Barclays Capital CEO Energy/Power Conference September 2009 Curt Anastasio, CEO and President Exhibit 99.1

Forward Looking Statements 2 Statements contained in this presentation that state management’s expectations or predictions of the future are forward-looking statements intended to be covered by the safe harbor provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934. The words “believe,” “expect,” “should,” “estimates,” and other similar expressions identify forward-looking statements. It is important to note that actual results could differ materially from those projected in such forward-looking statements. 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 and NuStar GP Holdings, LLC’s respective annual reports on Form 10-K and quarterly reports on Form 10-Q, filed with the Securities and Exchange Commission and available on NuStar’s websites at www.nustarenergy.com and www.nustargp.com.

NuStar Overview 3

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 What Sets NuStar Apart from its Peers No. 1 asphalt producer on the East Coast and No. 3 asphalt producer in the U.S. Investment grade credit rating with demonstrated access to capital markets in difficult conditions Lower cost of capital versus majority of peers 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 companies to work for in America and for our strong safety record Experienced and proven management team with substantial equity ownership and industry experience 4

NuStar Energy L.P. (NYSE: NS) is a leading publicly traded growth-oriented partnership with a market capitalization of nearly $2.9 billion and an enterprise value of approximately $4.9 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. 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. NuStar Overview – Two Publicly Traded Companies NS NSH IPO Date: 4/16/2001 7/19/2006 Unit Price (9/4/09): $52.88 $23.88 Annual Distribution/Unit: $4.23 $1.72 Yield (9/4/09): 8.00% 7.20% Market Equity Capitalization: $2,880 million $1,016 million Enterprise Value: $4,956 million $1,012 million Total Assets (6/30/09): $4,862 million $577 million Debt/Capitalization (6/30/09): 49.1% n/a Fortune 500 Ranking: 485 n/a 5 83.2% Membership Interest 79.6% L.P. Interest Public Unitholders 35,409,951 NSH Units Public Unitholders 44,224,754 NS Units 16.8% Membership Interest 2.0% G.P. Interest 18.4% L.P. Interest Incentive Distribution Rights William E. Greehey 7,138,920 NSH Units NYSE: NSH NYSE: NS

Large and Diverse Geographic Footprint with Assets in Key Locations 6 Asset Stats: Operations in eight different countries including the U.S., Mexico, Netherlands, Netherlands Antilles (i.e. Caribbean), England, Ireland, Scotland and Canada 8,407 miles of crude oil and refined product pipelines 82 terminal facilities and four crude oil storage tank facilities Nearly 91 million barrels of storage capacity 2 asphalt refineries capable of processing 104,000 bpd of crude oil

46% 36% 18% Percentage of Expected 2009 Segment Operating Income Approximately 82% of NuStar Energy’s segment operating income in 2009 is expected to come from fee- based operations Remainder of expected 2009 segment operating income relates to margin-based asphalt and fuels marketing segment Storage (~46%) Transportation (~36%) Refined Product Terminals Crude Oil Storage Refined Product Pipelines* Crude Oil Pipelines Asphalt & Fuels Marketing (~18%) Asphalt Fuels Marketing Product Supply, Wholesale and Fuel Oil Marketing Bunkering Diversified Operations from Three Business Segments * Includes primarily distillates, gasoline, propane, jet fuel, ammonia and other light ends. Does not include natural gas. 7

173 104 91 91 85 60 41 39 34 25 24 22 16 12 10 8 8 Independent Liquids Storage Capacity (Millions of Barrels) 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 expansion projects under our $400 million construction program, which contributed around 8.5 million barrels of incremental storage capacity Of the roughly 91 million barrels of storage capacity, approximately 50 million barrels are crude oil and heavy fuel products, 39 million barrels are refined products and 2 million barrels are biofuels Source: Company Websites & Management Presentations 8

Distributable Cash Flow ($ in Millions) EBITDA ($ in Millions) 2008 was a record year financially primarily due to contribution from asphalt operations and growth projects Despite challenging economic and market conditions, reported record second quarter 2009 earnings of $75.1 million, or $1.38 per unit, over nine times higher than lasts year’s $8.1 million, or $0.15 per unit For the six months ended June 30, 2009, earnings were $106.8 million, or $1.96 per unit, significantly higher than the $57.7 million, or $1.11 per unit, for the six months ended June 30, 2008 Note: 2005 and 2006 distributable cash flow and EBITDA are from continuing operations Reliable Growth in Earnings 2001 2002 2003 2004 2005 2006 2007 2008 $56 $68 $86 $102 $154 $214 $221 $319 2001 2002 2003 2004 2005 2006 2007 2008 $63 $77 $112 $133 $219 $322 $353 $492 9

$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 ** ~8.0% CAGR ~11% CAGR NS Distribution Coverage Applicable to LPs NuStar Energy L.P. reported a strong distribution coverage ratio of 2.14 times applicable to limited partners for 2Q09 and 1.67 times for the six months ended June 30, 2009 1.20x 1.25x 1.28x 1.30x 1.19x 1.16x 1.10x 1.33 2001 2002 2003 2004 2005 2006 2007 2008 Consistent Distribution Growth While Maintaining a Solid Distribution Coverage 10

-50% -40% -30% -20% -10% 0% 10% 20% 30% 40% 9/3/08 11/3/08 1/3/09 3/5/09 5/5/09 7/5/09 9/4/09 Despite the market turmoil, both NuStar companies have weathered the storm well, significantly beating their respective peer groups and market indices Total Return – Last Twelve Months (LTM) Source: Barclays Capital NuStar Companies Outperforming During Challenging Economic times NS 16% S&P 500 (19)% Alerian MLP Index (4)% NSH Peers 6% NSH 21% 11 The Alerian MLP Index is a composite of the 50 most prominent energy master limited partnerships calculated by Standard & Poor's using a float-adjusted market capitalization methodology. 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.

Financial Overview 12

Maintaining Sufficient Liquidity with Disciplined Financial Strategy NS Current Revolver Availability Rate on NS revolver based on LIBOR plus 50 bps, currently around 83 bps Rate on NSH revolver based on LIBOR plus 450 bps 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 Total Bank Credit $1,223 Less: Borrowings (821) Letters of Credit (60) Revolver Liquidity $342 (Dollars in Millions) NSH Current Revolver Availability Total Bank Credit $19.5 Less: Borrowings - Letters of Credit - Revolver Liquidity $19.5 (Dollars in Millions) 2009 $20.7 2010 $0.8 2011 $0.8 2012 $1,185.1* 2013 $481.0 2014 $0.6 * Primarily includes maturity of revolver, which expires December 2012, and $350 million of senior notes NS Debt Maturities (6/30/09) NSH Debt Maturities (6/30/09) 2009 $- 2010 2011 2012 $- 2013 $- 2014 $- ** NSH’s revolving credit facility expires on July 16, 2010 13 $- $-

Actuals June 2009 YTD Reliability Other Internal Growth Total Capital Forecast Transportation 13,908 $ 11,057 $ - $ 15,936 $ 26,993 $ Storage 44,145 46,799 - 79,797 126,596 Corporate - IS 3,770 5,053 1,481 854 7,388 Asphalt & Fuels Marketing 7,184 11,316 - 10,930 22,246 Total Forecast 69,007 $ 74,225 $ 1,481 $ 107,517 $ 183,223 $ 2009 Forecast Internal Growth Spending Forecast has been Increasing as Capital Markets Improve Now targeting nearly $107.5 million of strategic growth capital spending for 2009 versus our previous target of $98 million and versus $80 million at the start of 2009 Difference from $98 million relates to additional storage projects at our St. Eustatius terminal and one of our UK terminals and upgrade projects to handle additional products at two of our West Coast terminals $107.5 million should contribute approximately $29 million of operating income annually Other major 2009 strategic projects include: Approximately $19 million of pipeline projects on NuStar’s East 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 $12 million to finish up tank expansion projects at NuStar’s Texas City, TX facility as part of our $400 million construction program Approximately $26 million at our Texas City, TX facility to improve and upgrade it to make it a world-class heavy oil terminal Approximately $13 million at our Paulsboro and Savannah asphalt facilities to improve crude flexibility and rates, improve the energy efficiency of the refineries and increase the production of polymer modified and warm-mix asphalt NuStar Energy L.P. Board of Directors recently approved full funding for an $85 million internal growth program associated with our Texas City, Texas terminal facility, of which approximately $40 million is already included in our 2009 internal growth forecast (Dollars in Millions) 14

Significant Long-Term Internal Growth and Acquisition Opportunities Acquisition Criteria Accretive to distributable cash flows Strong internal growth potential Synergistic with existing operations (i.e. ties in with strategy) Storage – Continue to evaluate domestic and international storage opportunities in strategic hub locations Amsterdam/Rotterdam/Antwerp-–-Evaluating opportunities to acquire storage facilities to meet growing demand Asphalt – Continue to evaluate production and logistics opportunities to expand markets Acquisitions Internal Growth Storage: Black Oil Strategy – Continue to implement strategy of building crude oil and heavy fuel oil storage at Texas City, TX and St. James, LA facilities St. Eustatius – Evaluating opportunities to expand or acquire nearby terminals to increase presence in the Caribbean market Amsterdam/Rotterdam/Antwerp-–-Evaluating-opportunities-to build storage facilities to meet growing demand United Kingdom – Build-out existing terminals Pipelines: Ammonia Pipeline – Evaluating additional pipeline laterals to industrial end users Central/South Texas – Evaluating opportunities to increase utilization of assets to meet demand in these growing markets Asphalt: Additional projects to address crude flexibility, improve quality of light products, produce roofing flux and blend crude to optimize operations Evaluating around $500 million of acquisition and internal growth opportunities over the next few years— 15

2009 Outlook 16

Compared to 2008, we continue to expect higher results from our storage segment and comparable or better results from our transportation segment in 2009; however, results from our asphalt operations will be lower than anticipated Third and fourth quarter 2009 results from our asphalt operations will be lower than expected primarily due to reduced product margins Asphalt prices have not kept pace with the over 50% increase in crude oil prices 2009 year-to-date, which reduces our product margin Our product margin per barrel for the third quarter of 2009 is expected to be in the range of $4.50 to $5.50 per barrel We expect fourth quarter 2009 earnings from our asphalt operations to follow the typical seasonal pattern of decline Fourth quarter 2009 asphalt prices are forecasted to decline at a faster rate than crude prices Although we continue to expect that federal stimulus construction work will materialize primarily in 2010 and 2011, only a small percentage of the dedicated federal stimulus funds have been spent in 2009, or, roughly $1.4 billion of the nearly $27 billion available for highway projects We expect a positive impact to public sector asphalt demand primarily in 2010 and 2011 when most of the federal stimulus spending is expected to occur Private sector activity expected to be limited for the balance of 2009 by the continued weak economy Economic recovery should support private sector demand EBITDA from our asphalt operations now expected to be in the range of $50 to $80 million for the full year of 2009, which, while not as high as expected earlier in the year, is still a solid contribution in a demonstrably weak worldwide economy The two-year EBITDA contribution on our acquisition of the former CITGO asphalt refineries, excluding the 2008 hedging loss in our asphalt operations, is expected to be in the range of $200 to $230 million (or $140 million to $170 million including the hedging loss) Based on the latest forecast, we now expect third quarter 2009 earnings to be in the range of $0.80 to $1.20 per unit NuStar Energy L.P. 2009 Outlook 17

A tariff increase of 7.6% effective July 1, 2009, lower operating expenses and the start-up of the East pipeline project in June 2009 should contribute to comparable or better operating income in 2009 versus 2008 despite lower throughputs Lower throughputs in 2009 have primarily been the result of the sale of pipeline assets, as well as planned turnarounds and unplanned outages Expect to see an uptick in fourth quarter throughputs compared to the third quarter of 2009, primarily due to a lighter refinery maintenance schedule Expect Stable Profits in Transportation Segment in 2009 Despite Lower Throughputs Resulting Primarily from Assets Sales Impact from sale of pipelines : ConocoPhillips sale of their JV Interest in the El Paso pipeline to Valero Energy in 2Q08 (~32 mbpd) NuStar’s sale of the Skelly-Belvieu pipeline in 4Q08 (~12 mbpd) NuStar’s sale of the Trans-Texas and Ardmore-Wynnewood pipelines in 2Q09 (~ 60 mbpd) Revenue per barrel should be significantly higher in 3Q09 primarily due to 7.6% tariff increase and sale of pipeline assets with a relatively low revenue per barrel E = Estimate 965-975 860-870 911 104 1,006 1,001 56 1,112 1,050 43 38 35 18

Targeting an incremental $35 to $40 million of EBITDA in 2009 as we benefit from a full year’s contribution primarily from completed projects under our $400 million construction program and rate increases on renewed contracts Total annualized EBITDA contribution from $400 million construction program expected to be in the range of $55 to $60 million Of the $35 to $40 million increase in 2009, approximately 20 percent is expected to come from rate increases and 80 percent from completed storage projects Expect to benefit from contango markets to the extent that certain of our storage contract revenues are up for renewal: 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 leased 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 – 13.0 mm bbls storage capacity Texas City, TX Terminal – 2.7 mm bbls storage capacity Expect Higher Profits in Storage Segment in 2009 Despite Lower Throughputs 19

Asphalt Fundamentals 20

While Asphalt Supply Through June 2009 Continues to Remain Below Historical Averages, Asphalt Demand has been Trending Lower Unseasonably wet weather on the U.S. East Coast and weak public and private road demand due to the poor economy has caused asphalt demand to lag compared to last year Asphalt demand through June 2009 was over 12% lower than 2008 and nearly 25% below the 5-year average Impact should result in a deferral and not a cancellation of road work projects Continue to expect a positive impact to asphalt demand primarily in 2010 and 2011 when most of the stimulus spending is expected to occur and economic recovery supports private sector demand U.S. Asphalt Demand (000 barrels) Source of data for graphs: U.S. Energy Information Administration. Data only available through June 2009 5,000 10,000 15,000 20,000 25,000 Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 2006 2007 2008 2009 5-Year Avg. 21

Lower Asphalt Production and Imports Through June 2009 Continue to Point to Below Average Supply U.S. refiners have cut crude oil runs to avoid driving weak margins lower, resulting in reduced refinery production, including asphalt Narrow light-heavy crude oil spreads are causing complex refiners to run less heavy crude oil and more light crude oil, resulting in less bottom-of-the barrel production, including asphalt Asphalt production through June 2009 was over 5% lower than 2008 and over 17% lower than the 5-year average U.S. Asphalt Production (000 barrels) U.S. Asphalt Imports (000 barrels) Continued lack of asphalt imports is also contributing to less asphalt supply Asphalt imports through June 2009 were nearly 19% lower than 2008 and over 40% lower than the 5-year average Source of data for graphs: U.S. Energy Information Administration. Data only available through June 2009 0 1,000 2,000 3,000 Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec 2006 2007 2008 2009 5-Year Avg. 5,000 10,000 15,000 20,000 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2006 2007 2008 2009 4-Year Avg. 22

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 Complete 12 Marathon - Garyville, Louisiana III 44.0 180.0 4Q 2009 Firm 13 Hunt - Tuscaloosa, Alabama III 18.5 15.0 3Q 2010 Firm 14 ConocoPhillips - Wood River, Illinois II 65.0 55.0 1Q 2011 Firm 15 Atofina Petrochemicals Inc.- Port Arthur, Texas III 50.0 - 1Q 2011 Firm 16 BP/Husky - Toledo, Ohio II 25.0 - 1Q 2011 Firm 17 BP - Whiting, Indiana II 95.0 30.0 1Q 2012 Firm 18 Motiva - Port Arthur, Texas III 40.0 325.0 1Q 2012 Firm 19 Marathon - Detroit, Michigan II 28.0 13.0 2Q 2012 Probable Total US Expansion 486.2 733.0 Expansions Completed through 2008 120.7 115.0 Firm Expansions 2009-2012 337.5 605.0 Probable Expansions 2009-2012 28.0 13.0 Announced U.S. Coker Projects: Despite Some Delays/Cancellations, Long-Term Impact of Coker Projects on Asphalt Supply Still Intact Source: PIRA Refinery Database; Company Information Approximately 95% of the announced coker projects listed are either complete or have a high likelihood of completion (i.e. firm projects) Most of the coker capacity is still expected to come on-line in 2011 and 2012, which should contribute to further tightening of asphalt supply 23

Strategy 24

Execution of Game Plan… We Intend to: Financial Maintain sufficient liquidity with disciplined financial strategy near term Work towards having negative outlook removed from rating agency Execute and deliver on capital projects Maintain higher coverage ratio on margin-related businesses Continue to grow the distribution at NuStar Energy L.P. and NuStar GP Holdings, LLC Operational Continue to excel in safety and environmental Improve bottom-line by implementing cost reductions and energy efficiency programs Continue to make NuStar one of the top workplaces in the nation by taking care of employees and giving back to the communities Corporate Culture Asphalt Pursue attractive production and logistics opportunities to take advantage of tight supply and demand fundamentals Implement projects to provide crude flexibility and reduce seasonality Maintain proportion of operating income from margin-based and fee- based assets Storage Pursue attractive opportunities to either build or acquire storage facilities both domestically and internationally Continue to sign up long-term contracts for new storage construction Continue to take advantage of strong demand for storage by leasing out facilities at attractive rates Evaluate attractive opportunities to add incremental capacity and increase utilization of assets in growing markets that NuStar serves Transportation 25

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 are widely considered to somewhat recession resistant One of the largest asphalt refiners and marketers in the U.S. Expect to benefit from better-than-historic asphalt margins over the long-term as supply continues to tighten and demand improves Economic stimulus package expected to provide further growth in U.S. asphalt demand primarily in 2010 and 2011 Investment grade rating and demonstrated access to capital in difficult markets Fitch and Moody’s recently revised their outlook to stable from negative Will continue to work with other rating agency to have negative outlook removed Large and diversified asset footprint in the U.S. and internationally allows for ample acquisition and internal growth opportunities Capital spending forecast has been increasing as capital markets improve Expect to continue to have plenty of opportunities to grow the business over the next few years Summary 26

Questions & Answers

(Dollars in Thousands) Reconciliation of Net Income to EBITDA to Distributable Cash Flow 28 The following is a reconciliation of income from continued operations to EBITDA and distributable cash flow: 2001 2002 2003 2004 2005 2006 2007 2008 Income from continuing operations 45,873 $ 55,143 $ 69,593 $ 78,418 $ 107,675 $ 149,906 $ 150,298 $ 254,018 $ Plus interest expense, net 3,811 4,880 15,860 20,950 41,388 66,266 76,516 90,818 Plus income tax expense - 395 - - 4,713 5,861 11,448 11,006 Plus depreciation and amortization expense 13,390 16,440 26,267 33,149 64,895 100,266 114,293 135,709 EBITDA 63,074 76,858 111,720 132,517 218,671 322,299 352,555 491,551 Less equity earnings from joint ventures 3,179 3,188 2,416 1,344 2,319 5,882 6,833 8,030 Less interest expense, net 3,811 4,880 15,860 20,950 41,388 66,266 76,516 90,818 Less reliability capital expenditures 2,786 3,943 10,353 9,701 23,707 35,803 40,337 55,669 Less income tax expense - - - - 4,713 5,861 11,448 11,006 Plus mark-to-market impact on hedge transactions - - - - - - 3,131 (9,784) Plus charges reimbursed by general partner - - - - - 575 - - Plus distributions from joint ventures 2,874 3,590 2,803 1,373 4,657 5,141 544 2,835 Plus other non-cash items - - - - 2,672 - - - Distributable cash flow 56,172 $ 68,437 $ 85,894 $ 101,895 $ 153,873 $ 214,203 $ 221,096 $ 319,079 $ Note: 2005 and 2006 distributable cash flow and EBITDA are from continuing operations. Year Ended December 31, NuStar Energy L.P. utilizes EBITDA, Which is not defined in United States generally accepted accounting principles, as a financial measure because it is a widely accepted financial indicator used by investors to compare partnership performance. In addition, management believes that this measure provides investors an enhanced perspective of the operating performance of the partnership's assets and the cash that the business is generating. EBITDA is not intended to represent cash flows for the period, nor is it presented as an alternative to operating income. EBITDA should not be considered in isolation or as a substitute for a measure of performance prepared in accordance with United States generally accepted accounting principles.

2009 Asphalt Operations EBITDA Reconciliations 29 (Dollars in Thousands) Asphalt and Fuels Marketing Segment Less Non-Asphalt Operations Asphalt Operations 2009: Projected operating income range $ 50,000 - $ 81,000 $ 19,000 - $ 20,000 $ 31,000 - $ 61,000 Plus projected depreciation and amortization expense 19,000 - 19,000 Projected EBITDA range $ 69,000 - $ 100,000 $ 19,000 - $ 20,000 $ 50,000 - $ 80,000 2008: Operating income 112,506 $ 36,239 $ 76,267 $ Plus depreciation and amortization expense 14,734 552 14,182 EBITDA 127,240 $ 36,791 $ 90,449 $ Combined 2009 and 2008: Projected two-year operating income range $ 162,506 - 193,506 $ 55,239 - 56,239 $ 107,267 - 137,267 Plus projected two-year depreciation and amortization expense 33,734 552 33,182 Projected two-year EBITDA range 196,240 - 227,240 55,791 - 56,791 140,449 - 170,449 Plus hedging loss in 2Q08 60,704 - 60,704 Projected two-year adjusted EBITDA range $ 256,944 - 287,944 $ 55,791 - 56,791 $ 201,153 - 231,153 EBITDA in the following reconciliation relates to our operating segments or a portion of an operating segment. For purposes of segment reporting we do not allocate general and administrative expenses to our reported operating segments because those expenses relate primarily to the overall management at the entity level. Therefore, EBITDA reflected in the following reconciliations excludes any allocation of general and administrative expenses consistent with our policy for determining segmental operating income, the most directly comparable GAAP measure.

2009 Storage Segment EBITDA Reconciliations 30 Storage Segment Projected incremental operating income range $ 40,000 - 45,000 Plus projected incremental depreciation and amortization expense 15,000 Projected incremental EBITDA range $ 55,000 - 60,000 Projected incremental operating income range $ 30,500 - $ 35,500 Plus projected incremental depreciation and amortization expense 4,500 Projected incremental EBITDA range $ 35,000 - $ 40,000 The following is a reconciliation of projected incremental operating income to projected incremental EBITDA for the year ended December 31, 2009 for our storage segment: Storage Segment The following is a reconciliation of projected incremental operating income to projected incremental EBITDA on an annual basis related to our $400 million construction program for our Storage Operations: (Dollars in Thousands) EBITDA in the following reconciliation relates to our operating segments or a portion of an operating segment. For purposes of segment reporting we do not allocate general and administrative expenses to our reported operating segments because those expenses relate primarily to the overall management at the entity level. Therefore, EBITDA reflected in the following reconciliations excludes any allocation of general and administrative expenses consistent with our policy for determining segmental operating income, the most directly comparable GAAP measure.