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  "documentTitle": "Time Warner Inc. (TWX)",
  "authorId": "14_Icahn",
  "authorName": "Lazard",
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  "presentationDate": "2006-02-01 00:00:00",
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  "notes": "Includes footnotes regarding corporate expenses and NOLs.",
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      "text": "AOL should be “liberated” to engage in an aggressive broadband access migration, to re-establish its advertising credibility, and to develop (through acquisitions as well as organic growth) new brands, applications and features.",
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      "text": "PF OIBDA: $2,173",
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      "text": "AOL's access business, though gradually losing subscribers, has a large, loyal and somewhat price insensitive customer base. The annual gross customer additions remain impressive and suggest that AOL's customer proposition remains strong. AOL, despite general under-investment, has continued to improve its unique technical suite delivering high levels of reliability, connectivity and security.",
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      "text": "Exhibit 4.11 shows the projections incorporated into the valuation analysis for AOL. Revenues and OIBDA are estimated to decrease by (1.6%) and increase by 2.2%, respectively, over the period.",
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      "text": "AOL should be “liberated” to engage in an aggressive broadband access migration, to re-establish its advertising credibility, and to develop (through acquisitions as well as organic growth) new brands, applications and features.",
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      "kind": "paragraph",
      "text": "employees who have not participated in the significant appreciation of asset values in the Internet sector. AOL, as an independent company, would be better positioned to attract employees and to take quick, decisive actions as market conditions evolve.",
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      "text": "(a) Includes additional corporate expenses in 2006PF of $23 million, which is assumed to grow at 3% per annum thereafter. (b) Includes the use of $5.6 billion of NOLs and assumes an initial leverage ratio of 2.5x 2005PF OIBDA.",
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      "text": "Source: Information and estimates based on various Wall Street research reports.",
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      "text": "AOL Projected Financials Table",
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      "text": "CHAPTER 4: VALUATION",
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