8 th Annual Wells Fargo Pipeline and MLP Symposium December 8, 2009 Curt Anastasio, CEO and President Exhibit 99.1

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. Forward Looking Statements 2

NuStar Overview 3

NuStar Energy L.P. (NYSE: NS) is a leading publicly traded growth-oriented partnership with a market capitalization of around $3.2 billion and an enterprise value of approximately $5.1 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, 16.8% 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 (12/3/09): $52.26 $24.90 Annual Distribution/Unit: $4.26 $1.74 Yield (12/3/09): 8.15% 6.99% Market Capitalization: $3,147 million $1,060 million Enterprise Value: $5,060 million $1,058 million Total Assets (9/30/09): $4,670 million $581 million Debt/Capitalization (9/30/09): 46.5% n/a Fortune 500 Ranking: 485 n/a 4

Asset Stats: Operations in eight different countries including the U.S., Mexico, Netherlands, Netherlands Antilles (i.e. Caribbean), England, Ireland, Scotland and Canada 8,417 miles of crude oil and refined product pipelines Own 82 terminal facilities and four crude oil storage tank facilities Over 91 million barrels of storage capacity 2 asphalt refineries on the U.S. East Coast capable of processing 104,000 bpd of crude oil Large and Diverse Geographic Footprint with Assets in Key Locations 5

44% 36% 20% Percentage of Expected 2009 Segment Operating Income Approximately 80% of NuStar Energy’s segment operating income in 2009 is expected to come from fee-based transportation and storage segments Remainder of expected 2009 segment operating income relates to margin-based asphalt and fuels marketing segment Storage: ~44% Transportation: ~36% Refined Product Terminals Crude Oil Storage Refined Product Pipelines* Crude Oil Pipelines Asphalt & Fuels Marketing: ~20% 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. 6

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 in early 2009 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 7

Distributable Cash Flow ($ in Millions) EBITDA ($ in Millions) In this difficult economy, still expect a solid EBITDA contribution and higher distributable cash flow in 2009 compared to 2008 Strong performances from fee-based storage and transportation segments have partially offset lower relative performance from the asphalt operations Two-year EBITDA contribution from the acquisition of the former CITGO asphalt refineries, excluding the hedging loss, expected to be in the range of $220 to $235 million – far superior to the typical MLP acquisition Other accomplishments in 2009: All three rating agencies upgraded their outlook on NuStar’s debt rating to stable from negative Increased the distribution at NuStar Energy L.P. and NuStar GP Holdings, LLC Continued excellence in safety and environmental achieving numerous awards for performance Continue to ranked nationally, regionally and locally as one of the top places to work in America Renewed focus on significantly higher growth opportunities in 2010 now that the capital markets have improved Note: 2005 and 2006 distributable cash flow and EBITDA are from continuing operations Solid Growth in Earnings Since April 2001 IPO 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 8

$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 Increased the distribution at NuStar Energy L.P. to $1.065 per unit in the third quarter of 2009 from previous $1.0575 per unit Represents an increase of over five percent in the distribution for the first three quarters of 2009 compared to 2008 Strong distribution coverage ratio of 1.47 times for the nine months ended 2009 While fourth quarter distribution coverage will be weaker due to the seasonality of the asphalt operations, still expect a solid distribution coverage ratio for the full year of 2009 Consistent Distribution Growth While Maintaining a Solid Distribution Coverage 9 Increased the distribution at NuStar GP Holdings, LLC to $0.435 per unit in the third quarter of 2009 from previous $0.43 per unit Represents an increase of nearly 13 percent in the distribution for the first three quarters of 2009 compared to 2008

All of NuStar Energy L.P.’s Distribution has been Covered by the Non-Asphalt Distributable Cash Flows for the Period NuStar has Owned the Asphalt Operations 2008 9 Mos. Ended September 30, 2009 Non-Asphalt Distributable Cash Flows* $271.5 $246.9 Total Distribution 252.8 198.1 Excess Distributable Cash Flows $18.7 $48.8 % of Distribution Covered by Non-Asphalt Distributable Cash Flows 100% 100% Asphalt EBITDA $90.4** $69.1 Asphalt Distributable Cash Flows $47.5** $32.4 50% Holdback on Asphalt Distributable Cash Flows $23.8 $16.2 Cumulative Asphalt Distributable Cash Flows Available for Future Distributions $23.8 $40.0 (Dollars in Millions) * Includes transportation, storage and fuels marketing operations ** Includes $61 million hedging loss. Adjusted Asphalt EBITDA was $151.2 million and adjusted distributable cash flows were $108.2 million without the hedging loss. Cumulative holdback of distributable cash flows from the asphalt operations expected to be available should their be a shortfall in the distributable cash flows from the non-asphalt operations 10

Financial Overview 11

Large Increase in Internal Growth Capital Expected in 2010 that Will Seed the Next Phase of NuStar’s Growth 12 (Dollars in Millions) $142 $126 $313 $81 Transportation Storage Asphalt & Fuels Marketing $221 $62 $30 Earlier in 2009, we were cautious on our capital spending given the challenging economic and capital market conditions and we lightened our internal growth program to around $80 million As capital markets have improved throughout 2009, our internal growth program increased and currently stands at around $126 million 2010 internal growth program is significantly higher at nearly $315 million and includes projects to: Build new storage for large creditworthy customers under long-term contracts (i.e. 5 to 8 years) Develop and improve logistics at key terminals Expand our pipeline systems in fast-growing regions Put in place the necessary infrastructure at key terminals to capture incremental ethanol and biofuel volumes Optimize our asphalt operations Expand our fuel oil blending and bunkering operations Develop new crude supply logistics to capitalize on heavy crude oil imbalances

Maintaining Sufficient Liquidity with Disciplined Financial Strategy NS Current Revolver Availability Recent NuStar Energy L.P. equity offering to be used primarily for future potential acquisitions and growth capital expenditures Pending the use of the proceeds for other purposes, proceeds from the equity offering have been applied to reduce outstanding borrowings under its revolving credit facility Other than the acquisition of the former CITGO asphalt refineries in 2008 and the Kaneb acquisition in 2005, NuStar Energy L.P. has not issued equity since August 2003 Total Bank Credit $1,215 Less: Borrowings (537) Letters of Credit (60) Revolver Liquidity $618* (Dollars in Millions) NSH Current Revolver Availability Total Bank Credit $19.5 Less: Borrowings 14.3 Letters of Credit - Revolver Liquidity $ 5.2 (Dollars in Millions) 2009 $11.2 2010 $0.8 2011 $0.8 2012 $990.6** 2013 $480.9 2014 $0.6 ** Primarily includes maturity of revolver, which expires December 2012, and $350 million of senior notes NS Debt Maturities (9/30/09) Note: NSH’s revolving credit facility expires on July 16, 2010 13 No significant near-term debt maturities Bond markets continue to remain strong for investment grade MLPs like NuStar Energy L.P. * Debt-to-EBITDA cannot exceed 5.0 to 1.0 times

Business Segment Overview – Storage 14

NuStar’s Storage Segment Expected to Benefit in 2009 from Completed Projects and Rate Increases on Renewed Contracts – Lower Throughputs not Expected to have a Material Impact to Results 15 2009 storage results should exceed 2008 results as we are targeting an incremental $30 to $35 million of EBITDA Benefits come from $400 million construction program started in 2006 and completed in early 2009 and; Strong demand for storage in key markets and persistent contango markets that have provided significantly higher rates on storage contracts up for renewal Since approximately 90% of our revenues come from leased assets, lower throughputs are not expected to have a material impact to NuStar Energy L.P.’s results Flatter contango market not expected to impact NuStar as we continue to sign up large, credit worthy customers under long-term contracts 18% - 1 Year or Less 30% - 1 to 3 Years 39% - 3 to 5 Years 13% - Greater than 5 Years While we will not see as much incremental benefit in 2010 compared to 2009 as NuStar cut 2009 growth capital and the $400 million construction program has ended, we expect that new internal growth opportunities will be primarily in storage Targeting an incremental $18 to $22 million of EBITDA from storage segment in 2010 compared to 2009 Should continue to benefit from the move towards renewable fuels as we implement infrastructure at certain of our terminals to handle biofuels and collect additional fees from customers NuStar has over 2 million barrels of biofuels storage Refined product demand growth outside the U.S. should benefit companies like NuStar that are developing international storage opportunities

Business Segment Overview – Transportation 16

NuStar’s Transportation Segment Should Benefit from Growth in Product Demand, Although Growth Will be Slower in the U.S. Than Developing Nations 17 2009 transportation results should be equal to or slightly better than 2008 results despite lower volumes due to : Higher revenue per barrel related to (a) 7.6% tariff increase effective July 1, 2009 and (b) sale of pipeline assets with moderate throughputs, but a low revenue per barrel Lower operating expenses mainly due to lower power costs Most industry experts are predicting that 2010 product demand should recover slightly as the economy improves, net of fuel efficiency estimates Experts project world oil demand to increase 1% to 2%, gasoline demand to increase by around 1%, distillate demand to increase by over 3% and jet fuel demand to increase by around 1% Refinery utilization is projected to continue to be low, or in the range of 80% to 85% Refined product demand growth expected to be less in the U.S. and primarily international, mainly the Far East, Middle East and parts of Latin America Expect NuStar’s throughput volumes to increase slightly in 2010 compared to 2009, excluding the impact of the assets sales, and in-line with our view of a modest economic recovery next year Recently announced refinery closures not expected to impact NuStar’s results While we are currently projecting the tariff adjustment to be around 1.5% lower starting July 1, 2010 compared to the July 2009 adjustment, the 2010 calendar year rate should be slightly higher than the 2009 calendar year rate

Revenue per barrel higher in the second half of 2009 compared to same period last year primarily due to 7.6% tariff increase and sale of pipeline assets with a relatively low revenue per barrel Expect to see an uptick in fourth quarter 2009 throughputs compared to the third quarter of 2009, primarily due to a lighter refinery maintenance schedule Decline in Throughput Volumes in 2009 Mainly Due to Assets Sales, Unplanned Outages and Planned Turnarounds…Less Due to Economic Run Cuts 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) 911 104 1,006 1,001 56 1,112 1,050 43 38 35 18 863 104 920 - 940

Business Segment Overview – Asphalt & Fuels Marketing 19

Expect 2009 EBITDA from our asphalt operations to be in the range of $70 to $85 million and 2009 EBITDA from our fuels marketing operations to be in the range of $15 to $20 million Asphalt operations have earned nearly $70 million of EBITDA and fuels marketing operations have earned nearly $11 million of EBITDA in the first nine months of 2009 Fourth quarter 2009 asphalt profits are shaping up to be better than we anticipated as we have seen an uncharacteristic rise in asphalt prices for this time of year Fourth quarter product margin per barrel expected to be in the range of $5.75 to $6.25 per barrel 2009 winter-fill season on the U.S. East Coast off to a slow start due to high asphalt replacement costs This could bode well for 2010 as it is expected to further tighten asphalt supply Despite Lower Than Anticipated Asphalt Results in 2009, Still Expect a Solid Contribution 20 Expect improved results from our asphalt operations in 2010 as we expect a higher margin per barrel as demand should increase slightly, aided by the stimulus package, and supply should continue to be tight, primarily due to low refinery utilization rates Although stimulus fund outlays have ramped up recently, it still represents only a small percentage of the total apportioned or, roughly $4.2 billion of the $27.5 billion available for highway projects Expect significantly higher stimulus fund outlays in 2010 Industry groups have recently stepped up their efforts to urge Congress to pass a multi-year highway funding bill instead of passing further continuing resolutions

While Asphalt Supply Through September 2009 Continues to Remain Below Historical Averages, Asphalt Demand has been Trending Lower… Asphalt Margins still Better Than Historical Margins Even Before Coker Impact Weak public and private road demand due to the poor economy and lower than expected stimulus funds have caused asphalt demand to lag compared to last year Asphalt demand through September 2009 was around 13% lower than 2008 and nearly 27% 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 Asphalt margins have already improved compared to history even before the coker story fully kicks in 2011-2012 Two-year average for 2008 and 2009 of around $7.70 per barrel significantly higher than the $3.78 per barrel for the sever years prior to when NuStar owned the asphalt refineries U.S. Asphalt Demand (000 barrels) Source: U.S. Energy Information Administration. Data only available through August 2009 21 U.S. East Coast Product Margin ($ per barrel) • 2000 to 2007 is prior to NuStar’s acquisition of the former CITGO Asphalt Refineries and is based on the estimated margin for that period. ** Excludes impact from $61 million hedging loss incurred in 2008

Lower Asphalt Production and Imports Through September 2009 Continue to Benefit Margins 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 September 2009 was nearly 7.5% lower than 2008 and over 20% lower than the 4-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 September 2009 were nearly 18% lower than 2008 and nearly 48% lower than the 5- year average Source of data for graphs: U.S. Energy Information Administration. Data only available through August 2009 22 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. 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.

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 starting next year and through 2013, which should contribute to further tightening of asphalt supply 23 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 1Q 2010 Firm 13 Hunt - Tuscaloosa, Alabama III 18.5 15.0 4Q 2010 Firm 14 Atofina Petrochemicals Inc.- Port Arthur, Texas III 50.0 - 1Q 2011 Firm 15 ConocoPhillips - Wood River, Illinois II 65.0 55.0 3Q 2011 Firm 16 BP - Whiting, Indiana II 95.0 30.0 1Q 2012 Firm 17 Motiva - Port Arthur, Texas III 95.0 325.0 1Q 2012 Firm 18 Marathon - Detroit, Michigan II 28.0 13.0 2Q 2013 Probable Total US Expansion 516.2 733.0 Expansions Completed through 2008 120.7 115.0 Firm Expansions 2009-2013 367.5 605.0 Probable Expansions 2009-2013 28.0 13.0

Majority of business derived from attractive set of fee-based storage and transportation assets that support U.S. energy infrastructure 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 be somewhat recession resistant Investors provided optionality on the performance of the asphalt operations since the non-asphalt distributable cash flows are expected to cover all of the distribution for the period NuStar has owned the asphalt refineries Two-year contribution from the acquisition of the former CITGO asphalt refineries, excluding the hedging loss, expected to be in the range of $220 to $235 million – far superior to the typical MLP acquisition Coker thesis still intact - Asphalt operations expected 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 benefit U.S. asphalt demand primarily in 2010 and 2011 Strong balance sheet and investment grade rating All three rating agencies recently revised their outlook on NuStar Energy L.P. to stable from negative Attractive yield with quarterly distributions that are largely tax deferred Large and diversified asset footprint in the U.S. and internationally allows for ample acquisition and internal growth opportunities $500 million of attractive internal growth projects over the next two to three years with nearly $315 million budgeted for 2010 Most of new growth projects expected to be in the storage segment Investment Highlights 24

Questions & Answers

Appendix 26

(Dollars in Thousands) Reconciliation of Non-GAAP Financial Information 27 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.

28 (Dollars in Thousands) Reconciliation of Non-GAAP Financial Information: Asphalt & Fuels Marketing EBITDA in the following reconciliations relate 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. Asphalt Operations Fuels Marketing Operations Asphalt and Fuels Marketing Segment Operating income 76,267 $ 36,239 $ 112,506 $ Plus depreciation and amortization expense 14,182 552 14,734 Plus hedging loss in 2Q08 60,704 - 60,704 Adjusted EBITDA 151,153 $ 36,791 $ 187,944 $ Asphalt Operations Fuels Marketing Operations Asphalt and Fuels Marketing Segment Projected operating income range $ 51,000 - $ 66,000 $ 15,000 - $ 20,000 $ 66,000 - $ 86,000 Plus projected depreciation and amortization expense 19,000 - 19,000 Projected EBITDA range $ 70,000 - $ 85,000 $ 15,000 - $ 20,000 $ 85,000 - $ 105,000 Combined two-year adjusted EBITDA range from asphalt operations $ 221,153 - $ 236,153 Asphalt Operations Fuels Marketing Operations Asphalt and Fuels Marketing Segment Operating income 54,562 $ 10,736 $ 65,298 $ Plus depreciation and amortization expense 14,536 - 14,536 EBITDA 69,098 $ 10,736 $ 79,834 $ The following is a reconciliation of operating income to EBITDA for our asphalt operations and fuels marketing operations: Nine Months Ended September 30, 2009 The following is a reconciliation of operating income to adjusted EBITDA for our asphalt operations and fuels marketing Twelve Months Ended December 31, 2008 Projected Twelve Months Ended December 31, 2009

29 (Dollars in Thousands) Reconciliation of Non-GAAP Financial Information: Asphalt & Fuels Marketing (continued) EBITDA in the following reconciliations relate 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. Twelve Months Ended December 31, 2008 Nine Months Ended September 30,2009 Asphalt operations operating income 76,267 $ 54,562 $ Plus depreciation and amortization associated with asphalt operations 14,182 14,536 Asphalt operations EBITDA 90,449 69,098 18,640 11,982 Less interest expense 20,150 19,455 Less income tax expense - 476 Less reliability capital expenditures 4,126 4,789 Asphalt operations distributable cash flow 47,533 $ 32,396 $ Plus hedging loss in 2Q08 60,704 - Asphalt operations distributable cash flow excluding hedging loss 108,237 $ 32,396 $ Distributable cash flow 319,079 $ 279,292 $ Less asphalt operations distributable cash flow 47,533 32,396 Non-asphalt operations distributable cash flow 271,546 $ 246,896 $ Less general & administrative expense The following is a reconciliation of operating income to EBITDA and distributable cash flow for our asphalt operations: Allocated to asphalt operations for distributable cash flow purposes

30 (Dollars in Thousands) Reconciliation of Non-GAAP Financial Information: Storage Projected incremental operating income range $ 25,500 - 30,500 Plus projected incremental depreciation and amortization expense 4,500 Projected incremental EBITDA range $ 30,000 - 35,000 Projected incremental operating income range $ 13,500 - 17,500 Plus projected incremental depreciation and amortization expense 4,500 Projected incremental EBITDA range $ 18,000 - 22,000 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: The following is a reconciliation of projected incremental operating income to projected incremental EBITDA for the year ended December 31, 2010 for our storage segment: Storage Segment Storage Segment 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.