NuStar Energy Investor Conference Presentation Deck

NuStar 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

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