the syndicate of banks under the Senior Credit Facility. With Wells Fargo as administrative\nagent, Bank of America Merrill Lynch and the Bank of Nova Scotia have now joined the banking group.\n\nInterest on borrowed funds accrue, at the Company’s option, of i) LIBOR plus a margin that ranges from 175 to 275\nbasis points or ii) the Base Rate, defined as a rate equal to the highest of (a) the Federal Funds Rate plus 1⁄2 of 1%, (b)\nthe Prime Rate, or (c) LIBOR plus a margin that ranges from 75 to 175 basis points. The applicable margin varies\ndepending on the amount drawn. The Company also pays a commitment that ranges from 37.5 to 50 basis points",
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- "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": "####### **Corporate Overview and Strategy**\nSundance Energy Australia Limited (ASX: SEA) is an\nonshore oil and natural gas company focused on the\nexploration, development and production of large,\nrepeatable resource plays in North America. The Company’s\noil and natural gas properties are located in premier U.S.\noil and natural gas basins, and its current operational\nactivities are focused in south Texas targeting the Eagle\nFord formation (‘‘Eagle Ford’’) and north central Oklahoma\ntargeting the Mississippian and Woodford formations\n(‘‘Mississippian/Woodford’’).\nThe Company utilises its U.S.-based management and\ntechnical team to appraise, develop, produce and grow its\nportfolio of assets. The Company’s strategy focuses on\ngenerating cash flow from its existing production base,\ndeveloping assets where it is the operator and has high\nworking interests, exploring for additional resources\nwithin its existing basins and pursuing strategic merger\nand acquisition opportunities, which positions it to\ncontrol the pace of its development and the allocation\nof capital resources.\n####### **Contents**\nPerformance Summary .......................................................1\nChairman’s Letter................................................................2\nManaging Director’s Letter..................................................4\nFinancial Overview.............................................................6\nOperations Overview..........................................................8\nEagle Ford.........................................................................10\nGreater Anadarko .............................................................12\nDirectors’ Report...............................................................15\nRemuneration Report .......................................................28\nAuditor’s Independence Declaration.................................45\nCorporate Governance......................................................46\nFinancial Information.......................................................54\nDirectors’ Declaration .....................................................106\nAuditor’s Report..............................................................107\nAdditional Information...................................................109\nCorporate Information....................................................111\nForward-Looking Statements .........................................111\nCompetent Persons Statement........................................111\n####### **Abbreviations & Definitions**\n**1P Reserves** —proved reserves which have at least a 90%\nprobability that the quantities actually recovered will equal or\nexceed the estimate\n**2P Reserves** —proved plus probable reserves which have at\nleast a 50% probability that the quantities actually recovered",
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- "text": "## * **2014 Review** * *—2014 was a year of stark economic contrasts*\n\n##### *in our industry. During the first half as in the past several years,*\n##### *historically volatile West Texas Intermediate oil prices seemed*\n##### *range bound between $80 and $110 with geopolitical events*\n##### *driving prices towards the ceiling and demand risks pushing*\n##### *prices towards the floor of the range.*\nIn the US, E&P companies were spending record amounts of capital, fueled by cheap\nand plentiful debt, on horizontal drilling and completions to drive production growth\nwhile making material strategic acquisitions in order to increase their long-term\nexposure to oil prices.\nThe easy credit environment caused asset prices to increase significantly to the point\nwhere, in our view, risk adjusted returns on new acquisitions were threatening cyclical\nlows. In line with our strategy, Sundance had monetized several mature assets realizing\n~$50 million in current period gains while freeing up\n~$165 million in invested capital.\nWe primarily reinvested this capital in production growth\nand cash flow with only about $75 million reinvested in\nacquiring oil and gas leases and producing properties. This\nresulted in our production increasing from 5,028 BOEPD\nto 9,434 BOEPD by December 2014 and full year EBITDAX\nincreasing $73.8 million to $126.4 million in 2014. Had\nprices stayed steady, we likely would have generated\nearnings before income taxes of over $85 million and a\nreturn on capital in excess of 20%.\nOur second capital priority for the year was to conclude the appraisal of the Woodford\nformation in our Logan County, Oklahoma assets. We viewed this relatively modest, but\nhigher risk, investment as having a 25% chance of success with a 15x upside. Unfortunately,\nwe met with mixed success in our appraisal activities proving that in today’s onshore\nUS oil and gas industry that the best absolute returns are generated by drilling in proved\nregions. There are plenty of solid opportunities to efficiently grow the business without\nexposure to undue geologic risk.\nLike many prior bubbles driven by new technologies, the second half of the year saw the\npricing environment come crashing down around us. The market became fundamentally",
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- "text": "## I Natural gas (Mboe)\n\n**2013 2014 2013 2014 2013 2014**\n$85,345\n$159,793\n$126,373\n$165,142\n$72,755\n25%\n18%\n82%\n75%\n$338,366\n$217,514\n$52,594\n1,000\n2,000\n3,000\n4,000\n5,000\n6,000\n7,000\n**DAILY PRODUCTION**\n**(Mboe)**\nI Oil and NGL (Bbls)\nI Natural gas (Mboe)\n80%\n20%\n16%\n84%\n**2013 2014**\n##### * **Dear Fellow Shareholders,** *\n##### *I am pleased to present Sundance Energy Australia Limited’s*\n##### *Annual Report for the 12 months ended 31 December 2014. It*\n##### *has been another year of significant progress for Sundance*\n##### *across our portfolio of liquids rich oil and gas assets in the US.*\nThe Company’s strategic focus on growing production, cash flows and reserves from\nlarge, repeatable resource plays in North America continues to deliver positive results\nwith growth in production, cash flows, and reserves.\nDuring late 2013 and 2014, we completed the divestment of our interest in the Williston\nBasin in North Dakota for $51 million which realised an internal rate of return of 45 percent;\nand also opportunistically divested our interest in the Denver-Julesburg Basin in Colorado\nfor $114 million which realised an internal rate of return of 104 percent. These divestitures\nof smaller, less scalable positions enabled us to focus on developing and growing our\nassets in the Eagle Ford in Texas and our Mississippian/Woodford assets in Oklahoma.\nDespite the reduction in crude oil and liquids prices towards the end of the year\nand continuing into 2015, the operational performance and focused, value-adding\ntransactions during the past year have positioned the Company very favourably for\nfuture growth in net asset value and shareholder returns.\n####### **A year of growing production, cash flow and reserves**\nIn line with our strategy we continued to increase the level of company operated assets,\nand successfully maintained a very strong focus on optimising our operations and reducing\ncosts. This resulted in an impressive improvement in well performance combined with a\ntop tier cost structure.\nThrough our operated development program, we ended 2014 with record production\nof 9,434 barrels of oil equivalent per day (BOEPD) compared with an exit rate of 5,028\nBOEPD in December 2013 and an average annual production of 6,635 BOEPD compared",
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- "text": "## **2013**\n\n### **2014 2013**\n\n####### **Year ended 31 December US$000 US$000**\n\nSenior Credit Facility 95,000 15,000\nJunior Credit Facility\n\n35,000 15,000\nTotal credit facilities 130,000 30,000\nDeferred financing fees (1,195) (859)\nTotal credit facilities, net of deferred financing fees\n\n128,805 29,141\n\n####### **Junior Credit Facility**\nIn August 2013, Sundance Energy, Inc. (“Sundance Energy”), a wholly owned subsidiary of the Company, entered\ninto a second lien credit agreement with Wells Fargo Energy Capital, Inc., as the administrative agent (the “Junior\nCredit Facility”), which provides for term loans to be made in a series of draws up to $100 million. The Junior Credit\nFacility matures in June 2018 and is secured by a second priority lien on substantially all of the Company’s assets.\nUpon entering into the Junior Credit Facility, the Company immediately borrowed $15 million pursuant to the terms\nof the Junior Credit Facility and paid down the outstanding principal of the Senior Credit Facility. In May 2014, the\nCompany’s borrowing capacity increased to $35 million. As at 31 December 2014, the borrowing capacity under the\nJunior Credit Facility remains at $35 million.\n**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n####### **NOTE 22 - CREDIT FACILITIES continued**\n\nThe principal amount of the loans borrowed under our Junior Credit Facility is due in full on the maturity date.\nInterest on the Junior Credit Facility accrues at a rate equal to the greater of (i) 8.50% or (ii) a base rate (being, at\nour option, either (a) LIBOR for the applicable interest period (adjusted for Eurodollar Reserve Requirements) or (b)\nthe greatest of (x) the prime rate announced by Wells Fargo Bank, N.A., (y) the federal funds rate plus 0.50% and (z)\none-month adjusted LIBOR plus 1.00%), plus a margin of either 6.5% or 7.5%, based on the base rate selected.\n\nThe Company is also required under our Junior Credit Facility to maintain the following financial ratios:\n- a current ratio, consisting of consolidated current assets including undrawn borrowing capacity to\nconsolidated current liabilities, of not less than 1.0 to 1.0 as of the last day of any fiscal quarter;\n- a maximum leverage ratio, consisting of consolidated debt to adjusted consolidated EBITDAX (as defined\nin the Junior Credit Facility), of not greater than 4.5 to 1.0 as of the last day of any fiscal quarter",
- "page_start": 87,
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- "text": "## **EAGLE FORD**\n\n##### *The Eagle Ford continues to have one of the highest internal*\n##### *rates of return of any of the US unconventional resource plays.*\nBecause of its relatively low operating costs,\nthe Eagle Ford to remains profitable during\ncurrent oil commodity pricing conditions.\nSundance has quickly transformed the Eagle\nFord position acquired in its merger with\nTexon Petroleum Ltd to its most valuable\nasset in its portfolio through development\nand growing its drilling inventory.\nIn 2014, the Company\nbrought 35 gross (26.1\nnet) Eagle Ford wells into\nproduction by D&P investments of $244 million. Through $26\nmillion of direct mineral leases and $36 million of acquisitions\nin 2014, the Company increased its Eagle Ford acreage position\nto 20,742 net acres, which represents 153.7 net undrilled\n3P Reserves locations.\nSince its entrance into the Eagle Ford in March 2013, the Company has:\n- increased its production over 10x to a 2014 exit rate of 8,177 BOEPD (a 290\npercent CAGR);\n- increased 1P Constant Case Reserves by 10x to 18,132 MBOE (PV10 of $449.3 million\n(an 18x increase));\n- increased its acreage to approximately 33,000 net acres, primarily in the volatile oil\nand condensate window of the Eagle Ford (includes 14,180 net acres acquired in January\n2015 and excludes 5,418 net acres targeting the Georgetown Formation in neighboring\nMaverick County);\n- increased its producing well count to 77\ngross (53.8 net), with an additional 19 gross\n(10.6 net) wells in progress at year-end;\n- increased its undrilled 3P Reserves drilling\nlocations to 153.7 net; which represents a\n4.3 year drilling inventory (assuming two rig",
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- "text": "## I Natural gas (Mboe)\n\nto 3,015 BOEPD in 2013. During 2014 we drilled and completed 42.7 net wells, primarily\nin the Eagle Ford, bringing our total well count to 81.3 by 31 December 2014. High\nvalue oil comprised approximately 69 percent of our total 2014 annual production\nand production from Sundance-operated projects accounted for 89 percent of total\nproduction for the year.\nCorresponding with the growth in annual production, the Company’s full year revenues\nincreased to $159.8 million and Adjusted EBITDAX increased to $126.4 million.\nThe Company’s development program also generated significant growth in Constant Case\nreserves during the year. More details are contained elsewhere in this Annual Report,\nbut in summary our 1P Reserves at the end of 2014 were 26.0 MBOE, 2P Reserves 54.1\nMBOE, and 3P Reserves 147.7 MBOE. This compares with Reserves of 20.7 MBOE, 34.6\nMBOE, and 92.8 MBOE, respectively, at the end of 2013.\nIn the current price environment, we have elected to scale back our drilling program to\nmainly concentrate on limited drilling obligations to hold Eagle Ford acreage. This will\nenable us to maintain our low leverage profile, which was approximately 1.03x debt to\nAdjusted EBITDAX at year end, and focus on growing our drilling inventory in an environ-\nment with less competition for leases and small acquisitions. Liquidity was $84 million at\nyear end, with a borrowing base redetermination in 2015 expected to materially increase\ndebt availability if the use of such funds is justified in line with our strategy.\n####### **The Eagle Ford - driving value and production growth**\nSundance has grown its Eagle Ford acreage position from ~7,200 acres upon entering the\nbasin to approximately 26,160 net mineral acres in the Eagle Ford at the end of 2014\nwhich includes the acquisition of approximately 18,000 net acreage in 2014. By the end of\nthe first quarter 2015 this had grown to 38,701 net mineral acres. Our growing presence\nin this prolific oil and gas region has been driving significant value for the Company and\nour shareholders, and continues to form our priority focus for development and acreage\ngrowth in the coming years.",
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- "text": "## **2013**\n\n### **2014 2013**\n\n####### **Senior Credit Facility**\n\n(beginning 30 September 2013); and\n- an asset coverage ratio, consisting of PV10 to consolidated debt, of not less than 1.5 to 1.0, as of certain\ntest dates.\n\nFor the years ended 31 December 2014 and 2013, the Company capitalised $0.7 million and $0.3 million,\nrespectively, of financing costs related to the Junior Credit Facility, which offset the principal balance. As at 31\nDecember 2014 there was $35.0 million outstanding under the Company’s Junior Credit Facility. As at 31 December\n2014, the Company was in compliance with all restrictive financial and other covenants under the Junior Credit\nFacility.\n\n####### **Senior Credit Facility**\nOn 31 December 2012, Sundance Energy entered into a credit agreement with Wells Fargo Bank, N.A. (the “Senior\nCredit Facility”), pursuant to which up to $300 million is available on a revolving basis. The borrowing base under\nthe Senior Credit Facility is determined by reference to the value of the Company’s proved reserves. The agreement\nspecifies a semi-annual borrowing base redetermination and the Company can request two additional\nredeterminations each year. The borrowing capacity was increased from prior year to $110 million as at 31\nDecember 2014 based on Company reserves as at 31 December 2014. As at 31 December 2014, the Company had\n$15 million undrawn on the Senior Credit Facility. In conjunction with the increase in the borrowing base, the\nCompany has expanded the syndicate of banks under the Senior Credit Facility. With Wells Fargo as administrative\nagent, Bank of America Merrill Lynch and the Bank of Nova Scotia have now joined the banking group.\n\nInterest on borrowed funds accrue, at the Company’s option, of i) LIBOR plus a margin that ranges from 175 to 275\nbasis points or ii) the Base Rate, defined as a rate equal to the highest of (a) the Federal Funds Rate plus 1⁄2 of 1%, (b)\nthe Prime Rate, or (c) LIBOR plus a margin that ranges from 75 to 175 basis points. The applicable margin varies\ndepending on the amount drawn. The Company also pays a commitment that ranges from 37.5 to 50 basis points",
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- "text": "## **Directors’ Declaration**\n\n#### *Report on the financial report*\nWe have audited the accompanying financial report of Sundance Energy Australia Limited, which comprises the\nconsolidated statement of financial position as at 31 December 2014 the consolidated statement of comprehensive\nincome, the consolidated statement of changes in equity and the consolidated statement of cash flows for the year\nthen ended, notes comprising a summary of significant accounting policies and other explanatory information, and\nthe directors' declaration of the consolidated entity comprising the company Sundance Energy Australia Limited\nand the entities it controlled at the year's end or from time to time during the financial year.",
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- "text": "## Greater Anadarko 1P\n\n### **DIRECTORS’ REPORT**\n\n####### * **Exploration and Development** *\n\nof flared gas. This result was more than double the production in prior year, primarily as a result of increased drilling activity\nand production in the Eagle Ford Basin.\nThe Company’s exploration and development activities are focused in the Eagle Ford and the Mississippian/Woodford\nFormations. Costs incurred for development and production expenditures for the Eagle Ford and Mississippian/Woodford\nFormations during the year ended 31 December 2014 totalled $324.0 million, which included $295.9 million of drilling and\ndevelopment expenditure related to our 2014 plan, $3.8 million on infrastructure, and $24.3 million of drilling and\ndevelopment expenditure related to our 2015 plan. This investment resulted in the addition of 75 gross (42.7 net) wells into\nproduction, including 50 gross (39.5 net) Sundance-operated horizontal wells. An additional 24 gross (13.7 net) wells were\ndrilling, being prepared for fracture stimulation or testing as at 31 December 2014, an increase of 7 gross (3.0 net) compared\nto the beginning of the year.\n*Acquisitions*\nIn April 2014, the Company acquired approximately 4,800 net acres in the Eagle Ford for an initial purchase price of\napproximately $10.5 million and two separate earn out payments due upon commencement of drilling in each of three blocks\nof acreage (total for all three blocks of $7.7 million) and payout of the first two wells drilled on each block of the acreage\n($7.7 million). The term of the agreement is two years and provides a one year extension for $500 per acre extended. This\nacquired acreage is adjacent to our existing acreage in McMullen County, Texas.\nIn July 2014, the Company completed the acquisition of approximately 5,700 net Eagle Ford acres in Dimmit County, South\nTexas, for approximately $36 million and a commitment to drill four Eagle Ford wells. The Company also has the option, at its\nsole discretion, to acquire the Seller’s remaining working interest for an additional $45 million for the earlier of one year from\nclosing the acquisition or six months from first production of hydrocarbons.\n\n*Dispositions*\nIn July 2014, the Company sold its remaining Denver-Julesburg Basin assets. The net proceeds of approximately $108.8 million\nin cash includes the reimbursement of capital expenditures incurred on 8 gross (3.1 net) non-operated horizontal wells.\nIn July 2014, the Company sold its remaining Williston assets for approximately $14.0 million, which included $10 million in",
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- "text": "## * **2014 Review** * *—2014 was a year of stark economic contrasts*\n\n##### *prices towards the floor of the range.*\n\nunbalanced, driving prices down almost 50% and rendering material portions of global\noil and gas development uneconomic.\nOur peers went from talking about their growth prospects to fretting about cash costs\nand liquidity, a stark contrast from the go-go growth times which existed in the first half\nof the year. This shift in industry strategy has now come in line with our general business\nphilosophy — in the resource space, low-cost, low debt businesses will survive and thrive\nacross cycles; and, relative to our US onshore peer group, Sundance boasts a top 15%\ncost structure and balance sheet.\nOur position as a cost and balance sheet leader is underpinned by two key philosophies:\n1) investment in a leading technical team that is encouraged to take reasonable risks to\nimprove recoveries and/or reduce costs, and 2) a ruthless focus on portfolio returns as\ndemonstrated by our consistent track record of divesting assets that don’t fit our strategic\nobjectives or promise lower forward return profiles.\nOur high quality Eagle Ford acreage produces strong recoveries at reasonable costs and\nthus generates good returns, even in a low price environment. Because of these character-\nistics, the majority of our forward capital is expected to be invested generating strong\ngrowth and shareholder returns in the Eagle Ford.\nWith mixed appraisal results in the Woodford, Sundance’s Mississippian/Woodford\nposition generally requires higher prices to meet our hurdle rates. Because of the mixed\nWoodford results, higher overall unit costs, and depressed pricing at year end, we\nrecognized an impairment charge of ~$60 million on these assets at year 2014. Had\nprices maintained their strength, we likely would have been in a position to recover our\ninvestment from these assets.\n**CEO’S REPORT**\n**4**\n**Sundance’s Performance versus the ASX 200**\n**ANNUAL PERCENTAGE CHANGE**\nIN 2P PV10\n(NET ASSET VALUE) IN SUNDANCE\n**YEAR** PER DEBT ADJUSTED SHARE PRICE PER SHARE IN ASX200\n2014 21.6% -48.0% 1.1%\n2013 63.3% 29.9% 15.1%\n2012 -15.6% 87.8% 14.6%\n2011 59.7% -44.6% -14.5%\nAs oil prices started to tumble, we reacted swiftly. In early November 2014, we began",
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- "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": "## **CHAIRMAN’S LETTER**\n\n**2**\n*Despite the reduction in*\n*crude oil and liquids*\n*prices towards the end of*\n*the year and continuing*\n*into 2015, the opertional*\n*performance and focused,*\n*value-adding transactions*\n*during the past year have*\n*positioned the Company*\n*very favourably for future*\n*growth in net asset value*\n*and shareholder returns.*\n**3**\nAt year end, we had 197 gross 3P Reserves drilling locations across our Eagle Ford\nacreage where we continue to pursue operational and drilling efficiencies, opportunities\nto further improve well economics by improving recoveries and reducing costs. In 2014\nthis included a switch to pad drilling with zipper fracs and new completion techniques\nthat have provided significant upside in production.\nDespite our current scaling back of drilling activity, we have set 2015 production guidance\nat 7,850 - 8,500 BOEPD, an increase from the previous year of some 13 - 17 percent,\nbut a target that we believe is achievable while maintaining acceptable levels of liquidity\ngiven our demonstrated abilities and growing footprint in the Eagle Ford.\n####### **Safety and Environment**\nSundance has a strong culture throughout the organisation of ensuring that high standards\nof safety are maintained and that our operations are conducted in an environmentally\nresponsible way. During 2014 our comprehensive safety program was enhanced and\nfurther improvements will be a strong focus throughout 2015.\n####### **A strong financial position**\nSundance is well placed for future growth in the Eagle Ford. The Company has a strong\nbalance sheet to withstand the current low oil price environment, and our sound financial\nmanagement strategy has seen the Company well supported by both new and existing\ninvestors in Australia and internationally.\nWe expect that Sundance will grow organically and also through further leasing or\nbolt-on acquisitions in our core Eagle Ford focus area within our current, conservative\nbalance sheet parameters.",
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- "text": "## * **2014 Review** * *—2014 was a year of stark economic contrasts*\n\n##### *prices towards the floor of the range.*\n\nunbalanced, driving prices down almost 50% and rendering material portions of global\noil and gas development uneconomic.\nOur peers went from talking about their growth prospects to fretting about cash costs\nand liquidity, a stark contrast from the go-go growth times which existed in the first half\nof the year. This shift in industry strategy has now come in line with our general business\nphilosophy — in the resource space, low-cost, low debt businesses will survive and thrive\nacross cycles; and, relative to our US onshore peer group, Sundance boasts a top 15%\ncost structure and balance sheet.\nOur position as a cost and balance sheet leader is underpinned by two key philosophies:\n1) investment in a leading technical team that is encouraged to take reasonable risks to\nimprove recoveries and/or reduce costs, and 2) a ruthless focus on portfolio returns as\ndemonstrated by our consistent track record of divesting assets that don’t fit our strategic\nobjectives or promise lower forward return profiles.\nOur high quality Eagle Ford acreage produces strong recoveries at reasonable costs and\nthus generates good returns, even in a low price environment. Because of these character-\nistics, the majority of our forward capital is expected to be invested generating strong\ngrowth and shareholder returns in the Eagle Ford.\nWith mixed appraisal results in the Woodford, Sundance’s Mississippian/Woodford\nposition generally requires higher prices to meet our hurdle rates. Because of the mixed\nWoodford results, higher overall unit costs, and depressed pricing at year end, we\nrecognized an impairment charge of ~$60 million on these assets at year 2014. Had\nprices maintained their strength, we likely would have been in a position to recover our\ninvestment from these assets.\n**CEO’S REPORT**\n**4**\n**Sundance’s Performance versus the ASX 200**\n**ANNUAL PERCENTAGE CHANGE**\nIN 2P PV10\n(NET ASSET VALUE) IN SUNDANCE\n**YEAR** PER DEBT ADJUSTED SHARE PRICE PER SHARE IN ASX200\n2014 21.6% -48.0% 1.1%\n2013 63.3% 29.9% 15.1%\n2012 -15.6% 87.8% 14.6%\n2011 59.7% -44.6% -14.5%\nAs oil prices started to tumble, we reacted swiftly. In early November 2014, we began",
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- "text": "## **CHAIRMAN’S LETTER**\n\n####### **Positive outlook for 2015**\nDespite the current oil pricing scenario, Sundance’s medium-to-long term growth\ntrajectory looks very positive.\nWe can demonstrate this through:\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\nAs a mid-tier oil and gas producer and explorer in the S&P/ASX All Australian 200 index,\nand with the increasing interest and support from institutional and retail investors. I believe\nthat Sundance will deliver significant long-term value from our assets for our shareholders.\n####### **Thank you for your support**\nWe have had a busy year at Sundance and I would like to recognise the efforts and valued\ncontribution of the Board of Directors, management team and all staff and contractors of\nthe Company in helping us achieve our strategic goals. I am confident that we have the\nright team and excellent assets in place to execute our clear and focused strategy that we\nexpect to deliver significant value for our shareholders.\nOn behalf of the Board and Company, I would like to thank our shareholders for your\nstrong support of the Company throughout the year. We are committed to delivering\nlong-term value for our shareholders and I look forward to reporting over the rest of the\ncoming year on the continued value creation and growth of Sundance.\nYours sincerely,\n**M IKE H ANNELL**\n*Chairman*\n*The Company has a*\n*strong balance sheet to*\n*withstand the current low*\n*oil price environment,*\n*and our sound financial*\n*management strategy*\n*has seen the Company*\n*well supported by*\n*both new and existing*\n*investors in Australia*\n*and internationally.*\n##### * **Dear Fellow Shareholders,** *",
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- "text": "## **2013**\n\n### **2014 2013**\n\n####### **Senior Credit Facility**\n\n(beginning 30 September 2013); and\n- an asset coverage ratio, consisting of PV10 to consolidated debt, of not less than 1.5 to 1.0, as of certain\ntest dates.\n\nFor the years ended 31 December 2014 and 2013, the Company capitalised $0.7 million and $0.3 million,\nrespectively, of financing costs related to the Junior Credit Facility, which offset the principal balance. As at 31\nDecember 2014 there was $35.0 million outstanding under the Company’s Junior Credit Facility. As at 31 December\n2014, the Company was in compliance with all restrictive financial and other covenants under the Junior Credit\nFacility.\n\n####### **Senior Credit Facility**\nOn 31 December 2012, Sundance Energy entered into a credit agreement with Wells Fargo Bank, N.A. (the “Senior\nCredit Facility”), pursuant to which up to $300 million is available on a revolving basis. The borrowing base under\nthe Senior Credit Facility is determined by reference to the value of the Company’s proved reserves. The agreement\nspecifies a semi-annual borrowing base redetermination and the Company can request two additional\nredeterminations each year. The borrowing capacity was increased from prior year to $110 million as at 31\nDecember 2014 based on Company reserves as at 31 December 2014. As at 31 December 2014, the Company had\n$15 million undrawn on the Senior Credit Facility. In conjunction with the increase in the borrowing base, the\nCompany has expanded the syndicate of banks under the Senior Credit Facility. With Wells Fargo as administrative\nagent, Bank of America Merrill Lynch and the Bank of Nova Scotia have now joined the banking group.\n\nInterest on borrowed funds accrue, at the Company’s option, of i) LIBOR plus a margin that ranges from 175 to 275\nbasis points or ii) the Base Rate, defined as a rate equal to the highest of (a) the Federal Funds Rate plus 1⁄2 of 1%, (b)\nthe Prime Rate, or (c) LIBOR plus a margin that ranges from 75 to 175 basis points. The applicable margin varies\ndepending on the amount drawn. The Company also pays a commitment that ranges from 37.5 to 50 basis points",
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- "text": "## I Natural gas (Mboe)\n\nto 3,015 BOEPD in 2013. During 2014 we drilled and completed 42.7 net wells, primarily\nin the Eagle Ford, bringing our total well count to 81.3 by 31 December 2014. High\nvalue oil comprised approximately 69 percent of our total 2014 annual production\nand production from Sundance-operated projects accounted for 89 percent of total\nproduction for the year.\nCorresponding with the growth in annual production, the Company’s full year revenues\nincreased to $159.8 million and Adjusted EBITDAX increased to $126.4 million.\nThe Company’s development program also generated significant growth in Constant Case\nreserves during the year. More details are contained elsewhere in this Annual Report,\nbut in summary our 1P Reserves at the end of 2014 were 26.0 MBOE, 2P Reserves 54.1\nMBOE, and 3P Reserves 147.7 MBOE. This compares with Reserves of 20.7 MBOE, 34.6\nMBOE, and 92.8 MBOE, respectively, at the end of 2013.\nIn the current price environment, we have elected to scale back our drilling program to\nmainly concentrate on limited drilling obligations to hold Eagle Ford acreage. This will\nenable us to maintain our low leverage profile, which was approximately 1.03x debt to\nAdjusted EBITDAX at year end, and focus on growing our drilling inventory in an environ-\nment with less competition for leases and small acquisitions. Liquidity was $84 million at\nyear end, with a borrowing base redetermination in 2015 expected to materially increase\ndebt availability if the use of such funds is justified in line with our strategy.\n####### **The Eagle Ford - driving value and production growth**\nSundance has grown its Eagle Ford acreage position from ~7,200 acres upon entering the\nbasin to approximately 26,160 net mineral acres in the Eagle Ford at the end of 2014\nwhich includes the acquisition of approximately 18,000 net acreage in 2014. By the end of\nthe first quarter 2015 this had grown to 38,701 net mineral acres. Our growing presence\nin this prolific oil and gas region has been driving significant value for the Company and\nour shareholders, and continues to form our priority focus for development and acreage\ngrowth in the coming years.",
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- "text": "## **Directors’ Declaration**\n\n#### *Report on the financial report*\nWe have audited the accompanying financial report of Sundance Energy Australia Limited, which comprises the\nconsolidated statement of financial position as at 31 December 2014 the consolidated statement of comprehensive\nincome, the consolidated statement of changes in equity and the consolidated statement of cash flows for the year\nthen ended, notes comprising a summary of significant accounting policies and other explanatory information, and\nthe directors' declaration of the consolidated entity comprising the company Sundance Energy Australia Limited\nand the entities it controlled at the year's end or from time to time during the financial year.",
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- "text": "## **2013**\n\n### **2014 2013**\n\n####### **Year ended 31 December US$000 US$000**\n\nSenior Credit Facility 95,000 15,000\nJunior Credit Facility\n\n35,000 15,000\nTotal credit facilities 130,000 30,000\nDeferred financing fees (1,195) (859)\nTotal credit facilities, net of deferred financing fees\n\n128,805 29,141\n\n####### **Junior Credit Facility**\nIn August 2013, Sundance Energy, Inc. (“Sundance Energy”), a wholly owned subsidiary of the Company, entered\ninto a second lien credit agreement with Wells Fargo Energy Capital, Inc., as the administrative agent (the “Junior\nCredit Facility”), which provides for term loans to be made in a series of draws up to $100 million. The Junior Credit\nFacility matures in June 2018 and is secured by a second priority lien on substantially all of the Company’s assets.\nUpon entering into the Junior Credit Facility, the Company immediately borrowed $15 million pursuant to the terms\nof the Junior Credit Facility and paid down the outstanding principal of the Senior Credit Facility. In May 2014, the\nCompany’s borrowing capacity increased to $35 million. As at 31 December 2014, the borrowing capacity under the\nJunior Credit Facility remains at $35 million.\n**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n####### **NOTE 22 - CREDIT FACILITIES continued**\n\nThe principal amount of the loans borrowed under our Junior Credit Facility is due in full on the maturity date.\nInterest on the Junior Credit Facility accrues at a rate equal to the greater of (i) 8.50% or (ii) a base rate (being, at\nour option, either (a) LIBOR for the applicable interest period (adjusted for Eurodollar Reserve Requirements) or (b)\nthe greatest of (x) the prime rate announced by Wells Fargo Bank, N.A., (y) the federal funds rate plus 0.50% and (z)\none-month adjusted LIBOR plus 1.00%), plus a margin of either 6.5% or 7.5%, based on the base rate selected.\n\nThe Company is also required under our Junior Credit Facility to maintain the following financial ratios:\n- a current ratio, consisting of consolidated current assets including undrawn borrowing capacity to\nconsolidated current liabilities, of not less than 1.0 to 1.0 as of the last day of any fiscal quarter;\n- a maximum leverage ratio, consisting of consolidated debt to adjusted consolidated EBITDAX (as defined\nin the Junior Credit Facility), of not greater than 4.5 to 1.0 as of the last day of any fiscal quarter",
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- "text": "## * **2014 Review** * *—2014 was a year of stark economic contrasts*\n\n##### *in our industry. During the first half as in the past several years,*\n##### *historically volatile West Texas Intermediate oil prices seemed*\n##### *range bound between $80 and $110 with geopolitical events*\n##### *driving prices towards the ceiling and demand risks pushing*\n##### *prices towards the floor of the range.*\nIn the US, E&P companies were spending record amounts of capital, fueled by cheap\nand plentiful debt, on horizontal drilling and completions to drive production growth\nwhile making material strategic acquisitions in order to increase their long-term\nexposure to oil prices.\nThe easy credit environment caused asset prices to increase significantly to the point\nwhere, in our view, risk adjusted returns on new acquisitions were threatening cyclical\nlows. In line with our strategy, Sundance had monetized several mature assets realizing\n~$50 million in current period gains while freeing up\n~$165 million in invested capital.\nWe primarily reinvested this capital in production growth\nand cash flow with only about $75 million reinvested in\nacquiring oil and gas leases and producing properties. This\nresulted in our production increasing from 5,028 BOEPD\nto 9,434 BOEPD by December 2014 and full year EBITDAX\nincreasing $73.8 million to $126.4 million in 2014. Had\nprices stayed steady, we likely would have generated\nearnings before income taxes of over $85 million and a\nreturn on capital in excess of 20%.\nOur second capital priority for the year was to conclude the appraisal of the Woodford\nformation in our Logan County, Oklahoma assets. We viewed this relatively modest, but\nhigher risk, investment as having a 25% chance of success with a 15x upside. Unfortunately,\nwe met with mixed success in our appraisal activities proving that in today’s onshore\nUS oil and gas industry that the best absolute returns are generated by drilling in proved\nregions. There are plenty of solid opportunities to efficiently grow the business without\nexposure to undue geologic risk.\nLike many prior bubbles driven by new technologies, the second half of the year saw the\npricing environment come crashing down around us. The market became fundamentally",
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- "text": "## I Natural gas (Mboe)\n\n**2013 2014 2013 2014 2013 2014**\n$85,345\n$159,793\n$126,373\n$165,142\n$72,755\n25%\n18%\n82%\n75%\n$338,366\n$217,514\n$52,594\n1,000\n2,000\n3,000\n4,000\n5,000\n6,000\n7,000\n**DAILY PRODUCTION**\n**(Mboe)**\nI Oil and NGL (Bbls)\nI Natural gas (Mboe)\n80%\n20%\n16%\n84%\n**2013 2014**\n##### * **Dear Fellow Shareholders,** *\n##### *I am pleased to present Sundance Energy Australia Limited’s*\n##### *Annual Report for the 12 months ended 31 December 2014. It*\n##### *has been another year of significant progress for Sundance*\n##### *across our portfolio of liquids rich oil and gas assets in the US.*\nThe Company’s strategic focus on growing production, cash flows and reserves from\nlarge, repeatable resource plays in North America continues to deliver positive results\nwith growth in production, cash flows, and reserves.\nDuring late 2013 and 2014, we completed the divestment of our interest in the Williston\nBasin in North Dakota for $51 million which realised an internal rate of return of 45 percent;\nand also opportunistically divested our interest in the Denver-Julesburg Basin in Colorado\nfor $114 million which realised an internal rate of return of 104 percent. These divestitures\nof smaller, less scalable positions enabled us to focus on developing and growing our\nassets in the Eagle Ford in Texas and our Mississippian/Woodford assets in Oklahoma.\nDespite the reduction in crude oil and liquids prices towards the end of the year\nand continuing into 2015, the operational performance and focused, value-adding\ntransactions during the past year have positioned the Company very favourably for\nfuture growth in net asset value and shareholder returns.\n####### **A year of growing production, cash flow and reserves**\nIn line with our strategy we continued to increase the level of company operated assets,\nand successfully maintained a very strong focus on optimising our operations and reducing\ncosts. This resulted in an impressive improvement in well performance combined with a\ntop tier cost structure.\nThrough our operated development program, we ended 2014 with record production\nof 9,434 barrels of oil equivalent per day (BOEPD) compared with an exit rate of 5,028\nBOEPD in December 2013 and an average annual production of 6,635 BOEPD compared",
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- "text": "## Greater Anadarko 1P\n\n### **REMUNERATION REPORT**\n\n####### **E. Remuneration Policy and Framework**\n\nyear 2014 was di minimis. Meridian did not provide any other services to the Company.\nIn order to ensure that any remuneration recommendations made by Meridian were free from undue influence by management,\nthe Remuneration and Nominations Committee engaged Meridian and any advice, work or recommendations made by Meridian\nwere provided to the committee chairman.\n*Elements of Remuneration*\n| Component Description |\n|:---|\n| Cash Base Salary (Fixed) Competitive pay to attract and retain talented executives. |\n| Remuneration Short-Term Incentives (Performance Based) Annual incentive plan designed to provide executives with an opportunity to earn an annual cash incentive based on Company financial and operational performance. |\n| Equity Remuneration Long-Term Incentives (Performance Based) Restricted share awards that are tied to achievement of specific performance metrics, intended to reward strong, sustained underlying share value, and reward increasing shareholder value. Equity awards further align the interests of our executives with those of our shareholders. |\n| Other Benefits Health and Welfare Benefit Plans (Other) Executives are eligible to participate in health and welfare benefit plans generally available to other employees. |\n\n*Base Salary*\nBase salaries for executives recognize their qualifications, experience and responsibilities as well as their unique value and\nhistorical contributions to Sundance. In addition to being important to attracting and retaining executives, setting base salaries\nat appropriate levels motivates employees to aspire to and accept enlarged opportunities. We do not consider base salaries to\nbe part of performance-based remuneration. In setting the amount, the individuals' performance is considered as well as the\nlength of time in their current position without a salary increase.\n\n*2013 Base Salaries and 2014 Salary Adjustments*\n| Name Title 2014 Salary 2013 Salary % Change Rationale |\n|:---|\n| E. McCrady MD/CEO $370,000 $275,000 35 % Mr. McCrady’s salary was increased effective January 2014 reflecting his significant contribution to our performance and to bring his pay closer to the 25 th percentile of the Company’s U.S. and Australian market peer group. This is Mr. McCrady’s first base pay increase since 2011. |\n| C. Anderson CFO $295,000 $225,000 31 % Ms. Anderson’s salary was increased effective January 2014 to bring her closer to the 50 th percentile of the Company’s U.S. market peer group. This is Ms. Anderson’s first base pay increase since 2011. |\n| G. Ford VP of Exploration and Development $295,000 $230,000 28% Ms. Ford’s salary was increased effective January 2014 to bring her closer to the 50 th percentile of the Company’s U.S. market peer group. This is Ms. Ford’s first base pay increase since 2011. |",
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- "query": "What are the physical requirements for installing the Storwize V7000?",
- "target_page": 70,
- "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": "# Red books Implementing the IBM Storwize V7000 with IBM Spectrum Virtualize V8.2.1\n\n## **Chapter 3. Planning**\n\n### **3.4 Physical planning**\n\nYou must consider several key factors when you are planning the physical site of a Storwize\nV7000 installation. The physical site must have the following characteristics:\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\nexceed maximum power rating of the rack. For more information about the power and\nenvironmental requirements, see [this website](https://ibm.biz/BdjGTt) .\nYour Storwize V7000 2076-524 and Storwize V7000 2076-624 order includes a printed copy\nof the IBM Storwize V7000 Gen2 and Gen2+ Quick Installation Guide, which also provides\ninformation about environmental and power requirements.",
- "page_start": 69,
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- "text": "# Red books Implementing the IBM Storwize V7000 with IBM Spectrum Virtualize V8.2.1\n\n## **Contents**\n\n2.1 IBM Spectrum Virtualize . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10\n2.2 Storage virtualization. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10\n2.3 IBM Storwize V7000 overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12\n2.3.1 IBM Storwize V7000 models. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13\n2.3.2 IBM Storage Utility offerings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14\n2.3.3 IBM Storwize V7000 functions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16\n2.3.4 IBM Storwize V7000 licensing. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18\n2.4 IBM Storwize V7000 hardware . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19\n2.5 IBM Storwize V7000 components . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19",
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- "text": "# Red books Implementing the IBM Storwize V7000 with IBM Spectrum Virtualize V8.2.1\n\n## **Contents**\n\n3.20.1 Architecture, security, and data collection. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84\n3.20.2 Customer Dashboard . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86\n**Chapter 4. Initial configuration** . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87\n4.1 Prerequisites . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88\n4.2 System initialization. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89\n4.2.1 System initialization wizard . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89\n4.3 System setup . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92\n4.3.1 System setup wizard. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92",
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- "text": "# Red books Implementing the IBM Storwize V7000 with IBM Spectrum Virtualize V8.2.1\n\n## **Contents**\n\n3.17 Data migration from a non-virtualized storage subsystem . . . . . . . . . . . . . . . . . . . . . 79\n3.18 Storwize V7000 configuration backup procedure . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80\n3.19 Performance considerations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80\n3.19.1 SAN. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80\n3.19.2 Back-end storage subsystems . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81\n3.19.3 Storwize V7000. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82\n3.19.4 IBM Real-time Compression . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82\n3.19.5 Performance monitoring . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83\n3.20 Storage Insights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83",
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- "text": "# Red books Implementing the IBM Storwize V7000 with IBM Spectrum Virtualize V8.2.1\n\n## **Chapter 3. Planning**\n\n### **3.6 SAN configuration planning**\n\nStorwize V7000 cluster can be configured with a minimum of two (and up to eight) Storwize\nV7000 nodes. These nodes can use SAN fabric to communicate with back-end storage\nsubsystems and hosts.",
- "page_start": 71,
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- "text": "# Red books Implementing the IBM Storwize V7000 with IBM Spectrum Virtualize V8.2.1\n\n## **Contents**\n\n13.4.1 Precautions before the update . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 687\n13.4.2 IBM Storwize V7000 update test utility . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 687\n13.4.3 Updating your Storwize V7000 to V8.2.1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 688\n13.4.4 Updating IBM Storwize V7000 drive code. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 696\n13.4.5 Manually updating the Storwize V7000. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 699\n13.5 Health checker feature . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 701\n13.6 Troubleshooting and fix procedures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 702\n13.6.1 Managing event log. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 703\n13.6.2 Running a fix procedure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 705\n13.6.3 Event log details . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 708",
- "page_start": 13,
- "page_end": 13,
- "source_file": "sg247938.pdf"
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- "text": "# Red books Implementing the IBM Storwize V7000 with IBM Spectrum Virtualize V8.2.1\n\n## **Chapter 4. Initial configuration**\n\n### **4.1 Prerequisites**\n\nBefore initializing and setting up the Storwize V7000, ensure that the following prerequisites\nare met:\n� The installation of physical components is planned to fulfill all requirements and correctly\nexecuted, including:\n- Control enclosures are physically installed with the correct cabling.\n- The Ethernet and Fibre Channel connectivity are correctly configured.\n- Expansion enclosures, if available, are physically installed and attached to the Storwize\nV7000 nodes in the I/O group that is meant to use them.\n- The Storwize V7000 control enclosures and optional expansion enclosures are\npowered on.\n� Your web browser is supported and has the appropriate settings enabled. For more\ninformation about supported browsers and settings, see [IBM Knowledge Center](https://ibm.biz/BdYTum) .\n� You have the required information available, including:\n- For IPv4 addressing (if used):\n- Cluster IPv4 address, which is the address that is used for the management of the\nsystem.\n- Service IPv4 addresses, which are used to access node service interfaces. You\nneed one address for each node.\n- IPv4 subnet mask for each subnet used.\n- IPv4 gateway for each subnet used.\n- For IPv6 addressing (if used):\n- Cluster IPv6 address, which is used for the management of the system.\n- Service IPv6 addresses, which are used to access node service interfaces. You\nneed one address for each node.\n- IPv6 prefix for each subnet used.\n- IPv6 gateway. for each subnet used.\n- The licenses that enable you to use licensed functions, which include the licenses that\nindicate your entitlement to use licensed functions:\n- Remote Copy\n- External Virtualization\n- Real-time Compression\n- Transparent Cloud Tiering\n- Physical location of the system.\n- The name, email address, and phone number of the storage administrator who IBM\ncan contact if necessary.\n- The Network Time Protocol (NTP) server IP address (optional, but recommended),\nwhich is necessary only if you want to use an NTP service instead of manually entering\ndate and time.\n- The Simple Mail Transfer Protocol (SMTP) email server IP address (optional), which is\nnecessary only if you want to enable *call home* .\n- The IP addresses for Remote Support Proxy Servers (optional), which are necessary\nonly if you want to enable Support Assistance.\nChapter 4. Initial configuration **89**",
- "page_start": 109,
- "page_end": 110,
- "source_file": "sg247938.pdf"
- },
- {
- "text": "# Red books Implementing the IBM Storwize V7000 with IBM Spectrum Virtualize V8.2.1\n\n## **Chapter 2. System overview**\n\n### **2.3 IBM Storwize V7000 overview**\n\nIBM Storwize V7000 solution incorporates IBM Spectrum Virtualize software and provides a\nmodular storage system that includes the capability to virtualize its internal and external\nSAN-attached storage. IBM Storwize V7000 solution is built on IBM Spectrum Virtualize.\nIBM Storwize V7000 system provides several configuration options that are aimed at\nsimplifying the implementation process. These configuration options conform to different\nimplementation scenarios regarding the size of your data center, and SAN and local area\nnetwork (LAN) topology. IBM Storwize V7000 system is a clustered, scalable, midrange\nstorage system that is easy to deploy and use.\nFigure 2-3 shows a high-level overview of IBM Storwize V7000.\n*Figure 2-3 IBM Storwize V7000 overview*\nThe IBM Spectrum Virtualize software that runs on IBM Storwize V7000 provides a GUI that\nenables storage to be deployed quickly and efficiently. The GUI is provisioned by IBM\nSpectrum Virtualize code and there is no need for a separate console.\nThe management GUI contains a series of preestablished configuration options that are\ncalled *presets* , and that use common settings to quickly configure objects on the system.\nPresets are available for creating volumes and IBM FlashCopy mappings, and for setting up a\nRAID configuration, including traditional RAIDs and the new feature of distributed RAID.\nChapter 2. System overview **13**\nAn IBM Storwize V7000 solution provides a choice of up to 760 disk drives per system or\n1024 disk drives per clustered system (by using dense drawers). The solution uses SAS\ncables and connectors to attach to the optional expansion enclosures.\nThe IBM Storwize V7000 system supports a range of external disk systems similar to what\nIBM SAN Volume Controller supports today. A view of an IBM Storwize V7000 control\nenclosure is shown in Figure 2-4.\n*Figure 2-4 Top-front view of a Storwize V7000 control enclosure*\nThe IBM Storwize V7000 solution consists of 1 - 4 control enclosures and optionally, up to 36\nexpansion enclosures. It supports the intermixing of the different expansion enclosures. Each\nenclosure contains two canisters. Control enclosures contain two node canisters, and\nexpansion enclosures contain two expansion canisters.",
- "page_start": 33,
- "page_end": 34,
- "source_file": "sg247938.pdf"
- },
- {
- "text": "# Red books Implementing the IBM Storwize V7000 with IBM Spectrum Virtualize V8.2.1\n\n## **Chapter 3. Planning**\n\n### **3.1 General planning rules**\n\nTo maximize the benefit that is realized from the Storwize V7000, pre-installation planning\nmust include several important steps. These steps ensure that the Storwize V7000 provides\nthe best possible performance, reliability, and ease of management for your application\nneeds. The correct configuration also helps minimize downtime by avoiding changes to the\nStorwize V7000 and the storage area network (SAN) environment to meet future growth\nneeds.\nThis book is *not* intended to provide in-depth information about the described topics. For an\nenhanced analysis of advanced topics, see *IBM System Storage SAN Volume Controller and*\n*Storwize V7000 Best Practices and Performance Guidelines* , [SG24-7521](http://www.redbooks.ibm.com/abstracts/sg247521.html) .",
- "page_start": 65,
- "page_end": 65,
- "source_file": "sg247938.pdf"
- },
- {
- "text": "# Red books Implementing the IBM Storwize V7000 with IBM Spectrum Virtualize V8.2.1\n\n## **Chapter 2. System overview**\n\n### **2.3 IBM Storwize V7000 overview**\n\n#### **2.3.1 IBM Storwize V7000 models**\nThe IBM Storwize V7000 consists of enclosures and drives. An enclosure contains two\ncanisters that are seen as part of the enclosure, although they can be replaced\nindependently.\nThe IBM Storwize V7000 models are listed in Table 2-1.\n*Table 2-1 IBM Storwize V7000 models*\n**More information:** For the most up-to-date information about features, benefits, and\nspecifications of IBM Storwize V7000 models, see [this web page](https://www.ibm.com/us-en/marketplace/storage-workload) .\nThe information in this IBM Redbooks publication is valid at the time of this writing and\ncovers IBM Spectrum Virtualize V8.2. As IBM Storwize V7000 matures, expect to see new\nfeatures and enhanced specifications.\n| Model | Cache | Fibre Channel (FC) / iSCSI / SAS ports | Drive slots | Power supply |\n|:---|:---|:---|:---|:---|\n| 2076-AF1 (with two node canisters Gen2+) | 64, 128, or 256 gigabytes (GB) | 16 x 16 Gb / 6 x 1 Gb + 8x 10 Gb / 4 x 12 Gb | 24 x 2.5-inch (All Flash) | Integrated dual power supplies with battery |\n**14** Implementing the IBM Storwize V7000 with IBM Spectrum Virtualize V8.2.1",
- "page_start": 34,
- "page_end": 35,
- "source_file": "sg247938.pdf"
- }
- ]
- },
- {
- "references": {
- "source_file": "sg247938.pdf",
- "query": "Is '1oijizer--10108453535318919918883384---jhjjzhiuhzrh--14584joiz///KK ' valid for a pool?",
- "target_page": 218,
- "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",
- "chunk_present": {
- "presence": true,
- "index": 3
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- "text": "#---------------------------------\nnet1_name = \"net_ocp_cluster1\" # Network Name\nnet1_vlan_id = \"1\" # VLAN ID\nnet1_subnet = \"192.168.11.0/21\" # Network/Mask\nnet1_gateway = \"192.168.11.1\" # Gateway\nnet1_start = \"192.168.11.223\" # First IP from Pool\nnet1_end = \"192.168.11.223\" # Last IP from Pool",
- "page_start": 130,
- "page_end": 130,
- "source_file": "sg248459.pdf"
- },
- {
- "text": "#---------------------------------\nnet1_name = \"net_ocp_cluster2\" # Network Name\nnet1_vlan_id = \"1\" # VLAN ID\nnet1_subnet = \"192.168.11.0/21\" # Network/Mask\nnet1_gateway = \"192.168.11.1\" # Gateway\nnet1_start = \"192.168.11.202\" # First IP from Pool\nnet1_end = \"192.168.11.212\" # Last IP from Pool",
- "page_start": 131,
- "page_end": 131,
- "source_file": "sg248459.pdf"
- },
- {
- "text": "# and index 'log' is updated with a date and a counter of 001 (if the",
- "page_start": 281,
- "page_end": 281,
- "source_file": "sg246915.pdf"
- },
- {
- "text": "#AdditionalData(0->63)=00000000210000000000000000000000000000000000000000000000000\n\n## Chapter 6. Storage pools\n\n#### **6.1.2 Managed disks in a storage pool**\n\nA storage pool is created as an empty container, with no storage assigned to it. Storage is\nthen added in the form of **MDisks** . An MDisk can be either an array from internal storage (as\nan array of drives) or an LU from an external storage system. The same storage pool can\ninclude both internal and external MDisks.\nArrays are assigned to storage pools at creation time. You cannot have an array that does not\nbelong to any storage pool. They cannot be moved between storage pools. It is only possible\nto destroy an array by removing it from a pool and to re-create it with a new pool.\nExternal MDisks can exist outside the pool. You can assign them to storage pools and remove\nthem from storage pools. The MDisk object remains on a system, but its state (mode of\noperations) might change.\n**Naming rules:** When you choose a name for a pool, the following rules apply:\n� Names must begin with a letter.\n� The first character cannot be numeric.\n� The name can be a maximum of 63 characters.\n� Valid characters are uppercase letters (A - Z), lowercase letters (a - z), digits (0 - 9),\nunderscore (_), period (.), hyphen (-), and space.",
- "page_start": 217,
- "page_end": 217,
- "source_file": "sg247938.pdf"
- },
- {
- "text": "#AdditionalData(0->63)=00000000210000000000000000000000000000000000000000000000000\n\n## Chapter 12. Encryption\n\n### **12.8 Using encryption**\n\n#### **12.8.6 Restrictions**\nThe following restrictions apply to encryption:\n� Image mode volumes cannot be in encrypted pools.\n� You cannot add external non self-encrypting MDisks to encrypted pools unless all control\nenclosures in the system support encryption.",
- "page_start": 686,
- "page_end": 686,
- "source_file": "sg247938.pdf"
- },
- {
- "text": "#---------------------------------\nnet1_name = \"net_ocp_cluster2\" # Network Name\nnet1_vlan_id = \"1\" # VLAN ID\nnet1_subnet = \"192.168.11.0/21\" # Network/Mask\nnet1_gateway = \"192.168.11.1\" # Gateway\nnet1_start = \"192.168.11.202\" # First IP from Pool\n**118** Red Hat OpenShift and IBM Cloud Paks on IBM Power Systems: Volume 1\nnet1_end = \"192.168.11.212\" # Last IP from Pool",
- "page_start": 132,
- "page_end": 133,
- "source_file": "sg248459.pdf"
- },
- {
- "text": "## **7,577**\n\n*(in thousands, except per share amounts)*\n7,522\n7,549\n##### **$ 9,761**\n23 ■ 2003 ANNUAL REPORT",
- "page_start": 23,
- "page_end": 24,
- "source_file": "NASDAQ_SHEN_2003.pdf"
- },
- {
- "text": "#AdditionalData(0->63)=00000000210000000000000000000000000000000000000000000000000\n\n## Chapter 6. Storage pools\n\n#### **6.1.2 Managed disks in a storage pool**\n\n� Names must not begin or end with a space.\n� Object names must be unique within the object type. For example, you can have a\nvolume that is named ABC and a storage pool that is calledvolumes that are\ncalledvolumes called ABC.\n� The default object name is valid (object prefix with an integer).\n� Objects can be renamed to their current names.\nChapter 6. Storage pools\nMDisks are managed by using the MDisks by Pools pane. To access the MDisks by Pools\npage, browse to **Pools** → **MDisks by Pools** , as shown in Figure 6-9.\n*Figure 6-9 MDisks by pool*\nThe pane lists all the MDisks available in the system under the storage pool to which they\nbelong. Both arrays and external MDisks are listed. For instructions on operations with array\nMDisks, see 6.2, “Working with internal drives and arrays” on page 207. To implement a\nsolution with external MDisks, see 6.3, “Working with external controllers and MDisks” on\npage 227.\nTo list all MDisks visible by the system with the CLI, use the [lsmdisk](https://www.ibm.com/support/knowledgecenter/ST3FR7_8.2.0/com.ibm.storwize.v7000.820.doc/svc_lsmdisk_21pdl9.html?sc=ST3FR7_latest) command without any\nparameters. If required, you can filter output to include only external or only array type\nMDisks.",
- "page_start": 217,
- "page_end": 218,
- "source_file": "sg247938.pdf"
- },
- {
- "text": "#AdditionalData(0->63)=00000000210000000000000000000000000000000000000000000000000\n\n## Chapter 11. Advanced Copy Services\n\n### **11.7 Remote Copy commands**\n\nThis section presents commands that need to be issued to create and operate remote copy\nservices.",
- "page_start": 562,
- "page_end": 562,
- "source_file": "sg247938.pdf"
- },
- {
- "text": "#AdditionalData(0->63)=00000000210000000000000000000000000000000000000000000000000\n\n## Chapter 11. Advanced Copy Services\n\n### **11.6 Remote Copy services**\n\n#### **11.6.21 Valid combinations of FlashCopy, Metro Mirror, and Global Mirror**\nTable 11-10 lists the combinations of FlashCopy and MM/GM functions that are valid for a\nsingle volume.\n*Table 11-10 Valid combination for a single volume*",
- "page_start": 554,
- "page_end": 554,
- "source_file": "sg247938.pdf"
- }
- ]
- },
- {
- "references": {
- "source_file": "news4.pdf",
- "query": "I want to start a company that automates kitchen tasks, does that sound like a good idea for 2025?",
- "target_page": 1,
- "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.",
- "chunk_present": {
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- "text": "# Artificial intelligence Goals\n\n## **Artificial intelligence**\n\n### **References**\n\n#### **Other sources**\n\n[http://fusion.net/story/54583/the-case-against-killer-robots-from-a-guy-actually-building-ai)](https://web.archive.org/web/20160204175716/http://fusion.net/story/54583/the-case-against-killer-robots-from-a-guy-actually-building-ai)\nfrom the original on 4 February 2016. Retrieved 31 January 2016.\n[Mahdawi, Arwa (26 June 2017). \"What jobs will still be around in 20 years? Read this to prepare](https://www.theguardian.com/us-news/2017/jun/26/jobs-future-automation-robots-skills-creative-health)\n[your future\" (https://www.theguardian.com/us-news/2017/jun/26/jobs-future-automation-robo](https://www.theguardian.com/us-news/2017/jun/26/jobs-future-automation-robots-skills-creative-health)\n[ts-skills-creative-health). ](https://www.theguardian.com/us-news/2017/jun/26/jobs-future-automation-robots-skills-creative-health) *The Guardian* [. Archived (https://web.archive.org/web/20180114021](https://web.archive.org/web/20180114021804/https://www.theguardian.com/us-news/2017/jun/26/jobs-future-automation-robots-skills-creative-health)\n[804/https://www.theguardian.com/us-news/2017/jun/26/jobs-future-automation-robots-skills-](https://web.archive.org/web/20180114021804/https://www.theguardian.com/us-news/2017/jun/26/jobs-future-automation-robots-skills-creative-health)\n[creative-health) from the original on 14 January 2018. Retrieved 13 January 2018.](https://web.archive.org/web/20180114021804/https://www.theguardian.com/us-news/2017/jun/26/jobs-future-automation-robots-skills-creative-health)\nMaker, Meg Houston (2006), *[AI@50: AI Past, Present, Future](https://web.archive.org/web/20081008120238/http://www.engagingexperience.com/2006/07/ai50_ai_past_pr.html)* (https://web.archive.org/web/200\n[81008120238/http://www.engagingexperience.com/2006/07/ai50_ai_past_pr.html),](https://web.archive.org/web/20081008120238/http://www.engagingexperience.com/2006/07/ai50_ai_past_pr.html)\n[Dartmouth College, archived from the original (http://www.engagingexperience.com/2006/0](http://www.engagingexperience.com/2006/07/ai50_ai_past_pr.html)\n[7/ai50_ai_past_pr.html) on 8 October 2008, retrieved 16 October 2008](http://www.engagingexperience.com/2006/07/ai50_ai_past_pr.html)\n[Marmouyet, Françoise (15 December 2023). \"Google's Gemini: is the new AI model really better](https://theconversation.com/googles-gemini-is-the-new-ai-model-really-better-than-chatgpt-219526)\n[than ChatGPT?\" (https://theconversation.com/googles-gemini-is-the-new-ai-model-really-bet](https://theconversation.com/googles-gemini-is-the-new-ai-model-really-better-than-chatgpt-219526)\n[ter-than-chatgpt-219526). ](https://theconversation.com/googles-gemini-is-the-new-ai-model-really-better-than-chatgpt-219526) *The Conversation* [. Archived (https://web.archive.org/web/202403](https://web.archive.org/web/20240304215625/https://theconversation.com/googles-gemini-is-the-new-ai-model-really-better-than-chatgpt-219526)\n[04215625/https://theconversation.com/googles-gemini-is-the-new-ai-model-really-better-tha](https://web.archive.org/web/20240304215625/https://theconversation.com/googles-gemini-is-the-new-ai-model-really-better-than-chatgpt-219526)\n[n-chatgpt-219526) from the original on 4 March 2024. Retrieved 25 December 2023.](https://web.archive.org/web/20240304215625/https://theconversation.com/googles-gemini-is-the-new-ai-model-really-better-than-chatgpt-219526)\n[Minsky, Marvin (1986), ](https://en.wikipedia.org/wiki/Marvin_Minsky) *[The Society of Mind](https://en.wikipedia.org/wiki/The_Society_of_Mind)* , Simon and Schuster\n[McCarthy, John; Minsky, Marvin; Rochester, Nathan; Shannon, Claude (1955). \"A Proposal for](https://web.archive.org/web/20070826230310/http://www-formal.stanford.edu/jmc/history/dartmouth/dartmouth.html)\n[the Dartmouth Summer Research Project on Artificial Intelligence\" (https://web.archive.org/w](https://web.archive.org/web/20070826230310/http://www-formal.stanford.edu/jmc/history/dartmouth/dartmouth.html)\n[eb/20070826230310/http://www-formal.stanford.edu/jmc/history/dartmouth/dartmouth.html).](https://web.archive.org/web/20070826230310/http://www-formal.stanford.edu/jmc/history/dartmouth/dartmouth.html)\n[Archived from the original (http://www-formal.stanford.edu/jmc/history/dartmouth/dartmouth.](http://www-formal.stanford.edu/jmc/history/dartmouth/dartmouth.html)\n[html) on 26 August 2007. Retrieved 30 August 2007.](http://www-formal.stanford.edu/jmc/history/dartmouth/dartmouth.html)\n[McCarthy, John (2007), \"From Here to Human-Level AI\", ](https://en.wikipedia.org/wiki/John_McCarthy_(computer_scientist)) *Artificial Intelligence* , p. 171\n[McCarthy, John (1999), ](https://en.wikipedia.org/wiki/John_McCarthy_(computer_scientist)) *What is AI?* [ (http://jmc.stanford.edu/artificial-intelligence/what-is-ai/inde](http://jmc.stanford.edu/artificial-intelligence/what-is-ai/index.html)\n[x.html), archived (https://web.archive.org/web/20221204051737/http://jmc.stanford.edu/artifi](https://web.archive.org/web/20221204051737/http://jmc.stanford.edu/artificial-intelligence/what-is-ai/index.html)\n[cial-intelligence/what-is-ai/index.html) from the original on 4 December 2022, retrieved](https://web.archive.org/web/20221204051737/http://jmc.stanford.edu/artificial-intelligence/what-is-ai/index.html)\n4 December 2022\nMcCauley, Lee (2007). \"AI armageddon and the three laws of robotics\". *Ethics and Information*\n*Technology* . **9** [ (2): 153- 164. CiteSeerX 10.1.1.85.8904 (https://citeseerx.ist.psu.edu/viewdo](https://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.85.8904)\n[c/summary?doi=10.1.1.85.8904). doi:10.1007/s10676-007-9138-2 (https://doi.org/10.1007%](https://doi.org/10.1007%2Fs10676-007-9138-2)\n[2Fs10676-007-9138-2). S2CID 37272949 (https://api.semanticscholar.org/CorpusID:372729](https://api.semanticscholar.org/CorpusID:37272949)\n[49).](https://api.semanticscholar.org/CorpusID:37272949)\nMcGarry, Ken (1 December 2005). \"A survey of interestingness measures for knowledge\ndiscovery\". *The Knowledge Engineering Review* . **20** (1): 39- 61.\n[doi:10.1017/S0269888905000408 (https://doi.org/10.1017%2FS0269888905000408).](https://doi.org/10.1017%2FS0269888905000408)\n[S2CID 14987656 (https://api.semanticscholar.org/CorpusID:14987656).](https://api.semanticscholar.org/CorpusID:14987656)\nMcGaughey, E (2022), *[Will Robots Automate Your Job Away? Full Employment, Basic Income,](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3044448)*\n*and Economic Democracy* [ (https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3044448),](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3044448)\n[p. 51(3) Industrial Law Journal 511- 559, doi:10.2139/ssrn.3044448 (https://doi.org/10.213](https://doi.org/10.2139%2Fssrn.3044448)\n[9%2Fssrn.3044448), S2CID 219336439 (https://api.semanticscholar.org/CorpusID:2193364](https://api.semanticscholar.org/CorpusID:219336439)\n[39), SSRN 3044448 (https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3044448),](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3044448)\n[archived (https://web.archive.org/web/20210131074722/https://papers.ssrn.com/sol3/paper](https://web.archive.org/web/20210131074722/https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3044448)\n[s.cfm?abstract_id=3044448) from the original on 31 January 2021, retrieved 27 May 2023](https://web.archive.org/web/20210131074722/https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3044448)\nMerkle, Daniel; Middendorf, Martin (2013). \"Swarm Intelligence\". In Burke, Edmund K.; Kendall,\nGraham (eds.). *Search Methodologies: Introductory Tutorials in Optimization and Decision*\n*Support Techniques* [. Springer Science & Business Media. ISBN 978-1-4614-6940-7.](https://en.wikipedia.org/wiki/Special:BookSources/978-1-4614-6940-7)\n[Minsky, Marvin (1967), ](https://en.wikipedia.org/wiki/Marvin_Minsky) *Computation: Finite and Infinite Machines* , Englewood Cliffs, N.J.:\nPrentice-Hall\n[Moravec, Hans (1988). ](https://en.wikipedia.org/wiki/Hans_Moravec) *Mind Children* [ (https://archive.org/details/mindchildrenfutu00mora).](https://archive.org/details/mindchildrenfutu00mora)\n[Harvard University Press. ISBN 978-0-6745-7616-2. Archived (https://web.archive.org/web/2](https://web.archive.org/web/20200726131644/https://archive.org/details/mindchildrenfutu00mora)\n[0200726131644/https://archive.org/details/mindchildrenfutu00mora) from the original on 26](https://web.archive.org/web/20200726131644/https://archive.org/details/mindchildrenfutu00mora)\nJuly 2020. Retrieved 18 November 2019.\n[Morgenstern, Michael (9 May 2015). \"Automation and anxiety\" (https://www.economist.com/new](https://www.economist.com/news/special-report/21700758-will-smarter-machines-cause-mass-unemployment-automation-and-anxiety)\n[s/special-report/21700758-will-smarter-machines-cause-mass-unemployment-automation-a](https://www.economist.com/news/special-report/21700758-will-smarter-machines-cause-mass-unemployment-automation-and-anxiety)",
- "page_start": 59,
- "page_end": 60,
- "source_file": "wikipedia3.pdf"
- },
- {
- "text": "# Artificial intelligence Goals\n\n## **Artificial intelligence**\n\n### **References**\n\n331), Nilsson (1998, chpt. 17.4), McCorduck (2004, pp. 327- 335, 434- 435), Crevier (1993,\npp. 145- 162, 197- 203), Newquist (1994, pp. 155- 183)\n335. Russell & Norvig (2021), p. 24.\n336. Nilsson (1998), p. 7.\n337. McCorduck (2004), pp. 454- 462.\n338. Moravec (1988).\n339. Brooks (1990).\n[340. Developmental robotics: Weng et al. (2001), Lungarella et al. (2003), Asada et al. (2009),](https://en.wikipedia.org/wiki/Developmental_robotics)\nOudeyer (2010)\n341. Russell & Norvig (2021), p. 25.\n342. Crevier (1993, pp. 214- 215), Russell & Norvig (2021, pp. 24, 26)\n343. Russell & Norvig (2021), p. 26.\n344. Formal and narrow methods adopted in the 1990s: Russell & Norvig (2021, pp. 24- 26),\nMcCorduck (2004, pp. 486- 487)\n345. AI widely used in the late 1990s: Kurzweil (2005, p. 265), NRC (1999, pp. 216- 222),\nNewquist (1994, pp. 189- 201)\n346. Wong (2023).\n[347. Moore's Law and AI: Russell & Norvig (2021, pp. 14, 27)](https://en.wikipedia.org/wiki/Moore%27s_Law)\n348. Clark (2015b).\n[349. Big data: Russell & Norvig (2021, p. 26)](https://en.wikipedia.org/wiki/Big_data)\n[350. Sagar, Ram (3 June 2020). \"OpenAI Releases GPT-3, The Largest Model So Far\" (https://a](https://analyticsindiamag.com/open-ai-gpt-3-language-model)\n[nalyticsindiamag.com/open-ai-gpt-3-language-model). ](https://analyticsindiamag.com/open-ai-gpt-3-language-model) *Analytics India Magazine* [. Archived (h](https://web.archive.org/web/20200804173452/https://analyticsindiamag.com/open-ai-gpt-3-language-model)\n[ttps://web.archive.org/web/20200804173452/https://analyticsindiamag.com/open-ai-gpt-3-la](https://web.archive.org/web/20200804173452/https://analyticsindiamag.com/open-ai-gpt-3-language-model)\n[nguage-model) from the original on 4 August 2020. Retrieved 15 March 2023.](https://web.archive.org/web/20200804173452/https://analyticsindiamag.com/open-ai-gpt-3-language-model)\n[351. Milmo, Dan (2 February 2023). \"ChatGPT reaches 100 million users two months after](https://www.theguardian.com/technology/2023/feb/02/chatgpt-100-million-users-open-ai-fastest-growing-app)\n[launch\" (https://www.theguardian.com/technology/2023/feb/02/chatgpt-100-million-users-op](https://www.theguardian.com/technology/2023/feb/02/chatgpt-100-million-users-open-ai-fastest-growing-app)\n[en-ai-fastest-growing-app). ](https://www.theguardian.com/technology/2023/feb/02/chatgpt-100-million-users-open-ai-fastest-growing-app) *The Guardian* [. ISSN 0261-3077 (https://search.worldcat.org/iss](https://search.worldcat.org/issn/0261-3077)\n[n/0261-3077). Retrieved 31 December 2024.](https://search.worldcat.org/issn/0261-3077)\n[352. Gorichanaz, Tim (29 November 2023). \"ChatGPT turns 1: AI chatbot's success says as](https://theconversation.com/chatgpt-turns-1-ai-chatbots-success-says-as-much-about-humans-as-technology-218704)\n[much about humans as technology\" (https://theconversation.com/chatgpt-turns-1-ai-chatbot](https://theconversation.com/chatgpt-turns-1-ai-chatbots-success-says-as-much-about-humans-as-technology-218704)\n[s-success-says-as-much-about-humans-as-technology-218704). ](https://theconversation.com/chatgpt-turns-1-ai-chatbots-success-says-as-much-about-humans-as-technology-218704) *The Conversation* .\nRetrieved 31 December 2024.\n353. DiFeliciantonio (2023).\n354. Goswami (2023).\n[355. \"Nearly 1 in 4 new startups is an AI company\" (https://pitchbook.com/news/articles/nearly-1-i](https://pitchbook.com/news/articles/nearly-1-in-4-new-startups-is-an-ai-company)\n[n-4-new-startups-is-an-ai-company). ](https://pitchbook.com/news/articles/nearly-1-in-4-new-startups-is-an-ai-company) *PitchBook* . 24 December 2024. Retrieved 3 January\n2025.\n[356. Grayling, Anthony; Ball, Brian (1 August 2024). \"Philosophy is crucial in the age of AI\" (http](https://theconversation.com/philosophy-is-crucial-in-the-age-of-ai-235907)\n[s://theconversation.com/philosophy-is-crucial-in-the-age-of-ai-235907). ](https://theconversation.com/philosophy-is-crucial-in-the-age-of-ai-235907) *The Conversation* .\n[Archived (https://web.archive.org/web/20241005170243/https://theconversation.com/philoso](https://web.archive.org/web/20241005170243/https://theconversation.com/philosophy-is-crucial-in-the-age-of-ai-235907)\n[phy-is-crucial-in-the-age-of-ai-235907) from the original on 5 October 2024. Retrieved](https://web.archive.org/web/20241005170243/https://theconversation.com/philosophy-is-crucial-in-the-age-of-ai-235907)\n4 October 2024.\n[357. Jarow, Oshan (15 June 2024). \"Will AI ever become conscious? It depends on how you](https://www.vox.com/future-perfect/351893/consciousness-ai-machines-neuroscience-mind)\n[think about biology\" (https://www.vox.com/future-perfect/351893/consciousness-ai-machines](https://www.vox.com/future-perfect/351893/consciousness-ai-machines-neuroscience-mind)\n[-neuroscience-mind). ](https://www.vox.com/future-perfect/351893/consciousness-ai-machines-neuroscience-mind) *Vox* [. Archived (https://web.archive.org/web/20240921035218/https://w](https://web.archive.org/web/20240921035218/https://www.vox.com/future-perfect/351893/consciousness-ai-machines-neuroscience-mind)\n[ww.vox.com/future-perfect/351893/consciousness-ai-machines-neuroscience-mind) from](https://web.archive.org/web/20240921035218/https://www.vox.com/future-perfect/351893/consciousness-ai-machines-neuroscience-mind)\nthe original on 21 September 2024. Retrieved 4 October 2024.\n[358. McCarthy, John. \"The Philosophy of AI and the AI of Philosophy\" (https://web.archive.org/we](https://web.archive.org/web/20181023181725/http://jmc.stanford.edu/articles/aiphil2.html)\n[b/20181023181725/http://jmc.stanford.edu/articles/aiphil2.html). ](https://web.archive.org/web/20181023181725/http://jmc.stanford.edu/articles/aiphil2.html) *jmc.stanford.edu* . Archived\n[from the original (http://jmc.stanford.edu/articles/aiphil2.html) on 23 October 2018. Retrieved](http://jmc.stanford.edu/articles/aiphil2.html)\n3 October 2024.",
- "page_start": 47,
- "page_end": 48,
- "source_file": "wikipedia3.pdf"
- },
- {
- "text": "# Artificial intelligence Goals\n\n## **Artificial intelligence**\n\n### **References**\n\n#### **Other sources**\n\n22 August 2020.\n[Boyle, James, The Line: AI and the Future of Personhood (https://direct.mit.edu/books/book/585](https://direct.mit.edu/books/book/5859/The-LineAI-and-the-Future-of-Personhood)\n[9/The-LineAI-and-the-Future-of-Personhood), MIT Press, 2024.](https://en.wikipedia.org/wiki/MIT_Press)\n[Cukier, Kenneth, \"Ready for Robots? How to Think about the Future of AI\", ](https://en.wikipedia.org/wiki/Kenneth_Cukier) *[Foreign Affairs](https://en.wikipedia.org/wiki/Foreign_Affairs)* , vol.\n[98, no. 4 (July/August 2019), pp. 192- 198. George Dyson, historian of computing, writes (in](https://en.wikipedia.org/wiki/George_Dyson_(science_historian))\nwhat might be called \"Dyson's Law\") that \"Any system simple enough to be understandable\nwill not be complicated enough to behave intelligently, while any system complicated\nenough to behave intelligently will be too complicated to understand.\" (p. 197.) Computer\n[scientist Alex Pentland writes: \"Current AI machine-learning algorithms are, at their core,](https://en.wikipedia.org/wiki/Algorithm)\ndead simple stupid. They work, but they work by brute force.\" (p. 198.)\n[Evans, Woody (2015). \"Posthuman Rights: Dimensions of Transhuman Worlds\" (https://doi.org/](https://doi.org/10.5209%2Frev_TK.2015.v12.n2.49072)\n[10.5209%2Frev_TK.2015.v12.n2.49072). ](https://doi.org/10.5209%2Frev_TK.2015.v12.n2.49072) *Teknokultura* . **12** (2).\n[doi:10.5209/rev_TK.2015.v12.n2.49072 (https://doi.org/10.5209%2Frev_TK.2015.v12.n2.49](https://doi.org/10.5209%2Frev_TK.2015.v12.n2.49072)\n[072). S2CID 147612763 (https://api.semanticscholar.org/CorpusID:147612763).](https://api.semanticscholar.org/CorpusID:147612763)\n[Frank, Michael (22 September 2023). \"US Leadership in Artificial Intelligence Can Shape the](https://thediplomat.com/2023/09/us-leadership-in-artificial-intelligence-can-shape-the-21st-century-global-order)\n[21st Century Global Order\" (https://thediplomat.com/2023/09/us-leadership-in-artificial-intelli](https://thediplomat.com/2023/09/us-leadership-in-artificial-intelligence-can-shape-the-21st-century-global-order)\n[gence-can-shape-the-21st-century-global-order). ](https://thediplomat.com/2023/09/us-leadership-in-artificial-intelligence-can-shape-the-21st-century-global-order) *[The Diplomat](https://en.wikipedia.org/wiki/The_Diplomat_(magazine))* [. Archived (https://web.archiv](https://web.archive.org/web/20240916014433/https://thediplomat.com/2023/09/us-leadership-in-artificial-intelligence-can-shape-the-21st-century-global-order/)\n[e.org/web/20240916014433/https://thediplomat.com/2023/09/us-leadership-in-artificial-intelli](https://web.archive.org/web/20240916014433/https://thediplomat.com/2023/09/us-leadership-in-artificial-intelligence-can-shape-the-21st-century-global-order/)\n[gence-can-shape-the-21st-century-global-order/) from the original on 16 September 2024.](https://web.archive.org/web/20240916014433/https://thediplomat.com/2023/09/us-leadership-in-artificial-intelligence-can-shape-the-21st-century-global-order/)\nRetrieved 8 December 2023. \"Instead, the United States has developed a new area of\ndominance that the rest of the world views with a mixture of awe, envy, and resentment:\nartificial intelligence... From AI models and research to cloud computing and venture capital,\nU.S. companies, universities, and research labs - and their affiliates in allied countries -\nappear to have an enormous lead in both developing cutting-edge AI and commercializing it.\nThe value of U.S. venture capital investments in AI start-ups exceeds that of the rest of the\nworld combined.\"\nGertner, Jon. (2023) \"Wikipedia's Moment of Truth: Can the online encyclopedia help teach A.I.\nchatbots to get their facts right — without destroying itself in the process?\" *New York Times*\n*Magazine* [ (July 18, 2023) online (https://www.nytimes.com/2023/07/18/magazine/wikipedia-](https://www.nytimes.com/2023/07/18/magazine/wikipedia-ai-chatgpt.html)\n[ai-chatgpt.html) Archived (https://web.archive.org/web/20230720125400/https://www.nytime](https://web.archive.org/web/20230720125400/https://www.nytimes.com/2023/07/18/magazine/wikipedia-ai-chatgpt.html)\n[s.com/2023/07/18/magazine/wikipedia-ai-chatgpt.html) 20 July 2023 at the Wayback](https://en.wikipedia.org/wiki/Wayback_Machine)\n[Machine](https://en.wikipedia.org/wiki/Wayback_Machine)",
- "page_start": 66,
- "page_end": 66,
- "source_file": "wikipedia3.pdf"
- },
- {
- "text": "# The top AI-powered tech trends in 2025\n\n## **The top AI-powered tech trends in 2025**\n\nwww.newscanada.com\nWord Count: 346\n[M ed i a A ttach m en ts](https://www.newscanada.com/en/the-top-ai-powered-tech-trends-in-2025-139854)\n[View](https://www.newscanada.com/en/the-top-ai-powered-tech-trends-in-2025-139854)\n(NC) As we look ahead to 2025, artificial intelligence (AI) continues to revolutionize our lives. From\nenhancing our daily routines to transforming entire industries, AI’s impact is undeniable.\nThese five innovations are set to shape our future, offering unprecedented convenience, efficiency and\npersonalization.\nAI-powered computing\nAI-powered computing, such as Intel-powered laptops - or AI PC - is at the forefront of technological\nadvancement. But what, exactly, is an AI PC? They’re computers that have AI built into their processors\n- also known as the brain of the computer - which optimizes performance, enhances security and\nprovides a more personalized experience as they learn from your usage patterns. For consumers, this\nmeans faster, smarter and more secure computing tailored to your individual needs.\nSmart home automation\nSmart home automation has been around for a while, but AI is taking it to the next level. Imagine a\nhome that not only follows your commands, but also anticipates your needs. Enhanced smart home\nsystems can learn your daily routines and adjust settings accordingly, from lighting and temperature to\nsecurity and entertainment, making your home smarter and more responsive than ever before.\nHealth and wellness\nThe health-care industry is seeing significant transformation. AI-driven health and wellness applications",
- "page_start": 0,
- "page_end": 0,
- "source_file": "news4.pdf"
- },
- {
- "text": "# Artificial intelligence Goals\n\n## **Artificial intelligence**\n\n### **References**\n\n[2019/05/03/china-smart-city-exposed). 3 May 2019. Archived (https://web.archive.org/web/2](https://web.archive.org/web/20210307203740/https://consent.yahoo.com/v2/collectConsent?sessionId=3_cc-session_c8562b93-9863-4915-8523-6c7b930a3efc)\n[0210307203740/https://consent.yahoo.com/v2/collectConsent?sessionId=3_cc-session_c85](https://web.archive.org/web/20210307203740/https://consent.yahoo.com/v2/collectConsent?sessionId=3_cc-session_c8562b93-9863-4915-8523-6c7b930a3efc)\n[62b93-9863-4915-8523-6c7b930a3efc) from the original on 7 March 2021. Retrieved](https://web.archive.org/web/20210307203740/https://consent.yahoo.com/v2/collectConsent?sessionId=3_cc-session_c8562b93-9863-4915-8523-6c7b930a3efc)\n14 September 2020.\n254. Urbina et al. (2022).\n255. E. McGaughey, 'Will Robots Automate Your Job Away? Full Employment, Basic Income, and\n[Economic Democracy' (2022), 51(3) Industrial Law Journal 511- 559 (https://academic.oup.c](https://academic.oup.com/ilj/article/51/3/511/6321008)\n[om/ilj/article/51/3/511/6321008). Archived (https://web.archive.org/web/20230527163045/htt](https://web.archive.org/web/20230527163045/https://academic.oup.com/ilj/article/51/3/511/6321008)\n[ps://academic.oup.com/ilj/article/51/3/511/6321008) 27 May 2023 at the Wayback Machine.](https://en.wikipedia.org/wiki/Wayback_Machine)\n256. Ford & Colvin (2015);McGaughey (2022)\n257. IGM Chicago (2017).\n258. Arntz, Gregory & Zierahn (2016), p. 33.\n259. Lohr (2017); Frey & Osborne (2017); Arntz, Gregory & Zierahn (2016, p. 33)\n[260. Zhou, Viola (11 April 2023). \"AI is already taking video game illustrators' jobs in China\" (http](https://restofworld.org/2023/ai-image-china-video-game-layoffs)\n[s://restofworld.org/2023/ai-image-china-video-game-layoffs). ](https://restofworld.org/2023/ai-image-china-video-game-layoffs) *Rest of World* [. Archived (http](https://web.archive.org/web/20240221131748/https://restofworld.org/2023/ai-image-china-video-game-layoffs/)\n[s://web.archive.org/web/20240221131748/https://restofworld.org/2023/ai-image-china-video](https://web.archive.org/web/20240221131748/https://restofworld.org/2023/ai-image-china-video-game-layoffs/)\n[-game-layoffs/) from the original on 21 February 2024. Retrieved 17 August 2023.](https://web.archive.org/web/20240221131748/https://restofworld.org/2023/ai-image-china-video-game-layoffs/)\n[261. Carter, Justin (11 April 2023). \"China's game art industry reportedly decimated by growing AI](https://www.gamedeveloper.com/art/china-s-game-art-industry-reportedly-decimated-ai-art-use)\n[use\" (https://www.gamedeveloper.com/art/china-s-game-art-industry-reportedly-decimated-a](https://www.gamedeveloper.com/art/china-s-game-art-industry-reportedly-decimated-ai-art-use)\n[i-art-use). ](https://www.gamedeveloper.com/art/china-s-game-art-industry-reportedly-decimated-ai-art-use) *Game Developer* [. Archived (https://web.archive.org/web/20230817010519/https://](https://web.archive.org/web/20230817010519/https://www.gamedeveloper.com/art/china-s-game-art-industry-reportedly-decimated-ai-art-use)\n[www.gamedeveloper.com/art/china-s-game-art-industry-reportedly-decimated-ai-art-use)](https://web.archive.org/web/20230817010519/https://www.gamedeveloper.com/art/china-s-game-art-industry-reportedly-decimated-ai-art-use)\nfrom the original on 17 August 2023. Retrieved 17 August 2023.\n262. Morgenstern (2015).\n263. Mahdawi (2017); Thompson (2014)\n264. Tarnoff, Ben (4 August 2023). \"Lessons from Eliza\". *[The Guardian Weekly](https://en.wikipedia.org/wiki/The_Guardian_Weekly)* . pp. 34- 39.\n265. Cellan-Jones (2014).\n266. Russell & Norvig 2021, p. 1001.\n267. Bostrom (2014).\n268. Russell (2019).\n269. Bostrom (2014); Müller & Bostrom (2014); Bostrom (2015).\n270. Harari (2023).\n271. Müller & Bostrom (2014).\n272. Leaders' concerns about the existential risks of AI around 2015: Rawlinson (2015), Holley\n(2015), Gibbs (2014), Sainato (2015)\n[273. \" \"Godfather of artificial intelligence\" talks impact and potential of new AI\" (https://www.cbsne](https://www.cbsnews.com/video/godfather-of-artificial-intelligence-talks-impact-and-potential-of-new-ai)\n[ws.com/video/godfather-of-artificial-intelligence-talks-impact-and-potential-of-new-ai). ](https://www.cbsnews.com/video/godfather-of-artificial-intelligence-talks-impact-and-potential-of-new-ai) *CBS*\n*News* [. 25 March 2023. Archived (https://web.archive.org/web/20230328225221/https://www.](https://web.archive.org/web/20230328225221/https://www.cbsnews.com/video/godfather-of-artificial-intelligence-talks-impact-and-potential-of-new-ai)\n[cbsnews.com/video/godfather-of-artificial-intelligence-talks-impact-and-potential-of-new-ai)](https://web.archive.org/web/20230328225221/https://www.cbsnews.com/video/godfather-of-artificial-intelligence-talks-impact-and-potential-of-new-ai)\nfrom 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](https://www.cbc.ca/news/business/ai-doom-column-don-pittis-1.6829302)\n[fears of computer takeover\" (https://www.cbc.ca/news/business/ai-doom-column-don-pittis-](https://www.cbc.ca/news/business/ai-doom-column-don-pittis-1.6829302)\n[1.6829302). ](https://www.cbc.ca/news/business/ai-doom-column-don-pittis-1.6829302) *CBC* [. Archived (https://web.archive.org/web/20240707032135/https://www.cbc.](https://web.archive.org/web/20240707032135/https://www.cbc.ca/news/business/ai-doom-column-don-pittis-1.6829302)\n[ca/news/business/ai-doom-column-don-pittis-1.6829302) from the original on 7 July 2024.](https://web.archive.org/web/20240707032135/https://www.cbc.ca/news/business/ai-doom-column-don-pittis-1.6829302)\nRetrieved 5 October 2024.\n[275. \" '50- 50 chance' that AI outsmarts humanity, Geoffrey Hinton says\" (https://www.bnnbloomb](https://www.bnnbloomberg.ca/50-50-chance-that-ai-outsmarts-humanity-geoffrey-hinton-says-1.2085394)\n[erg.ca/50-50-chance-that-ai-outsmarts-humanity-geoffrey-hinton-says-1.2085394).](https://www.bnnbloomberg.ca/50-50-chance-that-ai-outsmarts-humanity-geoffrey-hinton-says-1.2085394)\n*Bloomberg BNN* . 14 June 2024. Retrieved 6 July 2024.\n276. Valance (2023).\n[277. Taylor, Josh (7 May 2023). \"Rise of artificial intelligence is inevitable but should not be](https://www.theguardian.com/technology/2023/may/07/rise-of-artificial-intelligence-is-inevitable-but-should-not-be-feared-father-of-ai-says)\n[feared, 'father of AI' says\" (https://www.theguardian.com/technology/2023/may/07/rise-of-arti](https://www.theguardian.com/technology/2023/may/07/rise-of-artificial-intelligence-is-inevitable-but-should-not-be-feared-father-of-ai-says)\n[ficial-intelligence-is-inevitable-but-should-not-be-feared-father-of-ai-says). ](https://www.theguardian.com/technology/2023/may/07/rise-of-artificial-intelligence-is-inevitable-but-should-not-be-feared-father-of-ai-says) *The Guardian* .\n[Archived (https://web.archive.org/web/20231023061228/https://www.theguardian.com/techn](https://web.archive.org/web/20231023061228/https://www.theguardian.com/technology/2023/may/07/rise-of-artificial-intelligence-is-inevitable-but-should-not-be-feared-father-of-ai-says)\n[ology/2023/may/07/rise-of-artificial-intelligence-is-inevitable-but-should-not-be-feared-father-](https://web.archive.org/web/20231023061228/https://www.theguardian.com/technology/2023/may/07/rise-of-artificial-intelligence-is-inevitable-but-should-not-be-feared-father-of-ai-says)\n[of-ai-says) from the original on 23 October 2023. Retrieved 26 May 2023.](https://web.archive.org/web/20231023061228/https://www.theguardian.com/technology/2023/may/07/rise-of-artificial-intelligence-is-inevitable-but-should-not-be-feared-father-of-ai-says)\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-cannot-stop)",
- "page_start": 43,
- "page_end": 44,
- "source_file": "wikipedia3.pdf"
- },
- {
- "text": "# The top AI-powered tech trends in 2025\n\nISSUE\nDecember 2024\nCATEGORIES\n[Technology & Cybersecurity](https://www.newscanada.com/en/Technology/content)\n[Editor's Picks](https://www.newscanada.com/en/editor-picks/content)\n[Finance - Personal](https://www.newscanada.com/en/personal-finance/content)\n[Home - Interior](https://www.newscanada.com/en/house-home/content)",
- "page_start": 0,
- "page_end": 0,
- "source_file": "news4.pdf"
- },
- {
- "text": "# Artificial intelligence Goals\n\n## **Artificial intelligence**\n\n### **Techniques**\n\n#### **GPT**\n\n[models are prone to generating falsehoods called \"hallucinations\", although this can be reduced with](https://en.wikipedia.org/wiki/Hallucination_(artificial_intelligence))\n[RLHF and quality data. They are used in chatbots, which allow people to ask a question or request a task](https://en.wikipedia.org/wiki/Chatbot)\nin simple text. [122][123]\n[Current models and services include Gemini (formerly Bard), ChatGPT, Grok, Claude, Copilot, and](https://en.wikipedia.org/wiki/Microsoft_Copilot)\n[LLaMA.](https://en.wikipedia.org/wiki/LLaMA) [124] [ Multimodal GPT models can process different types of data (modalities) such as images,](https://en.wikipedia.org/wiki/Modality_(human%E2%80%93computer_interaction))\nvideos, sound, and text. [125]\n[In the late 2010s, graphics processing units (GPUs) that were increasingly designed with AI-specific](https://en.wikipedia.org/wiki/Graphics_processing_unit)\n[enhancements and used with specialized TensorFlow software had replaced previously used central](https://en.wikipedia.org/wiki/Central_processing_unit)\n[processing unit (CPUs) as the dominant means for large-scale (commercial and academic) machine](https://en.wikipedia.org/wiki/Machine_learning)\n[learning models' training.](https://en.wikipedia.org/wiki/Machine_learning) [126] [ Specialized programming languages such as Prolog were used in early AI](https://en.wikipedia.org/wiki/Prolog)\nresearch, [127] [ but general-purpose programming languages like Python have become predominant.](https://en.wikipedia.org/wiki/Python_(programming_language)) [128]\n[The transistor density in integrated circuits has been observed to roughly double every 18 months—a](https://en.wikipedia.org/wiki/Integrated_circuit)\n[trend known as Moore's law, named after the Intel co-founder Gordon Moore, who first identified it.](https://en.wikipedia.org/wiki/Gordon_Moore)\n[Improvements in GPUs have been even faster.](https://en.wikipedia.org/wiki/GPUs) [129]\nAI and machine learning technology is used in most of the essential applications of the 2020s, including:\n[search engines (such as Google Search), targeting online advertisements, recommendation systems](https://en.wikipedia.org/wiki/Recommendation_systems)\n[(offered by Netflix, YouTube or Amazon), driving internet traffic, targeted advertising (AdSense,](https://en.wikipedia.org/wiki/AdSense)\n[Facebook), virtual assistants (such as Siri or Alexa), autonomous vehicles (including drones, ADAS and](https://en.wikipedia.org/wiki/Advanced_driver-assistance_system)",
- "page_start": 8,
- "page_end": 8,
- "source_file": "wikipedia3.pdf"
- },
- {
- "text": "# Artificial intelligence Goals\n\n## **Artificial intelligence**\n\n### **References**\n\n#### **Other sources**\n\nEdelson, Edward (1991). *The Nervous System* [ (https://archive.org/details/nervoussystem0000e](https://archive.org/details/nervoussystem0000edel)\n[del). New York: Chelsea House. ISBN 978-0-7910-0464-7. Archived (https://web.archive.or](https://web.archive.org/web/20200726131758/https://archive.org/details/nervoussystem0000edel)\n[g/web/20200726131758/https://archive.org/details/nervoussystem0000edel) from the](https://web.archive.org/web/20200726131758/https://archive.org/details/nervoussystem0000edel)\noriginal on 26 July 2020. Retrieved 18 November 2019.\n[Edwards, Benj (17 May 2023). \"Poll: AI poses risk to humanity, according to majority of](https://arstechnica.com/information-technology/2023/05/poll-61-of-americans-say-ai-threatens-humanitys-future)\n[Americans\" (https://arstechnica.com/information-technology/2023/05/poll-61-of-americans-s](https://arstechnica.com/information-technology/2023/05/poll-61-of-americans-say-ai-threatens-humanitys-future)\n[ay-ai-threatens-humanitys-future). ](https://arstechnica.com/information-technology/2023/05/poll-61-of-americans-say-ai-threatens-humanitys-future) *Ars Technica* [. Archived (https://web.archive.org/web/2023](https://web.archive.org/web/20230619013608/https://arstechnica.com/information-technology/2023/05/poll-61-of-americans-say-ai-threatens-humanitys-future)\n[0619013608/https://arstechnica.com/information-technology/2023/05/poll-61-of-americans-s](https://web.archive.org/web/20230619013608/https://arstechnica.com/information-technology/2023/05/poll-61-of-americans-say-ai-threatens-humanitys-future)\n[ay-ai-threatens-humanitys-future) from the original on 19 June 2023. Retrieved 19 June](https://web.archive.org/web/20230619013608/https://arstechnica.com/information-technology/2023/05/poll-61-of-americans-say-ai-threatens-humanitys-future)\n2023.\nFearn, Nicholas (2007). *The Latest Answers to the Oldest Questions: A Philosophical Adventure*\n*with the World's Greatest Thinkers* [. New York: Grove Press. ISBN 978-0-8021-1839-4.](https://en.wikipedia.org/wiki/Special:BookSources/978-0-8021-1839-4)\n[Ford, Martin; Colvin, Geoff (6 September 2015). \"Will robots create more jobs than they](https://www.theguardian.com/technology/2015/sep/06/will-robots-create-destroy-jobs)\n[destroy?\" (https://www.theguardian.com/technology/2015/sep/06/will-robots-create-destroy-j](https://www.theguardian.com/technology/2015/sep/06/will-robots-create-destroy-jobs)\n[obs). ](https://www.theguardian.com/technology/2015/sep/06/will-robots-create-destroy-jobs) *The Guardian* [. Archived (https://web.archive.org/web/20180616204119/https://www.th](https://web.archive.org/web/20180616204119/https://www.theguardian.com/technology/2015/sep/06/will-robots-create-destroy-jobs)\n[eguardian.com/technology/2015/sep/06/will-robots-create-destroy-jobs) from the original on](https://web.archive.org/web/20180616204119/https://www.theguardian.com/technology/2015/sep/06/will-robots-create-destroy-jobs)\n16 June 2018. Retrieved 13 January 2018.\n[Fox News (2023). \"Fox News Poll\" (https://static.foxnews.com/foxnews.com/content/uploads/20](https://static.foxnews.com/foxnews.com/content/uploads/2023/05/Fox_April-21-24-2023_Complete_National_Topline_May-1-Release.pdf)\n[23/05/Fox_April-21-24-2023_Complete_National_Topline_May-1-Release.pdf) (PDF). Fox](https://static.foxnews.com/foxnews.com/content/uploads/2023/05/Fox_April-21-24-2023_Complete_National_Topline_May-1-Release.pdf)\n[News. Archived (https://web.archive.org/web/20230512082712/https://static.foxnews.com/fo](https://web.archive.org/web/20230512082712/https://static.foxnews.com/foxnews.com/content/uploads/2023/05/Fox_April-21-24-2023_Complete_National_Topline_May-1-Release.pdf)\n[xnews.com/content/uploads/2023/05/Fox_April-21-24-2023_Complete_National_Topline_M](https://web.archive.org/web/20230512082712/https://static.foxnews.com/foxnews.com/content/uploads/2023/05/Fox_April-21-24-2023_Complete_National_Topline_May-1-Release.pdf)\n[ay-1-Release.pdf) (PDF) from the original on 12 May 2023. Retrieved 19 June 2023.](https://web.archive.org/web/20230512082712/https://static.foxnews.com/foxnews.com/content/uploads/2023/05/Fox_April-21-24-2023_Complete_National_Topline_May-1-Release.pdf)\nFrey, Carl Benedikt; Osborne, Michael A (1 January 2017). \"The future of employment: How\nsusceptible are jobs to computerisation?\". *Technological Forecasting and Social Change* .\n**114** [: 254- 280. CiteSeerX 10.1.1.395.416 (https://citeseerx.ist.psu.edu/viewdoc/summary?d](https://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.395.416)\n[oi=10.1.1.395.416). doi:10.1016/j.techfore.2016.08.019 (https://doi.org/10.1016%2Fj.techfor](https://doi.org/10.1016%2Fj.techfore.2016.08.019)\n[e.2016.08.019). ISSN 0040-1625 (https://search.worldcat.org/issn/0040-1625).](https://search.worldcat.org/issn/0040-1625)\n[\"From not working to neural networking\" (https://www.economist.com/news/special-report/2170](https://www.economist.com/news/special-report/21700756-artificial-intelligence-boom-based-old-idea-modern-twist-not)\n[0756-artificial-intelligence-boom-based-old-idea-modern-twist-not). ](https://www.economist.com/news/special-report/21700756-artificial-intelligence-boom-based-old-idea-modern-twist-not) *The Economist* . 2016.\n[Archived (https://web.archive.org/web/20161231203934/https://www.economist.com/news/s](https://web.archive.org/web/20161231203934/https://www.economist.com/news/special-report/21700756-artificial-intelligence-boom-based-old-idea-modern-twist-not)\n[pecial-report/21700756-artificial-intelligence-boom-based-old-idea-modern-twist-not) from](https://web.archive.org/web/20161231203934/https://www.economist.com/news/special-report/21700756-artificial-intelligence-boom-based-old-idea-modern-twist-not)\nthe original on 31 December 2016. Retrieved 26 April 2018.\nGalvan, Jill (1 January 1997). \"Entering the Posthuman Collective in Philip K. Dick's \"Do\nAndroids Dream of Electric Sheep?\" \". *Science Fiction Studies* . **24** (3): 413- 429.\n[JSTOR 4240644 (https://www.jstor.org/stable/4240644).](https://www.jstor.org/stable/4240644)\n[Geist, Edward Moore (9 August 2015). \"Is artificial intelligence really an existential threat to](http://thebulletin.org/artificial-intelligence-really-existential-threat-humanity8577)\n[humanity?\" (http://thebulletin.org/artificial-intelligence-really-existential-threat-humanity857](http://thebulletin.org/artificial-intelligence-really-existential-threat-humanity8577)\n[7). ](http://thebulletin.org/artificial-intelligence-really-existential-threat-humanity8577) *Bulletin of the Atomic Scientists* [. Archived (https://web.archive.org/web/2015103005433](https://web.archive.org/web/20151030054330/http://thebulletin.org/artificial-intelligence-really-existential-threat-humanity8577)\n[0/http://thebulletin.org/artificial-intelligence-really-existential-threat-humanity8577) from the](https://web.archive.org/web/20151030054330/http://thebulletin.org/artificial-intelligence-really-existential-threat-humanity8577)\noriginal on 30 October 2015. Retrieved 30 October 2015.\n[Gibbs, Samuel (27 October 2014). \"Elon Musk: artificial intelligence is our biggest existential](https://www.theguardian.com/technology/2014/oct/27/elon-musk-artificial-intelligence-ai-biggest-existential-threat)\n[threat\" (https://www.theguardian.com/technology/2014/oct/27/elon-musk-artificial-intelligenc](https://www.theguardian.com/technology/2014/oct/27/elon-musk-artificial-intelligence-ai-biggest-existential-threat)\n[e-ai-biggest-existential-threat). ](https://www.theguardian.com/technology/2014/oct/27/elon-musk-artificial-intelligence-ai-biggest-existential-threat) *The Guardian* [. Archived (https://web.archive.org/web/201510](https://web.archive.org/web/20151030054330/http://www.theguardian.com/technology/2014/oct/27/elon-musk-artificial-intelligence-ai-biggest-existential-threat)\n[30054330/http://www.theguardian.com/technology/2014/oct/27/elon-musk-artificial-intelligen](https://web.archive.org/web/20151030054330/http://www.theguardian.com/technology/2014/oct/27/elon-musk-artificial-intelligence-ai-biggest-existential-threat)\n[ce-ai-biggest-existential-threat) from the original on 30 October 2015. Retrieved 30 October](https://web.archive.org/web/20151030054330/http://www.theguardian.com/technology/2014/oct/27/elon-musk-artificial-intelligence-ai-biggest-existential-threat)\n2015.\nGoffrey, Andrew (2008). \"Algorithm\". In Fuller, Matthew (ed.). *[Software studies: a lexicon](https://archive.org/details/softwarestudiesl00full_007)* (http\n[s://archive.org/details/softwarestudiesl00full_007). Cambridge, Mass.: MIT Press. pp. 15 (htt](https://archive.org/details/softwarestudiesl00full_007/page/n29)\n[ps://archive.org/details/softwarestudiesl00full_007/page/n29)- 20. ISBN 978-1-4356-4787-9.](https://en.wikipedia.org/wiki/Special:BookSources/978-1-4356-4787-9)\n[Goldman, Sharon (14 September 2022). \"10 years later, deep learning 'revolution' rages on, say](https://venturebeat.com/ai/10-years-on-ai-pioneers-hinton-lecun-li-say-deep-learning-revolution-will-continue)\n[AI pioneers Hinton, LeCun and Li\" (https://venturebeat.com/ai/10-years-on-ai-pioneers-hinto](https://venturebeat.com/ai/10-years-on-ai-pioneers-hinton-lecun-li-say-deep-learning-revolution-will-continue)\n[n-lecun-li-say-deep-learning-revolution-will-continue). ](https://venturebeat.com/ai/10-years-on-ai-pioneers-hinton-lecun-li-say-deep-learning-revolution-will-continue) *VentureBeat* [. Archived (https://web.arc](https://web.archive.org/web/20241005171338/https://venturebeat.com/ai/10-years-on-ai-pioneers-hinton-lecun-li-say-deep-learning-revolution-will-continue/)\n[hive.org/web/20241005171338/https://venturebeat.com/ai/10-years-on-ai-pioneers-hinton-le](https://web.archive.org/web/20241005171338/https://venturebeat.com/ai/10-years-on-ai-pioneers-hinton-lecun-li-say-deep-learning-revolution-will-continue/)\n[cun-li-say-deep-learning-revolution-will-continue/) from the original on 5 October 2024.](https://web.archive.org/web/20241005171338/https://venturebeat.com/ai/10-years-on-ai-pioneers-hinton-lecun-li-say-deep-learning-revolution-will-continue/)\nRetrieved 8 December 2023.\n[Good, I. J. (1965), ](https://en.wikipedia.org/wiki/I._J._Good) *[Speculations Concerning the First Ultraintelligent Machine](https://exhibits.stanford.edu/feigenbaum/catalog/gz727rg3869)* (https://exhibits.st",
- "page_start": 55,
- "page_end": 56,
- "source_file": "wikipedia3.pdf"
- },
- {
- "text": "# Artificial intelligence Goals\n\n## **Artificial intelligence**\n\n### **Applications**\n\n#### **Mathematics**\n\nAlternatively, dedicated models for mathematical problem solving with higher precision for the outcome\nincluding proof of theorems have been developed such as *Alpha Tensor* , *Alpha Geometry* and *Alpha*\n*Proof* [ all from Google DeepMind,](https://en.wikipedia.org/wiki/Google_DeepMind) [157] *Llemma* from eleuther [158] or *Julius* . [159]\nWhen natural language is used to describe mathematical problems, converters transform such prompts\n[into a formal language such as Lean to define mathematical tasks.](https://en.wikipedia.org/wiki/Lean_(proof_assistant))\nSome models have been developed to solve challenging problems and reach good results in benchmark\ntests, others to serve as educational tools in mathematics. [160]\nFinance is one of the fastest growing sectors where applied AI tools are being deployed: from retail\nonline banking to investment advice and insurance, where automated \"robot advisers\" have been in use\nfor some years. [161]\n[World Pensions experts like Nicolas Firzli insist it may be too early to see the emergence of highly](https://en.wikipedia.org/wiki/World_Pensions_%26_Investments_Forum)\ninnovative AI-informed financial products and services: \"the deployment of AI tools will simply further\nautomatise things: destroying tens of thousands of jobs in banking, financial planning, and pension advice\nin the process, but I'm not sure it will unleash a new wave of [e.g., sophisticated] pension\ninnovation.\" [162]\nVarious countries are deploying AI military applications. [163] [ The main applications enhance command](https://en.wikipedia.org/wiki/Command_and_control)\n[and control, communications, sensors, integration and interoperability.](https://en.wikipedia.org/wiki/Command_and_control) [164] Research is targeting\nintelligence collection and analysis, logistics, cyber operations, information operations, and\n[semiautonomous and autonomous vehicles.](https://en.wikipedia.org/wiki/Vehicular_automation) [163] AI technologies enable coordination of sensors and\n[effectors, threat detection and identification, marking of enemy positions, target acquisition, coordination](https://en.wikipedia.org/wiki/Target_acquisition)\n[and deconfliction of distributed Joint Fires between networked combat vehicles involving manned and](https://en.wikipedia.org/wiki/Forward_observers_in_the_U.S._military)\nunmanned teams. [164]\nAI has been used in military operations in Iraq, Syria, Israel and Ukraine. [163][165][166][167]\n[In the early 2020s, generative AI gained widespread prominence. GenAI is AI capable of generating text,](https://en.wikipedia.org/wiki/Generative_AI)\n[images, videos, or other data using generative models,](https://en.wikipedia.org/wiki/Generative_model) [168][169] [ often in response to prompts.](https://en.wikipedia.org/wiki/Prompt_(natural_language)) [170][171]\n[In March 2023, 58% of U.S. adults had heard about ChatGPT and 14% had tried it.](https://en.wikipedia.org/wiki/ChatGPT) [172] The increasing\n[realism and ease-of-use of AI-based text-to-image generators such as Midjourney, DALL-E, and Stable](https://en.wikipedia.org/wiki/Stable_Diffusion)\n[Diffusion sparked a trend of viral AI-generated photos. Widespread attention was gained by a fake photo](https://en.wikipedia.org/wiki/Viral_phenomenon)\n[of Pope Francis wearing a white puffer coat, the fictional arrest of Donald Trump, and a hoax of an attack](https://en.wikipedia.org/wiki/Donald_Trump)\n[on the Pentagon, as well as the usage in professional creative arts.](https://en.wikipedia.org/wiki/The_Pentagon) [173][174]",
- "page_start": 10,
- "page_end": 10,
- "source_file": "wikipedia3.pdf"
- },
- {
- "text": "# Artificial intelligence Goals\n\n## **Artificial intelligence**\n\n### **History**\n\nresearch (measured by total publications) increased by 50% in the years 2015- 2019. [306]\n[In 2016, issues of fairness and the misuse of technology were catapulted into center stage at machine](https://en.wikipedia.org/wiki/Algorithmic_fairness)\nlearning conferences, publications vastly increased, funding became available, and many researchers re-\n[focussed their careers on these issues. The alignment problem became a serious field of academic](https://en.wikipedia.org/wiki/AI_alignment)\nstudy. [283]\n[In the late teens and early 2020s, AGI companies began to deliver programs that created enormous](https://en.wikipedia.org/wiki/Artificial_general_intelligence)\n[interest. In 2015, AlphaGo, developed by DeepMind, beat the world champion Go player. The program](https://en.wikipedia.org/wiki/Go_player)\n[taught only the game's rules and developed a strategy by itself. GPT-3 is a large language model that was](https://en.wikipedia.org/wiki/Large_language_model)\n[released in 2020 by OpenAI and is capable of generating high-quality human-like text.](https://en.wikipedia.org/wiki/OpenAI) [350] [ ChatGPT,](https://en.wikipedia.org/wiki/ChatGPT)\nlaunched on November 30, 2022, became the fastest-growing consumer software application in history,\ngaining over 100 million users in two months. [351] It marked what is widely regarded as AI's breakout\nyear, bringing it into the public consciousness. [352] [ These programs, and others, inspired an aggressive AI](https://en.wikipedia.org/wiki/AI_boom)\n[boom, where large companies began investing billions of dollars in AI research. According to AI Impacts,](https://en.wikipedia.org/wiki/AI_boom)\nabout $50 billion annually was invested in \"AI\" around 2022 in the U.S. alone and about 20% of the new\nThe Turing test can provide some\nevidence of intelligence, but it\npenalizes non-human intelligent\nbehavior. [361]\nU.S. Computer Science PhD graduates have specialized in \"AI\". [353] About 800,000 \"AI\"-related U.S. job\nopenings existed in 2022. [354] [ According to PitchBook research, 22% of newly funded startups in 2024](https://en.wikipedia.org/wiki/Startup_company)\nclaimed to be AI companies. [355]\nPhilosophical debates have historically sought to determine the nature of intelligence and how to make\nintelligent machines. [356] Another major focus has been whether machines can be conscious, and the\nassociated ethical implications. [357] Many other topics in philosophy are relevant to AI, such as\n[epistemology and free will.](https://en.wikipedia.org/wiki/Free_will) [358] Rapid advancements have intensified public discussions on the\n[philosophy and ethics of AI.](https://en.wikipedia.org/wiki/Ethics_of_AI) [357]\n[Alan Turing wrote in 1950 \"I propose to consider the question 'can machines think'?\"](https://en.wikipedia.org/wiki/Alan_Turing) [359] He advised",
- "page_start": 22,
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- "source_file": "wikipedia3.pdf"
- }
- ]
- },
- {
- "references": {
- "source_file": "news4.pdf",
- "query": "I want to help my parents who are in residential care, are there any trendy AI-related devices I could help them with? ",
- "target_page": 1,
- "target_passage": "Wearable devices equipped with this technology can offer real-time health insights, helping individuals make informed decisions about their well-being",
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- "text": "# The top AI-powered tech trends in 2025\n\n## **The top AI-powered tech trends in 2025**\n\nwww.newscanada.com\nWord Count: 346\n[M ed i a A ttach m en ts](https://www.newscanada.com/en/the-top-ai-powered-tech-trends-in-2025-139854)\n[View](https://www.newscanada.com/en/the-top-ai-powered-tech-trends-in-2025-139854)\n(NC) As we look ahead to 2025, artificial intelligence (AI) continues to revolutionize our lives. From\nenhancing our daily routines to transforming entire industries, AI’s impact is undeniable.\nThese five innovations are set to shape our future, offering unprecedented convenience, efficiency and\npersonalization.\nAI-powered computing\nAI-powered computing, such as Intel-powered laptops - or AI PC - is at the forefront of technological\nadvancement. But what, exactly, is an AI PC? They’re computers that have AI built into their processors\n- also known as the brain of the computer - which optimizes performance, enhances security and\nprovides a more personalized experience as they learn from your usage patterns. For consumers, this\nmeans faster, smarter and more secure computing tailored to your individual needs.\nSmart home automation\nSmart home automation has been around for a while, but AI is taking it to the next level. Imagine a\nhome that not only follows your commands, but also anticipates your needs. Enhanced smart home\nsystems can learn your daily routines and adjust settings accordingly, from lighting and temperature to\nsecurity and entertainment, making your home smarter and more responsive than ever before.\nHealth and wellness\nThe health-care industry is seeing significant transformation. AI-driven health and wellness applications",
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- "text": "# The top AI-powered tech trends in 2025\n\n## **The top AI-powered tech trends in 2025**\n\ncan monitor vital signs, predict potential health issues, and even provide personalized fitness and\nnutrition plans. Wearable devices equipped with this technology can offer real-time health insights,\nhelping individuals make informed decisions about their well-being.\nFinancial services\nAI is also making waves in the financial sector, offering smarter and more secure ways to manage\nmoney. From AI-driven investment platforms that provide personalized financial advice to fraud\ndetection systems that protect against cyber threats, AI can analyze vast amounts of data to identify\ntrends and make more informed financial decisions.\nEnhanced education\nIn education, enhanced learning tools provide personalized learning experiences that adapt to each\nstudent’s strengths and weaknesses. This technology can offer real-time feedback, helping students\nimprove their skills more effectively. Additionally, AI can assist educators by automating administrative\ntasks and providing insights into student performance, allowing for more focused and effective\nteaching.\nLearn more at intel.com/aipc.\n−\nMENU SEARCH [ARTICLES](https://www.newscanada.com/en/articles/content) [RADIO](https://www.newscanada.com/en/radio/content) [VIDEO](https://www.newscanada.com/en/digital-content/content)\nEN\nHave your say! Complete our\n[2025 Media Survey](https://www.newscanada.com/en/have-your-say-complete-our-2025-media-survey-137263)\n[Retrain your way to a new job](https://www.newscanada.com/en/retrain-your-way-to-a-new-job-139857) [The top AI-powered tech trends](https://www.newscanada.com/en/the-top-ai-powered-tech-trends-in-2025-139854)\nin 2025\n[R el ated P o sts](https://www.newscanada.com/en/the-top-ai-powered-tech-trends-in-2025-139854)\n[Ter m s o f Use](https://www.newscanada.com/en/the-top-ai-powered-tech-trends-in-2025-139854)\nEDITOR'S PICKS\n+\n+\nNews Canada and L'édition Nouvelles are either registered trademarks or trademarks of News Canada\nInc. All rights reserved.\nMENU SEARCH [ARTICLES](https://www.newscanada.com/en/articles/content) [RADIO](https://www.newscanada.com/en/radio/content) [VIDEO](https://www.newscanada.com/en/digital-content/content)\nEN",
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- "text": "# Artificial intelligence Goals\n\n## **Artificial intelligence**\n\n### **Techniques**\n\n#### **GPT**\n\n[self-driving cars), automatic language translation (Microsoft Translator, Google Translate), facial](https://en.wikipedia.org/wiki/Facial_recognition_system)\n[recognition (Apple's Face ID or Microsoft's DeepFace and Google's FaceNet) and image labeling (used](https://en.wikipedia.org/wiki/Image_labeling)\n[by Facebook, Apple's iPhoto and TikTok). The deployment of AI may be overseen by a Chief automation](https://en.wikipedia.org/wiki/Chief_automation_officer)\n[officer (CAO).](https://en.wikipedia.org/wiki/Chief_automation_officer)\n[The application of AI in medicine and medical research has the potential to increase patient care and](https://en.wikipedia.org/wiki/Medical_research)\nquality of life. [130] [ Through the lens of the Hippocratic Oath, medical professionals are ethically](https://en.wikipedia.org/wiki/Hippocratic_Oath)\ncompelled to use AI, if applications can more accurately diagnose and treat patients. [131][132]\n[For medical research, AI is an important tool for processing and integrating big data. This is particularly](https://en.wikipedia.org/wiki/Big_data)\n[important for organoid and tissue engineering development which use microscopy imaging as a key](https://en.wikipedia.org/wiki/Microscopy)\ntechnique in fabrication. [133] It has been suggested that AI can overcome discrepancies in funding\nallocated to different fields of research. [133] New AI tools can deepen the understanding of biomedically\n[relevant pathways. For example, AlphaFold 2 (2021) demonstrated the ability to approximate, in hours](https://en.wikipedia.org/wiki/AlphaFold_2)\n[rather than months, the 3D structure of a protein.](https://en.wikipedia.org/wiki/Protein_structure) [134] In 2023, it was reported that AI-guided drug\ndiscovery helped find a class of antibiotics capable of killing two different types of drug-resistant\nbacteria. [135] [ In 2024, researchers used machine learning to accelerate the search for Parkinson's disease](https://en.wikipedia.org/wiki/Parkinson%27s_disease)",
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- "text": "# Artificial intelligence Goals\n\n## **Artificial intelligence**\n\n### **Applications**\n\n#### **Mathematics**\n\nAlternatively, dedicated models for mathematical problem solving with higher precision for the outcome\nincluding proof of theorems have been developed such as *Alpha Tensor* , *Alpha Geometry* and *Alpha*\n*Proof* [ all from Google DeepMind,](https://en.wikipedia.org/wiki/Google_DeepMind) [157] *Llemma* from eleuther [158] or *Julius* . [159]\nWhen natural language is used to describe mathematical problems, converters transform such prompts\n[into a formal language such as Lean to define mathematical tasks.](https://en.wikipedia.org/wiki/Lean_(proof_assistant))\nSome models have been developed to solve challenging problems and reach good results in benchmark\ntests, others to serve as educational tools in mathematics. [160]\nFinance is one of the fastest growing sectors where applied AI tools are being deployed: from retail\nonline banking to investment advice and insurance, where automated \"robot advisers\" have been in use\nfor some years. [161]\n[World Pensions experts like Nicolas Firzli insist it may be too early to see the emergence of highly](https://en.wikipedia.org/wiki/World_Pensions_%26_Investments_Forum)\ninnovative AI-informed financial products and services: \"the deployment of AI tools will simply further\nautomatise things: destroying tens of thousands of jobs in banking, financial planning, and pension advice\nin the process, but I'm not sure it will unleash a new wave of [e.g., sophisticated] pension\ninnovation.\" [162]\nVarious countries are deploying AI military applications. [163] [ The main applications enhance command](https://en.wikipedia.org/wiki/Command_and_control)\n[and control, communications, sensors, integration and interoperability.](https://en.wikipedia.org/wiki/Command_and_control) [164] Research is targeting\nintelligence collection and analysis, logistics, cyber operations, information operations, and\n[semiautonomous and autonomous vehicles.](https://en.wikipedia.org/wiki/Vehicular_automation) [163] AI technologies enable coordination of sensors and\n[effectors, threat detection and identification, marking of enemy positions, target acquisition, coordination](https://en.wikipedia.org/wiki/Target_acquisition)\n[and deconfliction of distributed Joint Fires between networked combat vehicles involving manned and](https://en.wikipedia.org/wiki/Forward_observers_in_the_U.S._military)\nunmanned teams. [164]\nAI has been used in military operations in Iraq, Syria, Israel and Ukraine. [163][165][166][167]\n[In the early 2020s, generative AI gained widespread prominence. GenAI is AI capable of generating text,](https://en.wikipedia.org/wiki/Generative_AI)\n[images, videos, or other data using generative models,](https://en.wikipedia.org/wiki/Generative_model) [168][169] [ often in response to prompts.](https://en.wikipedia.org/wiki/Prompt_(natural_language)) [170][171]\n[In March 2023, 58% of U.S. adults had heard about ChatGPT and 14% had tried it.](https://en.wikipedia.org/wiki/ChatGPT) [172] The increasing\n[realism and ease-of-use of AI-based text-to-image generators such as Midjourney, DALL-E, and Stable](https://en.wikipedia.org/wiki/Stable_Diffusion)\n[Diffusion sparked a trend of viral AI-generated photos. Widespread attention was gained by a fake photo](https://en.wikipedia.org/wiki/Viral_phenomenon)\n[of Pope Francis wearing a white puffer coat, the fictional arrest of Donald Trump, and a hoax of an attack](https://en.wikipedia.org/wiki/Donald_Trump)\n[on the Pentagon, as well as the usage in professional creative arts.](https://en.wikipedia.org/wiki/The_Pentagon) [173][174]",
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- "text": "# Artificial intelligence Goals\n\n## **Artificial intelligence**\n\n### **Techniques**\n\n#### **GPT**\n\n[models are prone to generating falsehoods called \"hallucinations\", although this can be reduced with](https://en.wikipedia.org/wiki/Hallucination_(artificial_intelligence))\n[RLHF and quality data. They are used in chatbots, which allow people to ask a question or request a task](https://en.wikipedia.org/wiki/Chatbot)\nin simple text. [122][123]\n[Current models and services include Gemini (formerly Bard), ChatGPT, Grok, Claude, Copilot, and](https://en.wikipedia.org/wiki/Microsoft_Copilot)\n[LLaMA.](https://en.wikipedia.org/wiki/LLaMA) [124] [ Multimodal GPT models can process different types of data (modalities) such as images,](https://en.wikipedia.org/wiki/Modality_(human%E2%80%93computer_interaction))\nvideos, sound, and text. [125]\n[In the late 2010s, graphics processing units (GPUs) that were increasingly designed with AI-specific](https://en.wikipedia.org/wiki/Graphics_processing_unit)\n[enhancements and used with specialized TensorFlow software had replaced previously used central](https://en.wikipedia.org/wiki/Central_processing_unit)\n[processing unit (CPUs) as the dominant means for large-scale (commercial and academic) machine](https://en.wikipedia.org/wiki/Machine_learning)\n[learning models' training.](https://en.wikipedia.org/wiki/Machine_learning) [126] [ Specialized programming languages such as Prolog were used in early AI](https://en.wikipedia.org/wiki/Prolog)\nresearch, [127] [ but general-purpose programming languages like Python have become predominant.](https://en.wikipedia.org/wiki/Python_(programming_language)) [128]\n[The transistor density in integrated circuits has been observed to roughly double every 18 months—a](https://en.wikipedia.org/wiki/Integrated_circuit)\n[trend known as Moore's law, named after the Intel co-founder Gordon Moore, who first identified it.](https://en.wikipedia.org/wiki/Gordon_Moore)\n[Improvements in GPUs have been even faster.](https://en.wikipedia.org/wiki/GPUs) [129]\nAI and machine learning technology is used in most of the essential applications of the 2020s, including:\n[search engines (such as Google Search), targeting online advertisements, recommendation systems](https://en.wikipedia.org/wiki/Recommendation_systems)\n[(offered by Netflix, YouTube or Amazon), driving internet traffic, targeted advertising (AdSense,](https://en.wikipedia.org/wiki/AdSense)\n[Facebook), virtual assistants (such as Siri or Alexa), autonomous vehicles (including drones, ADAS and](https://en.wikipedia.org/wiki/Advanced_driver-assistance_system)",
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- "text": "# Artificial intelligence Goals\n\n## **Artificial intelligence**\n\n### **Applications**\n\n#### **Agents**\n\n[Vincent van Gogh in watercolour](https://en.wikipedia.org/wiki/Vincent_van_Gogh)\ncreated by generative AI software\nArtificial intelligent (AI) agents are software entities designed to\nperceive their environment, make decisions, and take actions\nautonomously to achieve specific goals. These agents can interact\nwith users, their environment, or other agents. AI agents are used\n[in various applications, including virtual assistants, chatbots,](https://en.wikipedia.org/wiki/Chatbots)\n[autonomous vehicles, game-playing systems, and industrial](https://en.wikipedia.org/wiki/Industrial_robotics)\n[robotics. AI agents operate within the constraints of their](https://en.wikipedia.org/wiki/Industrial_robotics)\nprogramming, available computational resources, and hardware\nlimitations. This means they are restricted to performing tasks\nwithin their defined scope and have finite memory and processing\ncapabilities. In real-world applications, AI agents often face time\nconstraints for decision-making and action execution. Many AI\nagents incorporate learning algorithms, enabling them to improve\ntheir performance over time through experience or training. Using\nmachine learning, AI agents can adapt to new situations and\noptimise their behaviour for their designated tasks. [175][176][177]\nThere are also thousands of successful AI applications used to solve specific problems for specific\nindustries or institutions. In a 2017 survey, one in five companies reported having incorporated \"AI\" in\nsome offerings or processes. [178] [ A few examples are energy storage, medical diagnosis, military](https://en.wikipedia.org/wiki/Energy_storage)\n[logistics, applications that predict the result of judicial decisions, foreign policy, or supply chain](https://en.wikipedia.org/wiki/Foreign_policy)",
- "page_start": 11,
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- "text": "# Artificial intelligence Goals\n\n## **Artificial intelligence**\n\n### **Applications**\n\n#### **Health and medicine**\n\n[drug treatments. Their aim was to identify compounds that block the clumping, or aggregation, of alpha-](https://en.wikipedia.org/wiki/Alpha-synuclein)\n[synuclein (the protein that characterises Parkinson's disease). They were able to speed up the initial](https://en.wikipedia.org/wiki/Alpha-synuclein)\nscreening process ten-fold and reduce the cost by a thousand-fold. [136][137]\nApplications of AI in this domain include AI-enabled menstruation and fertility trackers that analyze user\ndata to offer prediction, [138] [ AI-integrated sex toys (e.g., teledildonics),](https://en.wikipedia.org/wiki/Teledildonics) [139] AI-generated sexual\neducation content, [140] [ and AI agents that simulate sexual and romantic partners (e.g., Replika).](https://en.wikipedia.org/wiki/Replika) [141] AI is\n[also used for the production of non-consensual deepfake pornography, raising significant ethical and legal](https://en.wikipedia.org/wiki/Deepfake_pornography)\nconcerns. [142]\n[AI technologies have also been used to attempt to identify online gender-based violence and online](https://en.wikipedia.org/wiki/Online_gender-based_violence)\n[sexual grooming of minors.](https://en.wikipedia.org/wiki/Sexual_grooming) [143][144]\n[Game playing programs have been used since the 1950s to demonstrate and test AI's most advanced](https://en.wikipedia.org/wiki/Game_AI)\ntechniques. [145] [ Deep Blue became the first computer chess-playing system to beat a reigning world chess](https://en.wikipedia.org/wiki/IBM_Deep_Blue)\n[champion, Garry Kasparov, on 11 May 1997.](https://en.wikipedia.org/wiki/Garry_Kasparov) [146] In 2011, in a *[Jeopardy!](https://en.wikipedia.org/wiki/Jeopardy!)* [ quiz show exhibition match,](https://en.wikipedia.org/wiki/Quiz_show)\n[IBM's question answering system, Watson, defeated the two greatest ](https://en.wikipedia.org/wiki/Watson_(artificial_intelligence_software)) *Jeopardy!* [ champions, Brad Rutter](https://en.wikipedia.org/wiki/Brad_Rutter)\n[and Ken Jennings, by a significant margin.](https://en.wikipedia.org/wiki/Ken_Jennings) [147] [ In March 2016, AlphaGo won 4 out of 5 games of Go in a](https://en.wikipedia.org/wiki/Go_(game))\n[match with Go champion Lee Sedol, becoming the first computer Go-playing system to beat a](https://en.wikipedia.org/wiki/Computer_Go)\n[professional Go player without handicaps. Then, in 2017, it defeated Ke Jie, who was the best Go player](https://en.wikipedia.org/wiki/AlphaGo_versus_Ke_Jie)\nin the world. [148] [ Other programs handle imperfect-information games, such as the poker-playing](https://en.wikipedia.org/wiki/Poker)",
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- "text": "# Artificial intelligence Goals\n\n## **Artificial intelligence**\n\n**Artificial intelligence** ( **AI** [), in its broadest sense, is intelligence exhibited by machines, particularly](https://en.wikipedia.org/wiki/Machine)\n[computer systems. It is a field of research in computer science that develops and studies methods and](https://en.wikipedia.org/wiki/Computer_science)\n[software that enable machines to perceive their environment and use learning and intelligence to take](https://en.wikipedia.org/wiki/Machine_learning)\nactions that maximize their chances of achieving defined goals. [1] Such machines may be called AIs.\n[High-profile applications of AI include advanced web search engines (e.g., Google Search);](https://en.wikipedia.org/wiki/Google_Search)\n[recommendation systems (used by YouTube, Amazon, and Netflix); virtual assistants (e.g., Google](https://en.wikipedia.org/wiki/Google_Assistant)\n[Assistant, Siri, and Alexa); autonomous vehicles (e.g., Waymo); generative and creative tools (e.g.,](https://en.wikipedia.org/wiki/Computational_creativity)\n[ChatGPT and AI art); and superhuman play and analysis in strategy games (e.g., chess and Go). However,](https://en.wikipedia.org/wiki/Go_(game))\nmany AI applications are not perceived as AI: \"A lot of cutting edge AI has filtered into general\napplications, often without being called AI because once something becomes useful enough and common\n[enough it's not labeled AI anymore.\"](https://en.wikipedia.org/wiki/AI_effect) [2][3]\nVarious subfields of AI research are centered around particular goals and the use of particular tools. The\n[traditional goals of AI research include reasoning, knowledge representation, planning, learning, natural](https://en.wikipedia.org/wiki/Natural_language_processing)\n[language processing, perception, and support for robotics.](https://en.wikipedia.org/wiki/Robotics) [a] [ General intelligence—the ability to complete](https://en.wikipedia.org/wiki/Artificial_general_intelligence)\nany task performed by a human on an at least equal level—is among the field's long-term goals. [4] To",
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- "text": "# Artificial intelligence Goals\n\n## **Artificial intelligence**\n\n### **Applications**\n\n#### **Health and medicine**\n\n[program Pluribus.](https://en.wikipedia.org/wiki/Pluribus_(poker_bot)) [149] [ DeepMind developed increasingly generalistic reinforcement learning models,](https://en.wikipedia.org/wiki/Reinforcement_learning)\n[such as with MuZero, which could be trained to play chess, Go, or Atari games.](https://en.wikipedia.org/wiki/Atari) [150] In 2019, DeepMind's\n[AlphaStar achieved grandmaster level in StarCraft II, a particularly challenging real-time strategy game](https://en.wikipedia.org/wiki/StarCraft_II)\nthat involves incomplete knowledge of what happens on the map. [151] In 2021, an AI agent competed in a\n[PlayStation Gran Turismo competition, winning against four of the world's best Gran Turismo drivers](https://en.wikipedia.org/wiki/Gran_Turismo_(series))\nusing deep reinforcement learning. [152] In 2024, Google DeepMind introduced SIMA, a type of AI\n[capable of autonomously playing nine previously unseen open-world video games by observing screen](https://en.wikipedia.org/wiki/Open-world)\noutput, as well as executing short, specific tasks in response to natural language instructions. [153]\n[In mathematics, special forms of formal step-by-step reasoning are used.](https://en.wikipedia.org/wiki/Automatic_reasoning) [154] In contrast, LLMs such as\n*[GPT-4 Turbo](https://en.wikipedia.org/wiki/GPT-4)* , *[Gemini Ultra](https://en.wikipedia.org/wiki/Gemini_(chatbot))* , *[Claude Opus](https://en.wikipedia.org/wiki/Claude_(language_model))* , *[LLaMa-2](https://en.wikipedia.org/wiki/Llama_(language_model))* or *[Mistral Large](https://en.wikipedia.org/wiki/Mistral_AI)* are working with probabilistic\n[models, which can produce wrong answers in the form of hallucinations. Therefore, they need not only a](https://en.wikipedia.org/wiki/Hallucination_(artificial_intelligence))\n[large database of mathematical problems to learn from but also methods such as supervised fine-tuning or](https://en.wikipedia.org/wiki/Fine-tuning_(deep_learning))\n[trained classifiers with human-annotated data to improve answers for new problems and learn from](https://en.wikipedia.org/wiki/Statistical_classification)\ncorrections. [155] A 2024 study showed that the performance of some language models for reasoning\ncapabilities in solving math problems not included in their training data was low, even for problems with\nonly minor deviations from trained data. [156]",
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- "text": "# Artificial intelligence Goals\n\n## **Artificial intelligence**\n\n### **Further reading**\n\nLeffer, Lauren, \"The Risks of Trusting AI: We must avoid humanizing machine-learning models\nused in scientific research\", *[Scientific American](https://en.wikipedia.org/wiki/Scientific_American)* , vol. 330, no. 6 (June 2024), pp. 80- 81.\n[Lepore, Jill, \"The Chit-Chatbot: Is talking with a machine a conversation?\", ](https://en.wikipedia.org/wiki/Jill_Lepore) *[The New Yorker](https://en.wikipedia.org/wiki/The_New_Yorker)* , 7\nOctober 2024, pp. 12- 16.\n[Maschafilm (2010). \"Content: Plug & Pray Film - Artificial Intelligence - Robots\" (http://www.plu](http://www.plugandpray-film.de/en/content.html)\n[gandpray-film.de/en/content.html). ](http://www.plugandpray-film.de/en/content.html) *plugandpray-film.de* [. Archived (https://web.archive.org/w](https://web.archive.org/web/20160212040134/http://www.plugandpray-film.de/en/content.html)\n[eb/20160212040134/http://www.plugandpray-film.de/en/content.html) from the original on 12](https://web.archive.org/web/20160212040134/http://www.plugandpray-film.de/en/content.html)\nFebruary 2016.\n[Marcus, Gary, \"Artificial Confidence: Even the newest, buzziest systems of artificial general](https://en.wikipedia.org/wiki/Marcus,_Gary)\nintelligence are stymmied by the same old problems\", *[Scientific American](https://en.wikipedia.org/wiki/Scientific_American)* , vol. 327, no. 4\n(October 2022), pp. 42- 45.\nMitchell, Melanie (2019). *Artificial intelligence: a guide for thinking humans* . New York: Farrar,\n[Straus and Giroux. ISBN 978-0-3742-5783-5.](https://en.wikipedia.org/wiki/Special:BookSources/978-0-3742-5783-5)\n[Mnih, Volodymyr; Kavukcuoglu, Koray; Silver, David; et al. (26 February 2015). \"Human-level](https://www.nature.com/articles/nature14236)\n[control through deep reinforcement learning\" (https://www.nature.com/articles/nature14236).](https://www.nature.com/articles/nature14236)\n*Nature* . **518** [ (7540): 529- 533. Bibcode:2015Natur.518..529M (https://ui.adsabs.harvard.edu/](https://ui.adsabs.harvard.edu/abs/2015Natur.518..529M)\n[abs/2015Natur.518..529M). doi:10.1038/nature14236 (https://doi.org/10.1038%2Fnature142](https://doi.org/10.1038%2Fnature14236)\n[36). PMID 25719670 (https://pubmed.ncbi.nlm.nih.gov/25719670). S2CID 205242740 (http](https://api.semanticscholar.org/CorpusID:205242740)\n[s://api.semanticscholar.org/CorpusID:205242740). Archived (https://web.archive.org/web/20](https://web.archive.org/web/20230619055525/https://www.nature.com/articles/nature14236)\n[230619055525/https://www.nature.com/articles/nature14236) from the original on 19 June](https://web.archive.org/web/20230619055525/https://www.nature.com/articles/nature14236)\n[2023. Retrieved 19 June 2023. Introduced DQN, which produced human-level performance](https://en.wikipedia.org/wiki/Deep_Q-learning)\non some Atari games.\n[Press, Eyal, \"In Front of Their Faces: Does facial-recognition technology lead police to ignore](https://en.wikipedia.org/wiki/Eyal_Press)\ncontradictory evidence?\", *[The New Yorker](https://en.wikipedia.org/wiki/The_New_Yorker)* , 20 November 2023, pp. 20- 26.\n[\"Robots could demand legal rights\" (http://news.bbc.co.uk/2/hi/technology/6200005.stm). ](http://news.bbc.co.uk/2/hi/technology/6200005.stm) *BBC*\n*News* [. 21 December 2006. Archived (https://web.archive.org/web/20191015042628/http://ne](https://web.archive.org/web/20191015042628/http://news.bbc.co.uk/2/hi/technology/6200005.stm)\n[ws.bbc.co.uk/2/hi/technology/6200005.stm) from the original on 15 October 2019. Retrieved](https://web.archive.org/web/20191015042628/http://news.bbc.co.uk/2/hi/technology/6200005.stm)\n3 February 2011.\n[Roivainen, Eka, \"AI's IQ: ChatGPT aced a [standard intelligence] test but showed that](https://en.wikipedia.org/wiki/ChatGPT)\n[intelligence cannot be measured by IQ alone\", ](https://en.wikipedia.org/wiki/IQ) *[Scientific American](https://en.wikipedia.org/wiki/Scientific_American)* , vol. 329, no. 1\n[(July/August 2023), p. 7. \"Despite its high IQ, ChatGPT fails at tasks that require real](https://en.wikipedia.org/wiki/ChatGPT)\nhumanlike reasoning or an understanding of the physical and social world.... ChatGPT\nseemed unable to reason logically and tried to rely on its vast database of... facts derived\nfrom online texts.\"\nScharre, Paul, \"Killer Apps: The Real Dangers of an AI Arms Race\", *[Foreign Affairs](https://en.wikipedia.org/wiki/Foreign_Affairs)* , vol. 98, no.\n3 (May/June 2019), pp. 135- 144. \"Today's AI technologies are powerful but unreliable.\nRules-based systems cannot deal with circumstances their programmers did not anticipate.",
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- "text": "# The top AI-powered tech trends in 2025\n\n## **The top AI-powered tech trends in 2025**\n\ncan monitor vital signs, predict potential health issues, and even provide personalized fitness and\nnutrition plans. Wearable devices equipped with this technology can offer real-time health insights,\nhelping individuals make informed decisions about their well-being.\nFinancial services\nAI is also making waves in the financial sector, offering smarter and more secure ways to manage\nmoney. From AI-driven investment platforms that provide personalized financial advice to fraud\ndetection systems that protect against cyber threats, AI can analyze vast amounts of data to identify\ntrends and make more informed financial decisions.\nEnhanced education\nIn education, enhanced learning tools provide personalized learning experiences that adapt to each\nstudent’s strengths and weaknesses. This technology can offer real-time feedback, helping students\nimprove their skills more effectively. Additionally, AI can assist educators by automating administrative\ntasks and providing insights into student performance, allowing for more focused and effective\nteaching.\nLearn more at intel.com/aipc.\n−\nMENU SEARCH [ARTICLES](https://www.newscanada.com/en/articles/content) [RADIO](https://www.newscanada.com/en/radio/content) [VIDEO](https://www.newscanada.com/en/digital-content/content)\nEN\nHave your say! Complete our\n[2025 Media Survey](https://www.newscanada.com/en/have-your-say-complete-our-2025-media-survey-137263)\n[Retrain your way to a new job](https://www.newscanada.com/en/retrain-your-way-to-a-new-job-139857) [The top AI-powered tech trends](https://www.newscanada.com/en/the-top-ai-powered-tech-trends-in-2025-139854)\nin 2025\n[R el ated P o sts](https://www.newscanada.com/en/the-top-ai-powered-tech-trends-in-2025-139854)\n[Ter m s o f Use](https://www.newscanada.com/en/the-top-ai-powered-tech-trends-in-2025-139854)\nEDITOR'S PICKS\n+\n+\nNews Canada and L'édition Nouvelles are either registered trademarks or trademarks of News Canada\nInc. All rights reserved.\nMENU SEARCH [ARTICLES](https://www.newscanada.com/en/articles/content) [RADIO](https://www.newscanada.com/en/radio/content) [VIDEO](https://www.newscanada.com/en/digital-content/content)\nEN",
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- },
- {
- "text": "# The top AI-powered tech trends in 2025\n\nISSUE\nDecember 2024\nCATEGORIES\n[Technology & Cybersecurity](https://www.newscanada.com/en/Technology/content)\n[Editor's Picks](https://www.newscanada.com/en/editor-picks/content)\n[Finance - Personal](https://www.newscanada.com/en/personal-finance/content)\n[Home - Interior](https://www.newscanada.com/en/house-home/content)",
- "page_start": 0,
- "page_end": 0,
- "source_file": "news4.pdf"
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- "text": "# The top AI-powered tech trends in 2025\n\n## **The top AI-powered tech trends in 2025**\n\nwww.newscanada.com\nWord Count: 346\n[M ed i a A ttach m en ts](https://www.newscanada.com/en/the-top-ai-powered-tech-trends-in-2025-139854)\n[View](https://www.newscanada.com/en/the-top-ai-powered-tech-trends-in-2025-139854)\n(NC) As we look ahead to 2025, artificial intelligence (AI) continues to revolutionize our lives. From\nenhancing our daily routines to transforming entire industries, AI’s impact is undeniable.\nThese five innovations are set to shape our future, offering unprecedented convenience, efficiency and\npersonalization.\nAI-powered computing\nAI-powered computing, such as Intel-powered laptops - or AI PC - is at the forefront of technological\nadvancement. But what, exactly, is an AI PC? They’re computers that have AI built into their processors\n- also known as the brain of the computer - which optimizes performance, enhances security and\nprovides a more personalized experience as they learn from your usage patterns. For consumers, this\nmeans faster, smarter and more secure computing tailored to your individual needs.\nSmart home automation\nSmart home automation has been around for a while, but AI is taking it to the next level. Imagine a\nhome that not only follows your commands, but also anticipates your needs. Enhanced smart home\nsystems can learn your daily routines and adjust settings accordingly, from lighting and temperature to\nsecurity and entertainment, making your home smarter and more responsive than ever before.\nHealth and wellness\nThe health-care industry is seeing significant transformation. AI-driven health and wellness applications",
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- "text": "# Artificial intelligence Goals\n\n## **Artificial intelligence**\n\n### **Applications**\n\n#### **Mathematics**\n\nAlternatively, dedicated models for mathematical problem solving with higher precision for the outcome\nincluding proof of theorems have been developed such as *Alpha Tensor* , *Alpha Geometry* and *Alpha*\n*Proof* [ all from Google DeepMind,](https://en.wikipedia.org/wiki/Google_DeepMind) [157] *Llemma* from eleuther [158] or *Julius* . [159]\nWhen natural language is used to describe mathematical problems, converters transform such prompts\n[into a formal language such as Lean to define mathematical tasks.](https://en.wikipedia.org/wiki/Lean_(proof_assistant))\nSome models have been developed to solve challenging problems and reach good results in benchmark\ntests, others to serve as educational tools in mathematics. [160]\nFinance is one of the fastest growing sectors where applied AI tools are being deployed: from retail\nonline banking to investment advice and insurance, where automated \"robot advisers\" have been in use\nfor some years. [161]\n[World Pensions experts like Nicolas Firzli insist it may be too early to see the emergence of highly](https://en.wikipedia.org/wiki/World_Pensions_%26_Investments_Forum)\ninnovative AI-informed financial products and services: \"the deployment of AI tools will simply further\nautomatise things: destroying tens of thousands of jobs in banking, financial planning, and pension advice\nin the process, but I'm not sure it will unleash a new wave of [e.g., sophisticated] pension\ninnovation.\" [162]\nVarious countries are deploying AI military applications. [163] [ The main applications enhance command](https://en.wikipedia.org/wiki/Command_and_control)\n[and control, communications, sensors, integration and interoperability.](https://en.wikipedia.org/wiki/Command_and_control) [164] Research is targeting\nintelligence collection and analysis, logistics, cyber operations, information operations, and\n[semiautonomous and autonomous vehicles.](https://en.wikipedia.org/wiki/Vehicular_automation) [163] AI technologies enable coordination of sensors and\n[effectors, threat detection and identification, marking of enemy positions, target acquisition, coordination](https://en.wikipedia.org/wiki/Target_acquisition)\n[and deconfliction of distributed Joint Fires between networked combat vehicles involving manned and](https://en.wikipedia.org/wiki/Forward_observers_in_the_U.S._military)\nunmanned teams. [164]\nAI has been used in military operations in Iraq, Syria, Israel and Ukraine. [163][165][166][167]\n[In the early 2020s, generative AI gained widespread prominence. GenAI is AI capable of generating text,](https://en.wikipedia.org/wiki/Generative_AI)\n[images, videos, or other data using generative models,](https://en.wikipedia.org/wiki/Generative_model) [168][169] [ often in response to prompts.](https://en.wikipedia.org/wiki/Prompt_(natural_language)) [170][171]\n[In March 2023, 58% of U.S. adults had heard about ChatGPT and 14% had tried it.](https://en.wikipedia.org/wiki/ChatGPT) [172] The increasing\n[realism and ease-of-use of AI-based text-to-image generators such as Midjourney, DALL-E, and Stable](https://en.wikipedia.org/wiki/Stable_Diffusion)\n[Diffusion sparked a trend of viral AI-generated photos. Widespread attention was gained by a fake photo](https://en.wikipedia.org/wiki/Viral_phenomenon)\n[of Pope Francis wearing a white puffer coat, the fictional arrest of Donald Trump, and a hoax of an attack](https://en.wikipedia.org/wiki/Donald_Trump)\n[on the Pentagon, as well as the usage in professional creative arts.](https://en.wikipedia.org/wiki/The_Pentagon) [173][174]",
- "page_start": 10,
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- "text": "# Artificial intelligence Goals\n\n## **Artificial intelligence**\n\n### **References**\n\n[2019/05/03/china-smart-city-exposed). 3 May 2019. Archived (https://web.archive.org/web/2](https://web.archive.org/web/20210307203740/https://consent.yahoo.com/v2/collectConsent?sessionId=3_cc-session_c8562b93-9863-4915-8523-6c7b930a3efc)\n[0210307203740/https://consent.yahoo.com/v2/collectConsent?sessionId=3_cc-session_c85](https://web.archive.org/web/20210307203740/https://consent.yahoo.com/v2/collectConsent?sessionId=3_cc-session_c8562b93-9863-4915-8523-6c7b930a3efc)\n[62b93-9863-4915-8523-6c7b930a3efc) from the original on 7 March 2021. Retrieved](https://web.archive.org/web/20210307203740/https://consent.yahoo.com/v2/collectConsent?sessionId=3_cc-session_c8562b93-9863-4915-8523-6c7b930a3efc)\n14 September 2020.\n254. Urbina et al. (2022).\n255. E. McGaughey, 'Will Robots Automate Your Job Away? Full Employment, Basic Income, and\n[Economic Democracy' (2022), 51(3) Industrial Law Journal 511- 559 (https://academic.oup.c](https://academic.oup.com/ilj/article/51/3/511/6321008)\n[om/ilj/article/51/3/511/6321008). Archived (https://web.archive.org/web/20230527163045/htt](https://web.archive.org/web/20230527163045/https://academic.oup.com/ilj/article/51/3/511/6321008)\n[ps://academic.oup.com/ilj/article/51/3/511/6321008) 27 May 2023 at the Wayback Machine.](https://en.wikipedia.org/wiki/Wayback_Machine)\n256. Ford & Colvin (2015);McGaughey (2022)\n257. IGM Chicago (2017).\n258. Arntz, Gregory & Zierahn (2016), p. 33.\n259. Lohr (2017); Frey & Osborne (2017); Arntz, Gregory & Zierahn (2016, p. 33)\n[260. Zhou, Viola (11 April 2023). \"AI is already taking video game illustrators' jobs in China\" (http](https://restofworld.org/2023/ai-image-china-video-game-layoffs)\n[s://restofworld.org/2023/ai-image-china-video-game-layoffs). ](https://restofworld.org/2023/ai-image-china-video-game-layoffs) *Rest of World* [. Archived (http](https://web.archive.org/web/20240221131748/https://restofworld.org/2023/ai-image-china-video-game-layoffs/)\n[s://web.archive.org/web/20240221131748/https://restofworld.org/2023/ai-image-china-video](https://web.archive.org/web/20240221131748/https://restofworld.org/2023/ai-image-china-video-game-layoffs/)\n[-game-layoffs/) from the original on 21 February 2024. Retrieved 17 August 2023.](https://web.archive.org/web/20240221131748/https://restofworld.org/2023/ai-image-china-video-game-layoffs/)\n[261. Carter, Justin (11 April 2023). \"China's game art industry reportedly decimated by growing AI](https://www.gamedeveloper.com/art/china-s-game-art-industry-reportedly-decimated-ai-art-use)\n[use\" (https://www.gamedeveloper.com/art/china-s-game-art-industry-reportedly-decimated-a](https://www.gamedeveloper.com/art/china-s-game-art-industry-reportedly-decimated-ai-art-use)\n[i-art-use). ](https://www.gamedeveloper.com/art/china-s-game-art-industry-reportedly-decimated-ai-art-use) *Game Developer* [. Archived (https://web.archive.org/web/20230817010519/https://](https://web.archive.org/web/20230817010519/https://www.gamedeveloper.com/art/china-s-game-art-industry-reportedly-decimated-ai-art-use)\n[www.gamedeveloper.com/art/china-s-game-art-industry-reportedly-decimated-ai-art-use)](https://web.archive.org/web/20230817010519/https://www.gamedeveloper.com/art/china-s-game-art-industry-reportedly-decimated-ai-art-use)\nfrom the original on 17 August 2023. Retrieved 17 August 2023.\n262. Morgenstern (2015).\n263. Mahdawi (2017); Thompson (2014)\n264. Tarnoff, Ben (4 August 2023). \"Lessons from Eliza\". *[The Guardian Weekly](https://en.wikipedia.org/wiki/The_Guardian_Weekly)* . pp. 34- 39.\n265. Cellan-Jones (2014).\n266. Russell & Norvig 2021, p. 1001.\n267. Bostrom (2014).\n268. Russell (2019).\n269. Bostrom (2014); Müller & Bostrom (2014); Bostrom (2015).\n270. Harari (2023).\n271. Müller & Bostrom (2014).\n272. Leaders' concerns about the existential risks of AI around 2015: Rawlinson (2015), Holley\n(2015), Gibbs (2014), Sainato (2015)\n[273. \" \"Godfather of artificial intelligence\" talks impact and potential of new AI\" (https://www.cbsne](https://www.cbsnews.com/video/godfather-of-artificial-intelligence-talks-impact-and-potential-of-new-ai)\n[ws.com/video/godfather-of-artificial-intelligence-talks-impact-and-potential-of-new-ai). ](https://www.cbsnews.com/video/godfather-of-artificial-intelligence-talks-impact-and-potential-of-new-ai) *CBS*\n*News* [. 25 March 2023. Archived (https://web.archive.org/web/20230328225221/https://www.](https://web.archive.org/web/20230328225221/https://www.cbsnews.com/video/godfather-of-artificial-intelligence-talks-impact-and-potential-of-new-ai)\n[cbsnews.com/video/godfather-of-artificial-intelligence-talks-impact-and-potential-of-new-ai)](https://web.archive.org/web/20230328225221/https://www.cbsnews.com/video/godfather-of-artificial-intelligence-talks-impact-and-potential-of-new-ai)\nfrom 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](https://www.cbc.ca/news/business/ai-doom-column-don-pittis-1.6829302)\n[fears of computer takeover\" (https://www.cbc.ca/news/business/ai-doom-column-don-pittis-](https://www.cbc.ca/news/business/ai-doom-column-don-pittis-1.6829302)\n[1.6829302). ](https://www.cbc.ca/news/business/ai-doom-column-don-pittis-1.6829302) *CBC* [. Archived (https://web.archive.org/web/20240707032135/https://www.cbc.](https://web.archive.org/web/20240707032135/https://www.cbc.ca/news/business/ai-doom-column-don-pittis-1.6829302)\n[ca/news/business/ai-doom-column-don-pittis-1.6829302) from the original on 7 July 2024.](https://web.archive.org/web/20240707032135/https://www.cbc.ca/news/business/ai-doom-column-don-pittis-1.6829302)\nRetrieved 5 October 2024.\n[275. \" '50- 50 chance' that AI outsmarts humanity, Geoffrey Hinton says\" (https://www.bnnbloomb](https://www.bnnbloomberg.ca/50-50-chance-that-ai-outsmarts-humanity-geoffrey-hinton-says-1.2085394)\n[erg.ca/50-50-chance-that-ai-outsmarts-humanity-geoffrey-hinton-says-1.2085394).](https://www.bnnbloomberg.ca/50-50-chance-that-ai-outsmarts-humanity-geoffrey-hinton-says-1.2085394)\n*Bloomberg BNN* . 14 June 2024. Retrieved 6 July 2024.\n276. Valance (2023).\n[277. Taylor, Josh (7 May 2023). \"Rise of artificial intelligence is inevitable but should not be](https://www.theguardian.com/technology/2023/may/07/rise-of-artificial-intelligence-is-inevitable-but-should-not-be-feared-father-of-ai-says)\n[feared, 'father of AI' says\" (https://www.theguardian.com/technology/2023/may/07/rise-of-arti](https://www.theguardian.com/technology/2023/may/07/rise-of-artificial-intelligence-is-inevitable-but-should-not-be-feared-father-of-ai-says)\n[ficial-intelligence-is-inevitable-but-should-not-be-feared-father-of-ai-says). ](https://www.theguardian.com/technology/2023/may/07/rise-of-artificial-intelligence-is-inevitable-but-should-not-be-feared-father-of-ai-says) *The Guardian* .\n[Archived (https://web.archive.org/web/20231023061228/https://www.theguardian.com/techn](https://web.archive.org/web/20231023061228/https://www.theguardian.com/technology/2023/may/07/rise-of-artificial-intelligence-is-inevitable-but-should-not-be-feared-father-of-ai-says)\n[ology/2023/may/07/rise-of-artificial-intelligence-is-inevitable-but-should-not-be-feared-father-](https://web.archive.org/web/20231023061228/https://www.theguardian.com/technology/2023/may/07/rise-of-artificial-intelligence-is-inevitable-but-should-not-be-feared-father-of-ai-says)\n[of-ai-says) from the original on 23 October 2023. Retrieved 26 May 2023.](https://web.archive.org/web/20231023061228/https://www.theguardian.com/technology/2023/may/07/rise-of-artificial-intelligence-is-inevitable-but-should-not-be-feared-father-of-ai-says)\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-cannot-stop)",
- "page_start": 43,
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- {
- "text": "# Artificial intelligence Goals\n\n## **Artificial intelligence**\n\n### **History**\n\nresearch (measured by total publications) increased by 50% in the years 2015- 2019. [306]\n[In 2016, issues of fairness and the misuse of technology were catapulted into center stage at machine](https://en.wikipedia.org/wiki/Algorithmic_fairness)\nlearning conferences, publications vastly increased, funding became available, and many researchers re-\n[focussed their careers on these issues. The alignment problem became a serious field of academic](https://en.wikipedia.org/wiki/AI_alignment)\nstudy. [283]\n[In the late teens and early 2020s, AGI companies began to deliver programs that created enormous](https://en.wikipedia.org/wiki/Artificial_general_intelligence)\n[interest. In 2015, AlphaGo, developed by DeepMind, beat the world champion Go player. The program](https://en.wikipedia.org/wiki/Go_player)\n[taught only the game's rules and developed a strategy by itself. GPT-3 is a large language model that was](https://en.wikipedia.org/wiki/Large_language_model)\n[released in 2020 by OpenAI and is capable of generating high-quality human-like text.](https://en.wikipedia.org/wiki/OpenAI) [350] [ ChatGPT,](https://en.wikipedia.org/wiki/ChatGPT)\nlaunched on November 30, 2022, became the fastest-growing consumer software application in history,\ngaining over 100 million users in two months. [351] It marked what is widely regarded as AI's breakout\nyear, bringing it into the public consciousness. [352] [ These programs, and others, inspired an aggressive AI](https://en.wikipedia.org/wiki/AI_boom)\n[boom, where large companies began investing billions of dollars in AI research. According to AI Impacts,](https://en.wikipedia.org/wiki/AI_boom)\nabout $50 billion annually was invested in \"AI\" around 2022 in the U.S. alone and about 20% of the new\nThe Turing test can provide some\nevidence of intelligence, but it\npenalizes non-human intelligent\nbehavior. [361]\nU.S. Computer Science PhD graduates have specialized in \"AI\". [353] About 800,000 \"AI\"-related U.S. job\nopenings existed in 2022. [354] [ According to PitchBook research, 22% of newly funded startups in 2024](https://en.wikipedia.org/wiki/Startup_company)\nclaimed to be AI companies. [355]\nPhilosophical debates have historically sought to determine the nature of intelligence and how to make\nintelligent machines. [356] Another major focus has been whether machines can be conscious, and the\nassociated ethical implications. [357] Many other topics in philosophy are relevant to AI, such as\n[epistemology and free will.](https://en.wikipedia.org/wiki/Free_will) [358] Rapid advancements have intensified public discussions on the\n[philosophy and ethics of AI.](https://en.wikipedia.org/wiki/Ethics_of_AI) [357]\n[Alan Turing wrote in 1950 \"I propose to consider the question 'can machines think'?\"](https://en.wikipedia.org/wiki/Alan_Turing) [359] He advised",
- "page_start": 22,
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- {
- "text": "# Artificial intelligence Goals\n\n## **Artificial intelligence**\n\nreach these goals, AI researchers have adapted and integrated a wide range of techniques, including\n[search and mathematical optimization, formal logic, artificial neural networks, and methods based on](https://en.wikipedia.org/wiki/Artificial_neural_network)\n[statistics, operations research, and economics.](https://en.wikipedia.org/wiki/Economics) [b] [ AI also draws upon psychology, linguistics, philosophy,](https://en.wikipedia.org/wiki/Philosophy_of_artificial_intelligence)\n[neuroscience, and other fields.](https://en.wikipedia.org/wiki/Neuroscience) [5]\nArtificial intelligence was founded as an academic discipline in 1956, [6] and the field went through\n[multiple cycles of optimism throughout its history,](https://en.wikipedia.org/wiki/History_of_artificial_intelligence) [7][8] followed by periods of disappointment and loss of\n[funding, known as AI winters.](https://en.wikipedia.org/wiki/AI_winter) [9][10] [ Funding and interest vastly increased after 2012 when deep learning](https://en.wikipedia.org/wiki/Deep_learning)\noutperformed previous AI techniques. [11] [ This growth accelerated further after 2017 with the transformer](https://en.wikipedia.org/wiki/Transformer_architecture)\n[architecture,](https://en.wikipedia.org/wiki/Transformer_architecture) [12] and by the early 2020s many billions of dollars were being invested in AI and the field\n[experienced rapid ongoing progress in what has become known as the AI boom. The emergence of](https://en.wikipedia.org/wiki/AI_boom)\nadvanced generative AI in the midst of the AI boom and its ability to create and modify content exposed\n[several unintended consequences and harms in the present and raised concerns about the risks of AI and](https://en.wikipedia.org/wiki/AI_risk)\n[its long-term effects in the future, prompting discussions about regulatory policies to ensure the safety](https://en.wikipedia.org/wiki/AI_safety)\n[and benefits of the technology.](https://en.wikipedia.org/wiki/AI_safety)",
- "page_start": 0,
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- {
- "text": "# Artificial intelligence Goals\n\n## **Artificial intelligence**\n\n### **Applications**\n\n#### **Health and medicine**\n\n[program Pluribus.](https://en.wikipedia.org/wiki/Pluribus_(poker_bot)) [149] [ DeepMind developed increasingly generalistic reinforcement learning models,](https://en.wikipedia.org/wiki/Reinforcement_learning)\n[such as with MuZero, which could be trained to play chess, Go, or Atari games.](https://en.wikipedia.org/wiki/Atari) [150] In 2019, DeepMind's\n[AlphaStar achieved grandmaster level in StarCraft II, a particularly challenging real-time strategy game](https://en.wikipedia.org/wiki/StarCraft_II)\nthat involves incomplete knowledge of what happens on the map. [151] In 2021, an AI agent competed in a\n[PlayStation Gran Turismo competition, winning against four of the world's best Gran Turismo drivers](https://en.wikipedia.org/wiki/Gran_Turismo_(series))\nusing deep reinforcement learning. [152] In 2024, Google DeepMind introduced SIMA, a type of AI\n[capable of autonomously playing nine previously unseen open-world video games by observing screen](https://en.wikipedia.org/wiki/Open-world)\noutput, as well as executing short, specific tasks in response to natural language instructions. [153]\n[In mathematics, special forms of formal step-by-step reasoning are used.](https://en.wikipedia.org/wiki/Automatic_reasoning) [154] In contrast, LLMs such as\n*[GPT-4 Turbo](https://en.wikipedia.org/wiki/GPT-4)* , *[Gemini Ultra](https://en.wikipedia.org/wiki/Gemini_(chatbot))* , *[Claude Opus](https://en.wikipedia.org/wiki/Claude_(language_model))* , *[LLaMa-2](https://en.wikipedia.org/wiki/Llama_(language_model))* or *[Mistral Large](https://en.wikipedia.org/wiki/Mistral_AI)* are working with probabilistic\n[models, which can produce wrong answers in the form of hallucinations. Therefore, they need not only a](https://en.wikipedia.org/wiki/Hallucination_(artificial_intelligence))\n[large database of mathematical problems to learn from but also methods such as supervised fine-tuning or](https://en.wikipedia.org/wiki/Fine-tuning_(deep_learning))\n[trained classifiers with human-annotated data to improve answers for new problems and learn from](https://en.wikipedia.org/wiki/Statistical_classification)\ncorrections. [155] A 2024 study showed that the performance of some language models for reasoning\ncapabilities in solving math problems not included in their training data was low, even for problems with\nonly minor deviations from trained data. [156]",
- "page_start": 9,
- "page_end": 9,
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- },
- {
- "text": "# Artificial intelligence Goals\n\n## **Artificial intelligence**\n\n### **References**\n\n331), Nilsson (1998, chpt. 17.4), McCorduck (2004, pp. 327- 335, 434- 435), Crevier (1993,\npp. 145- 162, 197- 203), Newquist (1994, pp. 155- 183)\n335. Russell & Norvig (2021), p. 24.\n336. Nilsson (1998), p. 7.\n337. McCorduck (2004), pp. 454- 462.\n338. Moravec (1988).\n339. Brooks (1990).\n[340. Developmental robotics: Weng et al. (2001), Lungarella et al. (2003), Asada et al. (2009),](https://en.wikipedia.org/wiki/Developmental_robotics)\nOudeyer (2010)\n341. Russell & Norvig (2021), p. 25.\n342. Crevier (1993, pp. 214- 215), Russell & Norvig (2021, pp. 24, 26)\n343. Russell & Norvig (2021), p. 26.\n344. Formal and narrow methods adopted in the 1990s: Russell & Norvig (2021, pp. 24- 26),\nMcCorduck (2004, pp. 486- 487)\n345. AI widely used in the late 1990s: Kurzweil (2005, p. 265), NRC (1999, pp. 216- 222),\nNewquist (1994, pp. 189- 201)\n346. Wong (2023).\n[347. Moore's Law and AI: Russell & Norvig (2021, pp. 14, 27)](https://en.wikipedia.org/wiki/Moore%27s_Law)\n348. Clark (2015b).\n[349. Big data: Russell & Norvig (2021, p. 26)](https://en.wikipedia.org/wiki/Big_data)\n[350. Sagar, Ram (3 June 2020). \"OpenAI Releases GPT-3, The Largest Model So Far\" (https://a](https://analyticsindiamag.com/open-ai-gpt-3-language-model)\n[nalyticsindiamag.com/open-ai-gpt-3-language-model). ](https://analyticsindiamag.com/open-ai-gpt-3-language-model) *Analytics India Magazine* [. Archived (h](https://web.archive.org/web/20200804173452/https://analyticsindiamag.com/open-ai-gpt-3-language-model)\n[ttps://web.archive.org/web/20200804173452/https://analyticsindiamag.com/open-ai-gpt-3-la](https://web.archive.org/web/20200804173452/https://analyticsindiamag.com/open-ai-gpt-3-language-model)\n[nguage-model) from the original on 4 August 2020. Retrieved 15 March 2023.](https://web.archive.org/web/20200804173452/https://analyticsindiamag.com/open-ai-gpt-3-language-model)\n[351. Milmo, Dan (2 February 2023). \"ChatGPT reaches 100 million users two months after](https://www.theguardian.com/technology/2023/feb/02/chatgpt-100-million-users-open-ai-fastest-growing-app)\n[launch\" (https://www.theguardian.com/technology/2023/feb/02/chatgpt-100-million-users-op](https://www.theguardian.com/technology/2023/feb/02/chatgpt-100-million-users-open-ai-fastest-growing-app)\n[en-ai-fastest-growing-app). ](https://www.theguardian.com/technology/2023/feb/02/chatgpt-100-million-users-open-ai-fastest-growing-app) *The Guardian* [. ISSN 0261-3077 (https://search.worldcat.org/iss](https://search.worldcat.org/issn/0261-3077)\n[n/0261-3077). Retrieved 31 December 2024.](https://search.worldcat.org/issn/0261-3077)\n[352. Gorichanaz, Tim (29 November 2023). \"ChatGPT turns 1: AI chatbot's success says as](https://theconversation.com/chatgpt-turns-1-ai-chatbots-success-says-as-much-about-humans-as-technology-218704)\n[much about humans as technology\" (https://theconversation.com/chatgpt-turns-1-ai-chatbot](https://theconversation.com/chatgpt-turns-1-ai-chatbots-success-says-as-much-about-humans-as-technology-218704)\n[s-success-says-as-much-about-humans-as-technology-218704). ](https://theconversation.com/chatgpt-turns-1-ai-chatbots-success-says-as-much-about-humans-as-technology-218704) *The Conversation* .\nRetrieved 31 December 2024.\n353. DiFeliciantonio (2023).\n354. Goswami (2023).\n[355. \"Nearly 1 in 4 new startups is an AI company\" (https://pitchbook.com/news/articles/nearly-1-i](https://pitchbook.com/news/articles/nearly-1-in-4-new-startups-is-an-ai-company)\n[n-4-new-startups-is-an-ai-company). ](https://pitchbook.com/news/articles/nearly-1-in-4-new-startups-is-an-ai-company) *PitchBook* . 24 December 2024. Retrieved 3 January\n2025.\n[356. Grayling, Anthony; Ball, Brian (1 August 2024). \"Philosophy is crucial in the age of AI\" (http](https://theconversation.com/philosophy-is-crucial-in-the-age-of-ai-235907)\n[s://theconversation.com/philosophy-is-crucial-in-the-age-of-ai-235907). ](https://theconversation.com/philosophy-is-crucial-in-the-age-of-ai-235907) *The Conversation* .\n[Archived (https://web.archive.org/web/20241005170243/https://theconversation.com/philoso](https://web.archive.org/web/20241005170243/https://theconversation.com/philosophy-is-crucial-in-the-age-of-ai-235907)\n[phy-is-crucial-in-the-age-of-ai-235907) from the original on 5 October 2024. Retrieved](https://web.archive.org/web/20241005170243/https://theconversation.com/philosophy-is-crucial-in-the-age-of-ai-235907)\n4 October 2024.\n[357. Jarow, Oshan (15 June 2024). \"Will AI ever become conscious? It depends on how you](https://www.vox.com/future-perfect/351893/consciousness-ai-machines-neuroscience-mind)\n[think about biology\" (https://www.vox.com/future-perfect/351893/consciousness-ai-machines](https://www.vox.com/future-perfect/351893/consciousness-ai-machines-neuroscience-mind)\n[-neuroscience-mind). ](https://www.vox.com/future-perfect/351893/consciousness-ai-machines-neuroscience-mind) *Vox* [. Archived (https://web.archive.org/web/20240921035218/https://w](https://web.archive.org/web/20240921035218/https://www.vox.com/future-perfect/351893/consciousness-ai-machines-neuroscience-mind)\n[ww.vox.com/future-perfect/351893/consciousness-ai-machines-neuroscience-mind) from](https://web.archive.org/web/20240921035218/https://www.vox.com/future-perfect/351893/consciousness-ai-machines-neuroscience-mind)\nthe original on 21 September 2024. Retrieved 4 October 2024.\n[358. McCarthy, John. \"The Philosophy of AI and the AI of Philosophy\" (https://web.archive.org/we](https://web.archive.org/web/20181023181725/http://jmc.stanford.edu/articles/aiphil2.html)\n[b/20181023181725/http://jmc.stanford.edu/articles/aiphil2.html). ](https://web.archive.org/web/20181023181725/http://jmc.stanford.edu/articles/aiphil2.html) *jmc.stanford.edu* . Archived\n[from the original (http://jmc.stanford.edu/articles/aiphil2.html) on 23 October 2018. Retrieved](http://jmc.stanford.edu/articles/aiphil2.html)\n3 October 2024.",
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- "text": "# Artificial intelligence Goals\n\n## **Artificial intelligence**\n\n### **Techniques**\n\n#### **GPT**\n\n[models are prone to generating falsehoods called \"hallucinations\", although this can be reduced with](https://en.wikipedia.org/wiki/Hallucination_(artificial_intelligence))\n[RLHF and quality data. They are used in chatbots, which allow people to ask a question or request a task](https://en.wikipedia.org/wiki/Chatbot)\nin simple text. [122][123]\n[Current models and services include Gemini (formerly Bard), ChatGPT, Grok, Claude, Copilot, and](https://en.wikipedia.org/wiki/Microsoft_Copilot)\n[LLaMA.](https://en.wikipedia.org/wiki/LLaMA) [124] [ Multimodal GPT models can process different types of data (modalities) such as images,](https://en.wikipedia.org/wiki/Modality_(human%E2%80%93computer_interaction))\nvideos, sound, and text. [125]\n[In the late 2010s, graphics processing units (GPUs) that were increasingly designed with AI-specific](https://en.wikipedia.org/wiki/Graphics_processing_unit)\n[enhancements and used with specialized TensorFlow software had replaced previously used central](https://en.wikipedia.org/wiki/Central_processing_unit)\n[processing unit (CPUs) as the dominant means for large-scale (commercial and academic) machine](https://en.wikipedia.org/wiki/Machine_learning)\n[learning models' training.](https://en.wikipedia.org/wiki/Machine_learning) [126] [ Specialized programming languages such as Prolog were used in early AI](https://en.wikipedia.org/wiki/Prolog)\nresearch, [127] [ but general-purpose programming languages like Python have become predominant.](https://en.wikipedia.org/wiki/Python_(programming_language)) [128]\n[The transistor density in integrated circuits has been observed to roughly double every 18 months—a](https://en.wikipedia.org/wiki/Integrated_circuit)\n[trend known as Moore's law, named after the Intel co-founder Gordon Moore, who first identified it.](https://en.wikipedia.org/wiki/Gordon_Moore)\n[Improvements in GPUs have been even faster.](https://en.wikipedia.org/wiki/GPUs) [129]\nAI and machine learning technology is used in most of the essential applications of the 2020s, including:\n[search engines (such as Google Search), targeting online advertisements, recommendation systems](https://en.wikipedia.org/wiki/Recommendation_systems)\n[(offered by Netflix, YouTube or Amazon), driving internet traffic, targeted advertising (AdSense,](https://en.wikipedia.org/wiki/AdSense)\n[Facebook), virtual assistants (such as Siri or Alexa), autonomous vehicles (including drones, ADAS and](https://en.wikipedia.org/wiki/Advanced_driver-assistance_system)",
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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": "# 2010: A YEAR \n OF TRANSITION \n AND ACHIEVEMENT\n\n## **6**\n\n### CHESAPEAKE’S COMMITMENT TO BEING A GOOD NEIGHBOR »\n\n##### INVESTING IN OUR COMMUNITIES »\n\nschool located in Oklahoma City for juniors and seniors with exceptional\nabilities. The extremely competitive school is helping train the next gen-\neration of scientists and mathematicians.\nWe also established the Chesapeake Energy Presidential Scholars Pro\ngram at the Oklahoma City University Meinders School of Business, making\na $5.0 million commitment to be distributed over the next five years. The\nChesapeake Scholars Program will provide up to $25,000 per year in tuition\nto selected students pursuing careers in finance, economics, accounting,\nmarketing, business administration, computer science and information\ntechnology. In addition, scholars will take part in a Chesapeake Presiden\ntial Leadership Course facilitated by faculty members in coordination with\ndesignated Chesapeake leadership coaches, including a Chesapeake senior\nvice president and OCU alumni.\nIn 2007 Chesapeake launched a scholarship program in Texas with an\ninitial $1.25 million contribution, challenging the cities of Fort Worth and Dal\nlas to match its gift within a year. The cities responded and matched the gift,\nso Chesapeake in 2008 added another $1.25 million to the fund, bringing the\ntotal to $3.75 million. The Chesapeake Scholarship Fund currently funds the\ncost of higher education for 48 minority students. The fund provides each\nstudent $20,000 a year for up to four years at the school of their choice. To\ndate more than $1.0 million has been distributed to deserving local students.\nTo help ensure the training of qualified geologists, engineers, land\nmen and energy lawyers in the next generation, we award scholarships\nto students pursuing energy-related degrees. We also help mentor them\nthrough Chesapeake’s Peak Program. Junior- and senior-level scholarship\nrecipients are paired with Chesapeake employee mentors who help devel\nop students’ knowledge and provide career advice. There are currently 25\nmentors and 40 scholarship recipients participating in the Peak Program.\nOur recruiting team also initiated a strategic military recruitment\neffort during the past two years to hire former military personnel to\nwork in a variety of leadership and crew positions. This effort earned\nChesapeake an honor from G.I. JOBS magazine when we were named a\n2011 Top 100 Military-Friendly Employer. Chesapeake currently employs\n37 men and women who formerly served as junior military officers and\nmore than 100 former servicemen and servicewomen who joined the\ncompany through a program called Troops 2 Roughnecks.\nIn addition to our specific scholarship programs, one-time educational\ndonations and recruitment efforts, in 2010 we gave more than $1.8 million",
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- "text": "# 2010: A YEAR \n OF TRANSITION \n AND ACHIEVEMENT\n\n## **6**\n\n### CHESAPEAKE’S COMMITMENT TO BEING A GOOD NEIGHBOR »\n\n##### INVESTING IN OUR COMMUNITIES »\n\nOklahoma. The center will provide an additional 80 jobs to disabled Okla\nhomans, as well as help Goodwill recycle 10 million pounds a year, which\n**24** | COMMUNITY RELATIONS\n##### INVESTING IN OUR COMMUNITIES »\nCommunity Development\nEducation\nHealth and Medical\nSocial Services\n*Equipping the next generation — West Virginia*\n*students hold their new laptops from*\n*Chesapeake as part of the company’s*\n*Discovering Tomorrow’s Leaders program.*\n**54%**\n**24%**\n**7%**\n**15%**\nequates to one-third of\nthe goods that other-\nwise would have been\ndestined for Oklahoma\nCity-area landfills. In\nWest Virginia, we helped\nfund construction of\nthe Morgantown Market\nPlace, a permanent site for the city’s farmers’ market, creating more busi\nness opportunities for local farmers.\nChesapeake also supports local chambers of commerce and city\ncouncils in all of its operating areas. In the Haynesville Shale last year, we\nawarded grants to the Shelby County, Sabine Parish and Coushatta-Red\nRiver chambers of commerce to help fund tourism, business communi\ncations and chamber events. In Texas, we assisted more than 250 civic,\nprofessional and community service organizations throughout Johnson,\nTarrant and western Dallas counties, and sponsored memberships in\n35 local Texas chambers of commerce. By helping local chambers and\nbusinesses grow and thrive, we are creating stronger economies.\nWe also hire locally whenever possible to help stimulate the local\neconomy, and we provide training when the local work force isn’t yet\nqualified for the jobs we have open. For example, when Chesapeake\nbegan operating in the Marcellus Shale of West Virginia and Pennsyl\nvania, finding experienced rig workers was a challenge. To meet that\nneed, Chesapeake’s wholly owned subsidiary, Nomac Drilling, built\nthe 40,000-square-foot Eastern Training Center and Housing Facility in\nBradford County, near Sayre, Pennsylvania. The campus opened in 2010\nand serves as a housing facility and training ground for 266 workers at\na time. Nomac and Chesapeake host regular job fairs in the region and\nthe lines of interested candidates often extend out the door.\n**Educational Impact**\nWe are also proud to help prepare tomorrow’s leaders today. In 2010\nChesapeake supported universities, schools, academic chairs, scholarships\nand other educational programs with contributions totaling $5.4 million.\nInvesting in programs that promote technology and innovation is a\nkey to our country’s success. That’s why we gave $1.0 million to establish\nthe Chesapeake Energy dormitory for students at the Oklahoma School for\nScience and Mathematics (OSSM), a public, tuition-free, residential high",
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- "text": "# 2010: A YEAR \n OF TRANSITION \n AND ACHIEVEMENT\n\n## **6**\n\n### WE THANK EVERY MEMBER OF TEAM CHESAPEAKE »\n\nHaver White\nJonathan White\nLindsey White\nMicheal White\nRandall White II\nTamela White\nTony White\nTyler White\nWilliam White III\nJohn Whited\nTaryn Whitefield\nAndrew Whiteneck\nJohn Whitesell\nWhitney Whitlow\nJulie Whitmore\nDerek Whitten\nKatie Whittern\nScott Whytsell\nKarl Wickman\nRyan Wieder\nAndrew Wiggins\nJohn Wiggins\nRobert Wiggins\nRandy Wilde Jr.\nJason Wiley\nKristen Wiley\nAaron Wilfong\nJR Wilhoit Jr.\nSkylar Wilhoit\nHeath Wilkerson\nJason Wilkins\nNichlos Wilkinson\nRoberto Willars II\nTyler Willey\nBrian D. Williams\nBrooke Williams\nCameron Williams\nCody L. Williams\nDaniel Williams\nDavid Williams\nEddie Williams\nEric Williams\nFariba Williams\nGlenn Williams\nJason B. Williams\n**Corporate Headquarters**\n6100 North Western Avenue\nOklahoma City, OK 73118\n(405) 935-8000\n**Internet Address**\nCompany financial information, public disclo\nsures and other information are available through\nChesapeake’s website at www.chk.com.\n**Common Stock**\nChesapeake Energy Corporation’s common stock\nis listed on the New York Stock Exchange (NYSE)\nunder the symbol CHK. As of March 31, 2011, there\nwere approximately 415,000 beneficial owners\nof our common stock.\n**Common Stock Dividends**\nDuring 2010 the company declared a cash div\nidend of $0.075 per share on March 8, June 21,\nSeptember 1 and December 20 for a total div-\nidend declared of $0.30 per share.\n**Independent Public Accountants**\nPricewaterhouseCoopers LLP\n6120 South Yale, Suite 1850\nTulsa, OK 74136\n(918) 524-1200\n**Stock Transfer Agent and Registrar**\nCommunication concerning the transfer of shares,\nlost certificates, duplicate mailings or change of\naddress notifications should be directed to our\ntransfer agent:\nComputershare Trust Company, N.A.\n250 Royall Street\nCanton, MA 02021\n(800) 884-4225\nwww.computershare.com\n**Trustee for the Company’s Senior Notes**\nThe Bank of New York Mellon Trust Company, N.A.\n101 Barclay Street, 8th Floor\nNew York, NY 10286\nwww.bnymellon.com\n**Forward-looking Statements**\nThis report includes “forward-looking statements”\nthat give our current expectations or forecasts\n**2011 High Low Last**\nFirst Quarter $ 35.95 $ 25.93 $ 33.52\n**2010 High Low Last**\nFourth Quarter $ 26.43 $ 20.97 $ 25.91\nThird Quarter 23.00 19.68 22.65\nSecond Quarter 25.55 19.62 20.95\nFirst Quarter 29.22 22.10 23.64\n**2009 High Low Last**\nFourth Quarter $ 30.00 $ 22.06 $ 25.88\nThird Quarter 29.49 16.92 28.40\nSecond Quarter 24.66 16.43 19.83\nFirst Quarter 20.13 13.27 17.06\n**2008 High Low Last**\nFourth Quarter $ 35.46 $ 9.84 $ 16.17\nThird Quarter 74.00 31.15 35.86\nSecond Quarter 68.10 45.25 65.96\nFirst Quarter 49.87 34.42 46.15\nof future events. They include estimates of nat\nural gas and oil reserves, expected production,",
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- "text": "# 2010: A YEAR \n OF TRANSITION \n AND ACHIEVEMENT\n\n## **6**\n\nnatural gas refineries that supplement the U.S. liquid fuel supply stream, we believe that the marketplace will increasingly utilize and embrace natural\ngas. Chesapeake is working with industry, public policymakers and potential partners on each of these demand reinvention opportunities. Natural\ngas is clean, affordable, abundant and American. Why *shouldn’t* it trade at a BTU premium in the years ahead?\n**Why is an investment grade rating on its debt securities important to CHK?**\nWe believe that Chesapeake will benefit in multiple ways from an investment grade rating on our debt\nsecurities, which we hope to achieve in 2012 or 2013. First, a higher rating would obviously lower the company’s\nborrowing costs over time. In addition, other less easily quantifiable benefits will also accrue to Chesapeake.\nHigher debt ratings would result in lower costs on long-term firm transportation contracts that we enter into in\norder to market our natural gas and oil production as well as facilitate our ability to enter into long-term contracts\nto sell our natural gas production to international buyers in the form of LNG. An improved rating will also enhance\nChesapeake’s ability to further attract world-class energy companies to participate in our joint venture projects,\nwhich profitably monetize a portion of our leasehold investments and also accelerate the development of our\nresource base. Finally, and perhaps most importantly, we believe that reduced financial leverage and an invest\nment grade rating will lead to a higher stock price and provide further interest from worldwide equity investors.\nJeff Fisher\nSenior Vice President - Production\nNick Dell’Osso\nExecutive Vice President\nand Chief Financial Officer\nJeff Mobley\nSenior Vice President -\nInvestor Relations and Research\n2010 ANNUAL REPORT | **21**\nThrough volunteer programs and responsible operations, we strive to be the best neighbor\npossible in every one of our operating areas by investing in our communities.",
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- "text": "# 2010: A YEAR \n OF TRANSITION \n AND ACHIEVEMENT\n\n## **6**\n\n### CHESAPEAKE’S COMMITMENT TO BEING A GOOD NEIGHBOR »\n\n##### INVESTING IN OUR COMMUNITIES »\n\nUniversity in White County, Arkansas. During the event, approximately\n1,200 uninsured or underinsured residents received a day of free medical,\ndental and eye screenings.\nTo help cultivate an appreciation for the great outdoors, in 2010\nChesapeake provided $25,000 to REAL School Gardens, a Fort Worth-\nbased organization that establishes gardens at approximately 70 lower\nincome elementary schools in North Texas. At I.M. Terrell Elementary\nSchool, students, parents, teachers and volunteers from Chesapeake and\nother groups worked together to prepare vegetable gardens and flower\nbeds. In addition to teamwork skills and gardening, students learned\nabout nutrition and took home food from the garden’s bounty.\nWe supported servicemen and servicewomen by partnering with the\nShreveport Chapter of Operation Support Our Troops, Inc. Our contribution\nhelped offset the postage to send more than 100 care packages to troops\noverseas. The shipment was the largest in the organization’s history and\nincluded Christmas cards, games and nonperishable food items.\nBy investing in the communities where we operate and the people\nwhose lives we touch, we ensure a stronger today and a more hope-\nful tomorrow.\n2010 ANNUAL REPORT | **25**\n*Putting food on the table — Employees volunteer at the Regional Food Bank*\n*of Oklahoma as part of Operation Blue.*\n**26** | ENVIRONMENTAL, HEALTH & SAFETY\nAs we explore for and produce clean, affordable, abundant, American\nnatural gas, we provide an important solution to our nation’s energy\nchallenges and its quest for energy independence. With at least a 200-\nyear supply of natural gas located right here in the U.S., this versatile\nfuel can be used to not only heat homes, create electricity and meet\nAmerica’s transportation needs, but also to fuel the country’s future\nby creating jobs and stimulating local and national economies through\ninvestment and taxes.\n**Environmentally Friendly Operations**\nAt Chesapeake, we realize that the way a great product is produced is\nas important as the product itself. For example, we have helped pioneer\nthe use of multiwell padsites to drill up to 16 wells from a single loca\ntion, greatly reducing our land and road use and overall environmental\nfootprint. We use the latest horizontal and directional drilling technology\nto place wells at a safe distance from homes, schools and businesses. In\naddition, we build and maintain access roads and work to eliminate soil\nerosion near our sites, as well as restore local vegetation.\nWe implement advanced, modern protective measures known as Best",
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- "text": "# 2010: A YEAR \n OF TRANSITION \n AND ACHIEVEMENT\n\n## **6**\n\n### CHESAPEAKE’S COMMITMENT TO BEING A GOOD NEIGHBOR »\n\n##### BOARD OF DIRECTORS »\n\ning a safety-conscious culture and reducing risk in all operating areas.\nBy year-end 2010, more than 4,200 employees and consultants partici\npated in 121 workshops in 18 cities across the country.\nChesapeake’s commitment to employee health and wellness is also\nevident at our 72,000-square-foot fitness center, which provides Oklahoma\nCity headquarters employees and their families with on-site access to\nstate-of-the-art health equipment, recreation leagues and group exercise\nclasses. For employees who work outside of our headquarters, we subsi\ndize family fitness memberships and recreational entry fees.\nTo further promote healthy lifestyles, the company-wide Living Well\nprogram provides financial incentives for employees who participate in\nregular exercise, education, motivation and intervention. In 2010 more\nthan 6,900 employees participated in Chesapeake’s Living Well program\nwith more than 70% earning financial awards.\nIn addition, we provide discounted or free memberships to organiza\ntions such as Weight Watchers and cover the cost of most registration\nfees for local races and fitness events. Throughout the year the company\nalso hosts a number of health-related classes and programs, including\nour award-winning Live Better Forever program, a dynamic new Your Life\nMatters mental health initiative and Lunch and Learn seminars.\nFrom our extensive required safety training to our award-winning\nhealth and wellness benefits, Chesapeake is dedicated to providing quality\nresources to ensure the health and well-being of each of our employees.\nFrom state-of-the-art training facilities\nto extensive health and wellness programs,\nChesapeake provides employees with the skills\nthey need to succeed both in the field and at\nthe office while creating a well-rounded envi\nronment for employees and their families.\n##### BOARD OF DIRECTORS »\nLouis A. Simpson\nChairman\nSQ Advisors, LLC\nNaples, Florida\n*Nominated for*\n*election in June 2011*\n**28** | BOARD OF DIRECTORS AND OFFICERS\nV. Burns Hargis (1)\nPresident\nOklahoma State University\nStillwater, Oklahoma\n(1) Audit Committee\n(2) Lead Independent Director\n(3) \u0007 Compensation Committee\n(4) \u0007 Nominating and Corporate\nGovernance Committee\nAubrey K. McClendon\nChairman of the Board\nand Chief Executive Officer\nChesapeake Energy Corporation\nOklahoma City, Oklahoma\nMerrill A. “Pete” Miller, Jr. (1,2)\nChairman, President and CEO\nNational Oilwell Varco, Inc.\nHouston, Texas\nKathleen M. Eisbrenner (3,4)\nFounder and CEO\nNext Decade\nThe Woodlands, Texas\nSTANDING (LEFT TO RIGHT)\nFrank Keating (3)\nFormer Governor, Oklahoma\nPresident and CEO\nAmerican Bankers Association\nWashington, D.C.\nFrederick B.\nWhittemore (3,4)\nAdvisory Director\nMorgan Stanley\nNew York, New York",
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- "text": "# 2010: A YEAR \n OF TRANSITION \n AND ACHIEVEMENT\n\n## 2010: A YEAR OF TRANSITION AND ACHIEVEMENT\n\n### DEAR FELLOW SHAREHOLDERS »\n\nPlatts Global Energy Awards as finalists for CEO of the Year, Community\nDevelopment Program of the Year, Deal of the Year, Energy Producer\nof the Year and the Industry Leadership Award. Chesapeake was one\nof only two companies selected as a finalist in five or more categories.\nThe company was also honored in 2010 with a Certificate of Recognition\nfor our military reserve recruiting efforts, named a 2010 Best Diversity\nCompany by Engineering & Information Technology Magazine and rec\nognized for Best Investor Relations in Energy Sector and Best Investor\nRelations Website at the 2010 IR Magazine U.S. Awards.\n**Recent Events and a Better Way Forward**\nYou may be aware that I have been outspoken in attempting to persuade\nour country’s political leadership to recognize that the discovery of vast\nresources of unconventional natural gas and oil in the U.S. is a complete\ngame changer for our country from an economic, national security and\nenvironmental perspective. After two years of my best efforts and the\nefforts of many others in the industry, most notably T. Boone Pickens,\nFrom our beginning 22 years ago with 10\nemployees in Oklahoma City to employing\nmore than 10,000 people across 15 states\ntoday, Chesapeake has always focused on\nbuilding first-class human resources within\na distinctive corporate culture.\n*<<* *A Chesapeake rig drills in the Marcellus Shale, where the company is*\n*the leading leasehold owner, largest producer and most active driller.*\nwet natural gas and dry natural gas), similar to the components of the\nEagle Ford Shale. We have made a large commitment to this play and\nhave acquired approximately 1.2 million net leasehold acres and expect\nto increase this total to as much as 1.5 million net leasehold acres in the\ncoming months. We are currently using three rigs to evaluate the play\nand believe our leasehold could support the drilling of up to 12,000 net\nwells. This is an area where we anticipate bringing in a joint venture\npartner late in 2011 or early in 2012.\n**Our People**\nGreat assets cannot exist without great people, so we take great pride\nin hiring, training, motivating, rewarding and retaining what we regard\nas the best employees in the industry. From our beginning 22 years ago\nwith 10 employees in Oklahoma City to employing more than 10,000",
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- "text": "# 2010: A YEAR \n OF TRANSITION \n AND ACHIEVEMENT\n\n## **6**\n\n### CHESAPEAKE’S COMMITMENT TO BEING A GOOD NEIGHBOR »\n\n##### INVESTING IN OUR COMMUNITIES »\n\nto fund higher education for nearly 400 other students in 12 states through\nour Chesapeake Scholars program. Chesapeake’s scholarships help recruit\nthe best and brightest students and provide educational opportunities in\ncommunities where we operate. In Oklahoma City, more than 400 em\nployees volunteer for up to an hour a week on company time at four local\npublic schools. Chesapeake’s program has grown to become the largest\ncorporate mentoring program in Oklahoma.\n**Community Impact**\nChesapeake employees have been enriching their hometowns as volun\nteers for many years. We formalized those efforts in 2009 by establishing\nan official employee volunteer program, the H.E.L.P. (Helping Energize\nLocal Progress) Initiative, wherein employees are invited to volunteer\neach month for a variety of organizations from food pantries to animal\nshelters. Through that program, employees donated more than 26,000\nhours to their communities in 2009.\nIn the summer of 2010, Chesapeake took the H.E.L.P. Initiative to a\nhigher level through the launch of Operation Blue. From Memorial Day\nthrough Labor Day, each employee was given four hours of company time\nto complete the volunteer project of their choice. Our employees eagerly\naccepted the challenge, and in three months more than 4,900 employ\nees donated 30,900 hours of service to 519 organizations in more than\n96 communities across the country. Operation Blue is now an annual\nvolunteer program in which employees roll up their sleeves in the com\nmunities they call home.\nChesapeake’s contributions take many forms: financial and equipment\ndonations, volunteerism and scholarships. Last year, we made numerous\nin-kind donations of laptops, reconditioned Chesapeake fleet vehicles and\nsubsidized office space. These contributions provide essential operating\ntools as nonprofit organizations across the nation attempt to serve more\npeople — often with lower budgets — in tough economic times.\nFor example, in Louisiana we donated 12 vehicles in 2010, including\none to the Panola College Oil and Natural Gas Technology Program, which\nteaches students about the natural gas industry and provides them with\nhands-on technical training. Across many of the company’s operating\nareas, we’ve donated computers to deserving students, schools and\norganizations through Chesapeake’s Discovering Tomorrow’s Leaders\nprogram. In 2010 the company equipped 14 students with laptops and\ndonated 70 computers to schools or supporting nonprofit organizations.\nChesapeake partners with other companies and organizations to meet\nbasic, practical needs in hundreds of communities. An example is our\nsponsorship of the annual Day of Caring at the Ganus Center of Harding",
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- "text": "# 2010: A YEAR \n OF TRANSITION \n AND ACHIEVEMENT\n\n## **6**\n\nfracture stimulation designs for liquids-rich plays that allow the company to achieve a greater stimulated rock volume\nin low permeability reservoirs. Finally, the advancements Chesapeake has made in developing liquids-rich plays have\nbeen made possible through the use of our proprietary Reservoir Technology Center that has become the industry’s most advanced shale core laboratory.\n**It is often said that the energy industry has an aging work force that is fast approaching**\n**retirement age. How is Chesapeake addressing this?**\nIt is no secret that there is a shortage of experienced professionals in the natural gas and oil industry. The industry down\nturn of the 1980s and 1990s discouraged many from pursuing energy careers. In the following decades, strong compe\ntition from other industries lured away many of the best and brightest science and technology graduates, and today\nmany experienced professionals who stayed in the industry through the downturn are approaching retirement age.\nAs a result, one of our industry’s greatest challenges over the past 10 years has been to develop a new generation\nof natural gas and oil professionals who have the knowledge and experience required to meet the nation’s growing\nenergy needs.\nIn 2000 Chesapeake was one of the first companies to recognize this trend and to understand how recruiting\nand training a new generation of energy professionals would impact the company’s future success and its ability to\ncompete in the industry. At that time, Chesapeake formulated a business strategy to address future staffing needs\nand decided to create a world-class college recruiting and intern program to recruit the most promising industry\ntalent. Today, Chesapeake hosts more than 150 interns every summer in its internship program, many of whom go\non to become full-time Chesapeake employees upon graduation. In addition, we have 350 students who receive\nscholarships through Chesapeake programs, and our staff of college recruiters has developed strong relationships with professors, department heads\nand career counselors at the more than 31 universities where we actively recruit.\nAs a result of these efforts, young professionals in a wide range of disciplines, from scientists and engineers to land management and legal",
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- "text": "# 2010: A YEAR \n OF TRANSITION \n AND ACHIEVEMENT\n\n## 2010: A YEAR OF TRANSITION AND ACHIEVEMENT\n\n### DEAR FELLOW SHAREHOLDERS »\n\npeople across 15 states today, Chesapeake has always focused on build\ning first-class human resources within a distinctive corporate culture. Talk\nto Chesapeake employees and you will note genuine pride and great\nenthusiasm about the company and the critical role that we play in deliv\nering increasing quantities of clean and affordable American natural gas\nand valuable and reliable liquids to energy consumers across the country.\nChesapeake employees are distinctive in other ways as well. They\nare much younger than the industry average, with half of our almost\n4,000 Oklahoma City-based headquarters employees 33 years old\nor younger. Their enthusiasm and willingness to learn create an\n**12** | LETTER TO SHAREHOLDERS 2010 ANNUAL REPORT | **13**\n*Developing great assets begins with*\n*great people, such as the hardworking*\n*crews of Nomac, Chesapeake’s wholly*\n*owned drilling subsidiary. Employees*\n*take pride in the critical roles they play*\n*in finding and delivering natural gas*\n*to their fellow Americans.*\nI am pleased to report that we have apparently finally convinced\nPresident Barack Obama and Congressional leadership to recognize that\nthe energy path America is on today is completely unsustainable. There\nappears to be growing recognition that it is spectacularly dangerous for\nAmerica to continue importing 9 million barrels of oil per day and exporting\nmore than $1 billion per day in national wealth to oil exporting countries.\nAmerica’s undiminished appetite for foreign oil has created the larg\nest wealth transfer in the history of the world. The political leadership\nin Washington, D.C., has not seemed overly concerned about this issue\nuntil recently. However, after President Obama’s recent speech calling\n(1)\n\u0007 Reserve replacement is calculated by dividing net reserve additions from all sources by actual production for the corresponding period. We calculate drilling and net acquisition cost per mcfe by dividing total drilling\nand net proved property acquisition costs incurred during the year (excludes certain costs primarily related to net unproved property acquisitions, geological and geophysical costs and deferred taxes related to\ncorporate acquisitions) by total proved reserve additions excluding price-related revisions.\n(2)\n\u0007 A non-GAAP financial measure, as defined below. Please refer to the Investors section of our website at www.chk.com for reconciliations of non-GAAP financial measures to comparable financial measures calculated\nin accordance with generally accepted accounting principles.\n- \u0007Adjusted ebitda is net income (loss) before interest expense, income tax expense (benefit), and depreciation, depletion and amortization expense, as adjusted to remove the effects of certain items that manage\nment believes affect the comparability of operating results.",
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- "query": "Has the Sumitomo Mitsui Financial Group offered help to the elderly?",
- "target_page": 6,
- "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 www.smfg.co.jp/english\n\n## Today, Tomorrow and Beyond\n\n##### Commitment from the Top\n\n####### **Further measures needed**\n\nMeasures 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\nalso 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\ncontribute to sustainable development by supporting the worldwide adoption of Japan’s much-admired contribute to sustainable development by supporting the worldwide adoption of Japan’s much-admired\ntechnological breakthroughs, with a particular focus on the Asian region. technological breakthroughs, with a particular focus on the Asian region.\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\nframeworks enabling the elderly to enjoy a vibrant lifestyle with peace of mind, through support for life-cycle frameworks enabling the elderly to enjoy a vibrant lifestyle with peace of mind, through support for life-cycle\nplanning and other measures. The SMFG Group aims to create systems and a corporate culture that foster a sound planning and other measures. The SMFG Group aims to create systems and a corporate culture that foster a sound\nbalance 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.\n-\n-\n-\nWide-ranging financial support for the reconstruction of infrastructure Wide-ranging financial support for the reconstruction of infrastructure\nOngoing disaster recovery activities by employee volunteers Ongoing disaster recovery activities by employee volunteers\nComprehensive support for industrial recovery in partnership with local governments and Comprehensive support for industrial recovery in partnership with local governments and\nfinancial institutions in the disaster-affected areas financial institutions in the disaster-affected areas\nIn anticipation of further global expansion, the SMFG Group is aggressively internationalizing its In anticipation of further global expansion, the SMFG Group is aggressively internationalizing its\noperations both in Japan and overseas. Initiatives include aggressive development of advisory operations both in Japan and overseas. Initiatives include aggressive development of advisory\nservices for infrastructure upgrades in emerging economies, a cross-departmental endeavor, services for infrastructure upgrades in emerging economies, a cross-departmental endeavor,\nas well as contributions to the international community and the environmental business, chiefly as well as contributions to the international community and the environmental business, chiefly",
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- "text": "# Sumitomo Mitsui Financial Group CSR Report Digest version www.smfg.co.jp/english\n\n## **10**\n\n★\n★\n★\n★\n★\n★\n★\n★\n★\n★\n★\n★\n★\nSMBC SMBC’s Bangkok Branch assisted s Bangkok Branch assisted\nfarmers by donating underground farmers by donating underground\nwater storage tanks and assisting water storage tanks and assisting\nwith vegetable planting and with vegetable planting and\nharvesting. harvesting.\nHigh school students from New York\nwho visited Japan on a study trip\nScholarship students at Sun Yat-sen University\nDonated furniture\nEmployee volunteers who participated in\nlandscape improvement projects\nPerforming a Japanese-language drama\nBank employees helped plant\nvegetables as volunteers\nPhotographs supplied by AYO\nScholarship award ceremony for university students in Vietnam\n*Please see this website\nfor further details (in\nJapanese):\n\nwww.smbc.co.jp/ccs/\nSumitomo Mitsui Financial Group CSR Report\n**Helping build prosperity**\n**in Asia and the world**",
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- "text": "# Sumitomo Mitsui Financial Group CSR Report Digest version www.smfg.co.jp/english\n\n## Today, Tomorrow and Beyond\n\n##### Commitment from the Top\n\n####### **Further measures needed**\n\nthrough branches and representative offices overseas. through branches and representative offices overseas.\nWe will continue to discuss and review various approaches to issues facing the international We will continue to discuss and review various approaches to issues facing the international\ncommunity so as to build up trust internationally as a global player. community so as to build up trust internationally as a global player.\n####### **Further measures needed**\n-\n-\n-\nGive further support for businesses involved in greenhouse gas Give further support for businesses involved in greenhouse gas\nreduction, water supply, new energy and resource initiatives reduction, water supply, new energy and resource initiatives\nDo more to safeguard biodiversity, in our capacity as a Do more to safeguard biodiversity, in our capacity as a\nfinancial institution financial institution\nShare our information assets and know-how globally in the Share our information assets and know-how globally in the\nenvironmental business environmental business\n*Estimates by the Statistics Bureau, Ministry of Internal Affairs and Communications (October 1, 2011)\n####### **Further measures needed**\n-\n-\n-\nSupport businesses involved in health, medical and Support businesses involved in health, medical and\nnursing care nursing care\nExpand range of financial products and services for the Expand range of financial products and services for the\nelderly (planning for asset management for old age) elderly (planning for asset management for old age)\nFoster a better work-life balance Foster a better work-life balance\n####### **Further measures needed**\n-\n-\n-\nShare expertise in corporate social responsibility Share expertise in corporate social responsibility\nwith the international community with the international community\nImprove financial services in preparation for the Improve financial services in preparation for the\nglobalization of operations in Japan (multilingual globalization of operations in Japan (multilingual\nsupport) support)\nPromote diversity Promote diversity\nIn the past, the Sumitomo Group In the past, the Sumitomo Group undertook large-scale afforestation undertook large-scale afforestation\nprograms to solve the problem of programs to solve the problem of pollution around the Besshi copper pollution around the Besshi copper\nmine, while the Mitsui Group set up mine, while the Mitsui Group set up the Mitsui Memorial Hospital to the Mitsui Memorial Hospital to\ngive 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\ncorporate social responsibility corporate social responsibility DNA embedded in the business DNA embedded in the business",
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- "text": "# Sumitomo Mitsui Financial Group CSR Report Digest version www.smfg.co.jp/english\n\n## Today, Tomorrow and Beyond\n\n##### Commitment from the Top\n\n####### **Further measures needed**\n\nphilosophies of both the Sumitomo philosophies of both the Sumitomo and Mitsui groups over the 400 and Mitsui groups over the 400\nyears 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\nproblems facing the international problems facing the international community through our financial community through our financial\nservice service operations. operations.\n**Priority Issues for Us** As one of Japa As one of Japan’s leading financial services groups, s leading financial services groups,\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\nwe have identified as significantly impacting the nation. we have identified as significantly impacting the nation.\nOur Mission and CSR at SMFG\n- To provide optimum added value to our customers and together with them achieve growth - To provide optimum added value to our customers and together with them achieve growth\n- To create sustainable shareholder value through business growth - To create sustainable shareholder value through business growth\n- To provide a challenging and professionally rewarding work environment for our dedicated employees - To provide a challenging and professionally rewarding work environment for our dedicated employees\nWe intend to be a financial services group that has the complete trust and support of We intend to be a financial services group that has the complete trust and support of\nour customers. For this purpose, we will always provide services that meet the true our customers. For this purpose, we will always provide services that meet the true\nneeds of our customers to assure their satisfaction and earn confidence in the Group. needs of our customers to assure their satisfaction and earn confidence in the Group. *1.* **Satisfactory**\n**Customer Services**\nIn the conduct of its business activities, SMFG fulfills its social responsibilities by contributing to In the conduct of its business activities, SMFG fulfills its social responsibilities by contributing to\nthe sustainable development of society as a whole through offering higher added value to the sustainable development of society as a whole through offering higher added value to\n(i) customers, (ii) shareholders and the market, (iii) the environment and society, and (iv) employees. (i) customers, (ii) shareholders and the market, (iii) the environment and society, and (iv) employees.\n**SMFG’s Definition of CSR**",
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- "text": "# Sumitomo Mitsui Financial Group CSR Report Digest version www.smfg.co.jp/english\n\n## Today, Tomorrow and Beyond\n\n##### Commitment from the Top\n\n####### **Further measures needed**\n\n**Our Mission**\n**Contributing to the Sustainable Development of Society**\n**CSR Group Initiatives**\nSolid Management Structure\n(corporate governance, internal controls, compliance,\nrisk management, information disclosure, etc.)\nCustomers Shareholders\nand the Market The Environment\nand Society Employees\nHighly-valued\nproducts and\nservices\nSound\nManagement\nSocial and community activities and environmental activities\nCorporate culture\nrespecting\nthe individual\nBoard of Directors\nSumitomo Mitsui Banking Corporation SMFG Card & Credit, Inc. The Japan Research Institute Limited SMBC Friend Securities Co., Ltd. Sumitomo Mitsui Finance and Leasing Co., Ltd.\n**Chairman** : Director in charge of SMFG\nCorporate Planning Department\n**Committee members** : General Managers of SMFG,\nSumitomo Mitsui Banking Corporation,\nSMFG Card & Credit, Sumitomo Mitsui Card,\nCedyna, Sumitomo Mitsui Finance and Leasing,\nThe Japan Research Institute,\nSMBC Friend Securities, SMBC Nikko Securities,\nTHE MINATO BANK and\nKansai Urban Banking Corporation\n**Administered by** : Group CSR Department of SMFG\n**Strategic advisor** :\nJRI Center for the Strategy of Emergence\nManagement Committee\n**Group CSR Committee**\n**CSR Liaison Committee**\n**SMFG CSR promotion structure**\nOur Mission\nCustomers\nPromoting CSR through\ncore operations\nShareholders and the Market\nThe Environment and Society\nEmployees\n| Plan |\n|:---|\n| Do |\n| Check |\n|:---|\n| Act |\nBasic CSR Policy\n(Business Ethics)\nWe intend to be a financial services group for which all officers and employees work We intend to be a financial services group for which all officers and employees work\nwith pride and commitment. For this purpose, we respect people and develop with pride and commitment. For this purpose, we respect people and develop\nemployees with extensive professional knowledge and capabilities, thereby creating a employees with extensive professional knowledge and capabilities, thereby creating a\nfree and active business environment. free and active business environment. *4.* **Free and Active**\n**Business Environment**\nWe intend to be a financial services group that maintains fair, transparent, and sound We intend to be a financial services group that maintains fair, transparent, and sound\nmanagement based on the principle of self-responsibility. For this purpose, along with management based on the principle of self-responsibility. For this purpose, along with\nearning the firm confidence of our shareholders, our customers, and the general public, earning the firm confidence of our shareholders, our customers, and the general public,\nwe take a long-term view of our business and operate it efficiently, and actively disclose we take a long-term view of our business and operate it efficiently, and actively disclose",
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- "text": "# Sumitomo Mitsui Financial Group CSR Report Digest version www.smfg.co.jp/english\n\noffering optimal products and services, and ensuring that every offering optimal products and services, and ensuring that every employee and the overall group are capable of employee and the overall group are capable of\nresponding to the challenges of globalization. I believe that responding to the challenges of globalization. I believe that through these measures, through these measures,\nwe will contribute to the growth and development of our clients we will contribute to the growth and development of our clients and society, and ourselves grow in partnership with them. and society, and ourselves grow in partnership with them.\nThrough our basic policy of becoming “a globally competitive Through our basic policy of becoming “a globally competitive financial services group financial services group\nwith the highest trust of our clients, society and other stakeholders” with the highest trust of our clients, society and other stakeholders” by maximizing our core strengths of by maximizing our core strengths of\n“Spirit of Innovation,” “Speed” and “Solution & Execution,” we “Spirit of Innovation,” “Speed” and “Solution & Execution,” we will continue to stay ahead of the times, will continue to stay ahead of the times,\nno matter how challenging, and actively adapt to changes in our no matter how challenging, and actively adapt to changes in our business environment. business environment.",
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- "text": "# Sumitomo Mitsui Financial Group CSR Report Digest version www.smfg.co.jp/english\n\n## **10**\n\n#### **Social Contribution Activities**\n\ncentered on specific examples centered on specific examples\nThis 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\nCSR activities at SMFG CSR activities at SMFG\nCovers environment-related statistical data and gives more detailed Covers environment-related statistical data and gives more detailed\ninformation on CSR activities information on CSR activities\n**CSR disclosure**\n**through**\n**specific examples**\n**Comprehensive**\n**disclosure of**\n**CSR activities**\n**Enriched**\n**CSR disclosure**\n:\n:\n:\nApril 1, 2010 to March 31, 2011 ( “Fiscal 2010” )\nNote: Certain items in this report refer to activities taking place after April 2011.\nDecember 2011\nGroup CSR Department, Sumitomo Mitsui Financial Group, Inc.\n1-2 Marunouchi 1-chome, Chiyoda-ku, Tokyo 100-0005\nTEL: +81-3-3282-8111\nSumitomo Mitsui Sumitomo Mitsui\nBanking Corporation Banking Corporation\nSMBC Nikko Securities SMBC Nikko Securities ORIX Credit ORIX Credit PROMISE * PROMISE * Sumitomo Mitsui Card Sumitomo Mitsui Card Cedyna Cedyna\nSMFG Card & Credit SMFG Card & Credit Sumitomo Mitsui Sumitomo Mitsui\nFinance and Leasing Finance and Leasing\nThe Japan The Japan\nResearch Institute Research Institute SMBC Friend Securities SMBC Friend Securities\nDaiwa SB Investments Daiwa SB Investments\nSumitomo Mitsui Auto Service Sumitomo Mitsui Auto Service\n**SMFG SUMITOMO MITSUI FINANCIAL GROUP**\nNote: American Depositary Receipts (ADRs) are listed on the New York Stock Exchange.\n**CSR report 2011 (digest version)**\n**CSR report (online version, Japanese only)**\n**CSR report 2011**\n**(digest version with examples of activities and**\n**statistical performance, online PDF file)**\nwww.smfg.co.jp/responsibility\n29 **CSR REPORT 2011 CSR REPORT 2011** 30",
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- "text": "# Sumitomo Mitsui Financial Group CSR Report Digest version www.smfg.co.jp/english\n\n## Today, Tomorrow and Beyond\n\n#### **Activities**\n\n**For further details,**\n**please see our website.**\nMitsui Sumitomo VISA Card\nc UNICEF\nMozambique/Arild Drivdal\n**International cooperation begins at home**\nThe SMFG Group is engaged in a range of activities The SMFG Group is engaged in a range of activities\nthat contribute to development at both the regional that contribute to development at both the regional\nand international level. In addition to overseas units’ and international level. In addition to overseas units’\nindependent initiatives, which are geared to host independent initiatives, which are geared to host\ncountry issues and characteristics, the Group supports country issues and characteristics, the Group supports\nprojects that have contributed to achievement of the projects that have contributed to achievement of the\nUnited Nations’ global Millennium Development Goals, United Nations’ global Millennium Development Goals,\nsuch as poverty eradication, health improvement and such as poverty eradication, health improvement and\nstatus improvement for education and women in status improvement for education and women in\ndeveloping countries. Our support takes the form of developing countries. Our support takes the form of\ndonations to non-profit and non-governmental donations to non-profit and non-governmental\norganizations, through the employee volunteer fund. organizations, through the employee volunteer fund.\n(The map shows areas where fund money is used, (The map shows areas where fund money is used,\nmarked with a marked with a ★ symbol). Please see our website for symbol). Please see our website for\nmore details. more details.\nEurope & Africa Middle East & Asia North America\n**Scholarships at major universities 2**\n**2**\n**China**\nSumitomo Mitsui Banking Corporation (China) Limited Sumitomo Mitsui Banking Corporation (China) Limited\nestablished a scholarship program for students of Zhejiang established a scholarship program for students of Zhejiang\nUniversity, Shanghai Inter University, Shanghai Inter-\nnational Studies University, national Studies University,\nSun Yat-sen University, Sun Yat-sen University,\nand other universities. and other universities.\nSMBC Hong Kong Branch makes donations to the Asian SMBC Hong Kong Branch makes donations to the Asian\nYouth Orchestra (AYO), Youth Orchestra (AYO),\ncomprising young Asian comprising young Asian\nmusicians selected musicians selected\nthrough auditioning who through auditioning who\nperform all over Asia. perform all over Asia.\nAs a way of increasing understanding of Japanese culture, As a way of increasing understanding of Japanese culture,\nSMBC SMBC’s Seoul Branch donates funds to make possible the s Seoul Branch donates funds to make possible the\nholding of a competition holding of a competition\ninvolving theatrical perfor involving theatrical perfor-",
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- "text": "# Sumitomo Mitsui Financial Group CSR Report Digest version www.smfg.co.jp/english\n\n## Today, Tomorrow and Beyond\n\nthey would be able to open their offices for they would be able to open their offices for\nbusiness on weekends and other holidays. business on weekends and other holidays.\nDespite the lack of water and gas, they really Despite the lack of water and gas, they really\ngave their all to provide banking services. gave their all to provide banking services.\nIt was really uplifting to see such dedication It was really uplifting to see such dedication\nand sense of responsibility as an employee of and sense of responsibility as an employee of\na financial institution entrusted with essential a financial institution entrusted with essential\nsocial infrastructure. I talk about “the strength social infrastructure. I talk about “the strength\nof our front-line staff,” but I was able to fully of our front-line staff,” but I was able to fully\nappreciate just how extraordinarily strong appreciate just how extraordinarily strong\nSMFG and SMBC are thanks to SMFG and SMBC are thanks to this this display display\nof front-line commitment. of front-line commitment.\nMoving forward on the reconstruction of Moving forward on the reconstruction of\nthe Tohoku region, I believe we can also the Tohoku region, I believe we can also\ncontribute to the rebuilding of infrastructure contribute to the rebuilding of infrastructure\nthrough project finance and other through project finance and other\nfundamental businesses of financial fundamental businesses of financial\ninstitutions in which we excel. institutions in which we excel.\nWe are now actively engaged in promoting We are now actively engaged in promoting\nbusiness in the Tohoku region, including business in the Tohoku region, including\nbusiness matching with parties outside business matching with parties outside\nthe region. In addition, we have a range of the region. In addition, we have a range of\nsupport activities in partnership with the Miyagi support activities in partnership with the Miyagi\nprefectural government and The 77 Bank, prefectural government and The 77 Bank,\nLtd., which is based in Miyagi. Ltd., which is based in Miyagi.\n**Miyata** : In the same way, other SMFG : In the same way, other SMFG\nGroup companies have been sending out Group companies have been sending out\nvolunteers, and providing donations not only volunteers, and providing donations not only\nas a company, but also through individual as a company, but also through individual\nemployees. SMBC was at the heart of all these employees. SMBC was at the heart of all these",
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- "text": "# Sumitomo Mitsui Financial Group CSR Report Digest version www.smfg.co.jp/english\n\n## Today, Tomorrow and Beyond\n\n#### **Together with Our Customers**\n\nKatsutoshi Konuma, Section Manager, Social & Environmental Management, Asahi Breweries Ltd.\n“Eating should be something that generates emotion. New potential exists in the world of cuisine.”\nYasuhiro Nakashima Associate Professor Graduate School of Agricultural and Life Sciences,\nThe University of Tokyo\n“As consumer tastes go through a time of great change, I think it is important to\nprioritize ingredients and the attitude of customers toward eating.”\nDaisuke Yamamoto, Vice Senior Consultant, Research Department,\nThe Japan Research Institute, Limited\n“An important concept is multilateral dialogue as the number of parties involved in food\nproduction increases throughout the supply chain.”\nYoichiro Fukayama, Planning Dept., Deputy Head (with powers of representation) of\nthe Corporate Banking Unit & Middle Market Banking Unit, SMBC\nModerated by Kenji Sawami, Partner, Ernst & Young ShinNihon LLC\n**For further details, please see our website.**\nIn addition to removing mobility barriers at In addition to removing mobility barriers at\nbranches, the bank plans to aggressively branches, the bank plans to aggressively\nsupport installation of facilities needed to support installation of facilities needed to\ncope with the rapidly rising old-age cope with the rapidly rising old-age\ndependency ratio. As a first step, SMBC dependency ratio. As a first step, SMBC\nhas established clear guidelines for has established clear guidelines for\nsupporting the construction of rental supporting the construction of rental\nhousing for the elderly, expected to be a housing for the elderly, expected to be a\nfuture growth area. future growth area.\nWhile continuing to tailor business While continuing to tailor business\nactivities to the needs of the community at activities to the needs of the community at\nlarge and ensuring a friendly banking large and ensuring a friendly banking\nenvironment for our customers, the SMFG environment for our customers, the SMFG\nGroup also plans to support the creation of Group also plans to support the creation of\nframeworks that enable the elderly to live frameworks that enable the elderly to live",
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- "query": "Does Chesapeake Energy have a project to reduce excessive water use?",
- "target_page": 28,
- "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": "# 2010: A YEAR \n OF TRANSITION \n AND ACHIEVEMENT\n\n## **6**\n\n### CHESAPEAKE’S COMMITMENT TO BEING A GOOD NEIGHBOR »\n\n##### INVESTING IN OUR WORLD AND OUR PEOPLE »\n\nManagement Practices (BMPs) to help ensure energy development is con\nducted in an environmentally responsible manner. Procedures are imple\nmented throughout our operations to protect freshwater aquifers and\nreduce environmental impacts. BMPs protect wildlife, air quality, water and\nlandscapes as we work to develop vitally needed domestic energy sources.\nImplemented throughout the entire life cycle of a well, BMPs can be\nas simple as strategically placing a berm, or land barrier, on locations\nto control surface water runoff. Others involve cutting-edge operational\ntechnologies such as utilizing the most advanced techniques offered in\ndrilling fluids, well casing and cement design. Regardless of complex\nity, all BMPs are based on the idea that the environmental footprint of\nenergy development should be as small and temporary as possible.\nThese practices are continually evolving and further improving as\nChesapeake and the industry develop new innovative techniques and\napproaches to business.\nIn addition to our BMPs, Chesapeake has also initiated several\ninnovative internal programs focused on water recycling and greener\nhydraulic fracturing processes.\n* **Aqua Renew** * **®**\nCreated to meet the challenge of reducing our water usage, Chesapeake’s\n*Aqua Renew* ® program uses state-of-the-art technology to recycle pro\nduced water. Since the\ncompany’s preliminary\nreclamation project in\n2006, our focus on water reuse and conservation has become a company-\nwide endeavor, stretching from the Barnett Shale of North Texas to the\nMarcellus Shale of northern Pennsylvania.\nThe *Aqua Renew* program has yet to find a limit to how much\nrecycled water could be used without compromising well production.\nIn fact, our Marcellus Shale operations are treating and recycling virtu\nally 100% of produced water (more than 10 million gallons per month)\nfor reuse in our hydraulic fracturing operations. Properly conducted\nmodern fracking is a highly engineered, controlled, sophisticated and\nsafe procedure.\nWith such large volumes of recycled water, the company is see\ning more than just environmental advantages. We estimate that this\n##### INVESTING IN OUR WORLD AND OUR PEOPLE »\n*Green operations — Chesapeake’s Best Management Practices ensure our*\n*operations are as environmentally friendly as possible, while protecting*\n*our employees, neighbors and the areas where we operate.*\n2010 ANNUAL REPORT | **27**\nprocess is saving the company an average of $12 million per year in the\nMarcellus Shale alone.\n* **Green Frac** * **®**\nChesapeake’s *Green Frac* *®* program was launched in October 2009 to\nevaluate the types of additives typically used in the fracking process. As",
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- "source_file": "NYSE_CHK_2010.pdf"
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- "text": "# 2010: A YEAR \n OF TRANSITION \n AND ACHIEVEMENT\n\n## 2010: A YEAR OF TRANSITION AND ACHIEVEMENT\n\n### DEAR FELLOW SHAREHOLDERS »\n\n**Fracking Operations Transparency**\nNatural gas and oil operations continue to grow and ex-\npand across the country as vast new resources are un-\nlocked through the process of hydraulic fracturing, or\n“fracking,” a proven technology that has been used safely\nand successfully in the completion of more than 1 million\nU.S. wells since 1949.\nDuring the fracking process, a mixture of approximately\n99% water and sand, combined with a small amount of\nchemical additives, is pumped at high pressure into a\ntargeted formation to create small fissures or fractures in\nthe surrounding rock or shale. These fractures are\nkept propped open by the sand to allow the natural\ngas or oil to freely flow into a wellbore.\nIn our continuing efforts to educate the public and\nalleviate common misconceptions about hydraulic\nfracturing, Chesapeake became one of the first\nenergy companies to disclose the additives used\nin the process. We are actively participating in a\nnational, publicly accessible web-based registry\ndeveloped by the Ground Water Protection Council\nand the Interstate Oil and Gas Compact Commission,\nwith support of the U.S. Department of Energy. The\nregistry allows for fracking additives to be reported\non a well-by-well basis and offers public access to\nthat material on its website. Chesapeake began\nloading well completion data onto the registry on\nFebruary 15, 2011, for wells where completion reports\nhave been filed with the appropriate state agencies.\nTo view the listings and learn more about the fracking\nprocess, the additives used and measures taken to protect\nfresh ground water aquifers, visit www.fracfocus.org.\natmosphere of vitality and energy at Chesapeake, important ingredi\nents of our distinctive culture. These attributes, along with a vibrant\nand attractive corporate headquarters campus, low levels of bureau\ncracy, great assets and a well-executed corporate strategy combine to\ncreate our culture of success and innovation.\nThis has generated extremely positive external feedback as\nChesapeake was recently recognized for the fourth consecutive year\nas one of the FORTUNE 100 Best Companies to Work For ®(3) in the U.S.\nIn fact, we moved up to #32 overall and #1 in our industry — we are\nvery proud of having created and sustained what is now considered\nthe best place to work in all of the U.S. energy production industry.\nIn addition, we were honored in December 2010 at the 12th Annual",
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- "text": "# 2010: A YEAR \n OF TRANSITION \n AND ACHIEVEMENT\n\n## **6**\n\nfracture stimulation designs for liquids-rich plays that allow the company to achieve a greater stimulated rock volume\nin low permeability reservoirs. Finally, the advancements Chesapeake has made in developing liquids-rich plays have\nbeen made possible through the use of our proprietary Reservoir Technology Center that has become the industry’s most advanced shale core laboratory.\n**It is often said that the energy industry has an aging work force that is fast approaching**\n**retirement age. How is Chesapeake addressing this?**\nIt is no secret that there is a shortage of experienced professionals in the natural gas and oil industry. The industry down\nturn of the 1980s and 1990s discouraged many from pursuing energy careers. In the following decades, strong compe\ntition from other industries lured away many of the best and brightest science and technology graduates, and today\nmany experienced professionals who stayed in the industry through the downturn are approaching retirement age.\nAs a result, one of our industry’s greatest challenges over the past 10 years has been to develop a new generation\nof natural gas and oil professionals who have the knowledge and experience required to meet the nation’s growing\nenergy needs.\nIn 2000 Chesapeake was one of the first companies to recognize this trend and to understand how recruiting\nand training a new generation of energy professionals would impact the company’s future success and its ability to\ncompete in the industry. At that time, Chesapeake formulated a business strategy to address future staffing needs\nand decided to create a world-class college recruiting and intern program to recruit the most promising industry\ntalent. Today, Chesapeake hosts more than 150 interns every summer in its internship program, many of whom go\non to become full-time Chesapeake employees upon graduation. In addition, we have 350 students who receive\nscholarships through Chesapeake programs, and our staff of college recruiters has developed strong relationships with professors, department heads\nand career counselors at the more than 31 universities where we actively recruit.\nAs a result of these efforts, young professionals in a wide range of disciplines, from scientists and engineers to land management and legal",
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- "text": "# 2010: A YEAR \n OF TRANSITION \n AND ACHIEVEMENT\n\n## **6**\n\nnatural gas refineries that supplement the U.S. liquid fuel supply stream, we believe that the marketplace will increasingly utilize and embrace natural\ngas. Chesapeake is working with industry, public policymakers and potential partners on each of these demand reinvention opportunities. Natural\ngas is clean, affordable, abundant and American. Why *shouldn’t* it trade at a BTU premium in the years ahead?\n**Why is an investment grade rating on its debt securities important to CHK?**\nWe believe that Chesapeake will benefit in multiple ways from an investment grade rating on our debt\nsecurities, which we hope to achieve in 2012 or 2013. First, a higher rating would obviously lower the company’s\nborrowing costs over time. In addition, other less easily quantifiable benefits will also accrue to Chesapeake.\nHigher debt ratings would result in lower costs on long-term firm transportation contracts that we enter into in\norder to market our natural gas and oil production as well as facilitate our ability to enter into long-term contracts\nto sell our natural gas production to international buyers in the form of LNG. An improved rating will also enhance\nChesapeake’s ability to further attract world-class energy companies to participate in our joint venture projects,\nwhich profitably monetize a portion of our leasehold investments and also accelerate the development of our\nresource base. Finally, and perhaps most importantly, we believe that reduced financial leverage and an invest\nment grade rating will lead to a higher stock price and provide further interest from worldwide equity investors.\nJeff Fisher\nSenior Vice President - Production\nNick Dell’Osso\nExecutive Vice President\nand Chief Financial Officer\nJeff Mobley\nSenior Vice President -\nInvestor Relations and Research\n2010 ANNUAL REPORT | **21**\nThrough volunteer programs and responsible operations, we strive to be the best neighbor\npossible in every one of our operating areas by investing in our communities.",
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- "text": "# 2010: A YEAR \n OF TRANSITION \n AND ACHIEVEMENT\n\n## **6**\n\n### CHESAPEAKE’S COMMITMENT TO BEING A GOOD NEIGHBOR »\n\n**22** | SOCIAL RESPONSIBILITY 2010 ANNUAL REPORT | **23**\n*Employees lend a helping hand at*\n*Rebuilding Together in Oklahoma City*\n*as part of Operation Blue. This annual*\n*volunteer initiative provides employees*\n*company time to work on projects*\n*in their communities.*\n**Chesapeake’s $25 million**\n**of charitable giving in 2010**\nChesapeake’s sense of civic commitment provides a bountiful harvest of\nbenefits to cities large and small. We partner with groups and organizations\nacross all of our operating areas to improve the communities our employ\nees, contractors, vendors, land and mineral owners call home. We believe\nthe success of our business depends on the strength, goodwill and vitality\nof those communities. Most importantly, we believe it is the responsibility\nof every successful business to share success with its neighbors.\nIn 2010 we gave more than $25 million to charitable organizations\nand projects across our operating areas, primarily focusing on community\ndevelopment, education, health and medical and social services.\n**Economic Impact**\nWhile much of the U.S. is still struggling to recover from the economic re\ncession, the positive impact of natural gas and oil operations has provided\na valuable economic recovery stimulus for states that are home to explora\ntion and development activities. As the nation’s second-largest producer\nof natural gas, a Top 15 producer of liquids and most active driller of new\nwells, Chesapeake’s arrival in a new play stimulates economic activity,\naugments personal income through jobs and royalty payments, gen-\nerates substantial tax revenue and sustains communities throughout its\noperating areas.\nIn addition to the general economic impact of our activities on local\neconomies, the company’s tax contributions are substantial. In 2010\nChesapeake paid approximately $675 million in taxes, including ad valorem,\nseverance, sales, employer, and corporate income and franchise taxes. These\ntaxes pay for ongoing government services and also build and maintain\nschools, recreational facilities, and parks and roads — at a time when state\nand local governments are still feeling the pinch of recession. We are proud\nto support America’s economy with our growth while also helping to protect\nthe environment through the greater use of clean-burning natural gas and\nreducing the country’s dependence on expensive foreign oil.\nChesapeake also makes contributions that help improve lives and\neconomies in cities where we operate: $25 million in 2010 alone. For ex\nample, this past year we donated $200,000 to establish the Chesapeake\nEnvironmental and Recycling Center at Goodwill Industries of Central",
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- "text": "# 2010: A YEAR \n OF TRANSITION \n AND ACHIEVEMENT\n\n## **6**\n\n### CHESAPEAKE’S COMMITMENT TO BEING A GOOD NEIGHBOR »\n\n##### INVESTING IN OUR WORLD AND OUR PEOPLE »\n\nan industry-leading program,\n*Green Frac* is a decisive move\ntoward an even greener fluid\nsystem. By reviewing all of the ingredients typically used in each fracking\noperation, the program identifies additives that can be removed and tests\nalternatives. To date, the company has eliminated 25% of the additives\nused in frack fluids in most of its shale plays.\n*Green Frac* is also establishing simple guidelines for the company\nand its vendors to select fracking ingredients that present minimal risks\nto people and the environment. These guidelines will also be used to\nincrease public understanding of the process and its necessity in the\nproduction of American natural gas.\n**Employees**\nFrom state-of-the-art training facilities to extensive health and wellness\nprograms, Chesapeake provides employees with the skills they need to\nsucceed both in the field and at the office while creating a well-rounded\nenvironment for employees and their families. We are committed to the\nsafety and well-being of our employees, contractors and local populations.\nWe provide initial and refresher safety and environmental train\ning to our employees and contractors. In addition to classroom and\nhands-on training, we utilize online environmental, health and\nsafety training focused on company policy and procedures for top\nics pertinent to the management of our field assets. The range of\n*Learning from the best — Our commitment to creating a safe work environ*\n*ment continued to grow in 2010 with the founding of the Chesapeake SAFE*\n*program. Focused on developing safe behaviors, promoting a safety-conscious*\n*culture and eliminating risk in all operating areas, the program has trained*\n*more than 4,200 employees and consultants.*\ntopics covered includes Occupational Safety and Health Administra\ntion (OSHA)-required safety training, such as hazard communica\ntion, personal protective equipment, confined spaces and respiratory\nprotection. In addition to operations training, we also provide safe work\npractices, vehicle safety and specialized training for employees and\ncontractors who perform specific tasks such as emergency response.\nSpecialized environmental training is also provided to address topics\nsuch as air compliance, waste management and spill prevention.\nIn 2010 we conducted a total of 2,306 instructor-led training courses\nand 67 web-based training courses on safety and environmental pro\ngrams for employees, contractors, vendors and visitors.\nTo further our training efforts and emphasize the importance\nof creating a safe work environment, the company established the\nChesapeake SAFE program in July 2010. Through workshop training\ncourses, the program focuses on developing safe behaviors, promot",
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- "text": "# 2010: A YEAR \n OF TRANSITION \n AND ACHIEVEMENT\n\n## **8**\nPermian Basin Chesapeake has built a strong position of approx\nimately 1.2 million net leasehold acres in the Permian Basin including\n560,000 net leasehold acres in the Bone Spring, Avalon, Wolfcamp and Wolfberry\nunconventional liquids plays. This area has the potential to deliver significant\nupside as we move toward increasing our oil production substantially in the years\nahead. We have developed multiple new horizontal oil projects in this area, where\nwe plan to utilize an average of approximately eight operated rigs in 2011 to further\ndevelop our leasehold in the Permian and Delaware basins and estimate we could drill\nup to 4,400 net wells.",
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- "text": "# 2010: A YEAR \n OF TRANSITION \n AND ACHIEVEMENT\n\n## **6**\n\n##### CHESAPEAKE MANAGEMENT PERSPECTIVES »\n\nspecialists, are being groomed to take over the reins as they learn the business through mentoring, extensive training, development opportunities\nand challenging work assignments. They are generously rewarded with excellent compensation and benefits, as well as an industry-leading working\nenvironment that encourages camaraderie and teamwork. The success of Chesapeake’s strategy is apparent: the average age of the company’s\ngeoscience, land and engineering departments has dropped from 49 in 2000 to 36 today. In addition, the average age of the company’s 4,000\nOklahoma City headquarters employees is 33. Even as some of Chesapeake’s employees retire, the company is well equipped with a seasoned work\nforce that is prepared to support and lead the way in Chesapeake’s continued growth.\n##### CHESAPEAKE MANAGEMENT PERSPECTIVES »\nSteve Dixon\nExecutive Vice President -\nOperations and Geosciences and\nChief Operating Officer\n**20** | INVESTOR Q&A\n**What advantages does CHK’s unique vertical integration strategy provide?**\nChesapeake has built a large inventory of low-risk natural gas and liquids-rich plays that we plan to develop\naggressively over the next two decades. As a result, we know that our company will consistently utilize a tremen\ndous (and growing) amount of oilfield services for this resource development. This high level of planned drilling\nactivity will create value for the provider of oilfield services, and Chesapeake’s strategy is to capture a portion\nof this value for our shareholders rather than transfer it to third-party vendors whose interests and investments\nare not always aligned with ours. To date, Chesapeake has invested in drilling rigs, rental tools, water manage\nment equipment, trucking, compression equipment, midstream services, and most recently pressure pumping and\nfracture stimulation equipment. Chesapeake’s activities require a high level of planning and project coordination\nthat is best accomplished through vertical integration and ownership of the oilfield services we utilize. This approach\ncreates a multitude of cost savings, an alignment of interests, operational synergies, greater capacity of equipment,\nincreased safety and better coordinated logistics. In addition, Chesapeake’s control of a large portion of the oilfield\nservice equipment it utilizes provides a unique advantage to control the timing of leasehold development. Simply",
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- "text": "# 2010: A YEAR \n OF TRANSITION \n AND ACHIEVEMENT\n\n## **5**\n\nMarcellus Shale\nBarnett Shale\nHaynesville\nShale\nBossier\nShale\nEagle Ford\nShale\nAnadarko\nBasin\nRockies\nPermian\nBasin\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\nbuilt a large resource base of high-quality U.S. assets in the Barnett, Haynesville, Bossier, Marcellus and Pearsall natural gas shale plays\nand in the Granite Wash, Cleveland, Tonkawa, Mississippian, Bone Spring, Avalon, Wolfcamp, Wolfberry, Eagle Ford, Niobrara and Utica\nunconventional liquids plays. In 2010 Chesapeake increased its focus on applying the geoscientific and horizontal drilling expertise\ngained from developing unconventional natural gas shale plays to unconventional liquids-rich plays. Our goal is to reach a balanced mix of\nnatural gas and liquids revenue as quickly as possible through organic drilling. We invested approximately $4.7 billion in 2010, net of\ndivestitures, primarily in liquids-rich acreage to provide the foundation for this shift toward more profitable plays.\nWe own interests in approximately 46,000 producing natural gas and oil wells, and in 2010 we produced approximately 1.035 trillion\ncubic 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\n2010, 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\nU.S. We have also captured an inventory of up to 115,000 unrisked net future drilling opportunities — almost 50 years worth of drilling\nopportunities — on approximately 13.2 million net leasehold acres in the U.S. The following highlights Chesapeake’s ownership position\nin our key operating areas.\nNatural Gas Shale Areas\nLiquids-Rich Areas\nOperating States\n*Unconcerned by a Chesapeake drill*\n*ing rig, antelope continue their daily*\n*routines in southeastern Wyoming’s*\n*Powder River Basin where the com*\n*pany is developing the promising*\n*Niobrara Play.*\n2010 ANNUAL REPORT | **19**\n**NATURAL GAS SHALE AREAS**",
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- "text": "# 2010: A YEAR \n OF TRANSITION \n AND ACHIEVEMENT\n\n## **6**\n\n### CHESAPEAKE’S COMMITMENT TO BEING A GOOD NEIGHBOR »\n\n##### INVESTING IN OUR COMMUNITIES »\n\nschool located in Oklahoma City for juniors and seniors with exceptional\nabilities. The extremely competitive school is helping train the next gen-\neration of scientists and mathematicians.\nWe also established the Chesapeake Energy Presidential Scholars Pro\ngram at the Oklahoma City University Meinders School of Business, making\na $5.0 million commitment to be distributed over the next five years. The\nChesapeake Scholars Program will provide up to $25,000 per year in tuition\nto selected students pursuing careers in finance, economics, accounting,\nmarketing, business administration, computer science and information\ntechnology. In addition, scholars will take part in a Chesapeake Presiden\ntial Leadership Course facilitated by faculty members in coordination with\ndesignated Chesapeake leadership coaches, including a Chesapeake senior\nvice president and OCU alumni.\nIn 2007 Chesapeake launched a scholarship program in Texas with an\ninitial $1.25 million contribution, challenging the cities of Fort Worth and Dal\nlas to match its gift within a year. The cities responded and matched the gift,\nso Chesapeake in 2008 added another $1.25 million to the fund, bringing the\ntotal to $3.75 million. The Chesapeake Scholarship Fund currently funds the\ncost of higher education for 48 minority students. The fund provides each\nstudent $20,000 a year for up to four years at the school of their choice. To\ndate more than $1.0 million has been distributed to deserving local students.\nTo help ensure the training of qualified geologists, engineers, land\nmen and energy lawyers in the next generation, we award scholarships\nto students pursuing energy-related degrees. We also help mentor them\nthrough Chesapeake’s Peak Program. Junior- and senior-level scholarship\nrecipients are paired with Chesapeake employee mentors who help devel\nop students’ knowledge and provide career advice. There are currently 25\nmentors and 40 scholarship recipients participating in the Peak Program.\nOur recruiting team also initiated a strategic military recruitment\neffort during the past two years to hire former military personnel to\nwork in a variety of leadership and crew positions. This effort earned\nChesapeake an honor from G.I. JOBS magazine when we were named a\n2011 Top 100 Military-Friendly Employer. Chesapeake currently employs\n37 men and women who formerly served as junior military officers and\nmore than 100 former servicemen and servicewomen who joined the\ncompany through a program called Troops 2 Roughnecks.\nIn addition to our specific scholarship programs, one-time educational\ndonations and recruitment efforts, in 2010 we gave more than $1.8 million",
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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": "# 2010: A YEAR \n OF TRANSITION \n AND ACHIEVEMENT\n\n## 2010: A YEAR OF TRANSITION AND ACHIEVEMENT\n\n### DEAR FELLOW SHAREHOLDERS »\n\nomy’s lifeline of oil. This should be especially obvious when one realizes\nthat during the next 10 years, America will likely export at least another\n$4 trillion in national wealth to oil exporters around the world. Clearly,\nour country must demand from its leaders a new and more sustainable\nenergy future.\nThe good news, however, is that America can now secure a new\nenergy future thanks to Chesapeake and a handful of other leading U.S.\nE&P companies that have reinvented the process of finding natural gas\nand oil during the past five years. In doing so, we have discovered twice\nthe resources of natural gas in the U.S. that Saudi Arabia possesses in oil.\nFurthermore, these same few companies that led the unconventional\nnatural gas revolution have in just the past two years also reinvented\nthe way in which we can find large new oil resources onshore in the U.S.\nIn fact, I believe the U.S. can possibly increase its production of oil from\nthe current 5.8 million barrels per day by 30- 50% during the next 5- 10\nyears, thereby potentially reaching the President’s 2025 goal of reducing\nforeign oil imports by 33%, 5- 10 years earlier than hoped.\nThe combination of these vast new discoveries\nof unconventional natural gas and liquids\nprovides America with a unique future path-\nway toward greater energy independence,\nan industrial renaissance, economic rejuvenation\nand greater national security.\nBest regards,\nAubrey K. McClendon\nChairman and Chief Executive Officer\nApril 15, 2011\n*Advancing technology for cleaner operations: solar panels at a West Texas well power*\n*telemetry systems that provide pumpers with real-time information on oil and water*\n*tank levels to alarm them when levels near capacity, preventing tank spills.*\n2010 ANNUAL REPORT | **15**",
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- "text": "# 2010: A YEAR \n OF TRANSITION \n AND ACHIEVEMENT\n\n## 2010: A YEAR OF TRANSITION AND ACHIEVEMENT\n\n### DEAR FELLOW SHAREHOLDERS »\n\nPlatts Global Energy Awards as finalists for CEO of the Year, Community\nDevelopment Program of the Year, Deal of the Year, Energy Producer\nof the Year and the Industry Leadership Award. Chesapeake was one\nof only two companies selected as a finalist in five or more categories.\nThe company was also honored in 2010 with a Certificate of Recognition\nfor our military reserve recruiting efforts, named a 2010 Best Diversity\nCompany by Engineering & Information Technology Magazine and rec\nognized for Best Investor Relations in Energy Sector and Best Investor\nRelations Website at the 2010 IR Magazine U.S. Awards.\n**Recent Events and a Better Way Forward**\nYou may be aware that I have been outspoken in attempting to persuade\nour country’s political leadership to recognize that the discovery of vast\nresources of unconventional natural gas and oil in the U.S. is a complete\ngame changer for our country from an economic, national security and\nenvironmental perspective. After two years of my best efforts and the\nefforts of many others in the industry, most notably T. Boone Pickens,\nFrom our beginning 22 years ago with 10\nemployees in Oklahoma City to employing\nmore than 10,000 people across 15 states\ntoday, Chesapeake has always focused on\nbuilding first-class human resources within\na distinctive corporate culture.\n*<<* *A Chesapeake rig drills in the Marcellus Shale, where the company is*\n*the leading leasehold owner, largest producer and most active driller.*\nwet natural gas and dry natural gas), similar to the components of the\nEagle Ford Shale. We have made a large commitment to this play and\nhave acquired approximately 1.2 million net leasehold acres and expect\nto increase this total to as much as 1.5 million net leasehold acres in the\ncoming months. We are currently using three rigs to evaluate the play\nand believe our leasehold could support the drilling of up to 12,000 net\nwells. This is an area where we anticipate bringing in a joint venture\npartner late in 2011 or early in 2012.\n**Our People**\nGreat assets cannot exist without great people, so we take great pride\nin hiring, training, motivating, rewarding and retaining what we regard\nas the best employees in the industry. From our beginning 22 years ago\nwith 10 employees in Oklahoma City to employing more than 10,000",
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- "text": "# 2010: A YEAR \n OF TRANSITION \n AND ACHIEVEMENT\n\n## **6**\n\n### CHESAPEAKE’S COMMITMENT TO BEING A GOOD NEIGHBOR »\n\n*Retiring from the*\n*Board in June 2011*\nCharles T. Maxwell (3,4)\nSenior Energy Analyst\nWeeden & Co.\nGreenwich, Connecticut\nDon Nickles (4)\nFormer U.S. Senator, Oklahoma\nFounder and President\nThe Nickles Group, LLC\nWashington, D.C.\nSEATED (LEFT TO RIGHT)\nRichard K Davidson (1)\nRetired Chairman and CEO\nUnion Pacific Corporation\nBonita Springs, Florida\nGovernance\nOur Board of Directors is responsible to our shareholders for the oversight of the company and for the imple\nmentation and operation of an effective and sound corporate governance environment. We believe that effec\ntive corporate governance contributes to long-term corporate performance. An effective governance structure\nshould reinforce a culture of corporate integrity, foster the company’s pursuit of long-term strategic goals of\ngrowth and profit and ensure quality and continuity of corporate leadership. Our directors will continue to be\ndiligent in their efforts to preserve the public trust while fostering the long-term success of the company.\n2010 ANNUAL REPORT | **29**\n##### OFFICERS »\nJeffrey A. Fisher\nSenior Vice President -\nProduction\nMichael A. Johnson\nSenior Vice President -\nAccounting, Controller\nand Chief Accounting Officer\nJ. Mike Stice\nSenior Vice President - Natural Gas\nProjects and Chief Executive Officer\nChesapeake Midstream Partners, L.P.\nSteven C. Dixon\nExecutive Vice President -\nOperations and Geosciences\nand Chief Operating Officer\nHenry J. Hood\nSenior Vice President - Land\nand Legal and General Counsel\nJeffrey L. Mobley\nSenior Vice President -\nInvestor Relations and Research\nDomenic J. Dell’Osso, Jr.\nExecutive Vice President\nand Chief Financial Officer\nMartha A. Burger\nSenior Vice President -\nHuman and Corporate Resources\nJames C. Johnson\nSenior Vice President -\nEnergy Marketing\nThomas S. Price, Jr.\nSenior Vice President -\nCorporate Development\nand Government Relations\nAubrey K. McClendon\nChairman of the Board\nand Chief Executive Officer\nJennifer M. Grigsby\nSenior Vice President,\nTreasurer and Corporate Secretary\nCathy L. Tompkins\nSenior Vice President -\nInformation Technology\nand Chief Information Officer\nStephen W. Miller\nSenior Vice President - Drilling\nDouglas J. Jacobson\nExecutive Vice President -\nAcquisitions and Divestitures\n###### FROM PENNSYLVANIA TO NEW MEXICO,",
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- "text": "# 2010: A YEAR \n OF TRANSITION \n AND ACHIEVEMENT\n\n## **6**\n\nnatural gas refineries that supplement the U.S. liquid fuel supply stream, we believe that the marketplace will increasingly utilize and embrace natural\ngas. Chesapeake is working with industry, public policymakers and potential partners on each of these demand reinvention opportunities. Natural\ngas is clean, affordable, abundant and American. Why *shouldn’t* it trade at a BTU premium in the years ahead?\n**Why is an investment grade rating on its debt securities important to CHK?**\nWe believe that Chesapeake will benefit in multiple ways from an investment grade rating on our debt\nsecurities, which we hope to achieve in 2012 or 2013. First, a higher rating would obviously lower the company’s\nborrowing costs over time. In addition, other less easily quantifiable benefits will also accrue to Chesapeake.\nHigher debt ratings would result in lower costs on long-term firm transportation contracts that we enter into in\norder to market our natural gas and oil production as well as facilitate our ability to enter into long-term contracts\nto sell our natural gas production to international buyers in the form of LNG. An improved rating will also enhance\nChesapeake’s ability to further attract world-class energy companies to participate in our joint venture projects,\nwhich profitably monetize a portion of our leasehold investments and also accelerate the development of our\nresource base. Finally, and perhaps most importantly, we believe that reduced financial leverage and an invest\nment grade rating will lead to a higher stock price and provide further interest from worldwide equity investors.\nJeff Fisher\nSenior Vice President - Production\nNick Dell’Osso\nExecutive Vice President\nand Chief Financial Officer\nJeff Mobley\nSenior Vice President -\nInvestor Relations and Research\n2010 ANNUAL REPORT | **21**\nThrough volunteer programs and responsible operations, we strive to be the best neighbor\npossible in every one of our operating areas by investing in our communities.",
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- "text": "# 2010: A YEAR \n OF TRANSITION \n AND ACHIEVEMENT\n\n## 2010: A YEAR OF TRANSITION AND ACHIEVEMENT\n\n### DEAR FELLOW SHAREHOLDERS »\n\n**Fracking Operations Transparency**\nNatural gas and oil operations continue to grow and ex-\npand across the country as vast new resources are un-\nlocked through the process of hydraulic fracturing, or\n“fracking,” a proven technology that has been used safely\nand successfully in the completion of more than 1 million\nU.S. wells since 1949.\nDuring the fracking process, a mixture of approximately\n99% water and sand, combined with a small amount of\nchemical additives, is pumped at high pressure into a\ntargeted formation to create small fissures or fractures in\nthe surrounding rock or shale. These fractures are\nkept propped open by the sand to allow the natural\ngas or oil to freely flow into a wellbore.\nIn our continuing efforts to educate the public and\nalleviate common misconceptions about hydraulic\nfracturing, Chesapeake became one of the first\nenergy companies to disclose the additives used\nin the process. We are actively participating in a\nnational, publicly accessible web-based registry\ndeveloped by the Ground Water Protection Council\nand the Interstate Oil and Gas Compact Commission,\nwith support of the U.S. Department of Energy. The\nregistry allows for fracking additives to be reported\non a well-by-well basis and offers public access to\nthat material on its website. Chesapeake began\nloading well completion data onto the registry on\nFebruary 15, 2011, for wells where completion reports\nhave been filed with the appropriate state agencies.\nTo view the listings and learn more about the fracking\nprocess, the additives used and measures taken to protect\nfresh ground water aquifers, visit www.fracfocus.org.\natmosphere of vitality and energy at Chesapeake, important ingredi\nents of our distinctive culture. These attributes, along with a vibrant\nand attractive corporate headquarters campus, low levels of bureau\ncracy, great assets and a well-executed corporate strategy combine to\ncreate our culture of success and innovation.\nThis has generated extremely positive external feedback as\nChesapeake was recently recognized for the fourth consecutive year\nas one of the FORTUNE 100 Best Companies to Work For ®(3) in the U.S.\nIn fact, we moved up to #32 overall and #1 in our industry — we are\nvery proud of having created and sustained what is now considered\nthe best place to work in all of the U.S. energy production industry.\nIn addition, we were honored in December 2010 at the 12th Annual",
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- "text": "# 2010: A YEAR \n OF TRANSITION \n AND ACHIEVEMENT\n\n## 2010: A YEAR OF TRANSITION AND ACHIEVEMENT\n\n#### the most active driller of new wells in the U.S.\n\nit clear that the assets owned by Chesapeake and some of its peers are the most\nattractive in the world. This realization has already increased the value of high-\nquality unconventional assets in the U.S. and, in time, should lead to higher\nstock prices for the leading U.S. onshore E&P companies, especially Chesapeake. Simply put, the global energy\nindustry is beating a path to our door, and we are welcoming it with open arms.\nBefore we move ahead, I want to emphasize that even though 2010 was a year of transition and achievement,\nour stock price was essentially unchanged. Nevertheless, it was still a very strong year for the company operation\nally and financially. Here are the year’s highlights for your review:\n>> \u0007Average daily natural gas and oil production increased 14% from 2.5 billion cubic feet of natural gas\nequivalent (bcfe) in 2009 to 2.8 bcfe in 2010;\n>> \u0007Proved natural gas and oil reserves increased 20% in 2010, from 14.3 trillion cubic feet of natural gas\nequivalent (tcfe) to 17.1 tcfe;\n>> \u0007Reserve replacement for 2010 reached 375% at a drilling, completion and net acquisition cost of only\n$0.76 per thousand cubic feet of natural gas equivalent (mcfe) (1) ;\n>> \u0007Realized hedging gains were $2.1 billion;\n>> \u0007Revenues increased 22% to $9.4 billion;\n>> \u0007Adjusted ebitda (2) increased 15% to $5.1 billion;\n>> \u0007Operating cash flow (2) increased 5% to $4.5 billion; and\n>> \u0007Adjusted earnings per fully diluted share (2) increased 16% to $2.95.\n*Home to three distinct forms*\n*of hydrocarbons: dry natural*\n*gas, natural gas liquids and*\n*oil, the Eagle Ford Shale*\n*in South Texas epitomizes*\n*Chesapeake’s shift to a bal*\n*anced focus on natural gas*\n*and liquids.*\n**4** | LETTER TO SHAREHOLDERS\n2010 was a very important year of transition and achievement for Chesapeake, a year in which we\ninitiated three very important strategic shifts: from asset gathering to asset harvesting, from focusing\nexclusively on natural gas to a balanced focus on natural gas and liquids and from having a leveraged\nbalance sheet to one worthy of an investment grade rating.",
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- "text": "# 2010: A YEAR \n OF TRANSITION \n AND ACHIEVEMENT\n\n## **6**\n\n### CHESAPEAKE’S COMMITMENT TO BEING A GOOD NEIGHBOR »\n\n##### BOARD OF DIRECTORS »\n\ning a safety-conscious culture and reducing risk in all operating areas.\nBy year-end 2010, more than 4,200 employees and consultants partici\npated in 121 workshops in 18 cities across the country.\nChesapeake’s commitment to employee health and wellness is also\nevident at our 72,000-square-foot fitness center, which provides Oklahoma\nCity headquarters employees and their families with on-site access to\nstate-of-the-art health equipment, recreation leagues and group exercise\nclasses. For employees who work outside of our headquarters, we subsi\ndize family fitness memberships and recreational entry fees.\nTo further promote healthy lifestyles, the company-wide Living Well\nprogram provides financial incentives for employees who participate in\nregular exercise, education, motivation and intervention. In 2010 more\nthan 6,900 employees participated in Chesapeake’s Living Well program\nwith more than 70% earning financial awards.\nIn addition, we provide discounted or free memberships to organiza\ntions such as Weight Watchers and cover the cost of most registration\nfees for local races and fitness events. Throughout the year the company\nalso hosts a number of health-related classes and programs, including\nour award-winning Live Better Forever program, a dynamic new Your Life\nMatters mental health initiative and Lunch and Learn seminars.\nFrom our extensive required safety training to our award-winning\nhealth and wellness benefits, Chesapeake is dedicated to providing quality\nresources to ensure the health and well-being of each of our employees.\nFrom state-of-the-art training facilities\nto extensive health and wellness programs,\nChesapeake provides employees with the skills\nthey need to succeed both in the field and at\nthe office while creating a well-rounded envi\nronment for employees and their families.\n##### BOARD OF DIRECTORS »\nLouis A. Simpson\nChairman\nSQ Advisors, LLC\nNaples, Florida\n*Nominated for*\n*election in June 2011*\n**28** | BOARD OF DIRECTORS AND OFFICERS\nV. Burns Hargis (1)\nPresident\nOklahoma State University\nStillwater, Oklahoma\n(1) Audit Committee\n(2) Lead Independent Director\n(3) \u0007 Compensation Committee\n(4) \u0007 Nominating and Corporate\nGovernance Committee\nAubrey K. McClendon\nChairman of the Board\nand Chief Executive Officer\nChesapeake Energy Corporation\nOklahoma City, Oklahoma\nMerrill A. “Pete” Miller, Jr. (1,2)\nChairman, President and CEO\nNational Oilwell Varco, Inc.\nHouston, Texas\nKathleen M. Eisbrenner (3,4)\nFounder and CEO\nNext Decade\nThe Woodlands, Texas\nSTANDING (LEFT TO RIGHT)\nFrank Keating (3)\nFormer Governor, Oklahoma\nPresident and CEO\nAmerican Bankers Association\nWashington, D.C.\nFrederick B.\nWhittemore (3,4)\nAdvisory Director\nMorgan Stanley\nNew York, New York",
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- "text": "# 2010: A YEAR \n OF TRANSITION \n AND ACHIEVEMENT\n\n## 2010: A YEAR OF TRANSITION AND ACHIEVEMENT\n\n### DEAR FELLOW SHAREHOLDERS »\n\nrewarding to our buyers, they have been truly outstanding for Chesapeake,\nproviding us an attractive source of capital, a reduction of risk, a quick\nrecovery of our leasehold investment in new plays and a much greater\nability to capture a large resource base with decades of highly profitable\ndrilling opportunities.\nIn addition, we are the only U.S. E&P company that has attracted\nto its stock ownership roster some of the world’s leading government-\nsponsored investors: Temasek Holdings (Singapore), China Investment\nCorporation, Korea Investment Corporation and Abu Dhabi Investment\nAuthority. Along with our largest shareholder, Memphis, Tennessee-\nbased Southeastern Asset Management (12%), these shareholders are\nsome of the world’s largest and most astute investors, and who also\n2010 ANNUAL REPORT | **5**\nThrough a wide variety of transactions,\nincluding several led by Chesapeake,\nthe global energy industry made it clear\nthat the assets owned by Chesapeake and\nsome of its peers are the most attractive\nin the world.\n*<< Aubrey K. McClendon, Co-Founder, Chairman and Chief Executive Officer*\nvs. an asset gatherer — namely, lower debt and higher returns on capi\ntal. The market has received this plan with favor to date as our stock\nprice is already up 30% in the first quarter of 2011. In addition, having\nrecently closed the sale of our Fayetteville Shale assets to BHP Billiton\nand recently initiated tender offers for repayment of at least $2.0 billion\nof our long-term debt, we are already close to accomplishing the 25%\nlong-term debt reduction portion of our 25/25 Plan. Now we will focus\non delivering the other part of the equation, 25% growth in production\nby year-end 2012.\nBeyond the next two years, there will be many other benefits of the\nthree-way transition we began in 2010. In fact, we are increasingly con\nfident that we can double our cash flow and net income by year-end\n2015. By accomplishing these goals and also having our historic trading\nmultiples expand a bit, we are hopeful that we can achieve a $100 stock\nprice by year-end 2015, perhaps creating the need for a “100/15” plan in\nthe process! Clearly it would be an ambitious goal, and to achieve it we\nwill need the world’s economy to continue growing, China and other\nemerging economies to continue their rapidly growing thirst for oil and",
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- "text": "# 2010: A YEAR \n OF TRANSITION \n AND ACHIEVEMENT\n\n## **6**\n\nfracture stimulation designs for liquids-rich plays that allow the company to achieve a greater stimulated rock volume\nin low permeability reservoirs. Finally, the advancements Chesapeake has made in developing liquids-rich plays have\nbeen made possible through the use of our proprietary Reservoir Technology Center that has become the industry’s most advanced shale core laboratory.\n**It is often said that the energy industry has an aging work force that is fast approaching**\n**retirement age. How is Chesapeake addressing this?**\nIt is no secret that there is a shortage of experienced professionals in the natural gas and oil industry. The industry down\nturn of the 1980s and 1990s discouraged many from pursuing energy careers. In the following decades, strong compe\ntition from other industries lured away many of the best and brightest science and technology graduates, and today\nmany experienced professionals who stayed in the industry through the downturn are approaching retirement age.\nAs a result, one of our industry’s greatest challenges over the past 10 years has been to develop a new generation\nof natural gas and oil professionals who have the knowledge and experience required to meet the nation’s growing\nenergy needs.\nIn 2000 Chesapeake was one of the first companies to recognize this trend and to understand how recruiting\nand training a new generation of energy professionals would impact the company’s future success and its ability to\ncompete in the industry. At that time, Chesapeake formulated a business strategy to address future staffing needs\nand decided to create a world-class college recruiting and intern program to recruit the most promising industry\ntalent. Today, Chesapeake hosts more than 150 interns every summer in its internship program, many of whom go\non to become full-time Chesapeake employees upon graduation. In addition, we have 350 students who receive\nscholarships through Chesapeake programs, and our staff of college recruiters has developed strong relationships with professors, department heads\nand career counselors at the more than 31 universities where we actively recruit.\nAs a result of these efforts, young professionals in a wide range of disciplines, from scientists and engineers to land management and legal",
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- "text": "# 2010: A YEAR \n OF TRANSITION \n AND ACHIEVEMENT\n\n## **6**\n\n##### CHESAPEAKE MANAGEMENT PERSPECTIVES »\n\nput, faster development of resources maximizes the present value of leasehold. This has been a key advantage for\nChesapeake over the past three years as the company has monetized leasehold investments at premium values through our joint ventures.\n**Will U.S. natural gas prices reconnect with world natural gas prices?**\nNatural gas is a premium product and a cleaner-burning fuel than coal or oil-related products, including gasoline,\ndiesel and heating oil. Despite this fact, over the past two years natural gas has received a low price in the U.S.\nmarket relative to coal and oil-related products, primarily as a result of a temporary surplus of production. This\nsurplus has been principally caused by high levels of drilling activity as producers focused on holding by produc\ntion (HBP) leasehold in new highly productive, low cost natural gas shale plays. In essence, producers reinvented\nU.S. supply ahead of reinventing of U.S. demand. We believe HBP-incentivized drilling on natural gas plays will\nlargely come to an end in 2012, and U.S. demand will soon also be reinvented to allow U.S. natural gas prices to\nreconnect to price parity with world natural gas prices that have risen to more than double U.S. natural gas prices.\nThis surge in world natural gas prices has been in response to $100+ oil prices and surging global liquefied\nnatural gas (LNG) demand. In our view, the arbitrage in value between competing fuels is simply too wide. Capital\nand ideas will flow toward projects that make the most of this price disparity. Chesapeake and other companies are\nworking to create the ability to export natural gas from the U.S. Gulf Coast and other regions in the form of LNG to\npremium Pacific Rim, European and South American markets, perhaps as soon as 2015. This initiative will also be\naided by the widening of the Panama Canal to accommodate large LNG vessels. Furthermore, we believe that the\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\nbe compressed natural gas (CNG) for medium and light-duty vehicles, LNG for heavy-duty vehicles or the commercialization of gas-to-liquids (GTL)",
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