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  "documentTitle": "E.I. du Pont de Nemours and Company (DuPont) (DD)",
  "authorId": "06_Trian_Partners",
  "authorName": "Trian Partners",
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  "presentationDate": "2015-04-13 00:00:00",
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  "notes": "Includes a call-to-action at the bottom regarding the proxy card.",
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      "text": "Trian believes the implied value calculation could have additional upside based on our view of $2-4bn of excess costs",
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      "text": "When Trian issued its Summary White Paper (September 2014), Trian arrived at an implied target value per share in excess of $120(1) by the end of 2017, a 21% internal rate of return (IRR) for shareholders holding DuPont stock during this period",
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      "text": "Key Assumptions for Trian's Analysis: Valuation: 9.9x blended NTM EBITDA multiple; Best-in-class operating performance; Prudent Leverage: 2x net debt/EBITDA; Focus on Returns to Shareholders; Tax Rate: 33% tax rate",
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      "text": "(1) Please see the Open Letter... (2) Assumes 6% increase... (3) Base tax rate...",
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