VALERO ENERGY CORP

Ticker: VLO CUSIP: 91913Y100 Class: COM

DELPHI MANAGEMENT INC /MA/'s Holding History (CIK: 0000767684)

Note: Option positions (PUT/CALL) are excluded.

Q3 2014

Shares 115,312 Value ($000) $5,335 Avg Close $32.63 Range $29.66 - $35.41

Q2 2014

Shares 114,812 Value ($000) $5,752 Avg Close $35.48 Range $32.27 - $38.33

Q1 2014

Shares 114,612 Value ($000) $6,086 Avg Close $32.81 Range $29.32 - $35.94

Q4 2013

Shares 134,591 Value ($000) $6,783 Avg Close $26.85 Range $21.10 - $32.29

Q3 2013

Shares 184,591 Value ($000) $6,304 Avg Close $22.41 Range $20.85 - $23.70

Q2 2013

Shares 194,416 Value ($000) $6,760 Avg Close $24.01 Range $21.02 - $26.98

Q1 2013

Shares 14,309 Value ($000) $651 Avg Close $24.44 Range $19.48 - $28.14

Period	Shares	Value ($000)	Average Close	Price Range
Q3 2014	115,312	$5,335	$32.63	$29.66 - $35.41
Q2 2014	114,812	$5,752	$35.48	$32.27 - $38.33
Q1 2014	114,612	$6,086	$32.81	$29.32 - $35.94
Q4 2013	134,591	$6,783	$26.85	$21.10 - $32.29
Q3 2013	184,591	$6,304	$22.41	$20.85 - $23.70
Q2 2013	194,416	$6,760	$24.01	$21.02 - $26.98
Q1 2013	14,309	$651	$24.44	$19.48 - $28.14