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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 explaining the assumptions behind the valuation scenarios.",
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      "text": "Lazard also reviewed other approaches such as the (1) repurchase of shares only and (2) the separation of TWC and repurchase of shares. Both approaches appear to provide significantly fewer corporate benefits and create less value compared to the value created through Separation.",
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      "text": "(a) Reflects an $18 billion dutch tender plus $1.960 billion of share repurchases assumed to have occurred prior to December 31, 2005...",
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      "text": "Implied TWX Share Price: $26.57",
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      "text": "The analysis conducted has not uncovered any structural impediment or tax complication that would prohibit the Separation. Separation of the businesses is likely to create the greatest sustainable long-term value for TWX shareholders.",
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      "text": "Source: Information and estimates based on various Wall Street research reports and Company filings.",
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      "text": "Exhibit 5.17: VALUE CREATION SCENARIOS",
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      "kind": "title",
      "text": "VI. ALTERNATIVE APPROACHES CREATE LESS VALUE",
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