NuStar Energy Investor Conference Presentation Deck

Our 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

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