Visibility to Growth and Disciplined Capital Management

Investing to Improve Margins . • • Houston and St. Charles Alkylation Units Octane demand expected to grow due to Tier 3 sulfur regulations and CAFE standards Abundant, low cost North American NGL supply provides advantage for Gulf Coast capacity additions Both units upgrade low value isobutane and amylenes into high value alkylate High octane, low vapor pressure component enables the blending of incremental butane and low octane naphtha 13 MBPD capacity at Houston refinery ($300 MM cost) started up in June and is running well 17 MBPD capacity at St. Charles refinery ($400 MM cost) expected to start up in 2020 30 Houston alkylation unit. Valero

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