Visibility to Growth and Disciplined Capital Management

Non-GAAP Disclosures: Refining EBITDA Per Barrel of Throughput 40 RECONCILIATION OF REFINING EBITDA PER BARREL OF THROUGHPUT (Unaudited, in Millions, Except Per Barrel Amount) Refining operating income Plus: Operating expenses (excluding depreciation and amortization expense reflected below) Plus: Depreciation and amortization expense Plus: Lower of cost or market inventory valuation adjustment Plus: Asset impairment loss Refining margin Less: Operating expenses (excluding depreciation and amortization expense) Refining EBITDA Total throughput volumes (thousand barrels per day) Refining EBITDA per barrel of throughput Year Ended Dec 31, 2016 3,730 3,740 1,734 (697) 56 8,563 3,740 4,823 2,855 4.62 Valero

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