VALERO ENERGY CORP

Ticker: VLO CUSIP: 91913Y100 Class: COM

Westchester Capital Management, LLC's Holding History (CIK: 0001512805)

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

Q4 2013

Shares 331,000 Value ($000) $16,683 Avg Close $26.85 Range $21.10 - $32.29

Q3 2013

Shares 1,516,700 Value ($000) $51,795 Avg Close $22.41 Range $20.85 - $23.70

Q2 2013

Shares 830,400 Value ($000) $28,873 Avg Close $24.01 Range $21.02 - $26.98

Q1 2013

Shares 820,600 Value ($000) $37,329 Avg Close $24.44 Range $19.48 - $28.14

Q4 2012

Shares 991,718 Value ($000) $33,846 Avg Close — Range —

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2013	331,000	$16,683	$26.85	$21.10 - $32.29
Q3 2013	1,516,700	$51,795	$22.41	$20.85 - $23.70
Q2 2013	830,400	$28,873	$24.01	$21.02 - $26.98
Q1 2013	820,600	$37,329	$24.44	$19.48 - $28.14
Q4 2012	991,718	$33,846	—	—