Visibility to Growth and Disciplined Capital Management

Demonstrated Discipline in Capital Allocation Dividend Capital Allocation ($ billion) ■ Sustaining ■ Growth ■Buybacks Estimated Total Capex $2.5 Billion for both 2019 and 2020 $1.7 $2.8 $0.3 $1.3 $0.9 $1.4 $1.3 $0.8 $1.1 $1.9 $1.0 $0.6 $1.4 $1.6 $1.9 $1.4 $1.3 $1.5 Non-discretionary $1.6 $1.5 $1.2 $1.1 $1.2 $1.4 $0.8 $0.4 $0.5 $0.6 2012 2013 2014 2015 2016 2017 2018 Sustaining 60% Growth 40% Sustaining capex includes costs for turnarounds and catalysts and regulatory compliance. Growth capex includes joint-venture investments but excludes acquisitions. 7 Steady investments in maintaining asset base and enhancing margin capability of portfolio. Valero

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