$25 Million Donation Creates Bill Greehey School of Business at St. Mary's; Endowment Will Enable It to Become One of the Top U.S. Business Schools by Attracting the Brightest Students and Top Professors From Around the Country.

SAN ANTONIO -- Valero Energy Corporation (NYSE:VLO)

E[acute accent]St. Mary's University officials and Valero Energy Corporation Chairman and CEO Bill Greehey announced today the creation of the Bill Greehey School of Business, endowed with a $25 million donation to St. Mary's University. E[acute accent]Greehey's cash donation is the largest single gift in St. Mary's 153-year history and the biggest ever given to any San Antonio-area college or university. It will expand the university's recruitment of top business students from around the country and attract internationally known business professors, allowing the school to achieve national stature in an increasingly competitive environment. E[acute accent]"This endowment will put St. Mary's business school on the path to becoming one of the top schools in the country," Greehey said. "But more importantly, it will help us develop future business leaders who are committed to excellence, to doing what's right and to giving back to their communities -- all of the qualities that have created Valero's special corporate culture. E[acute accent]"Of all of the accomplishments in my career, the achievement that I am most proud of is this special culture which has made Valero the success it is today. So I hope that the business students who attend this school will be inspired to embrace this culture and really take it to heart as they pursue their own careers in the coming years," he said. E[acute accent]The endowment will help the school attract and retain top faculty by creating research stipends for collaborations with companies on business projects, and by tripling annual professional development funding. It will help recruit the country's best business students by aggressively seeking them out locally, regionally, nationally and internationally. E[acute accent]"Bill Greehey's leadership and vision will help the business school immediately achieve national premier status and inspire future generations of students to lead by example," said St. Mary's University President Charles L. Cotrell. "Because this unprecedented gift was given in cash, rather than in the form of a pledge, it demonstrates Bill's commitment to quickly enhancing the school's quality and service to society, and will transform the lives and futures of our business school graduates." E[acute accent]Greehey has a long history of giving to St. Mary's, his alma mater, and his latest gift is expected to propel the School of Business forward so that it can become one of the country's best business schools. E[acute accent]"We are honored and grateful to have Bill Greehey directly involved in our mission to educate tomorrow's business leaders," said Business School Dean Keith Russell. "This represents a quantum leap forward in quality." E[acute accent]Opportunities for students and faculty to share their expertise with the community will be of special interest to the business school. Throughout his career, Greehey has made community service a top priority, making Valero a national leader in contributing to United Way, volunteering for worthy community projects and giving back to the communities in which it has operations. The Bill Greehey School of Business will reflect that by creating and enhancing programs in line with Greehey's personal philosophy of giving back and St. Mary's Marianist mission of service to others. E[acute accent]Enhancements to the school will begin taking place immediately, and many programs will be in place for incoming students this fall.

E[acute accent]A history of success and giving

E[acute accent]While Bill Greehey attended St. Mary's for just two years, that college experience made such an impression that he never forgot his alma mater. After serving in the Air Force and taking some courses at a community college, he enrolled at St. Mary's as an accounting student in 1959 and graduated with honors in 1960. As Greehey's career successes grew, so did his commitment to St. Mary's. Greehey was instrumental in the funding of the Alumni Athletics & Convocation Center, which was subsequently named in his honor, as well as the Gateway to Historic St. Mary's University project and the modernization of St. Louis Hall. In honor of Greehey's 40th anniversary with Valero, the Bill Greehey Chair for Business Ethics and Corporate Responsibility was established at St. Mary's with contributions from Valero's employees, retirees, board members as well as from Greehey himself. E[acute accent]As a result of his commitment to the university, he has been honored as the business school's Distinguished Graduate and recipient of the George B. Kohnen Award, named for the Marianist brother who was Greehey's mentor. Greehey has received the university's Distinguished Alumnus Award and has twice served on St. Mary's Board of Trustees. E[acute accent]The university awarded Greehey an honorary Doctor of Laws Honoris Causa degree in 1998, and his most recent gift to the university ensures that his legacy of giving back to the community will endure at St. Mary's. E[acute accent]"I owe a lot to the Marianists, particularly to Brother Kohnen, who took me under his wing," Greehey said. "He took me in when I didn't have anything. He arranged for my student loans and made sure I was always headed down the right path. E[acute accent]"If it weren't for him and others at St. Mary's, I never would have enjoyed the success I have. And one of the things I learned from him was that you're never a success until you share your success with others."

E[acute accent]A gift for the future

E[acute accent]With his $25 million endowment of the Bill Greehey School of Business, Greehey has ensured that St. Mary's will be able to attract top business talent in an increasingly competitive environment. E[acute accent]The gift will spur qualitative improvements that concentrate on three priorities: students, faculty and infrastructure. The school has set goals to significantly increase the average ACT and SAT test scores among undergraduates within five years, and will establish programs to partner students with San Antonio's growing business community to give them real-world experience. And the school will strive for national excellence by developing programs for faculty research and collaboration. E[acute accent]The endowment also provides for the addition of state-of-the-art technology to prepare students for the rigors and expectations of the business world. E[acute accent]St. Mary's University, founded in 1852 by Marianist (Society of Mary) brothers and priests, is the oldest university in San Antonio, and the oldest Catholic university in Texas and the Southwest. E[acute accent]St. Mary's tradition of personal attention and powerful academic programs has made it an educational leader. For many years, it has ranked in U.S. News & World Report's first tier among "America's Best Colleges" in the West for academic quality and value, ranking No. 3 in this year's annual survey for best value. A recent report by The Education Trust places St. Mary's in the top 10 for high graduation rates among public and private colleges in Texas.

E[acute accent]About Valero:

E[acute accent]Valero Energy Corporation is a Fortune 500 company based in San Antonio, with approximately 22,000 employees and annual revenue of about $75 billion. The company owns and operates 18 refineries throughout the United States, Canada and the Caribbean with a combined throughput capacity of approximately 3.3 million barrels per day, making it the largest refiner in North America. Valero is also one of the nation's largest retail operators with more than 5,000 retail and branded wholesale outlets in the United States, Canada and the Caribbean under various brand names, including Valero, Diamond Shamrock, Ultramar, Shamrock and Beacon. Please visit www.valero.com for more information.