NuStar Energy Investor Conference Presentation Deck

NuStar U.S. Gasoline and Diesel Demand Have Rebounded Strongly ★ 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 100% 80% 60% 40% 20% 0% U.S. Gasoline & Diesel Demand (as a % of Pre-Covid Demand) 100% 95% 94% 87% 75% 90% 91% 95% 87% 90% 93% 95% 100% 95% 101% 96% 100% 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 2022 Gasoline ■ Diesel 17

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