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I've got exactly the same problem and tried several options to create a PDF that is searchable as well as for the slide as for the notes pages.
When I ran into your solution it pleased me a lot, but unfortunately it doesn't seem to work for me. Debugging the script showed a compile error on the 2nd line, saying
User-defined type not defined.
What troubleshooting steps should I take?
2013-10-23: I've found another way to create the PDF. - Use the option File > Save & Send > Create Handouts to convert the slides + handouts to a Word document. - Be sure to enable the Paste link option before creation. This will allow you to update the document after changes done in the associated powerpoint. - Adjust the layout of the slides + handouts in the document as required. The previous 3 steps only need to be done once. - Save the document. - Then create a PDF (Save As > PDF) of the document. - To update the document after changing the PPT, just open the Word document and you will be asked for an update action. If you should have the document already open, the changes will automatically be applied after saving the PPT. In this way I only have to keep the PPT and Word in sync and create a new PDF afterwards. BE AWARE that the automatic update ONLY counts for changes in the slides, NOT in the notes.
Unfortunately it doesn't convert any pictures or objects (like Clip Arts and Shapes) that are in your Notes pages.