Cautionary Statement Regarding Forward-Looking Statements
This communication contains forward-looking statements as defined by federal securities law. These forward-looking statements generally include
statements regarding the potential transaction between Sunoco and NuStar, including any statements regarding the expected timetable for completing the potential transaction, the ability to complete the potential transaction, the expected benefits of
the potential transaction, projected financial information, future opportunities, and any other statements regarding Sunocos and NuStars future expectations, beliefs, plans, strategies, objectives, estimates, predictions, projections,
assumptions, intentions, resources, results of operations, financial condition and cash flows, future events or performance and the future impact of economic activity and the actions by oil-producing nations
on their respective businesses. These forward-looking statements can generally be identified by the words such as anticipates, believes, expects, intends, plans, targets,
forecasts, projects, believes, seeks, schedules, estimates, positions, pursues, may, could, should, will,
budgets, outlook, trends, guidance, focus, on schedule, on track, is slated, goals, objectives, strategies,
opportunities, poised, potential and similar expressions. While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect the current judgment of
Sunocos and NuStars management regarding the direction of their respective businesses, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance
suggested in this communication. Key factors that could cause actual results to differ materially from those projected in the forward-looking statements include the ability to obtain the requisite NuStar unitholder approval; uncertainties as to the
timing to consummate the potential transaction; the risk that a condition to closing the potential transaction may not be satisfied; the risk that regulatory approvals are not obtained or are obtained subject to conditions that are not anticipated
by the parties; the effects of disruption to Sunocos or NuStars respective businesses; the effect of the potential transaction on the parties unit prices; the effects of industry, market, economic, political or regulatory
conditions outside of the parties control; transaction costs; Sunocos ability to achieve the benefits from the proposed transaction, Sunocos ability to promptly, efficiently and effectively integrate acquired operations into its
own operations; unknown liabilities; and the diversion of management time on transaction-related issues. Other important factors that could cause actual results to differ materially from those in the forward-looking statements include those
described in the Risk Factors section of NuStars most recent Annual Report on Form 10-K, as it may be updated from time to time by quarterly reports on Form
10-Q and current reports on Form 8-K all of which are available on NuStars website at
https://investor.nustarenergy.com/sec-filings and on the SECs website at http://www.sec.gov, and in the Risk Factors section of Sunocos most recent Annual Report on Form 10-K, as it may be updated from time to time by quarterly reports on Form 10-Q and current reports on Form 8-K, all of which are
available on Sunocos website at https://www.sunocolp.com/investors/sec-filings and on the SECs website at http://www.sec.gov. Those disclosures are incorporated by reference in this communication.
If one or more of these risks or uncertainties materialize, or if the underlying assumptions prove incorrect, the actual results may vary materially from those described in any forward-looking statement. Other unknown or unpredictable factors could
also have material adverse effects on future results. Readers are cautioned not to place undue reliance on this forward-looking information, which is as of the date of this communication. Sunoco and NuStar do not intend to update these statements
unless required by the securities laws to do so, and Sunoco and NuStar undertake no obligation to publicly release the result of any revisions to any such forward-looking statements that may be made to reflect events or circumstances after the date
of this report or to reflect the occurrence of unanticipated events.