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This works only in PowerPoint 97 and doesn't appear in PowerPoint 2000/2002 ( I wonder why? ). If you create a bulleted slide and decide you want to expand on your thoughts with additional slides. Display or choose the slide that contains the items you want to use. Then, choose Tools/Expand Slide from the menu bar. The Expand Slide dialog box may appear. If it does, choose one of the options listed and click OK. PowerPoint generates a new slide for each bulleted item on the original slide, placing them directly following the slide you marked for expansion. Also, PowerPoint uses the bulleted item as the title of the new slide. So, if you have a slide that contains 5 bulleted items, PowerPoint creates 5 new slides when you execute the Expand Slide option.

I've included a VBA routine which offers similar functionality in Shyam's Toolbox