VALERO ENERGY CORP

Ticker: VLO CUSIP: 91913Y100 Class: COM

Cutler Capital Management, LLC's Holding History (CIK: 0001353098)

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

Q4 2013
Shares 6,000 Value ($000) $302 Avg Close $26.85 Range $21.10 - $32.29
Q3 2013
Shares 7,500 Value ($000) $256 Avg Close $22.41 Range $20.85 - $23.70