Visibility to Growth and Disciplined Capital Management

Demonstrated Strategy for Value Creation Demonstrated commitment to stockholders: • Disciplined capital allocation with solid free cash flow and returns to stockholders Exceeded our target payout ratio of 40% to 50% every year under current management Visibility to earnings growth: • Texas City Refinery. Steady pipeline of high return projects focused on operating cost control, market expansion and margin improvement 25% after-tax IRR hurdle rate for projects Proven history of operations excellence: • Safe, reliable, environmentally responsible operations have driven higher profitability through multiple commodity cycles . • One of the lowest cash operating costs among peer group 5 Valero

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