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      "text": "1. When we engaged with Marathon, our base case implied +60% upside. 2. We saw >100% upside as achievable if Marathon could drive operational improvements and valuation uplifts in-line with peers",
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      "text": "TSR: 322%",
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      "text": "As Marathon sold assets and repurchased shares, its stock price appreciated to a level that exceeded the high end of our range: for the past 12 months Marathon has traded between $130 and $220 per share",
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      "text": "1) Required assumptions for “Marathon Path” scenario can be found on slides 39 – 40. 2) MPC cumulative TSR and cumulative TSR vs. VLO since Elliott’s public presentation on 9/25/2019.",
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