<SEC-DOCUMENT>0001387131-23-004622.txt : 20230411
<SEC-HEADER>0001387131-23-004622.hdr.sgml : 20230411
<ACCEPTANCE-DATETIME>20230411151732
ACCESSION NUMBER:		0001387131-23-004622
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20230411
DATE AS OF CHANGE:		20230411
EFFECTIVENESS DATE:		20230411

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			VALERO ENERGY CORP/TX
		CENTRAL INDEX KEY:			0001035002
		STANDARD INDUSTRIAL CLASSIFICATION:	PETROLEUM REFINING [2911]
		IRS NUMBER:				741828067
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13175
		FILM NUMBER:		23813249

	BUSINESS ADDRESS:	
		STREET 1:		P.O. BOX 696000
		CITY:			SAN ANTONIO
		STATE:			TX
		ZIP:			78269-6000
		BUSINESS PHONE:		2103454524

	MAIL ADDRESS:	
		STREET 1:		P.O. BOX 696000
		CITY:			SAN ANTONIO
		STATE:			TX
		ZIP:			78269-6000

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Majority Action, LLC
		CENTRAL INDEX KEY:			0001738314
		IRS NUMBER:				825260248
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		1885 MISSION ST.
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94103
		BUSINESS PHONE:		2022152895

	MAIL ADDRESS:	
		STREET 1:		1885 MISSION ST.
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94103
</SEC-HEADER>
<DOCUMENT>
<TYPE>PX14A6G
<SEQUENCE>1
<FILENAME>vlo_px14a6g-0411223.htm
<DESCRIPTION>NOTICE OF EXEMPT SOLICITATION
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><IMG SRC="vlopx14a6gimg001.jpg" ALT="" STYLE="height: 27px; width: 118px"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 89%; padding: 5pt">
    <P STYLE="font: 8.5pt Times New Roman, Times, Serif; margin: 0">Notice Of Exempt Solicitation: (VOLUNTARY SUBMISSION)</P>
    <P STYLE="font: 8.5pt Times New Roman, Times, Serif; margin: 0">NAME OF REGISTRANT: Valero Energy Corp</P>
    <P STYLE="font: 8.5pt Times New Roman, Times, Serif; margin: 0">NAME OF PERSON RELYING ON EXEMPTION: Majority Action</P>
    <P STYLE="font: 8.5pt Times New Roman, Times, Serif; margin: 0">ADDRESS OF PERSON RELYING ON EXEMPTION: PO Box 4831, Silver Spring, MD
    20914</P>
    <P STYLE="font: 8.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 8.5pt Times New Roman, Times, Serif; margin: 0">Written materials are submitted pursuant to Rule 14a-6(g)(1) promulgated
    under the Securities Exchange Act of 1934. Submission is not required of this filer under the terms of the Rule but is made voluntarily.</P></TD>
    <TD STYLE="width: 11%; padding: 5pt; font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD></TR>
  </TABLE>

<HR SIZE="2" ALIGN="CENTER" STYLE="width: 100%">

<P STYLE="font: 26pt Times New Roman, Times, Serif; margin: 10pt 0 3pt; color: #0072BD"><FONT STYLE="font-size: 13pt"><B>Valero Energy
Corp [NYSE: VLO]</B></FONT><B><FONT STYLE="font-size: 12pt">: Due to the company&#8217;s FAILURE to:</FONT></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #0072BD"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">&#9679;</FONT></TD><TD><FONT STYLE="font-size: 12pt">Make a robust commitment to reducing its greenhouse gas (GHG) emissions to net zero by 2050, </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #0072BD"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">&#9679;</FONT></TD><TD><FONT STYLE="font-size: 12pt">Align its capital allocation with limiting warming to 1.5&deg;C, and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #0072BD"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">&#9679;</FONT></TD><TD><FONT STYLE="font-size: 12pt">Make a specific commitment to conduct all of its lobbying in line with the goals of the Paris Agreement,
and its general opposition to U.S. federal and state climate policy;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 3pt; color: #0072BD"><B>&nbsp;</B></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0; color: #0072BD"><B>Vote AGAINST:</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #0072BD"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">&#9679;</FONT></TD><TD><FONT STYLE="font-size: 12pt"><B>Joseph W. Gorder, </B>Chairman and Chief Executive Officer (Item 1d),</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #0072BD"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">&#9679;</FONT></TD><TD><FONT STYLE="font-size: 12pt"><B>Robert A. Profusek, </B>Lead Independent Director (Item 1i),</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; color: #0072BD"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 12pt">&#9679;</FONT></TD><TD><FONT STYLE="font-size: 12pt"><B>Fred M. Diaz</B> (Item 1a), <B>H. Paulett Eberhart</B> (Item 1b), <B>Marie A. Ffolkes</B> (Item 1c),
<B>Kimberly S. Greene</B> (Item 1e), <B>Deborah P. Majoras </B>(Item 1f), <B>Eric D. Mullins</B> (Item 1g), <B>Donald L. Nickles</B> (Item
1h), <B>Randall J. Weisenberger </B>(Item 1j), and <B>Rayford Wilkins, Jr.</B> (Item 1k). </FONT></TD></TR></TABLE>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0; color: #0072BD">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: #0072BD"><B>The physical and financial risks posed
by climate change to long-term investors are systemic, portfolio-wide, unhedgeable and undiversifiable.</B></FONT> Therefore, the actions
of companies that fail to align to limiting warming to 1.5&deg;C pose risks to the financial system as a whole, and to investors&#8217;
entire portfolios. See <FONT STYLE="color: #1155CC"><U>www.proxyvoting.majorityaction.us</U></FONT> for more information regarding Majority
Action&#8217;s Proxy Voting for a 1.5&deg;C World initiative and the transformation required in key industries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: #0072BD"><B>Valero Energy Corp (&#8220;Valero&#8221;)
is the world&#8217;s largest independent refiner, with fifteen petroleum refineries in the U.S., Canada and the United Kingdom.<SUP>1</SUP></B></FONT>
It is among the 166 focus companies named by Climate Action 100+ as one of the largest global emitters and &#8220;key to driving the global
net-zero emissions transition.&#8221;<SUP>2</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: #0072BD"><B>Petroleum and fossil gas products, including
those used in transportation, buildings, industrial processes, and electricity production, account for nearly 80% of carbon emissions
from the U.S. energy system.<SUP>3</SUP></B></FONT> In 2021, the International Energy Agency (IEA) released its Net Zero Emissions by
2050 Scenario (NZE), which sets out a pathway to reduce emissions from the global energy system aligned with limiting warming to 1.5&deg;C.
Under the NZE, fossil fuel use falls dramatically in the next decade, and remaining fossil fuel demand can be met through existing supplies
and infrastructure. Approving new oil and gas fields is incompatible with this pathway.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt; color: #0072BD"><B>Failure to set ambitious
decarbonization targets in line with </B></FONT><B><FONT STYLE="font-size: 10.5pt; color: #0072BD; background-color: white">1.5&deg;C</FONT></B><B>
<FONT STYLE="font-size: 10pt; color: #0072BD">pathways, and to align companies&#8217; business plans and policy influence to those targets,
is a failure of strategy and corporate governance, for which long-term investors should hold directors accountable. </FONT></B><FONT STYLE="font-size: 10pt">At
companies where the production, processing, sale, and/or consumption of fossil fuels is central to their core business, GHG emissions
reductions have profound strategic implications. Where the company has failed to take the initial step of committing to net zero emissions
by 2050, the entire board should be held accountable. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: #0072BD"><B>In 2023, we have updated our metrics to
more closely align with the Climate Action 100+ Net Zero Benchmark Indicators</B></FONT> for the oil and gas sector, while still focusing
on the three core pillars of target setting, capital allocation, and policy influence. This allows for a more standardized assessment
across companies that is broadly accepted by investors.</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; color: #0072BD"><B>&nbsp;</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; color: #0072BD"><B>Target setting</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #0072BD">
    <TD COLSPAN="3" STYLE="vertical-align: top; border-top: white 1pt solid; border-right: #0072BD 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; padding: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">Climate Action 100+ Net Zero Benchmark Indicators</FONT></TD>
    <TD STYLE="border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; padding: 5pt; background-color: #0072BD"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">Disclosure Indicator 1.1</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #0072BD"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">The company has set an ambition to achieve net zero GHG emissions by 2050 or sooner.</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #F25025; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 16pt; color: white"><B>X</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 7%; border-left: white 1pt solid; padding: 5pt; border-bottom: white 1pt solid; border-right: #0072BD 1pt solid; background-color: #0072BD">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 18%; border-bottom: white 1pt solid; padding: 5pt; border-right: white 1pt solid; background-color: #0072BD"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">Disclosure Indicator&nbsp;&nbsp;1.1A</FONT></TD>
    <TD STYLE="vertical-align: top; width: 67%; border-bottom: white 1pt solid; padding: 5pt; border-right: white 1pt solid; background-color: #0072BD"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">The company has made a qualitative net zero GHG emissions ambition statement that explicitly includes at least 95% of its scope 1 and 2 emissions.</FONT></TD>
    <TD STYLE="width: 8%; border-bottom: white 1pt solid; padding: 5pt; border-right: white 1pt solid; background-color: #F25025; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 16pt; color: white"><B>X</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: #0072BD 1pt solid; border-left: white 1pt solid; padding: 5pt; border-bottom: white 1pt solid; background-color: #0072BD">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #0072BD"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">Disclosure Indicator 1.1B</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #0072BD"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">The company&#8217;s net zero GHG emissions ambition covers the most relevant scope 3 GHG emissions categories for the company&#8217;s sector, where applicable.</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #F25025; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt; color: white"><B>X</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; padding: 5pt; background-color: #0072BD"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">Disclosure Indicator 3.1</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #0072BD"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">The company has set a target for reducing its GHG emissions by between 2026 and 2035 on a clearly defined scope of emissions.</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #6AA84F; text-align: center"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 16pt; color: white"><B>&#10003;</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; padding: 5pt; background-color: #0072BD"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">Disclosure Indicator 3.2</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #0072BD"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">The medium-term (2026 to 2035) GHG reduction target covers at least 95% of scope 1 &amp; 2 emissions and the most relevant scope 3 emissions (where applicable).</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #F25025; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt; color: white"><B>X</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: #0072BD 1pt solid; border-left: white 1pt solid; padding: 5pt; border-bottom: white 1pt solid; background-color: #0072BD">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #0072BD"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">Disclosure Indicator 3.2A</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #0072BD"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">The company has specified that this target covers at least 95% of its total scope 1 and 2 emissions.</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #F25025; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt; color: white"><B>X</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: #0072BD 1pt solid; border-left: white 1pt solid; padding: 5pt; border-bottom: white 1pt solid; background-color: #0072BD">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #0072BD"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">Disclosure Indicator 3.2B</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #0072BD"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">If the company has set a scope 3 GHG emissions target, it covers the most relevant scope 3 emissions categories for the company&#8217;s sector (for applicable sectors), and the company has published the methodology used to establish any scope 3 target.</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #F25025; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt; color: white"><B>X</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; padding: 5pt; background-color: #0072BD"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">Disclosure Indicator 3.3</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #0072BD"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">The target (or, in the absence of a target, the company&#8217;s latest disclosed GHG emissions intensity) is aligned with the goal of limiting global warming to 1.5&deg;C.</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #F25025; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt; color: white"><B>X</B></FONT></TD></TR>

  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Valero has not made a commitment to reduce its emissions to net zero by
2050 or sooner.<SUP>4</SUP> It has instead set two interim targets to reduce, displace or offset scope 1 and 2 emissions from its refining
activities, first by 63% from 2011 levels by 2025, and then 100% by 2035.<SUP>5</SUP> These targets do not meet the Climate Action 100+
requirements that a net zero ambition explicitly include at least 95% of a company&#8217;s scope 1 and 2 emissions, nor does Valero include
any scope 3 emissions in its reduction targets. Its medium term target is <I>not</I> on a trajectory aligned with limiting warming to
1.5&deg;C.<SUP>6</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Moreover, in meeting its 2035 scope 1 and 2 GHG emissions targets, Valero
intends to only reduce its emissions directly by 7% through efficiencies in production, with the remaining 93% of emissions to be displaced
or offset through the production and sale of ethanol and renewable diesel, global blending and low carbon fuel credits, and carbon capture
and storage.<SUP>7</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The projected scope 3 emissions savings associated with ethanol and &#8216;renewable&#8217;
fuels may be lower than expected; recent research shows GHG emissions associated with direct and indirect land-use changes related to
crops used for bio-based fuels, namely soybeans and corn, may be more significant than previously understood.<SUP>8 9 10</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; color: #0072BD"><B>Capital allocation</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #0072BD">
    <TD COLSPAN="3" STYLE="border-top: white 1pt solid; border-right: #0072BD 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; padding: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">Climate Action 100+ Net Zero Benchmark Indicators</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 32%; border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; padding: 5pt; background-color: #0072BD"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">Disclosure Indicator 6.1</FONT></TD>
    <TD STYLE="vertical-align: top; width: 60%; border-bottom: white 1pt solid; padding: 5pt; border-right: white 1pt solid; background-color: #0072BD"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">The company is working to decarbonise its capital expenditures.</FONT></TD>
    <TD STYLE="width: 8%; border-bottom: white 1pt solid; padding: 5pt; border-right: white 1pt solid; background-color: #F25025; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 16pt; color: white"><B>X</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; padding: 5pt; background-color: #0072BD"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">Disclosure Indicator 6.1A</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #0072BD"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">The company explicitly commits to align its capital expenditure plans with its long-term GHG reduction target OR to phase out planned expenditure in unabated carbon intensive assets or products.</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #F25025; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 16pt; color: white"><B>X</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; padding: 5pt; background-color: #0072BD"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">Disclosure Indicator 6.1B</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #0072BD"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">The company explicitly commits to align its capital expenditure plans with the Paris Agreement&#8217;s objective of limiting global warming to 1.5&deg; C AND to phase out investment in unabated carbon intensive assets or products.</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #F25025; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 16pt; color: white"><B>X</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; padding: 5pt; background-color: #0072BD"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">Capital Allocation Alignment Assessment (Carbon Tracker) 1: Company&#8217;s Recent Actions</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #0072BD"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">In the most recent full year (2021), were all the company&#8217;s upstream oil and gas CAPEX projects consistent with the IEA&#8217;s Beyond 2&deg;C Scenario (B2DS)? </FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #CCCCCC; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 16pt; color: white"><B>NA</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; padding: 5pt; background-color: #0072BD"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">Capital Allocation Alignment Assessment (Carbon Tracker) 2: Capex Analysis</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #0072BD"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">What percentage of the company's potential future (2022-2030) unsanctioned oil and gas CAPEX is inconsistent with the IEA's B2DS? </FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #CCCCCC; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 16pt; color: white"><B>NA</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 32%; border: white 1pt solid; padding: 5pt; background-color: #0072BD"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">Capital Allocation Alignment Assessment (Carbon Tracker) 4: Net Zero Analysis</FONT></TD>
    <TD STYLE="vertical-align: top; width: 60%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #0072BD"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">What is the company&#8217;s oil and gas production level in the 2030s (against a 2022 baseline) assuming no new oil and gas projects are sanctioned as stated by the IEA's NZE? </FONT></TD>
    <TD STYLE="width: 8%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #CCCCCC; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 16pt; color: white"><B>NA</B></FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">According to the Climate Action 100+ Net Zero Company Benchmark, Valero
has not met any of the indicators for capital allocation alignment; to do so, the company would need to align future capital expenditures
with its long-term GHG reduction target(s), commit to align future capital expenditures with the Paris Agreement&#8217;s objective of
limiting global warming to 1.5&deg;C, and disclose the methodology it uses for such alignment.<SUP>11</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; color: #0072BD"><B>Policy influence</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #0072BD">
    <TD COLSPAN="3" STYLE="border-top: white 1pt solid; border-right: #0072BD 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; padding: 5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">Climate Action 100+ Net Zero Benchmark Indicators</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 32%; border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; padding: 5pt; background-color: #0072BD"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">Climate Policy Engagement Alignment (Influence Map) 1: Organization Score</FONT></TD>
    <TD STYLE="vertical-align: top; width: 60%; border-bottom: white 1pt solid; padding: 5pt; border-right: white 1pt solid; background-color: #0072BD"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">The level of company support for (or opposition to) Paris Agreement-aligned climate policy.<SUP>12</SUP></FONT></TD>
    <TD STYLE="width: 8%; border-bottom: white 1pt solid; padding: 5pt; border-right: white 1pt solid; background-color: #F25025; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt; color: white"><B>24%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; padding: 5pt; background-color: #0072BD"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">Climate Policy Engagement Alignment (Influence Map) 2: Relationship Score</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #0072BD"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: white">The level of a company&#8217;s industry associations&#8217; support for (or opposition to) Paris Agreement-aligned climate policy.</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding: 5pt; background-color: #F25025; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt; color: white"><B>37%</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">According to InfluenceMap, Valero received an E- grade for its obstructive
climate policy engagement,<SUP>13</SUP> receiving among the lowest scores for policy engagement of all U.S. oil and gas companies on
the Climate Action 100+ focus company list.<SUP>14</SUP> The only Climate Action 100+ Net-Zero Company Benchmark climate policy indicator
that Valero has met is the disclosure of its trade associations and memberships.<SUP>15</SUP> In 2022, Valero lobbied against proposed
heavy-duty vehicle emissions standards, and in favor of limiting local jurisdictions&#8217; ability to regulate greenhouse gas emissions.<SUP>16</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; color: #0072BD"><B>Shareholder Proposal on GHG Reduction Targets (Item
5) </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Mercy Investment Services filed a shareholder proposal requesting that
the company disclose its climate transition plan to align operations and value chain emissions with a well-below 2&deg;C scenario, and
set short-, medium-, and long-term reduction targets for its scope 1, 2, and 3 emissions.<SUP>17</SUP> Given the substantial weaknesses
in Valero&#8217;s existing GHG reduction and displacement targets, and its current exclusion of scope 3 emissions from its commitments,
we urge shareholders to support this proposal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; color: #0072BD"><B>Shareholder Proposal on Racial Equity Audit (Item 6)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">A proposal requesting Valero undertake an independent third-party racial
equity audit has been filed by the Service Employees International Union Master Trust.<SUP>18</SUP> As detailed by the supporting statement,
Valero has come under fire for polluting communities of color.<SUP>19 20</SUP> It ranks as the 55th worst toxic air polluter in the
U.S., and 71% of those affected are nonwhite.<SUP>21</SUP> The proponents also note Valero&#8217;s political spending and lobbying activities
are potentially harmful to Black and communities of color.<SUP>22</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Comprehensive independent corporate racial equity audits should be standard
practice as a complement to company disclosures and targets. Majority Action recommends that all racial equity audit or civil rights audit
shareholder proposals be supported, unless the company has already conducted such an audit within the last five years and has established
a governance mechanism for ongoing oversight of racial equity across their products, practices, and policies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #0072BD"><B>Conclusion: Valero has failed to set a robust net zero
emissions by 2050 target and realign its capital allocation and policy influence to limit warming to 1.5&deg;C. Therefore, we recommend
that shareholders vote AGAINST all directors facing re-election at the company&#8217;s annual meeting on April 26, 2023, including Chairman
and Chief Executive Officer Joseph W. Gorder, Lead Independent Director Robert A. Profusek, and all remaining board members Fred M. Diaz,
H. Paulett Eberhart, Marie A. Ffolkes, Kimberly S. Greene, Deborah P. Majoras, Eric D. Mullins, Donald L. Nickles, Randall J. Weisenberger,
and Rayford Wilkins, Jr.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #0072BD"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #0072BD"><B>&nbsp;</B></P>






<HR ALIGN="LEFT" SIZE="1" STYLE="width: 33%">

<P STYLE="word-break: break-all; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>1
</SUP>Valero, &#8220;Refining Overview,&#8221; (website), <U>https://www.valero.com/refining/oil-refining</U>, accessed April 10, 2023</FONT></P>

<P STYLE="word-break: break-all; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>2
</SUP>Climate Action 100+, &#8220;Companies,&#8221; (website), <U>https://www.climateaction100.org/whos-involved/companies/page/4</U>,
accessed April 10, 2023</FONT></P>

<P STYLE="word-break: break-all; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>3
</SUP>U.S. Energy Information Administration, &#8220;Total Energy,&#8221; (data browser), <U>https://www.eia.gov/totalenergy/data/browser/index.php?tbl=T11.01#/?f=A&amp;start=1973&amp;end=2019&amp;charted=0-1-13</U>,
accessed April 10, 2023</FONT></P>

<P STYLE="word-break: break-all; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>4
</SUP>Climate Action 100+, &#8220;Valero Energy Corp.,&#8221; Company Assessment, <U>https://www.climateaction100.org/company/valero-energy-corporation/</U>,
accessed April 10, 2023 </FONT></P>

<P STYLE="word-break: break-all; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>5
</SUP>Valero, &#8220;Ensuring A Sustainable Future for Generations,&#8221; (website), <U>https://www.valero.com/responsibility/environmental-stewardship</U>,
accessed April 10, 2023; SEC, &#8220;Valero Energy Corporation&#8221;, Schedule 14A (Proxy Statement), 2023, <U>https://www.sec.gov/Archives/edgar/data/1035002/000103500223000044/valero2023proxypresentation.htm</U></FONT></P>

<P STYLE="word-break: break-all; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>6
</SUP>Climate Action 100+, &#8220;Valero Energy Corp.,&#8221; Company Assessment</FONT></P>

<P STYLE="word-break: break-all; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>7
</SUP>Valero, <I>ESG Report</I>, August 2022, <U>https://s23.q4cdn.com/587626645/files/doc_downloads/esg_reports/2022/ESG-Report-August-2022-Spreads.pdf</U>,
p. 9 </FONT></P>

<P STYLE="word-break: break-all; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>8
</SUP>Timothy Searchinger, et al., &#8220;Use of U.S. Croplands for Biofuels Increases Greenhouse Gases Through Emissions from Land-Use
Change,&#8221; <I>Science</I>, February 29, 2008, <U>https://www.science.org/doi/10.1126/science.1151861</U></FONT></P>

<P STYLE="word-break: break-all; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>9
</SUP>Seth A Spawn, Tyler J Lark and Holly K Gibbs, &#8220;Carbon emissions from cropland expansion in the United States,&#8221; Environmental
Research Letters, April 2, 2019, <U>https://iopscience.iop.org/article/10.1088/1748-9326/ab0399/meta?utm_campaign=Carbon%20Brief%20Daily%20Briefing&amp;utm_content=20220107&amp;utm_medium=email&amp;utm_source=Revue%20Daily</U>,
p. 4</FONT></P>

<P STYLE="word-break: break-all; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>10
</SUP>Tyler J. Lark, et al., &#8220;Environmental outcomes of the US Renewable Fuel Standard,&#8221; Proceedings of the National Academy
of Sciences, February 14, 2022, <U>https://www.pnas.org/doi/abs/10.1073/pnas.2101084119</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>11
</SUP>Climword-break: break-all; ate Action 100+, &#8220;Valero Energy Corp.,&#8221; Company Assessment</FONT></P>

<P STYLE="word-break: break-all; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>12
</SUP>InfluenceMap, &#8220;About Our Scores,&#8221; LobbyMap, <U>https://lobbymap.org/page/About-our-Scores</U>, accessed April 10, 2023
(According to InfluenceMap&#8217;s methodology &#8220;Organisation Score&#8221; and &#8220;Relationship Score&#8221; (expressed as a
percentage from 0 to 100) is a measure of how supportive or obstructive the company&#8217;s or its industry associations&#8217; engagement
is with climate policy aligned with the Paris Agreement, with 0% being fully opposed and 100% being fully supportive.)</FONT></P>

<P STYLE="word-break: break-all; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>13
</SUP>InfluenceMap, &#8220;Valero Energy,&#8221; LobbyMap, <U>https://lobbymap.org/company/Valero-Energy</U>, accessed April 10, 2023</FONT></P>

<P STYLE="word-break: break-all; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>14
</SUP>Climate Action 100+, Climate Action 100+ Net Zero Company Benchmark, Carbon Tracker data, October 2022, <U>https://www.climateaction100.org/wp-content/uploads/2022/12/Downloadable-Excel_CA100-Benchmark_Dec-2022_CAAA-scores-v1.1.xlsx
</U></FONT></P>

<P STYLE="word-break: break-all; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>15
</SUP>Climate Action 100+, &#8220;Valero Energy Corp.,&#8221; Company Assessment</FONT></P>

<P STYLE="word-break: break-all; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>16
</SUP>InfluenceMap, &#8220;Valero Energy,&#8221; LobbyMap, <U>https://lobbymap.org/company/Valero-Energy</U>, accessed April 10, 2023
</FONT></P>

<P STYLE="word-break: break-all; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>17
</SUP>SEC, &#8220;Valero Energy Corporation&#8221;, Schedule 14A (Proxy Statement), 2023, <U>https://www.sec.gov/ix?doc=/Archives/edgar/data/1035002/000103500223000040/vlo-20230322.htm</U></FONT></P>

<P STYLE="word-break: break-all; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>18
</SUP>SEC, &#8220;Valero Energy Corporation&#8221;, Schedule 14A (Proxy Statement), 2023, <U>https://www.sec.gov/ix?doc=/Archives/edgar/data/1035002/000103500223000040/vlo-20230322.htm</U>,
p. 104 </FONT></P>

<P STYLE="word-break: break-all; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>19
</SUP>Yudith Nieto, &#8220;Houston Community Continues Fight Against Valero For Polluting Air With Hydrogen Cyanide,&#8221; <I>Sierra
Club</I>, August 28, 2020, <FONT STYLE="background-color: white"><U>https://www.sierraclub.org/texas/blog/2020/08/houston-community-continues-fight-against-valero-for-polluting-air-hydrogen</U></FONT></FONT></P>

<P STYLE="word-break: break-all; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>20
</SUP>Tim Donaghy, &#8220;Valero Energy: Blocking Climate Solutions, Taking Handouts,&#8221; <I>Greenpeace</I>, September 21, 2020, <FONT STYLE="background-color: white"><U>https://www.greenpeace.org/usa/valero-energy-blocking-climate-solutions-taking-handouts/</U></FONT></FONT></P>

<P STYLE="word-break: break-all; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>21
</SUP>Political Economic Research Institute, &#8220;Toxic 100 Air Polluters Index (2022 Report, Based on 2020 Data),&#8221; University
of Massachusetts Amherst, <FONT STYLE="background-color: white"><U>https://peri.umass.edu/toxic-100-air-polluters-index-current</U></FONT></FONT></P>

<P STYLE="word-break: break-all; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>22
</SUP>SEC, &#8220;Valero Energy Corporation&#8221;, Schedule 14A (Proxy Statement), 2023, <U>https://www.sec.gov/ix?doc=/Archives/edgar/data/1035002/000103500223000040/vlo-20230322.htm</U></FONT></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>

    <!-- Field: /Page -->


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>vlopx14a6gimg001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 vlopx14a6gimg001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  H'!PD'!@H)" D+"PH,#QD0#PX.
M#QX6%Q(9)" F)2,@(R(H+3DP*"HV*R(C,D0R-CL]0$! )C!&2T4^2CD_0#W_
MVP!# 0L+"P\-#QT0$!T]*2,I/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3T]
M/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3W_P  1"  ; '8# 2(  A$! Q$!_\0
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HKK_5K?J9OAZ*2#P[I\<J,DB6Z*RL,$''0BBM*BN23NVSLBN5)'__V0$!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
