Visibility to Growth and Disciplined Capital Management

BETTER Delivered Solid Earnings and Free Cash Flow Even in a Low Margin Environment (2016) Average Free Cash Flow Refining EBITDA Per Barrel of Throughput Adjusted Earnings Per Share Free Cash Flow ($mm) (as a % of Avg. Market Cap) ($mm) (as a % of Avg. Market Cap) $4.62 $3.72 V $1,844 Valero Valero 7% Valero K Valero 2016 2016 results are not a representation of management's expectations for 2019. See slide 22 for notes regarding this slide. Peer group includes PSX, MPC, HFC, and PBF. See slides 37 - 41 for non-GAAP disclosures. Source: Bloomberg and company reports. 18 Peer Range $2,619 Valero 10% V Valero 2012 to 2018 Valero

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