DISTRIBUTIONS FROM NUSTAR ENERGY

NuStar Energy’s partnership agreement, as amended, determines the amount and priority of cash distributions that NuStar Energy’s common unitholders and general partner may receive. We, as NuStar Energy’s general partner, are entitled to incentive distributions if the amount NuStar Energy distributes with respect to any quarter exceeds $0.60 per unit, with the maximum percentage of 23% of the amount of any quarterly distribution in excess of $0.66 per unit. We also receive a 2% distribution with respect to our general partner interest.

The following table reflects the allocation of NuStar Energy’s cash distributions earned for the periods indicated among its general and limited partners:



	Year Ended December 31,
	2013		2012		2011
	(Thousands of Dollars, Except Per Unit Data)
General partner interest	$	7,844	$	7,486	$	6,630
General partner incentive distribution	43,220		41,242		36,326
Total general partner distribution	51,064		48,728		42,956
Limited partner distribution	44,975		45,152		44,812
Total distributions to NuStar GP Holdings	96,039		93,880		87,768
Public unitholders’ distributions	296,165		280,374		243,738
Total cash distributions	$	392,204	$	374,254	$	331,506
Cash distributions per unit applicable to limited partners	$	4.380	$	4.380	$	4.360

The following table summarizes information related to NuStar Energy’s quarterly cash distributions:



Quarter Ended	Cash Distributions Per Unit		Total Cash Distributions (Thousands of Dollars)		Record Date	Payment Date
December 31, 2013 (a)	$	1.095	$	98,051	February 10, 2014	February 14, 2014
September 30, 2013	$	1.095	$	98,051	November 11, 2013	November 14, 2013
June 30, 2013	$	1.095	$	98,051	August 5, 2013	August 9, 2013
March 31, 2013	$	1.095	$	98,051	May 6, 2013	May 10, 2013


(a)	The distribution was announced on January 30, 2014.