Important U.S. Federal Ine Tax Information （重要的美国联邦所得税信息）.pdf

Important U.S. Federal Income Tax Information for Shareholders Concerning the Halyard Health, Inc. Stock Distribution November 11, 2014 Dear Shareholder, On October 31, 2014 (the “Distribution Date”), Kimberly-Clark Corporation (“Kimberly-Clark”) distributed all the outstanding shares of Halyard Health, Inc. (“HYH”) to Kimberly-Clark shareholders of record as of the close of business on October 23, 2014 (the “record date”). In the distribution (the “Spin-off”), you received one (1) share of HYH common stock for every eight (8) shares of Kimberly-Clark common stock you held as of the close of business on the record date. You will receive cash in lieu of any fractional shares of HYH common stock. This letter explains certain U.S. federal income tax consequences of the Spin-off and describes how to allocate your tax basis between your Kimberly-Clark common stock and the HYH common stock you received in the Spin-off. Tax Treatment of the Spin-off. On October 31, 2014, Kimberly-Clark received an opinion from Baker Botts, L.L.P. concluding, based on certain representations of Kimberly-Clark and HYH with respect to (among other things) the activities of Kimberly-Clark and HYH following the Spin-off, that the Spin-off “will” qualify as a reorganization within the meaning of sections 368(a)(1)(D) and 355 of the Internal Revenue Code of 1986, as amended (the “Code”). As a result, you will generally not recognize gain or loss for U.S. federal income tax purposes upon receipt of the HYH common stock in the Spin-off. If, however, you receive cash in lieu of fractional shares you will recognize gain or loss as described below. Fractional Shares. No fractional shares of HYH common stock were distributed in the Spin-off. Instead, all fractional sh