DISTRIBUTIONS FROM NUSTAR ENERGY

NuStar Energy’s partnership agreement, as amended, determines the amount and priority of cash distributions that NuStar Energy’s 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 common unit, with the maximum percentage of 23% of the amount of any quarterly distribution in excess of $0.66 per common 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 common limited partners:



	Year Ended December 31,
	2016		2015		2014
	(Thousands of Dollars, Except Per Unit Data)
General partner interest	$	7,877	$	7,844	$	7,844
General partner incentive distribution rights	43,407		43,220		43,220
Total general partner distribution	51,284		51,064		51,064
Common limited partner distribution	44,699		45,073		44,974
Total distributions to NuStar GP Holdings	95,983		96,137		96,038
Public common limited partners’ distribution	297,899		296,067		296,166
Total cash distributions	$	393,882	$	392,204	$	392,204
Cash distributions per unit applicable to common limited partners	$	4.380	$	4.380	$	4.380

The following table summarizes information related to NuStar Energy’s quarterly cash distributions to its general and common limited partners:



Quarter Ended	Cash Distributions Per Common Unit		Total Cash Distributions		Record Date	Payment Date
			(Thousands of Dollars)
December 31, 2016 (a)	$	1.095	$	98,971	February 8, 2017	February 13, 2017
September 30, 2016	$	1.095	$	98,809	November 8, 2016	November 14, 2016
June 30, 2016	$	1.095	$	98,051	August 9, 2016	August 12, 2016
March 31, 2016	$	1.095	$	98,051	May 9, 2016	May 13, 2016


(a)	The distribution was announced on January 27, 2017.