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  "documentTitle": "Elliott Management | Activist Presentation Deck | 39 slides",
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  "authorName": "Elliott Management",
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  "presentationDate": "2017-05-01 00:00:00",
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  "pageNumber": 19,
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      "kind": "chart",
      "text": "EBITDA Growth Comparison with Rio Tinto",
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      "text": "BHP slide excerpt",
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      "kind": "paragraph",
      "text": "BHP claims its petroleum business provides unique risk-mitigation diversification benefits. Over the last ten years, however, BHP’s EBITDA trend has shown noticeably higher volatility than Rio Tinto’s – the precise opposite of what diversification should provide",
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      "text": "Source: Company filings (1) Numbers shown on the basis of a June 30 year end. BHP is shown pro forma as if South32 had never been demerged in 2015. Rio Tinto is shown pro forma through the entire period as if Rio Tinto had owned Alcan throughout the entire period",
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      "text": "Management’s synergy arguments are weak and unconvincing – claims of synergies for BHP’s conventional petroleum assets are clearly unfounded",
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      "text": "Petroleum Offers No Real Operational Synergies or Risk Diversification",
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