Phillips 66 Savings Plan

Fund Restrictions

Transaction Times
The daily cutoff time for transactions involving funds other than individual stock funds is 3 p.m., Central time. The daily cutoff time for transactions involving individual stock funds is 1 p.m., Central time. Trade requests involving individual stock funds received after 1 p.m., Central time, will receive the next business day's participant transaction price. This earlier cutoff time will allow Vanguard the opportunity to execute trades the same day they are received.

Frequent-Trading Policy
You can transfer invested assets into different funds at any time, subject to applicable transaction times and Stable Value Fund exchange rules. When you transfer assets out of a fund, including the Phillips 66 Stock Fund, you may not transfer assets back into that fund within 30 calendar days of your original transfer out. This restriction also applies to reallocation and rebalancing transactions. You can move your money out of any fund at any time (subject to applicable transaction times and Stable Value Fund exchange rules).

The restriction does not apply to the following transactions:

  • Purchases of shares by payroll contribution.
  • Company contributions.
  • Loan repayments.
  • Dividend or capital gains distributions.
  • Automated transactions executed through the Vanguard Managed Account Program.
  • Written requests submitted to Vanguard via U.S. mail. (Please note that requests for transfers submitted by fax or email are not considered written requests and are subject to the 30-day restriction.)

Note: The policy applies to all funds in the plan, except Vanguard® Federal Money Market Fund and the Stable Value Fund.

For more information on how these policies will affect your transactions, contact Vanguard at 800-523-1188.

Stable Value Fund Exchange Rules
You cannot transfer money directly from the Stable Value Fund to Vanguard Federal Money Market Fund. Any exchanges from the Stable Value Fund must first be made to any other fund or funds and remain there for 90 days. After 90 days you can then exchange the money into Vanguard Federal Money Market Fund. For example, if you wanted to transfer money from the Stable Value Fund to Vanguard Federal Money Market Fund, you would do it like this: On January 20, transfer the money from the Stable Value Fund into any of the other funds in the plan except Vanguard Federal Money Market Fund (for instance, into Vanguard Institutional Total Bond Market Index Trust). On April 20 or anytime thereafter, transfer the money from Vanguard Institutional Total Bond Market Index Trust to Vanguard Federal Money Market Fund.

A Note About Risk
All investing is subject to risk, including the possible loss of the money you invest. U.S. government backing of Treasury or agency securities applies only to the underlying securities and does not prevent share-price fluctuations. Unlike stocks and bonds, U.S. Treasury bills are guaranteed as to the timely payment of principal and interest. Bond funds are subject to the risk that an issuer will fail to make payments on time, and that bond prices will decline because of rising interest rates or negative perceptions of an issuer’s ability to make payments. Because the Phillips 66 Stock Fund concentrates on a single stock, it is considered riskier than a diversified stock fund.

Vanguard Federal Money Market Fund:
You could lose money by investing in the fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund’s sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time. A stable value investment is neither insured nor guaranteed by the U.S. government. There is no assurance that the investment will be able to maintain a stable net asset value, and it is possible to lose money in such an investment.

A stable value investment is neither insured nor guaranteed by the U.S. government. There is no assurance that the investment will be able to maintain a stable net asset value, and it is possible to lose money in such an investment.

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