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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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  "notes": "The slide uses a combination bar and line chart to demonstrate financial health while increasing cash returns.",
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      "kind": "chart",
      "text": "Cumulative Free Cash Flow (Post-Capex and Post-Dividends at the Existing 50% Payout Ratio) vs. Net Debt / EBITDA",
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      "kind": "disclaimer",
      "text": "(1) Note: Free cash flow from operations less free cash flow from investing and dividends, assuming 50% payout ratio of net income. Figures are the average of those produced by analysts at major international investment banks",
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      "text": "Analysts’ consensus forecasts are clear: BHP is expected to have significant free cash flow for the foreseeable future\nFuture capital allocation should be disciplined by comparing potential investments with the returns which can be achieved through post-unification discounted off-market buybacks. Instead of continuing to destroy significant value in non-core petroleum projects, excess capital should be returned to shareholders while maintaining a healthy balance sheet",
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      "kind": "title",
      "text": "Returning Excess Capital to Shareholders Will Not Put the Balance Sheet at Risk",
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