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  "documentTitle": "Phillips 66 (PSX)",
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  "notes": "The slide uses a 'before-after' framework to argue that Elliott's intervention leads to superior shareholder returns.",
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      "kind": "callout",
      "text": "VOTE ONLY THE GOLD CARD TODAY",
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      "text": "Marathon has excelled since its board carried out a series of crucial changes that we recommended, resulting in a ~150% relative outperformance by Marathon's share price.",
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      "text": "Before and After Elliott Involvement performance bars",
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      "text": "Total Shareholder Return: 149%",
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      "kind": "paragraph",
      "text": "When we engaged with Marathon in 2019, the company had challenges comparable to those now facing Phillips 66. We helped Marathon address these issues with plans for stronger governance, strategic divestitures and improved operations under new leadership.",
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      "text": "Take Marathon, in which Elliott has been a significant and engaged investor. Marathon has excelled since its board carried out a series of crucial changes that we recommended, resulting in a ~150% relative outperformance by Marathon's share price.",
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      "kind": "paragraph",
      "text": "That is no accident: Unlike at Phillips 66, shareholder-focused boards and management teams at those companies have recognized the need for improvement, welcomed investor advice and responded with decisive changes.",
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      "kind": "paragraph",
      "text": "Today, the same kind of turnaround and superlative stock returns are entirely within reach of every Phillips 66 shareholder. In fact, Elliott's experience with Marathon, and our many other productive engagements with companies in similar situations, make us confident that these steps could lift Phillips 66 shares to $200 or more.",
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      "kind": "source-note",
      "text": "Per Bloomberg as of 2/7/25. Total Shareholder Return relative to the average of Valero and Phillips 66, per Bloomberg, ending on 2/7/25. Price target is based on Elliott's internal calculations.",
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      "kind": "title",
      "text": "MARATHON PETROLEUM TOTAL SHAREHOLDER RETURN VS. PEERS",
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