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Boston and New York Investor

Meetings
May 14 – 16, 2013

Safe Harbor Statement
Statements contained in this presentation that state the Company’s or
management’s expectations or predictions of the future are forward–
looking statements intended to be covered by the safe harbor provisions
of the Securities Act of 1933 and the Securities Exchange Act of 1934.
The words “believe,” “expect,” “should,” “estimates,” “intend,” and other
similar expressions identify forward–looking statements. It is important
to note that actual results could differ materially from those projected
in such forward–looking statements. For more information concerning
factors that could cause actual results to differ from those expressed or
forecasted, see Valero’s annual reports on Form 10-K and quarterly
reports on Form 10-Q, filed with the Securities and Exchange
Commission, and available on Valero’s website at www.valero.com.

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Valero Energy Overview
• World’s largest independent refiner
– 16 refineries
– 2.8 million barrels per day (BPD) of throughput capacity, with
average capacity of 187,000 BPD, excluding Aruba

• More than 7,300 branded marketing sites
– Nearly 1,900 sites belong to CST Brands, our former retail
business that we spun off May 1, 2013

• One of the largest renewable fuels companies
– 10 efficient corn ethanol plants with total of 1.1 billion
gallons/year (72,000 BPD) of nameplate production capacity
• All plants located in resource-advantaged U.S. corn belt
– Diamond Green Diesel JV under construction
• Renewable diesel from waste cooking oil and animal fat
• 10,000 BPD capacity, 50% to Valero

• Approximately 10,500 employees
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Valero’s Geographically Diverse Operations

Capacities
(000 bpd)
Total
Through Crude Nelson
Refinery
-put
Oil
Index
Corpus Christi
325
205
20.6
Houston
160
90
15.1
Meraux
135
135
10.2
Port Arthur
310
290
12.7
St. Charles
270
190
15.2
Texas City
245
225
11.1
Three Rivers
100
95
12.4
Gulf Coast
1,545 1,230 14.0
Ardmore
90
86
12.0
McKee
170
168
9.5
Memphis
195
180
7.5
Mid-Con
455
434
9.2
Pembroke
270
220
11.8
Quebec City
235
230
7.7
North Atlantic 505
450
9.7
Benicia
170
145
15.0
Wilmington
135
85
15.8
West Coast
305
230
15.3
Total or Avg.
2,810 2,344 12.4
Shutdown in March 2012
235,000 bpd capacity, Nelson Index of 8

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Unlocked Value via Retail Spinoff
• Spun off to shareholders our former retail business on
May 1
– CST Brands, Inc. trading on the NYSE under the ticker
symbol “CST”

• CST has traded at approximately double the earnings
valuation of VLO, unlocking shareholder value
• Valero received approximately $500 million in net cash
– Net of tax liability and working capital benefit to CST

• Valero retained 20% of CST common stock
– 15 million shares valued at approximately $450 million
based on recent CST market prices
– Intend to liquidate within 18 months of the distribution

• CST Brands is now Valero’s largest wholesale customer
– Under this agreement Valero provides CST with ethanolblended fuels, and Valero retains the associated RINs

• Estimated adjustments to VLO
– Reduces corporate annual G&A expense by approximately
$50 million per year beginning 3Q13

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S. shale oil and Canadian production to provide feedstock cost advantage • Low-cost U. which have higher margins and global growth 6 .S.S.VLO Well-Positioned to Benefit from Changing Market Trends • Atlantic Basin refining closures reducing excess capacity • U. natural gas provides competitive advantage • Increasing Valero’s yield of distillates. competitively exporting into growing and undersupplied markets • Expect abundant and growing U.

creates opportunity for competitive refineries to export quality products MBPD Annual Global CDU Capacity Closures 2.000 Cumulative Global CDU Capacity Closures 1. expect more will occur • Combined with poor reliability and low utilization in Latin American refineries and demand growth in Latin America.000 200 0 2008 2009 2010 2011 2012 Sources: Industry and Consultant reports and Valero estimates 2013E 0 2008 2009 2010 2011 2012 2013E 7 . East Coast.000 600 400 1.600 Rest of the World 1.S.000 Rest of the World Atlantic Basin MBPD 6. Western Europe.000 Atlantic Basin 3.000 1.400 4.800 5.000 1.000 800 2.Atlantic Basin Closures Reduce Excess Capacity • Capacity closures have been concentrated in the Atlantic Basin: U. Caribbean.200 1.

Valero in the Atlantic Basin Aruba Terminal 8 .

2Q13 quarter-to-date pricing is through May 10. but heavy sour and medium sour discounts have decreased from 1Q13 levels Valero Gulf Coast Product and Feedstocks vs. ICE Brent /Bbl $20 $15 1Q13 2Q13 QTD $10 $5 $0 -$5 -$10 -$15 Gas Crack Diesel Crack Louisiana Light Sweet Source: Argus.Gulf Coast Crude Discounts and Product Margins: 1Q13 Versus 2Q13 to Date • In 2013. LLS has been pricing at a premium to ICE Brent due mainly to lower than expected volumes on recent pipeline additions and trader positions versus lead time • Gasoline and diesel cracks have increased. 2013. Gas crack uses USGC CBOB Mars Medium Sour Maya Heavy Sour 9 .

0 -3.) U.S.0 Non-OECD OECD (excl. U.0 1.0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012E 2013E Source: Consultant and Valero estimates 10 .0 -1.S.0 0. -2.Continued Global Demand Growth Important to Refining Margins • Emerging markets are taking the lead in terms of global petroleum demand growth. and fungible commodities World Petroleum Demand Growth MMBPD 3.0 2. transportable. but refining is a global business and world growth impacts refiners in every market because products are generally very storable.

Peru.4 0.8 0. Mexico.World Refinery Capacity Growth • Expect significant new global refining additions in the next several years – Mainly new plants in Asia and the Middle East – Some investment in Latin America • New capacity announcements from Brazil.0 1.2 0. Egypt • Asian demand growth has been consuming Asian refining growth Net Global Refinery Additions MMBPD 2.0 2013 China 2014 Middle East 2015 2016 2017 Other (incl. and Colombia will likely be much smaller and much later than originally announced • Others very unlikely to happen because of costs: Ecuador. Net Global Refinery Additions = New Capacity + Restarts.S.Closures 11 . and Latin America) Source: Consultant and Valero estimates. U.6 1. Algeria.

Rapid Growth in U.0 0.5 4.S. GC Light/Medium Sweet Imports 2013 thru February – 117 MBPD 1. Crude Supply • Shale oil production growth and Mid-Continent heavy-up projects are rapidly increasing domestic light.0 2.5 Light Crude Production Growth Mid-Con Heavy-Up Conversion Capacity Growth 3. sweet crude supplies – This has created a bottleneck of crude oil that has exceeded the capacity of inland refineries and needs to move to markets outside of the Mid-Continent – NGLs and condensate supplies also increasing rapidly and must move to market U.0 3.7% sulfur 12 .0 1.S.S. Shale Crude Supply Growth MMBPD 4.5 0.5 U.0 2012 2013 2014 2015 2016 2017-2020 Source: Valero estimates.5 2. Note: Import volumes include light and medium crudes between 28 and 50 API with less than 0.

S.S.S.S. where pipeline access in unlikely. particularly in Bakken and Canada – Popular for East and West Coasts destinations.Rapid Growth in Logistics to U. company announcements and Valero estimates Note: Import volumes include light and medium crudes between 28 and 50 API with less than 0. Gulf Coast • Logistics capacity to move inland crude from the Mid-Continent and Texas to the U. Total Shale Crude Supply in 2016 (estimated) Bakken/Patoka (primarily rail) 4 Cushing 3 2 1 U. GC Light/Medium Sweet Imports 2013 thru February – 117 MBPD Permian Eagleford 0 2010 2011 2012 2013E Source: Consultants. Gulf Coast is expanding quickly to debottleneck inland markets • Significant rail capacity coming online. and tends to be higher cost delivery than to Gulf Coast Increasing Inland to Gulf Coast Logistics Capacity (Year End) MMBPD 7 Other 6 5 U.7% sulfur 2014E 2015E 13 .

West Coast. and foreign markets Midland ICE Brent -$7 to -$10 to Houston Pipe $4/bbl to Houston Pipe $4/bbl CC to Houston $1/bbl to St.Valero’s Estimate of Marginal Light Crude Oil Costs per Barrel in 12 to 24 Months Alberta ICE Brent -$15 to -$16 USGC to Canada Foreign Ship $2/bbl From Alberta add $1 to $2/bbl to Bakken Prices Bakken ICE Brent -$14 to -$17 to USEC Rail $14 to $17/bbl to West Coast Rail $13/bbl USEC ICE Brent + to Cushing Rail $9/bbl ICE Brent -$2 to -$3 Cushing ICE Brent -$7 to -$10 Expect Gulf Coast will have cost advantage versus East Coast. James $1/bbl USGC to USEC US Ship $5 to $6/bbl 14 . James Rail $12/bbl ICE Brent -$3 to -$6 ICE Brent -$2 to -$5 Houston to St.

regulatory approval Western Gateway to Kitimat Trans Mountain to Vancouver Enbridge working to expand capacity to U.S. Expected to complete late 2013 • Expect refiners and VLO to use rail. $5.Keystone XL Pipeline • Keystone XL Pipeline Presidential Permit Delay – TransCanada 1. markets – Expected to create 42.661 mile pipeline that will bring 700. barge. and other pipeline options if not approved Source: TransCanada Corporation 15 . and has started construction.000 bpd of Canadian oil into U. manufacturing and construction jobs.2 billion tax revenue in Keystone corridor states over 20 years – Canadian approval granted.S. waiting on U.S. Decision postponed until 2013 • Nebraska Governor recommended approval of the route in January 2013 • Favorable environmental assessment from State Department in March 2013 – Cushing to Gulf Coast leg has been separated from the project.000 U.S.S. as well • U.

Valero’s Ability to Run Discounted Light Crude at Gulf Coast and Memphis Refineries • Valero has increased the amount of domestic light crudes processed as additional volumes have become available • Valero is evaluating potential projects to further increase its domestic light crude processing capacity Gulf Coast + Memphis Light Crude Processing (MBPD) 600 Capacity that can swing between sweet and sour crude Import 500 Domestic 400 300 200 100 0 2010 2011 1Q12 2Q12 3Q12 Actual Volumes Processed 4Q12 1Q13 Current Capacity 16 .

5 billion higher pre-tax annual costs @$10/mmBtu Europe $2. natural gas prices will remain low and disconnected from global oil and LNG prices for foreseeable future • VLO refinery operations consume up to 700.50 $3.529 MBPD) of Valero’s capacity 17 .Lower-Cost Natural Gas Provides Structural Advantage to U.11/bbl $1.50 $2.000 with the addition of hydrocrackers at Port Arthur and St.50 $0.50 $1.77/bbl $3.S.00 $1.43/bbl $4.00 @$4/mmBtu $1.50 $4. Refiners • Expect U.000 mmBtus/day of natural gas at full utilization.00 $2.000 mmBtus/day of natural gas consumption at 90% utilization (2.00 Valero’s Estimated Natural Gas Refining Cost of Goods (Feedstock) and Operating Expense per Barrel Assuming Natural Gas at Various Prices @$16/mmBtu Asian LNG $4.00 $3.00 Note: Per barrel cost of 700.S. split roughly in half between operating expense and gross margin – Increased from 600. Charles /Bbl $5.1 billion higher pre-tax annual costs $0.

4% $2 0.2% $0 0. 18 . 2013 YTD through May 10. 2012 2013Est.8% $6 0.ICE Brent 1. jet fuel) margins are significantly higher than gasoline • Distillate demand growth rate is much higher than gasoline • Europe continues to be short diesel.Distillates Are Premium Refined Products with Higher Margins and Faster Growth • Distillate (diesel.0% $8 0.4% $12 1.6% $14 World Product Demand Growth Gasoline Distillates 1.0% Trailing 5-yr Avg.0% On-road Diesel .2% $10 1.8% 1.ICE Brent /year 2. 2013 2013 YTD Trailing 5-yr Avg. but long marginal refining capacity and processing expensive crude oils and natural gas /bbl $20 $18 $16 Gulf Coast Product Margins Gasoline . kero. 2012 Source: Argus.6% $4 0.

000 BPD in 2015 19 . Charles • Both hydrocrackers were designed to benefit from the price outlook of high crude and low natural gas • Pursuing projects to expand capacity of each unit to 75. Charles HCU mechanical completion and operating in 2Q13 St.000 BPD Port Arthur hydrocracker completed and performing well • Estimate 60.Successfully Completed Port Arthur Hydrocracker Port Arthur • 57.000 BPD St.

yield data is for 2012. 20 . gasoline and distillate as a percent of total production volumes. distillate includes jet fuel 2013Est.Valero Increasing Distillate Yields • Valero’s refining system distillate yields are estimated to grow from 33% in 2010 to 39% in 2013 • Primary driver for increase is the completion of hydrocracker projects • Recent acquisitions have also increased distillate yields Refinery Distillate Yields Valero Refinery Gasoline and Distillate Yields 42% 50% 40% 48% 38% 46% 36% 34% 32% Gasoline Distillate 49% 44% 42% 42% 40% 38% 30% 36% 28% 34% 32% 39% 33% 30% 2010 Source: Company Reports and EIA.

excludes Aruba 21 . mechanical availability would have remained 1st quartile in 2012 3rd Quartile • Working diligently on weaker performers to improve entire portfolio 2008 2009 2010 2011 2012 Source: Solomon Associates and Valero Energy.Valero Focused on Improving Refinery Operations • Our goal is to be a 1st-quartile refiner Valero Refinery Energy Efficiency 3rd • Refining industry benchmark studies show our portfolio continues to improve Quartile • Seven refineries currently operating in 1st quartile for mechanical availability. the most important Solomon metric 2nd Quartile • Saw results from improvement initiatives in 2011 and 2012 1st Quartile 2008 2009 2010 2011 2012 – 2011 was first full-year with 1st quartile portfolio performance in mechanical availability Valero Refinery Mechanical Availability (Reliability) 1st Quartile – 2012 is best-ever energy efficiency for refining portfolio 2nd Quartile – Excluding Meraux downtime in 3Q12.

340 $1.011 $1.645 Total $2.335 $775 $240 2011 $780 $1.625 $630 Strategic/ Economic Growth $1.410 Total $2.515 $479 $135 2012 $635 $100 2013 Est.785 $1.Expect Large Decline in Capital Spending in 2013 Valero Capital Spending Budget (millions) Total $3.850 $1.985 $1. Sustaining/ Reliability “Stayinbusiness” spending Turnarounds Regulatory • 2012 spending was higher mainly due to the two new hydrocrackers • 2013 spending includes approximate $60 million for retail (CST Brands) through April • 2013 spending increased approximately $140 million from prior guidance due mainly to the addition and acceleration of logistics projects within growth category 22 .

3 million shares for $628 million in 2011 and 2012 combined • Goal is to have one of the highest cash yields among peers via dividends and buybacks • Maintaining investment grade credit rating is a priority – Reduced debt by $558 million in 2012 – Paid off $180 million of debt in January 2013 and plan to pay off an additional $300 million in 2Q13 – Net debt-to-cap ratio at 3/31/13 was 21.20 $0. and 27.20 Dividends $1.05 per share in 2Q11 to $0.80 $0.40 $0.40 Stock Buybacks $1.4% • Far below credit facility covenant of 60% • No other coverage-type ratios or borrowings on bank revolver 30% 25% 20% 15% 10% 5% 0% Regular Dividend to EPS Payout Ratio Source: 2013 EPS estimates from First Call as of 5-13-13 VLO Cash Per Share Returned to Shareholders $1.20 per share in 1Q13 – Bought 9.7 million shares for $422 million so far in 2013.60 $0.00 2010 2011 2012 2013 YTD 23 .Returning More Cash to Shareholders and Managing Financial Strength • Returning cash to shareholders – Increased quarterly dividend from $0.00 $0.

environmental.Valero’s Strategic Priorities • Constant focus on safety. and environmentally responsible manner • Maintain investment grade credit rating and continue to reduce debt • Select/optimize financial structure for our assets and financial market demands • Continue improvement in refining performance to 1st quartile levels – Continue cost reduction efforts – must be low-cost producer to prosper in commodity businesses • Invest in projects with sustainable competitive advantages – Build on our manufacturing base – Export capability – Adjust crude slate capability • Return cash to shareholders Goal: Increase long-term shareholder value 24 . and regulatory compliance • Produce quality products in safe. reliable.

basically dividend to shareholders 25 .S. refining – Expect abundant U.S. shale and Canadian crude oil production to provide a cost advantage to U.S.We Believe Valero Is an Excellent Buy Today • Well-positioned to benefit from changing market trends – Atlantic Basin capacity closures have improved refining fundamentals – Benefiting from strong export market/strong competitive position of U. costadvantaged crude oils – Valero’s hydrocracker projects take advantage of low-cost natural gas and high distillate demand and margins • Improving performance of refining portfolio • Key growth projects and falling capital expenditures should contribute significant free cash flow in 2013 and 2014 • Expect to return more cash to shareholders – Goal to have one of the highest cash yields among peers (buybacks and dividends) – Retail spinoff.S. Gulf Coast refiners versus foreign and U. East and West Coast refiners – Investing in projects to improve access and capability to process local.

Appendix 26 .

1 billion gallons per year • Built position for average of only 35% of estimated replacement cost – 2Q09: Acquired 7 plants with 780 million gallons per year of worldscale capacity in advantaged locations – 1Q10: Added 3 plants with 330 million gallons per year of capacity • Valero’s low-cost acquisitions of high-quality plants imply a competitive advantage in any margin environment Ethanol Segment EBITDA millions $450 $400 $350 $300 $250 $200 $150 $100 $50 $0 -$50 2Q09 -4Q09 2010 2011 2012 2013 YTD Note: 2013 YTD EBITDA through 1Q13 27 .Ethanol Segment • Total nameplate production capacity of 1.

2013 Strategic/Economic Growth Spending Details Refinery Project McKee 25 MBPD Crude Unit Project Estimated Estimated Total 2013 Investment Spend (millions) (millions) $130 Houston/ Crude Topping $220-$280 Corpus Christi Facilities per site $40 Estimated Completion Date 2Q14 $60 Early 2015 Port Arthur 15 MBPD HCU Expansion $160 $25 2015 St. volume expansion with high Spending to complete HCUs crude price and associated projects $75 . Charles HCUs and Crude Projects $295 $285 2013 for HCUs 2014 for crude projects Meraux 20 MBPD HCU Expansion $160 $55 2014 Estimated Key Economic Benefit Key Drivers/Additional Comments $9 mm per year of EBITDA for every $1/bbl of Brent – WTI Brent – WTI differential.$100 mm per year EBITDA Note: EBITDA = Pretax operating income + depreciation and amortization. excludes interest expense 28 . permitting in progress Enables substitution of cheaper North American crude oil versus more expensive imports Similar margins to base HCU project Similar margins to base HCU project Natural gas to diesel spread. Charles 15 MBPD HCU Expansion $160 $5 2015 Port Arthur/St.

Increases feedstock flexibility and access to discounted inland crudes Various Locations Logistics Investments $850 $265 Crude. increase product yield and netback Various Locations Alternative Energy $725 $165 • Estimated total investment can take up to 5 years depending on the project category 29 . product. Quick hit ethanol investments which reduce feedstock cost. and advanced process controls $70 Completion of Diamond Green Diesel.320 cars.320 rail cars to expand fleet of rail cars to approximately 12. Examples: energy efficiency projects.2013 Strategic/Economic Growth Spending Details Refinery Project Category Quebec Crude Logistics Estimated Total Investment Estimated 2013 (millions) Spend (millions) $110-$200 Key Driver/Additional Comments $50 Enables substitution of cheaper North American crude oil versus more expensive imports Various locations Rail Car Purchase $750 $250 Purchase 5. and alternative fuel logistics investments Various Locations Refinery Optimization $180 Many smaller projects to improve the efficiency and profitability of our refineries.

Canadian and Latin American). but plan to optimize at 20%: 1 barrel of feedstocks yields up to 1. Charles Hydrocracker Projects Investment Highlights • Favorable economics driven by margin and volume gains • Main unit is 57.) $1.000 barrels/day hydrocracker at St. Gulf Coast refinery to leverage existing operations and export logistics • At Port Arthur.550 Estimated Incremental EBITDA (Operating Income before D&A2) (mil. heavy sour crudes (e.620 $1. 1See Summary of Project Status and Economics1 Estimated mechanical completion date Estimated operation date Port Arthur St. Base Case $520 $380 Estimated Unlevered IRR on Total Spend. 2D&A = depreciation and amortization expense 30 .g.Port Arthur and St. Charles Complete Complete 2Q13 2Q13 Estimated total investment (mil. Charles • Creates high-value products from low-value feedstocks plus hydrogen sourced from relatively inexpensive natural gas • Unit has volume expansion up to 30%.2 barrels of products • Main products are high-quality diesel and jet fuel for growing global demand for middle distillates • Located at large.000 barrels/day of high-acid.).000 barrels/day hydrocracker (rolling 12-month average per permit) at Port Arthur and 60.650 Cumulative spend thru 1Q 2013 (mil.).590 $1. adding facilities to process over 150. 2011 Prices – LLS $634 $487 Appendix for key price assumptions.) $1. This benefit is delayed until 2015. Base Case 22% 17% Estimated Incremental EBITDA (Operating Income before D&A2) (mil.

90/gal 1See Appendix for key price assumptions. low-cost cooking oils and Cumulative Valero project spend thru fats 1Q 2013 (mil. Charles refinery • 50/50 JV project with Darling Int’l.) • Diesel production qualifies as biomass-based Estimated Valero EBITDA (Operating diesel. Base Case • Valero to provide 14-year term loan for up to $221 million to JV at attractive rates 2Q13 2Q13 $106 $331 $55 21% • Base case economics assume $1. a difficult specification under the Income before D&A2) (mil.300 BPD renewable diesel plant adjacent to Valero’s St. 2D&A = depreciation and amortization expense 31 .25/gal RIN value.). Base Case Renewable Fuels Standard Estimated Unlevered IRR on Partner Equity • Total estimated project cost of $368 million and Loan.Diamond Green Diesel Joint Venture Investment Highlights • Building a 9. when current market is $0.65/gal to $0. a leading gatherer of used cooking oils and animal fat Summary of JV Status and Economics1 Estimated mechanical completion date Estimated operation date Estimated Partner Equity (mil.) • Uses refinery technology to produce high-quality diesel from low-quality.

20 LLS . + $1/BBL USGC ULSD Crack.7 1. .6 17.00 20.3% St.00 102.66 USGC ULSD Crack 11.5% income before depreciation and amortization expense 32 .64 111.9 18.$1/MMBTU Total Investment IRR to 10% cost 2Operating Port Arthur HCU 4 16.75 -7.8 13.00 8.26 8.71 Commodity 1LLS prices are roll adjusted • Price sensitivities shown below are for illustrating a potential estimate for Valero’s economic projects EBITDA2 Sensitivities (Delta $ millions/year) Crude oil.03 2.07 62.7 12. + $1/BBL Natural Gas.24 15.5 7.72 -5.3 1.00 2. + $1/BBL USGC Gas Crack.90 4.03 -2.38 4.3 20.99 Natural Gas.11 4.32 5. Charles HCU 3.59 USGC Gas Crack 6.45 2.94 13.4 18.8 19.75 81.09 112.86 -2.Project Price Set Assumptions • Prices shown below are for illustrating a potential estimate for Valero’s economic projects Base Case ($/bbl) 2008 ($/bbl) 2009 ($/bbl) 2010 ($/bbl) 2011 ($/bbl) 2012 ($/bbl) LLS Crude oil1 85.47 6. + $1/BBL Crude oil . $/MMBTU (NYMEX) 5.USGC HS Gas Oil -3.16 4.USGC HS Gas Oil.91 5.

000 ~$1 per barrel 12. power.50 per barrel (per barrel amount based on hydrocracker unit volumes) (via 40. etc.000 (per barrel amount based on hydrocracker unit volumes) LPGs 3.000 BPD Hydrocracker • Key economic driver is the expected significant liquid-volume expansion of 20%.000 mmbtu/day of natural gas) Hydrocracker Unit Products (BPD) Synergies with Plant Distillates (diesel. kero) 44.000 BPD (20%) volume expansion 33 .000 With existing plant Gasoline and blendstocks 24. high-conversion design • Designed to maximize distillate yields Hydrocracker Unit Feedstocks High-sulfur VGO Hydrocracker Unit Operating Costs 60. labor.000 Total 72.000 Low-sulfur VGO 1. $1. which primarily comes from the hydrogen saturation via the highpressure.000 BPD (Internally produced or purchased) Hydrogen 124 MMSCF/day Heat. jet.Key Drivers for a 60.

Port Arthur excludes benefit from high-acid crude project expected to complete in 2015 34 . excludes interest expense.000 $800 $600 $400 $200 $0 2008 Prices 2009 Prices 2010 Prices 2011 Prices 2012 Prices Note: EBITDA = Pretax operating income + depreciation and amortization. Charles Hydrocracker Project $1.200 Port Arthur Hydrocracker Project $1.Valero’s Hydrocracker Projects Show Profits Under Various Price Sets Estimated Annual EBITDA Contribution millions $1. see details in appendix.400 St.

90 Natural Gas to H2 cost factor $/mmBtu 1.050 $3.80 $1.4 $143.3 $23.222 20% $Mil.03 $0.24 $4.07 -$6.87 -$38.95 $0./day $105.902 Gasoline and blendstocks 33% 23.1 -$1.1 $15.26 $4.0 $0.940 3.79 $1.8 -$88.71 1.02 Feedstocks (Barrels per day) Bbl/day HSVGO 60.66 $15.21 -$23.042 LSVGO 2% 1.95 $0.5x 2.5 2.64 -$2.940 33% 23.93 43.50 Natural Gas (NYMEX) /mmBtu $8.93 -$7.050 GC LSVGO – HSVGO /bbl $4.042 1.50 -$0.24 $1.042 1.09 -$5.000 6.79 $1.91 $7.1 -$1.97 Bbl/day 60.5x 2.07 LLS – HSVGO /bbl $2.50 -$0.86 $6.000 6.6 $146.2 $0.60.7 $261 2010 Prices $81.000 6.16 1.3 -$120.72 $5.71 -$69.00 $1.940 LPGs 4% 3.80 -$5.050 $3.28 GC LPGs – LLS /bbl -$40.75 $5.1 = EBITDA $28.4 $341 $487 $509 35 .03 GC Gasoline – LLS /bbl $2.57 $0.50 -$0.2 Less: Feedstock cost -$109.4 -$1.54 -$7.9 $22.88 -$1.1 $0.222 100% 72.11 Bbl/day 60.38 1.000 BPD Hydrocracker Model Estimates Under Various Price Sets Key Drivers and Prices 2008 Prices LLS /bbl $102.32 $8.042 4% 3./day Revenues $136.050 $2.902 23.338 72.59 $4./day Per Bbl $Mil.338 Total Product Yields 100% 72.0 $0.222 Volume Expansion on HSVGO 20% Estimated Profit Model Per Bbl $Mil.11 $13. jet. kero) 61% 43.50 -$0.338 2% 1.042 4% 3.20 -$7.70 $0.5 = Gross Margin $27.5x H2 Consumption SCF /bbl 2.72 $8.50 $0.30 Bbl/day 60.94 $4.940 3.902 23.5x 2.000 6.87 $8.47 GC Diesel – LLS /bbl $20.0 $22.1 $0.940 33% 23.709 2012 Prices $112.222 100% 72.85 -$20.7 Estimated Annual EBITDA ($MM/year) $613 2009 Prices $62.24 $1.05 $1./day $5.75 -$2.709 61% 33% 4% 2% 100% Per Bbl $82.902 61% 43.4 $17.709 61% 33% 4% 2% 100% 43.3 -$122.222 20% 20% 20% Per Bbl $Mil.70 Bbl/day 60.85 $6.55 $11.7 Less: Cash Operating Costs -$1.050 $3.338 72.000 Hydrogen 6.83 $12.33 $8.4 $23.1 Add: Synergies $1.1 $0.8 -$0.709 2011 Prices $111.902 61% 43.99 $2.338 2% 1./day Per Bbl $Mil.14 -$49.0 -$4.03 1.709 Product Yields Distillates (diesel.

but car manufacturers and others in car and small engine industries are not supportive of E-15 • The real solution is to either 1) Drop RFS. production. the mandated renewable volume exceeds the possible blended volume (E-10 and E-85). and have recently traded at about $0.RINflation! – Expect Consumers to Pay Higher Cost of RFS Mandate Situation • RFS mandates a specific volume of renewable fuels to be blended with gasoline and diesel • Due to lower annual gasoline demand. or 3) Move responsibility for compliance from producers/importers to blenders 36 . exports. 2) Reduce RFS.80 per gallon • Expect higher prices for gasoline and diesel due to flow-through of higher RINs cost and: – High RIN prices economically encourage exports and can lower imports of gasoline and diesel – Lower imports and higher exports can reduce supplies and cause fuel prices to increase • Valero is impacted as a significant spot seller of unblended gasoline – Estimated 2013 RFS compliance cost is between $500 million and $750 million based on recent RINs prices and range of volumes depending on obligation. the price of ethanol RINs has increased dramatically from 3 cents per gallon in 2012 to more than $1 per gallon. creating the “Blend Wall” for gasoline • Renewable Identification Numbers (RINs) are used to show compliance with mandate • RFS mandate is unfair and favors companies that blend more gasoline and diesel than they produce Impact • As industry approaches the Blend Wall. and carryovers Solution • EPA’s unworkable plan is to use E-15 for vehicles from model year 2001 and newer.75 – $0.

091 225 225 300 350 80 254 1. Rail Survey Total Other Blueknight Silverado SXL Eaglebine Express Total 2010 - - - 2011 60 60 2012 2013E 2014E 2015E 150 400 550 271 1.820 - 70 60 130 70 60 130 230 380 12 12 159 159 150 80 189 644 130 40 170 150 350 300 185 200 63 1.209 225 300 350 80 319 1. company announcements and Valero estimates 730 790 - 37 .248 150 350 300 185 200 63 1.Growth of Crude Logistics to U.160 80 60 140 880 1.248 60 115 115 - 275 275 - Source: Consultants.S. ‘000 bpd Cushing Seaway Keystone Rail Total Permian Longhorn BridgeTex SXL Permian Express SXL WTG Rail Total Eagleford Harvest Enterprise KinderMorgan Plains NuStar Rail Total Bakken/Patoka ETP/Enbridge Trunkline Inergy Rail Expansion Savage Rail Global Partners Rail North Dakota Govt.274 150 350 300 185 200 63 1.160 660 80 60 140 880 1.248 80 60 140 880 1.248 150 350 300 185 200 63 1. Gulf Coast Throughput Capacities.221 850 830 271 1.951 850 830 411 2.

Oil and Natural Gas Production Increasing While Crude Oil Imports Decreasing • Local resource provides cost-advantage of refiners Bcf/day 70 MBPD 10.500 60 9.500 5.U.000 6.500 8.500 6.000 Imports 65 Production 10.000 4.000 8.500 Natural Gas Production Crude Oil Imports & Production MBPD 7.000 9.000 5.S.500 55 50 Source: DOE 2012 2011 2010 2009 2008 2007 2006 2010 2006 2002 1998 1994 1990 1986 1982 1978 1974 1970 40 2005 45 38 .

France Petroplus 160 St. Ukraine TNK-BP 175 Bakersfield/Paramount. France Japan* Toyama.* Funshun.S. PA Sunoco 175 Harburg. Virginia Reichstett. France Wilhemshaven. Italy St. Australia Caltex 135 Kawasaki. NJ Bloomfield. Australia Shell 75 Porto Marghera. Czech Republic Unipetrol 20 Lisichansk.K. NM Teesside. Japan Cosmo Oil 140 Japan Indemitsu Kosan 100 Japan Nippon 200 Kurnell. NJ Hess N/A Venice. Germany Cremona. ownership may choose to restart or sell listed refinery Sources: Industry and Consultant reports and Valero estimates 1The Petit Couronne refinery has shut completely when processing deal with Shell ended in December 2012 2Alon announced the closure of these refineries for economic reasons. China Owner Chevron Big West Sunoco Western Petroplus Total Total Nippon Oil Nihonkai Oil Petrom REPSOL REPSOL OMV Cosmo Privat Group Shell Western Petroplus Phillips 66 Bayernoil Tamoil Hovensa PetroChina CDU Capacity Closed (MBPD) 80 65 145 17 117 100 140 205 57 70 100 100 70 94 50 130 65 85 260 90 94 150 70 Year Closed 2008 2008 2009 2009 2009 2009 2009 2009 2009 2009 2009 2009 2010 2010 2010 2010 2010 2010 2010 2010 2011 2011 2011 CDU Capacity Closed Location Owner (MBPD) Keihin Ohgimachi. may restart Year Closed 2011 2011 2011 2011 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2013 2013 2013 2013 2014 2014 2014 2014 39 . Germany Shell 107 Berre.* ExxonMobil 80 Trecate. U. Ukraine Montreal. Petroplus 220 1 Petit Couronne. CA Alon 90 Ewa Beach. Japan Showa Shell 120 Clyde. Japan Arpechim. Italy TotalErg 82 Fawley. Romania Japan* Nadvornaja. France LyondellBassel 105 Coryton.K.V. Canada1 Yorktown. Croix. U. Croix. Romania * Cartagena* Bilboa* Arpechim. U. Italy ENI 70 Marcus Hook.General 105 *Partial closure of refinery captured in capacity Note: This data represents refineries currently closed.I. U.I Hovensa 350 Aruba Valero 235 Rome.Global Refining Capacity Rationalization Location Perth Amboy.CA Westville. France* Dunkirk.V. Italy* ExxonMobil 70 Paramo. Japan Tonen.S. Hawaii Tesoro 94 Port Reading. Italy ENI 80 Sakaide. NJ Bakersfield. Germany Ingolstadt. UK Gonfreville.

Sweden Kapolei. HI Milford Haven. South Korea Okinawa. Japan Brisbane. UK Whitegate. Italy Melbourne. Lithuania Various Japanese Locations Incheon. Ireland Mazeikai. Norway Dartmouth.Global Refining Capacity For Sale or Under Strategic Review Location Gothenburg. Australia (Lytton) Mongstad. Canada Okinawa. Japan Falconara. Australia Owner Shell Chevron Murphy Phillips 66 PKN JX Energy SK Group Petrobras/Nansei Sekiyu Caltex Statoil Imperial Oil Petrobras API Shell CDU Capacity (MBPD) 80 54 108 70 190 400 275 100 109 220 88 100 80 120 Sources: Industry and Consultant reports and Valero estimates 40 .

S.77/ mmBtu) $80 Euro. 2013 = YTD through May 10.000 mmBtus/day of natural gas at full utilization.Lower-Cost U. natural gas trading at a significant discount to Brent crude oil price (on energy equivalent basis) • Expect U.37/ mmBtu) Crude Oil versus Natural Gas Prices $100 Asian LNG $101/bbl ($16.S.05x 41 .69/ mmBtu) $20 $0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Source: Argus. natural gas prices will remain low and disconnected from global oil and gas prices for foreseeable future • VLO refinery operations use up to 700. 2013.S. NG $22/bbl ($3. natural gas price converted to barrels using factor of 6.S. NG $63/bbl ($10. split roughly in half between operating expense and gross margin /bbl $120 Brent $111/bbl ($18.37/ mmBtu) $60 $40 U. Natural Gas Provides Competitive Advantage • U.

S.S.Gasoline Fundamentals USGC LLS Gasoline Crack (per bbl) $30 U. 2013 data through February 2013 Dec Nov Oct Sep Aug Jul Jun May Apr Mar Feb Jan Nov Dec Sep Oct Aug Jun Jul Apr May Feb Mar Jan -500 5 year avg 42 . 2012 data through week ending May 3 U.4 5 yr high 5 yr low 2012 2013 5 year avg Source: Argus.S. Net Imports of Gasoline and Blendstocks (mbpd) 1500 1000 500 0 5 yr high 5 yr low 2012 2013 5 year avg Source: DOE weekly data. 2012 data through week ending May 10 5 yr high 5 yr low 2013 2012 Source: DOE monthly data. Gasoline Demand (mmbpd) 9.9 9.4 8. 2013 data through May 10 5 yr low 2012 Nov Dec Sep Oct Aug Jun Jul Apr May Feb Mar 5 yr high 5 year avg 2013 Source: DOE weekly data. Gasoline Days of Supply 30 28 26 24 22 20 18 Jan Nov Dec Sep Oct Aug Jun Jul Apr May Feb Mar 7.9 Jan -$10 U.9 $10 8.

5 Aug $10 Jun Jul 4 Apr May $20 Feb Mar 4.Distillate Fundamentals 2012 2013 5 year avg Source: Argus. 2013 data through February 2013 43 .S. 2013 data through May 10 5 yr low 2012 Nov Dec Sep Oct Aug Jun Jul Apr May 2012 2013 5 year avg 2013 5 year avg Source: DOE weekly data. Distillate Days of Supply 54 49 44 39 34 29 24 5 yr high Jan 5 yr low Jan 3 Nov Dec $0 Sep Oct 3. 2012 data through week ending May 10 5 yr low 5 yr high 2013 2012 Dec Nov Oct Sep Aug Jul Jun May Apr Feb Mar U. 2012 data through week ending May 10 U.5 Jan $30 5 yr high U. Distillate Demand (mmbpd) 5 Feb Mar USGC LLS On-road Diesel Crack (per bbl) $40 5 year avg Source: DOE monthly data.S.S. Distillate Net Imports (mbpd) 200 0 -200 -400 -600 -800 -1000 Nov Dec Sep Oct Aug Jun Jul Apr May Feb Mar Jan 5 yr high 5 yr low Source: DOE weekly data.

2013 400 300 200 100 0 -100 -200 -300 -400 -500 -600 Long Beach + LA Inbound Cargo Tonnage.S.S.5 Q1 07 75% Q1 06 2.0% U. Gasoline Demand Growth U.0 Q1 09 70% Q1 08 1. Gasoline Demand Growth 44 .S.5 Load Factor U.5 Q1 02 85% Source: Bureau of Transportation Statistics 40% 30% 20% 10% 0% -10% -20% -30% -40% -50% -60% Jan-13 Aug-12 Mar-12 Oct-11 May-11 Dec-10 Jul-10 Feb-10 Sep-09 Apr-09 Latest data Feb-13 Nov-08 Latest data Week 16. DOE PSM / U.S. Transport Indicators Airline Traffic Indicators Latest Data: January 2013 Load Factor Q1 13 Q1 12 Q1 11 65% Q1 10 1. VMT Growth U.U.S. DOT FHA Most recent data includes Feb 2013 Domestic 3.0 Q1 01 Billions of Miles -4.0% 90% International Q1 05 U.S. Y/Y Change U.S.S. VMT Growth 12MMA Jan-08 U.S. Distillate Demand. Gasoline Demand Growth 12MMA 3.0 Q1 04 80% Q1 03 2.S.0% Source: U. Y/Y Change (MBPD) % Change YoY 6. Distillate Demand and Long Beach + LA Cargo Activity (Trailing 3-Month Moving Average) Jun-08 -9.0% 1. VMT Growth vs.

2000 = 100 Jan-00 Jul-00 Jan-01 Jul-01 Jan-02 Jul-02 Jan-03 Jul-03 Jan-04 Jul-04 Jan-05 Jul-05 Jan-06 Jul-06 Jan-07 Jul-07 Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Index. 2000 = 100 130 1998 Index.Jan-00 Jul-00 Jan-01 Jul-01 Jan-02 Jul-02 Jan-03 Jul-03 Jan-04 Jul-04 Jan-05 Jul-05 Jan-06 Jul-06 Jan-07 Jul-07 Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 116 114 112 110 108 106 104 102 100 98 96 94 92 Source: BTS Data through Feb-13 95 Source: ATA.Freight 2007 Source: ATA 85 2006 95 Data through Feb-13 2005 100 2004 105 2003 110 2002 12-Mth Moving Avg 125 2001 Current Year 2000 ATA Seasonally Adj Truck Tonnage Index 1999 115 Jan-00 Jul-00 Jan-01 Jul-01 Jan-02 Jul-02 Jan-03 Jul-03 Jan-04 Jul-04 Jan-05 Jul-05 Jan-06 Jul-06 Jan-07 Jul-07 Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 120 Index. 2000 = 100 125 Index. Transport Indicators: Trucking Indicators 130 ATA Non-Seasonally Adj Truck Tonnage Index Current Year 12-Mth Moving Avg 120 115 110 105 100 95 90 Data through Feb-13 Source: ATA Freight: Annual Index Averages 125 SA ATA Truck Tonnage TSI-Freight 115 110 105 100 ATA data through Feb-13. TSI data through Feb-13 45 .S. 2000 = 100 U. BTS 2013 2012 2011 12-Mth Moving Avg 2010 Current Year 2009 120 2008 Transportation Services Index .

Mexico Statistics Crude Unit Throughput (MBPD) 1.200 1.150 1.300 1.250 1.050 1. latest data March 2013 Source: Mexico Secretary of Energy.400 1.000 Crude Unit Utilization 90% 85% 80% 75% 70% 65% 60% 2005 2006 2007 2008 2009 2010 2011 2012 2013 Source: Mexico Secretary of Energy. latest data March 2013 Gasoline Gross Imports (MBPD) 550 2005 2006 2007 2008 2009 2010 2011 2012 Diesel Gross Imports (MBPD) 250 500 200 450 150 400 350 100 300 50 250 0 200 2007 2008 2009 2010 Source: PEMEX. latest data March 2013 2011 2012 2013 2007 2008 2009 2010 Source: PEMEX.350 1. latest data March 2013 2011 2012 2013 46 .100 1.

MBPD 400 Total Products 350 Gasoline and Gasoline Blending Components 300 Diesel 250 200 150 100 50 0 47 .Source: EIA. February 2013 Jan-13 Sep-12 May-12 Jan-12 Sep-11 May-11 Jan-11 Sep-10 May-10 Jan-10 Sep-09 May-09 Jan-09 Sep-08 May-08 Jan-08 Sep-07 May-07 Jan-07 Sep-06 May-06 Jan-06 Sep-05 May-05 Jan-05 Venezuelan Exports to the U.S.

4 Week Average estimate from Weekly Petroleum Statistics Report and VLO estimates 48 . including Mexico 700 MBPD 12 Month Moving Average 600 Other Europe 500 Other Latin America Mexico 400 300 Canada Latest 4 Wk avg estimate 200 100 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 Note: Gasoline represents all finished gasoline plus all blendstocks (including ethanol. Gasoline Exports by Destination • Gasoline exports remain at elevated levels due to the strong demand from Latin America. MTBE.U. and other oxygenates) Source: DOE Petroleum Supply Monthly with data as of February 2013.S.

U. 4 Week Average estimate from Weekly Petroleum Statistics Report and VLO estimates 49 . Gasoline Imports by Source • Gasoline imports have declined steadily since 2007 – Shutdown of the Atlantic Basin refineries will keep pressure on this trend MBPD 1400 12 Month Moving Average Other Europe Other Latin America Canada Latest 4 Wk avg estimate 1200 1000 800 600 400 200 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 Note: Gasoline represents all finished gasoline plus all blendstocks (including ethanol. MTBE. and other oxygenates) Source: DOE Petroleum Supply Monthly with data as of February 2013.S.

4 Week Average estimate from Weekly Petroleum Statistics Report 50 . but over twothirds of diesel export growth in 2011 was to Europe – Latin America needs remain high on good demand growth and continued challenges running refineries in key countries 1200 MBPD 12 Month Moving Average 1000 Other Europe 800 Other Latin America Mexico 600 Canada Latest 4 Wk avg estimate 400 200 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 Source: DOE Petroleum Supply Monthly with data as of February 2013. Diesel Exports by Destination • Diesel exports to Latin America continue to exceed exports to Europe.U.S.

Petroleum Demand Excluding Ethanol and Non-Refinery NGL’s (Refined Product Demand) 19 Implied Total Production of U. Refined Products for Domestic Use 15 14 1996 1998 2000 2002 2004 2006 2008 2010 2012 Note: Implied production = Petroleum demand excluding ethanol and non-refinery NGLs minus product net imports. Demand for Refined Products and Net Trade 21 20 U. Consultant and Valero estimates 51 . diesel and gasoline exports to Latin America and diesel exports to Europe • Strong international demand has been “pulling” products and paying higher values than in the U.S.S.S.S. Source: EIA.S.U. exports has averaged 20% to 25% over the past few years MMBPD U. Shifted to Net Exporter • The transition of the U.S.S. refining system to being a net exporter to the world market has mitigated the impact of declining domestic demand – Large quantities of U.S.S • Valero’s share of U. Refined Products Net Imports 18 Net Exports 17 16 Implied Production of U.

S. with U. Source: DOE Petroleum Supply Monthly with data as of February 2013 2012 52 . to a net exporter of 86MBPD so far in 2013.500 -2.S. net exports of petroleum products have increased from 335 MBPD in 2010 to 1.527 MBPD in 2013.000 -1. Shifted to Net Exporter • As a result of the continued shift towards exports.S. MBPD Net Imports 2.S. refiners sending a net of 608 MBPD to other countries in 2013. MTBE.U. – The U. and other oxygenates.500 Diesel Gasoline Total 1. U.000 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 Note: Gasoline includes ethanol. – Diesel net exports remain strong.000 Other 1. has shifted from being a net importer of gasoline of almost 1MMBPD in 2006.000 500 Net Exports 0 -500 -1.

S.0 2005 2006 2007 2008 2009 2010 2011 2012 2013 Source: DOE Petroleum Supply Monthly with data as of February 2013.5 2. Gulf Coast (PADD III) is the largest source of exported products • Latin America continues to be the largest U. and Latin American refining operating issues • U.0 1.S. S.5 PADD II 0.0 U. export market. followed by Western Europe MMBPD U.S.S.5 0.0 0.0 1.S. Competitively Exporting into Growing Markets • U.5 PADD III (Gulf Coast) 12 Month Moving Average Other Europe Latin America Canada 1. has become a net exporter of refined products due to growth in developing countries. Product Exports By Destination PADD I 2013 0.5 3.U. Latin America includes South and Central America plus Mexico 53 . Atlantic Basin capacity closures.0 2. Western European diesel demand.0 MMBPD 3.5 2. Product Exports By Source 3.0 2.5 PADD V 3.5 1.

2013 year-to-date through May 10.Crude Oil Discounts $/barrel Crude Oil Prices versus ICE Brent (a proxy for waterborne light sweet) $5 LLS ANS $0 Mars Maya -$5 -$10 WTI -$15 -$20 -$25 1Q09 3Q09 1Q10 3Q10 Source: Argus. LLS prices are roll adjusted 1Q11 3Q11 1Q12 3Q12 1Q13 54 .

see Appendix for details on refinery configuration assumptions 2009 2010 2011 2012 2013 YTD 55 . 2013 year-to-date through May 10.Regional Refinery Indicator Margins Refinery Configuration Indicator Margins ($/bbl) $27 $22 $17 $12 $7 Mid-Con WTI Cracking West Coast ANS Medium-Sour Coking Northeast Brent Light-Sweet Cracking Gulf Coast Heavy-Sour Coking $2 2001 2002 2003 2004 2005 2006 2007 2008 Source: Argus.

ANS USWC Month 1) x 60% + (San Fran EPA 10 ppm Diesel pipeline . GC Colonial 85 CBOB is substituted for GC 87 Conventional 56 .Mars Month 1) x 40% • Mid-con Indicator: [(Group 3 Conv 87 Gasoline prompt .WTI Month 1) x 40%] x 60% + [(GC Colonial 85 CBOB A grade prompt .ANS USWC Month 1) x 40% + 10% (ANS – West Coast High Sulfur Vacuum Gasoil cargo prompt) • North Atlantic Indicator: (NYH Conv 87 Gasoline Prompt – ICE Brent) x 50% + (NYH ULSD 15 ppm cargo prompt – ICE Brent) x 50% • LLS prices are Month 1.LLS) x 60% + (GC ULSD 10ppm Colonial Pipeline LLS) x 40%] x 40% • West Coast Indicator: (San Fran CARBOB Gasoline Month 1 .LLS) x 60% + (GC ULSD 10ppm Colonial Pipeline prompt .Assumed Regional Indicator Margins • Gulf Coast Indicator: (GC Colonial 85 CBOB A grade.LLS) x 40% + (LLS . adjusted for complex roll • Prior to 2010.Maya Formula Pricing) x 40% + (LLS .WTI Month 1) x 60% + (Group 3 ULSD 10ppm prompt .

345.345.smith@valero. CFA.com 57 .Investor Relations Contacts For more information.com Matthew Jackson Investor Relations Specialist 210. please contact: Ashley Smith.2564 matthew. CPA Vice President.2744 ashley. Investor Relations 210.jackson@valero.