<SEC-DOCUMENT>0001214659-23-005321.txt : 20230413
<SEC-HEADER>0001214659-23-005321.hdr.sgml : 20230413
<ACCEPTANCE-DATETIME>20230413084304
ACCESSION NUMBER:		0001214659-23-005321
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20230413
DATE AS OF CHANGE:		20230413
EFFECTIVENESS DATE:		20230413

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CHEVRON CORP
		CENTRAL INDEX KEY:			0000093410
		STANDARD INDUSTRIAL CLASSIFICATION:	PETROLEUM REFINING [2911]
		IRS NUMBER:				940890210
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-00368
		FILM NUMBER:		23817158

	BUSINESS ADDRESS:	
		STREET 1:		6001 BOLLINGER CANYON ROAD
		CITY:			SAN RAMON
		STATE:			CA
		ZIP:			94583
		BUSINESS PHONE:		925-842-1000

	MAIL ADDRESS:	
		STREET 1:		6001 BOLLINGER CANYON ROAD
		CITY:			SAN RAMON
		STATE:			CA
		ZIP:			94583

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CHEVRONTEXACO CORP
		DATE OF NAME CHANGE:	20011009

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CHEVRON CORP
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	STANDARD OIL CO OF CALIFORNIA
		DATE OF NAME CHANGE:	19840705

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Oxfam America, Inc.
		CENTRAL INDEX KEY:			0001764188
		IRS NUMBER:				237069110
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0319

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		226 CAUSEWAY ST
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02114
		BUSINESS PHONE:		8007769326

	MAIL ADDRESS:	
		STREET 1:		226 CAUSEWAY ST
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02114
</SEC-HEADER>
<DOCUMENT>
<TYPE>PX14A6G
<SEQUENCE>1
<FILENAME>e413230px14a6g.htm
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Notice of Exempt Solicitation</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NAME OF REGISTRANT:&nbsp;</B>Chevron Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NAME OF PERSON RELYING ON EXEMPTION: </B>Oxfam America<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: Black 0.75pt solid"><B>ADDRESS OF PERSON RELYING ON
EXEMPTION:&nbsp;</B><FONT STYLE="font-size: 10pt">77 North Washington Street, Suite 5-1, Boston, MA 02114&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Written materials are submitted pursuant to Rule 14a-6(g)(1) promulgated
under the Securities Exchange Act of 1934. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Oxfam America, alongside co-filers Nordea Asset Management and KLP,
urges you to vote <B>FOR Item 11</B>, which requests a tax transparency report, at Chevron&rsquo;s annual meeting of shareholders on May
31, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">I.</TD><TD><B><U>RESOLUTION</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">RESOLVED: Shareholders request that the Board of Directors issue a
tax transparency report to<BR>
shareholders, at reasonable expense and excluding confidential information, prepared in consideration of the indicators and guidelines
set forth in the Global Reporting Initiative&rsquo;s (GRI) Tax Standard.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">II.</TD><TD><B><U>ARGUMENTS IN FAVOR OF A &ldquo;FOR&rdquo; VOTE</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>A.</B></TD><TD><B>Summary of arguments in favor of a &ldquo;for&rdquo; vote</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Aggressive tax avoidance may introduce significant risks that undermine investment
returns in the medium and long term. Tax authorities across the globe have repeatedly challenged Chevron&rsquo;s approach to taxation,
producing significant additional tax and litigation expenses for the company. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Chevron does not disclose revenues or profits in each non-US market where
it operates, nor the corresponding foreign tax payments, challenging investors&rsquo; ability to evaluate the risks of taxation reforms,
or to assess whether Chevron&rsquo;s tax practices are consistent with long-term value creation. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Many major oil, gas, and mining companies &ndash; including US companies
&ndash; publish a GRI-aligned tax report, leaving Chevron lagging behind its peers. A GRI-aligned tax report would enable investors to
better evaluate the company&rsquo;s exposure to risk and make informed decisions. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>B.</B></TD><TD><B>Aggressive tax planning creates investment risks</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Investors, companies, governments and civil society are increasingly
recognizing that a company&rsquo;s tax practices can be financially material.<FONT STYLE="font-size: 10pt"><SUP> 1 </SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">At an asset level, risks may include:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Heightened attention of tax authorities and adjustment risk following successful
investigation by tax authorities of whether a company&rsquo;s tax planning complies with the law.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Vulnerability to changes in tax regulation and enforcement.<FONT STYLE="font-size: 10pt"><SUP> 2 </SUP></FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Reputational damage and loss of social licence to operate.</FONT></TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.4pt; text-align: center"><B><I>This is not a solicitation of authority to vote your proxy. Please DO NOT send us your proxy card as it will not be accepted.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Symbol; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Aggressive tax avoidance can also introduce macro-economic distortions
with subsequent portfolio and systemic-level risks that undermine the long-term performance of investments.<FONT STYLE="font-size: 10pt"><SUP> 3 </SUP></FONT>
At a portfolio level, aggressive tax avoidance by one company may undermine fair competition between all companies in a sector.<FONT STYLE="font-size: 10pt"><SUP> 4 </SUP></FONT>
It may also have larger macro-economic impacts, by reducing money available for government spending on critical services and infrastructure,
which enable long-term business and social sustainability.<FONT STYLE="font-size: 10pt"><SUP> 5 </SUP></FONT> The effects are profound:
studies estimate corporate profit shifting causes annual government tax revenue losses of $70 &ndash; 100 billion in the US and $312 billion
globally.<FONT STYLE="font-size: 10pt"><SUP> 6 </SUP></FONT> The PRI, representing investors with $89 trillion assets under management,
states that tax avoidance is a key driver of inequality, which is associated with poor long-term business and social performance.<FONT STYLE="font-size: 10pt"><SUP> 7 </SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Risk: Increased attention from tax authorities</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the case of Chevron, tax authorities across the globe have repeatedly
challenged the company's approach to taxation, producing significant expenses for the company, including increased tax liabilities and
legal expenditures. According to the company&rsquo;s own annual report, Chevron has paid out settlements with tax authorities every year
since at least 2007, including a payment of $429 million in 2020 and $1.17 billion in 2017.<FONT STYLE="font-size: 10pt"><SUP> 8 </SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In 2017, a court found that Chevron used inflated interest rates in
dealings with related offshore companies, which reduced Chevron&rsquo;s taxable income in Australia. Chevron paid at least $654 million
in 2018 as part of a settlement to partially resolve the dispute.<FONT STYLE="font-size: 10pt"><SUP> 9 </SUP></FONT> Further, by 2022,
the precedent set by the case had raised $12 billion for the Australian government from Chevron and other companies.<FONT STYLE="font-size: 10pt"><SUP> 10 </SUP></FONT>
Since this case, Chevron&rsquo;s Australian tax liabilities have increased, and Chevron is reportedly facing a 25-fold increase in its
Australian tax liabilities for 2022, bringing its Australian tax bill to $3.7 billion.<FONT STYLE="font-size: 10pt"><SUP> 11 </SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, Chevron faced a 2018 complaint submitted to the Dutch
National Contact Point (NCP) for the OECD Guidelines for Multinational Enterprises (the &ldquo;Guidelines&rdquo;). Among other allegations,
the complaint alleged that Chevron violated the Guidelines by using its Dutch entities to take advantage of Dutch tax treaties and avoid
taxes in Nigeria, Venezuela, and Argentina.<FONT STYLE="font-size: 10pt"><SUP> 12 </SUP></FONT> Chevron was one of only 15% of companies
who have refused to engage with the Dutch NCP on a complaint as part of the OECD process.<FONT STYLE="font-size: 10pt"><SUP> 13 </SUP></FONT>
In its Final Statement, the Dutch NCP found that Chevron was not in compliance with the Guidelines&rsquo; disclosure provisions and that
the company failed to demonstrate it was in compliance with the Guidelines' provisions on tax practices, company tax policies, and risk
management.<FONT STYLE="font-size: 10pt"><SUP> 14 </SUP></FONT> The Final Statement also recommended that Chevron publish a country-by-country
report of its tax payments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Chevron has faced other tax controversies around the world, too. Chevron
was one of several oil companies to face trial in Nigeria for allegations of avoiding taxes through under-declaration of oil exports between
2011 and 2014.<FONT STYLE="font-size: 10pt"><SUP> 15 </SUP></FONT> In Kazakhstan in 2010, the government launched a criminal probe into
whether the Chevron-led Tengiz oilfield had violated the terms of its fiscal agreement with the government.<FONT STYLE="font-size: 10pt"><SUP> 16 </SUP></FONT>
Further, Chevron and its partners on the Malampaya gas field faced a protracted tax dispute with the government of the Philippines over
whether Chevron or the government was responsible for paying Chevron&rsquo;s income tax.<FONT STYLE="font-size: 10pt"><SUP> 17 </SUP></FONT>
Even when Chevron does not lose legal disputes, it is forced to pay significant legal costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.4pt; text-align: center"><B><I>This is not a solicitation of authority to vote your proxy. Please DO NOT send us your proxy card as it will not be accepted.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Tax authorities may soon subject Chevron&rsquo;s tax practices to even
greater scrutiny. Economic challenges and the impact of the pandemic have pushed governments to focus more intently on collecting corporate
tax revenue. In a 2022 tax survey, Deloitte found that 96% of US companies &ldquo;believe that more tax disputes may arise out of increased
government deficits due to Covid-19.&rdquo;<FONT STYLE="font-size: 10pt"><SUP> 18 </SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the US, the recently passed Inflation Reduction Act included an
$80 billion funding increase to the Internal Revenue Service (IRS), with $46 billion of this earmarked for enforcement. This additional
government funding is expected to bring in an additional $204 billion in taxes through to 2031,<FONT STYLE="font-size: 10pt"><SUP> 19 </SUP></FONT>
and this will likely come from increased tax enforcement including for large multinational companies like Chevron.<FONT STYLE="font-size: 10pt"><SUP> 20 </SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Risk: Vulnerability to changes in tax regulation</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Chevron may face potentially significant increases in tax liability
due to a suite of proposed and adopted global taxation reforms. In 2021, 137 countries agreed to a two-pillar tax reform framework drafted
by the OECD, hailed as the biggest changes to corporate taxation in a century.<FONT STYLE="font-size: 10pt"><SUP> 21 </SUP></FONT> In
December 2022, European Union (EU) member states agreed to implement the minimum corporate taxation component of the deal.<FONT STYLE="font-size: 10pt"><SUP> 22 </SUP></FONT>
The global minimum tax would create a 15% minimum effective corporate tax that applies on a country-by-country basis, which may ensure
that multinationals pay this amount regardless of whether their headquarters jurisdiction domestically implements the minimum tax. Investors
should have access to tax information on a country-by-country basis to better inform investors whether there may be additional tax risks
associated with these international reform efforts. Members of the United Nations (UN) also recently resolved to discuss tax cooperation,
another potential source of significant changes to global corporate taxation.<FONT STYLE="font-size: 10pt"><SUP> 23 </SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Risk: Loss of social license</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The risk of loss of social license &ndash; &ldquo;the perception by
stakeholders that a business or industry is acting in a way that is fair, appropriate, and deserving of trust&rdquo;<FONT STYLE="font-size: 10pt"><SUP> 24 </SUP></FONT>
&ndash; is particularly salient in the oil, gas, and mining sectors, and it carries significant impact. Upstream extraction in particular
comes with elevated expectations of potential benefits from host country governments, citizens, and impacted communities. Tax avoidance
can leave these stakeholders dismayed, discontented, and angry that they are not receiving the promised benefits from the project. This
frustration can lead to protests and conflicts, costly project stoppages, revocations of the right to extract, or renegotiation of fiscal
terms, sometimes ultimately costing the company more than it would have paid if it had paid a greater share of taxes in the first place.
For example, project stoppages due to community conflict can cost extractive projects as much as $20 million per week.<FONT STYLE="font-size: 10pt"><SUP> 25 </SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>C.</B></TD><TD><B>Chevron&rsquo;s current reporting is insufficient</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Chevron does not currently disclose sufficient information to allow
investors to make an informed and independent assessment of the company&rsquo;s tax practices and any potential risks. In its annual 10-K
report, Chevron reports its US and its aggregate foreign tax payment, but Chevron does not provide a breakdown of its foreign tax payments
by jurisdiction.<FONT STYLE="font-size: 10pt"><SUP> 26 </SUP></FONT> While Chevron is legally required to provide similar tax-related
disclosures in certain other jurisdictions, without information on profits and losses in a jurisdiction, investors cannot determine whether
the amount of taxes paid aligns with economic activity. Chevron does not even disclose its taxes paid at the country level for many of
the jurisdictions where it operates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.4pt; text-align: center"><B><I>This is not a solicitation of authority to vote your proxy. Please DO NOT send us your proxy card as it will not be accepted.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Chevron&rsquo;s &ldquo;Approach to Tax&rdquo; policy is also insufficient.
The policy states that &ldquo;taxes are directly related to  [their]  business operations.&rdquo;<FONT STYLE="font-size: 10pt"><SUP> 27 </SUP></FONT>
However, it provides little insight into the degree of risk involved in Chevron&rsquo;s tax planning and it does not say that Chevron&rsquo;s
transfer pricing has economic substance and uses arm&rsquo;s length principles. Further, investors need the quantitative data provided
by country-by-country reporting &ndash; which Chevron does not sufficiently report &ndash; to be able to assess whether Chevron&rsquo;s
tax practices comply with its tax policy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Chevron has also resisted disclosing payments to governments. The Extractive
Industries Transparency Initiative (EITI) conducted an evaluation in 2021 that found that Chevron was not complying with the EITI&rsquo;s
Company Expectation of disclosing project-level payments to governments in all jurisdictions of operations,<FONT STYLE="font-size: 10pt"><SUP> 28 </SUP></FONT>
despite the company holding a seat on the Board of the Initiative. Chevron has since stepped down from the Board.<FONT STYLE="font-size: 10pt"><SUP> 29 </SUP></FONT>
To date, the company has not disclosed project-level payments-to-governments for all its operations around the world. Although Section
1504 of the Dodd-Frank Act will soon require Chevron to publish its payments to governments around the world, this report will not include
many of the components of the GRI standard that are necessary to understand a company&rsquo;s tax practices, such as country-by-country
profits and revenues.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>D.</B></TD><TD><B>Publishing a GRI-aligned tax report would bring Chevron in line with its peers and allow investors to make an informed and independent
assessment of risk</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The recognition that tax practices can pose a financially material
risk to investors helped lead to the creation of GRI Standard 207 on Tax. The GRI Standards are the world&rsquo;s most utilized corporate
reporting standard and the GRI Tax Standard is the first comprehensive, global standard for public tax disclosure.<FONT STYLE="font-size: 10pt"><SUP> 30 </SUP></FONT>
The Tax Standard requires four components:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">GRI 207-1: disclosure of a company&rsquo;s approach to tax</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">GRI 207-2: disclosure of a company&rsquo;s tax governance, control, and risk
management</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">GRI 207-3: disclosure of a company&rsquo;s stakeholder engagement and management
of concerns related to tax </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">GRI 207-4: public country-by-country reporting (pCbCR) of certain company
financial information, including income tax paid and accrued, profits and losses, related party revenues, third party revenues, number
of employees, and tangible assets within each jurisdiction. Many companies also choose to provide narrative explanations of their financial
data in each country of operation to assist in proper interpretation of the data.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">GRI 207 also recommends disclosing &ldquo;industry-related and other
taxes or payments to governments.&rdquo; These other project-specific payments to governments are particularly important in the oil and
gas industry because fiscal arrangements often include methods of compensation like royalties, profit oil, bonus payments, and taxes to
subnational governments. Accordingly, in the GRI standard for the oil and gas sector, GRI identifies disclosures of all significant project-level
payments to governments as relevant for that sector in reporting under the Tax Standard.<FONT STYLE="font-size: 10pt"><SUP> 31 </SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Many of Chevron&rsquo;s peer companies in the oil, gas, and mining
sectors publish tax transparency reports aligned with the GRI Tax Standard, including Anglo American,<FONT STYLE="font-size: 10pt"><SUP> 32 </SUP></FONT>
BHP,<FONT STYLE="font-size: 10pt"><SUP> 33 </SUP></FONT> BP,<FONT STYLE="font-size: 10pt"><SUP> 34 </SUP></FONT> Eni,<FONT STYLE="font-size: 10pt"><SUP> 35 </SUP></FONT>
Equinor,<FONT STYLE="font-size: 10pt"><SUP> 36 </SUP></FONT> Hess,<FONT STYLE="font-size: 10pt"><SUP> 37 </SUP></FONT> Newmont,<FONT STYLE="font-size: 10pt"><SUP> 38 </SUP></FONT>
Repsol,<FONT STYLE="font-size: 10pt"><SUP> 39 </SUP></FONT> Rio Tinto,<FONT STYLE="font-size: 10pt"><SUP> 40 </SUP></FONT> Shell,<FONT STYLE="font-size: 10pt"><SUP> 41 </SUP></FONT>
South32,<FONT STYLE="font-size: 10pt"><SUP> 42 </SUP></FONT> Teck Resources,<FONT STYLE="font-size: 10pt"><SUP> 43 </SUP></FONT> and TotalEnergies.<FONT STYLE="font-size: 10pt"><SUP> 44 </SUP></FONT>
This adoption of the GRI standard is by no means limited to foreign companies: Hess and Newmont are both US companies. These companies
have not faced adverse effects from disclosing additional tax data. These disclosures provide a decision-useful picture of a company&rsquo;s
tax practices, unlike Chevron&rsquo;s insufficient current reporting. Publishing a GRI-aligned tax report would help address Chevron&rsquo;s
status as a laggard on transparency issues.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.4pt; text-align: center"><B><I>This is not a solicitation of authority to vote your proxy. Please DO NOT send us your proxy card as it will not be accepted.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Companies releasing tax reports understand that these reports are a
key method of building trust and providing stakeholders with adequate transparency. For example, Shell&rsquo;s former Chief Financial
Officer Jessica Uhl said, &ldquo;The taxes Shell pays are one of the many links between our business and the countries and communities
where we operate. Today, it is more important than ever that we are open about our tax payments so that people can understand how much
we pay and why.&rdquo;<FONT STYLE="font-size: 10pt"><SUP> 45 </SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Public country-by-country reporting of tax information, as is required
by GRI 207-4, is also increasingly promoted by regulatory action. Since 2015, European financial institutions have been required to publish
CbCR.<FONT STYLE="font-size: 10pt"><SUP> 46 </SUP></FONT> In 2021, the US House passed the Disclosure of Tax Havens and Offshoring Act,
which would require public corporations to publish CbCR.<FONT STYLE="font-size: 10pt"><SUP> 47 </SUP></FONT> Also in 2021, the EU approved
a directive requiring large multinationals operating there to disclose CbCR information for their operations across EU member states and
selected other jurisdictions.<FONT STYLE="font-size: 10pt"><SUP> 48 </SUP></FONT> Then, in 2022, Australia announced plans to require
comprehensive pCbCR for all large multinationals operating in that country.<FONT STYLE="font-size: 10pt"><SUP> 49 </SUP></FONT> PCbCR
was a key recommendation of the UN FACTI panel.<FONT STYLE="font-size: 10pt"><SUP> 50 </SUP></FONT> GRI-aligned tax reports provide investors
with the ability to assess comparable reports for companies regardless of which jurisdictions require the company to comply with their
similar--but somewhat distinct &ndash; disclosure regimes. The GRI Tax Standard is closely aligned to private reporting already required
under OECD BEPS for large multinationals including Chevron, and therefore the additional compliance burden for reporting is negligible.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The trend towards tax transparency has attracted significant investor
support. Investors representing over $5.6 trillion in assets under management supported the introduction of pCbCR in the EU,<FONT STYLE="font-size: 10pt"><SUP> 51 </SUP></FONT>
and investors representing $2.9 trillion in assets supported the introduction of mandatory, public CbCR in the US via the Disclosure of
Tax Havens and Offshoring Act.<FONT STYLE="font-size: 10pt"><SUP> 52 </SUP></FONT> Shareholders voted on the first major tax transparency
shareholder resolution in May 2022 at Amazon&rsquo;s annual general meeting, and similar resolutions at Microsoft and Cisco attracted
even larger shares of investor support at their respective meetings in December.<FONT STYLE="font-size: 10pt"><SUP> 53 </SUP></FONT> Tax
transparency and pCbCR also factor into various ESG ratings and indexes, including the FTSE Russell&rsquo;s proprietary ESG Ratings and
Data that factor into various FTSE Russell sustainable investment indexes, Standard &amp; Poor&rsquo;s sustainability assessment methodology,
and MSCI ESG Research&rsquo;s ESG Rating model and MSCI All Country World Index.<FONT STYLE="font-size: 10pt"><SUP> 54 </SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>III.</B></TD><TD><B>Conclusion</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Investors need an adequate understanding of a company&rsquo;s tax practices
in order to make informed decisions. Potential changes in tax regulation and enforcement may challenge a company&rsquo;s profitability,
while aggressive tax avoidance may lead to challenges from tax authorities and other risks that undermine the medium- and long-term returns
of an investor&rsquo;s broader portfolio. Despite an increasing trend towards tax transparency, Chevron continues to lag behind its peers
in the oil, gas, and mining sectors. A GRI-aligned tax transparency report would remedy this lack of tax transparency and benefit investors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>We therefore urge shareholders to vote FOR INSERT ITEM 11.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For more information, please contact Daniel Mul&eacute; at daniel.mule@oxfam.org.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.4pt; text-align: center"><B><I>This is not a solicitation of authority to vote your proxy. Please DO NOT send us your proxy card as it will not be accepted.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP> 1 </SUP></FONT> FACT Coalition
(2022), <I>A Material Concern: The Investor Case for Public Country-by-Country Tax Reporting</I>, https://thefactcoalition.org/report/a-material-concern-the-investor-case-for-public-country-by-country-tax-reporting/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP> 2 </SUP></FONT> Morel, J. (2018),
<I>Aggressive Tax Optimisation: what is the best ESG Approach, </I>p. 16 &ndash; 17<I>, </I>https://research-center.amundi.com/files/nuxeo/dl/11c94512-929d-4b88-9a23-792100a994bb.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP> 3 </SUP></FONT> Andrew Spurr and
Mihnea Gheorghe (2022), &ldquo;Tax Fairness Should be a Core Principle in Corporate Sustainability Strategies,&rdquo; <I>Morningstar</I>,
June 13, 2022, https://www.morningstar.com/articles/1098061/tax-fairness-should-be-a-core-principle-in-corporate-sustainability-strategies</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP> 4 </SUP></FONT> UNPRI (2021), <I>What
is Tax Fairness and What Does it Mean for Investors?</I>, https://www.unpri.org/download?ac=15325</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP> 5 </SUP></FONT> UNPRI (2020), <I>Advancing
tax transparency: outcomes from the PRI collaborative engagement,</I> https://www.unpri.org/governance-issues/advancing-tax-transparency-outcomes-from-the-pri-collaborative-engagement/5541.article</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP> 6 </SUP></FONT> Tax Justice Network
(2021), The State of Tax Justice 2021, https://taxjustice.net/reports/the-state-of-tax-justice-2021/; Kimberly Clausing, &ldquo;Profit
Shifting Before and After the Tax Cuts and Jobs Act,&rdquo; <I>National Tax Journal </I>73(4), 28 (2020), https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3274827</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP> 7 </SUP></FONT> GRI (2019), <I>Backing
for GRI&rsquo;s Tax Standard, </I>https://www.globalreporting.org/about-gri/news-center/backing-for-gri-s-tax-standard/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP> 8 </SUP></FONT> Chevron (2022),
<I>Form 10-K, </I>Note 17, https://chevroncorp.gcs-web.com/static-files/0ffa8d8e-45ba-4855-9073-acce2d09c4b7; Chevron (2019), <I>Form
10-K, </I>Note 16, https://chevroncorp.gcs-web.com/static-files/87b5b33d-4328-494b-afe9-6a0dc01dd556; Chevron (2016), <I>Form 10-K,</I>
Note 18, ; https://chevroncorp.gcs-web.com/static-files/5b99a5ef-6cde-4943-af51-d448d474d3b8; https://chevroncorp.gcs-web.com/static-files/8ad42962-6d7b-42c8-80c5-1893bbe9c853
; Chevron (2013), <I>Form 10-K, </I>Note 14, https://chevroncorp.gcs-web.com/static-files/5b99a5ef-6cde-4943-af51-d448d474d3b8; Chevron
(2010), <I>Form 10-K, </I>Note 15, https://chevroncorp.gcs-web.com/static-files/8ad42962-6d7b-42c8-80c5-1893bbe9c853</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP> 9 </SUP></FONT> Peter Milne (2018),
&ldquo;Chevron pays $866m to ATO over Gorgon, Wheatstone loans dispute,&rdquo; <I>The West Australian</I>, May 24, 2018, https://thewest.com.au/business/energy/chevron-pays-866m-to-ato-over-gorgon-wheatstone-loans-dispute-ng-b88846228z</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP> 10 </SUP></FONT> Tom McIlroy (2022),
&ldquo;ATO knocks out $40b in resources write-offs (thanks to Chevron win),&rdquo; <I>Australian Financial Review, </I>October 3, 2022,
https://www.afr.com/politics/federal/ato-knocks-out-40b-in-resources-write-offs-thanks-to-chevron-win-20221003-p5bmqc</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP> 11 </SUP></FONT> Angela Macdonald-Smith
(2022), &ldquo;Chevron&rsquo;s tax bill to rocket to $3.7b,&rdquo; <I>Australian Financial Review</I>, September 8, 2022, https://www.afr.com/companies/energy/chevron-s-tax-bill-to-rocket-to-3-7b-20220906-p5bfw2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP> 12 </SUP></FONT> FNV, ITF, PSI,
IndustriALL Global Union supported by Friends of the Earth (2018), <I>FNV-Chevron Complaint, </I>https://www.somo.nl/nl/wp-content/uploads/sites/2/2018/10/Chevron-Complaint.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP> 13 </SUP></FONT> Correspondence
with SOMO, based on data in https://www.oecdwatch.org/complaints-database/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP> 14 </SUP></FONT> Dutch National
Contact Point (2022), <I>Final Statement regarding the NCP specific instance of FNV, ITF, PSI, IndustriALL Global Union vs. Chevron Netherlands
BV et al.</I>,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">https://www.oecdguidelines.nl/documents/publication/2022/03/24/final-statement-fnv-vs-chevron</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP> 15 </SUP></FONT> Sahara Reporters
(2016), <I>Chevron, Total Lose Bid To Stop Trial For Illegal Oil Shipments From Nigeria</I>, https://saharareporters.com/2016/09/30/chevron-total-lose-bid-stop-trial-illegal-oil-shipments-nigeria</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP> 16 </SUP></FONT> William Mauldin
(2010), &ldquo;Kazakhstan Launches Criminal Probe into Chevron-Led Venture,&rdquo; <I>Wall Street Journal</I>, July 16, 2010, www.wsj.com/articles/SB10001424052748704682604575368801121741036</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP> 17 </SUP></FONT> Amanda Battersby
(2020), &ldquo;Malampaya Tax Dispute Stalls,&rdquo; <I>Upstream, </I>August 13, 2020, https://www.upstreamonline.com/finance/malampaya-tax-dispute-stalls/2-1-855854</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP> 18 </SUP></FONT> Deloitte (2022),
<I>Deloitte&lsquo;s 2022 Global Tax Survey: Beyond BEPS</I>, 14, https://www2.deloitte.com/content/dam/Deloitte/global/Documents/Tax/gx-beps-global-survey-summary-results-2022.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP> 19 </SUP></FONT> Natalie Olivo
(2022), &ldquo;IRS Budget Boost May Increase Transfer Pricing Scrutiny,&ldquo; <I>Law 360</I>, August 29, 2022, https://www.law360.com/articles/1525464/irs-budget-boost-may-increase-transfer-pricing-scrutiny-</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP> 20 </SUP></FONT> Luis Coronado
(2022), &ldquo;Why the tax controversy outlook looks set to become even more challenging,&rdquo; <I>ITR</I>, September 22, 2022, https://www.internationaltaxreview.com/article/2anlo2u2g0g1bcurvaark/sponsored/why-the-tax-controversy-outlook-looks-set-to-become-even-more-challenging</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP> 21 </SUP></FONT> Emma Agyemang
et al. (2021), &ldquo;OECD close to final global deal on corporate tax,&rdquo; <I>Financial Times</I>, October 8, 2021, https://www.ft.com/content/3e3e6a7d-67d5-437d-a7b2-29c52ce9c78f</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.4pt; text-align: center"><B><I>This is not a solicitation of authority to vote your proxy. Please DO NOT send us your proxy card as it will not be accepted.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP> 22 </SUP></FONT> Council of the
EU (2022), <I>International taxation: Council reaches agreement on a minimum level of taxation for largest corporations</I>, https://www.consilium.europa.eu/en/press/press-releases/2022/12/12/international-taxation-council-reaches-agreement-on-a-minimum-level-of-taxation-for-largest-corporations/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP> 23 </SUP></FONT> The Economist
(2022), <I>Developing Countries Take Tax Talks to the </I>UN, https://finance.yahoo.com/news/developing-countries-tax-talks-un-113540911.html</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP> 24 </SUP></FONT> Lucy P&eacute;rez,
Dame Vivian Hunt, Hamid Samandari, Robin Nuttall, and Krysta Biniek, &ldquo;Does ESG really matter&mdash;and why?&rdquo;, McKinsey and
Company, https://www.mckinsey.com/capabilities/sustainability/our-insights/does-esg-really-matter-and-why</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP> 25 </SUP></FONT> Rachel Davis and
Daniel Franks (2014), &ldquo;Costs of Company-Community Conflict in the Extractive Sector,&rdquo; <I>Corporate Social Responsibility Initiative
Report No. 66</I>, 8, https://www.csrm.uq.edu.au/media/docs/603/Costs_of_Conflict_Davis-Franks.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP> 26 </SUP></FONT> Chevron (2022),
<I>Form 10-K</I>, Note 19, https://chevroncorp.gcs-web.com/static-files/0ffa8d8e-45ba-4855-9073-acce2d09c4b7</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP> 27 </SUP></FONT> Chevron (2022),
<I>Chevron&rsquo;s approach to tax</I>, https://www.chevron.com/-/media/chevron/sustainability/documents/chevron-approach-to-tax.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP> 28 </SUP></FONT> EITI (2021), <I>Assessment
of adherence to the Expectations for EITI supporting companies</I>,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">https://eiti.org/documents/assessment-adherence-expectations-eiti-supporting-companies</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP> 29 </SUP></FONT> Aubrey Menard
(2022), &ldquo;ConocoPhillips Leaves Global Transparency Initiative, Keeps Payments Secret,&rdquo; Oxfam, July 13, 2022, https://politicsofpoverty.oxfamamerica.org/conocophillips-leaves-global-transparency-initiative-keeps-payments-secret/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP> 30 </SUP></FONT> KPMG (2020), <I>The
Time Has Come</I>, https://assets.kpmg/content/dam/kpmg/xx/pdf/2020/11/the-time-has-come.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP> 31 </SUP></FONT> GRI 11: Oil and
Gas Sector 2021, Topic 11.21 (Sector Standard reference number 11.21.7) https://www.globalreporting.org/standards/standards-development/sector-standard-for-oil-and-gas/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP> 32 </SUP></FONT> AngloAmerican
(2022), <I>Tax and Economic Contribution Report 2021</I>, https://www.angloamerican.com/~/media/Files/A/Anglo-American-Group/PLC/investors/annual-reporting/2022/tax-and-economic-contribution-report-2021.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP> 33 </SUP></FONT> BHP (2022), <I>BHP
Country-by-Country Report 2021, </I>https://www.bhp.com/about/operating-ethically/tax-transparency</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP> 34 </SUP></FONT> BP (2021), <I>Tax
Report 2020</I>, https://www.bp.com/content/dam/bp/business-sites/en/global/corporate/pdfs/sustainability/group-reports/bp-tax-report-2020.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP> 35 </SUP></FONT> Eni (2021), <I>Country
by Country Report 2020, </I>https://www.eni.com/assets/documents/eng/reports/2020/Country-by-Country-2020_ENG.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP> 36 </SUP></FONT> Equinor (2022),
<I>Tax Contribution Report 2022</I>, https://cdn.sanity.io/files/h61q9gi9/global/dc3e3c65a248d4bb5e69de02fd4716f04f4dffe0.pdf?equinor-tax-contribution-report-october-2022.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP> 37 </SUP></FONT> Hess (2022), <I>Sustainable
Tax Practices, </I>https://www.hess.com/sustainability/how-we-operate/tax-practices</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP> 38 </SUP></FONT> Newmont (2022),
<I>2021 Taxes and Royalties Contribution Report, </I>https://s24.q4cdn.com/382246808/files/doc_downloads/2022/sustainability/newmont-2021-tax-report.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP> 39 </SUP></FONT> Repsol (2021),
<I>Tax Contribution Report, </I>https://www.repsol.com/content/dam/repsol-corporate/en_gb/sostenibilidad/responsible-tax-policy/2021-tax-contribution-report.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP> 40 </SUP></FONT> Rio Tinto (2022),
<I>Country-by-Country Report 2021,</I> https://www.riotinto.com/search/documents#main-search_e=0&amp;main-search_sxatags=Taxes%20Paid%20Reports.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP> 41 </SUP></FONT> Shell (2022),
<I>Tax Contribution Report 2021, </I>https://reports.shell.com/tax-contribution-report/2021/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP> 42 </SUP></FONT> South32 (2022),
<I>Tax Transparency and Payments to Governments Report 2022, </I>https://www.south32.net/docs/default-source/all-financial-results/2022-annual-reporting-suite/tax-transparency-and-payments-to-governments-report-2022.pdf?sfvrsn=4d89b0f6_2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP> 43 </SUP></FONT> Teck (2021), <I>2020
Economic Contribution Report, </I>https://www.teck.com/media/Teck-2020-Economic-Contribution-Report.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP> 44 </SUP></FONT> Total (2021),
<I>Tax Transparency Report 2019-2020, </I>https://totalenergies.com/sites/g/files/nytnzq121/files/documents/2022-03/Tax_transparency_report_2019_2020.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP> 45 </SUP></FONT> The B Team (2021),
<I>The B Team Responsible Tax Principles in Action: Shell&lsquo;s Dedication to Building Trust Among All Stakeholders,</I> https://bteam.org/our-thinking/news/the-b-team-responsible-tax-principles-in-action-shells-dedication-to-building-trust-among-all-stakeholders</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP> 46 </SUP></FONT> Directive 2013/36/EU
of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision
of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32013L0036</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<FONT STYLE="font-size: 10pt"><SUP> 47 </SUP></FONT> FACT Coalition
(2021), <I>House Takes Historic Step in Advancing Corporate Tax Transparency,</I> https://thefactcoalition.org/house-takes-historic-step-in-advancing-corporate-tax-transparency/;
H.R.3007 - Disclosure of Tax Havens and Offshoring Act, https://www.congress.gov/bill/117th-congress/house-bill/3007; https://www.congress.gov/bill/117th-congress/house-bill/1187</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP> 48 </SUP></FONT> Directive 2013/34/EU
of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and
related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing
Council Directives 78/660/EEC and 83/349/EEC Text with EEA relevance, https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32013L0034</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP> 49 </SUP></FONT> Australian Department
of the Treasury (2022), Budget Measures: Budget Paper No. 2, 17, https://budget.gov.au/2022-23-october/content/bp2/index.htm</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP> 50 </SUP></FONT> FACTI (2020),
<I>Financial Integrity for Sustainable Development</I>, https://factipanel.org/news/facti-panel-report-has-been-published</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP> 51 </SUP></FONT> UNPRI (2020),
<I>Public Country-by-Country Reporting (CBCR) Requirements in the EU</I>, https://dwtyzx6upklss.cloudfront.net/Uploads/u/m/t/investorsignonletteronpubliccbcr_signatories_final_758353.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP> 52 </SUP></FONT> FACT Coalition
(2021), <I>66 Investors with $2.9 trillion in Assets Under Management Show Support for the Disclosure of Tax Havens and Offshoring Ac</I>t,
https://thefactcoalition.org/64-investors-with-nearly-2-9-trillion-in-assets-under-management-show-support-for-the-disclosure-of-tax-havens-and-offshoring-act/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP> 53 </SUP></FONT> FACT Coalition
(2022), <I>Microsoft, Cisco Shareholder Votes Demonstrate Increasing Investor Demand for Tax and Offshore Transparency,</I> https://thefactcoalition.org/microsoft-cisco-shareholder-votes-demonstrate-increasing-investor-demand-for-tax-and-offshore-transparency/</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP> 54 </SUP></FONT> FTSE Russell (2021),
<I>Global trends in corporate tax disclosure</I>, 8, https://content.ftserussell.com/sites/default/files/global_trends_in_corporate_tax_disclosure_final_2.pdf;
MSCI ESG Research LLC (2022), <I>MSCI ESG Ratings Methodology: Tax Transparency Key Issue</I>, https://www.msci.com/documents/1296102/34424357/MSCI+ESG+Ratings+Methodology+-+Tax+Transparency+Key+Issue.pdf/f5b93df6-475c-25c7-db7f-26a6da3d703a?t=1666182603072</P>

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