How to Get Your Phillips 66 Retirement Benefits For Active Employees Planning to Retire

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1 > Start Your Retirement Process > Your Overall Retirement Process Timeline > Your Retirement Resources > Initiate Your Retirement Process > Receiving Your Pension Payments > Your Retirement Process Checklist > Phillips 66 Savings Plan > When to Contact the Benefits Center Once You ve Retired How to Get Your Phillips 66 Retirement Benefits For Active Employees Planning to Retire START HERE PENSION, SAVINGS, RETIREE HEALTH AND WELFARE BENEFITS

2 Start Your Retirement Process Retiring from Phillips 66 involves important personal decisions and taking specific mandatory actions. As you start your retirement process, be sure to pay close attention to the steps you have to take and the specific deadlines for each one. To get started use this guide to stay on track throughout the process: Get familiar with a few key terms related to the retirement process (at right). Review the overall process timeline on the next page. Learn all you can by using the resources available to you. Understand how your actions will impact the timing of your pension payment. Get started on your retirement process checklist. INITIATING YOUR RETIREMENT PROCESS You must request your pension paperwork to get started. Learn how on page 5. KEY TERMS TO KNOW Benefit Commencement Date (BCD) the effective date of record used in calculating your vested pension benefit (your earliest possible BCD is the first of the month following your employment end date) Eligible to Retire you have met all requirements of the applicable pension plan to receive pension benefits Employment End Date your last day of employment as recorded in the company s personnel records Initiate Retirement the act of requesting your pension paperwork to start your retirement process (must be done on Your Benefits Resources [YBR] or via the Benefits Center) Notice of Creditable Coverage an official notice that you receive upon eligibility for Medicare (and annually thereafter); it states that your group coverage is expected to pay, on average, at least as much as the standard Medicare drug coverage Retiree Health Benefits medical coverage for which a Phillips 66 retiree may be eligible Retirement Kit a packet of information provided to a pension plan participant once he or she initiates retirement; it contains a personalized pension benefit estimate, legal notices and instructions Vested Benefit a plan benefit value that an employee (or former employee) owns 2 CLOSE PREVIOUSLY VIEWED PAGE BACK NEXT

3 Your Overall Retirement Process Timeline Days After Your Employment End Date Days Before Your Benefit Commencement Date (BCD) Employment End Date 30 Days 60 Days 90 Days 60 Days 30 Days BCD 60 to 90 Days Before Your BCD What to do: Establish your employment end date with your supervisor and notify your HR Business Partner. Go to YBR to retire online or call the Benefits Center to request your pension paperwork and determine your eligibility for retiree medical. If you (and/or your spouse) are eligible for Medicare as of your employment end date, call the Benefits Center at or visit healthcoverageresources. com/phillips66/home for assistance. What to expect: Requesting your pension paperwork initiates the retirement process. You will have the choice to receive a personalized retirement kit in the mail or online via YBR. 30 to 60 Days Before Your BCD What to do: Review your personalized retirement kit. Elect your form of pension payment on YBR or call the Benefits Center. If rolling over your lump sum pension benefit: To the Phillips 66 Savings Plan (P66SP), complete and return a Qualified Rollover Form to Vanguard, specifying your P66SP investment election(s). To another qualified plan or institution, obtain rollover paperwork from the receiving plan or institution. What to expect: You ll receive a Pension Election Confirmation Statement and a Pension Election Authorization form in the mail or online via YBR after you elect your form of pension payment. 30 Days Before Your BCD What to do: Verify the election on your Pension Election Confirmation Statement. Sign and return the Pension Election Authorization form. Timing Is Everything You must request your pension paperwork by the 15th of the month before your BCD. Within 30 Days After Your Employment End Date What to do: If eligible, enroll in retiree medical benefits on YBR or call the Benefits Center. What to expect: Your pension benefit calculation will be finalized. You ll receive the following in separate mailings (if eligible*): Retiree medical enrollment information (including Retiree Medical Account (RMA) premium payment election information, if eligible for RMA credits). Life, spouse and child life, and AD&D insurance conversion and/or portability information. COBRA enrollment information. * For eligibility requirements, refer to the Summary Plan Descriptions (SPDs) on hr.phillips66.com. 30 to 60 Days After Your Employment End Date What to do: If rolling over your lump sum pension benefit: To the P66SP, check your Vanguard account for the electronic transfer of your lump sum pension benefit. To a qualified plan other than the P66SP, attach your lump sum pension benefit check to the rollover paperwork, and deliver all to the receiving plan or institution. Enroll in COBRA continuation coverage, if applicable. What to expect: You ll receive your pension payment(s). You ll start receiving monthly invoices for your retiree medical (or COBRA) as applicable. Please note: This timeline represents the general retirement process for a person eligible for a pension benefit who wants to start receiving his or her pension benefits based on the earliest benefit commencement date (BCD). Your actual retirement process may differ, e.g., you may expedite the retirement process by completing the steps online via YBR. This timeline also applies to those eligible for retiree health and welfare benefits. 3 CLOSE PREVIOUSLY VIEWED PAGE BACK NEXT

4 Your Retirement Resources Good planning is key to a successful retirement process. Learn all you can by taking advantage of the tools and resources available to you, both online and by phone. ONLINE HR.PHILLIPS66.COM: TOOL, LINK OR RESOURCE Leaving the Company Summary Benefits SPDs Interest Rate History Document ACCESS Enter hr.phillips66.com in your browser window, then select Life Events > Leaving the Company. Enter hr.phillips66.com in your browser window, then select Resources > Summary Plan Descriptions. Enter hr.phillips66.com in your browser window, then select Pension > Resources. ONLINE YOUR BENEFITS RESOURCES (YBR): Log on through HR Express (from work) or visit resources.hewitt.com/phillips66 (from home). You ll need your YBR user ID and password to log on from home. TOOL, LINK OR RESOURCE Project Retirement Income tool How to Choose the Best Form of Payment link Estimating Your Health Coverage Needs link ACCESS Retirement tab > Pension tab > Project Retirement Income. Retirement tab > Pension tab > Retire Now. Under the Answer Center section, select More Retirement Resources and click How to Choose the Best Form of Payment. Retirement tab > Pension tab > Retire Now. Under Steps to Retire, select Review Health Choices. BY PHONE BENEFITS CENTER: Call (800) or outside the United States call (646) between 8 a.m. and 6 p.m. Central time, Monday through Friday. You ll need your YBR password. TOOL, LINK OR RESOURCE Retirement specialist ACCESS Say Initiate Retirement at the menu prompt (even though you may not be ready to initiate your retirement process yet). 4 CLOSE PREVIOUSLY VIEWED PAGE BACK NEXT

5 Initiate Your Retirement Process TO INITIATE YOUR RETIREMENT, REQUEST YOUR PENSION PAPERWORK Discuss your employment end date with your supervisor and notify your HR Business Partner. To initiate your retirement process: Access YBR. Under the Retirement tab, select Pension tab, click Retire Now. You can initiate the retirement process online, 24/7. OR Call the Benefits Center to initiate the process through a retirement specialist from 8 a.m. to 6 p.m. Central time, Monday through Friday. Say Initiate Retirement. See Receiving Your Pension Payments for ways you can impact your benefit commencement date (BCD) and/or your pension payment date. DID YOU KNOW? Your retirement request can expire if you do not return your signed paperwork by the deadline provided in your materials. It will expire on the later of (1) 60 days from when your original retirement paperwork is mailed to you OR (2) your BCD. Please note: If you are receiving a long-term disability (LTD) benefit under the Phillips 66 Disability Plan when you commence your pension benefit, your monthly LTD benefit may be impacted by the choice you make regarding the form of payment for your pension benefit. Please follow up with the Benefits Center to get more information before finalizing your election. DOCUMENTS YOU LL RECEIVE When you begin the retirement process, you ll receive the following packets of information either through USPS mail or your secure mailbox on YBR: Personalized pension retirement kit (once you initiate retirement) Follow-up pension packet with your Pension Election Confirmation Statement and Pension Election Authorization form (once you make your pension payment election) Soon after your employment end date, you ll receive (if eligible): Retiree medical enrollment information (including Retiree Medical Account (RMA) premium payment election information) Life, spouse and child life, and/or AD&D insurance conversion/portability notices COBRA continuation benefits enrollment information Phillips 66 Savings Plan options (from Vanguard) Please note: At the time that you (and/or your covered spouse) are eligible for Medicare, you ll also receive a Notice of Creditable Coverage. 5 CLOSE PREVIOUSLY VIEWED PAGE BACK NEXT

6 Receiving Your Pension Payments YOUR PENSION PAPERWORK TIMING IS EVERYTHING You may have the option to choose a lump sum benefit payment or monthly annuity payments depending on the plan. No matter which form of payment you choose, you must request and submit specific paperwork to receive your money. Every step of the process must be completed by each deadline. Generally, payments will be made four to six weeks after your benefit commencement date (BCD). IMPORTANT! Your BCD is not the date on which you actually receive your pension payment. Generally, your payment will arrive four to six weeks after your BCD. IMPORTANT INFORMATION ABOUT CRITICAL DATES IN THE RETIREMENT PROCESS Request your pension paperwork about 60 to 90 days ahead of your BCD but no later than the 15th of the month before your BCD. If you request your paperwork after the 15th of the month, your BCD will be delayed by a month. This date (the 15th of the month) is most critical if you elect a lump sum pension payment, because the interest rate as of your BCD is used to calculate your benefit. If electing a monthly annuity, the Benefits Center must receive your completed pension paperwork on or before the 10th of the month after your BCD. If the Benefits Center receives your pension paperwork on time, you can expect your first payment around the first of the month following your BCD. If the Benefits Center receives your paperwork later in the process, your payment will be delayed accordingly. 6 CLOSE PREVIOUSLY VIEWED PAGE BACK NEXT

7 Receiving Your Pension Payments (continued) MEET TONY WHO CHOSE A LUMP SUM PENSION PAYMENT Tony knows that the interest rate in effect on his benefit commencement date (BCD) is used to calculate the amount of his lump sum payment. But he may not know that to get the BCD he wants, he must request his pension paperwork no later than the 15th of the month before his desired BCD. If he requests it after the 15th, his BCD will be delayed to the first of the following month (and the applicable interest rate may change). Here s how Tony s actions can impact his BCD. TONY GETS HIS DESIRED BCD TONY S BCD IS DELAYED Tony s desired BCD: June 1 Tony s desired BCD: June 1 Date he requests pension paperwork: May 13 Date he requests pension paperwork: May 20 Tony s actual BCD: June 1 Tony s actual BCD: July 1 Payment follows: 4 6 weeks after June 1 Payment follows: 4 6 weeks after July 1 MEET SYLVIA WHO CHOSE A MONTHLY PENSION ANNUITY Sylvia requests her pension paperwork about 45 days before her BCD and elects a monthly annuity. To start getting her payments as quickly as possible, she doesn t wait until her deadline to complete and submit her final paperwork. The Benefits Center must receive all of her completed pension paperwork no later than the 10th of the month after her BCD to start getting her checks around the first of the following month. Here s how Sylvia s actions can impact her first payment date. SYLVIA GETS HER PAYMENT SOONER SYLVIA GETS HER PAYMENT LATER Sylvia s desired BCD: Oct. 1 Sylvia s desired BCD: Oct. 1 Date the Benefits Center receives her completed paperwork: Oct. 8 Payments start about Nov. 1 (may include two months of benefit payments) Date the Benefits Center receives her completed paperwork: Oct. 13 Payments start about Dec. 1 (may include three months of benefit payments) Please note: These examples are for illustrative purposes only and may not represent your individual situation. 7 CLOSE PREVIOUSLY VIEWED PAGE BACK NEXT

8 Your Retirement Process Checklist DO KNOW While You re Working 60 to 90 Days Before Your Benefit Commencement Date (BCD) Establish your employment end date with your supervisor as soon as you have a date in mind. Notify your HR Business Partner of your established employment end date. Request your pension paperwork to initiate your retirement process (on YBR or through the Benefits Center). Visit YBR or contact the Benefits Center to determine your eligibility for retiree medical. If you (and/or your spouse) are eligible for Medicare as of your employment end date, call the Benefits Center at or visit healthcoverageresources.com/phillips66/home for assistance. The Benefits Center must receive the required completed pension paperwork by the deadline printed on your pension paperwork. Your retirement request can expire if you don t complete the full retirement process on time. You can change your mind about your employment end date or make other changes to your request anytime before your BCD. While You re Working 30 to 60 Days Before Your Benefit Commencement Date (BCD) Review your pension paperwork to learn about the forms of pension payment that are available to you. Elect your form of pension payment on YBR or through the Benefits Center. Preview your retiree medical coverage options and associated costs on YBR. If eligible for the Retiree Medical Account (RMA), you may review your current RMA balance and estimate your credits upon retirement. You can also model a sample enrollment. Information about forms of pension payment is also available on YBR and on hr.phillips66.com in the benefits SPDs for your pension plan. Information about Retiree Medical Account eligibility and credit calculations can be found on hr.phillips66.com. Information for Retiree Medical is available on hr.phillips66.com in the Retiree Benefits SPDs. 8 CLOSE PREVIOUSLY VIEWED PAGE BACK NEXT

9 Your Retirement Process Checklist (continued) DO KNOW While You re Working 30 Days Before Your Benefit Commencement Date (BCD) When you receive your Pension Election Confirmation Statement, verify the form of payment you elected. If the confirmation statement is correct, you have selected the electronic retirement process, and there is no required spousal consent, your retirement is COMPLETE. If the confirmation statement is not correct, call the Benefits Center right away and speak with a retirement specialist. If the confirmation statement is correct, the selected optional form of payment requires a spousal signature, and/or you did not select electronic retirement process, you must sign and return the Pension Election Authorization form by the deadline listed on the paperwork. If the confirmation statement is not correct, call the Benefits Center right away and speak with a retirement specialist. Sign up for direct deposit of your monthly annuity payments or lump sum payment (portion that is not being rolled over) into your bank account. If you d like to roll over your lump sum pension benefit: To the Phillips 66 Savings Plan, request a Qualified Rollover Form from Vanguard; complete and return it to the address provided on the form. To request a Qualified Rollover Form, log in to your account at vanguard.com and select Plan Summary > Forms > Plan-Specific Forms > Rollover Contribution. Or call Vanguard Participant Services at (800) Your pension distribution will be electronically transferred to your Phillips 66 Savings Plan (P66SP) account with Vanguard. To another qualified plan or institution, obtain rollover paperwork from the receiving plan or institution and follow their instructions. If you haven t already requested your pension paperwork (i.e., initiate retirement), you should do so by the 15th of the month before your BCD. If you do not initiate retirement at least by the 15th of the month, your benefit commencement date and your payment(s) will be delayed. See Receiving Your Pension Payments for an example of how this works. Once you ve elected your form of pension payment, you ll receive a Pension Election Confirmation Statement, along with a Pension Election Authorization form. Your retirement request can expire. If the Benefits Center does not receive your signed Pension Election Authorization form by the deadline (printed on the form), the forms will be invalid and you ll have to initiate your retirement again. A married participant (as of the BCD) who chooses a lump sum payment OR a joint and survivor payment of less than 50% must have his or her spouse s notarized consent. You can sign up for direct deposit of your annuity payments either during your retirement process or at any other time in the future. If you choose a lump sum payment, you may sign up for direct deposit of your payment during the retirement process only. If you roll over your lump sum benefit to the P66SP and do not make specific investment election(s), your pension benefit rollover will be invested in the date-specific Vanguard Target Retirement Trust closest to the year you reach age 65 (for example, Target Retirement Trust 2015 ). 9 CLOSE PREVIOUSLY VIEWED PAGE BACK NEXT

10 Your Retirement Process Checklist (continued) DO KNOW Once You ve Retired Within 30 Days After Your Employment End Date If you re eligible for retiree medical benefits, enroll on YBR or through the Benefits Center. If you're eligible to receive Retiree Medical Account (RMA) credits, you also may view your available balance and make your RMA premium payment election on YBR during the enrollment process. If you choose to receive monthly annuity payments, the Benefits Center must receive your completed pension paperwork by the 10th of the month after your BCD to avoid a delay in your initial payment(s). See Receiving Your Pension Payments for an example of how this works. Your pension benefit calculation will be finalized based on your plan s requirements and applicable final data as of your employment end date. As a result, your final pension benefit amount may differ from previous estimates you have received. You can enroll in retiree medical and make your RMA premium payment election (if you meet eligibility criteria) on YBR right after your employment end date, or you can wait until you receive enrollment information from the Benefits Center and then enroll. Please note: To be eligible for coverage, you must enroll by the 30-day deadline stated in the enrollment information you will receive. 10 CLOSE PREVIOUSLY VIEWED PAGE BACK NEXT

11 Your Retirement Process Checklist (continued) DO KNOW Once You ve Retired Within 30 Days After Your Employment End Date At your home address on file, watch for an envelope with the Phillips 66 logo in the return address. It will contain your pension benefit check or your pay advice statement, depending upon how you elected to receive your payment. If rolling over your lump sum pension benefit: To the Phillips 66 Savings Plan, check your Vanguard account for the electronic transfer of your lump sum pension benefit. To a qualified plan other than the Phillips 66 Savings Plan, attach your lump sum pension benefit check to the rollover paperwork and deliver all to the receiving plan or institution. If you wish to transfer your Health Savings Account (HSA) balance to a second institution, request transfer paperwork from (and submit completed paperwork to) the receiving institution. If you choose to port and/or convert your employee or spouse and child life coverage to individual policy(ies), follow the instructions in your conversion notice. If you choose to convert your AD&D coverage to an individual policy, follow the instructions in your conversion notice. Depending upon the form of pension payment you elect, you ll receive your benefit payment(s) during this period. If you elect annuity payments, your first payment may include two months of payments combined, depending upon the date the Benefits Center receives your paperwork. If you elect a lump sum payment, your benefit will be calculated based on interest rates as of your benefit commencement date (BCD). If you enroll in retiree medical benefits, you ll begin receiving invoices for your monthly premiums. If you have a balance in an HSA through the Consumer Plan, you ll receive a notice that your HSA balance is automatically being transferred to an individual account not associated with Phillips 66. You will have the option to transfer it to a different individual account at any time. You may be eligible to port and/or convert your employee life, spouse and child life, and/or AD&D insurance in effect as of your employment end date to individual policy(ies). You ll receive portability and/or conversion information in separate mailings. 11 CLOSE PREVIOUSLY VIEWED PAGE BACK NEXT

12 Your Retirement Process Checklist (continued) DO KNOW COBRA Continuation Coverage Review your COBRA options and costs in your personalized enrollment information. If you choose to continue your medical, dental, vision, EAP and/or Health Care Spending Account participation through COBRA, enroll by the deadline in your packet of information. If you re enrolled in COBRA coverage and you re eligible for retiree medical benefits, enroll in retiree medical coverage (and make your Retiree Medical Account premium payment election, if you meet eligibility criteria) on YBR when you stop COBRA coverage or have another qualifying change in status or during an Annual Enrollment period. If you had medical, dental, vision, Employee Assistance Plan (EAP) coverage and/or participated in a Health Care Spending Account as of your employment end date, you ll receive personalized COBRA enrollment information soon after your employment ends. If you enroll in COBRA coverage, you ll begin receiving invoices for your monthly premiums. If you are eligible for RMA credits, you may use your credits to offset Phillips 66 retiree medical premiums (but not COBRA premiums). If you re enrolled in COBRA coverage, you may be eligible to enroll in retiree medical benefits at a later date. You cannot be enrolled in both COBRA medical AND Phillips 66 retiree medical at the same time. HOW TO SIGN UP ON YBR FOR DIRECT DEPOSIT OF YOUR PENSION PAYMENT(S) When signing up during your retirement process, you ll be prompted for where you want to receive your payment(s). Click Choose Where to Receive Your Payment(s) > Add Financial Institution. After entering your bank information, click Save and Return > Direct Deposit Address (radio button) > Continue. If you need to make changes after you re already receiving annuity payments, select Retirement, then Pension tab, then Future Payments, then select Change by the Payment Destination(s), then select Change Financial Institution. Once you add/update financial information click Save and Return, then click Change Payment Address. 12 CLOSE PREVIOUSLY VIEWED PAGE BACK NEXT

13 Phillips 66 Savings Plan General information is given below. More specific details are available in the Phillips 66 Savings Plan Summary Plan Description (SPD) and any Summary of Material Modifications (SMM) located at the following link: hr.phillips66.com. Additional information is also available by visiting vanguard.com and accessing your account. Or, you may call Vanguard Participant Services at (800) DEFERRAL/DISTRIBUTION OPTIONS As a Phillips 66 Savings Plan participant who has terminated from employment, you have the following options: Deferring the Distribution of your Account, Installment Payments, or Withdrawal of Account/Direct Rollover to an IRA or Another Qualified Plan. Vanguard will mail additional information to your home a few business days after your employment end date. If you have questions about these options, contact Vanguard Participant Services. You should review your individual situation with your personal tax or financial counselors before you make any decisions. Deferring the Distribution of your Account Distribution of your account will be deferred unless you request a withdrawal by contacting Vanguard. Your deferred account may remain in the plan subject to IRS Required Minimum Distributions beginning April 1 of the year following the year you attain age 70½ and subject to Mandatory Distribution (see below). Contact Vanguard for exchanges and partial or total withdrawals. Mandatory Distribution Mandatory Distribution will be required for any account valued at $1,000 or less; however, Automatic Distribution will not occur if your account value has increased to more than $1,000 on the day your distribution would have been processed. Account values for beneficiaries and all participants who have separated from service with the employer will be determined as of the day before the last business day each year in June. Installment Payments You may choose one of the following Installment Payment Options: Fixed Dollar Life Expectancy For a packet explaining installment options, contact Vanguard Participant Services. If you are receiving a Fixed Dollar Installment and attain age 70½, your distribution option will be switched to Required Minimum Distributions before the following April CLOSE PREVIOUSLY VIEWED PAGE BACK NEXT

14 Phillips 66 Savings Plan (continued) Withdrawal of Account/Direct Rollover to IRA or Another Qualified Plan You may withdraw part or all of your account. Generally, distributions from the Phillips 66 Stock Fund or the Phillips 66 Leveraged Stock Fund may be made in cash, Phillips 66 stock, or a combination of both. Distributions from the ConocoPhillips Stock Fund or the ConocoPhillips Leverage Stock Fund may be made in cash, ConocoPhillips stock, or a combination of both. Distributions from the DowDuPont Stock Fund may be made in cash, DowDuPont stock, or a combination of both. Distributions from all other funds are made in cash. Also, you will be entitled to a pro-rated portion of the Success Share company contribution based on your eligible pay during the 6-month period in which your termination occurred. To be eligible for a Success Share company contribution payment, employees must be actively employed as of the processing date. Employees must have also made contributions to the Savings Plan during the measurement period. Participants who terminate prior to the processing date are not eligible for any Success Share payment, regardless of time worked during the performance period unless they meet one of the termination exceptions. Termination exceptions: Terminations automatically eligible for a Success Share payment without being deemed a retiree. º º These include former employees that were part of a divestiture or layoff during the performance period; long-term disabilities or deaths; transfers between Phillips 66 companies or to joint venture affiliates. Terminations eligible for a Success Share payment by being deemed a retiree. º º Participants are deemed a retiree during a measurement period if they were at least age 55 with five years of service on date of termination or were a member of the Retirement Plan of Conoco and were eligible to retire under that plan. These include resignations and other terminations or assignment ended. Part or the entire amount withdrawn, including a Mandatory Distribution (taxable and non- taxable) may be an eligible rollover distribution. You may elect a percentage to be paid directly to your IRA or another employer s qualified plan that will accept the rollover. The taxable part of your cash distribution that is eligible for rollover, but not paid directly to your IRA or another employer s qualified plan, is subject to mandatory 20% Federal income tax withholding and any required state withholding. See the Special Tax Notice in the SPD. Eligible distributions from qualified plans (including the Phillips 66 Retirement Plan) are allowed to be rolled into the Phillips 66 Savings Plan. More specific information is available in the Phillips 66 Savings Plan SPD. PHILLIPS 66 SAVINGS PLAN LOANS If you have an outstanding Phillips 66 Savings Plan loan balance(s), you will have three options regarding the loan(s): The remaining unpaid balance(s) must be repaid no later than 60 days following the last missed payment date. You may decide not to repay your loan(s) and the remaining principal will be defaulted and reported on IRS Form 1099R as taxable income to you for the calendar year of default. The loan payments can continue to be made using electronic debit Automated Clearing House (ACH), through your bank, credit union or other financial institution. You will be receiving more detailed information, including instructions for ACH loan repayments from Vanguard. 14 CLOSE PREVIOUSLY VIEWED PAGE BACK NEXT

15 Phillips 66 Savings Plan (continued) DIVIDEND PASS THROUGH You can elect to receive cash dividends paid on the shares of Phillips 66 stock in the Phillips 66 Stock Fund and the Phillips 66 Leverage Stock Fund. Dividends paid to you will be taxable income. Call Vanguard if you wish to have your dividends paid to you. If you do not make this election, all dividends on Phillips 66 stock will continue to be reinvested in the Phillips 66 Stock Fund. Dividends paid on the ConocoPhillips Stock Fund, the ConocoPhillips Leverage Stock Fund and the DowDuPont Stock Fund are reinvested in the Phillips 66 Savings Plan according to your current investment allocation election. BENEFICIARY DESIGNATION If you elect to designate or change your beneficiaries, you may do so online at vanguard.com. CONTACT INFORMATION VANGUARD PARTICIPANT SERVICES Web: vanguard.com Phone: (800) toll free. Representatives are available weekdays from 7:30 a.m. to 8:00 p.m. Central time. DEFERRED COMPENSATION If you have balances in the Phillips 66 Deferred Compensation Programs at Vanguard, please contact Vanguard and/or Executive Compensation for information regarding the treatment of these balances. Some actions by you may be required as early as 90 days prior to you leaving the Company. IMPORTANT NOTICE The Internal Revenue Service (IRS) permits certain distributions from Phillips 66 qualified savings and retirement plans if it deems your termination or retirement to be a bona fide termination of employment. However, if you provide services to Phillips 66 after your termination and you have taken a distribution from a qualified plan, you may be liable for significant tax penalties and interest if the IRS does not consider your termination to be a bona fide termination of employment. In its evaluation, the IRS considers all forms of post-retirement employment including direct employee, temporary, contractor or sub-contractor. Phillips 66 does not provide tax advice to individuals and you should consult your own financial advisor before making any decisions. 15 CLOSE PREVIOUSLY VIEWED PAGE BACK NEXT

16 When to Contact the Benefits Center Once You ve Retired Once you ve retired, log on to YBR at resources.hewitt.com/phillips66 or call the Benefits Center (you ll need your YBR password) at (800) or outside the United States call (646) to: Change your personal information, such as a new address, phone number or address. Change the banking information on the direct deposit of your pension benefit (if you elected pension annuity payments). Determine any effect on your benefits if you experience a qualifying change in status event (such as marriage, divorce or a change in your spouse s eligibility).* Ask questions about your retiree benefits.* DID YOU KNOW? You can add your personal address to your information in YBR, so that the Benefits Center can communicate with you by after your employment end date. If you forget your YBR user ID or password, reset them on YBR. You can get in immediately if you ve established your security answers on YBR. * If you re age 65 or over: Call the Benefits Center with questions about your pension benefits. For questions about eligibility and enrollment for retiree medical coverage and a retiree medical account call the Benefits Center at (800) If you (and/or your spouse) are eligible for Medicare as of your employment end date, call the Benefits Center at or visit healthcoverageresources.com/phillips66/home for assistance. Your Benefits Resources is a trademark of Hewitt Associates LLC. This communication may contain information regarding certain Phillips 66 compensation & benefits. The summary plan descriptions for the various benefit plans and other relevant terms and conditions provide more detailed information. Receipt of this communication does not guarantee eligibility for benefits or any other form of compensation. Phillips 66 reserves the right to correct any errors. If the information provided by this communication conflicts with the plan documents, the plan documents will prevail. Phillips 66 also reserves the right to amend, change or terminate its plans, any underlying contract or any other policy or program, at any time without notice, at its sole discretion. This information applies only to non-represented employees, as well as represented employees where provided for under the terms of an applicable collective bargaining agreement. 16 CLOSE H PREVIOUSLY VIEWED PAGE BACK NEXT