Further debt issuance by Phillips 66 UK Holdings Limited

On 13 June 2012 the Cayman Islands Stock Exchange admitted to listing Phillips 66 UK Holdings Limited 1,400,000 £1,000 Floating Rate Notes due 20 April 2022

The board of directors of the Company now announces that as part of an internal restructuring relating to the Phillips 66 group of companies, Phillips 66 UK Holdings Limited (the "Company") has issued additional debt on 18th December 2012, by way of a discounted loan note with an issue price of £474 million and a principal amount of £591 million, to another group company, Phillips 66 Finance LLC (being a wholly-owned subsidiary of Phillips 66 International Investments Ltd), as partial consideration for the acquisition of the entire issued share capital of Phillips 66 Funding Ltd from Phillips 66 International Investments Ltd. Payment of the principal amount is due by the Company on 1st March 2016.