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      "text": "OUR INVESTOR SURVEY AND CONVERSATIONS HAVE SHOWN THAT SHAREHOLDERS OVERWHELMINGLY SUPPORT ELLIOTT'S STREAMLINE 66 PLAN AND ARE TIRED OF PHILLIPS 66'S UNDERPERFORMANCE.",
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      "text": "ADDITIONAL INFORMATION: Elliott Investment Management L.P., together with the other participants in Elliott's proxy solicitation... has filed a definitive proxy statement...",
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      "text": "The Streamline 66 plan, if executed, could lift Phillips 66 stock by 75% or more. We need your help to put the plan into action and boost returns for all shareholders. Vote today using the GOLD card for Elliott's four highly qualified director nominees and governance enhancements to improve Phillips 66's performance and keep leadership accountable to shareholders.",
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      "text": "Leading Wall Street analysts recognize the compelling logic behind the Streamline 66 plan. Multiple research firms have highlighted the value trapped within Phillips 66's conglomerate structure and endorsed the need for operational improvements:",
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      "text": "We agree with Elliott's assessment that there is more upside potential in the refining business...and we think Elliott's presence itself could refocus management towards this business. – J.P. Morgan, April 2025",
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      "text": "Where we agree with Elliott is that PSX is undervalued...we see no value for refining in the share price at current levels. – Wolfe Research, April 2025",
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      "text": "We think that selling non-core assets, enhancing capital returns to shareholders, and improving refining profitability would result in significant outperformance. – TPH & Co., February 2025",
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      "text": "We agree that PSX's midstream does not reflect full value. We reinstated coverage of PSX in October and can attest that few midstream investors follow it, as it trades predominantly like a refining stock...selling some midstream assets could unlock value. – Bank of America, February 2025",
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