Slide 1: Investor Presentation
INVESTOR PRESENTATION
Slide 2: Elliott's Perspectives on Value Creation
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Slide 3: Disclaimer
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Slide 4: Elliott's Approach to Investing and Active Engagements
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Slide 5: Elliott's energy sector investment experience
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Slide 6: Phillips 66 company overview and key stats
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Slide 7: Extensive due diligence on Phillips 66
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Slide 8: Streamline 66: Executive Summary
ELLIOTT® STREAMLINE 66 EXECUTIVE SUMMARY
Slide 9: Improve accountability with credible directors and mandate for change
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Slide 10: Elliott attempted to collaborate with Phillips
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Slide 11: Phillips returns lag peers; company deeply undervalued
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Slide 12: Phillips underperformed its two main peers since spinoff
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Slide 13: Phillips is trapped in a cycle of underperformance
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Slide 14: Board has allowed governance failures
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Slide 15: Conglomerate model impairs operational focus and obscures value
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Slide 16: Operating expense per barrel vs peers
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Slide 17: Management claims versus reality
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Slide 18: Elliott's slate of independent directors
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Slide 19: Elliott plan: oversight, portfolio, operating review
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Slide 20: PSX stock performance vs peers since unaffected date
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Slide 21: Marathon outperformed after reviewing structure
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Slide 22: Improve operating performance and divest assets
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Slide 23: Streamline 66: Phillips Requires Change
ELLIOTT® STREAMLINE 66, PHILLIPS 66 REQUIRES CHANGE
Slide 24: Phillips total shareholder return vs peers
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Slide 25: Valero and Marathon are the comparable companies
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Slide 26: Phillips underperformed peers and harmed investors
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Slide 27: Flaws in company's TSR claims
: 1. Uses a misleading start point for TSR which h iss flattered d byy >50% % off relative e TSR R underperformance e driven n byy poorr operationss whilee Lashier’ss wass COO 2. Includess low-quality,, poor-performing g and d inappropriate e small-cap p refining g peers 3. Intellectually dishonest
Slide 28: Claiming TSR outperformance
CLAIMING TSR OUTPERFORMANCE In order to manufacture outperformance, the Company needs to assume both 1) an incorrect peer group and 2) a misleading timeframe This leads to a TSR conclusion which conflicts with its own SEC reported values COMPANY PROXY MATERIALS PHILLIPS 2024 10-K TSR Outperformance
Slide 29: Phillips has same downside volatility as refiners
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Slide 30: Midstream assets not receiving credit in conglomerate
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Slide 31: Refining and midstream have contrasting risk-return propositions
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Slide 32: Phillips to trade at multiple of lowest valued segment
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Slide 33: Enterprise value decomposition at current valuation
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Slide 34: Analysts see trapped value
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Slide 35: Gregory Goff supports Elliott
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Slide 36: Conglomerate structure leads to low multiple; midstream acquisitions
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Slide 37: Midstream investor feedback
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Slide 38: Phillips far from mid-cycle EBITDA target
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Slide 39: Improve commercial function and reduce refining costs
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Slide 40: Consistent themes from conversations with experts
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Slide 41: Profitability lags Valero and Marathon
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Slide 42: Lower gross margins than peers by region
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Slide 43: Higher opex than peers
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Slide 44: Four aspects of effective midstream NGL business
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Slide 45: DCP Permian Basin asset map
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Slide 46: DCP integration and execution shortcomings
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Slide 47: Q1 results underperformed expectations
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Slide 48: Earnings misses versus consensus revisions
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Slide 49: Management entrenchment on midstream tax and integration
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Slide 50: Misleading claims on cost savings targets
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Slide 51: Phillips versus Suncor disclosure and execution
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Slide 52: Phillips nowhere near meeting Analyst Day targets
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Slide 53: Refining margin environment does not explain misses
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Slide 54: Lashier claims cost targets met
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Slide 55: Cash flow and capital returns vs peers
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Slide 56: Unable to deploy growth capital within budget
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Slide 57: Divestiture proceeds spent on dilutive midstream acquisitions
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Slide 58: Board could have evaluated sale of midstream
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Slide 59: Poor execution of Rodeo conversion
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Slide 60: Elliott-commissioned investor survey
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Slide 61: Investors are fed up and want change
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Slide 62: Active shareholders cutting exposure
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Slide 63: Board compensated CEO generously and made him Chairman
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Slide 64: Elliott engagement timeline
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Slide 65: Board resistance to declassifying
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Slide 66: Annual election proposal and board shenanigans
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Slide 67: Compensation paid above target despite underperformance
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Slide 68: Elliott's Plan for Value Creation
ELLIOTT® STREAMLINE 66 ELLIOTT’S PLAN FOR VALUE CREATION
Slide 69: Elliott plan: oversight, portfolio, operating review
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Slide 70: Enhanced oversight
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Slide 71: Sigmund Cornelius nominee
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Slide 72: Midstream business attractive to buyer or standalone
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Slide 73: Benefits of midstream separation
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Slide 74: Standalone midstream harmonizes capital structure
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Slide 75: Benefits outweigh claimed concerns
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Slide 76: Michael Heim nominee
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Slide 77: Midstream valued at premium via comparables
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Slide 78: Multiple post synergies cash for shareholders
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Slide 79: Strategic focus and culture of excellence
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Slide 80: Brian Coffman nominee
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Slide 81: Refining operational review methodology
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Slide 82: Discounted crude feed advantage
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Slide 83: Refining assets competitive in respective markets
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Slide 84: Gulf Coast refineries key asset overview
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Slide 85: Central Corridor refining assets
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Slide 86: West Coast refining assets
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Slide 87: Atlantic Basin assets
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Slide 88: Refining lags peers on opex and gross margin
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Slide 89: Stacy Nieuwoudt nominee
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Slide 90: Nominee perspectives on refinery visits
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Slide 91: Conclusion: a clear choice
CONCLUSION: A CLEAR CHOICE le STREAMLINE 66 Unlock Trapped Value @ STATUS QUO Mandate to Improve Performance Management Accountability Annually Elected Board Path to 75%+ increase in share price STREAMLINE 66
Slide 92: Addressing Phillips' Claims
ELLIOTT® STREAMLINE 66, ADDRESSING PHILLIPS’ CLAIMS
Slide 93: Elliott focused on substantive change
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Slide 94: Board support actions or lost control of management
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Slide 95: Misleading TSR start point
: 1. Uses a misleading start point for TSR which h iss flattered d byy >50% % off relative e TSR R underperformance e driven n byy poorr operationss whilee Lashier’ss wass COO 2. Includess low-quality,, poor-performing g and d inappropriate e small-cap p refining g peers 3. Intellectually dishonest
Slide 96: Claiming TSR outperformance
CLAIMING TSR OUTPERFORMANCE In order to manufacture outperformance, the Company needs to assume both 1) an incorrect peer group and 2) a misleading timeframe COMPANY PROXY MATERIALS PHILLIPS 2024 10-K This leads to a TSR conclusion which conflicts with its own SEC reported values TSR Outperformance
Slide 97: Phillips touts TSR since Lashier became CEO
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Slide 98: Phillips refining peers
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Slide 99: TSR with alternative peer sets
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Slide 100: Enterprise value, throughput and EBITDA by peer
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Slide 101: Weighted peer TSR notes
1 Calculated as the weighted average of Refining (CVI, DINO, DK, MPC, PBF, VLO), Midstream (OKE, TRGP, WMB), and Chemicals (DOW, LYB, WLK) Performance by Proxy Peers’ TSR based on the weighting of consensus NTM M EBITDA estimates for PSX’s segments. 2 Source: FactSet; market data as of March 31, 202
Slide 102: Capital returned to shareholders vs peers
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Slide 103: Return on capital over five years
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Slide 104: Opex reduction driven by natural gas prices
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Slide 105: Little benefit to conglomerate structure
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Slide 106: Molecules moving between businesses do not require common ownership
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Slide 107: Midstream segment could be sold or separated
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Slide 108: Tax leakage claims on midstream sale
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Slide 109: Synergies and midstream transactions
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Slide 110: Refining EBITDA and M&S allocation
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Slide 111: Refining opex and G&A vs Valero
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Slide 112: Standalone refining valuation vs scaled peers
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Slide 113: Refining kit capabilities vs Marathon and Valero
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Slide 114: Premium valuation assertion vs refining peers
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Slide 115: Why discredit Greg Goff
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Slide 116: Company claims on annual election proposal
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Slide 117: Heim and Nieuwoudt backgrounds
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Slide 118: Coffman and Cornelius backgrounds
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Slide 119: Governance culture needs exceptional courage
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Slide 120: Company nominees' independence concerns
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Slide 121: Director tenure and experience
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Slide 122: Appendix
J APPENDIX
Slide 123: Total shareholder return
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Slide 124: Investor confidence in Lashier has disintegrated
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Slide 125: Investors support unlocking value through divestment
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Slide 126: Elliott past portfolio transformations
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Slide 127: Similar objections to separating conglomerates
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Slide 128: Howmet value creation
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Slide 129: Refining unit calculations and consensus estimates
/dƐƚŝŵĂƚĞƐ ZĞĨŝŶŝŶŐhŶŝƚĂůĐƵůĂƚŝŽŶƐͲŽŶƐĞŶƐƵƐƐƚŝŵĂƚĞƐ ϮϬϮϲ/d DĂŶĂŐĞŵĞŶƚDŝĚͲLJĐůĞ ^ŚŽƌƚĨĂůůƚŽDŐŵƚϮϬϮϱ ΨͬďďůƵŶůĞƐƐŽƚŚĞƌǁŝƐĞƐƚĂƚĞĚ ϮϬϮϱ ϮϬϮϲ ϮϬϮϳ /ŵƉƌŽǀĞĚ DŝĚͲLJĐůĞdĂƌŐĞƚ W^y'ƌŽƐƐDĂƌŐŝŶ Ψϵ͘Ϯϱ ΨϭϬ͘ϳϬ ΨϭϬ͘ϲϯ ƐƚŝŵĂƚĞƐďLJ^ĞŐŵĞŶƚ ŽŶƐĞŶƐƵƐ ZĞĨŝŶŝŶŐ ϮϬϮϱdĂƌŐĞƚ ϮϬϮϳdĂƌŐĞƚ ϮϬϮϱ ϮϬϮϲ ;ͲͿW^yKƉĞdž;ĞdžĐůdZͿ ;Ψϲ͘ϳϳͿ ;Ψϱ͘ϴϴ
Slide 130: Peer valuation table
ZĞĨŝŶŝŶŐ DΘ^ DŝĚƐƚƌĞĂŵD>W DŝĚƐƚƌĞĂŵ͗E'>ͲŽƌƉ ŚĞŵŝĐĂůƐ W^y s>K ^hE W DW>y K< dZ'W Kt >z ^ŚĂƌĞWƌŝĐĞ ΨϭϬϮ͘ϳϴ Ψϭϭϰ͘ϱϬ Ψϱϵ͘ϭϳ ΨϯϬ͘ϳϬ Ψϱϭ͘ϭϳ Ψϴϰ͘ϲϲ ΨϭϳϮ͘ϯϱ ΨϮϵ͘ϬϬ Ψϱϳ͘ϳϴ ;džͿ&^ŚĂƌĞƐ ϰϬϳ͘ϰ ϯϭϰ͘ϱ ϭϳϳ͘ϱ Ϯ͕ϭϲϱ͘ϳ ϭ͕ϬϮϮ͘ϱ ϲϮϰ͘ϲ Ϯϭϳ͘ϲ ϳϬϱ͘ϴ ϯϮϮ͘ϴ DĂƌŬĞƚĂƉŝƚĂůŝnjĂƚŝŽŶ Ψϰϭ͕ϴϳϲ Ψϯϲ͕ϬϬϲ ΨϭϬ͕ϱϬϬ Ψϲϲ͕ϰϴϳ ΨϱϮ͕ϯϮϮ ΨϱϮ͕ϴϴϬ
Slide 131: After-tax value to Phillips
$OOYDOXDWLRQPHWULFVUHIOHFW( FRQVHQVXVVHJPHQW(%,7'$[[ 36;EOHQGHGWUDGLQJPXOWLSOH XQOHVV VROG ]HURHGRXW RURWKHUZLVH ^KdWsĂůƵĂƚŝŽŶ VSHFLILHGLQEOXHZKHQPRYLQJIURP OHIWWRULJKW ϮϬϮϲ/d ĨƚĞƌͲdĂdžsĂůƵĞƚŽWŚŝůůŝƉƐ ƐͲ/Ɛ /ŵƉƌŽǀĞĚ hŶĚŝƐƚƵƌďĞĚ ^ƉŝŶ /ŵƉƌŽǀĞĚ ƐƐĞƚ^ĂůĞƐнƵLJďĂĐŬ ŽŶƐĞŶƐƵƐ ZĞĨŝŶŝŶŐ ůůŽĐĂƚĞĚ DŝĚƐƚƌĞĂŵ ZĞĨŝŶŝ
Slide 132: Midstream spin and sale
DŝĚƐƚƌĞĂŵ^ƉŝŶ WŚĞŵ^ĂůĞ :dƵƐƚƌŝĂͬ'ĞƌŵĂŶLJZĞƚĂŝů ϮϬϮϲŽŶƐĞŶƐƵƐ/d Ψϰ͕ϬϵϬ dƌĂŶƐĂĐƚŝŽŶsĂůƵĞŽŶϮͬϭϬͬϮϱ Ψϭϱ͕ϬϬϬ /d ΨϯϬϬ ;džͿWĞĞƌǀŐ ϵ͘ϳdž ǀŐdsĞĐůŝŶĞKtΘ>z ;ϭϯ͘ϰйͿ ;džͿDƵůƚŝƉůĞ ϭϬ͘Ϭdž 'ƌŽƐƐWƌŽĐĞĞĚƐ Ψϯϵ͕ϱϮϵ DĂƌŬĞƚĚũƵƐƚĞĚWŚĞŵddžŶWƌŝĐĞ ΨϭϮ͕ϵϴϲ 'ƌŽƐƐdƌĂŶƐĂĐƚŝŽŶsĂůƵĞ Ψϯ͕ϬϬϬ DŝĚƐƚƌĞĂŵ^ĂůĞ ϮϬϮϲŽŶƐĞŶƐƵƐ/d Ψϰ͕ϬϵϬ 'ƌŽƐƐdƌĂŶƐĂĐ
Slide 133: Net cash proceeds from selling assets
EĞƚĂƐŚWƌŽĐĞĞĚƐ'ĞŶĞƌĂƚĞĚďLJ^ĞůůŝŶŐƐƐĞƚƐ džĐĞƐƐĂƐŚ džĐĞƐƐĂƐŚ ϮϬϮϲ 'ƌŽƐƐ EĞƚ ƚŽĂůĂŶĐĞ йŽĨƵƌƌW^y /d WƌŽĐĞĞĚƐ WƌŽĐĞĞĚƐ >ĞǀĞƌĂŐĞ Ğďƚ ^ŚĞĞƚ DĂƌŬĞƚĂƉ ^ĞůůWŚĞŵ Ψϭ͕ϱϬϭ ΨϭϮ͕ϵϴϲ Ψϭϭ͕ϯϱϰ ;Ψϭ͕ϬϳϯͿ ΨϭϬ͕Ϯϴϭ Ϯϱй ^Ğůů:d'ĞƌŵĂŶLJͬƵƐƚƌŝĂ ΨϯϬϬ Ψϯ͕ϬϬϬ ΨϮ͕ϱϲϬ ʹ ΨϮ͕ϱϲϬ ϲй ^ĞůůEŽŶͲŽƌĞƐƐĞƚƐ Ψϭ͕ϴϬϭ Ψϭϱ͕ϵϴϲ Ψϭϯ͕ϵϭϰ ;Ψϭ͕ϬϳϯͿ ΨϭϮ͕ϴϰϭ
Slide 134: SOTP valuation
^KdWsĂůƵĂƚŝŽŶ ^KdWtĞŝŐŚƚĞĚǀŐDƵůƚŝƉůĞ ^KdW W^yϮϬϮϲ dsͬ/d ƐͲ/Ɛ /ŵƉƌŽǀĞĚ DƵůƚŝƉůĞ DƵůƚŝƉůĞZĂƚŝŽŶĂůĞ /d DƵůƚŝƉůĞ ZĂƚŝŽŶĂůĞ ZĞĨŝŶŝŶŐ Ψϭϳ͕Ϯϵϵ ΨϮϰ͕ϲϭϴ ϲ͘ϭdž s>K ZĞĨŝŶŝŶŐ Ϯϴй ϲ͘ϭdž s>K ZĞŶĞǁĂďůĞŝĞƐĞů ϴϭϰ ϴϭϰ ϲ͘ϭdž s>K DΘ^ ϭϵй ϴ͘ϵdž ^hE DΘ^;Ğdž:d'ĞƌŵĂŶLJͬƵƐƚƌŝĂͿ ϭϬ͕ϯϯϯ ϭϬ͕ϯϯϯ ϲ͘ϭdž s>K DŝĚƐƚƌĞĂŵ ϯϵй ϵ͘ϳdž W͕DW>y͕K<͕
Slide 135: Sum-of-the-parts weightings for TSR calculations
^ƵŵͲŽĨͲƚŚĞͲWĂƌƚƐsĂůƵĂƚŝŽŶƌŝǀĞŶtĞŝŐŚƚŝŶŐƐĨŽƌd^ZĂůĐƵůĂƚŝŽŶƐ ϭͲzĞĂƌ ϮͲzĞĂƌ ϯͲzĞĂƌ ϰͲzĞĂƌ ϱͲzĞĂƌ ϳͲzĞĂƌ ϭϬͲzĞĂƌ sĂůƵĂƚŝŽŶĂƚĞ ϮͬϭϬͬϮϰ ϮͬϭϬͬϮϯ ϮͬϭϬͬϮϮ ϮͬϭϬͬϮϭ ϮͬϭϬͬϮϬ ϮͬϭϬͬϭϴ ϮͬϭϬͬϭϱ ^ĞŐŵĞŶƚ ZĞĨŝŶŝŶŐнZнDΘ^ ϰϵй ϰϰй ϰϵй ϱϳй ϰϲй ϰϵй ϰϵй DŝĚƐƚƌĞĂŵ ϯϴй ϰϬй ϯϴй Ϯϵй ϰϮй ϯϳй ϯϳй ŚĞŵŝĐĂůƐ ϭϯй ϭϲй ϭϰй ϭϯй ϭϮй ϭϰй ϭ
Slide 136: Impact of natural gas prices on opex
/ŵƉĂĐƚŽĨEĂƚƵƌĂů'ĂƐWƌŝĐĞƐŽŶW^yKƉĞdžͬďďůĞĐůŝŶĞƐ ^ŽƵƌĐĞ ŚĂŶŐĞŝŶW^y/dĨƌŽŵнΨϭ͘ϬϬͬDDƚƵŝŶEĂƚ'ĂƐ ;ΨϭϱϬͿ W^yϮϬϮϭYϯĞĂƌŶŝŶŐƐĐĂůů ^ĞŶƐŝƚŝǀƚLJĨƌŽŵEĂƚ'ĂƐWƌŝĐĞƐŝƌĞĐƚůLJ ;ΨϭϬϬͿ W^yϮϬϮϭYϯĞĂƌŶŝŶŐƐĐĂůů ^ĞŶƐŝƚŝǀŝƚLJĨƌŽŵůĞĐƚƌŝĐŝƚLJĂŶĚ^ƚĞĂŵWƵƌĐŚĂƐĞƐ ;ΨϱϬͿ W^yϮϬϮϭYϯĞĂƌŶŝŶŐƐĐĂůů ^ĞŶƐŝƚŝǀŝƚLJĨƌŽŵEĂƚƵƌĂů'ĂƐŝƌĞĐƚůLJ ;ΨϭϬϬͿ ;džͿWƌŽƉŽƌ
Slide 137: Return on capital by company
W^y ϮϬϮϬ ϮϬϮϭ ϮϬϮϮ ϮϬϮϯ ϮϬϮϰ ϱzǀŐ Ěũ͘/d Ψϭ͕ϴϯϰ Ψϲ͕Ϯϵϭ Ψϭϱ͕ϬϵϬ ΨϭϮ͕ϲϳϰ Ψϳ͕Ϯϱϰ ;ͲͿΘ ;Ϯ͕ϮϭϭͿ ;Ϯ͕ϰϭϳͿ ;Ϯ͕ϰϭϳͿ ;Ϯ͕ϳϲϭͿ ;ϯ͕ϭϰϯͿ ;džͿĨĨĞĐƚŝǀĞdĂdžZĂƚĞ Ϯϱ͘Ϯй ϴ͘ϰй ϮϮ͘Ϯй Ϯϯ͘ϲй ϭϴ͘ϳй EKWd ;ΨϮϴϮͿ Ψϯ͕ϱϰϵ Ψϵ͕ϴϲϭ Ψϳ͕ϱϳϴ Ψϯ͕ϯϰϯ EĞƚWWΘ ΨϮϰ͕ϵϮϳ ΨϮϯ͕ϰϴϱ Ψϯϲ͕ϭϱϴ Ψϯϲ͕ϴϮϴ Ψϯϲ͕ϱϲϰ ;нͿEt Ϯ͕ϲϬϬ ϱϴϭ ϳϭϭ Ϯ͕ϲϬϲ ϯ͕ϯϯϳ /ŶǀĞƐƚĞĚĂƉŝ
Slide 138: Return on capital by company continued
W DW>y ϮϬϮϬ ϮϬϮϭ ϮϬϮϮ ϮϬϮϯ ϮϬϮϰ ϱzǀŐ ϮϬϮϬ ϮϬϮϭ ϮϬϮϮ ϮϬϮϯ ϮϬϮϰ ϱzǀŐ Ěũ͘/d Ψϴ͕Ϭϱϲ Ψϴ͕ϯϴϭ Ψϵ͕ϯϬϵ Ψϵ͕ϯϭϴ Ψϵ͕ϴϵϵ Ěũ͘/d Ψϱ͕Ϯϰϴ Ψϱ͕ϱϵϵ Ψϱ͕ϴϭϯ Ψϲ͕ϯϭϭ Ψϲ͕ϴϬϴ ;ͲͿΘ ;Ϯ͕ϬϭϬͿ ;Ϯ͕ϬϱϱͿ ;Ϯ͕ϭϱϲͿ ;Ϯ͕ϮϲϳͿ ;Ϯ͕ϯϵϴͿ ;ͲͿΘ ;ϭ͕ϯϳϳͿ ;ϭ͕ϮϴϳͿ ;ϭ͕ϮϯϬͿ ;ϭ͕ϮϭϯͿ ;ϭ͕ϮϴϯͿ ;džͿĨĨĞĐƚŝǀĞdĂdžZĂƚĞ ;ϯ͘ϯйͿ ϭ͘ϱй ϭ͘ϰй Ϭ͘ϴй ϭ͘ϭй ;džͿĨĨĞĐƚŝǀĞdĂdžZ
Slide 139: General note and definitions
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Slide 140: Social Media Posts
SOCIAL MEDIA POSTS
Slide 141: Streamline post: shareholders fed up survey
reamline 66 7 followers Phillips 66 (NYSE: PSX) shareholders are fed up with the company’s leadership and strategy, an Elliott-commissioned survey shows. Vote the GOLD card FOR Elliott's qualified Board nominees and proposal calling for annual elections for all Board seats. #S The biggest issue for
Slide 142: Streamline post: long-term solutions
fe Streamline 66 Phillips 66 (NYSE: PSX) needs bold solutions to reverse a decade of underperformance, including simplifying an inefficient structure and restoring management credibility. Vote the GOLD card FOR Elliott's nominees and proposal calling for annual elections for Board seats. STREANILINE
Slide 143: Streamline post: decade of disappointment
fl Streamline 66 91 ers Pro A decade of disappointment is more than enough for Phillips 66 (NYSE: PSX) shareholders. Vote the GOLD card FOR Elliott’s highly qualified Board nominees and proposal calling for annual elections for all Board seats. #Stre PHILLIPS 66'S DECADE OF DISAPPOINTMENT Phillips 6
Slide 144: Streamline post: CEO and Chairman consolidation
Streamline 66 = 91 followers Promoted CEO and Chairman Mark Lashier's consolidation of power has harmed Phillips 66 (NYSE: PSX). Combining these two roles can weaken corporate oversight and goes against governance best practices. PSX shareholders deserve better. #Streamline66 WHAT'S BEHIND PHILLIPS
Slide 145: Streamline post: Sigmund Cornelius podcast
~ Streamline 66 @ Sigmund Cornelius, Elliott nominee for Phillips 66’s (NYSE: PSX) Board and former CFO of ConocoPhillips, discusses the Board’s role in restoring proper oversight of management and enforcing shareholder accountability. Listen to the full podcast interview: ...| would be concerned wi
Slide 146: YouTube Advertisements
YOUTUBE ADVERTISEMENTS
Slide 147: YouTube ad: Streamline Podcast
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Slide 148: YouTube ads: nominee podcasts
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Slide 149: YouTube ad video link
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Slide 150: Website Materials
WEBSITE MATERIALS
Slide 151: Frequently Asked Questions
STREAMILINE G6 — Ne REQUENTLY ASKED QUESTIONS QUESTIONS & ANSWERS ABOUT ELLIOTT’S INVESTMENT IN PHILLIPS 66 What is wrong at Phillips 66? « Phillips 66 boasts a collection of high-quality energy assets — but is falling well short of its potential. The Company has consistently underperformed its peer
Slide 152: FAQ: Marathon engagement and nominees
return has exceeded its peers Valero Energy by 120% and Phillips 66 by 178%." When we engaged with Marathon in 2019, the company had challenges comparable to those now facing Phillips 66. It took decisive action by leadership to set Marathon back on track and deliver a stock price that greatly outpe
Slide 153: FAQ: governance and annual elections
Proposals to address this governance defect have been presented at past Phillips 66 Annual Meetings and have consistently received near-unanimous support among those shareholders who have voted. However, these measures have never passed, because amendments to the Company's charter must be supported
Slide 154: Proxy materials and solicitor contact
by Elliott with the SEC in connection with the solicitation of proxies are available at no charge on the SEC's website at http;//www.sec.gov. The definitive proxy statement and other relevant documents filed by Elliott with the SEC are also available, without charge, by directing a request to Elliot