**Exhibit 99.1****EXCERPT FROM ITEM 13 OF TEPPCO PARTNERS, L.P.****Review and Approval of Transactions with Related Parties**     Our Partnership Agreement and AC Committee Charter set forth policies and procedures for thereview, recommendation or approval of certain transactions with persons affiliated with or relatedto us. As further described below, our Partnership Agreement sets forth procedures by whichrelated party transactions and conflicts of interest may be approved or resolved by the GeneralPartner or the AC Committee. In submitting a matter to the AC Committee, the Board on behalf ofthe General Partner, the Operating Partnerships or us may charge the committee with reviewing thetransaction and providing the Board a recommendation, or it may delegate to the committee the powerto approve the matter.     The AC Committee Charter provides that it is the responsibility of the AC Committee to: **•** receive, consider, reject and pass on the fairness and reasonableness of anytransaction or matter involving a conflict of interest between our General Partnerand its affiliates, on the one hand, and us or our subsidiaries, on the other,including without limitation asset sales, operating or support services agreementsand any other material contractual arrangements,  **•** evaluate the fairness and reasonableness to us and approve or reject theissuance and pricing of any equity securities by us,  **•** establish procedures for determining the fairness and reasonableness of anyaffiliate transactions involving product exchanges or loans, without direct ACCommittee action and  **•** ensure that we and the General Partner have an appropriate policy on potentialconflicts of interest, including, but not limited to, policies on (1) loans toofficers and employees (if allowed by law), (2) related-party transactions(including any dealings with directors, officers or employees), and (3) such othertransactions that could have the appearance of a potential conflict of interest.     The ASA governs numerous day-to-day transactions between us and our subsidiaries and EPCO andits affiliates, including the provision by EPCO of administrative and other services to us and oursubsidiaries and our reimbursement of costs for those services. The AC Committee reviewed andrecommended the ASA, and the Board approved it upon receiving such recommendation. Affiliatetransactions involving product exchanges or loans are subject to procedures of our Risk ManagementCommittee, which is comprised, in part, of senior executives of our General Partner. The RiskManagement Committee provides recommendations to the AC Committee regarding the approval of thesetransactions.     Under our Board-approved management authorization policy, our General Partner’s officers haveauthorization limits for purchases and sales of assets, capital expenditures, commercial andfinancial transactions and legal agreements that ultimately limit the ability of executives of ourGeneral Partner to enter into transactions involving capital expenditures in excess of $15.0million without Board approval. This policy covers all transactions, including transactions withrelated parties. For example, under this policy, the chairman may approve capital expenditures orthe sale or other disposition of our assets up to a $15.0 million limit and the CEO may approvecapital expenditures or the sale or other disposition of our assets up to $5.0 million. Theseofficers have also been granted full approval authority for commercial, financial and servicecontracts.     Under our Partnership Agreement, unless otherwise expressly provided therein or in thepartnership agreements of our Operating Partnerships, whenever a potential conflict of interestexists or arises between our General Partner or any of its affiliates, on the one hand, and us, anyof our subsidiaries or any partner, on the other hand, any resolution or course of action by theGeneral Partner or its affiliates in respect of such conflict of interest is permitted and deemedapproved by all of our partners, and will not constitute a breach of our Partnership Agreement, anyof the operating partnership agreements or any agreement contemplated by such agreements, or of anyduty stated or implied by law or equity, if the resolution or course of action is or, by operationof the Partnership Agreement is deemed to be, fair and reasonable to us; *provided*that, anyconflict of interest and any resolution of such conflict of interest will be conclusively deemedfair and reasonable to us if such conflict of interest or resolution is (i) approved by “SpecialApproval” (i.e., by a majority of the members of the AC Committee), or
 

 
(ii) on terms objectively demonstrable to be no less favorable to us than those generallybeing provided to or available from unrelated third parties.     In connection with its resolution of any conflict of interest, our Partnership Agreementauthorizes the AC Committee (in connection with Special Approval) to consider: **•** the relative interests of any party to such conflict, agreement, transaction orsituation and the benefits and burdens relating to such interest;  **•** the totality of the relationships between the parties involved (including othertransactions that may be particularly favorable or advantageous to us);  **•** any customary or accepted industry practices and any customary or historicaldealings with a particular person;  **•** any applicable generally accepted accounting or engineering practices orprinciples; and  **•** such additional factors as the AC Committee determines in its sole discretion tobe relevant, reasonable or appropriate under the circumstances.     The review and work performed by the AC Committee with respect to a transaction variesdepending upon the nature of the transaction and the scope of the committee’s charge. Examples offunctions the AC Committee may, as it deems appropriate, perform in the course of reviewing atransaction include (but are not limited to): **•** assessing the business rationale for the transaction;  **•** reviewing the terms and conditions of the proposed transaction, includingconsideration and financing requirements, if any;  **•** assessing the effect of the transaction on our earnings and distributable cashflow per Unit, and on our results of operations, financial condition, properties orprospects;  **•** conducting due diligence, including by interviews and discussions withmanagement and other representatives and by reviewing transaction materials andfindings of management and other representatives;  **•** considering the relative advantages and disadvantages of the transactions to theparties;  **•** engaging third party financial advisors to provide financial advice andassistance, including by providing fairness opinions if requested;  **•** engaging legal advisors;  **•** evaluating and negotiating the transaction and recommending for approval orapproving the transaction, as the case may be.     Nothing contained in the Partnership Agreement requires the AC Committee to consider theinterests of any person other than the Partnership. In the absence of bad faith by the ACCommittee or our General Partner, the resolution, action or terms so made, taken or provided(including granting Special Approval) by the AC Committee or our General Partner with respect tosuch matter are conclusive and binding on all persons (including all of our partners) and do notconstitute a breach of the Partnership Agreement, or any other agreement contemplated thereby, or abreach of any standard of care or duty imposed in the Partnership Agreement or under the DelawareRevised Uniform Limited Partnership Act or any other law, rule or regulation. The PartnershipAgreement provides that it is presumed that the resolution, action or terms made, taken or providedby the AC Committee or our General Partner were not made, taken or provided in bad faith, and inany proceeding brought by any limited partner or by or on behalf of such limited partner or anyother limited partner or us challenging such resolution, action or terms, the person bringing orprosecuting such proceeding will have the burden of overcoming such presumption.