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  "notes": "The slide argues that the reduction in debt and pension liabilities outweighs the reduction in EBITDA and interest expense.",
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      "text": "62% reduction in interest expense is in-line with the 62% reduction in EBITDA. However, this lower income now needs to support 87% less of net debt & pension liabilities with net debt decreasing by 96%",
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      "text": "However, this lower income now needs to support 87% (1) less of net debt & pension liabilities with net debt decreasing by 96% (1)",
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      "text": "We believe a sophisticated pension trustee will be able to see that support for the pension is improved following our Proposals",
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      "text": "Source: Company filings, broker research, Sandell estimates, Bloomberg. (1) Sandell estimates. In this analysis, net debt includes rail restricted cash and capital leases. (2) Sandell estimates and Company filings.",
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