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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 a comparison of 4.75x vs 6.0x leverage scenarios in the text.",
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      "text": "The following analysis illustrates the cash flow forecasts of TWC assuming initial leverage of 4.75x total debt/OIBDA.",
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      "text": "Total Debt / LTM OIBDA: 4.75x",
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      "text": "The financial impact on TWC was also analyzed assuming initial leverage at 6.0x total debt/OIBDA. At 6.0x initial leverage, TWC could generate approximately $10.9 billion of capital to distribute to shareholders compared to $5.3 billion at 4.75x initial leverage.",
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      "text": "The following analysis illustrates the cash flow forecasts of TWC assuming initial leverage of 4.75x total debt/OIBDA. TWC's leverage ratio, based on the forecasted free cash flow, is expected to decline to 4.0x and 3.4x by the end of 2006 and 2007, respectively.",
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      "text": "(a) Assumes initial 4.75x leverage at a rate of 6.1% (including swap costs). Debt amortization payments are assumed at $1,000 in each of 2009 and 2010. Assumes a minimum cash balance of $50 million is maintained in all periods.",
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      "text": "Exhibit 3.56: TWC DEBT ANALYSIS AT 4.75X ($ MM)(A)",
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