Dallas Investors Forum May 16, 2009 Steve Blank, Senior VP, CFO & Treasurer Exhibit 99.1

This presentation contains certain estimates, predictions, projections, assumptions and other forward-looking statements that involve various risks and uncertainties. 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 almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggested in this report. These forward-looking statements can generally be identified by the words "anticipates," "believes," "expects," "plans," "intends," "estimates," "forecasts," "budgets," "projects," "will," "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. For a discussion of certain of those risks, please read "Risk Factors" in Item 1A of both NuStar Energy L.P's and NuStar GP Holdings, LLC's respective annual reports on Form 10-K for the year ended December 31, 2008 and each entity’s subsequent quarterly reports as filed with the Securities and Exchange Commission. Forward Looking Statements 2

Basics of MLPs

Basics of MLPs – What is a MLP? What is a MLP? Master Limited Partnerships (MLPs) - Partnerships whose interests (units) are traded on public exchanges (i.e. NYSE, American, Nasdaq) like corporate stocks Who are the Owners of a MLP? MLPs consist of a general partner and limited partner As provided in the applicable partnership agreement, the general partner (1) manages the partnership, (2) generally has a 2% ownership and (3) may be eligible to receive incentive distributions The limited partners are similar to shareholders. They (1) provide capital, (2) have no role in the operations of the partnership, (3) and receive cash distributions What Qualifies As a MLP? Tax incentives for certain limited partnerships were enacted by Congress to encourage investment in U.S. energy infrastructure Rules added to the tax code in 1987 require any partnership that is publicly traded to receive at least 90% of its income from qualifying sources in order to qualify as an MLP If an entity doesn’t meet the criteria, then for tax purposes, it is treated as a corporation Qualified sources include: Natural resource activities, interest, dividends, real estate rents, income from sale of real property, gain on sale of assets, and income and gain from commodities or commodity futures “Natural resource activities” include exploration, development, mining or production, processing, refining, transportation, storage and marketing of any mineral or natural resource Currently, most MLPs are involved in energy related businesses

What are the key differences between partnerships and corporations? Primary advantage that partnerships have over corporations is the elimination of “Double Taxation” MLPs do not pay corporate tax; Instead all tax items are passed through to the partners Allows more of earnings free to pass down to unitholders Unitholders enjoy tax deferral status on distributions, which are considered a return of capital Unitholders receive K-1 tax statements vs. 1099 tax statements for corporate shareholders When units are sold, investors are taxed on deferred portion of the distribution at ordinary tax rates and capital gain rates on the sale of units Basics of MLPs – What are the Differences between MLPs and Corporations?

Basics of MLPs – Why Invest in MLPs? Why invest in MLPs? Offers a tax-efficient way to invest in energy while receiving current income through distributions and the opportunity for growth through internal growth or acquisitions Strong performance track record versus the equity market MLPs have outperformed the S&P 500 over the past 10 years by over 115% Generous distribution yields (Alerian MLP Index yield is currently around 9.7%) Most MLPs generate stable cash flows An investment in MLPs is an investment in the build-out of the U.S. energy infrastructure Total Return - Alerian MLP Index vs. S&P 500 (Last 10 Years) 5/12/1999 11/9/2001 5/12/2004 11/10/2006 5/13/2009 0% 50% 100% 150% 200% 250% 300% 350% Indexed Price S&P 500 Alerian MLP S&P 500 (33%) Alerian MLP Index 83% Note: The Alerian MLP Index is a composite of the 50 most prominent energy master limited partnerships

NuStar Overview

NuStar Energy L.P. is a leading publicly traded growth-oriented partnership (NYSE: NS) with a market capitalization of approximately $2.8 billion and an enterprise value of approximately $4.7 billion One of the largest independent petroleum pipeline and terminal operators in the U.S. and one of the largest asphalt refiners and marketers in the U.S. Has delivered record performances since its IPO in 2001 Ranked #485 on the Fortune 500 Listing for the first time ever based on 2008 results NuStar GP Holdings, LLC (NYSE: NSH) holds the 2% general partner interest, 18.4% of the common units and incentive distribution rights in NuStar Energy L.P. NSH receives quarterly distributions from its ownership interests and in turn pays out quarterly distribution to its unitholders Unitholders should benefit from potentially higher growth in distributions from ownership of incentive distribution rights NuStar Overview – Two Publicly Traded Companies 8 NS NSH IPO Date: 4/16/2001 7/19/2006 Unit Price (5/13/09): $50.85 $22.89 Annual Distribution/Unit: $4.23 $1.72 Yield (5/13/09): 8.32% 7.51% Market Equity Capitalization: $2,769 million $974 million Enterprise Value: $4,681 million $976 million Total Assets (3/31/09): $4,505 million $570 million Debt/Capitalization (3/31/09): 46.9% n/a Fortune 500 Ranking: 485 n/a

High quality, large and diverse asset footprint with operations in eight different countries including the U.S., Mexico, Netherlands, Netherland Antilles (i.e. Caribbean), England, Ireland, Scotland and Canada Third largest independent liquids terminal operator in the world and second largest in the U.S. that provides significant growth opportunities No. 1 asphalt producer on the East Coast and No. 3 asphalt producer in the U.S. Expect asphalt operations to provide further upside to financial results as asphalt markets continue to tighten What Sets NuStar Apart from its Peers 9 Investment grade credit rating with demonstrated access to capital markets in difficult conditions Do not anticipate need to access capital markets in 2009 except for accretive acquisitions Lower cost of capital versus majority of peers Top Incentive Distribution Rights (IDRs) capped at 25% vs. 50% for most MLPs Strong corporate culture of taking care of employees, making safety a top priority, achieving operational excellence and contributing time and money to our communities Recognized in 2008 as one of the best places to work for in America and for our strong safety record Experienced and proven management team with substantial equity ownership and industry experience

Assets Stats: 8,491 miles of crude oil and refined product pipelines 82 terminal facilities and four crude oil storage tank facilities Over 91 million barrels of storage capacity 2 asphalt refineries capable of processing 104,000 bpd of crude oil Asset Overview 10

37% 35% 28% Percent of 2008 Segment Operating Income Diversification of operations provides various earnings streams and reduces risk Approximately 72% of NuStar Energy’s segment operating income in 2008 related to stable, fee-based operations Remainder of segment operating income related to margin-based asphalt and fuels marketing segment Storage (~37%) Transportation (~35%) Refined Product Terminals Crude Oil Storage Refined Product Pipelines* Crude Oil Pipelines Asphalt & Fuels Marketing (~28%) Asphalt Fuels Marketing Product Supply, Wholesale and Fuel Oil Marketing Bunkering/Other Diversified Operations 11 * Includes fuel oil, gasoline, propane, jet fuel, ammonia and other light ends. Does not include natural gas.

Independent Liquids Storage Capacity (Millions of Barrels) 8 8 10 12 16 20 24 25 31 34 39 60 85 91 91 104 171 Global Leader in Independent Liquids Storage NuStar is the third largest independent liquids terminal operator in the world and second largest in the U.S. Completed majority of expansion projects under our $400 million construction program, which contributed around 8.5 million barrels of incremental storage capacity Source: Company Websites & Management Presentations 12

$68 $86 $102 $154 $214 $221 $319 2002 2003 2004 2005 2006 2007 2008 Distributable Cash Flow ($ in Millions) EBITDA ($ in Millions) Record Growth Every Year, Has Translated Into… 13 $77 $112 $133 $219 $322 $353 $492 2002 2003 2004 2005 2006 2007 2008 2008 was a record year financially primarily due to contribution from asphalt operations and growth projects Despite challenging conditions in the first quarter of 2009, earnings were better than expected and beat analyst estimates Reported clean first quarter 2009 earnings of $0.47 per unit versus $0.35 per unit consensus estimate NuStar is well-positioned for another record year in 2009 Higher results from all three of our business segments (i.e. Transportation, Storage and Asphalt and Fuels Marketing) should drive record results Note: 2005 and 2006 distributable cash flow and EBITDA are from continuing operations

…Consistent Distribution Growth While Maintaining a Solid Distribution Coverage Ratio $4.085 $3.835 $3.60 $3.365 $3.20 $2.95 $2.75 $2.40 2001 2002 2003 2004 2005 2006 2007 2008 NS Annual Distribution Since IPO * * Based on NS annualized distribution of $0.60 per unit in 2001 ** Based on NSH annualized distribution of $0.32 per unit in 2006 NSH Annual Distribution Since IPO $1.28 $1.38 $1.58 2006 2007 2008 ** 14 ~8.0% CAGR ~11% CAGR NS Distribution Coverage Applicable to LPs NS declared a 1Q09 distribution of $1.0575, which was 7.4% higher compared to the 1Q08 distribution and unchanged from 4Q08 NSH declared a 1Q09 distribution of $0.43, which was 19.4% higher compared to the 1Q08 distribution and unchanged from 4Q08 Targeting distribution increases at NS and NSH in 2009 – increases dependent on NuStar Energy L.P.’s performance, growth opportunities and global economic, financial and capital market conditions 1.20x 1.25x 1.28x 1.30x 1.19x 1.16x 1.10x 1.33 2001 2002 2003 2004 2005 2006 2007 2008

-60% -50% -40% -30% -20% -10% 0% 10% 20% 5/13/08 7/12/08 9/11/08 11/11/08 1/11/09 3/13/09 5/13/09 NuStar Companies Beating Peers and Market Indices NS 8% S&P 500 (34)% Alerian MLP Index (21)% NSH Peers (16)% NSH (6)% Total Return - Last Twelve Months (LTM) Despite the market turmoil, both NuStar companies have weathered the storm well, significantly beating their respective peer groups and market indices Outperformance suggests bullish view on asphalt business, solid 2009 outlook and defensive nature of business Source: Barclay’s Capital 15 Note: NSH GP Peers Total Return Index is weighted on market capitalization of each company and includes the following companies: AHD, AHGP, BGH, EPE, ETE, HPGP, MGG, and NRGP. The Alerian MLP Index is a composite of the 50 most prominent energy master limited partnerships

2009 Outlook

17 2009 Outlook – Transportation Segment A tariff increase of around 7.6% effective July 1, 2009 should contribute higher operating income in 2009 over 2008 Tariff increase represents the highest increase since indexation began in 1993 Over 90% of NuStar’s pipeline should receive the tariff increase New pipeline business, an anticipated reduced refinery maintenance schedule and a new pipeline project expected to start-up in July should help mitigate the impact of weaker throughput volumes from lower demand NuStar is more insulated from weaker demand compared to other refined product pipelines Benefit from market areas that are more agricultural versus population center based NuStar’s 2008 Pipeline Receipts by Commodity Other* 68% Gasoline 32% * Other includes crude oil, fuel oil, ammonia, jet fuel, propane, naphtha and light refined product ends

18 2009 Outlook – Storage Segment Storage segment should also see better results in 2009 as we benefit from a full year’s contribution primarily from completed projects under our $400 million construction program Expect to benefit from contango markets to the extent that certain of our storage contract revenues are up for renewal: Contract renewals: 29% - 1 Year or Less 28% - 1 to 3 Years 23% - 3 to 5 Years 19% - Greater than 5 Years Lower throughputs in our storage segment don’t necessarily translate into weaker earnings since the majority of our business is contracted Approximately 90% of our revenues in the storage segment come from leased assets or assets connected to pipelines in our transportation segment St. Eustatius Terminal – 14.0 mm bbls storage capacity Texas City, TX Terminal – 2.7 mm bbls storage capacity

19 2009 Outlook – Asphalt Operations Expect even more favorable supply and demand fundamentals in 2009 to drive better results in the asphalt operations Expect a higher margin per barrel and slightly higher sales volumes assuming the impact from the stimulus package kicks in by late 2009 Continue to target a 50 percent holdback of cash flows from the asphalt business Currently receiving full contract volumes of Venezuelan crude oil and have received no indication of further cuts

Asphalt Fundamentals

-5.0 5.0 15.0 25.0 35.0 45.0 55.0 2004 2005 2006 2007 2008 Imports Exports Net Imports Despite lower asphalt demand, a combination of higher crude oil prices and tight asphalt supply resulted in historic asphalt prices and margins in 2008 New Jersey asphalt prices climbed from around $350 per short ton at the start of the season to around $800 per short ton during the peak asphalt season Lack of asphalt imports was one of the main contributing factors as to why asphalt supply was tight in 2008 Venezuela has not exported any asphalt to the U.S. since January 2008 U.S. asphalt inventories at the end of February 2009 were over 14% lower than the five-year average setting up for tight supply during the 2009 asphalt season U.S. Asphalt Inventories (000 barrels) Source of data for graphs: New Jersey Department of Transportation and U.S. Energy Information Administration Tight Asphalt Fundamentals in 2008 Bode Well for 2009 21 U.S. Asphalt Imports/Exports (mbpd) 10,000 20,000 30,000 40,000 50,000 Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 2006 2007 2008 2009 5-Year Avg.

One of the driving factors for tighter asphalt supply in 2009 should be continuing low U.S. refinery utilization rates as a result of a weak economy and resulting lower refining margins Continue to expect lack of asphalt imports to also be a contributing factor to tighter supply in 2009 While a lower GDP forecast is expected to soften asphalt demand, stimulus spending and lower crude oil and product prices should help mitigate the impact An improving economy should result in increased asphalt demand Foreign stimulus efforts also expected to support global asphalt demand Expect to see the asphalt rack price respond to the tight supply/demand balance as weather improves and we get further into the asphalt season Source of data for graphs: U.S. Energy Information Administration and New Jersey Department of Transportation Expect Low U.S. Refinery Utilization Rates to Tighten Asphalt Markets Even More in 2009 and Beyond 22 NJ Asphalt Cement Price Index ($ per short ton) U.S. Refinery Utilization Rate vs. U.S. Asphalt Production $100 $200 $300 $400 $500 $600 $700 $800 $900 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2006 2007 2008 2009 5-Year Avg. 75.0% 80.0% 85.0% 90.0% 95.0% 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 250 300 350 400 450 500 550 Refinery Utilization (%) Asphalt Production (MBPD)

Lower Availability of Heavier, Sour Crudes Expected to Drive Less Asphalt Production Near-Term 23 Comparative Crude Oil Prices ($ per barrel) Spread b/w WTI and Venezuelan crudes currently around $5 to $10 per barrel. Differentials between light, sweet and heavy, sour crudes have recently narrowed primarily due to cuts of heavier, sour barrels and WTI price weakness NuStar is still seeing good discounts for the Venezuela crudes that are being purchased Near-term, lower availability of heavier, sour crudes expected to result in less bottoms being produced, including asphalt While we expect differentials to remain narrow in the near-term, should see the differentials widen as the economy and demand for refined products improve WTI * Mexican Maya * BCF-13 ** Boscan ** * Source: Platts ** Source: Company $10.00 $30.00 $50.00 $70.00 $90.00 $110.00 $130.00 Jan-06 Jul-06 Jan-07 Jul-07 Jan-08 Jul-08 Jan-09

Announced U.S. Coker Projects: Longer Term Asphalt Story Continues to be Bullish Source: PIRA Refinery Database; Company Information 24 Continue to expect coker projects will tighten asphalt supply despite some projects delays/cancellations 85% of the announced coker projects listed are either complete or have a high likelihood of completion (i.e. firm projects - expansions that are expected to have a very high likelihood of occurring) Combination of low refinery utilization rates, improving economy, lack of imports and coker projects coming on- line should result in tighter asphalt markets and better-than-historic asphalt prices and margins over the next several years No. Refinery PADD Announced Coker Capacity (Mbpd) Announced Crude Capacity (Mbpd) Start Up Date Status 1 Coffeyville Resources - Coffeyville, Kansas II 2.0 8.0 1Q 2007 Complete 2 BP - Toledo, Ohio II 2.0 10.0 1Q 2007 Complete 3 Valero - Port Arthur, Texas III 25.0 75.0 1Q 2007 Complete 4 Frontier - Cheyenne, Wyoming IV 4.3 - 3Q 2007 Complete 5 Chevron - El Segundo, California V 15.0 - 4Q 2007 Complete 6 Sinclair – Sinclair, Wyoming IV 20.0 11.0 4Q 2007 Complete 7 ConocoPhillips - Borger, Texas III 25.0 - 4Q 2007 Complete 8 Cenex - Laurel, Montana IV 15.0 - 1Q 2008 Complete 9 Frontier - El Dorado, Kansas II 3.0 11.0 2Q 2008 Complete 10 Tesoro - Martinez, California V 4.4 - 2Q 2008 Complete 11 ConocoPhillips - Los Angeles, California V 5.0 - 4Q 2008 Firm 12 Marathon - Garyville, Louisiana III 44.0 180.0 4Q 2009 Firm 13 Valero - St. Charles, Lousiana III 10.0 45.0 1Q 2010 Firm 14 Hunt - Tuscaloosa, Alabama III 18.5 15.0 3Q 2010 Firm 15 ConocoPhillips - Wood River, Illinois II 65.0 55.0 1Q 2011 Firm 16 Atofina Petrochemicals Inc.- Port Arthur, Texas III 50.0 - 1Q 2011 Firm 17 BP/Husky - Toledo, Ohio II 25.0 - 1Q 2011 Firm 18 Pasadena Refining System - Pasadena, Texas III 29.0 100.0 2Q 2011 Probable 19 BP - Whiting, Indiana II 95.0 30.0 1Q 2012 Firm 20 Motiva - Port Arthur, Texas III 40.0 325.0 1Q 2012 Firm 21 ConocoPhillips - Borger, Texas III 20.0 34.0 2Q 2012 Probable 22 Marathon - Detroit, Michigan II 28.0 13.0 2Q 2012 Probable Total US Expansion 545.2 912.0

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Status of U.S. Highway Funding Stimulus Package Expected to Benefit Asphalt Demand 25 * Source: Proposed funding based on media reports and internal estimates Actual and Proposed Federal Highway Funding ($ in billions)* $37.1 $38.1 $40.4 $41.8 $49.3 Stimulus Funds SAFETEA-LU $66.6 $70.8 $75.0 $77.0 $78.0 New SAFETEA-LU funding for FY2010-2014 estimated at $300-500 Billion, a 75% increase over the current bill* Congress already considering reauthorization of funding in early 2009 Funding options include federal gas tax increase, indexing user fees for inflation adjustment, bonds and tolls The American Recovery and Revitalization Act provides $29 billion for transportation infrastructure investments Expect approximately 85 percent of the $29 billion of funding to go towards asphalt with the remainder to concrete 50% of the allocated for highway spending must be obligated to projects within 120 days of enactment otherwise those funds will be sent back to the government for redistribution More than 25% of the $29 billion is expected to be allocated to markets that NuStar serves Should start seeing impact from stimulus funds in the third quarter of 2009, which will result in slightly higher asphalt demand 2009 versus 2008 Over the life of the stimulus package, asphalt demand is expected to increase by more than 10 percent between 2009 and 2011 over 2008 levels

Financial Overview

Current Revolver Availability Rate on revolver based on LIBOR plus 50 bps, currently just under 1% Financial Covenant Tests: Debt-to-EBITDA cannot exceed 5.0 to 1.0 times Following an acquisition of $100 million or more, NuStar may increase Debt-to-EBITDA to 5.5 times for two consecutive quarters Capital Access / Key Debt Terms & Covenants 27 Do not anticipate need to access capital markets to fund current operations, distributions and capital requirements in 2009 Expect to use cash flows from operations and $1.2 billion revolver for financing purposes Plan to access equity only for accretive acquisitions Will continue to de-lever throughout the year and are targeting a lower Debt-to-EBITDA by the end of 2009 3.99 times at the end of December 31, 2008 NuStar’s Investment Grade Rating important during these uncertain times NuStar is one of only ten or so MLPs that have an investment grade rating – important for efficient access to capital markets Fitch revised its outlook to stable from negative on February 20, 2009 Will continue to work with other rating agencies to have negative outlook removed Total Bank Credit $1,221 Less: Borrowings (755) Letters of Credit (58) Revolver Liquidity $408 Standard & Poor’s: BBB- (Negative Outlook) Moody’s: Baa3 (Negative Outlook) Fitch: BBB- (Stable Outlook) Credit Summary (Dollars in Millions)

$1.2 billion Credit Facility $590.3 NuStar Logistics Notes (7.65%) 349.4 NuStar Logistics Notes (6.875%) 104.5 NuStar Logistics Notes (6.05%) 239.0 Kaneb Ops. Notes (5.875%) 258.5 Kaneb Ops. Notes (7.75%) 271.0 Other Debt 111.5 Total Debt $1,924.2 Total Partners’ Equity 2,174.5 Total Capitalization $4,098.7 (Dollars in Millions) No Significant Debt Maturities Until 2012 2009 $0.7 2010 $0.8 2011 $0.8 2012 $971* 2013 $481 2014 $0.6 * Primarily includes maturity of $590 million revolver balance and $350 million of senior notes Capital Structure (3/31/09) Long-Term Debt Maturities (3/31/09) 28 No significant debt maturities until 2012 at which time the revolver and some of the senior notes become due

2007 2008 2009 Reliability Strategic/Other 29 Flexible Capital Growth Program NuStar has no major project commitments in 2009 and has a flexible capital growth program Continue to conservatively target around $80 million of strategic growth capital spending for 2009 in light of challenging economic and capital market conditions There are no shortage of growth opportunities and can quickly ratchet back up capital program when conditions improve Major 2009 strategic projects include: Approximately $20 million of pipeline projects on NuStar’s East pipeline, ammonia pipeline and at our St. James, LA facility to increase the capacity and flexibility of our two pipelines and to accommodate new and existing customers Approximately $10 million to finish up tank expansion projects at NuStar’s Texas City, TX and Amsterdam facilities as part of our $400 million construction program Approximately $30 million at our Texas City, TX facility to improve and upgrade it to make a world-class terminal Approximately $14.5 million at our Paulsboro, NJ and Savannah, GA asphalt facilities to improve crude flexibility and rates, improve the energy efficiency of the refineries and increase the production of polymer modified asphalt (Dollars in Millions) $251 $211 $40 $202 $56 $146 $145 - $150 ~$80 ~$65 - $70

Total Capital In-Service Dates Major Projects Investment 1Q08 2Q08 3Q08 4Q08 2009 Major Projects Completed in Late 2006 & 2007 $92.0 Amsterdam Expansion – Partial P1 37.8 St. Eustatius Expansion – P3 20.2 Texas City, TX Expansion 21.1 St. James, LA Expansion 25.6 Linden, NJ Pipeline Expansion 7.7 Jacksonville, FL Expansion 20.5 Amsterdam Expansion – Partial P1 37.8 Amsterdam Expansion – Option 1 5.3 St. James, LA Expansion 26.5 Amsterdam Expansion – Option 2 29.2 Texas City, TX Expansion 13.5 Asphalt/Heavy Fuel Oil Projects 35.0 Storage and Pipeline Projects 46.0 Total ~$415 (Dollars in Millions) P = Phase Track record of completing large internal growth projects on-time and on-budget Targeting around $80 million of internal growth projects in 2009 Plenty of opportunities to grow the business with substantial amount of new internal growth project ideas and acquisition targets over the next few years Growth opportunities primarily focused on storage expansions Completed Completed Completed Completed Completed Completed Completed Completed $400 million Construction Program Nearly Complete – Should Provide Solid Contribution to 2009 Results Completed Completed Completed 30

One of the largest independent petroleum pipeline and terminal liquids operators in the world Provides world class pipeline and terminalling services to some of the world’s largest crude oil producers, integrated oil companies, chemical companies, oil traders and refineries Pipeline and storage businesses somewhat recession proof One of the largest asphalt refiners and marketers in the U.S. Expect to benefit from better-than-historic asphalt margins as supply continues to tighten Proposed economic stimulus package expected to provide further growth in U.S. asphalt demand Large and diversified asset footprint in the U.S. and internationally allows for ample acquisition and internal growth opportunities Despite lower expected strategic capital for 2009, continue to have plenty of opportunities to grow the business over the next few years One of a few partnerships to have a large international presence One of only a few partnerships with incentive distribution rights capped at 25% Lower cost of capital provides NuStar Energy L.P. a competitive advantage Investment grade rating and demonstrated access to capital in difficult markets Fitch recently revised its outlook to stable from negative Will continue to work with other rating agencies to have negative outlook removed Experienced management team with substantial equity ownership Higher earnings expected in 2009 despite weak global economic outlook Investment Highlights 31

Questions & Answers

Appendix 33

Steve Blank – Senior VP, CFO & Treasurer Steve Blank is Senior Vice President, Chief Financial Officer and Treasurer of NuStar Energy L.P. and NuStar GP Holdings, LLC. In this position, he is responsible for corporate finance, external reporting, accounting, budgeting and forecasting, investor relations, risk management, tax, treasury and credit. Blank was previously Vice President-Finance for Valero Energy Corporation. In that position, he was responsible for corporate finance, treasury operations, and wholesale credit. Prior to that, Blank held a variety of positions with Ultramar Diamond Shamrock Corporation (UDS) in New York, London and San Antonio, including Director of Planning and Development; Assistant Treasurer-Corporate Finance; Vice President of Investor Relations; Vice President-Information Technology; and Vice President-Finance and Treasurer. Before joining UDS in 1980, Blank worked for two years with National Westminster Bank in New York. Blank was born in Spring Valley, NY in 1954 and received a Bachelor of Arts in History from the State University of New York in 1976. He went on to obtain a Master’s degree in International Affairs, with a specialization in Business, from Columbia University in 1978. Blank is the Treasurer and a member of the Board of Directors of the San Antonio Botanical Society. He is also a member of the Board of Directors of the McNay Art Museum in San Antonio. Management Bio

35 NuStar Energy L.P. utilizes two financial measures, EBITDA and distributable cash flow, which are not defined in United States generally accepted accounting principles. Management uses these financial measures because they are widely accepted financial indicators used by investors to compare partnership performance. In addition, management believes that these measures provide investors an enhanced perspective of the operating performance of the partnership's assets and the cash that the business is generating. Neither EBITDA nor distributable cash flow are intended to represent cash flows for the period, nor are they presented as an alternative to net income. They should not be considered in isolation or as substitutes for a measure of performance prepared in accordance with United States generally accepted accounting principles. (Dollars in Thousands) Reconciliation of Net Income to EBITDA to Distributable Cash Flow Note: 2005 and 2006 distributable cash flow and EBITDA are from continuing operations 2008 2007 2006 2005 2004 2003 2002 Income from continuing operations 254,018 $ 150,298 $ 149,906 $ 107,675 $ 78,418 $ 69,593 $ 55,143 $ Plus interest expense, net 90,818 76,516 66,266 41,388 20,950 15,860 4,880 Plus income tax expense 11,006 11,448 5,861 4,713 - - 395 Plus depreciation and amortization expense 135,709 114,293 100,266 64,895 33,149 26,267 16,440 EBITDA from continuing operations 491,551 352,555 322,299 218,671 132,517 111,720 76,858 Less equity earnings from joint ventures 8,030 6,833 5,882 2,319 1,344 2,416 3,188 Less interest expense, net 90,818 76,516 66,266 41,388 20,950 15,860 4,880 Less reliability capital expenditures 55,669 40,337 35,803 23,707 9,701 10,353 3,943 Less income tax expense 11,006 11,448 5,861 4,713 - - - Plus mark-to-market impact on hedge transactions (9,784) 3,131 - - - - - Plus charges reimbursed by general partner - - 575 - - - - Plus distributions from joint ventures 2,835 544 5,141 4,657 1,373 2,803 3,590 Plus other non-cash items - - - 2,672 - - - Distributable cash flow from continuing operations 319,079 $ 221,096 $ 214,203 $ 153,873 $ 101,895 $ 85,894 $ 68,437 $ Year Ended December 31,

36 NuStar Energy L.P. utilizes two financial measures, EBITDA and distributable cash flow, which are not defined in United States generally accepted accounting principles. Management uses these financial measures because they are widely accepted financial indicators used by investors to compare partnership performance. In addition, management believes that these measures provide investors an enhanced perspective of the operating performance of the partnership's assets and the cash that the business is generating. Neither EBITDA nor distributable cash flow are intended to represent cash flows for the period, nor are they presented as an alternative to net income. They should not be considered in isolation or as substitutes for a measure of performance prepared in accordance with United States generally accepted accounting principles. 2008 Debt-to-EBITDA Reconciliation Year Ended December 31, 2008 Net income 254,018 $ Plus interest expense, net 90,818 Plus income tax expense 11,006 Plus depreciation and amortization expense 135,709 EBITDA 491,551 Less equity earnings from joint ventures (8,030) Less other income, net (37,739) Less mark-to-market impact on all derivative transactions (9,781) Plus distributions from joint ventures 2,835 Other adjustments allowed under debt agreements 36,492 Adjusted EBITDA per debt agreements 475,328 $ Total Consolidated Debt at December 31, 2008 1,894,848 $ Debt Coverage Ratio (not greater than 5.0x) 3.986x (Unaudited, Thousands of Dollars, Except Ratio) The following is a reconciliation of net income to EBITDA and Adjusted EBITDA, as defined in our debt agreements: