Certain 8.50% Fixed-to-Floating Rate Cumulative Perpetual Preferred Units of NuStar Energy L.P. are subject to a Lock-Up Agreement Ending on 1-JAN-2017.

Certain 8.50% Fixed-to-Floating Rate Cumulative Perpetual Preferred Units of NuStar Energy L.P. are subject to a Lock-Up Agreement Ending on 1-JAN-2017. These 8.50% Fixed-to-Floating Rate Cumulative Perpetual Preferred Units will be under lockup for 45 days starting from 17-NOV-2016 to 1-JAN-2017. Details: The general partner have agreed with the underwriters, subject to certain limited exceptions, not to sell or transfer any Series A Preferred Units or securities that are substantially similar to the Series A Preferred Units or the Series A Preferred Units, for 45 days after the date of the prospectus supplement without first obtaining the written consent of Wells Fargo Securities, LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and UBS Securities LLC