THE CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN...

NOVEMBER 2017

THE CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN IS MOVING TO FIDELITY.

Transition Guide

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ContentsHow Your Money Will Transfer ……………2

Activity Calendar …………………………………4

New Ways to Help Strengthen Your Financial Situation ………………………6

Additional Details ………………………………8

Accessing Your Account at Fidelity …… 10

Resources to Learn More ………………… 11

Reminders• For most participants, no action is required before

the transition to Fidelity. If you do need to take action, you will receive a separate communication.

• Investment options are not changing, except for some securities offered through the brokerage account. If this applies to you, you will receive a separate communication and instructions for selecting new investments.

• Most of the plan features are not changing, including eligibility, how much you can contribute, company matching contributions, and distribution options.

• Some of the rules associated with new loans will be changing. Read this guide for more information.

• If you have personal investment accounts at Vanguard or Fidelity, they are not affected by this transition.

• If you are a former employee, alternate payee, or beneficiary, some of the information in this guide may not apply. However, you still will be affected by the upcoming transition, so please read this material carefully.

Get Ready for the Changes Ahead

As previously announced, Fidelity Investments® (Fidelity) will become the service provider for the Chevron Employee Savings Investment Plan (ESIP) effective January 1, 2018. Please review this guide for information about how your account may be affected during the transition from Vanguard to Fidelity.

The quarterly administration fee will remain the same at $6.50 per participant per quarter ($26 per year).

Your contribution percentage, investment elections, and account balances as of December 29, 2017, at 1 p.m. Pacific time (3 p.m. Central time) will be transferred to Fidelity Investments on January 2, 2018. Because the investment options offered in the ESIP prior to the transition will stay the same,* your balances and investment elections on file will transfer “as is” to Fidelity. They will be reregistered (transferred “in kind”) and remain fully invested during the transition,† and therefore will continue to be subject to market fluctuations during the blackout period.

As a result of the change from Vanguard to Fidelity, you temporarily will be unable to direct or diversify investments, request any other transactions, or make inquiries on your ESIP accounts at Fidelity. During this time, information will be transferred from your current account at Vanguard to your new account at Fidelity. This period, during which you will be unable to exercise your rights otherwise available under the ESIP, is called a blackout period.

• If you have a balance in the Vanguard Brokerage Option (VBO) in the ESIP, the blackout period for this portion of your account begins at 1 p.m. Pacific time (3 p.m. Central time) on December 18, 2017. This is the last day to open a new self-directed brokerage account in the ESIP and, if you have a balance in the VBO, this is the last day to move money between your VBO account and standard ESIP account.

• All transactions involving company stock will be restricted as of 10 a.m. Pacific time (12 p.m. Central time) on December 26, 2017.

• The blackout period for all ESIP participants and accounts begins at 1 p.m. Pacific time (3 p.m. Central time) on December 26, 2017, for all transactions not involving company stock. This is the last day to request all other transactions or inquiries on your ESIP accounts.

For this reason, it is very important that you review and consider the appropriateness of your current investments in light of your inability to direct or diversify those investments during the blackout period. For your long-term retirement security, you should give careful consideration to the importance of a well-balanced and diversified investment portfolio, taking into account all your assets, income, and investments.

For an explanation of your rights to direct investments, a list of any ESIP restrictions, and a description of the types of fees and expenses associated with your ESIP account, refer to the enclosed Participant Disclosure Notice. * If you participate in the brokerage option, there may be some differences in the investment options available under the Fidelity brokerage option. Brokerage participants will receive more information about this in November.

How Your Money Will Transfer

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Target Retirement Trusts: All-in-one investments

Vanguard Target Retirement Income Trust Select

Vanguard Target Retirement Trust 2015 Select











Core Investments

Chevron Common Stock Fund

Chevron ESOP Fund1

State Street U.S. Inflation Protected Bond Index Fund Class C

Vanguard Developed Markets Index Fund Institutional Plus

Vanguard Emerging Markets Stock Index Fund Institutional Plus

Vanguard Federal Money Market Fund

Vanguard Institutional 500 Index Trust

Vanguard Institutional Extended Market Index Trust

Vanguard Institutional Total Bond Market Index Trust

Vanguard Institutional Total Stock Market Index Trust

Vanguard REIT Index Fund Institutional Shares

Vanguard Short-term Bond Index Fund Institutional Plus

Vanguard Small-Cap Index Fund Institutional Plus

Vanguard Total World Stock Index Fund Institutional Shares

Supplemental Investments

American Funds EuroPacific Growth Fund® Class R-6

Dodge & Cox Income Fund Separate Account

Vanguard PRIMECAP Fund Admiral Shares

Vanguard Windsor II Fund Admiral Shares

Brokerage Option

Fidelity BrokerageLink®

For information on fund performance, go to vanguard.com.

ESIP Investment Options

The investment options offered in the ESIP will remain the same when the Plan transitions to Fidelity.

Before investing in any mutual fund, consider the investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully. Please note that a prospectus, or summary prospectus, may not be available for non-mutual fund investment options.

1The Chevron ESOP Fund is not an active investment option. You cannot direct contributions to the fund or move money from other investment options to it. You can, however, transfer money from the fund to other investment options at any time.

DECEMBER 2017

DECEMBER 6 AND 12 DECEMBER 18 AND 26 DECEMBER 29

Webinar

“Get Ready for the Move to Fidelity”

9 a.m., 1 p.m., and 5 p.m. Pacific time

(11 a.m., 3 p.m., and 7 p.m. Central time)

Register for a live webinar or access an on-demand recorded version at hr2.chevron.com/esip

Blackout Period Begins at 1 p.m. Pacific Time (3 p.m. Central Time)

December 18: Brokerage accounts

December 26*: All other ESIP accounts

This is the last day to request changes at Vanguard.

*For transactions involving Chevron stock, the cutoff time is 10 a.m. Pacific time (12 p.m. Central)

If you want to make changes to your ESIP account at Vanguard prior to the start of the blackout period, please go to vanguard.com or call 1-888-825-5247.

Please allow enough time to request, receive, complete, and return paperwork, if required, before the applicable deadlines.

Final Valuation Date at Vanguard

Your ESIP account balance as of the close of the market on December 29, 2017, will move to Fidelity on January 2, 2018.

Activity Calendar for the ESIP2

2 The timing of the plan changes and transition period, including any asset reallocations, if applicable, described within this brochure depends on a variety of factors, which may include the timing and reconciliation of the transfer of data, receipt of instructions, and receipt of assets. Changes in any of these factors may result in changes to the timing of the delivery of services, the transition period, and/or the dates on which, and thus the prices at which, assets in your account are sold and/or reinvested, if applicable.

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**Why isn’t there an exact date for when the transition period will end?

The end of the transition period depends on the accurate and timely transfer of data between Vanguard and Fidelity. By projecting completion within the week of January 7, we’re allowing time for the information to be transferred, checked, and tested before the Plan reopens for transactions. You will be notified by Fidelity by mail (and by Chevron by email if you’re an active employee) when the blackout period is over. You may also call Fidelity at 1-888-825-5247 to determine if the blackout has ended.

JANUARY 2018

JANUARY 2 THE WEEK OF JANUARY 7** JANUARY 17 AND 23

Assets are transferred to Fidelity.

This is the first business day that accounts are at Fidelity.

Blackout Period Ends

The blackout period is scheduled to end and all account services are available.

You will be notified by mail when the transition is complete. Active employees will also be notified by email.

Webinar

“Get to Know Fidelity and Next Steps to Take”

9 a.m., 1 p.m., and 5 p.m. Pacific time

(11 a.m., 3 p.m., and 7 p.m. Central time)

Register for a live webinar or access an on-demand recorded version at hr2.chevron.com/esip

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Many of the ESIP features you enjoy today will remain unchanged. As part of the move to Fidelity, you’ll have more support as you plan for your future—from short-term, simple savings goals to long-term financial wellness, or something in between. Unless otherwise noted, the services listed below will be available in early January 2018, after the transition.

One-on-One Support

Get free one-on-one support from Fidelity’s Planning and Advice Professionals for your retirement, investing, and financial wellness needs. These resources are available to all participants, regardless of your age or account balance. No matter your location or your asset size, you can schedule an over-the-phone appointment for detailed, personal help with your overall financial well-being. That includes help all the way from healthy savings habits to decision making on your assets when changing jobs or retiring. Fidelity offers a comprehensive approach to planning, plus investment and distribution advice that is supported by online tools.

Fidelity Investor Centers

Fidelity has more than 190 Investor Centers across the country. The professionals in the Investor Centers are highly trained to provide you with the latest retirement planning insights and investment help with your retirement plan and other financial accounts. To find the location nearest to you and schedule an appointment, please go to fidelity.com/branchlocator.

Investor Center services are not part of Chevron’s Financial Counseling Program for Executive Plan participants. Any costs associated with services you may utilize at a Fidelity Investor Center that are outside of the Chevron Plans are paid by you and not reimbursed by Chevron.

Enhanced Online Experience

You will have access to Fidelity’s comprehensive website dedicated to retirement planning—netbenefits.com. Here is where you will manage your account, make decisions on your investment choices, and find interactive tools and calculators to help you better prepare to meet your retirement savings goals. The retirement planning tools available will take into account all of your Chevron retirement sources. You can even access your account and planning resources through the NetBenefits® mobile app.

Fidelity uses automatic sign-in technology. This means that if you have an account set up at Fidelity and are connected to the Chevron intranet using a GIL workstation or Chevron remote access, you can access your account without entering your username and password.

You will also be able to see a consolidated view of all of your Fidelity accounts once you log in—ESIP, previous 401(k)s, IRAs, and other retail accounts.

New Ways to Help Strengthen Your Financial Situation

Go to hr2.chevron.com/esip to learn more about the transition, to sign up for a webinar, and to use Fidelity’s money checkup tool to get your personal financial picture.

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Online Planning Tools

Fidelity’s calculators and tools will help you take the guesswork out of saving for retirement and assist in building an income strategy to meet your needs. Once the transition is over, the tools and calculators will be available in the Library tab on NetBenefits including:

Roth 401(k) Modeler View example scenarios showing differences between Roth and pre-tax deferrals.

401(k) Deferral Planning Tool Decide how much to contribute to the ESIP to help you maximize your own plan contributions and Chevron’s matching contributions.

Planning & Guidance Center Get help identifying an asset mix that aligns with your goals.

College Savings Calculator Find out if you are on track to meet your college savings goals.

Social Security Analyzer See how different strategies could increase your benefit.

Fidelity Income Strategy Evaluator Find the right mix of income-producing investments to meet your needs while living in retirement.

IMPORTANT: The projections or other information generated by the Planning & Guidance Center’s Retirement Analysis regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results, and are not guarantees of future results. Your results may vary with each use and over time.

Financial Wellness Tools and Resources

Get your personal money checkup today. Uncover your financial strengths and opportunities, and find tips and tools to help you get to where you want to be.

fidelity.com/getmymoneycheckup You can also text “fit”†† to 343898 to receive the link to the money checkup tool.

The money checkup is free, available now, and there is no account login required to use the tool.

Fidelity® Portfolio Advisory Service

at Work

Fidelity® Portfolio Advisory Services at Work (PAS-W) is a managed account service, available for a fee, that lets you delegate the ongoing management of your account to professional investment managers. A managed account is a way to hire a team of professionals to help manage your ESIP investments for you on an ongoing basis to help keep you in the right mix of investments for your needs. Adjustments are made for changing markets and changes in your life—all the way to and through your retirement—and once a year we’ll do a full review of your strategy to make sure it’s still on target for you.

Please see the enclosed Participant Fee Disclosure for information on the fee structure for PAS-W. Please note: PAS-W is not available to U.S. expatriates while living outside of the U.S.

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Additional Details If You…

Use the Vanguard Brokerage Option (VBO)

Your existing self-directed brokerage assets will be moved into a Fidelity BrokerageLink® account.

If you are a current brokerage account participant, you will receive a separate kit from Fidelity this month with more information about your brokerage account, including fee information. Please review this information carefully, as you must complete and return a Participant Acknowledgment Form before you can actively use your BrokerageLink account.

There will no longer be an annual fee to use the self-directed brokerage option.

• Your current self-directed brokerage account holdings will transfer intact to BrokerageLink, except for any securities that will be unavailable to transfer. You will be notified separately in November if you hold any of these securities, as there will be special action that you will need to take.

• When your ESIP account and associated brokerage account transition to Fidelity, address changes to your ESIP account will no longer automatically update your contact information in your brokerage account. You will need to update your contact information on your brokerage account by contacting Fidelity. Addresses are kept separate at Fidelity because the brokerage account is considered an individual account for address purposes. The address on file for brokerage must remain separate from your ESIP account address.

Use the Vanguard Managed Account Program (VMAP)

Fidelity Portfolio Advisory Service at Work (PAS-W) will replace the Vanguard Managed Account Program (VMAP) as the managed account service in the ESIP.

Like VMAP, PAS-W is a managed account service that offers professional investment management of your plan account. If you are currently enrolled in VMAP, you will receive additional information about PAS-W from Fidelity in early January, after the transition is complete, in order to review your options to re-enroll in the service. Unless you opt out of PAS-W at the beginning of the year, you will be automatically re-enrolled in the service.

Please see the enclosed Participant Fee Disclosure for information on the fee structure for PAS-W. Please note: PAS-W is not available to U.S. expatriates while living outside of the U.S.

Have an ESIP loan Any outstanding loan balances in the ESIP will transfer to Fidelity.

If you currently have one or more loans from your ESIP, they will be included in the transition to Fidelity. Your loan repayment amount will not change and payments will be submitted to Fidelity instead of Vanguard beginning in January. The following changes will apply to new loans once the transition is complete.

• The maximum number of outstanding loans you can have at any time is being reduced from three to two. If you currently have three outstanding loans, you will not be required to pay off any of your loans early as a result of this change. You can continue to follow your existing payment schedule. However, after one of the three loans is paid off, you will only be permitted to have two loans in the future.

• There will be a 30-day waiting period after paying off one loan and applying for a new one. For example, if you pay off a loan on April 30, the earliest you can apply for a new loan is May 30.

• The interest rate for new loans will be calculated using Reuter’s prime rate. Changes in interest rate calculations only apply to new loans; current loans are not affected.

Loan repayments received during the blackout period will be invested in the Vanguard Federal Money Market Fund Investor Sharesˆ until the blackout period ends. At that time, loan repayments and any associated earnings will be posted to your account according to your investment elections on file with Fidelity. If you do not have any elections on file, your loan repayments and any associated earnings will be invested in the Vanguard Federal Money Market Fund Investor Shares.

Have bank information on file for ACH payments

Bank information on file for the ESIP at Vanguard for ACH loan payments, installment payments, or cash dividend elections will not convert to Fidelity.

You will need to re-establish your bank information on NetBenefits after the transition is complete. Fidelity will send you a reminder letter with instructions shortly after the transition is complete. ACH applies to ESIP payments only, and does not apply to the Executive Plans.

Have automatic annual contribution increases set up for your account

Your elections will not transfer. You will need to make new elections at Fidelity after the transition is complete.

With Vanguard, automatic increases are allowed until your before-tax contribution rate reaches 25 percent. Fidelity does not stop automatic increases when they reach a certain percentage. Instead, your contribution rate will continue to increase each year, up to the plan limit, unless you change your election through Fidelity.

Need to access historical account information at Vanguard

After the transition, you will still be able to access your Vanguard account and request historical information such as transaction history and your past two years of quarterly statements by logging on to your Vanguard account or calling Vanguard at 1-800-523-1188.

Need to update your personal information on your Vanguard personal investment account

If you have a personal investment account with Vanguard (such as an IRA or former employer’s 401(k) plan), you will need to update your contact information directly through Vanguard.

ˆ You could lose money by investing in a money market fund. Although the fund seeks to preserve the value of your investment at $1 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.

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Accessing Your Account at Fidelity

Once the transition to Fidelity is complete in early January 2018, you will be able to access your ESIP account through multiple devices—your mobile phone, tablet, and computer. You will receive an announcement from Fidelity when the transition is complete and your account is available.

Online at netbenefits.com On the Fidelity NetBenefits® app Call Fidelity: 1-888-825-5247

• Access your account online at Fidelity’s website. Simply visit netbenefits.com, click Register Now, and follow the instructions to create a username and password. You will need to enter your name, date of birth, and last four digits of your Social Security or Taxpayer Identification number to register.

• If you have an existing Fidelity account, use that login information to access your account.

• Automatic sign-in to NetBenefits is available if you are connected to the Chevron intranet.

Download it from your favorite app source. You’ll need your account username and password first.

You can: • Monitor account balances

• Review and change investments

• Update your contribution amount

• Get your personal rate of return

• Access financial wellness articles, videos, and podcasts

Call the Fidelity Service Center to talk to a representative between 5:30 a.m. and 9 p.m. Pacific time (7:30 a.m. and 11 p.m. Central time), Monday through Friday (excluding most New York Stock Exchange holidays).

Fidelity representatives are available now to answer questions about the transition. You should still contact Vanguard for questions about your ESIP account until the transition to Fidelity is complete in January.

NOTE: After the transition, you will still be able to access your account at Vanguard to view historical information such as transaction history, rates of return, and your past two years of quarterly statements.

Calling the HR Service Center from outside of the United States

If you are outside of the U.S., you should contact the HR Service Center at the toll-free number 1-888-825-5247. This is not a new phone number—it’s the same number that’s used when calling from inside the U.S. and now accepts calls from anywhere in the world. When calling, you’ll first need to dial the international access code.

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Resources to Learn More

Learn more about the transition – Register for a webinar – Get your personal financial picture

hr2.chevron.com/esip

Questions?Call 1-888-825-5247

The Fidelity Service Center is now open to help with questions about the transition. You can talk with a Fidelity representative between 5:30 a.m. and 9 p.m. Pacific time (7:30 a.m. and 11 p.m. Central time), Monday through Friday (excluding most New York Stock Exchange holidays).

To manage your account or make changes at Vanguard before the blackout period starts, visit vanguard.com or call 1-888-825-5247Changes must be made by 1 p.m. Pacific time (3 p.m. Central time) on December 18, 2017, for brokerage accounts and December 26, 2017, for ESIP accounts.

Transactions involving Chevron stock must be made by 10 a.m. Pacific time (12 p.m. Central) on December 26, 2017.

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Investing involves risk, including risk of loss. † While Fidelity expects and intends that accounts will be re-registered, or transferred in-kind, in very rare cases market conditions may require that some accounts be liquidated and reinvested. In addition, there may be residual amounts that are transferred in cash after the conversion is complete. Please be aware that the transfer methodology may vary by individual investment option, and certain options will remain fully invested during the transition while other may be out of the market for a day or more. †† When you text “fit” to 343898, you will receive a text message from Fidelity. If you provide your email address in your text, you may also receive up to one email from Fidelity. Message and data rates may apply. Text “help” for help and “stop” to opt out. Visit pages.fidelityinvestments.com/smsee for additional information.

BrokerageLink includes investments beyond those in your plan’s lineup. The plan fiduciary neither evaluates nor monitors the investments available through BrokerageLink. It is your responsibility to ensure the investments you select are suitable for your situation, including your goals, time horizon, and risk tolerance. Review the fact sheet and commission schedule for applicable fees and risks.

Fidelity® Portfolio Advisory Service at Work is a service of Strategic Advisers, Inc., a registered investment adviser and a Fidelity Investments company. This service provides discretionary money management for a fee.

You have the right to direct Fidelity Management Trust Company (“The Trustee”) concerning shareholder rights, such as the right to vote or tender, for all shares of Chevron Stock credited to your account. The Trustee will hold your decision with respect to the exercise of shareholder rights in confidence, except to the extent required by law. In addition, Chevron will not review information concerning any individual participant’s purchase, holding, or sale of Chevron Stock unless required to fulfill its fiduciary obligations, or by applicable law or regulation. The plan fiduciary responsible for monitoring compliance with the confidentiality procedures is Chevron Corporation, P.O. Box 6075, San Ramon, CA 94583-0775.

This document provides only a summary of the main features of the ESIP, and the plan document will govern in the event of any discrepancies.

Fidelity Brokerage Services LLC, 900 Salem Street, Smithfield, RI 02917 © 2017 FMR LLC. All rights reserved. 806583.1.0

Go to hr2.chevron.com/esip to learn more about the transition, to sign up for a webinar, and to use Fidelity’s money checkup tool to get your personal financial picture.

THE CHEVRON EMPLOYEE SAVINGS INVESTMENT PLAN...

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