Visibility to Growth and Disciplined Capital Management

-100 Dec-14 % Dec-15 VLO +133% Total Stockholder Return(2) Dow Jones Index +71% S&P 500 Index +63% XLE Range -VLO XLE -15% 185 XLE Constituents Min -65% Dec-16 Outperformed the Dow Jones Index, the S&P 500 Index and all Companies in the XLE(1) Index on TSR Since 2014 History of energy sector and broader market outperformance under current leadership team. (1) XLE includes refining peers PSX, MPC, HFC, and 26 other energy companies such as XOM, CVX, SLB, COP, EOG, OXY, and KMI. (2) TSR from December 31, 2014, through October 31, 2019. TSR includes stock price appreciation and dividends paid. 35 Valero Dec-17 Dec-18 Oct-19 Valero

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