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  "documentTitle": "Time Warner Inc. (TWX)",
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  "authorName": "Lazard",
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  "presentationDate": "2006-02-01 00:00:00",
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  "notes": "Includes detailed footnotes regarding interest rates, tax rates, and debt adjustments.",
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      "text": "AOL (assuming initial maximum leverage of 2.5x OIBDA or $4.8 billion) is projected to generate approximately $4.1 billion of free cash flow over the next three years and $7.6 billion of cash flow over the 2006 - 2010 period.",
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      "text": "(a) Assumes 7.00% blended interest rate. (b) Assumes 37% tax rate. (c) Debt figures adjusted for operating leases, pension benefits, post retirement benefits, securitizations, and guarantees. (d) Assumes Baa3/BBB- credit rating.",
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      "text": "Free Cash Flow: $1,760",
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      "text": "AOL (assuming initial maximum leverage of 2.5x OIBDA or $4.8 billion) is projected to generate approximately $4.1 billion of free cash flow over the next three years and $7.6 billion of cash flow over the 2006 - 2010 period.",
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      "text": "Source: Information and estimates based on various Wall Street research reports.",
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      "text": "Exhibit 3.31: DEBT ANALYSIS ($ MM)",
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      "text": "Substantial Strategic and Financial Flexibility",
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