Visibility to Growth and Disciplined Capital Management

Demonstrated Lower Volatility in Earnings and Free Cash Flow Peer Range BETTER V Valero 44% Adjusted Earnings Per Share Volatility 2012-2019 400 !! Valero 32% EBITDA ˇ Valero 59% Free Cash Flow di % -50 Dec-12 Total Stockholder Return VLO S&P 500 Index +286% +145% Dow Jones Index +143% XLE -3% XLE Constituent Min -65% Peer Range VLO Valero has demonstrated lower volatility in earnings and free cash flow than refining and diversified peers, while delivering higher total stockholder return. See slide 22 for notes regarding this slide. Peer group includes PSX, MPC, HFC, and PBF. Source: Bloomberg and company reports. See slides 37-41 for non-GAAP disclosures. 19 Valero Oct-19 Valero

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