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  "docSlug": "86d8f17ffaaed8be61f8b36e2c739da4",
  "documentTitle": "Starboard Value | Activist Presentation Deck | 96 slides",
  "authorId": "starboard-value",
  "authorName": "Starboard Value",
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  "presentationDate": "2012-05-01 00:00:00",
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  "pageNumber": 5,
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  "slideType": "problem_statement",
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  "density": "dense",
  "nDataPoints": 1,
  "notes": "This is a classic activist investor 'case for change' slide.",
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      "kind": "list",
      "text": "Focus the Board on substantially improving the profitability of the struggling Display business. Joint venture, sell, shut down or otherwise restructure Patch to profitability. Seek additional opportunities for value creation.",
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      "text": "Starboard’s nominees, two of whom are independent of Starboard, have the necessary business and financial experience to help oversee a successful turnaround at AOL. Starboard is one of the Company’s largest shareholders and beneficially owns 5.3% of the shares outstanding.",
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      "text": "Poor historical stock price and operating performance. Aggressive investments in its money-losing Display business. Unwavering commitment to its status quo Patch strategy. Recent and reactive responses to Starboard’s concerns. Questionable corporate governance.",
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      "kind": "paragraph",
      "text": "Shareholders deserve better – our nominees have a better plan for enhancing shareholder value",
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      "text": "Our nominees are committed to representing the best interests of all AOL shareholders",
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      "text": "The current Board has overseen an extended period of underperformance and real change is necessary now",
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