#1NS 00 q NuStar 2021 Citi One-on-One Midstream/Energy Infrastructure Conference August 18-19, 2021 HUTA North Beach Corpus Christi, TX#2NuStar Forward-Looking Statements Statements contained in this presentation other than statements of historical fact are forward-looking statements. While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business, actual results will likely vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance presented or suggested in this presentation. These forward-looking statements can generally be identified by the words "anticipates," "believes," "expects," "plans," "intends," "estimates," "forecasts," "budgets," "projects," "could," "should," "may" and similar expressions. These statements reflect our current views with regard to future events and are subject to various risks, uncertainties and assumptions. We undertake no duty to update any forward-looking statement to conform the statement to actual results or changes in the company's expectations. For more information concerning factors that could cause actual results to differ from those expressed or forecasted, see NuStar Energy L.P.'s annual report on Form 10-K and quarterly reports on Form 10-Q, filed with the SEC and available on NuStar's website at www.nustarenergy.com. We use financial measures in this presentation that are not calculated in accordance with generally accepted accounting principles ("non-GAAP") and our reconciliations of non-GAAP financial measures to GAAP financial measures are located in the appendix to this presentation. These non-GAAP financial measures should not be considered an alternative to GAAP financial measures. 2#3NuStar Introduction RD99 ETHANOL BIODIESEL#4NuStar During Second Quarter, We Continued to Focus on Our 2021 Strategic Priorities ($ Funding All of Our Spending From Internally Generated Cash Flows Continuing to Improve Our Debt Metrics Promoting NuStar's Sustainability Excellence 4#5NuStar Q1 2021 Once Again, Our Strong Second Quarter 2021 Results Demonstrated, the Strength and Resilience of Our Business... Up 15% Pipeline Throughputs Up 12% EBITDA¹ Up 21% DCF¹ Q2 2021 1 - Please see Appendix for reconciliations of non-GAAP financial measures to their most directly comparable GAAP measures 5#6NuStar ...And Our Recently Announced Asset Sale Demonstrates Our Commitment to Strengthening Our Balance Sheet ★ We recently agreed to sell nine terminals in the Northeast, Illinois and Florida to Sunoco LP for $250 million, and we expect to close in Q4 ★ With this sale, we will have divested non-core assets for a total of $876 million in proceeds, in each case, at an attractive multiple 2018- Europe Operations 2019- St. Eustatius Facility 2020- Texas City Terminal Q4 2021- Terminal Asset Sale $876MM Total Proceeds ★ We deployed the proceeds from the 2018, 2019 and 2020 sales to improve our debt metrics and to fund our project spending, and we intend to use the proceeds from this Q4 2021 sale to lower our leverage In addition to improving our debt metrics, the sale will also: Lower our reliability spending Reduce our operating expenses 6#7NuStar We Expect the Impact of the Asset Sale, Combined With the Financial Strength and Flexibility We Have Built Over Time, to Drive Strong Results for Full-Year 2021 Full-year 2021 Results Adjusted EBITDA $680-710MM* DCF Coverage ~2.0x* Debt-to-EBITDA Ratio ~4.0x* Expect to Fund All NuStar's 2021 Spending From Our Internally Generated Cash Flows *- After taking into account sale of terminals in the Northeast, Illinois and Florida, which we expect to close Q4 2021. Please see Appendix for reconciliations of non-GAAP financial measures to their most directly comparable GAAP measures. 7#8NuStar ● ● ● • ● Midcontinent Texas Northern Mexico Crude Supply/Export St. James Terminal Refined Products Permian System Corpus Christi Crude System Established: ● We are Positioned to Focus 100% of Our Resources on Our Core Strategic Asset Footprint, Comprised of Refined Product, Crude Supply/Export and Renewable Fuels Logistics, as the Economy Recovers ● West Coast Network Ethanol & bio-diesel blending • Developing: ● Renewable Fuels Ammonia System Portland Pittsburg Benicia Selby Ostockton O O Tacoma Vancouver (21 Wilmington OR CA ETHANOL WA NV RENEWABLE FUELS X BIODIESEL ID NuStar AZ RENEWABLE DIESEL MT WY Rawlins CO Denver O Colorado Springs Rosario Albuquerque NM El Paso Mexico STORAGE HEADQUARTERS FACILITIES Mandan BNRR Jamestown (North) Abernathy ND Aberdeen O Lubbock Stanton Hooker North Platte Osceola o Cheyenne KS Pherson Hutchinson Amarillo Dixon. SD O Wolsey Sioux Milch Falls Rock Rapids OOO Milford Clawson Wichita Big Spring Laredo Jamestown (East) OMoorhead MN Yanktor Mars Rorfolk Colorado C TX CCCS(8) Laredo a San Antonio (2) Star O O Burgos Basin Edinburgo O OK Ocolumbus Gerjeva Sauk Centre IA OCouncil Bluffs BNRR WI Twin Cities (Roseville) Concordia Salina Wasson Pettus A Do Catoosa O Ringgold O Southlake Houston O Harlingen Corpus Christi G REFINED PRODUCT PIPELINES Brownsville Texas City LEGEND MO AR LA St. James IL MI OBlue Island IN MS AL CRUDE OIL PIPELINES OH KY Total Estimated 2021 Strategic Spending: $ 140-170MM West Coast Renewable Fuels Storage (~$50MM in 2021) Permian Crude Pipeline System (~$45MM in 2021) ORIGIN/ TERMINATION POINTS O Point upper 8#9NuStar Refined Products U.S. Gasoline and Diesel Demand Have Continued to Rebound in 2021 ★ In the second quarter of 2020, U.S. refined products demand dropped by 21% compared to January 2020, but by 2022, gasoline and diesel demand are expected to recover to pre- Covid demand levels Source: EIA, Wells Fargo 100% 80% 60% 40% 20% 0% U.S. Gasoline & Diesel Demand (as a % of Pre-Covid Demand) 95% 94% 87% 75% 91% 90% 95% 87% 90% 94% 99% 98%98% 97% 101% 100% 95% 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 2022 Gasoline ■ Diesel 9#10NuStar Mandan BNRR Jamestown (North) ND Aberdeen O SD Nanktor Rorfolk o North Platteo Osceola O Hooker Rosario on Cheyenne KS McPherson Hutchinson O Denver O Colorado Springs Albuquerque O NM Jamestown (East) OMoorhead MN Wolsey Twin Cities (Roseville) Sioux Mitch I Falls Rock Rapids OOOMilford O₁ El Paso Laredo Laredo CCCS (8) Ocolumbus OGereva Burgos Basin Abemathyo Sauk Centre Concordia Salina Edinburg O Mars IA OCouncil Bluffs El Dorado Hooker San Antonio (2) NuStar Wells Cheyenne KS McPherson Hutchinson O O Amarillo Dixon Lubbock Clawson BNRR WI Wichita Falls Colorado City TV MO Pettus OK Refined Products NuStar's Refined Products Systems Serve Key Markets Across the Midcontinent and Texas... O Harlingen Concordia Salina El Dorado Catoosa O Wasson Houston IL Ringgold Southlake, Corpus Christi Brownsville Texas City Midcontinent Systems- ★ CENTRAL EAST: A 2,500-mile open pipeline system with multiple delivery options East Pipeline - This system serves important markets across the Midwest/West, with flexible refined product supply from refineries in McPherson, Kansas, El Dorado, Kansas and Ponca City, Oklahoma North Pipeline - System flows from North Dakota to the Twin Cities, serving both rural markets and large cities with refined product supply from Mandan, North Dakota refinery ★ CENTRAL WEST: Comprised of over 2,200 miles of pipeline with structural exclusivity, serving markets in Texas and nearby states supplied from the McKee, Texas refinery South Texas Systems- ★ Around 700 miles of pipeline with structural exclusivity, primarily serving markets in Texas and northern Mexico supplied from refineries located in Corpus Christi and Three Rivers, Texas 10#11NuStar Total Refined Products: 100 50 Refined Products Which Have Been Resilient and Where We Expect to Continue to See Strong, Consistent Demand for Our Services Central West Region 65% April 2020 90% 90% 1Q 2021 2Q 2021 April 2020¹ 70% 100 50 75% South Texas 1Q 2021¹ 1Q 2021 April 2020 95% 90% 100% 2Q 2021 100 1 - Comparison of year-over-year demand; includes on-road product demand in our storage system 2- Comparison of 2Q 2019 versus 2Q 2021; includes on-road product demand in our storage system 50 2Q 2021 105% Central East Region 80% 2 April 2020 1Q 95% 105% 2021 2Q2021 ★ Our refined product throughputs are up 34% over 2Q 2020 and up a strong 7% over 2Q 2019 ★ We are expecting 100% of our early 2020 (pre-Covid) levels for the remainder of the year 11#12NuStar Refined Products U.S. Refinery Utilization (Average by PADD, 2019-2021) PADD 5 87% 66% 75% Source: ESAI The Outlook for U.S. Refinery Utilization has Improved PADD 4 93% 82% 87% U.S. PADD 2 101% 88% 94% Crude Supply/Export PADD 3 96% 80% 85% 96% 79% 85% 2019 2020 2021 PADD 1 94% 64% 71% NS Refined Products Pipeline NS Crude Pipeline NS Terminal Refinery U.S. refineries in all PADDs are seeing utilization higher than their 2020 rates, but still below their Pre- Covid 2019 rates By the end of 2021, however, U.S. refinery utilization is expected to climb to 85% 12#13NuStar Crude Supply/Export Improved Demand Should Drive Continued Steady Progress Toward Shale Production Growth 2020 Refined Product Demand Rebound Increased Refinery Utilization 2021-22 Fo Crude Demand Recovery U.S. Shale Production Growth Higher Crude Prices Ž 13#14NuStar Crude Supply/Export The Permian Basin is Leading U.S. Shale Rebound, With Our Permian System Continuing to Outperform Because of its superior geology and low breakeven costs, the Permian Basin's production: Exited 2020 at 3.9 MMBPD, representing approximately 52% of the nation's total shale output Projected to exit 2021 at 4.3 MMBPD; higher than both 2019 and 2020 Is expected to return to stronger growth in 2022 Our system's throughput volumes are now up 35% above Covid lows, while the rest of the Permian is up 19% from the Covid low ★ We continue to expect to exit 2021 at 500 MBPD Permian Basin Production Outlook MMBPD (Avg as of August 2021) 4 2 Cumulative Monthly Growth (%) 3.7 3.9 4.0 2019 280% 240% 200% 160% 120% 80% 40% 0% Source: EIA Drilling Productivity Report (August 2021), Rystad, ESAI 2020 May-17 Aug-17 Nov-17 Feb-18 4.5 May-18 2022 Aug-18 Nov-18 MMBPD Feb-19 10 5 2021 NuStar's System Throughput Growth & Recovery is Outpacing the Permian Basin O May-19 Permian Oil Production (2018-2025) 2018 Aug-19 WTI @ $40 WTI @ $80 2019 Nov-19 2020 Feb-20 Permian Growth 2021 May-20 2022 Aug-20 WTI @ $60 2023 Nov-20 Feb-21 2024 2025 286% 102% May-21 Aug-21 14#15NuStar Crude Supply/Export Our "Core of the Core" Location has Attracted Top-Tier Customers With Activity to Support Steady Improvement in 2021 and Beyond The quality of geological formations underlying our system attracts the strongest customers Our creditworthy customers include majors and the most prolific E&Ps, both private and public, in the basin, as well as large independent refiners and marketers ~72% of our system's revenue is generated from investment-grade (IG) rated and Non-IG BB-rated entities¹ Highest-Quality "Rock" ...And Produce Efficient Growth Across Cycles Attracts Creditworthy, Diverse Producers ...That Apply the Most Advanced Technology We averaged 450 MBPD in 2Q21 (comparable to record breaking Pre-Covid average in 1Q20) and continue to expect to exit 2021 at ~500 MBPD Our producers have averaged around 20 rigs throughout 2021 and have over 25% of the total Permian drilled-uncompleted (DUCs) wells on the system, which provide an important platform for growth NS System Producer-type² (% Average Daily Volume) 25% 40% $7 35% (by Quarter) * *Adjusted 139159 2Q17 NS Permian Crude System Performance 349 266 187211 314327 $12$14$12 $19 Major ■ Private ■ Other Public EBITDA ($MM) $31 $27$27 $23 370395 1 - June 30, 2021 YTD 2 June 30, 2021 MTD 3- As of August 10, 2021 Please see Appendix for reconciliations of non-GAAP financial measures to their most directly comparable GAAP measures 435453 Producer Average Cost of Debt, Weighted by Acreage: 3 4.1%³ 400423418402 $38 $33 $33 $37 450 $43 -System Receipts (Avg MBPD) July Average: 481MBPD 15#16NuStar System Capacity Receipt Points Pipeline Miles Storage (bbls) Crude Supply/Export Our Mainline System was Complete in 2019, and Our Spending is Now to Keep Pace With Our Producers' Gathering May 2017 220,000 122 ~600 900M CENTURION SCR STATION Martin CENTURION PIPELINE PAA Current 700,000 313 ~960 1.6MM ENTERPRISE Midland EPIC Upton SUNPET Borden SUNOCO MIDKIFF Dedicated Acres AMI Howard NS STANTON TERMINAL Reagan 500,000 5,000,000 NS BIG SPRING TERMINAL Glasscock Scurry NS CO CITY TERMINAL DELEK BIG SPRING REFINERY ● ● • Colorado City PAA SUNRISE II PAA BASIN BRIDGETEX SUNOCO PE & WTG Mitchell Third-Party Connections NuStar Truck Unloading Facilities NuStar Terminals 16#17NuStar ★ Corpus Christi, historically a regional refinery and domestic marine delivery hub, has evolved into a significant U.S. crude oil export hub Currently, over half of the total -3.0 MMBPD of Gulf Coast crude exports exit through Corpus Christi □ Corpus Christi's share of Gulf Coast crude exports remained steady- in 2020 and so far in 2021 The Port of Corpus Christi may see some growth as global crude demand recovers in early 2022 Exports (MBPD) 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0 Crude Supply/Export Gulf Coast Exports Held Up Well in 2020, and Corpus Christi Exports are Expected to Return to Growth in 2022 Source: RBN Energy U.S. Gulf Coast Crude Exports by Hub Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Corpus Christi Houston Beaumont ■Louisiana Corpus Christi exports have grown from 0.4MMBPD in mid-2019 to an average of 1.5MMBPD since January 2020 17#18NuStar ● TOTAL: 1.2MMBPD South Texas Crude System 16" Pipeline - 240MBPD ● Crude Supply/Export Our Corpus Christi Crude System's MVCs- for Export and Local Refinery Supply- Provide Strength & Stability ● The heart of our Corpus Christi Crude System is our North Beach Terminal, which receives barrels from our South Texas Crude Oil Pipeline System, our 12" Three Rivers Supply Pipeline and our 30" pipeline from Taft, as well as from third-party pipeline connections In-bound Capacity Storage Capacity Taft 30"- 720MBPD and expandable Harvest 16" Pipeline - 240MBPD TOTAL: 3.9MMbbl ● • Potential expansion 0.4MMbbl Unlike most other midstream operators in the Port of Corpus Christi, NuStar provides unparalleled optionality for marine exports and connectivity to local refineries U.S. shale production growth and improving global demand will drive the recovery and growth in our CCCS volumes MBPD 400 200 380 31% 69% 3Q 2020 298 33% NuStar's Corpus Christi Crude System (Average Throughputs/Quarter) 67% 4Q 2020 TOTAL: 1.2MMBPD EXPORT DOCKS- 750MBPD to 1.0MMBPD • REFINERY SUPPLY-220MBPD ● 321 32% Out-bound Capacity 68% 1Q 2021 312 44% 56% 2Q 2021 377 CCCS Refinery Throughputs ICCCS Dock Throughputs -CCCS MVCs 2023 18#19NuStar Connections: Crude Supply/Export Our St. James Facility's Storage and Extensive Connectivity- Pipeline, Marine and Rail- Position NuStar for Growth in the Future Pipeline 48" LOCAP - 2.0MMBPD 40" Capline Reversal (1Q 2022) - 600MBPD 24" Bayou Bridge - 456MBPD 20" Ship Shoal - 360MBPD 18" Zydeco - 360MBPD 16" Crimson Bonefish - 108MBPD 30" Marathon Garyville - 530MBPD 24" Maurepas Pipeline - 380MBPD 24" XOM Baton Rouge - 350MBPD 16" XOM North Line - 150MBPD In 2019, Bayou Bridge began bringing WTI light, Bakken and Canadian barrels In January 2022, Capline owners plan to reverse its service to bring heavy Canadian (and potentially Bakken) crude for use in regional refineries and export Marine Three Docks (expandable): Dock 1 - inland barge dock (bi-directional) Dock 2 ship dock (bi- directional) Aframax capable Dock 5 – ship dock (receipt only) Light- Loaded Suezmax capable U.S. shale production growth and improving global demand will drive increased export opportunities We expect to be able to expand to 34MBPH with modest capital spend !!! Rail Two Unit Train Facilities: 240 unloading spots with track to store four additional unit trains o Capable of unloading light, sweet crude oil at 18MBPH and heavy diluted crude oil at 8MBPH Strong customer interest in developing steam to facilitate unloading different grades of oil We have customer commitments for 30MBPD through April 2022, and we are currently negotiating renewals that include unit train optionality 19#20NuStar Singapore Supply Brazilian Ethanol Supply Selby M Renewable Fuels Carbon Emissions Reduction Goals, in the U.S. and Canada, Generate Growing Demand and Dislocations, Offer Opportunities for Well-positioned Midstream Logistics, Like NuStar's Wilmington Exports to Canada Tacoma Stockton Portland DI Midwest Supply Gulf Coast Supply Regulatory priorities on the West Coast and in Canada continue to dramatically increase demand for renewable fuels in the region At the same time, obtaining permits for greenfield projects in the region is difficult, which increases the value of existing assets Our terminals have the access to facilities necessary to receive renewable fuels from outside the region and distribute renewable fuels across the West Coast Diesel Volume, MBPD California's Transportation Fuel Supply With Low- Carbon Fuel Standard Compliance From Petroleum Diesel Alternatives 250 200 150 100 50 0 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Biomass-Based + Renewable Diesel ■Fossil Diesel Source: IHS Markit 2021 20#21NuStar Renewable Fuels We Already Handle and Store a Significant Proportion of the Total Renewable Fuels Volumes in California, the Largest Driving State in the Nation 5% BIO NuStar's Proportionate Share of California's Renewable Fuels Market (First Quarter 2021 Total Volume¹) 18% C BIODIESEL 1 - Most recent available data ETHANOL 27% RENEWABLE DIESEL ★ We expect these percentages to continue to grow, along with associated EBITDA, as we complete additional projects, under construction or in development Source: California Air Resource Board (CARB) 21#22NuStar We have established ourselves as an early mover in the renewable fuels transportation market by developing and completing a number of renewable fuels projects These projects, in partnership with our customers on the West Coast, have allowed NuStar to capture market share and build on relationships with key global producers Our facilities are positioned to benefit from new production and conversion supply projects for renewable diesel, renewable jet, ethanol and other renewable fuels as the renewable fuels market continues to grow Portland Renewable Fuels And We Continue to Partner With Key Customers to Develop Our Renewable Fuels Network Across Our Footprint, as LCFS Mandates Proliferate to Additional Markets Selby Stockton Wilmington Convert 36,000 bbls to biodiesel Convert 57,000 bbls to renewable diesel Construct truck-loading for renewable diesel Multimodal shipment of renewable jet fuel Convert 208,000 bbls to renewable jet fuel Modify rail to handle renewable feedstock offloading Convert 30,000 bbls to biodiesel Convert 73,000 bbls to renewable diesel and expand renewable diesel handling to all 15 rail spots Convert 151,000 bbls to renewable diesel Connect to railcar ethanol offload facility Convert 160,000 bbls to renewable diesel Reconfigure dock for enhanced marine capability Complete ✓ ✓ ✓ ✓ 2H21 Est. 1H22 Est. ✓ 1H25 Est. Mbpy 6,000 5,000 4,000 3,000 2,000 1,000 0 * NuStar's West Coast Renewable Fuels Volumes* 1 2017 2018 2019 2020 ** 2021E Portland Selby Stockton Wilmington Includes Biodiesel, Renewable Diesel and Ethanol ** June 2021 YTD - annualized 22#23NuStar Renewable Fuels In Addition to LCFS, We are Developing Near- and Long- term Renewables Opportunities for Our Ammonia System ★ Our Ammonia Pipeline is the longest and only ammonia pipeline in the country Spans over 2,000 miles from Louisiana, north up through the Midcontinent along the Mississippi and beyond Today, the ammonia we transport is used primarily for fertilizing crops by farmers in our nation's "breadbasket" We have capacity available to transport "blue" or "green" Ammonia SD NE KS OK TX MN NuStar Main Leg ~830 Miles 8",10" Terminal NuStar Energy, L.P. IA NuStar West Leg ~740 Miles 6",8" ΜΟ AR LA IL MS IN NuStar East Leg ~430 Miles 6",8" St. James MI TN AL 23#24NuStar Gray Ammonia ★ Derived from natural gas, nearly all of the world's production made utilizing the Haber-Bosch process # Renewable Fuels "Gray," "Blue" and "Green" Ammonia Offer Actionable Positive Near- term Opportunities for Our Customers and Our Ammonia System Sources: CF, Royal Society Blue Ammonia ★ Gray Ammonia for which by-product CO₂ has been captured and stored, reducing climate impact CO₂ Green Ammonia Produced with hydrogen from water electrolysis powered by renewable energy Technology exists today to use LOWER- or ZERO-CARBON AMMONIA to reduce CO: By simply replacing conventional ammonia in existing uses, which is one of the most widely used industrial chemicals on the planet As a fuel for ✓ Electricity generation to power remote telecommunication towers or to provide electricity to back up supporting intermittent renewable power generation, like wind and solar “Greening” maritime transportation Decarbonizing heating and cooling ✓ Internal combustion engines, turbines and batteries As a safe, efficient mode for hydrogen transport 24#25NuStar APPENDIX 99 FRE South Texas Crude System.#26NuStar Common Unit Price(¹): $16.04 Distribution/CU/Year: •Yield (¹): Market Cap(1): Credit Ratings: Moody's: NuStar By-the-numbers S&P: Fitch: Ba3 (Stable) BB- (Stable) BB- (Stable) $1.60 10.0% -$2 billion Enterprise Value: -$7 billion •Total Assets: •Pipeline Miles: ~$6 billion ~10,000 1.9MMBPD Pipeline Volumes(2): Storage Capacity: -72MMB Storage Throughput Volumes(2): 386MBPD NYSE: NS NuStar Energy L.P. 1. As of August 16, 2021 2. Average daily volume for the quarter ended June 30, 2021 CRUDE OIL 26#27NuStar Long-term Commitments From Creditworthy Customers Pipeline Segment Contracted¹ Revenues (% 2021 Projections) 37% 40% 23% 64% Take-or-pay Contracts Storage Segment Contracted Revenues (% 2021 Projections²) 36% ■ Structurally Exclusive ■ Other Take-or-pay Contracts ■ Other NuStar Investment-Grade (IG) Customers (% 2021 Revenues) Pipeline Segment -60% IG Storage Segment -59% IG 44% 12% 44% Investment-Grade ■ Large Private or International (Not rated) ■ Other 1 - committed through take or pay contracts or through structural exclusivity (uncommitted lines serving refinery customers with no competition) 2 - after taking into account revenues from terminals in the Northeast, Illinois and Florida, expected to be sold early in the fourth quarter of 2021 27#28NuStar ★ In March 2020, we extended our revolver term through October 2023 In September 2020, we issued two $600 million tranches of five-year and 10-year senior unsecured notes maturing in 2025 and 2030 We utilized the proceeds to repay our debt We utilized cash flows and our revolver to pay-off our February 2021 bond maturities, and we plan to utilize our liquidity to pay-off our February 2022 bond maturities as well $1,000 $750 $500 $250 $0 $834 Liquidity and Debt Maturity Schedule ▬▬▬I $810 LIQUIDITY ($MM)¹ CASH REVOLVER AVAILABILITY 2021 1 - Liquidity as of June 30, 2021 $250 2022 $259 $74 $185 2023 2024 $600 Debt Maturities (As of 6/30/2021) ($MM) $500 2025 2026 $550 2027 2028- 2029 $600 2030 Receivables Financing Sub Notes ■GO Zone Financing Senior Unsecured Notes Revolver $322 2038- 2041 $403 2043 28#29NuStar Capital Structure as of June 30, 2021 ($ in Millions) $1.0B Credit Facility NuStar Logistics Notes (4.75%) NuStar Logistics Notes (5.625%) NuStar Logistics Notes (5.75%) NuStar Logistics Notes (6.00%) NuStar Logistics Notes (6.375%) NuStar Logistics Sub Notes GO Zone Bonds Receivables Financing Finance Lease Liability Other Total Debt ★ As of June 30, 2021: $ 185 250 550 600 500 600 403 322 74 57 (40) $3,501 Credit facility availability ~$810MM Debt-to-EBITDA ratio2 4.27x Common Equity and AOCI Series A, B and C Preferred Units Series D Preferred Units Total Equity¹ Total Capitalization 1 - Total Equity includes Partners' Equity and Mezzanine Equity (Series D Preferred Units) 2 - Please see Appendix for reconciliations of non-GAAP financial measures to their most directly comparable GAAP measures $431 $756 $608 1,795 $5,296 29#30NuStar Reconciliation of Non-GAAP Financial Information NuStar Energy L.P. utilizes financial measures, such as earnings before interest, taxes, depreciation and amortization (EBITDA), distributable cash flow (DCF) and distribution coverage ratio, which are not defined in U.S. generally accepted accounting principles (GAAP). Management believes these financial measures provide useful information to investors and other external users of our financial information because (i) they provide additional information about the operating performance of the partnership's assets and the cash the business is generating, (ii) investors and other external users of our financial statements benefit from having access to the same financial measures being utilized by management and our board of directors when making financial, operational, compensation and planning decisions and (iii) they highlight the impact of significant transactions. We may also adjust these measures and/or calculate them based on continuing operations, to enhance the comparability of our performance across periods. Our board of directors and management use EBITDA and/or DCF when assessing the following: (i) the performance of our assets, (ii) the viability of potential projects, (iii) our ability to fund distributions, (iv) our ability to fund capital expenditures and (v) our ability to service debt. In addition, our board of directors uses EBITDA, DCF and a distribution coverage ratio, which is calculated based on DCF, as some of the factors in its compensation determinations. DCF is used by the master limited partnership (MLP) investment community to compare partnership performance. DCF is used by the MLP investment community, in part, because the value of a partnership unit is partially based on its yield, and its yield is based on the cash distributions a partnership can pay its unitholders. None of these financial measures are presented as an alternative to net income, or for any periods presented reflecting discontinued operations, income from continuing operations. They should not be considered in isolation or as substitutes for a measure of performance prepared in accordance with GAAP. 30#31NuStar The following is a reconciliation of operating (loss) income to EBITDA to adjusted EBITDA for the Permian Crude System (in thousands of dollars): Three Months Ended Mar. 31, 2018 June 30, 2018 $ (1,847) $ Operating (loss) income Depreciation and amortization expense EBITDA Goodwill impairment loss (a) Adjusted EBITDA Operating income (loss) Depreciation and amortization expense Reconciliation of Non-GAAP Financial Information (continued) EBITDA Goodwill impairment loss (a) Adjusted EBITDA June 30, 2017 Sept. 30, 2017 Dec. 31, 2017 (3,424) $ 1,050 $ 650 $ 10,227 6,803 $ 6,803 $ 12,055 $ 13,815 $ Sept. 30, 2019 Dec. 31, 2019 Mar. 31, 2020 17,280 $ 21,132 $ (106,476) $ $ 18,114 35,394 11,005 12,055 35,394 $ (a) Represents a non-cash goodwill impairment charge. 13,165 13,815 18,154 39,286 39,286 $ 18,606 (87,870) 126,000 13,477 11,630 38,130 $ 11,630 $ June 30, 2020 14,481 Sept. 30, 2018 Dec. 31, 2018 3,605 $ 11,546 $ 18,928 33,409 15,059 18,664 Three Months Ended Sept. 30, 2020 $ 17,627 20,115 37,742 15,235 26,781 18,664 $ 26,781 $ 27,467 $ 23,005 $ Dec. 31, 2020 $ 13,523 $ 33,409 $ 37,742 $ 19,579 33,102 10,878 $ 16,589 27,467 Mar. 31, 2019 June 30, 2019 5,358 $ 13,543 17,647 23,005 Mar. 31, 2021 June 30, 2021 16,912 $ 22,767 19,694 36,606 19,843 42,610 33,102 $ 36,606 $ 42,610 17,182 30,725 30,725 31#32NuStar Reconciliation of Non-GAAP Financial Information (continued) The following is a reconciliation of net income to EBITDA, DCF and distribution coverage ratio (in thousands of dollars, except ratio data): Net income Interest expense, net Income tax expense Depreciation and amortization expense EBITDA Interest expense, net Reliability capital expenditures Income tax expense Long-term incentive equity awards (a) Preferred unit distributions Other items DCF Distributions applicable to common limited partners Distribution coverage ratio (b) $ Three Months Ended June 30, 2021 63,383 $ 53,780 1,338 70,877 189,378 (53,780) (8,943) (1,338) 2,720 (31,887) 1,225 97,375 $ 43,814 $ 2.22x March 31, 2021 42,257 54,918 1,512 70,465 169,152 (54,918) (8,489) (1,512) 3,287 (31,887) 4,912 80,545 (a) We intend to satisfy the vestings of these equity-based awards with the issuance of our common units. As such, the expenses related to these awards are considered non-cash and added back to DCF. Certain awards include distribution equivalent rights (DERS). Payments made in connection with DERS are deducted from DCF. (b) Distribution coverage ratio is calculated by dividing DCF by distributions applicable to common limited partners. 43,834 1.84x 32#33NuStar Reconciliation of Non-GAAP Financial Information (continued) The following is the reconciliation for the calculation of our Consolidated Debt Coverage Ratio, as defined in our revolving credit agreement (the Revolving Credit Agreement) (in thousands of dollars, except ratio data): Operating income Depreciation and amortization expense Equity awards (a) Other (b) Consolidated EBITDA, as defined in the Revolving Credit Agreement Total consolidated debt NuStar Logistics' floating rate subordinated notes Consolidated Debt, as defined in the Revolving Credit Agreement Consolidated Debt Coverage Ratio (Consolidated Debt to Consolidated EBITDA) $ $ EA $ $ For the Four Quarters Ended June 30, 2021 423,354 284,811 13,438 244 721,847 3,483,840 $ (402,500) 3,081,340 $ 4.27x $ (a) This adjustment represents the non-cash expense related to the vestings of equity-based awards with the issuance of our common units. (b) This adjustment represents other noncash and pro forma items, as defined in the Revolving Credit Agreement. Projected for the Year Ended December 31, 2021 400,000 - 420,000 270,000 -278,000 10,000 15,000 (5,000) - 5,000 675,000 - 718,000 3,100,000 3,300,000 (402,500) 2,697,500 2,897,500 4.0x 33#34NuStar Reconciliation of Non-GAAP Financial Information (continued) The following is a reconciliation of net income, EBITDA, adjusted EBITDA, adjusted DCF and adjusted distribution coverage ratio (in thousands of dollars, except ratio data): Net income Interest expense, net Income tax expense Depreciation and amortization expense EBITDA Loss on announced sale of terminals (a) Adjusted EBITDA Interest expense, net Reliability capital expenditures Income tax expense Long-term incentive equity awards (b) Preferred unit distributions Other Adjusted DCF Distributions applicable to common limited partners Adjusted distribution coverage ratio (c) Projected for the Year Ended December 31, 2021 $ 63,000 - 74,000 210,000 218,000 2,000 - 5,000 270,000 -278,000 545,000 - 575,000 135,000 680,000 - 710,000 (210,000 - 218,000) (40,000 - 50,000) (2,000 - 5,000) 10,000 15,000 (125,000 - 130,000) 15,000 - 20,000 328,000 342,000 $ 175,000 178,000 1.9x (a) This projection for the year ended December 31, 2021 represents the midpoint of the expected range of loss on the sale of terminals, which was announced on August 2, 2021, and is expected to be completed in the fourth quarter of 2021. (b) We intend to satisfy the vestings of these equity-based awards with the issuance of our common units. As such, the expenses related to these awards are considered non-cash and added back to DCF. Certain awards include distribution equivalent rights (DERs). Payments made in connection with DERS are deducted from DCF. (c) Adjusted distribution coverage ratio is calculated by dividing adjusted DCF by distributions applicable to common limited partners. 34#35NuStar NuStar Contact Information INVESTOR RELATIONS (210) 918-INVR (4687) Investor [email protected] SUSTAINABILITY [email protected] For additional information about corporate sustainability at NuStar, visit http://www.NuStarEnergy.com/Sustainability 35#36NuStar Sustainability July 19, 2021 Responsibly Resilient NuStar#37Forward-looking Statements Statements contained in this presentation other than statements of historical fact are forward-looking statements. While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business, actual results will likely vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance presented or suggested in this presentation. These forward-looking statements can generally be identified by the words "anticipates," "believes," "expects," "plans," "intends," "estimates," "forecasts," "budgets," "projects," "could," "should," "may" and similar expressions. These statements reflect our current views with regard to future events and are subject to various risks, uncertainties and assumptions. We undertake no duty to update any forward-looking statement to conform the statement to actual results or changes in the company's expectations. For more information concerning factors that could cause actual results to differ from those expressed or forecasted, see NuStar Energy L.P.'s annual report on Form 10-K and quarterly reports on Form 10-Q, filed with the SEC and available on NuStar's website at www.nustarenergy.com. We use financial measures in this presentation that are not calculated in accordance with generally accepted accounting principles ("non-GAAP") and our reconciliations of non-GAAP financial measures to GAAP financial measures are located in the appendix to this presentation. These non-GAAP financial measures should not be considered an alternative to GAAP financial measures. NuStar Responsibly Resilient 2#38NuStar Paint Activity Center NiStar Paint/C Teen R Naster Responsibly Resilient TABLE OF CONTENTS INTRODUCTION: 4 Building on 20 Years of Sustainability Excellence 10 ENVIRONMENTAL: Protecting People & the Planet SOCIAL: 22 Engaging Our Employees & Building Our Communities GOVERNANCE: 29 Assuring Responsive Management g 3#39NuStar INTRODUCTION Building on 20 Years of Sustainability Excellence Responsibly Resilient 4#40OUR SUSTAINABILITY COMMITMENT We are Committed to Maintaining Excellence and Taking Care of Each Other and Our Planet, now and in the Future NuStar Doing the right thing for the right reasons is deeply ingrained in NuStar's culture of responsibility, caring and sharing and has been since NuStar was established 20 years ago. In fact, long before ESG became a common term, one of the things that made NuStar such a great place to work was our strong corporate culture, which was created by our Chairman, Bill Greehey. In our culture, we treat everyone with respect, we give back to our communities, we protect the environment, and we demand that all of our employees hold themselves and each other to the highest ethical standards. We are proud of our record of responsible operations, and we are committed to maintaining excellence and continuing to take care of one another and our planet. We are also proud of the resilience and strength our business has shown, across economic cycles and our footprint. We are focused on nurturing that resilience and strength to ensure NuStar continues to prosper as the Nation's and the World's growing energy needs evolve, and we are already demonstrating our ability to do just that through the success of our West Coast renewable fuels logistics network, which both generates solid returns for our investors and helps lower carbon emissions in communities across the region. We are also focused on continuing to do the right thing, across our operations, every day of every week: to protect the environment, our communities and our employees, to ensure safe, reliable energy service to our customers and to build value for our investors. Brad Barron President & Chief Executive Officer, NuStar Energy L.P. Responsibly Resilient 5#41OUR SUSTAINABILITY PRIORITIES ENVIRONMENTAL Protecting People & the Planet NuStar SOCIAL Engaging Our Employees & Building Our Communities Responsibly Resilient GOVERNANCE Assuring Responsive Management 6#42OUR BALANCED MIDSTREAM ASSETS NuStar Transports and Stores Crude Oil, Petroleum Products, Ammonia and Renewable Fuels in Markets Across North America Pipelines: 10,000 pipeline miles 645 MM barrels transported in 2020 1.8 MMbpd average daily volume in 2020 NuStar Portland Benicia Olecoma Vancouver (21 FG Selby stockton Pittsburg Wilmington OR CA ETHANOL WA NV BO RENEWABLE FUELS BIODIESEL ID NuStar AZ UT RENEWABLE DIESEL HEADQUARTERS MT WY Rawins CO Denver O Colorad Springs Rosario O Albuquerque O NM El Paso Mexico ND Mandan BNRR Jamostown (North) STORAGE FACILITIES ^ North Platteo Oeccola o Aberdeen SD Stanton Hooter Lubbock Amarillo Dixon AbemathyC a Wichita Jamestown (Gast) ∞O OMoorhead MN Wolsey Sloux Milford Milch Falls R Falls Rock Rapids Gankton Ole Mor Portolk o Clawson Cheverne KS Concordia Wels MePhanon Salina Hutchinson O Falls Colorado City TX CCCS(8 Laredo Nuevo OK Big Spring Son Antonio (2) O O Edinbur Burgos Basin Gerleva IA OCouncil Blufts mbvo Wasson Sauk Centre Pettus B Dorado Catoosa O BNRR WI Twin Cities (Rosevile) Ringgold Southlake Houston Corpus Christi Harlingen Brownsville LEGEND REFINED PRODUCT PIPELINES Responsibly Resilient MO Texas City (9) AR KAD LA St. James 9 IL MI OBlue Island IN MS TN AL CRUDE OIL PIPELINES OH KY Canada GA Baltimore O Andrews AFBO WV Piney Pont VA NC SC NY OJacksonville FL NH MA CT ME O Linden (2) OPaulsbora DE ORIGIN/ TERMINATION POINTS NJ MD OVirginia Beach O Tupper Point Terminals: 73 terminal facilities 72 MM barrels of storage capacity 172 MM barrels throughput in 2020 7#43OUR STRENGTH & RESILIENCE IN 2020 Even Through 2020's Challenges, We Maintained Safe, Reliable Operations, Protected Our Employees, as Well as Their Families and Communities, and Generated Solid Results • Ensured reliable, uninterrupted delivery of essential energy services • Maintained safety and environmental stewardship, again outperforming our industry peers in 2020 • Prioritized employee health & protection throughout response across our assets • Implemented physical distancing, restricted facility access & established cleaning protocols at all worksites • Invested in ventilation and air-handling improvements • Provided free COVID-19 testing and vaccines • Maintained frequent leadership communication Pledged over $1MM to community COVID-19 relief funds² ● STAR 05 NuStar CAvere Calores Mate Michel Vang 1 - Please see Appendix for reconciliations of non-GAAP financial measures to their most directly comparable GAAP measures 2- Includes pledges from company and chairman Responsibly Resilient 2020 Results Adjusted EBITDA¹ $723 MM 8% HIGHER Than Our 2019 Results 8#44OUR ECONOMIC IMPACT IN 2020 In 2020, We Also Contributed to Our Communities' and Our Employees' Economic Health 1 - As of December 31, 2020 ~$230 MILLION Employee compensation & benefits for our 1,408 employees¹ NuStar $5.5 MILLION $ Community investment (including employee contributions to United Way) Responsibly Resilient $321 MILLION $ Distributions to investors 9#45NuStar ENVIRONMENTAL Protecting People & the Planet RD99 ETHANOL BIODIESEL Responsibly Resilient 10#46COMMITTED TO ASSURING SAFE, RELIABLE ACCESS TO ENERGY AND MAINTAINING EXCELLENCE ACROSS OUR BUSINESS We are Committed to: BUILDING RESILIENCE DEVELOPING Solutions to respond to growth and evolution of energy needs in the markets we serve, as we have through our West Coast renewable fuels logistics network, which FACILITATES clean RENEWABLE FUELS to improve air quality on the West Coast and beyond NuStar Responsibly Resilient ● ● ● ● OPERATING RESPONSIBLY MAINTAINING our industry-leading health and safety record ASSURING safety and reliability through inspection and monitoring INCREASING our energy efficiency LOWERING our emissions PREPARING for emergencies PROTECTING our business and our communities with a robust cybersecurity program 11#47BUILDING RESILIENCE: DECARBONIZING DRIVING ON THE WEST COAST Brazilian Ethanol Supply Our West Coast Renewable Fuels Logistics Network is Playing an Integral Role in Significant Reductions in Carbon Emissions International Exports Singapore Supply Selby I Wilmington NuStar Tacoma Portland Stockton Midwest Supply Gulf Coast Supply Regulatory priorities on the West Coast are dramatically increasing demand for renewable fuels in the region. At the same time, obtaining permits for greenfield projects in the region is difficult, which increases the value and importance of existing assets Our terminals have the access to facilities necessary to receive bio-fuels from outside the region and to provide a base for distribution of renewable fuels across the West Coast Diesel Volume, MBPD 300 250 200 150 100 50 0 Responsibly Resilient Transportation Fuel Supply With Low-Carbon Fuel Standard Compliance From Petroleum Diesel Alternatives ||| Source: IHS Markit 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Biomass-Based + Renewable Diesel Fossil Diesel © 2021 IHS Markit 12#48BUILDING RESILIENCE: RENEWABLE FUELS HANDLING LEADER NuStar Now Handles a Significant Proportion of California's Growing Renewable Fuels Market NuStar's Share of California's Renewable Fuels Market (Full-Year 2020 Total Volume¹) 7% |BIO | BIODIESEL 18% 1 - Most recent available data Source: California Air Resource Board (CARB) NuStar yo ETHANOL 28% We expect these percentages to increase through 2023, along with associated EBITDA, as we complete additional projects currently in planning stages or under construction Responsibly Resilient RENEWABLE DIESEL 13#491 8 2 LOW-CARBON MANDATE OPPORTUNITY The Success of California's Program is Driving Action Well Beyond the "Golden State" That Will Drive Midstream Opportunities NuStar 5 5 BUILDING RESILIENCE: 1 9 4 10 3 11 LCFS in-place LCFS plan proposed LCFS under consideration Responsibly Resilient 20 States CONSIDERING Programs Notable Announced U.S. Renewables Conversion Projects 1: Marathon Dickinson Refinery Conversion - 2020 (in-service) 2: Ryze Renewables Las Vegas / Reno - 2021 3: Diamond Green Diesel Expansion - 2021 4: CVR Wynnewood Refinery Conversion - 2022 5: HollyFrontier Cheyenne / Artesia Refinery Conversions - 2022 6: GCEH Bakersfield - 2022 7: P66 Rodeo Refinery Conversion - 2021 (partial), 2024 (full) 8: Marathon Martinez Refinery Conversion - 2023 9: Heartwell Renewables (Hastings, NE) - 2023 10: Diamond Green Diesel Port Arthur - 2H 2023 11: Vertex Mobile - 2023 14#50BUILDING RESILIENCE: PIPELINES ARE THE SAFEST, MOST ENERGY-EFFICIENT CHOICE Pipelines are the Best Alternative for Fuel Transportation, Whether Conventional or Renewable Transporting the Volume NuStar Moves in ONE DAY Would Require: ~9,500 Trucks or ~2,500 Rail cars Ħª 답 Sources: "Pipelines are Safest for Transportation of Oil and Gas" Manhattan Institute for Policy Research 2013 "The Permian Basin's Demand for Crude Oil Tanker Trucks Could Quadruple in Q2" Freightwaves 2019 Association of Oil Pipe Lines (AOPL) and Reuters NuStar Responsibly Resilient Pipelines are the SAFEST Mode of Energy Transportation: Trucks are 34 times more likely than liquid pipelines to experience an incident Pipelines have the LOWEST Greenhouse Gas Emissions (GHGs): Trucks emit 467% more than pipelines 15#51In 2020, as in years past, our health and safety record was substantially better than our peers Over 7.5 times better than the Bureau of Labor Statistics (BLS) comparison data for the Bulk Terminals Industry And 2 times better than the BLS data for the Pipeline Transportation Industry NuStar has received the International Liquids Terminals Association's (ILTA) Safety Excellence Award 10 times, which is awarded based in part on OSHA safety reports We participate in the OSHA Voluntary Protection Program (VPP), which promotes effective worksite safety and health ✓ 85% of our eligible U.S. terminals are VPP-certified TRIR We work every day of every year to prevent any releases In 2020, we released less than 0.00016% of our total barrels moved 5 4 1 RESPONSIBLE OPERATIONS: MAINTAINING OUR STRONG SAFETY CULTURE & RECORD Our Industry-leading Record Demonstrates the Fact That NuStar's #1 Priority is the Health and Safety of Our Workforce and Our Communities 0 3-Year Total Recordable Incident Rate - Industry Comparison 2.80 0.60 0.27 2018 -NuStar TRIR 2.80 0.80 0.18 7.5X better 2.80 2X better 0.80 2019 Pipeline Transportation 0.37 2020 Bulk Terminals 1 - Industry averages derived from 2018-2019 Bureau of Labor Statistics (BLS) Data. 2019 averages carried forward to 2020 for illustration purposes. NuStar ILTA Responsibly Resilient 10-time recipient Safety Excellence Award NuStarVPP STAR SITES 85% of eligible facilities VPP Voluntary Protection Programs An OSA Cooperative Program 16#52HI 23% of Total DOT Pipeline Miles RESPONSIBLE OPERATIONS: ASSURING SAFETY AND RELIABILITY THROUGH INSPECTION In 2020, We Continued to Execute on Our Rigorous Inspection Program Across Our Assets Inspected Over 2,000 Miles of Pipeline Inspected Over 250 Water- Crossings NuStar Completed Over 2,000 Aerial Inspections & Over 350,000 Miles Responsibly Resilient 20,000+ LDAR (Leak detection and repair) Component Inspection Program 71 API Internal & 369 External Inspections Nearly 300 Agency Inspections 26% of Total Barrels of Storage Statistics are for 2020 unless otherwise noted 17#53NuStar Transports and Stores Energy Safely, Reliably and Efficiently Because We Monitor Every Tank and Every Mile of Pipeline, 24/7/365 24/7 365 RESPONSIBLE OPERATIONS: ASSURING SAFETY AND RELIABILITY THROUGH MONITORING NuStar • NuStar's control room operates 24 hours a day, 7 days a week, 365 days a year with state-of-the-art flow and pressure monitors ● Over 99% of our pipeline mileage is inspected with inline inspections tools and we perform other inspections on the remaining 1% Integrity Management for our tanks includes daily Audio, Visual and Olfactory (AVO) inspections in addition to API internal and external tank assessments During 2015-2020, NuStar invested over $317 million to ensure the safety, efficiency and reliability of our assets Responsibly Resilient Statistics are for 2020 unless otherwise noted 18#54RESPONSIBLE OPERATIONS: INCREASING EFFICIENCY AND LOWERING EMISSIONS NuStar's Goal is to Reduce Emission Intensity in Relation to Volume of Product Handled as We Continue to Grow Our Operations We are always looking for ways to optimize our systems to reduce energy use and increase energy efficiency NuStar NuStar facilities meet or exceed the Clean Air Act, state air laws and their emission regulations Emission Reductions Actions Include: Switching diesel pumps to electric and pursuing wind and solar power sources Upgraded to LED lighting at 60 facilities, with more to come Using drag reducing agent (DRA) and variable frequency drives (VFDs) on our pipelines to increase our energy efficiency Obtaining emission offsets for renewable fuels and other projects Operating and maintaining vapor recovery and combustor systems, many of them over 99% efficient Responsibly Resilient NuStar facilities meet or exceed air emission permits, including for operations and modifications We are exploring further investments in lower emission and low-carbon fuels including hydrogen and renewables 19#55We Regularly Review, Audit, Update and Test Our Response Plan and Conduct Drills • We perform joint drills and exercises with regulatory agencies and jurisdictions to ensure that our plans are robust We also perform internal terminal and pipeline training exercises that include: Full-scale personnel deployment Tabletop exercises Equipment deployment Unannounced preparedness exercises Statistics are for 2020 RESPONSIBLE OPERATIONS: PREPARING FOR EMERGENCIES NuStar We have Emergency Response Teams at key facilities We completed more than 14,000 hours of emergency response, environmental and safety training Despite COVID-19 restrictions, NuStar still performed over 400 drills & exercises SAFETY NUSTAR ENVIRONME NuSEMS MANAGEMENT CONMENTAL Responsibly Resilient SYSTEM NuStar responded to more than 90,000 Call Before You Dig requests 811 We maintain a dedicated Emergency Operations Center We held more than 180 in person public safety meetings and distributed almost 700,000 safety brochures Annual Multi-Party Exercises NuStar team members participated in multiple stakeholder emergency exercises with over 350 participants, including several governmental agencies These exercises enhance NuStar's ability to respond to a large-scale incident beyond the response capacity of a single region or business unit 20#56As an Operator of Critical Energy Infrastructure, We Recognize the Importance of Cybersecurity, and We Have Built and Continue to Test and Improve a Robust Program to Prevent, Detect and Respond to Potential Threats Composed of representatives from across the company, our Cyber Risk Governance Committee oversees the effectiveness of our Cybersecurity Program and reports to our Board and executive management Information Services Internal Audit RESPONSIBLE OPERATIONS: CYBERSECURITY ACROSS THE COMPANY NuStar Legal Human Resources A Cyber Risk Governance Committee Controller/ SOX Operations Responsibly Resilient NuStar's Cybersecurity Program includes: ● Participation in industry and peer cybersecurity groups Vulnerability scanning, patch management, and penetration tests across our systems Cyber Incident Response Plan and cross-organizational tabletop exercises Regular risk assessments Annual cybersecurity training for all employees with 'refresher' activities throughout the year 21#57SOCIAL Engaging Our Employees & Building Our Communities NuStar Responsibly Resilient 22#58OUR AWARDS & RECOGNITIONS We Have Been Recognized for Our Safe, Responsible Operations and Our Commitment to Our Employees and Diversity 12₁. times People FORTUNE 100 COMPANIES BEST CARE OLTA TO WORK FOR THE LEE CUSENBARY ETHICAL LIFE AWARD Association of Corporate Counsel South/Central Texas Chapter NuStar PLACE FOR WORKING PARENTS™ 2021 BEST Best Workplaces in Texas Great Place To Work® 85% of our eligible U.S. terminals are certified under rigorous U.S. Occupational Safety & Health Administration's (OSHA) Voluntary Protection Program (VPP) VPP USA 2020 Voluntary Protection Programs An OSHA Cooperative Program Responsibly Resilient LATINO LEADERS 25 BEST COMPANIES FOR LATINOS TO WORK 2021 5 times NuStarVPP STAR SITES 100 BEST WORKPLACES FOR MILLENNIALS 10-time -time recipient Safety Excellence Award Named One of Texas' Top 25 Companies for Diversity NATIONAL DIVERSITY COUNCIL An inclusive community, a better nation 23#59We are Focused on Assuring NuStar is a Positive, Inclusive and Rewarding Workplace With a Diverse, Representative Workforce, at Every Level, From Rank and File to Upper Management Our We Employees! COMMITTED TO NURTURING DIVERSITY NuStar 42% of our U.S. employees are women & minorities Responsibly Resilient 49% of our Corporate HQ employees who are managers+ are women & minorities 50% of our Senior Executive Team are women & minorities 24#60We Invest in Our Communities: Partnering With Local Organizations and Helping to Build Safe, Vibrant Communities Our employees take great pride in giving back and building a brighter future for our neighbors by contributing time, talent, money and other resources to hundreds of community initiatives each year NuStar maintains local volunteer councils in each community in which we operate to contribute to the charitable and civic causes unique to that local community YOU TRULY ARE HOMETOWN Heroes THANKS FOR MAKING IT A RECORD UNITED WAY CAMPAIGN COMMITTED TO COMMUNITY ENGAGEMENT United Way ALWAYS UNITED & GOOD NOW UNITED A FRANCE NuStar YOUR SUPPORT OF OU COMMUNITY IS TRULY Heroic! THANKS FOR MAKING HISTORY WITH THIS YEA UNITED WAY CAMPAIG United Way Responsibly Resilient Over 80 board positions held by NuStar employees on non-profit boards LUNTEER Rally SWEET CORN VOLUNTEER AVETHE UNTEER VOLUNTEER VOLUNTEER Jie Cheerios NUSTAR CAN-DO SPIRIT FOOD DRIVE November 12th-21 VOLUNTEER us gue those who are less for our communities a reason to count the Sings We want to encourage you ng non-perishable canned goods to the Food Bank in our commun Together we can make a difference H Chill Canned Soups & Sh Canned Luncheon Full MealsCan Pop Top Food VOLI 412 Cheerios VOLU Cheerios 20 VOLUNTEER 25#61We Invest in Our Employees' Well-being and Development, and That Investment has Provided Great Returns Demonstrated by Our Low 2.5% Voluntary Turnover Rate 2.5% Voluntary Turnover Rate ¹ 12 times FORTUNE 100 BEST COMPANIES TO WORK FOR 1 - Excludes retirements 2- For employees' dependents COMMITTED TO INVESTING IN OUR EMPLOYEES NuStar We are proud to provide our employees with one of the best health & welfare benefits packages in the industry* and other resources to support our employees' well-being We provide leadership and development opportunities through: ✓Clearly defined career paths ✓ Professional training ✓ Educational reimbursement ✓ Internship program across our organization ✓ Scholarships for higher education² * According to McGriff Responsibly Resilient FF We provide benefits valued at 36% of an employee's salary We believe that if you take care of the employees, the employees will take care of the company, our unitholders and our communities. 55 -Bill Greehey Chairman of the Board, NuStar Energy L.P. 26#62COMMITTED TO INVESTING IN OUR COMMUNITIES THROUGH GIVING We Focus on Addressing Critical Needs in Our Communities In 2020, 99.9% of our U.S. employees contributed to our record- breaking United Way campaign Thanks to our employees' and our directors' generous gifts and our company match, we pledged a record $4.7 million to United Way in 2020 NuStar Also in 2020, our pledge was the highest average per capita contribution in the United States 99.9% United Way participation in 2020 Responsibly Resilient SERCROMBIE & FITCH CO Star LIVE U *NUSTAR UNITEDWAY NAZION 00 $4.7MM Pledged to United Way in 2020 27#63COMMITTED TO FIGHTING HOMELESSNESS THROUGH OUR SUPPORT OF HAVEN FOR HOPE Proudly Supporting the Effort to Transform the Lives of Homeless Men, Women and Children Bill Greehey, NuStar's Chairman of the Board, founded Haven for Hope and continues to serve as the organization's Chairman Haven for Hope's transformational campus provides comprehensive social services for single men and women and families with children, including: Short-term residential housing on-campus ✓ Substance abuse and mental health treatment Employment, education and legal services Life-skills training Healthcare Childcare Each year, NuStar hosts the annual NuHope Golf Classic to support Haven ✓ The tournament has raised nearly $48 million for Haven over the past 13 years 1-From homelessness to permanent or supportive housing NuStar Responsibly Resilient Haven has assisted nearly 15,000 individuals with housing¹ 28#64NuStar Management Meeting NuStar Alustar GOVERNANCE Assuring Responsive Management NuStar Responsibly Resilient NuStar Management Meeting € 29#65SUSTAINABILITY & RISK MANAGEMENT Our Board Takes a Comprehensive Approach to Oversight of Environmental, Social and Governance Matters With Accountabilities Designated Across all Board Committees Board CEO Executive Committee Sustainability Committee NuStar ● Our Board is responsible for identifying and understanding our principal business risks, including sustainability risks, and overseeing management's efforts in monitoring, managing and mitigating those risks Management is responsible for day-to-day assessment and management of enterprise-level risk The Board interfaces regularly with management and receives periodic reports that include updates on: Health, safety & environmental program ✓ Legal matters Financial performance ✓ Cybersecurity Employee wellness Diversity & inclusion Community investment At least once annually, the Board meets to focus on strategic planning, including identifying and addressing: Strategic risks ✓ Potential opportunities Operational results Internal controls Responsibly Resilient 30#66Our Diverse and Experienced Board of Directors Provides Effective Oversight While Our Dedicated Executives Ensure Safe Day-to-day Operations BOARD OVERSIGHT & EXECUTIVE MANAGEMENT Our Board of Directors: • Is composed of a majority of independent directors Bill Greehey, Chairman of the Board Brad Barron, President & CEO Dan Bates Bill Burnett Fully Clingman Dan Hill Jelynne LeBlanc-Burley Bob Munch Grady Rosier Government Healthcare 78% Independent Bring diverse perspectives, expertise and experience from: Energy & commodities ✓ Mental health & wellness Financial & banking ✓ Technology ✓ Transportation • Evaluate the Board and its committees each year • Participate in compensation, audit and nominating/governance committees comprised solely of independent directors NuStar Responsibly Resilient Our Senior Executive Team: Brad Barron, President & CEO Mary Rose Brown, EVP & CAO Danny Oliver, EVP- Business Development & Engineering Amy Perry, EVP- Strategic Development & GC Tom Shoaf, EVP & CFO Jorge del Alamo, SVP & Controller Manish Kapoor, SVP & CIO Mark Trexler, SVP- Operations & HSE 50% Women & Minorities 31#67Our Executive Compensation Program is Focused on Pay-for-performance to Align NuStar's Strategic Priorities With Those of Our Investors Our philosophy for compensating our executive officers is based on the belief that a significant portion of executive compensation should be incentive-based and determined by both the performance of NuStar Energy, as well as each executive's individual performance Our executive compensation programs are designed to accomplish the following long-term objectives: Increase value to unitholders, while practicing good corporate governance ✓ Support our business strategy and business plan Provide flexibility to respond to the continually changing environment Align executive incentive compensation with short- and long-term results Provide market-competitive compensation and benefits to attract/retain top talent 2020 Annual Incentive Bonus Performance Measures (% weight) 10% 10% EXECUTIVE COMPENSATION 40% 1-Named Executive Officers NuStar 40% ■ Adjusted EBITDA Adjusted DCF ■ Adjusted operating and general & administrative expense ■ Safety and environmental performance Responsibly Resilient 50% 19% 31% Other NEOs¹ 69% Compensation at risk 62% 19% 19% CEO 81% Compensation at risk Long-Term Incentives Short-Term Incentives Base Salary 32#68OUR BOARD AND OUR EXECUTIVES ARE ALSO INVESTORS Our Board of Directors and Our Executives are Invested in NuStar's Future Through Their Ownership of NuStar Units Our independent directors are each required to acquire and hold NuStar units with an aggregate value of 2X their annual cash retainer NuStar Senior Executive Team: Required NuStar Energy Unit Ownership SVP EVP CEO/President 0 Responsibly Resilient 1 2 Multiple of base salary 3 33#69CONTACT INFORMATION INVESTOR RELATIONS (210) 918-INVR (4687) Investor [email protected] CORPORATE SECRETARY [email protected] NuStar Responsibly Resilient CORPORATE COMMUNICATIONS For additional information about corporate sustainability at NuStar, visit http://www.NuStarEnergy.com/Sustainability NuStar Teor (210) 918-2314 Corporate [email protected] SUSTAINABILITY [email protected] 34#70APPENDIX: RECONCILATION OF NON-GAAP FINANCIAL INFORMATION NuStar Energy L.P. utilizes financial measures, such as earnings before interest, taxes, depreciation and amortization (EBITDA), distributable cash flow (DCF) and distribution coverage ratio, which are not defined in U.S. generally accepted accounting principles (GAAP). Management believes these financial measures provide useful information to investors and other external users of our financial information because (i) they provide additional information about the operating performance of the partnership's assets and the cash the business is generating, (ii) investors and other external users of our financial statements benefit from having access to the same financial measures being utilized by management and our board of directors when making financial, operational, compensation and planning decisions and (iii) they highlight the impact of significant transactions. We may also adjust these measures and/or calculate them based on continuing operations, to enhance the comparability of our performance across periods. Our board of directors and management use EBITDA and/or DCF when assessing the following: (i) the performance of our assets, (ii) the viability of potential projects, (iii) our ability to fund distributions, (iv) our ability to fund capital expenditures and (v) our ability to service debt. In addition, our board of directors uses EBITDA, DCF and a distribution coverage ratio, which is calculated based on DCF, as some of the factors in its compensation determinations. DCF is used by the master limited partnership (MLP) investment community to compare partnership performance. DCF is used by the MLP investment community, in part, because the value of a partnership unit is partially based on its yield, and its yield is based on the cash distributions a partnership can pay its unitholders. None of these financial measures are presented as an alternative to net income, or for any periods presented reflecting discontinued operations, income from continuing operations. They should not be considered in isolation or as substitutes for a measure of performance prepared in accordance with GAAP. NuStar Responsibly Resilient 35#71APPENDIX: RECONCILATION OF NON-GAAP FINANCIAL INFORMATION (CONTINUED) The following is a reconciliation of (loss) income from continuing operations to EBITDA from continuing operations and adjusted EBITDA from continuing operations (in thousands of dollars): (Loss) income from continuing operations Interest expense, net Income tax expense Depreciation and amortization expense EBITDA from continuing operations Goodwill impairment loss (a) Loss on sale (b) Loss on extinguishment of debt (c) Other Adjusted EBITDA from continuing operations NuStar $ Responsibly Resilient $ Year Ended December 31, 2020 2019 (a) Represents a non-cash goodwill impairment charge related to our crude oil pipelines reporting unit. (b) Represents the loss on the sale of the Texas City terminals in December 2020. (c) This adjustment mainly represents a loss associated with the repayment of $500.0 million outstanding on our unsecured term loan credit agreement in the third quarter of 2020. (198,983) $ 229,054 2,663 285,101 317,835 225,000 34,697 141,746 3,963 723,241 $ 206,834 183,070 4,754 272,924 667,582 667,582 36