VALERO ENERGY CORP

Ticker: VLO CUSIP: 91913Y100 Class: COM

Carmignac Gestion's Holding History (CIK: 0001569758)

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

Q3 2013

Shares 7,995,000 Value ($000) $273,029 Avg Close $22.41 Range $20.85 - $23.70

Q2 2013

Shares 7,766,885 Value ($000) $270,055 Avg Close $24.01 Range $21.02 - $26.98

Q1 2013

Shares 6,736,675 Value ($000) $306,451 Avg Close $24.44 Range $19.48 - $28.14

Period	Shares	Value ($000)	Average Close	Price Range
Q3 2013	7,995,000	$273,029	$22.41	$20.85 - $23.70
Q2 2013	7,766,885	$270,055	$24.01	$21.02 - $26.98
Q1 2013	6,736,675	$306,451	$24.44	$19.48 - $28.14