| Delaware                        | 20-5639997                                                                                                                                                                                         |
|---------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (State or Other Jurisdiction of | (I.R.S. Employer Identification No.)                                                                                                                                                               |
| Incorporation or Organization)  |                                                                                                                                                                                               |
|                            | 1100 Louisiana Street, 10th Floor, Houston, Texas              77002                                                         |   |
|                            |                (Address of Principal Executive Offices)         (Zip Code) |   |
|                            | (713) 381-6500                                                                                                                                                                                     |   |
|                            | (Registrant's Telephone Number, Including Area Code)                                                                                                                                               |   |

|   | Common Units |  New York Stock Exchange |
|--------|--------------|-------------------------------|

----

Table of Contents

DUNCAN ENERGY PARTNERS L.P.

|                |                                                                  | Page   |
|---------------------|-----------------------------------------------------------------------|--------|
|                |                                                                  | Number |
|                |                                                                  |   |
| PART II             |
| Item 7.             | Management’s Discussion and Analysis of Financial Condition and |   |
|                |      Results of Operations.                  | 3      |
| Item 8.             | Financial Statements and Supplementary Data.                          | 27     |
|                |                                                                  |   |
|   PART IV |
| Item 15.       | Exhibits and Financial Statement Schedules                            | 28     |
|                |                                                                  |   |
| Signatures          | 33                                                                    |
|                |                                                                  |

----

Table of Contents

----

Table of Contents

PART II

Item 7.  Management’s Discussion and Analysis of Financial Condition and Results of Operations.

| §   | Cautionary Note Regarding Forward-Looking Statements. |
|--------------------|-------------------------------------------------------|

| §   | Overview of Business. |
|--------------------|-----------------------|

| §   | Basis of Financial Statement Presentation. |
|--------------------|--------------------------------------------|

----

Table of Contents

| §   | Supplemental Selected Financial Information of Duncan Energy Partners L.P. – Discusses financial information and sources and uses of cash for Duncan Energy Partners L.P. on a standalone basis. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | Significant Recent Developments – Discusses significant developments during the year ended December 31, 2009 and through March 1, 2010. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------|

| §   | General Outlook for 2010. |
|--------------------|---------------------------|

| §   | Results of Operations – Discusses material year-to-year variances in our Statements of Consolidated Operations. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------|

| §   | Liquidity and Capital Resources – Addresses available sources of liquidity and capital resources and includes a discussion of our capital spending program. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | Critical Accounting Policies and Estimates. |
|--------------------|---------------------------------------------|

| §   | Other Items – Includes information related to contractual obligations, off-balance sheet arrangements and all other matters. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------|

----

Table of Contents

----

Table of Contents

|                                                               |   |   Twelve Months |   | ElevenMonths |   |
|--------------------------------------------------------------------|--------|---------------------------|--------|--------------|--------|
|                                                               |   | Ended December 31,        |   |
|                                                               |   | 2009                      |   |         | 2008   |   |   | 2007 |   |
|                                                               |   | (dollars in millions)     |   |
| Selected income statement information:                             |   |                      |   |         |   |   |   |   |   |
|   Equity in income - DEP I Midstream Businesses          |   | $                         | 44.9   |         |   | $ | 37.2 |   |   | $ | 30.0 |   |
|   Equity in income - DEP II Midstream Businesses         |   | $                         | 60.1   |         |   | $ | 4.5 |   |   | $ | -- |   |
|   General and administrative costs                       |   | $                         | 0.4    |         |   | $ | 1.4 |   |   | $ | 1.5 |   |
|   Interest expense                                       |   | $                         | 13.5   |         |   | $ | 12.0 |   |   | $ | 9.3 |   |
|   Net income attributable to Duncan Energy Partners L.P. |   | $                         | 91.1   |         |   | $ | 28.3 |   |   | $ | 19.2 |   |
| Selected balance sheet information at each period end:             |   |                      |   |         |   |   |   |   |   |   |   |   |
|   Investments in DEP I Midstream Businesses              |   | $                         | 510.2  |         |   | $ | 512.7 |   |   | $ | 502.7 |   |
|   Investments in DEP II Midstream Businesses             |   | $                         | 709.7  |         |   | $ | 730.5 |   |   | $ | -- |   |
|   Long-term debt                                         |   | $                         | 457.3  |         |   | $ | 484.3 |   |   | $ | 200.0 |   |
|   Partners’ equity                                 |   | $                         | 761.4  |         |   | $ | 752.8 |   |   | $ | 314.6 |   |

|                                                                                |   |                  |   |   |   |   |   | Eleven |   |
|-------------------------------------------------------------------------------------|--------|-----------------------|--------|--------|--------|--------|--------|--------|--------|
|                                                                                |   | Twelve Months         |   |   | Months |   |
|                                                                                |   | Ended December 31,    |   |
|                                                                                |   | 2009                  |   |   | 2008   |   |   | 2007   |   |
|                                                                                |   | (dollars in millions) |   |
| Distributions paid to Duncan Energy Partners L.P. with respect to each period from: |   |                  |   |   |   |   |   |   |   |
| DEP I Midstream Businesses                                                          |   | $                     | 49.2   |   |   | $      | 93.7   |   |   | $ | 115.3 |   |
| DEP II Midstream Businesses                                                         |   | $                     | 86.5   |   |   | $      | 5.6    |   |   | $ | -- |   |

----

Table of Contents

----

Table of Contents

----

Table of Contents

----

Table of Contents

----

Table of Contents

----

Table of Contents

|                                                                                                                                                        |   | For the Year Ended December 31, |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------|--------|
|                                                                                                                                                        |   | 2009                            |   |   | 2008 |   |   | 2007 |   |
| Natural Gas Pipelines & Services, net:                                                                                                                  |   |                            |   |   |   |   |   |   |   |
|    Natural gas throughput volumes (BBtus/d)                                                                                                  |   |                            |   |   |   |   |   |   |   |
|       Texas Intrastate System                                                                                                 |   |                            | 3,902  |   |   |   | 4,021 |   |   |   | 3,550 |   |
|       Acadian Gas System:                                                                                                     |   |                            |   |   |   |   |   |   |   |   |   |   |
|           Transportation volumes                                                                          |   |                            | 436    |   |   |   | 378 |   |   |   | 416 |   |
|           Sales volumes (1)                                                                               |   |                            | 320    |   |   |   | 331 |   |   |   | 308 |   |
|       Total natural gas throughput volumes                                                                                    |   |                            | 4,658  |   |   |   | 4,730 |   |   |   | 4,274 |   |
| NGL Pipelines & Services, net:                                                                                                                          |   |                            |   |   |   |   |   |   |   |   |   |   |
|     NGL throughput volumes (MBPD)                                                                                                       |   |                            |   |   |   |   |   |   |   |   |   |   |
|        South Texas NGL System - Pipelines                                                                                |   |                            | 109    |   |   |   | 126 |   |   |   | 124 |   |
|     NGL fractionation volumes (MBPD)                                                                                                    |   |                            |   |   |   |   |   |   |   |   |   |   |
|        South Texas NGL System - Fractionators                                                                            |   |                            | 77     |   |   |   | 80 |   |   |   | 72 |   |
| Petrochemical Services, net:                                                                                                                                |   |                            |   |   |   |   |   |   |   |   |   |   |
|    Propylene throughput volumes (MBPD)                                                                                                       |   |                            |   |   |   |   |   |   |   |   |   |   |
|       Lou-Tex Propylene Pipeline                                                                                              |   |                            | 21     |   |   |   | 25 |   |   |   | 25 |   |
|       Sabine Propylene Pipeline                                                                                               |   |                            | 9      |   |   |   | 10 |   |   |   | 12 |   |
|       Total propylene throughput volumes                                                                                      |   |                            | 30     |   |   |   | 35 |   |   |   | 37 |   |
|                                                                                                                                                        |   |                            |   |   |   |   |   |   |   |   |   |   |
| (1)   Includes average net sales volumes for Evangeline of 50 BBtus/d for each of the years ended December 31, 2009, 2008 and 2007, respectively. |   |

----

Table of Contents

|                                                       |   | For the Year Ended December 31, |   |
|------------------------------------------------------------|--------|---------------------------------|--------|
|                                                       |   | 2009                            |   |   | 2008 |   |   | 2007 |   |
| Revenues                                                   |   | $                               | 979.3  |   |   | $ | 1,598.1 |   |   | $ | 1,220.3 |   |
| Operating costs and expenses                               |   |                            | 908.3  |   |   |   | 1,512.8 |   |   |   | 1,171.0 |   |
| General and administrative costs                           |   |                            | 11.2   |   |   |   | 18.3 |   |   |   | 13.1 |   |
| Equity in income of Evangeline                             |   |                            | 1.1    |   |   |   | 0.9 |   |   |   | 0.2 |   |
| Operating income                                           |   |                            | 60.9   |   |   |   | 67.9 |   |   |   | 36.4 |   |
| Interest expense                                           |   |                            | 14.0   |   |   |   | 12.0 |   |   |   | 9.3 |   |
| Net income                                                 |   |                            | 45.8   |   |   |   | 55.3 |   |   |   | 23.6 |   |
| Net loss (income) attributable to noncontrolling interest: |   |                            |   |   |   |   |   |   |   |   |   |   |
| DEP I Midstream Businesses – Parent                  |   |                            | (15.3  | ) |   |   | (11.4 | ) |   |   | (20.0 | ) |
| DEP II Midstream Businesses – Parent                 |   |                            | 60.6   |   |   |   | 4.0 |   |   |   | -- |   |
| Net income attributable to Duncan Energy Partners          |   |                            | 91.1   |   |   |   | 47.9 |   |   |   | 3.6 |   |

|                                 |   | For the Year Ended December 31, |   |
|--------------------------------------|--------|---------------------------------|--------|
|                                 |   | 2009                            |   |   | 2008 |   |   | 2007 |   |
| Natural Gas Pipelines & Services |   | $                               | 148.2  |   |   | $ | 159.0 |   |   | $ | 122.5 |   |
| NGL Pipelines & Services         |   |                            | 103.4  |   |   |   | 82.9 |   |   |   | 87.9 |   |
| Petrochemical Services               |   |                            | 10.5   |   |   |   | 11.1 |   |   |   | 14.3 |   |
| Total segment gross operating margin |   | $                               | 262.1  |   |   | $ | 253.0 |   |   | $ | 224.7 |   |

|                                      |   | For the Year Ended December 31, |   |
|-------------------------------------------|--------|---------------------------------|--------|
|                                      |   | 2009                            |   |   | 2008 |   |   | 2007 |   |
| Natural Gas Pipelines & Services:     |   |                            |   |   |   |   |   |   |   |
|  Sales of natural gas                |   | $                               | 460.2  |   |   | $ | 1,100.2 |   |   | $ | 794.1 |   |
|  Natural gas transportation services |   |                            | 263.2  |   |   |   | 246.7 |   |   |   | 212.8 |   |
|  Natural gas storage services        |   |                            | 15.3   |   |   |   | 8.4 |   |   |   | 1.5 |   |
| Total segment revenues                    |   | $                               | 738.7  |   |   | $ | 1,355.3 |   |   | $ | 1,008.4 |   |
|                                      |   |                            |   |   |   |   |   |   |   |   |   |   |
| NGL Pipelines & Services:             |   |                            |   |   |   |   |   |   |   |   |   |   |
| Sales of NGLs                             |   | $                               | 35.0   |   |   | $ | 47.9 |   |   | $ | 40.3 |   |
| Sales of other products                   |   |                            | 11.3   |   |   |   | 15.0 |   |   |   | 10.8 |   |
| NGL and petrochemical storage services    |   |                            | 104.9  |   |   |   | 87.4 |   |   |   | 68.9 |   |
| NGL fractionation services                |   |                            | 29.5   |   |   |   | 32.4 |   |   |   | 30.3 |   |
| NGL transportation services               |   |                            | 43.8   |   |   |   | 43.6 |   |   |   | 42.5 |   |
| Other services                            |   |                            | 2.5    |   |   |   | 2.3 |   |   |   | 1.7 |   |
| Total segment revenues                    |   | $                               | 227.0  |   |   | $ | 228.6 |   |   | $ | 194.5 |   |
|                                      |   |                            |   |   |   |   |   |   |   |   |   |   |
| Petrochemical Services:                   |   |                            |   |   |   |   |   |   |   |   |   |   |
|  Propylene transportation services   |   | $                               | 13.6   |   |   | $ | 14.2 |   |   | $ | 17.4 |   |
|                                      |   |                            |   |   |   |   |   |   |   |   |   |   |
| Total consolidated revenues               |   | $                               | 979.3  |   |   | $ | 1,598.1 |   |   | $ | 1,220.3 |   |

----

Table of Contents

----

Table of Contents

----

Table of Contents

----

Table of Contents

----

Table of Contents

| Underwritten Equity Offering                                                                                                                                                                                                                                                                                                                                                       |   | Number of Common Units Issued |      |   | OfferingPrice (1) |   |   | Net Proceeds (2)(in millions) |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------|-----------|--------|-------------------|--------|--------|------------------------------------|--------|
| June 2009 underwritten offering (3)                                                                                                                                                                                                                                                                                                                                                |   |                          | 8,943,400 |   |              | $      | 16.00  |                               |   | $ | 137.4 |   |
|                                                                                                                                                                                                                                                                                                                                                                               |   |                          |      |   |              |   |   |                               |   |   |   |   |
| (1)   The public offering price, net of the underwriting discount, was $15.36 per unit.(2)   Net proceeds from these equity offerings were used to repurchase an equal number of our common units beneficially owned by EPO.(3)   Includes our underwriters’ exercise of a portion of their 30-day option to purchase additional common units. |   |

----

Table of Contents

|                                            |   | For the Year Ended December 31, |   |
|-------------------------------------------------|--------|---------------------------------|--------|
|                                            |   | 2009                            |   |   | 2008 |   |   | 2007 |   |
| Net cash flows provided by operating activities |   | $                               | 201.6  |   |   | $ | 220.1 |   |   | $ | 217.1 |   |
| Cash used in investing activities               |   |                            | 428.8  |   |   |   | 748.8 |   |   |   | 352.4 |   |
| Cash provided by financing activities           |   |                            | 218.1  |   |   |   | 539.5 |   |   |   | 137.5 |   |

----

Table of Contents

|                                                                                                                                                                                                                                                                                                                                                                      |   | For the Twelve Months |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                      |   | Ended December 31,    |   |
|                                                                                                                                                                                                                                                                                                                                                                      |   | 2009                  |   |   | 2008 |   |
| DEP I Midstream Businesses:                                                                                                                                                                                                                                                                                                                                               |   |                  |   |   |   |   |
| Expansion capital spending (1)                                                                                                                                                                                                                                                                                                                                            |   | $                     | 28.5   |   |   | $ | 127.7 |   |
| Sustaining capital expenditures (2)                                                                                                                                                                                                                                                                                                                                       |   |                  | 13.9   |   |   |   | 12.8 |   |
| DEP II Midstream Businesses:                                                                                                                                                                                                                                                                                                                                              |   |                  |   |   |   |   |   |   |
| Expansion capital spending (1)                                                                                                                                                                                                                                                                                                                                            |   |                  | 311.0  |   |   |   | 576.5 |   |
| Sustaining capital expenditures (2)                                                                                                                                                                                                                                                                                                                                       |   |                  | 35.7   |   |   |   | 42.5 |   |
|             Total capital spending                                                                                                                                                                                                                                                                                 |   | $                     | 389.1  |   |   | $ | 759.5 |   |
|                                                                                                                                                                                                                                                                                                                                                                      |   |                  |   |   |   |   |   |   |
| (1)   EPO funded 100% of expansion capital spending during the periods presented.(2)   Sustaining capital expenditures are capital expenditures (as defined by U.S. GAAP) resulting from improvements to and major renewals of existing assets. Such expenditures serve to maintain existing operations but do not generate additional revenues. |   |

----

Table of Contents

|        |   | For the Year Ended December 31, |   |
|-------------|--------|---------------------------------|--------|
|        |   | 2009                            |   |   | 2008 |   |   | 2007 |   |
| Expensed    |   | $                               | 14.1   |   |   | $ | 20.6 |   |   | $ | 14.9 |   |
| Capitalized |   |                            | 17.0   |   |   |   | 22.9 |   |   |   | 24.1 |   |
| Total       |   | $                               | 31.1   |   |   | $ | 43.5 |   |   | $ | 39.0 |   |

----

Table of Contents

| §   | changes in laws and regulations that limit the estimated economic life of an asset; |
|--------------------|-------------------------------------------------------------------------------------|

| §   | changes in technology that render an asset obsolete; |
|--------------------|------------------------------------------------------|

| §   | changes in expected salvage values; or |
|--------------------|----------------------------------------|

| §   | changes in the forecast life of applicable resource basins, if any. |
|--------------------|---------------------------------------------------------------------|

----

Table of Contents

| §   | the expected useful life of the related tangible assets (e.g., fractionation facility, pipeline or other asset); |
|--------------------|------------------------------------------------------------------------------------------------------------------|

| §   | any legal or regulatory developments that would impact such contractual rights; and |
|--------------------|-------------------------------------------------------------------------------------|

| §   | any contractual provisions that enable us to renew or extend such agreements. |
|--------------------|-------------------------------------------------------------------------------|

----

Table of Contents

| §   | discrete financial forecasts for the assets classified within the reporting unit, which rely on management’s estimates of operating margins and transportation volumes; |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | long-term growth rates for cash flows beyond the discrete forecast period; and |
|--------------------|--------------------------------------------------------------------------------|

| §   | appropriate discount rates. |
|--------------------|-----------------------------|

| §   | persuasive evidence of an exchange arrangement exists; |
|--------------------|--------------------------------------------------------|

| §   | delivery has occurred or services have been rendered; |
|--------------------|-------------------------------------------------------|

| §   | the buyer’s price is fixed or determinable; and |
|--------------------|-------------------------------------------------------|

| §   | collectibility is reasonably assured. |
|--------------------|---------------------------------------|

----

Table of Contents

|                                                                                                                                                            |   | December 31, |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------|--------|
|                                                                                                                                                            |   | 2009         |   |   | 2008 |   |
| Natural gas imbalance receivables                                                                                                                               |   | $            | 9.8    |   |   | $ | 35.7 |   |
| Natural gas imbalance payables (1)                                                                                                                              |   |         | 11.0   |   |   |   | 43.6 |   |
| (1)   Reflected as a component of “Accrued product payables” on our Consolidated Balance Sheets included in Item 8 of this annual report. |   |

----

Table of Contents

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   | Payment or Settlement due by Period |    |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------|---------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |                                |    |   | Less than |   |   |   | 1-3     |   |   |   | 4-5   |   |   | More than |   |
| Contractual Obligations (1)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   | Total                               |    |   | 1 year |   |   | years |   |   | years |   |   | 5 years |   |
| Scheduled maturities of long term debt (2)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   | $                                   | 457.3   |   |   | $ | -- |   |   | $ | 457.3 |   |   | $ | -- |   |   | $ | -- |   |
| Estimated cash interest payments (3)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   | $                                   | 14.8    |   |   | $ | 11.1 |   |   | $ | 3.7 |   |   | $ | -- |   |   | $ | -- |   |
| Operating lease obligations (4)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   | $                                   | 115.6   |   |   | $ | 9.0 |   |   | $ | 17.6 |   |   | $ | 14.0 |   |   | $ | 75.0 |   |
| Purchase obligations:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |                                |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Product purchase commitments:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                                |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Estimated payment obligations:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |                                |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Natural gas (5)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   | $                                   | 511.7   |   |   | $ | 257.3 |   |   | $ | 254.4 |   |   | $ | -- |   |   | $ | -- |   |
| Other                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   | $                                   | 0.1     |   |   | $ |   | * |   | $ | 0.1 |   |   | $ | -- |   |   | $ | -- |   |
| Underlying major volume commitments:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |                                |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Natural gas (in BBtus)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                                | 77,207  |   |   |   | 40,657 |   |   |   | 36,550 |   |   |   | -- |   |   |   | -- |   |
| Capital expenditure commitments (6)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   | $                                   | 175.3   |   |   | $ | 175.3 |   |   | $ | -- |   |   | $ | -- |   |   | $ | -- |   |
| Other long-term liabilities (7)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   | $                                   | 6.4     |   |   | $ | -- |   |   | $ | 0.2 |   |   | $ | -- |   |   | $ | 6.2 |   |
| Total                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   | $                                   | 1,281.2 |   |   | $ | 452.7 |   |   | $ | 733.3 |   |   | $ | 14.0 |   |   | $ | 81.2 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |                                |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| * Indicates amounts are immaterial and less than $0.1 million.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |                                |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (1)   The contractual obligations presented in this table reflect 100% of our subsidiaries’ obligations even though we own less than a 100% equity interest in our operating subsidiaries.(2)   Represents our scheduled future maturities of consolidated debt principal obligations for the periods indicated. See Note 11 of the Notes to Consolidated Financial Statements included under Item 8 of this annual report for information regarding our debt obligations.(3)   Our estimated cash payments for interest are based on the principle amount of consolidated debt obligations outstanding at December 31, 2009. In calculating these amounts, we applied the weighted-average variable interest rates paid during 2009 associated with such debt. See Note 11 of the Notes to Consolidated Financial Statements included under Item 8 of this annual report for the weighted-average variable interest rates charged in 2009 under our credit agreements. In addition, our estimate of cash payments for interest gives effect to interest rate swap agreements that were in place at December 31, 2009. See Note 6 of the Notes to Consolidated Financial Statements included under Item 8 of this annual report for information regarding these derivative instruments.(4)   Primarily represents operating leases for (i) underground caverns for the storage of natural gas and NGLs and (ii) land held pursuant to right-of-way agreements. See Note 17 of the Notes to Consolidated Financial Statements included under Item 8 of this annual report for information regarding our operating leases.(5)   Represents natural gas purchase commitments of Acadian Gas to satisfy its sales commitments to Evangeline. See Note 17 of the Notes to Consolidated Financial Statements included under Item 8 of this annual report for information regarding our purchase obligations. The estimated payment obligations are based on contractual prices in effect at December 31, 2009 applied to all future volume commitments. Actual future payment obligations may vary depending on prices at the time of delivery.(6)   Represents short-term unconditional payment obligations related to our capital projects (on a 100% basis). With respect to the amount presented, we expect reimbursements of $113.9 million from EPO.(7)   As reflected on our Consolidated Balance Sheet at December 31, 2009, other long-term liabilities primarily represent noncurrent portions of asset retirement obligations. For information regarding our asset retirement obligations, see Note 7 of our Notes to Consolidated Financial Statements included under Item 8 of this annual report. |   |

----

Table of Contents

|                                                                                                |   | For the Year Ended December 31, |   |
|-----------------------------------------------------------------------------------------------------|--------|---------------------------------|--------|
|                                                                                                |   | 2009                            |   |   | 2008 |   |   | 2007 |   |
| Total segment gross operating margin                                                                |   | $                               | 262.1  |   |   | $ | 253.0 |   |   | $ | 224.7 |   |
| Adjustments to reconcile total segment gross operating margin to operating income:                  |   |                            |   |   |   |   |   |   |   |   |   |   |
|    Depreciation, amortization and accretion in operating costs and expenses          |   |                            | (186.3 | ) |   |   | (167.3 | ) |   |   | (175.3 | ) |
|    Impairment charge included in operating costs and expenses                   |   |                            | (4.2   | ) |   |   | -- |   |   |   | -- |   |
|    Gain on asset sales and related transactions in operating costs and expenses |   |                            | 0.5    |   |   |   | 0.5 |   |   |   | 0.1 |   |
|    General and administrative costs                                                  |   |                            | (11.2  | ) |   |   | (18.3 | ) |   |   | (13.1 | ) |
| GAAP  operating income                                                                    |   |                            | 60.9   |   |   |   | 67.9 |   |   |   | 36.4 |   |
|    Other income (expense), net                                                       |   |                            | (13.8  | ) |   |   | (11.5 | ) |   |   | (8.6 | ) |
|    Provision for income taxes                                                        |   |                            | (1.3   | ) |   |   | (1.1 | ) |   |   | (4.2 | ) |
| GAAP net income                                                                                     |   | $                               | 45.8   |   |   | $ | 55.3 |   |   | $ | 23.6 |   |

|   §   | Fair Value Measurements; and |
|---------------------------|------------------------------|

| §   | Consolidation of Variable Interest Entities |
|--------------------|---------------------------------------------|

Item 8.  Financial Statements and Supplementary Data.

----

Table of Contents

PART IV

Item 15. Exhibits and Financial Statement Schedules.

| (a)   | The following documents are filed as a part of this annual report: |
|-----------------|--------------------------------------------------------------------|

| (1)   | Financial Statements:  See Index to Consolidated Financial Statements on page F-1 of this annual report for financial statements filed as part of this annual report. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2)   | Financial Statement Schedules:  All schedules have been omitted because they are either not applicable, not required or the information called for therein appears in the consolidated financial statements or notes thereto. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3)   | Exhibits. |
|-----------------|-----------|

| Exhibit Number | Exhibit*                                                                                                                                                                                                                                          |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 3.1            | Certificate of Limited Partnership of Duncan Energy Partners L.P. (incorporated by reference to Exhibit 3.1 to Form S-1 Registration Statement (Reg. No. 333-138371) filed November 2, 2006).                                                     |
| 3.2            | Amended and Restated Agreement of Limited Partnership of Duncan Energy Partners L.P., dated February 5, 2007 (incorporated by reference to Exhibit 3.1 to Form 8-K filed February 5, 2007).                                                  |
| 3.3            | Amendment No. 1 to the Amended and Restated Agreement of Limited Partnership of Duncan Energy Partners L.P. dated December 27, 2007 (incorporated by reference to Exhibit 3.1 to Form 8-K/A filed January 3, 2008).                          |
| 3.4            | Amendment No. 2 to the Amended and Restated Agreement of Limited Partnership of Duncan Energy Partners L.P. dated November 6, 2008 (incorporated by reference to Exhibit 3.4 to Form 10-Q filed November 10, 2008).                               |
| 3.5            | Third Amendment to the Amended and Restated Agreement of Limited Partnership of Duncan Energy Partners L.P., dated December 8, 2008 (incorporated by reference to Exhibit 3.1 to Form 8-K filed December 8, 2008).                                |
| 3.6            | Fourth Amendment to the Amended and Restated Agreement of Limited Partnership of Duncan Energy Partners L.P. dated June 15, 2009 (incorporated by reference to Exhibit 3.1 to Form 8-K filed June 15, 2009).                                      |
| 3.7            | Certificate of Formation of DEP Holdings, LLC (incorporated by reference to Exhibit 3.3 to Form S-1 Registration Statement (Reg. No. 333-138371) filed November 2, 2006).                                                                         |
| 3.8            | Second Amended and Restated Limited Liability Company Agreement of DEP Holdings, LLC, dated May 3, 2007 (incorporated by reference to Exhibit 3.4 to Form 10-Q filed May 4, 2007).                                                                |
| 3.9            | First Amendment to the Second Amended and Restated Limited Liability Company Agreement of DEP Holdings, LLC dated November 6, 2008 (incorporated by reference to Exhibit 3.8 to Form 10-Q filed November 10, 2008).                               |
| 3.10           | Certificate of Formation of DEP OLPGP, LLC (incorporated by reference to Exhibit 3.5 to Form S-1 Registration Statement (Reg. No. 333-138371) filed November 2, 2006).                                                                            |
| 3.11           | Amended and Restated Limited Liability Company Agreement of DEP OLPGP, LLC, dated January 19, 2007 (incorporated by reference to Exhibit 3.6 to Amendment No. 3 to Form S-1 Registration Statement (Reg. No. 333-138371) filed January 22, 2007). |
| 3.12           | Certificate of Limited Partnership of DEP Operating Partnership, L.P. (incorporated by reference to Exhibit 3.7 to Form S-1 Registration Statement (Reg. No. 333-138371) filed November 2, 2006).                                                 |
| 3.13           | Agreement of Limited Partnership of DEP Operating Partnership, L.P., dated September 29, 2006 (incorporated by reference to Exhibit 3.8 to Amendment No. 1 to Form S-1 Registration Statement (Reg. No. 333-138371) filed December 15, 2006).     |
| 10.1***        | Amended and Restated 2008 Enterprise Products Long-Term Incentive Plan (February 23, 2010) (incorporated by reference to Exhibit 10.7 to Form 8-K filed by Enterprise Products Partners L.P. on February 26, 2010).                     |

| 10.2*** | Form of Option Grant Award under the Amended and Restated 2008 Enterprise Products   |
|---------|------------------------------------------------------------------------------------------------|

----

Table of Contents

|   | Long-Term Incentive Plan for awards issued before February 23, 2010 (incorporated by reference to Exhibit 4.3 to Form S-8 filed by Enterprise Products Partners L.P. on May 6, 2008). |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.3***  | Amendment to Form of Option Grant Award under the Amended and Restated 2008 Enterprise Products Long-Term Incentive Plan for awards issued before February 23, 2010 (incorporated by reference to Exhibit 10.8 to Form 8-K filed by Enterprise Products Partners L.P. on February 26, 2010). |
|----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.4***  | Form of Option Grant Award under the Amended and Restated 2008 Enterprise Products  Long-Term Incentive Plan (incorporated by reference to Exhibit 10.9 to Form 8-K filed by Enterprise Products Partners L.P. on February 26, 2010).                                    |
| 10.5***  | Form of Employee Restricted Unit Grant Award under the Amended and Restated 2008 Enterprise Products Long-Term Incentive Plan (incorporated by reference to Exhibit 10.10 to Form 8-K filed by Enterprise Products Partners L.P. on February 26, 2010).                                 |
| 10.6***  | Form of Non-Employee Director Restricted Unit Grant Award under the Amended and Restated 2008 Enterprise Products Long-Term Incentive Plan (incorporated by reference to Exhibit 10.11 to Form 8-K filed by Enterprise Products Partners L.P. on February 26, 2010).                         |
| 10.7***  | Enterprise Products 1998 Long-Term Incentive Plan (Amended and Restated as of February 23, 2010) (incorporated by reference to Exhibit10.1 to Form 8-K filed by Enterprise Products Partners L.P. on February 26, 2010).                                                                     |
| 10.8***  | Form of Option Grant Award under the Enterprise Products 1998 Long-Term Incentive Plan for awards issued before May 7, 2008 (incorporated by reference to Exhibit 10.2 to Form 10-Q filed by Enterprise Products Partners L.P. on November 8, 2007).                               |
| 10.9***  | Form of Option Grant Award under the Enterprise Products 1998 Long-Term Incentive Plan for awards issued on or after May 7, 2008 but before February 23, 2010 (incorporated by reference to Exhibit 10.4 to Form 10-Q filed by Enterprise Products Partners L.P. on May 12, 2008). |
| 10.10*** | Amendment to Form of Option Grant Award under the Enterprise Products 1998 Long-Term Incentive Plan for awards issued before February 23, 2010 (incorporated by reference to Exhibit 10.2 to Form 8-K filed by Enterprise Products Partners L.P. on February 26, 2010).            |
| 10.11*** | Form of Option Grant Award under the Enterprise Products 1998 Long-Term Incentive Plan (incorporated by reference to Exhibit 10.3 to Form 8-K filed by Enterprise Products Partners L.P. on February 26, 2010).                                                                    |
| 10.12*** | Form of Restricted Unit Grant Award under the Enterprise Products 1998 Long-Term Incentive Plan for awards issued before February 23, 2010 (incorporated by reference to Exhibit 10.3 to Form 10-Q filed by Enterprise Products Partners L.P. on November 8, 2007).                          |
| 10.13*** | Amendment to Form of Restricted Unit Grant Award under the Enterprise Products 1998 Long-Term Incentive Plan for awards issued before February 23, 2010 (incorporated by reference to Exhibit 10.4 to Form 8-K filed by Enterprise Products Partners L.P. on February 26, 2010).             |
| 10.14*** | Form of Employee Restricted Unit Grant Award under the Enterprise Products 1998 Long-Term Incentive Plan (incorporated by reference to Exhibit 10.5 to Form 8-K filed by Enterprise Products Partners L.P. on February 26, 2010).                                                            |
| 10.15*** | Form of Non-Employee Director Restricted Unit Grant Award under the Enterprise Products 1998 Long-Term Incentive Plan (incorporated by reference to Exhibit 10.6 to Form 8-K filed by Enterprise Products Partners L.P. on February 26, 2010).                                               |
| 10.16*** | Enterprise Products Company 2005 EPE Long-Term Incentive Plan (amended and restated as of February 23, 2010) (incorporated by reference to Exhibit 10.1 to Form 8-K filed by Enterprise GP Holdings L.P. on February 26, 2010).                                                              |
| 10.17*** | Form of Unit Appreciation Right Grant Award (DEP Holding, LLC Directors) under the Enterprise Products Company 2005 EPE Long-Term Incentive Plan (incorporated by reference to Exhibit 10.24 to Form 10-K filed April 2, 2007).                                                              |
| 10.18*** | Form of Employee Restricted Unit Grant Award under the Enterprise Products Company 2005 EPE Long-Term Incentive Plan (incorporated by reference to Exhibit 10.3 to Form 8-K filed by Enterprise GP Holdings L.P. on February 26, 2010).                                                      |
| 10.19*** | Form of Non-Employee Director Restricted Unit Grant Award under the Enterprise Products Company 2005 EPE Long-Term Incentive Plan (incorporated by reference to Exhibit 10.4 to                                                                                                              |

----

Table of Contents

|   | Form 8-K filed by Enterprise GP Holdings L.P. on February 26, 2010). |
|--------|----------------------------------------------------------------------|

| 10.20*** | Form of Phantom Unit Grant Award under the Enterprise Products Company 2005 EPE Long-Term Incentive Plan (incorporated by reference to Exhibit10.5 to Form 8-K filed by Enterprise GP Holdings L.P. on February 26, 2010).               |
|----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.21*** | 2010 Duncan Energy Partners L.P. Long-Term Incentive Plan (Amended and Restated as of February 23, 2010) (incorporated by reference to Exhibit 10.1 to Form 8-K filed February 26, 2010).                                                |
| 10.22*** | Form of Option Award under the 2010 Duncan Energy Partners L.P. Long-Term Incentive Plan (incorporated by reference to Exhibit 10.2 to Form 8-K filed February 26, 2010).                                                                |
| 10.23*** | Form of Employee Restricted Unit Grant Award under the 2010 Duncan Energy Partners L.P. Long-Term Incentive Plan (incorporated by reference to Exhibit 10.3 to Form 8-K filed February 26, 2010).                                        |
| 10.24*** | Form of Non-Employee Director Restricted Unit Grant Award under the 2010 Duncan Energy Partners L.P. Long-Term Incentive Plan (incorporated by reference to Exhibit 10.4 to Form 8-K filed February 26, 2010).                           |
| 10.25*** | Agreement of Limited Partnership of Enterprise Unit L.P. dated February 20, 2008 (incorporated by reference to Exhibit 10.1 to Form 8-K filed by Enterprise Products Partners L.P. on February 26, 2008).                 |
| 10.26*** | First Amendment to Agreement of Limited Partnership of Enterprise Unit L.P. dated December 2, 2009 (incorporated by reference to Exhibit 10.4 to Form 8-K filed by Enterprise GP Holdings L.P. on December 8, 2009). |
| 10.27*** | Agreement of Limited Partnership of EPCO Unit L.P. dated November 13, 2008 (incorporated by reference to Exhibit 10.5 to Form 8-K filed by Enteprise Products Partners L.P. on November 18, 2008).                             |
| 10.28*** | First Amendment to Agreement of Limited Partnership of EPCO Unit L.P. dated December 2, 2009 (incorporated by reference to Exhibit 10.5 to Form 8-K filed by Enterprise GP Holdings L.P. on December 8, 2009).       |
| 10.29*** | Agreement of Limited Partnership of EPE Unit L.P. dated August 23, 2005 (incorporated by reference to Exhibit 10.2 to Form 8-K filed by Enterprise GP Holdings L.P. on September 1, 2005).                                               |
| 10.30*** | First Amendment to Agreement of Limited Partnership of EPE Unit L.P. dated August 7, 2007 (incorporated by reference to Exhibit 10.3 to Form 10-Q filed August 8, 2007).                                                                 |
| 10.31*** | Second Amendment to Agreement of Limited Partnership of EPE Unit L.P. dated July 1, 2008 (incorporated by reference to Exhibit 10.1 to Form 8-K filed by Enterprise GP Holdings L.P. on July 7, 2008).                                   |
| 10.32*** | Third Amendment to Agreement of Limited Partnership of EPE Unit L.P. dated December 2, 2009 (incorporated by reference to Exhibit 10.1 to Form 8-K filed by Enterprise GP Holdings L.P. on December 8, 2009).        |
| 10.33*** | Agreement of Limited Partnership of EPE Unit II, L.P. dated December 5, 2006 (incorporated by reference to Exhibit 10.13 to Form 10-K filed by Enterprise Product Partners L.P. on February 28, 2007).                                   |
| 10.34*** | First Amendment to Agreement of Limited Partnership of EPE Unit II, L.P. dated August 7, 2007 (incorporated by reference to Exhibit 10.4 to Form 10-Q filed August 8, 2007).                                                             |
| 10.35*** | Second Amendment to Agreement of Limited Partnership of EPE Unit II, L.P. dated July 1, 2008 (incorporated by reference to Exhibit 10.2 to Form 8-K filed by Enterprise GP Holdings L.P. on July 7, 2008).                               |
| 10.36*** | Third Amendment to Agreement of Limited Partnership of EPE Unit II, L.P. dated December 2, 2009 (incorporated by reference to Exhibit 10.2 to Form 8-K filed by Enterprise GP Holdings L.P. on December 8, 2009).    |
| 10.37*** | Agreement of Limited Partnership of EPE Unit III, L.P. dated May 7, 2007 (incorporated by reference to Exhibit 10.6 to Form 8-K filed by Enterprise GP Holdings L.P. on May 10, 2007).                                    |
| 10.38*** | First Amendment to Agreement of Limited Partnership of EPE Unit III, L.P. dated August 7, 2007 (incorporated by reference to Exhibit 10.5 to Form 10-Q filed August 8, 2007).                                                            |
| 10.39*** | Second Amendment to Agreement of Limited Partnership of EPE Unit III, L.P. dated July 1, 2008 (incorporated by reference to Exhibit 10.3 to Form 8-K filed by Enterprise GP Holdings L.P. on July 7, 2008).                              |

----

Table of Contents

| 10.40*** | Third Amendment to Agreement of Limited Partnership of EPE Unit III, L.P. dated December 2, 2009 (incorporated by reference to Exhibit 10.3 to Form 8-K filed by Enterprise GP Holdings L.P. on December 8, 2009).                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.41    | Second Amended and Restated Limited Liability Company Agreement of Mont Belvieu Caverns, LLC dated November 1, 2008 (incorporated by reference to Exhibit 10.4 to Form 10-Q filed November 10, 2008).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| 10.42    | Purchase and Sale Agreement dated as of December 8, 2008 by and among (a) Enterprise Products Operating LLC and Enterprise GTM Holdings L.P. as Seller Parties and (b) Duncan Energy Partners L.P., DEP Holdings, LLC, DEP Operating Partnership, L.P. and DEP OLP GP, LLC as Buyer Parties (incorporated by reference to Exhibit 10.1 of Form 8-K filed December 8, 2008).                                                                                                                                                                                                                                                                                                                          |
| 10.43    | Contribution, Conveyance and Assumption Agreement dated as of December 8, 2008 by and among Duncan Energy Partners L.P., DEP OLPGP, LLC, DEP Operating Partnership, L.P., Enterprise GTM Holdings L.P. and Enterprise Holding III, L.L.C. (incorporated by reference to Exhibit 10.2 of Form 8-K filed December 8, 2008).                                                                                                                                                                                                                                                                                                                                                                            |
| 10.44    | Third Amended and Restated Agreement of Limited Partnership of Enterprise GC, L.P. dated December 8, 2008 (incorporated by reference to Exhibit 10.3 of Form 8-K filed December 8, 2008).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| 10.45    | Fourth Amended and Restated Agreement of Limited Partnership of Enterprise Intrastate L.P. dated December 8, 2008 (incorporated by reference to Exhibit 10.4 of Form 8-K filed December 8, 2008).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| 10.46    | Amended and Restated Company Agreement of Enterprise Texas Pipeline LLC dated December 8, 2008 (incorporated by reference to Exhibit 10.5 of Form 8-K filed December 8, 2008).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| 10.47    | Amended and Restated Omnibus Agreement dated December 8, 2008 among Enterprise Products Operating LLC, DEP Holdings, LLC, Duncan Energy Partners L.P., DEP OLPGP, LLC, DEP Operating Partnership, L.P., Enterprise Lou-Tex Propylene Pipeline L.P., Sabine Propylene Pipeline L.P., Acadian Gas, LLC, Mont Belvieu Caverns, LLC, South Texas NGL Pipelines, LLC, Enterprise Holding III, LLC, Enterprise Texas Pipeline LLC, Enterprise Intrastate L.P. and Enterprise GC, LP (incorporated by reference to Exhibit 10.6 of Form 8-K filed December 8, 2008).                                                                                                                                        |
| 10.48    | Unit Purchase Agreement, dated as of December 8, 2008, by and between Duncan Energy Partners L.P. and Enterprise Products Operating LLC (incorporated by reference to Exhibit 10.9 of Form 8-K filed December 8, 2008).                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 10.49    | Fifth Amended and Restated Administrative Services Agreement dated January 30, 2009 by and among EPCO, Inc., Enterprise GP Holdings L.P., EPE Holdings, LLC, Enterprise Products Partners L.P., Enterprise Products Operating L.P., Enterprise Products GP, LLC, Enterprise Products OLPGP, Inc., DEP Holdings, LLC, Duncan Energy Partners L.P., DEP Operating Partnership, L.P., TEPPCO Partners, L.P., Texas Eastern Products Pipeline Company, LLC, TE Products Pipeline Company, LLC, TEPPCO Midstream Companies, LLC, TCTM, L.P. and TEPPCO GP, Inc. (incorporated by reference to Exhibit 10.1 to Form 8-K filed by Enterprise Products Partners L.P. on February 5, 2009).                   |
| 10.50    | Common Unit Purchase Agreement, dated June 15, 2009, by and among Enterprise Products Operating LLC and Enterprise GTM Holdings L.P. as Sellers and Duncan Energy Partners L.P. as Buyer (incorporated by reference to Exhibit 1.2 to Form 8-K filed June 18, 2009).                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| 10.51    | Revolving Credit Agreement, dated as of January 5, 2007, among Duncan Energy Partners L.P., as Borrower, the Lenders Party Thereto, Wachovia Bank, National Association, as Administrative Agent, Issuing Bank and Swingline Lender, The Bank of Nova Scotia and Citibank, N.A., as Co-Syndication Agents, JPMorgan Chase Bank, N.A. and Mizuho Corporate Bank, Ltd., as Co-Documentation Agents, and Wachovia Capital Markets, LLC, The Bank of Nova Scotia and Citigroup Global Markets Inc., as Joint Lead Arrangers and Joint Book Runners (incorporated by reference to Exhibit 10.20 to Amendment No. 2 to Form S-1 Registration Statement (Reg. No. 333-138371) filed January 12, 2007). |
| 10.52    | First Amendment to Revolving Credit Agreement, dated as of June 30, 2007, among Duncan Energy Partners L.P., as Borrower, the Lenders Party Thereto.  Wachovia Bank, National Association, as Administrative Agent, The Bank of Nova Scotia and Citibank, N.A., as Co-                                                                                                                                                                                                                                                                                                                                                                                                                     |

----

Table of Contents

|   | Syndication Agents, JPMorgan Chase Bank, N.A. and Mizuho Corporate Bank, Ltd., as Co-Documentation Agents, and Wachovia Capital Markets, LLC, The Bank of Nova Scotia and Citigroup Global Markets Inc., as Joint Lead Arrangers and Joint Book Runners (incorporated by reference to Exhibit 4.2 to Form 10-Q filed August 8, 2007). |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.53  | Term Loan Agreement, dated as of April 18, 2008, among Duncan Energy Partners L.P., as Borrower, the Lenders Party Thereto, Wachovia Bank, National Association, as Administrative Agent, Suntrust Bank and The Bank of Nova Scotia, as Co-Syndication Agents, Mizuho Corporate Bank, Ltd. and The Royal Bank of Scotland plc, as Co-Documentation Agents, and Wachovia Capital Markets, LLC, SunTrust Robinson Humphrey, a division of SunTrust Capital Markets, Inc. and The Bank of Nova Scotia, as Joint Lead Arrangers and Joint Book Runners (incorporated by reference to Exhibit 10.7 of Form 8-K filed December 8, 2008).                   |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.54  | First Amendment to Term Loan Agreement, dated as of July 11, 2008, among Duncan Energy Partners L.P., as Borrower, the Lenders Party Thereto, Wachovia Bank, National Association, as Administrative Agent, Suntrust Bank and The Bank of Nova Scotia, as Co-Syndication Agents, Mizuho Corporate Bank, Ltd. and The Royal Bank of Scotland plc, as Co-Documentation Agents, and Wachovia Capital Markets, LLC, SunTrust Robinson Humphrey, a division of SunTrust Capital Markets, Inc. and The Bank of Nova Scotia, as Joint Lead Arrangers and Joint Book Runners (incorporated by reference to Exhibit 10.8 of Form 8-K filed December 8, 2008). |
| 12.1** | Computation of ratio of earnings to fixed charges for each of the five years ended December 31, 2009, 2008, 2007, 2006 and 2005.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| 21.1** | List of Subsidiaries as of February 1, 2010.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| 23.1#  | Consent of Deloitte & Touche LLP.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| 31.1#  | Sarbanes-Oxley Section 302 certification of W. Randall Fowler for Duncan Energy Partners L.P. for the December 31, 2009 Annual Report on Form 10-K/A.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| 31.2#  | Sarbanes-Oxley Section 302 certification of Bryan F. Bulawa for Duncan Energy Partners L.P. for the December 31, 2009 Annual Report on Form 10-K/A.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| 32.1#  | Section 1350 certification of W. Randall Fowler for the December 31, 2009 Annual Report on Form 10-K/A.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 32.2#  | Section 1350 certification of Bryan F. Bulawa for the December 31, 2009 Annual Report on Form 10-K/A.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |

| * | With respect to exhibits incorporated by reference to Exchange Act filings, the Commission file numbers for Enterprise Products Partners L.P. and Enterprise GP Holdings L.P. are 1-14323 and 1-32610, respectively. |
|---|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ** | These exhibits were filed with our Original Filing. |
|----|----------------------------------------------------------|

| ***     |        Identifies management contract and compensatory plan arrangements. |
|---------|---------------------------------------------------------------------------------------------------------|
|  # |        Filed with this report.                                                 |

----

Table of Contents

SIGNATURES

|   |   |   |   |   | DUNCAN ENERGY PARTNERS L.P.                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|--------|--------|--------|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |   |   |   | (A Delaware Limited Partnership)                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|   |   |   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|   |   |   |   |   | By:    DEP Holdings, LLC, as General Partner                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|   |   |   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|   |   |   |   |   | By:                           /s/ Michael J. Knesek                                                   |
|   |   |   |   |   | Name:  Michael J. Knesek                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|   |   |   |   |   | Title:    Senior Vice President, Controller             and Principal Accounting Officer             of the General Partner                                                                                                                                                                                                                 |

----

Table of Contents

DUNCAN ENERGY PARTNERS L.P.

INDEX TO FINANCIAL STATEMENTS

|                                                                                                      |   | Page No. |        |
|-----------------------------------------------------------------------------------------------------------|--------|----------|-------------|
| Report of Independent Registered Public Accounting Firm                                                   |   |     | F - 2       |   |
|                                                                                                      |   |     |        |   |
| Consolidated Balance Sheets as of December 31, 2009 and 2008                                              |   |     | F - 3       |   |
|                                                                                                      |   |     |        |   |
| Statements of Consolidated Operations                                                                     |   |     |        |   |
|        for the Years Ended December 31, 2009, 2008 and 2007            |   |     | F - 4       |   |
|                                                                                                      |   |     |        |   |
| Statements of Consolidated Comprehensive Income                                                           |   |     |        |   |
|        for the Years Ended December 31, 2009, 2008 and 2007            |   |     | F - 5       |   |
|                                                                                                      |   |     |        |   |
| Statements of Consolidated Cash Flows                                                                     |   |     |        |   |
|        for the Years Ended December 31, 2009, 2008 and 2007            |   |     | F - 6       |   |
|                                                                                                      |   |     |        |   |
| Statements of Consolidated Equity                                                                         |   |     |        |   |
|        for the Years Ended December 31, 2009, 2008 and 2007            |   |     | F - 7       |   |
|                                                                                                      |   |     |        |   |
| Notes to Consolidated Financial Statements:                                                               |   |     |        |   |
| Note 1 – Partnership Organization, Primary Operations and Basis of Financial Statement Presentation |   |     | F - 9  |   |
| Note 2 – Summary of Significant Accounting Policies                                                 |   |     | F - 12      |   |
| Note 3 – Recent Accounting Developments                                                             |   |     | F - 18      |   |
| Note 4 – Revenue Recognition                                                                        |   |     | F - 18      |   |
| Note 5 – Equity-based Awards                                                                        |   |     | F - 20      |   |
| Note 6 – Derivative Instruments, Hedging Activities and Fair Value Measurements                     |   |     | F - 26      |   |
| Note 7 – Inventories                                                                                |   |     | F - 31      |   |
| Note 8 – Property, Plant and Equipment                                                              |   |     | F - 32      |   |
| Note 9 – Investment in Evangeline                                                                   |   |     | F - 33      |   |
| Note 10 – Intangible Assets and Goodwill                                                            |   |     | F - 35      |   |
| Note 11 – Debt Obligations                                                                          |   |     | F - 36      |   |
| Note 12 – Equity and Distributions                                                                  |   |     | F - 37      |   |
| Note 13 – Noncontrolling Interest                                                                   |   |     | F - 40      |   |
| Note 14 – Business Segments                                                                         |   |     | F - 43      |   |
| Note 15 – Related Party Transactions                                                                |   |     | F - 48      |   |
| Note 16 – Earnings Per Unit                                                                         |   |     | F - 53      |   |
| Note 17 – Commitments and Contingencies                                                             |   |     | F - 54      |   |
| Note 18 – Significant Risks and Uncertainties                                                       |   |     | F - 56      |   |
| Note 19 – Supplemental Cash Flow Information                                                        |   |     | F - 58      |   |
| Note 20 – Quarterly Financial Information (Unaudited)                                               |   |     | F - 59      |   |
| Note 21 – Restatement of Certain Amounts on the Statement of Consolidated Cash Flows                |   |     | F - 60      |   |

----

Table of Contents

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

----

Table of Contents

DUNCAN ENERGY PARTNERS L.P.

|                                                                                                       |   | December 31, |    |
|------------------------------------------------------------------------------------------------------------|--------|--------------|---------|
|                                                                                                       |   | 2009         |    |   | 2008 |   |
| ASSETS                                                                                                     |   |         |    |   |   |   |
| Current assets                                                                                             |   |         |    |   |   |   |
| Cash and cash equivalents                                                                                  |   | $            | 3.9     |   |   | $ | 13.0 |   |
| Accounts receivable – trade, net of allowance for doubtful accounts                                  |   |         | 77.7    |   |   |   | 117.3 |   |
| Accounts receivable – related parties                                                                |   |         | 54.5    |   |   |   | 3.3 |   |
| Gas imbalance receivables                                                                                  |   |         | 9.8     |   |   |   | 35.7 |   |
| Inventories                                                                                                |   |         | 10.5    |   |   |   | 28.0 |   |
| Prepaid and other current assets                                                                           |   |         | 9.8     |   |   |   | 4.3 |   |
|    Total current assets                                                                          |   |         | 166.2   |   |   |   | 201.6 |   |
| Property, plant and equipment, net                                                                         |   |         | 4,549.6 |   |   |   | 4,330.2 |   |
| Investments in Evangeline                                                                                  |   |         | 5.6     |   |   |   | 4.5 |   |
| Intangible assets, net of accumulated amortization of $42.6 at December 31, 2009                           |   |         |    |   |   |   |   |   |
| and $34.1 at December 31, 2008                                                                             |   |         | 43.8    |   |   |   | 52.3 |   |
| Goodwill                                                                                                   |   |         | 4.9     |   |   |   | 4.9 |   |
| Other assets                                                                                               |   |         | 0.7     |   |   |   | 1.2 |   |
|          Total assets                                              |   | $            | 4,770.8 |   |   | $ | 4,594.7 |   |
|                                                                                                       |   |         |    |   |   |   |   |   |
| LIABILITIES AND EQUITY                                                                                     |   |         |    |   |   |   |   |   |
| Current liabilities                                                                                        |   |         |    |   |   |   |   |   |
| Accounts payable – trade                                                                             |   | $            | 54.5    |   |   | $ | 45.2 |   |
| Accounts payable – related parties                                                                   |   |         | 13.6    |   |   |   | 48.5 |   |
| Accrued product payables                                                                                   |   |         | 59.9    |   |   |   | 109.7 |   |
| Accrued property taxes                                                                                     |   |         | 9.1     |   |   |   | 8.3 |   |
| Accrued taxes – other                                                                                |   |         | 8.4     |   |   |   | 8.3 |   |
| Other current liabilities                                                                                  |   |         | 18.9    |   |   |   | 33.3 |   |
|    Total current liabilities                                                                     |   |         | 164.4   |   |   |   | 253.3 |   |
| Long-term debt (see Note 11)                                                                               |   |         | 457.3   |   |   |   | 484.3 |   |
| Deferred tax liabilities                                                                                   |   |         | 5.8     |   |   |   | 5.7 |   |
| Other long-term liabilities                                                                                |   |         | 6.4     |   |   |   | 7.2 |   |
| Commitments and contingencies                                                                              |   |         |    |   |   |   |   |   |
| Equity:                                                                                                    |   |         |    |   |   |   |   |   |
| Duncan Energy Partners L.P. partners’ equity: (see Note 12)                                          |   |         |    |   |   |   |   |   |
|    Limited partners                                                                              |   |         |    |   |   |   |   |   |
|       Common units (57,676,987 common units outstanding at December 31, 2009 and  |   |         |    |   |   |   |   |   |
|          20,343,100 common units outstanding at December 31, 2008) |   |         | 766.6   |   |   |   | 308.2 |   |
|       Class B units (37,333,887 Class B units outstanding at December 31, 2008)   |   |         | --      |   |   |   | 453.8 |   |
|    General partner                                                                               |   |         | 0.2     |   |   |   | 0.4 |   |
|    Accumulated other comprehensive loss                                                          |   |         | (5.4    | ) |   |   | (9.6 | ) |
|       Total Duncan Energy Partners L.P. partners’ equity                    |   |         | 761.4   |   |   |   | 752.8 |   |
| Noncontrolling interest in subsidiaries: (see Note 13)                                                     |   |         |    |   |   |   |   |   |
|    DEP I Midstream Businesses – Parent                                                     |   |         | 487.3   |   |   |   | 478.4 |   |
|    DEP II Midstream Businesses – Parent                                                    |   |         | 2,888.2 |   |   |   | 2,613.0 |   |
|       Total noncontrolling interest                                               |   |         | 3,375.5 |   |   |   | 3,091.4 |   |
|          Total equity                                              |   |         | 4,136.9 |   |   |   | 3,844.2 |   |
|          Total liabilities and equity                              |   | $            | 4,770.8 |   |   | $ | 4,594.7 |   |

----

Table of Contents

 DUNCAN ENERGY PARTNERS L.P.

|                                                                               |   | For Year Ended December 31, |   |
|------------------------------------------------------------------------------------|--------|-----------------------------|--------|
|                                                                               |   | 2009                        |   |   | 2008 |   |   | 2007 |   |
| Revenues                                                                           |   |                        |   |   |   |   |   |   |   |
| Third parties                                                                      |   | $                           | 492.0  |   |   | $ | 856.4 |   |   | $ | 759.3 |   |
| Related parties                                                                    |   |                        | 487.3  |   |   |   | 741.7 |   |   |   | 461.0 |   |
| Total revenues (see Note 14)                                                       |   |                        | 979.3  |   |   |   | 1,598.1 |   |   |   | 1,220.3 |   |
| Costs and Expenses                                                                 |   |                        |   |   |   |   |   |   |   |   |   |   |
| Operating costs and expenses:                                                      |   |                        |   |   |   |   |   |   |   |   |   |   |
| Third parties                                                                      |   |                        | 749.0  |   |   |   | 1,167.7 |   |   |   | 1,066.7 |   |
| Related parties                                                                    |   |                        | 159.3  |   |   |   | 345.1 |   |   |   | 104.3 |   |
| Total operating costs and expenses                                                 |   |                        | 908.3  |   |   |   | 1,512.8 |   |   |   | 1,171.0 |   |
| General and administrative costs:                                                  |   |                        |   |   |   |   |   |   |   |   |   |   |
| Third parties                                                                      |   |                        | 0.3    |   |   |   | 3.4 |   |   |   | 1.7 |   |
| Related parties                                                                    |   |                        | 10.9   |   |   |   | 14.9 |   |   |   | 11.4 |   |
| Total general and administrative costs                                             |   |                        | 11.2   |   |   |   | 18.3 |   |   |   | 13.1 |   |
| Total costs and expenses                                                           |   |                        | 919.5  |   |   |   | 1,531.1 |   |   |   | 1,184.1 |   |
| Equity in income of Evangeline                                                     |   |                        | 1.1    |   |   |   | 0.9 |   |   |   | 0.2 |   |
| Operating income                                                                   |   |                        | 60.9   |   |   |   | 67.9 |   |   |   | 36.4 |   |
| Other income (expense)                                                             |   |                        |   |   |   |   |   |   |   |   |   |   |
| Interest expense                                                                   |   |                        | (14.0  | ) |   |   | (12.0 | ) |   |   | (9.3 | ) |
| Other, net                                                                         |   |                        | 0.2    |   |   |   | 0.5 |   |   |   | 0.7 |   |
| Other expense, net                                                                 |   |                        | (13.8  | ) |   |   | (11.5 | ) |   |   | (8.6 | ) |
| Income before provision for income taxes                                           |   |                        | 47.1   |   |   |   | 56.4 |   |   |   | 27.8 |   |
| Provision for income taxes                                                         |   |                        | (1.3   | ) |   |   | (1.1 | ) |   |   | (4.2 | ) |
| Net income                                                                         |   |                        | 45.8   |   |   |   | 55.3 |   |   |   | 23.6 |   |
| Net loss (income) attributable to noncontrolling interest: (see Note 13)           |   |                        |   |   |   |   |   |   |   |   |   |   |
| DEP I Midstream Businesses - Parent                                                |   |                        | (15.3  | ) |   |   | (11.4 | ) |   |   | (20.0 | ) |
| DEP II Midstream Businesses - Parent                                               |   |                        | 60.6   |   |   |   | 4.0 |   |   |   | -- |   |
| Total net loss (income) attributable to noncontrolling interest                    |   |                        | 45.3   |   |   |   | (7.4 | ) |   |   | (20.0 | ) |
| Net income attributable to Duncan Energy Partners L.P. (see Note 1)                |   | $                           | 91.1   |   |   | $ | 47.9 |   |   | $ | 3.6 |   |
|                                                                               |   |                        |   |   |   |   |   |   |   |   |   |   |
| Allocation of net income attributable to Duncan Energy Partners L.P.: (see Note 1) |   |                        |   |   |   |   |   |   |   |   |   |   |
| Duncan Energy Partners L.P.:                                                       |   |                        |   |   |   |   |   |   |   |   |   |   |
| Limited partners’ interest in net income                                     |   | $                           | 90.5   |   |   | $ | 27.8 |   |   | $ | 18.8 |   |
| General partner interest in net income                                             |   | $                           | 0.6    |   |   | $ | 0.5 |   |   | $ | 0.4 |   |
| Former owners of DEP I Midstream Businesses                                        |   |                        |   |   |   |   | n/a |   |   | $ | 5.0 |   |
| Former owners of DEP II Midstream Businesses                                       |   |                        |   |   |   | $ | 19.6 |   |   | $ | (20.6 | ) |
|                                                                               |   |                        |   |   |   |   |   |   |   |   |   |   |
| Basic and diluted earnings per unit (see Note 16)                                  |   | $                           | 1.57   |   |   | $ | 1.22 |   |   | $ | 0.93 |   |

----

Table of Contents

DUNCAN ENERGY PARTNERS L.P.

|                                                                                  |   | For Year Ended December 31, |   |
|---------------------------------------------------------------------------------------|--------|----------------------------------|--------|
|                                                                                  |   | 2009                             |   |   | 2008 |   |   | 2007 |   |
|                                                                                  |   |                             |   |   |   |   |   |   |   |
| Net income                                                                            |   | $                                | 45.8   |   |   | $ | 55.3 |   |   | $ | 23.6 |   |
| Other comprehensive income (loss):                                                    |   |                             |   |   |   |   |   |   |   |   |   |   |
| Cash flow hedges:                                                                     |   |                             |   |   |   |   |   |   |   |   |   |   |
| Interest rate derivative instrument losses during period                              |   |                             | (2.5   | ) |   |   | (8.0 | ) |   |   | (3.3 | ) |
| Reclassification adjustment for (gains) losses included in net                        |   |                             |   |   |   |   |   |   |   |   |   |   |
|      income related to interest rate derivative instruments       |   |                             | 6.6    |   |   |   | 2.0 |   |   |   | (0.3 | ) |
| Commodity derivative instrument losses during period                                  |   |                             | --     |   |   |   | (0.7 | ) |   |   | (0.1 | ) |
| Reclassification adjustment for losses included in net                                |   |                             |   |   |   |   |   |   |   |   |   |   |
|      income related to commodity derivative instruments           |   |                             | --     |   |   |   | 0.7 |   |   |   | 0.1 |   |
|     Total other comprehensive income (loss)                                 |   |                             | 4.1    |   |   |   | (6.0 | ) |   |   | (3.6 | ) |
| Comprehensive income                                                                  |   |                             | 49.9   |   |   |   | 49.3 |   |   |   | 20.0 |   |
| Comprehensive loss (income) attributable to noncontrolling interest:                  |   |                             |   |   |   |   |   |   |   |   |   |   |
| DEP I Midstream Businesses – Parent                                             |   |                             | (15.3  | ) |   |   | (11.4 | ) |   |   | (20.0 | ) |
| DEP II Midstream Businesses – Parent                                            |   |                             | 60.6   |   |   |   | 4.0 |   |   |   | -- |   |
|   Total comprehensive loss (income) attributable to noncontrolling interest      |   |                             | 45.3   |   |   |   | (7.4 | ) |   |   | (20.0 | ) |
| Comprehensive loss (income) allocated to former owners of DEP II Midstream Businesses |   |                             | --     |   |   |   | (19.6 | ) |   |   | 20.6 |   |
| Comprehensive income attributable to Duncan Energy Partners L.P.                      |   | $                                | 95.2   |   |   | $ | 22.3 |   |   | $ | 20.6 |   |

----

Table of Contents

DUNCAN ENERGY PARTNERS L.P.

|                                                                                    |   | For Year Ended December 31, |   |
|-----------------------------------------------------------------------------------------|--------|-----------------------------|--------|
|                                                                                    |   | 2009                        |   |   | 2008 |   |   | 2007 |   |
|                                                                                    |   |                        |   |   |   |   |   |   |   |
| Operating activities:                                                                   |   |                        |   |   |   |   |   |   |   |
| Net income                                                                              |   | $                           | 45.8   |   |   | $ | 55.3 |   |   | $ | 23.6 |   |
| Adjustments to reconcile net income to net cash flows provided by operating activities: |   |                        |   |   |   |   |   |   |   |   |   |   |
| Depreciation, amortization and accretion                                                |   |                        | 188.3  |   |   |   | 167.8 |   |   |   | 175.6 |   |
| Equity in income of Evangeline                                                          |   |                        | (1.1   | ) |   |   | (0.9 | ) |   |   | (0.2 | ) |
| Gain on sale of assets and related transactions                                         |   |                        | (0.5   | ) |   |   | (0.5 | ) |   |   | (0.1 | ) |
| Deferred income tax expense                                                             |   |                        | --     |   |   |   | 0.3 |   |   |   | 3.8 |   |
| Non-cash asset impairment                                                               |   |                        | 4.2    |   |   |   | -- |   |   |   | -- |   |
| Changes in fair market value of derivative instruments                                  |   |                        | (0.2   | ) |   |   | (0.1 | ) |   |   | 0.2 |   |
| Net effect of changes in operating accounts (see Note 19)                               |   |                        | (34.9  | ) |   |   | (1.8 | ) |   |   | 14.2 |   |
|     Cash flows provided by operating activities                          |   |                        | 201.6  |   |   |   | 220.1 |   |   |   | 217.1 |   |
| Investing activities:                                                                   |   |                        |   |   |   |   |   |   |   |   |   |   |
| Capital expenditures                                                                    |   |                        | (389.1 | ) |   |   | (759.5 | ) |   |   | (340.1 | ) |
| Contributions in aid of construction costs                                              |   |                        | 5.7    |   |   |   | 9.9 |   |   |   | 10.0 |   |
| Proceeds from sale of assets and related transactions                                   |   |                        | 0.9    |   |   |   | 0.9 |   |   |   | 12.6 |   |
| Cash used for business combinations                                                     |   |                        | (0.7   | ) |   |   | -- |   |   |   | (35.0 | ) |
| Other, including loans to affiliates                                                    |   |                        | (45.6  | ) |   |   | (0.1 | ) |   |   | 0.1 |   |
| Cash used in investing activities                                                       |   |                        | (428.8 | ) |   |   | (748.8 | ) |   |   | (352.4 | ) |
| Financing activities:                                                                   |   |                        |   |   |   |   |   |   |   |   |   |   |
| Repayments of debt                                                                      |   |                        | (103.2 | ) |   |   | (114.7 | ) |   |   | (114.0 | ) |
| Borrowings under debt agreements                                                        |   |                        | 76.2   |   |   |   | 398.9 |   |   |   | 314.0 |   |
| Debt issuance costs                                                                     |   |                        | (0.4   | ) |   |   | (1.6 | ) |   |   | (0.5 | ) |
| Net proceeds from Duncan Energy Partners’ common unit offerings                   |   |                        | 137.4  |   |   |   | 0.5 |   |   |   | 290.5 |   |
| Common units repurchased from EPO and subsequently retired                              |   |                        | (137.4 | ) |   |   | -- |   |   |   | -- |   |
| Cash distributions to Duncan Energy Partners’ unitholders and general partner     |   |                        | (88.9  | ) |   |   | (34.4 | ) |   |   | (21.8 | ) |
| Cash distributions to noncontrolling interest                                           |   |                        | (51.6  | ) |   |   | (318.1 | ) |   |   | (491.0 | ) |
| Cash contributions from noncontrolling interest                                         |   |                        | 386.0  |   |   |   | 183.3 |   |   |   | 105.0 |   |
| Net cash contributions from former owners of the                                        |   |                        |   |   |   |   |   |   |   |   |   |   |
|   DEP I Midstream Businesses                                                  |   |                        | --     |   |   |   | -- |   |   |   | 8.5 |   |
| Net cash contributions from former owners of the                                        |   |                        |   |   |   |   |   |   |   |   |   |   |
|   DEP II Midstream Businesses                                                 |   |                        | --     |   |   |   | 425.6 |   |   |   | 46.8 |   |
|      Cash provided by financing activities                          |   |                        | 218.1  |   |   |   | 539.5 |   |   |   | 137.5 |   |
| Net changes in cash and cash equivalents                                                |   |                        | (9.1   | ) |   |   | 10.8 |   |   |   | 2.2 |   |
| Cash and cash equivalents, beginning of period                                          |   |                        | 13.0   |   |   |   | 2.2 |   |   |   | -- |   |
| Cash and cash equivalents, end of period                                                |   | $                           | 3.9    |   |   | $ | 13.0 |   |   | $ | 2.2 |   |

----

Table of Contents

DUNCAN ENERGY PARTNERS L.P.

|                                                                             |   | Former Owners |   |   |       |   |     |                   |   |   |           |   |   |   |   |   |         |   |
|----------------------------------------------------------------------------------|--------|---------------|--------|--------|------------|--------|----------|------------------------|--------|--------|----------------|--------|--------|--------|--------|--------|--------------|--------|
|                                                                             |   | DEP I         |   |   | DEP II     |   |     | Duncan Energy Partners |   |   | Noncontrolling |   |   |   |   |
|                                                                             |   | Midstream     |   |   | Midstream  |   |     | Limited                |   |   | General        |   |   |   |   |   | Interest in  |   |   |   |   |
|                                                                             |   | Businesses    |   |   | Businesses |   |     | Partners               |   |   | Partner        |   |   | AOCI   |   |   | Subsidiaries |   |   | Total |   |
| Balance, January 1, 2007                                                         |   | $             | 725.8  |   |       | $      | 2,853.8  |                   |   | $      | --             |   |   | $      | --     |   |         | $      | -- |   |   | $ | -- |   |   | $ | 3,579.6 |   |
| Transactions prior to the DEP I dropdown effective   February 1, 2007:      |   |          |   |   |       |   |     |                   |   |   |           |   |   |   |   |   |         |   |   |   |   |   |   |   |   |   |   |   |
| Net income (loss)                                                                |   |          | 5.0    |   |       |   | (0.3     | )                      |   |   | --             |   |   |   | --     |   |         |   | -- |   |   |   | -- |   |   |   | 4.7 |   |
| Net cash contributions (distributions) to former owners                          |   |          | 8.5    |   |       |   | (8.8     | )                      |   |   | --             |   |   |   | --     |   |         |   | -- |   |   |   | -- |   |   |   | (0.3 | ) |
| Balance, January 31, 2007                                                        |   |          | 739.3  |   |       |   | 2,844.7  |                   |   |   | --             |   |   |   | --     |   |         |   | -- |   |   |   | -- |   |   |   | 3,584.0 |   |
| Transactions in connection with Duncan Energy Partners’  initial |   |          |   |   |       |   |     |                   |   |   |           |   |   |   |   |   |         |   |   |   |   |   |   |   |   |   |   |   |
| public offering and the DEP I drop down effective February 1, 2007:              |   |          |   |   |       |   |     |                   |   |   |           |   |   |   |   |   |         |   |   |   |   |   |   |   |   |   |   |   |
| Adjustment for liabilities of DEP I Midstream Businesses not                     |   |          |   |   |       |   |     |                   |   |   |           |   |   |   |   |   |         |   |   |   |   |   |   |   |   |   |   |   |
| transferred to Duncan Energy Partners                                            |   |          | 2.7    |   |       |   | --       |                   |   |   | --             |   |   |   | --     |   |         |   | -- |   |   |   | -- |   |   |   | 2.7 |   |
| Retention by noncontrolling interest of ownership interests                      |   |          | (252.3 | )      |       |   | --       |                   |   |   | --             |   |   |   | --     |   |         |   | -- |   |   |   | 252.3 |   |   |   | -- |   |
| Allocation of equity in the DEP I Midstream Businesses                           |   |          |   |   |       |   |     |                   |   |   |           |   |   |   |   |   |         |   |   |   |   |   |   |   |   |   |   |   |
| to Duncan Energy Partners                                                        |   |          | (489.7 | )      |       |   | --       |                   |   |   | 479.9          |   |   |   | 9.8    |   |         |   | -- |   |   |   | -- |   |   |   | -- |   |
| Net proceeds from Duncan Energy Partners’ initial public offering          |   |          | --     |   |       |   | --       |                   |   |   | 290.5          |   |   |   | --     |   |         |   | -- |   |   |   | -- |   |   |   | 290.5 |   |
| Cash distribution to noncontrolling interest at time of initial public offering  |   |          | --     |   |       |   | --       |                   |   |   | (450.3         | )      |   |   | (9.2   | )      |         |   | -- |   |   |   | -- |   |   |   | (459.5 | ) |
| Balance, February 1, 2007                                                        |   | $             | --     |   |       |   | 2,844.7  |                   |   |   | 320.1          |   |   |   | 0.6    |   |         |   | -- |   |   |   | 252.3 |   |   |   | 3,417.7 |   |
| Net income (loss)                                                                |   |          |   |   |       |   | (20.3    | )                      |   |   | 18.8           |   |   |   | 0.4    |   |         |   | -- |   |   |   | 20.0 |   |   |   | 18.9 |   |
| Amortization of equity awards                                                    |   |          |   |   |       |   | --       |                   |   |   | 0.2            |   |   |   | --     |   |         |   | -- |   |   |   | -- |   |   |   | 0.2 |   |
| Cash contributions from former owners                                            |   |          |   |   |       |   | 55.6     |                   |   |   | --             |   |   |   | --     |   |         |   | -- |   |   |   | -- |   |   |   | 55.6 |   |
| Cash distributions to partners                                                   |   |          |   |   |       |   | --       |                   |   |   | (21.4          | )      |   |   | (0.4   | )      |         |   | -- |   |   |   | -- |   |   |   | (21.8 | ) |
| Cash contributions from noncontrolling interest                                  |   |          |   |   |       |   | --       |                   |   |   | --             |   |   |   | --     |   |         |   | -- |   |   |   | 105.0 |   |   |   | 105.0 |   |
| Cash distributions to noncontrolling interest                                    |   |          |   |   |       |   | --       |                   |   |   | --             |   |   |   | --     |   |         |   | -- |   |   |   | (31.5 | ) |   |   | (31.5 | ) |
| Cash flow hedges                                                                 |   |          |   |   |       |   | --       |                   |   |   | --             |   |   |   | --     |   |         |   | (3.6 | ) |   |   | -- |   |   |   | (3.6 | ) |
| Other                                                                            |   |          |   |   |       |   | 0.1      |                   |   |   | --             |   |   |   | --     |   |         |   | -- |   |   |   | 9.4 |   |   |   | 9.5 |   |
| Balance, December 31, 2007                                                       |   |          |   |   |       |   | 2,880.1  |                   |   |   | 317.7          |   |   |   | 0.6    |   |         |   | (3.6 | ) |   |   | 355.2 |   |   |   | 3,550.0 |   |
| Transactions prior to the DEP II drop down on December 8, 2008:                  |   |          |   |   |       |   |     |                   |   |   |           |   |   |   |   |   |         |   |   |   |   |   |   |   |   |   |   |   |
| Net income – January 1, 2008 through December 7, 2008                      |   |          |   |   |       |   | 19.6     |                   |   |   | 21.1           |   |   |   | 0.4    |   |         |   | -- |   |   |   | 12.0 |   |   |   | 53.1 |   |
| Amortization of equity awards                                                    |   |          |   |   |       |   | --       |                   |   |   | 0.2            |   |   |   | --     |   |         |   | -- |   |   |   | -- |   |   |   | 0.2 |   |
| Cash contributions from former owner                                             |   |          |   |   |       |   | 425.6    |                   |   |   | --             |   |   |   | --     |   |         |   | -- |   |   |   | -- |   |   |   | 425.6 |   |
| Cash contributions from noncontrolling interest                                  |   |          |   |   |       |   | --       |                   |   |   | --             |   |   |   | --     |   |         |   | -- |   |   |   | 161.6 |   |   |   | 161.6 |   |
| Cash distributions to noncontrolling interest                                    |   |          |   |   |       |   | --       |                   |   |   | --             |   |   |   | --     |   |         |   | -- |   |   |   | (37.3 | ) |   |   | (37.3 | ) |
| Cash distributions to partners                                                   |   |          |   |   |       |   | --       |                   |   |   | (33.7          | )      |   |   | (0.7   | )      |         |   | -- |   |   |   | -- |   |   |   | (34.4 | ) |
| Cash flow hedges                                                                 |   |          |   |   |       |   | --       |                   |   |   | --             |   |   |   | --     |   |         |   | (0.3 | ) |   |   | -- |   |   |   | (0.3 | ) |
| Other                                                                            |   |          |   |   |       |   | 0.2      |                   |   |   | --             |   |   |   | --     |   |         |   | -- |   |   |   | (12.5 | ) |   |   | (12.3 | ) |
| Balance, December 7, 2008                                                        |   |          |   |   |       |   | 3,325.5  |                   |   |   | 305.3          |   |   |   | 0.3    |   |         |   | (3.9 | ) |   |   | 479.0 |   |   |   | 4,106.2 |   |
| Transactions in connection with the DEP II drop down on December 8, 2008:        |   |          |   |   |       |   |     |                   |   |   |           |   |   |   |   |   |         |   |   |   |   |   |   |   |   |   |   |   |
| Retention by noncontrolling interest of ownership interests                      |   |          |   |   |       |   | (2,595.5 | )                      |   |   | --             |   |   |   | --     |   |         |   | -- |   |   |   | 2,595.5 |   |   |   | -- |   |
| Allocation of equity in the DEP II Midstream Businesses                          |   |          |   |   |       |   |     |                   |   |   |           |   |   |   |   |   |         |   |   |   |   |   |   |   |   |   |   |   |
| to Duncan Energy Partners                                                        |   |          |   |   |       |   | (730.0   | )                      |   |   | 730.0          |   |   |   | --     |   |         |   | -- |   |   |   | -- |   |   |   | -- |   |
| Cash distribution paid to noncontrolling interest  at DEP II drop down |   |          |   |   |       |   | --       |                   |   |   | (280.5         | )      |   |   | --     |   |         |   | -- |   |   |   | -- |   |   |   | (280.5 | ) |
| Net proceeds from the issuance of common units                                   |   |          |   |   |       |   | --       |                   |   |   | 0.5            |   |   |   | --     |   |         |   | -- |   |   |   | -- |   |   |   | 0.5 |   |
| Balance, December 8, 2008                                                        |   |          |   |   |       | $      | --       |                   |   |   | 755.3          |   |   |   | 0.3    |   |         |   | (3.9 | ) |   |   | 3,074.5 |   |   |   | 3,826.2 |   |
| Net income (loss) – December 8, 2008 through December 31, 2008             |   |          |   |   |       |   |     |                   |   |   | 6.7            |   |   |   | 0.1    |   |         |   | -- |   |   |   | (4.6 | ) |   |   | 2.2 |   |
| Cash contributions from noncontrolling interest                                  |   |          |   |   |       |   |     |                   |   |   | --             |   |   |   | --     |   |         |   | -- |   |   |   | 21.7 |   |   |   | 21.7 |   |
| Cash distributions to noncontrolling interest                                    |   |          |   |   |       |   |     |                   |   |   | --             |   |   |   | --     |   |         |   | -- |   |   |   | (0.3 | ) |   |   | (0.3 | ) |
| Cash flow hedges                                                                 |   |          |   |   |       |   |     |                   |   |   | --             |   |   |   | --     |   |         |   | (5.7 | ) |   |   | -- |   |   |   | (5.7 | ) |
| Other                                                                            |   |          |   |   |       |   |     |                   |   |   | --             |   |   |   | --     |   |         |   | -- |   |   |   | 0.1 |   |   |   | 0.1 |   |
| Balance, December 31, 2008                                                       |   |          |   |   |       |   |     |                   |   |   | 762.0          |   |   |   | 0.4    |   |         |   | (9.6 | ) |   |   | 3,091.4 |   |   |   | 3,844.2 |   |
| Net income (loss)                                                                |   |          |   |   |       |   |     |                   |   |   | 90.5           |   |   |   | 0.6    |   |         |   | -- |   |   |   | (45.3 | ) |   |   | 45.8 |   |
| Amortization of equity awards                                                    |   |          |   |   |       |   |     |                   |   |   | 2.2            |   |   |   | --     |   |         |   | -- |   |   |   | -- |   |   |   | 2.2 |   |
| Net proceeds from Duncan Energy Partners’ common unit offerings            |   |          |   |   |       |   |     |                   |   |   | 137.4          |   |   |   | --     |   |         |   | -- |   |   |   | -- |   |   |   | 137.4 |   |
| Cash contributions from noncontrolling interest                                  |   |          |   |   |       |   |     |                   |   |   | --             |   |   |   | --     |   |         |   | -- |   |   |   | 386.0 |   |   |   | 386.0 |   |
| Cash distributions to noncontrolling interest                                    |   |          |   |   |       |   |     |                   |   |   | --             |   |   |   | --     |   |         |   | -- |   |   |   | (51.6 | ) |   |   | (51.6 | ) |
| Cash distributions to unitholders and general partner                            |   |          |   |   |       |   |     |                   |   |   | (88.1          | )      |   |   | (0.8   | )      |         |   | -- |   |   |   | -- |   |   |   | (88.9 | ) |
| Common units repurchased from EPO and retired (see Note 12)                      |   |          |   |   |       |   |     |                   |   |   | (137.4         | )      |   |   | --     |   |         |   | -- |   |   |   | -- |   |   |   | (137.4 | ) |
| Cash flow hedges                                                                 |   |          |   |   |       |   |     |                   |   |   | --             |   |   |   | --     |   |         |   | 4.2 |   |   |   | -- |   |   |   | 4.2 |   |
| Other                                                                            |   |          |   |   |       |   |     |                   |   |   | --             |   |   |   | --     |   |         |   | -- |   |   |   | (5.0 | ) |   |   | (5.0 | ) |
| Balance, December 31, 2009                                                       |   |          |   |   |       |   |     |                   |   | $      | 766.6          |   |   | $      | 0.2    |   |         | $      | (5.4 | ) |   | $ | 3,375.5 |   |   | $ | 4,136.9 |   |

----

Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

----

Table of Contents

Note 1. Partnership Organization, Primary Operations

| §   | Mont Belvieu Caverns owns 34 underground salt dome storage caverns located in Mont Belvieu, Texas, having an NGL and related product storage capacity of approximately 100 million barrels |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Table of Contents

|    | (“MMBbls”), and a brine system with approximately 20 MMBbls of above ground storage capacity and two brine production wells. |
|--------------|------------------------------------------------------------------------------------------------------------------------------------------|

| §   | Acadian Gas is engaged in the gathering, transportation, storage and marketing of natural gas in south Louisiana, utilizing over 1,000 miles of pipelines having an aggregate throughput capacity of 1.0 billion cubic feet per day (“Bcf/d”).  Acadian Gas also owns a 49.51% equity interest in Evangeline, which owns a 27-mile natural gas pipeline located in southeast Louisiana. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | Lou-Tex Propylene owns a 263-mile pipeline used to transport chemical-grade propylene from Sorrento, Louisiana to Mont Belvieu, Texas. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------|

| §   | Sabine Propylene owns a 21-mile pipeline used to transport polymer-grade propylene from Port Arthur, Texas to a pipeline interconnect in Cameron Parish, Louisiana. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | South Texas NGL owns a 297-mile pipeline system used to transport NGLs from our Shoup and Armstrong NGL fractionation facilities in south Texas to Mont Belvieu, Texas. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | Enterprise GC operates and owns: (i) two NGL fractionation facilities, the Shoup and Armstrong, located in south Texas; (ii) a 1,020-mile NGL pipeline system located in south Texas; and (iii) 1,112 miles of natural gas gathering pipelines located in south and west Texas.  Enterprise GC’s natural gas gathering pipelines include: (i) the 262-mile Big Thicket Gathering System located in southeast Texas; (ii) the 660-mile Waha system located in the Permian Basin of west Texas; and (iii) the 190-mile TPC Offshore gathering system located in south Texas. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | Enterprise Intrastate operates and owns an undivided 50% interest in the assets comprising the 641-mile Channel natural gas pipeline, which extends from the Agua Dulce Hub in south Texas to Sabine, Texas located on the Texas/Louisiana border. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | Enterprise Texas owns the 6,560-mile Enterprise Texas natural gas pipeline system, which includes the Sherman Extension, and leases the Wilson natural gas storage facility.  The Enterprise Texas system, along with the Waha, TPC Offshore and Channel pipeline systems, comprise our Texas Intrastate System. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Table of Contents

| §   | Combined financial information of the DEP I Midstream Businesses for the month of January 2007.  The results of operations and cash flows of the DEP I Midstream Businesses for this one-month period are allocated to the former owners of these businesses that are under common control with Duncan Energy Partners.  On February 5, 2007, these businesses were contributed to Duncan Energy Partners in the DEP I drop down transaction; therefore, the DEP I Midstream Businesses were consolidated subsidiaries of Duncan Energy Partners for the eleven months ended December 31, 2007.  For financial accounting and reporting purposes, the effective date of the DEP I drop down transaction is February 1, 2007.  EPO’s retained ownership in the DEP I Midstream Businesses (following the drop down transaction) is presented in our consolidated financial statements as “Noncontrolling interest in subsidiaries – DEP I Midstream Businesses – Parent.” |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | Combined financial information of the DEP II Midstream Businesses for the year ended December 31, 2007.  The results of operations and cash flows of the DEP II Midstream Businesses for this twelve-month period are allocated to the former owners of these businesses that are under common control with Duncan Energy Partners. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | Combined financial information of the DEP II Midstream Businesses from January 1, 2008 through December 7, 2008.  The results of operations and cash flows of the DEP II Midstream Businesses for this period are allocated to the former owners of these businesses that are under common control with Duncan Energy Partners. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Table of Contents

| §   | Consolidated financial information for Duncan Energy Partners for the twelve months ended December 31, 2008, including the results of operations and cash flows for the DEP II Midstream Businesses following completion of the DEP II drop down transaction.  On December 8, 2008, the DEP II Midstream Businesses were contributed to Duncan Energy Partners in the DEP II drop down transaction; therefore, the DEP II Midstream Businesses became consolidated subsidiaries of Duncan Energy Partners on this date.  EPO’s retained ownership in the DEP II Midstream Businesses (following the December 8, 2008 drop down transaction) is presented in our consolidated financial statements as “Noncontrolling interest in subsidiaries – DEP II Midstream Businesses – Parent.” |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

Note 2.  Summary of Significant Accounting Policies

|                                                 |   | For Year Ended December 31, |   |
|------------------------------------------------------|--------|-----------------------------|--------|
|                                                 |   | 2009                        |   |   | 2008 |   |   | 2007 |   |
| Balance at beginning of period                       |   | $                           | *      |   |   | $ | * |   |   | $ | 0.4 |   |
| Charges to expense                                   |   |                        | --     |   |   |   | -- |   |   |   | -- |   |
| Deductions                                           |   |                        | *      |   |   |   | -- |   |   |   | (0.4 | ) |
| Balance at end of period                             |   | $                           | *      |   |   | $ | * |   |   | $ | * |   |
|                                                 |   |                        |   |   |   |   |   |   |   |   |   |   |
| * Amounts are negligible and less than $0.1 million. |   |

----

Table of Contents

----

Table of Contents

|                                                                                                                                                                                                                                                                                                                                                                                                                           |   | For Year Ended December 31, |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                           |   | 2009                        |   |   | 2008 |   |   | 2007 |   |
| Balance at beginning of period                                                                                                                                                                                                                                                                                                                                                                                                 |   | $                           | 0.6    |   |   | $ | 17.8 |   |   | $ | 20.7 |   |
| Charges to expense                                                                                                                                                                                                                                                                                                                                                                                                             |   |                        | 0.1    |   |   |   | 0.5 |   |   |   | 0.3 |   |
| Deductions (1)                                                                                                                                                                                                                                                                                                                                                                                                                 |   |                        | (0.2   | ) |   |   | (17.7 | ) |   |   | (3.2 | ) |
| Balance at end of period                                                                                                                                                                                                                                                                                                                                                                                                       |   | $                           | 0.5    |   |   | $ | 0.6 |   |   | $ | 17.8 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                           |   |                        |   |   |   |   |   |   |   |   |   |   |
| (1)   The $17.7 million deduction in 2008 in the reserve balance is partially comprised of a $5.0 million reduction in the reserve based on revised estimates of future remediation costs and a remaining $6.3 million reserve retained by EPO in connection with the DEP II drop down transaction. In addition, we spent approximately $5.4 million for the remediation of mercury site contamination in 2008. |   |

----

Table of Contents

|                                    |   | December 31, 2009 |   |   | December 31, 2008 |   |
|-----------------------------------------|--------|-------------------|--------|--------|-------------------|--------|
|                                    |   | Carrying          |   |   | Fair              |   |   | Carrying |   |   | Fair |   |
| Financial Instruments                   |   | Value             |   |   | Value             |   |   | Value |   |   | Value |   |
| Financial assets:                       |   |              |   |   |              |   |   |   |   |   |   |   |
| Cash and cash equivalents               |   | $                 | 3.9    |   |              | $      | 3.9 |   |   | $ | 13.0 |   |   | $ | 13.0 |   |
| Accounts receivable                     |   |              | 142.0  |   |              |   | 142.0 |   |   |   | 156.3 |   |   |   | 156.3 |   |
| Financial liabilities:                  |   |              |   |   |              |   |   |   |   |   |   |   |   |   |   |   |
| Accounts payable and accrued expenses   |   | $                 | 145.5  |   |              | $      | 145.5 |   |   | $ | 220.0 |   |   | $ | 220.0 |   |
| Other current liabilities               |   |              | 18.9   |   |              |   | 18.9 |   |   |   | 33.3 |   |   |   | 33.3 |   |
| Variable-rate revolving credit facility |   |              | 175.0  |   |              |   | 175.0 |   |   |   | 202.0 |   |   |   | 202.0 |   |
| Variable-rate term loan                 |   |              | 282.3  |   |              |   | 282.3 |   |   |   | 282.3 |   |   |   | 282.3 |   |

----

Table of Contents

----

Table of Contents

|                                                                                                                   |   | December 31, |   |
|------------------------------------------------------------------------------------------------------------------------|--------|--------------|--------|
|                                                                                                                   |   | 2009         |   |   | 2008 |   |
| Natural gas imbalance receivables                                                                                      |   | $            | 9.8    |   |   | $ | 35.7 |   |
| Natural gas imbalance payables (1)                                                                                     |   |         | 11.0   |   |   |   | 43.6 |   |
| (1)   Reflected as a component of “Accrued product payables” on our Consolidated Balance Sheets. |   |

----

Table of Contents

Note 3.  Recent Accounting Developments

| §   | Effective with the first quarter of 2010, additional disclosures will be required regarding the reporting of transfers of fair value information between the three levels of the fair value hierarchy (i.e., Levels 1, 2 and 3). |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | Effective with the first quarter of 2011, companies will need to present purchases, sales, issuances and settlements whose fair values are based on unobservable inputs on a gross basis. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

Note 4.  Revenue Recognition

----

Table of Contents

----

Table of Contents

Note 5.  Equity-based Awards

|                                                                                                                                                                                                         |   | For Year Ended December 31, |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------|--------|
|                                                                                                                                                                                                         |   | 2009                        |   |   | 2008 |   |   | 2007 |   |
| Restricted unit awards (1)                                                                                                                                                                                   |   | $                           | 1.4    |   |   | $ | 0.7 |   |   | $ | 0.3 |   |
| Unit option awards (1)                                                                                                                                                                                       |   |                        | 0.2    |   |   |   | -- |   |   |   | -- |   |
| Profits interests awards (1)                                                                                                                                                                                 |   |                        | 0.6    |   |   |   | 0.2 |   |   |   | 0.2 |   |
| Total compensation expense                                                                                                                                                                                   |   | $                           | 2.2    |   |   | $ | 0.9 |   |   | $ | 0.5 |   |
|                                                                                                                                                                                                         |   |                        |   |   |   |   |   |   |   |   |   |   |
| (1)   Accounted for as equity-classified awards. The fair value of an equity-classified award is amortized to earnings on a straight-line basis over the requisite service or vesting period. |   |

----

Table of Contents

----

Table of Contents

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |      |      |   | Weighted-       |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|-----------|--------|-----------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |      |      |   | Average Grant   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   | Number of |      |   | Date Fair Value |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   | Units     |      |   | per Unit (1)    |   |
| Restricted units at December 31, 2006                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |      | 1,105,237 |   |            | $      | 24.79 |   |
| Granted (2)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |      | 738,040   |   |            | $      | 30.64 |   |
| Vested                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |      | (4,884    | )      |            | $      | 25.28 |   |
| Settled or forfeited (3)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |      | (149,853  | )      |            | $      | 23.31 |   |
| Restricted units at December 31, 2007                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |      | 1,688,540 |   |            | $      | 27.23 |   |
| Granted (4)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |      | 766,200   |   |            | $      | 30.73 |   |
| Vested                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |      | (285,363  | )      |            | $      | 23.11 |   |
| Forfeited                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |      | (88,777   | )      |            | $      | 26.98 |   |
| Restricted units at December 31, 2008                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |      | 2,080,600 |   |            | $      | 29.09 |   |
| Granted (5)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |      | 1,025,650 |   |            | $      | 24.89 |   |
| Vested                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |      | (281,500  | )      |            | $      | 26.70 |   |
| Forfeited                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |      | (411,884  | )      |            | $      | 28.37 |   |
| Awards assumed in connection with TEPPCO Merger                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |      | 308,016   |   |            | $      | 27.64 |   |
| Restricted units at December 31, 2009                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |      | 2,720,882 |   |            | $      | 27.70 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |      |      |   |            |   |   |   |
| (1)   Determined by dividing the aggregate grant date fair value of awards before an allowance for forfeitures by the number of awards issued. With respect to restricted unit awards assumed in connection with the TEPPCO Merger, the weighted-average grant date fair value per unit was determined by dividing the aggregate grant date fair value of the assumed awards before an allowance for forfeitures by the number of awards assumed.(2)   Aggregate grant date fair value of restricted unit awards issued during 2007 was $22.6 million based on grant date market prices of Enterprise Products Partners’ common units ranging from $28.00 to $31.83 per unit. Estimated forfeiture rates ranging between 4.6% and 17% were applied to these awards.(3)   Reflects the settlement of 113,053 restricted units in connection with the resignation of EPGP’s former chief executive officer.(4)   Aggregate grant date fair value of restricted unit awards issued during 2008 was $23.5 million based on grant date market prices of Enterprise Products Partners’ common units ranging from $25.00 to $32.31 per unit. An estimated forfeiture rate of 17% was applied to these awards.(5)   Aggregate grant date fair value of restricted unit awards issued during 2009 was $25.5 million based on grant date market prices of Enterprise Products Partners’ common units ranging from $20.08 to $28.73 per unit. Estimated forfeiture rates ranging between 4.6% and 17% were applied to these awards. |   |

----

Table of Contents

----

Table of Contents

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |      |      |   |           |   |   | Weighted-       |   |   |      |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|-----------|--------|----------------|--------|--------|-----------------|--------|--------|-----------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |      |      |   | Weighted-      |   |   | Average         |   |   |      |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |      |      |   | Average        |   |   | Remaining       |   |   | Aggregate |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   | Number of |      |   | Strike Price   |   |   | Contractual     |   |   | Intrinsic |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   | Units     |      |   | (dollars/unit) |   |   | Term (in years) |   |   | Value (1) |   |
| Outstanding at December 31, 2006                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |      | 2,416,000 |   |           | $      | 23.32  |            |   |   |      |   |   |   |
| Granted (2)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |      | 895,000   |   |           |   | 30.63  |            |   |   |      |   |   |   |
| Exercised                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |      | (256,000  | )      |           |   | 19.26  |            |   |   |      |   |   |   |
| Settled or forfeited (3)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |      | (740,000  | )      |           |   | 24.62  |            |   |   |      |   |   |   |
| Outstanding at December 31, 2007                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |      | 2,315,000 |   |           |   | 26.18  |            |   |   |      |   |   |   |
| Granted (4)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |      | 795,000   |   |           |   | 30.93  |            |   |   |      |   |   |   |
| Exercised                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |      | (61,500   | )      |           |   | 20.38  |            |   |   |      |   |   |   |
| Forfeited                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |      | (85,000   | )      |           |   | 26.72  |            |   |   |      |   |   |   |
| Outstanding at December 31, 2008                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |      | 2,963,500 |   |           |   | 27.56  |            |   |   |      |   |   |   |
| Granted (5)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |      | 1,460,000 |   |           |   | 23.46  |            |   |   |      |   |   |   |
| Exercised                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |      | (261,000  | )      |           |   | 19.61  |            |   |   |      |   |   |   |
| Forfeited                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |      | (930,540  | )      |           |   | 26.69  |            |   |   |      |   |   |   |
| Awards assumed in connection with TEPPCO Merger                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |      | 593,960   |   |           |   | 26.12  |            |   |   |      |   |   |   |
| Outstanding at December 31, 2009 (6)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |      | 3,825,920 |   |           |   | 26.52  |            |   |   | 4.6       |   |   | $ | 2.8 |   |
| Options exercisable at:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |      |      |   |           |   |   |            |   |   |      |   |   |   |   |   |
| December 31, 2007                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |      | 335,000   |   |           | $      | 22.06  |            |   |   | 4.0       |   |   | $ | 3.3 |   |
| December 31, 2008                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |      | 548,500   |   |           | $      | 21.47  |            |   |   | 4.1       |   |   | $ | -- |   |
| December 31, 2009 (6)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |      | 447,500   |   |           | $      | 25.09  |            |   |   | 4.8       |   |   | $ | 2.8 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |      |      |   |           |   |   |            |   |   |      |   |   |   |   |   |
| (1)   Aggregate intrinsic value reflects fully vested unit options at the date indicated.(2)   Aggregate grant date fair value of these unit options issued during 2007 was $2.4 million based on the following assumptions: (i) a weighted-average grant date market price of Enterprise Products Partners’ common units of $30.63 per unit; (ii) expected life of options of 7.0 years; (iii) weighted-average risk-free interest rate of 4.8%; (iv) weighted-average expected distribution yield on Enterprise Products Partners’ common units of 8.4%; and (v) weighted-average expected unit price volatility on Enterprise Products Partners’ common units of 23.2%.(3)   Includes the settlement of 710,000 options in connection with the resignation of EPGP’s chief executive officer.(4)   Aggregate grant date fair value of these unit options issued during 2008 was $1.9 million based on the following assumptions: (i) a grant date market price of Enterprise Products Partners’ common units of $30.93 per unit; (ii) expected life of options of 4.7 years; (iii) a risk-free interest rate of 3.3%; (iv) an expected distribution yield on Enterprise Products Partners’ common units of 7.0%; and (v) an expected unit price volatility on Enterprise Products Partners’ common units of 19.8%. An estimated forfeiture rate of 17.0% was applied to awards granted during 2008.(5)   Aggregate grant date fair value of these unit options issued during 2009 was $8.1 million based on the following assumptions: (i) a weighted-average grant date market price of Enterprise Products Partners’ common units of $23.46 per unit; (ii) weighted-average expected life of options of 4.8 years; (iii) weighted-average risk-free interest rate of 2.1%; (iv) weighted-average expected distribution yield on Enterprise Products Partners’ common units of 9.4%; and (v) weighted-average expected unit price volatility on Enterprise Products Partners’ common units of 57.4%. An estimated forfeiture rate of 17.0% was applied to awards granted during 2009.(6)   Enterprise Products Partners was committed to issue 3,825,920 and 2,963,500 of Enterprise Products Partners’ common units at December 31, 2009 and 2008, respectively, if all outstanding options awarded (as of these dates) were exercised. Of the option awards outstanding at December 31, 2009, an additional 410,000, 712,280, 736,000 and 1,520,140 are exercisable in 2010, 2012, 2013 and 2014, respectively. |   |

----

Table of Contents

|                                                                                                                                                  |                               | Initial        |   | Class A              |   |                                   |                  |          |
|-------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------|----------------|--------|----------------------|--------|----------------------------------------|-----------------------|---------------|
|                                                                                                                                                  |                               | Class A        |   | Partner              |   |                                   | Grant Date            | Unrecognized  |
| Employee                                                                                                                                              | Description                        | Capital        |   | Preferred            |   | Liquidation                            | Fair Value            | Compensation  |
| Partnership                                                                                                                                           | of Assets                          | Base           |   | Return               |   |      Date (1) |   of Awards | Cost          |
|                                                                                                                                                  |                               |           |   |                 |   |                                   |                  |          |
| EPE Unit I                                                                                                                                            | 1,821,428 EPE units                | $51.0 million  |   | 4.50% to 5.725% |   | February 2016                          | $21.5 million         | $12.1 million |
|                                                                                                                                                  |                               |           |   |                 |   |                                   |                  |          |
| EPE Unit II                                                                                                                                           | 40,725 EPE units                   | $1.5 million   |   | 4.50% to 5.725% |   | February 2016                          | $0.4 million          | $0.3 million  |
|                                                                                                                                                  |                               |           |   |                 |   |                                   |                  |          |
| EPE Unit III                                                                                                                                          | 4,421,326 EPE units                | $170.0 million |   |                 | 3.80%  |                                   | February 2016         | $42.8 million | $30.8 million |
|                                                                                                                                                  |                               |           |   |                 |   |                                   |                  |          |   |
| Enterprise Unit                                                                                                                                       | 881,836 EPE units844,552 EPD units | $51.5 million  |   |                 | 5.00%  |                                   | February 2016         | $6.5 million  | $5.3 million |
|                                                                                                                                                  |                               |           |   |                 |   |                                   |                  |          |   |
| EPCO Unit                                                                                                                                             | 779,102 EPD units                  | $17.0 million  |   |                 | 4.87%  |                                   | February 2016         | $8.1 million  | $6.5 million |
|                                                                                                                                                  |                               |           |   |                 |   |                                   |                  |          |   |
| (1)   The liquidation date may be accelerated for change of control and other events as described in the underlying partnership agreements. |

----

Table of Contents

|                                                                                                                                                                                                |   | For Year Ended December 31, |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------|--------|
|                                                                                                                                                                                                |   | 2009                        |   |   | 2008 |   |   | 2007 |   |
| Aggregate grant date fair values at beginning of period                                                                                                                                             |   | $                           | 64.6   |   |   | $ | 35.4 |   |   | $ | 12.8 |   |
| New Employee Partnership grants (1,2)                                                                                                                                                               |   |                        | --     |   |   |   | 14.6 |   |   |   | 23.0 |   |
| Award modifications                                                                                                                                                                                 |   |                        | 19.5   |   |   |   | 15.0 |   |   |   | -- |   |
| Other adjustments, primarily forfeiture and regrant activity (2)                                                                                                                                    |   |                        | (4.8   | ) |   |   | (0.4 | ) |   |   | (0.4 | ) |
| Aggregate grant date fair value at end of period                                                                                                                                                    |   | $                           | 79.3   |   |   | $ | 64.6 |   |   | $ | 35.4 |   |
|                                                                                                                                                                                                |   |                        |   |   |   |   |   |   |   |   |   |   |
| (1) EPE Unit III was formed in 2007 and EPCO Unit and Enterprise Unit were formed in 2008.(2) TEPPCO Unit L.P. and TEPPCO Unit II L.P. were formed during 2008 and dissolved during 2009. |   |

|            | Expected     | Risk-Free    | Expected      | Expected Unit  |
|-----------------|--------------|--------------|---------------|----------------|
| Employee        | Life         | Interest     | Distribution  | Price          |
| Partnership     | of Award     | Rate         | Yield         | Volatility     |
|            |         |         |          |           |
| EPE Unit I      | 3 to 6 years | 1.2% to 5.0% | 3.0% to 6.7%  | 16.6% to 35.0% |
| EPE Unit II     | 4 to 6 years | 1.6% to 4.4% | 3.8% to 6.4%  | 18.7% to 31.7% |
| EPE Unit III    | 4 to 6 years | 1.4% to 4.9% | 4.0% to 6.4%  | 16.6% to 32.2% |
| Enterprise Unit | 4 to 6 years | 1.4% to 3.9% | 4.5% to 8.4%  | 15.3% to 31.7% |
| EPCO Unit       | 4 to 6 years | 1.6% to 2.4% | 8.1% to 11.1% | 27.0% to 50.0% |

Note 6.  Derivative Instruments, Hedging Activities and Fair Value Measurements

| §   | Changes in the fair value of a recognized asset or liability, or an unrecognized firm commitment - In a fair value hedge, gains and losses for both the derivative instrument and the hedged item are recognized in income during the period of change. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | Variable cash flows of a forecasted transaction - In a cash flow hedge, the effective portion of the hedge is reported in other comprehensive income (“OCI”) and is reclassified into earnings when the forecasted transaction affects earnings. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Table of Contents

|                                                                                                          |   | Number   |   | Period Covered | Termination            | Variable to    | Notional                  |
|---------------------------------------------------------------------------------------------------------------|--------|----------|--------|----------------|------------------------|----------------|---------------------------|
| Hedged Variable Rate Debt                                                                                     |   | of Swaps |   | by Swap        | Date of Swap           | Fixed Rate (1) | Value                     |
| Revolving Credit Facility, due Feb. 2011                                                                      |   |     | 3      |           | Sep. 2007 to Sep. 2010 | Sep. 2010      | 0.25%  to 4.62% | $175.0 million |
|                                                                                                          |   |     |   |           |                   |           |                      |   |
| (1)   Amounts receivable from or payable to the swap counterparties are settled every three months. |

|                                                                       | Volume               | Accounting |
|----------------------------------------------------------------------------|--------------------------------------------------------------------------------------------|------------|
| Derivative Purpose                                                         | Current                                                                                    | Long-Term  | Treatment |
|                                                                       |                                                                                       |       |   |
| Derivatives not designated as hedging instruments:                         |                                                                                       |       |   |
|    Acadian Gas:                                             |                                                                                       |       |   |
|       Natural gas risk management activities | 2.2 Bcf                                                                                    | n/a        | Mark-to-market |

----

Table of Contents

|                                               | Asset Derivatives    |   | Liability Derivatives |   |
|----------------------------------------------------|----------------------|--------|-----------------------|--------|
|                                               | December 31, 2009    |   | December 31, 2008     |   | December 31, 2009 |   | December 31, 2008 |   |
|                                               | Balance Sheet        |   | Fair                  |   | Balance Sheet |   | Fair |   | Balance Sheet |   | Fair |   | Balance Sheet |   | Fair |   |
|                                               | Location             |   | Value                 |   | Location |   | Value |   | Location |   | Value |   | Location |   | Value |   |
|                                               |                 |
| Derivatives designated as hedging instruments:     |                 |
| Interest rate derivatives                          | Other current assets |   | $                     | --     |   | Other current assets |   | $ | -- |   | Other current liabilities |   | $ | 5.5 |   | Other current liabilities |   | $ | 5.9 |   |
|                                               |                 |   |                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest rate derivatives                          | Other assets         |   |                  | --     |   | Other assets |   |   | -- |   | Other liabilities |   |   | -- |   | Other liabilities |   |   | 3.9 |   |
|                                               |                 |   |                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total derivatives                                  |                 |   |                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| designated as hedging                              |                 |   |                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| instruments                                        |                 |   | $                     | --     |   |   |   | $ | -- |   |   |   | $ | 5.5 |   |   |   | $ | 9.8 |   |
|                                               |                 |   |                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Derivatives not designated as hedging instruments: |                 |
| Commodity derivatives                              | Other current assets |   | $                     | 0.1    |   | Other current assets |   | $ | 1.9 |   | Other current liabilities |   | $ | 0.1 |   | Other current liabilities |   | $ | 2.0 |   |
| Total derivatives not                              |                 |   |                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| designated as hedging                              |                 |   |                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| instruments                                        |                 |   | $                     | 0.1    |   |   |   | $ | 1.9 |   |   |   | $ | 0.1 |   |   |   | $ | 2.0 |   |

----

Table of Contents

|   |                  |   | Change in Value       |   |
|--------|-----------------------|--------|-----------------------|--------|
|   | Derivatives in        |   | Recognized in OCI on  |   |
|   | Cash Flow             |   | Derivative            |   |
|   | Hedging Relationships |   | (Effective Portion)   |   |
|   |                  |   | For the Twelve Months |   |
|   |                  |   | Ended December 31,    |   |
|   |                  |   | 2009                  |   |   | 2008 |   |
|   | Interest rate         |   | $                     | (2.5   | ) |   | $ | (8.0 | ) |
|   | Commodity             |   |                  | --     |   |   |   | (0.7 | ) |
|   | Total                 |   | $                     | (2.5   | ) |   | $ | (8.7 | ) |

| Derivatives in        |   | Location of Loss                |   | Amount of Loss                     |   |
|-----------------------|--------|---------------------------------|--------|------------------------------------|--------|
| Cash Flow             |   | Reclassified from AOCI          |   | Reclassified from AOCI into Income |   |
| Hedging Relationships |   | into Income (Effective Portion) |   | (Effective Portion)                |   |
|                  |   |                            |   | For the Twelve Months              |   |
|                  |   |                            |   | Ended December 31,                 |   |
|                  |   |                            |   | 2009                               |   |   | 2008 |   |
| Interest rate         |   | Interest expense                |   | $                                  | (6.6   | ) |   | $ | (2.0 | ) |
| Commodity             |   | Revenue                         |   |                               | --     |   |   |   | (0.7 | ) |
| Total                 |   |                            |   | $                                  | (6.6   | ) |   | $ | (2.7 | ) |

|                                                                |   |             |   | Amount of Gain                    |   |
|---------------------------------------------------------------------|--------|------------------|--------|-----------------------------------|--------|
| Derivatives in Cash Flow                                            |   |             |   | Recognized in Income on           |   |
| Hedging Relationships                                               |   | Location         |   | Ineffective Portion of Derivative |   |
|                                                                |   |             |   | For the Twelve Months             |   |
|                                                                |   |             |   | Ended December 31,                |   |
|                                                                |   |             |   | 2009                              |   |   | 2008 |   |
| Interest rate derivatives                                           |   | Interest expense |   | $                                 | 0.1    |   |   | $ | * |   |
|    Total                                             |   |             |   | $                                 | 0.1    |   |   | $ | * |   |
|                                                                |   |             |   |                              |   |   |   |   |   |   |
| * Indicates that amounts are negligible and less than $0.1 million. |   |

|                       |   |     |   | Gain/(Loss) Recognized in |   |
|----------------------------|--------|----------|--------|---------------------------|--------|
| Derivatives Not Designated |   |     |   | Income on Derivative      |   |
| as Hedging Instruments     |   | Location |   | Amount                    |   |
|                       |   |     |   | For the Twelve Months     |   |
|                       |   |     |   | Ended December 31,        |   |
|                       |   |     |   | 2009                      |   |   | 2008 |   |
| Commodity derivatives      |   | Revenue  |   | $                         | (0.6   | ) |   | $ | 0.7 |   |
|    Total    |   |     |   | $                         | (0.6   | ) |   | $ | 0.7 |   |

----

Table of Contents

| §   | Level 1 fair values are based on quoted prices, which are available in active markets for identical assets or liabilities as of the measurement date.  Active markets are defined as those in which transactions for identical assets or liabilities occur with sufficient frequency so as to provide pricing information on an ongoing basis (e.g., the New York Mercantile Exchange).  Our Level 1 fair values primarily consist of financial assets and liabilities such as exchange-traded commodity financial instruments. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | Level 2 fair values are based on pricing inputs other than quoted prices in active markets (as reflected in Level 1 fair values) and are either directly or indirectly observable as of the measurement date.  Level 2 fair values include instruments that are valued using financial models or other appropriate valuation methodologies.  Such financial models are primarily industry-standard models that consider various assumptions, including quoted forward prices for commodities, the time value of money, volatility factors, current market and contractual prices for the underlying instruments and other relevant economic measures.  Substantially all of these assumptions are: (i) observable in the marketplace throughout the full term of the instrument; (ii) can be derived from observable data; or (iii) are validated by inputs other than quoted prices (e.g., interest rate and yield curves at commonly quoted intervals).  Our Level 2 fair values primarily consist of commodity financial instruments such as forwards, swaps and other instruments transacted on an exchange or over the counter.  The fair values of these derivatives are based on observable price quotes for similar products and locations.  Our interest rate derivatives are valued by using appropriate financial models with the implied forward London Interbank Offered Rate (“LIBOR”) yield curve for the same period as the future interest swap settlements. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | Level 3 fair values are based on unobservable inputs.  Unobservable inputs are used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date.  Unobservable inputs reflect the reporting entity’s own ideas about the assumptions that market participants would use in pricing an asset or liability (including assumptions about risk).  Unobservable inputs are based on the best information available in the circumstances, which might include the reporting entity’s internally developed data.  The reporting entity must not ignore information about market participant assumptions that is reasonably available without undue cost and effort.  Level 3 inputs are typically used in connection with internally developed valuation methodologies where management makes its best estimate of an instrument’s fair value.  Level 3 generally includes specialized or unique financial instruments that are tailored to meet a customer’s specific needs.  At December 31, 2009, we did not have any Level 3 financial assets or liabilities. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Table of Contents

|                                                                |   | At December 31, 2009 |   |
|---------------------------------------------------------------------|--------|----------------------|--------|
|                                                                |   | Level 1              |   |   | Level 2 |   |   | Total |   |
| Financial assets:                                                   |   |                 |   |   |   |   |   |   |   |
| Commodity derivative instruments                                    |   | $                    | 0.1    |   |   | $ | * |   |   | $ | 0.1 |   |
|                                                                |   |                 |   |   |   |   |   |   |   |   |   |   |
| Financial liabilities:                                              |   |                 |   |   |   |   |   |   |   |   |   |   |
| Commodity derivative instruments                                    |   | $                    | *      |   |   | $ | 0.1 |   |   | $ | 0.1 |   |
| Interest rate derivative instruments                                |   |                 | --     |   |   |   | 5.5 |   |   |   | 5.5 |   |
| Total derivative liabilities                                        |   | $                    | *      |   |   | $ | 5.6 |   |   | $ | 5.6 |   |
|                                                                |   |
| * Indicates that amounts are negligible and less than $0.1 million. |   |

|                                                                |   | At December 31, 2008 |   |
|---------------------------------------------------------------------|--------|----------------------|--------|
|                                                                |   | Level 1              |   |   | Level 2 |   |   | Total |   |
| Financial assets:                                                   |   |                 |   |   |   |   |   |   |   |
| Commodity derivative instruments                                    |   | $                    | *      |   |   | $ | 1.9 |   |   | $ | 1.9 |   |
|                                                                |   |                 |   |   |   |   |   |   |   |   |   |   |
| Financial liabilities:                                              |   |                 |   |   |   |   |   |   |   |   |   |   |
| Commodity derivative instruments                                    |   | $                    | 1.9    |   |   | $ | 0.1 |   |   | $ | 2.0 |   |
| Interest rate derivative instruments                                |   |                 | --     |   |   |   | 9.8 |   |   |   | 9.8 |   |
| Total derivative liabilities                                        |   | $                    | 1.9    |   |   | $ | 9.9 |   |   | $ | 11.8 |   |
|                                                                |   |
| * Indicates that amounts are negligible and less than $0.1 million. |   |

|                          |   | Level 3 |   |   | ImpairmentCharges |   |
|-------------------------------|--------|---------|--------|--------|-------------------|--------|
| Property, plant and equipment |   | $       | 1.8    |   |              | $      | 4.2 |   |

Note 7.  Inventories

|                                                                                                                                                                                                                                                                 |   | December 31, |   |   | December 31, |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------|--------|--------|--------------|--------|
|                                                                                                                                                                                                                                                                 |   | 2009         |   |   | 2008         |   |
| Working inventory (1)                                                                                                                                                                                                                                                |   | $            | 4.4    |   |         | $      | 18.3 |   |
| Forward sales inventory (2)                                                                                                                                                                                                                                          |   |         | 6.1    |   |         |   | 9.7 |   |
| Total inventory                                                                                                                                                                                                                                                      |   | $            | 10.5   |   |         | $      | 28.0 |   |
|                                                                                                                                                                                                                                                                 |   |         |   |   |         |   |   |   |
| (1)   Working inventory is comprised of inventories of natural gas that are used in the provision for services.(2)   Forward sales inventory consists of identified natural gas volumes dedicated to the fulfillment of forward sales contracts. |   |

----

Table of Contents

| §   | Write-downs of natural gas inventories are recorded as an expense related to our natural gas pipeline operations within our Natural Gas Pipelines & Services business segment. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                                                                                                                                                                                                                                                                                                           |   | For Year Ended December 31, |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                           |   | 2009                        |   |   | 2008 |   |   | 2007 |   |
| Cost of sales (1)                                                                                                                                                                                                                                                                                                                              |   | $                           | 490.0  |   |   | $ | 1,122.4 |   |   | $ | 811.4 |   |
| LCM adjustments                                                                                                                                                                                                                                                                                                                                |   |                        | *      |   |   |   | 1.8 |   |   |   | 0.3 |   |
| (1)   Cost of sales is included in operating costs and expenses, as presented on our Statements of Consolidated Operations. The fluctuation in this amount year-to-year is primarily due to changes in natural gas prices.*     We recognized nominal LCM adjustments for the year ended December 31, 2009. |   |

Note 8.  Property, Plant and Equipment

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   | Estimated Useful |    |   | At December 31, |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------|---------|--------|-----------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   | Life in Years    |    |   | 2009            |   |   | 2008 |   |
| Plant and pipeline facilities (1)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |             | 3-45(4) |   |            | $      | 4,767.0 |   |   | $ | 4,175.0 |   |
| Underground storage wells and related assets (2)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |             | 5-35(5) |   |            |   | 432.5 |   |   |   | 407.9 |   |
| Transportation equipment (3)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |             | 3-10    |   |            |   | 11.3 |   |   |   | 10.3 |   |
| Land                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |             |    |   |            |   | 27.8 |   |   |   | 23.9 |   |
| Construction in progress                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |             |    |   |            |   | 233.6 |   |   |   | 459.0 |   |
|     Total                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |             |    |   |            |   | 5,472.2 |   |   |   | 5,076.1 |   |
| Less accumulated depreciation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |             |    |   |            |   | 922.6 |   |   |   | 745.9 |   |
|     Property, plant and equipment, net                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |             |    |   |            | $      | 4,549.6 |   |   | $ | 4,330.2 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |             |    |   |            |   |   |   |   |   |   |   |
| (1)   Includes natural gas, NGL and petrochemical pipelines, NGL fractionation plants, office furniture and equipment, buildings, and related assets.(2)   Underground storage facilities include underground product storage caverns and related assets such as pipes and compressors.(3)   Transportation equipment includes vehicles and similar assets used in our operations.(4)   In general, the estimated useful life of major components of this category is: pipelines, 18-45 years (with some equipment at 5 years); office furniture and equipment, 3-20 years; and buildings 20-35 years.(5)   In general, the estimated useful life of underground storage facilities is 20-35 years (with some components at 5 years). |   |

----

Table of Contents

| ARO liability balance, December 31, 2007            |   | $      | 8.1  |   |
|-----------------------------------------------------|--------|--------|------|--------|
|    Liabilities incurred              |   |   | 1.3  |   |
|    Liabilities settled               |   |   | (5.3 | )      |
|    Accretion expense                 |   |   | 0.3  |   |
|    Revisions in estimated cash flows |   |   | 0.2  |   |
| ARO liability balance, December 31, 2008            |   | $      | 4.6  |   |
|    Liabilities settled               |   |   | (0.7 | )      |
|    Accretion expense                 |   |   | 0.6  |   |
|    Revisions in estimated cash flows |   |   | 5.9  |   |
| ARO liability balance, December 31, 2009            |   | $      | 10.4 |   |

| 2010 |   |   | 2011   |   |   | 2012   |   |   | 2013 |   |   | 2014 |   |
|------|--------|--------|--------|--------|--------|--------|--------|--------|------|--------|--------|------|--------|
| $    | 0.7    |   |   | $      | 0.6    |   |   | $      | 0.6  |   |   | $    | 0.7    |   |   | $ | 0.8 |   |

Note 9.  Investment in Evangeline

----

Table of Contents

|                                            |   | At December 31, |   |
|-------------------------------------------------|--------|-----------------|--------|
|                                            |   | 2009            |   |   | 2008 |   |
| BALANCE SHEET DATA:                             |   |            |   |   |   |   |
|    Current assets                     |   | $               | 24.4   |   |   | $ | 33.5 |   |
|    Property, plant and equipment, net |   |            | 3.2    |   |   |   | 4.2 |   |
|    Other assets                       |   |            | 13.5   |   |   |   | 17.5 |   |
| Total assets                                    |   | $               | 41.1   |   |   | $ | 55.2 |   |
|                                            |   |            |   |   |   |   |   |   |
|    Current liabilities                |   | $               | 10.6   |   |   | $ | 24.2 |   |
|    Other liabilities                  |   |            | 17.7   |   |   |   | 20.4 |   |
|    Consolidated equity                |   |            | 12.8   |   |   |   | 10.6 |   |
| Total liabilities and consolidated equity       |   | $               | 41.1   |   |   | $ | 55.2 |   |

|                   |   | For the Year Ended December 31, |   |
|------------------------|--------|---------------------------------|--------|
|                   |   | 2009                            |   |   | 2008 |   |   | 2007 |   |
| INCOME STATEMENT DATA: |   |                            |   |   |   |   |   |   |   |
| Revenues               |   | $                               | 164.5  |   |   | $ | 371.8 |   |   | $ | 272.9 |   |
| Operating income       |   |                            | 3.7    |   |   |   | 7.2 |   |   |   | 6.3 |   |
| Net income             |   |                            | 2.2    |   |   |   | 1.8 |   |   |   | 0.4 |   |

----

Table of Contents

Note 10.  Intangible Assets and Goodwill

|                                     |   | At December 31, 2009 |   |   | At December 31, 2008 |   |
|------------------------------------------|--------|----------------------|--------|--------|----------------------|--------|
|                                     |   | Gross                |   |   | Accum.               |   |   | Carrying |   |   | Gross |   |   | Accum. |   |   | Carrying |   |
|                                     |   | Value                |   |   | Amort.               |   |   | Value |   |   | Value |   |   | Amort. |   |   | Value |   |
| NGL Pipelines & Services:            |   |                 |   |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   Customer relationship intangibles |   | $                    | 24.6   |   |                 | $      | (8.9 | ) |   | $ | 15.7 |   |   | $ | 24.6 |   |   | $ | (6.4 | ) |   | $ | 18.2 |   |
|   Contract based intangibles        |   |                 | 40.8   |   |                 |   | (24.7 | ) |   |   | 16.1 |   |   |   | 40.8 |   |   |   | (20.1 | ) |   |   | 20.7 |   |
| Natural Gas Pipelines & Services:    |   |                 |   |   |                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   Customer relationship intangibles |   |                 | 21.0   |   |                 |   | (9.0 | ) |   |   | 12.0 |   |   |   | 21.0 |   |   |   | (7.6 | ) |   |   | 13.4 |   |
|     Total all segments    |   | $                    | 86.4   |   |                 | $      | (42.6 | ) |   | $ | 43.8 |   |   | $ | 86.4 |   |   | $ | (34.1 | ) |   | $ | 52.3 |   |

|                                 |   | For the Year Ended December 31, |   |
|--------------------------------------|--------|---------------------------------|--------|
|                                 |   | 2009                            |   |   | 2008 |   |   | 2007 |   |
| NGL Pipelines & Services         |   | $                               | 7.1    |   |   | $ | 7.6 |   |   | $ | 5.5 |   |
| Natural Gas Pipelines & Services |   |                            | 1.4    |   |   |   | 1.5 |   |   |   | 1.7 |   |
| Total segments                       |   | $                               | 8.5    |   |   | $ | 9.1 |   |   | $ | 7.2 |   |

|                                 |   | For the Year Ended December 31, |   |
|--------------------------------------|--------|---------------------------------|--------|
|                                 |   | 2010                            |   |   | 2011 |   |   | 2012 |   |   | 2013 |   |   | 2014 |   |
| NGL Pipelines & Services         |   | $                               | 6.7    |   |   | $ | 6.4 |   |   | $ | 2.9 |   |   | $ | 1.7 |   |   | $ | 1.5 |   |
| Natural Gas Pipelines & Services |   |                            | 1.3    |   |   |   | 1.2 |   |   |   | 1.1 |   |   |   | 1.0 |   |   |   | 0.9 |   |
| Total segments                       |   | $                               | 8.0    |   |   | $ | 7.6 |   |   | $ | 4.0 |   |   | $ | 2.7 |   |   | $ | 2.4 |   |

----

Table of Contents

Note 11. Debt Obligations

|                                                        |   | At December 31, |   |
|-------------------------------------------------------------|--------|-----------------|--------|
|                                                        |   | 2009            |   |   | 2008 |   |
| Revolving Credit Facility, variable rate, due February 2011 |   | $               | 175.0  |   |   | $ | 202.0 |   |
| Term Loan Agreement, variable rate, due December 2011       |   |            | 282.3  |   |   |   | 282.3 |   |
| Total principal amount of long-term debt obligations        |   | $               | 457.3  |   |   | $ | 484.3 |   |

----

Table of Contents

|                                                        |   | Weighted-average   |    |
|-------------------------------------------------------------|--------|--------------------|---------|
|                                                        |   | interest rate paid |    |
| Revolving Credit Facility, variable rate, due February 2011 |   |               | 1.4754% |   |
| Term Loan Agreement, variable rate, due December 2011       |   |               | 1.1486% |   |

|                                                                                                                            |   | At December 31, |   |
|---------------------------------------------------------------------------------------------------------------------------------|--------|-----------------|--------|
|                                                                                                                            |   | 2009            |   |   | 2008 |   |
| 9.9% fixed interest rate senior secured notes due December 2010 (“Series B” notes):                                 |   |            |   |   |   |   |
| Current portion of debt – due December 31, 2010                                                                           |   | $               | 3.2    |   |   | $ | 5.0 |   |
| Long-term portion of debt                                                                                                       |   |            | --     |   |   |   | 3.2 |   |
| $7.5 million subordinated note payable to an affiliate of other co-venture  participant (“LL&E Note”) |   |            | 7.5    |   |   |   | 7.5 |   |
| Total joint venture debt principal obligation                                                                                   |   | $               | 10.7   |   |   | $ | 15.7 |   |

Note 12.  Equity and Distributions

----

Table of Contents

----

Table of Contents

|                                                                                     |   | Limited |       |   |     |   |       | Total       |   |
|------------------------------------------------------------------------------------------|--------|---------|------------|--------|----------|--------|------------|-------------|--------|
|                                                                                     |   | Partner |       |   | Treasury |   |       | Outstanding |   |
|                                                                                     |   | Units   |       |   | Units    |   |       | Units       |   |
| Activity on February 5, 2007:                                                            |   |    |       |   |     |   |       |        |   |
| Common units originally issued to EPO in connection with the DEP I drop down transaction |   |    | 7,301,571  |   |     |   | --         |        |   |   | 7,301,571 |   |
| Common units issued in connection with our IPO                                           |   |    | 14,950,000 |   |     |   | --         |        |   |   | 14,950,000 |   |
| Redemption of common units using proceeds from IPO overallotment                         |   |    | (1,950,000 | )      |     |   | --         |        |   |   | (1,950,000 | ) |
| Common units outstanding, December 31, 2007                                              |   |    | 20,301,571 |   |     |   | --         |        |   |   | 20,301,571 |   |
| Common units sold to EPO in connection with the DEP II drop down transaction             |   |    | 41,529     |   |     |   | --         |        |   |   | 41,529 |   |
| Common units outstanding, December 31, 2008                                              |   |    | 20,343,100 |   |     |   | --         |        |   |   | 20,343,100 |   |
| Conversion of Class B units to common units on February 1, 2009                          |   |    | 37,333,887 |   |     |   | --         |        |   |   | 37,333,887 |   |
| June 2009 underwritten offering                                                          |   |    | 8,000,000  |   |     |   | --         |        |   |   | 8,000,000 |   |
| Acquisition of common units from EPO in June 2009                                        |   |    | (8,000,000 | )      |     |   | 8,000,000  |        |   |   | -- |   |
| Cancellation of treasury units in June 2009                                              |   |    | --         |   |     |   | (8,000,000 | )           |   |   | (8,000,000 | ) |
| Additional units issued in July 2009 in connection with                                  |   |    |       |   |     |   |       |        |   |   |   |   |
|     June 2009 underwritten offering                                  |   |    | 943,400    |   |     |   | --         |        |   |   | 943,400 |   |
| Acquisition of common units from EPO in July 2009                                        |   |    | (943,400   | )      |     |   | 943,400    |        |   |   | -- |   |
| Cancellation of treasury units in July 2009                                              |   |    | --         |   |     |   | (943,400   | )           |   |   | (943,400 | ) |
| Common units outstanding, December 31, 2009                                              |   |    | 57,676,987 |   |     |   | --         |        |   |   | 57,676,987 |   |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   | Cash Distribution History |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   | Per                       |   | Record | Payment |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   | Unit                      |   | Date | Date |
| 2008                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                      |   |   |   |
| 1st Quarter                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |                      | 0.4100 |   | April 30, 2008 | May 7, 2008 |
| 2nd Quarter                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |                      | 0.4200 |   | July 31, 2008 | August 7, 2008 |
| 3rd Quarter                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |                      | 0.4200 |   | October 31, 2008 | November 12, 2008 |
|                    4th Quarter (1)                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |                      | 0.4275 |   | January 30, 2009 | February 9, 2009 |
| 2009                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                      |   |   |   |   |
| 1st Quarter                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |                      | 0.4300 |   | April 30, 2009 | May 8, 2009 |
| 2nd Quarter                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |                      | 0.4350 |   | July 31, 2009 | August 7, 2009 |
| 3rd Quarter                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |                      | 0.4400 |   | October 30, 2009 | November 5, 2009 |
| 4th Quarter                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |                      | 0.4450 |   | January 29, 2010 | February 5, 2010 |
| (1)   We issued 37.3 million Class B units in connection with the DEP II drop down. The Class B units received a cash distribution of $0.1115 per unit for the distribution that Duncan Energy Partners paid with respect to the fourth quarter of 2008, which represented the regular quarterly distribution pro-rated for the 24-day period from December 8, 2008, the closing date of the DEP II drop down transaction, to December 31, 2008. These units automatically converted on a one-for-one basis to common units on February 1, 2009. |

----

Table of Contents

Note 13.  Noncontrolling Interest

| §   | EPO is allocated all operational measurement gains and losses; and |
|--------------------|--------------------------------------------------------------------|

| §   | EPO is allocated 100% of the depreciation expense related to capital projects that it has fully funded. |
|--------------------|---------------------------------------------------------------------------------------------------------|

----

Table of Contents

|                                                                                                 |   | For the Year Ended |      |
|------------------------------------------------------------------------------------------------------|--------|--------------------|-----------|
|                                                                                                 |   | December 31,       |      |
|                                                                                                 |   | 2009               |      |   | 2008 |   |   | 2007 |   |
|                                                                                                 |   |               |      |   |   |   |   |   |   |
| Total net income of DEP I Midstream Businesses, prior to special allocations                         |   | $                  | 68.0      |   |   | $ | 56.4 |   |   | $ | 45.4 |   |
| Multiplied by Parent 34% interest in net income                                                      |   |               | x 34 | % |   |   | x 34 | % |   |   | x 34 | % |
| Parent 34% interest in net income, prior to special allocations                                      |   |               | 23.1      |   |   |   | 19.2 |   |   |   | 15.5 |   |
| Add (deduct) operational measurement gain (loss) allocated to Parent                                 |   |               | (1.7      | ) |   |   | (6.8 | ) |   |   | 4.5 |   |
| Less depreciation expense related to fully funded projects allocated to Parent                       |   |               | (6.1      | ) |   |   | (1.0 | ) |   |   | -- |   |
| Net income attributable to noncontrolling interest – DEP I Midstream Businesses – Parent |   | $                  | 15.3      |   |   | $ | 11.4 |   |   | $ | 20.0 |   |

| December 31, 2007 balance                                                                                                                 |   | $      | 355.2  |   |
|-------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------|--------|
|    Net income attributable to noncontrolling interest – DEP I Midstream Businesses – Parent                         |   |   | 11.4   |   |
|    Contributions made by EPO to South Texas NGL and Mont Belvieu Caverns in connection with the following agreements:      |   |   |   |   |
|       Caverns LLC Agreement                                                                                      |   |   | 88.1   |   |
|       Omnibus Agreement                                                                                          |   |   | 31.4   |   |
|    Other contributions made by EPO to the DEP I Midstream Businesses                                                            |   |   | 36.5   |   |
|    Cash distributions paid to EPO by the DEP I Midstream Businesses                                                             |   |   | (44.2  | )      |
| December 31, 2008 balance                                                                                                                 |   |   | 478.4  |   |
|    Net income attributable to noncontrolling interest – DEP I Midstream Businesses – Parent                         |   |   | 15.3   |   |
|    Contributions made by EPO to South Texas NGL and Mont Belvieu Caverns in connection with the following agreements: |   |   |   |   |
|       Caverns LLC Agreement                                                                                      |   |   | 16.6   |   |
|       Omnibus Agreement                                                                                          |   |   | 1.4    |   |
|    Other contributions made by EPO to the DEP I Midstream Businesses                                                            |   |   | 0.9    |   |
|    Cash distributions paid to EPO by the DEP I Midstream Businesses                                                             |   |   | (25.3  | )      |
| December 31, 2009 balance                                                                                                                 |   | $      | 487.3  |   |

----

Table of Contents

|                                                                                          |   | DEP    |   |   | EPO    |   |
|-----------------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|
| Total net income of DEP II Midstream Businesses                                               |   |   |   |   | $      | 0.5    |   |   | $ | 0.5 |   |
| Multiplied by each owner's Percentage Interest                                                |   |   |   |   |   | 22.6   | % |   |   | 77.4 | % |
| Base earnings allocation to each owner                                                        |   |   |   |   |   | 0.1    |   |   |   | 0.4 |   |
| Additional earnings allocation to Duncan Energy Partners:                                     |   |   |   |   |   |   |   |   |   |   |   |
| Total distributions paid by the DEP II Midstream  Businesses with respect to period |   | $      | 5.4    |   |   |   |   |   |   |   |   |   |
| Multiplied by 22.6% Percentage Interest of Duncan Energy Partners                             |   |   | 22.6   | %      |   |   |   |   |   |   |   |   |
| Duncan Energy Partners’ Percentage Interest in the total cash distributions             |   |   |   |   |   |   |   |   |   |   |   |   |
|    paid by the DEP II Midstream Businesses with respect to period              |   |   | 1.2    |   |   |   |   |   |   |   |   |   |
| Less actual distributions paid to Duncan Energy Partners                                      |   |   |   |   |   |   |   |   |   |   |   |   |
|    with respect to period based on annualized return for period                |   |   | 5.6    |   |   |   | 4.4 |   |   |   | (4.4 | ) |
| Net income attributable to Duncan Energy Partners                                             |   |   |   |   |   | $      | 4.5 |   |   |   |   |   |
| Net loss attributable to EPO as noncontrolling interest                                       |   |   |   |   |   |   |   |   |   | $ | (4.0 | ) |

----

Table of Contents

|                                                                                          |   | DEP    |   |   | EPO    |   |
|-----------------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|
| Total net loss of DEP II Midstream Businesses                                                 |   |   |   |   | $      | (0.5   | ) |   | $ | (0.5 | ) |
| Multiplied by each owner's Percentage Interest                                                |   |   |   |   |   | 22.6   | % |   |   | 77.4 | % |
| Base earnings allocation to each owner                                                        |   |   |   |   |   | (0.1   | ) |   |   | (0.4 | ) |
| Additional earnings allocation to Duncan Energy Partners:                                     |   |   |   |   |   |   |   |   |   |   |   |
| Total distributions paid by the DEP II Midstream  Businesses with respect to period |   | $      | 116.3  |   |   |   |   |   |   |   |   |   |
| Multiplied by 22.6% Percentage Interest of Duncan Energy Partners                             |   |   | 22.6   | %      |   |   |   |   |   |   |   |   |
| Duncan Energy Partners’ Percentage Interest in the total cash distributions             |   |   |   |   |   |   |   |   |   |   |   |   |
|    paid by the DEP II Midstream Businesses with respect to period              |   |   | 26.3   |   |   |   |   |   |   |   |   |   |
| Less actual distributions paid to Duncan Energy Partners                                      |   |   |   |   |   |   |   |   |   |   |   |   |
|    with respect to period based on annualized return for period                |   |   | 86.5   |   |   |   | 60.2 |   |   |   | (60.2 | ) |
| Net income attributable to Duncan Energy Partners                                             |   |   |   |   |   | $      | 60.1 |   |   |   |   |   |
| Net loss attributable to EPO as noncontrolling interest                                       |   |   |   |   |   |   |   |   |   | $ | (60.6 | ) |

| Retention by Parent of ownership interest in DEP II Midstream Businesses on December 8, 2008                           |   | $      | 2,595.5 |   |
|------------------------------------------------------------------------------------------------------------------------|--------|--------|---------|--------|
| Net loss attributable to noncontrolling interest – DEP II Midstream Businesses –  Parent         |   |   | (4.0    | )      |
| Contributions by EPO in connection with expansion cash calls                                                           |   |   | 21.3    |   |
| Distributions to noncontrolling interest of  subsidiary operating cash flows                                 |   |   | (0.8    | )      |
| Other general cash contributions from noncontrolling interest                                                          |   |   | 1.0     |   |
| December 31, 2008 balance                                                                                              |   | $      | 2,613.0 |   |
|     Net loss attributable to noncontrolling interest – DEP II Midstream Businesses – Parent |   |   | (60.6   | )      |
|     Contributions by EPO in connection with expansion cash calls                                        |   |   | 344.5   |   |
|     Distributions to noncontrolling interest of  subsidiary operating cash flows              |   |   | (31.8   | )      |
|     Other general cash contributions from noncontrolling interest                                       |   |   | 23.1    |   |
| December 31, 2009 balance                                                                                              |   | $      | 2,888.2 |   |

Note 14.  Business Segments

----

Table of Contents

|                                                                                                                                                |                                                                         |   | For the Year Ended December 31, |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------|--------|---------------------------------|--------|
|                                                                                                                                                |                                                                         |   | 2009                            |   |   | 2008 |   |   | 2007 |   |
| Revenues                                                                                                                                            |                                                                         | $      | 979.3                           |   |   | $ | 1,598.1 |   |   | $ | 1,220.3 |   |
| Less:                                                                                                                                               | Operating costs and expenses                                                 |   |                            | (908.3 | ) |   |   | (1,512.8 | ) |   |   | (1,171.0 | ) |
| Add:                                                                                                                                                | Equity in income of Evangeline                                               |   |                            | 1.1    |   |   |   | 0.9 |   |   |   | 0.2 |   |
|                                                                                                                                                | Depreciation, amortization and accretion in operating costs and expenses (1) |   |                            | 186.3  |   |   |   | 167.3 |   |   |   | 175.3 |   |
|                                                                                                                                                | Impairment charge included in operating costs and expenses                   |   |                            | 4.2    |   |   |   | -- |   |   |   | -- |   |
|                                                                                                                                                | Gain on asset sales and related transactions in operating costs and expenses |   |                            | (0.5   | )  |   |   | (0.5 | )  |   |   | (0.1 | )  |
| Total segment gross operating margin                                                                                                                |                                                                         | $      | 262.1                           |   |   | $ | 253.0 |   |   | $ | 224.7 |   |
|                                                                                                                                                |                                                                         |   |                            |   |   |   |   |   |   |   |   |   |   |
| (1) Amount is a component of “Depreciation, amortization and accretion” as presented on the Statements of Consolidated Cash Flows. |                                                                         |

----

Table of Contents

|                                                                                                                                                |   | For the Year Ended December 31, |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------|--------|
|                                                                                                                                                |   | 2009                            |   |   | 2008 |   |   | 2007 |   |
| Total segment gross operating margin                                                                                                                |   | $                               | 262.1  |   |   | $ | 253.0 |   |   | $ | 224.7 |   |
| Adjustments to reconcile total segment gross operating margin to operating income:                                                                  |   |                            |   |   |   |   |   |   |   |   |   |   |
|    Depreciation, amortization and accretion in operating costs and expenses (1)                                                      |   |                            | (186.3 | )  |   |   | (167.3 | )  |   |   | (175.3 | )  |
|    Impairment charge included in operating costs and expenses                                                                        |   |                            | (4.2   | )  |   |   | -- |   |   |   | -- |   |
|    Gain on asset sales and related transactions in operating costs and expenses                                                      |   |                            | 0.5    |   |   |   | 0.5 |   |   |   | 0.1 |   |
|    General and administrative costs                                                                                                  |   |                            | (11.2  | ) |   |   | (18.3 | ) |   |   | (13.1 | ) |
| GAAP operating income                                                                                                                               |   |                            | 60.9   |   |   |   | 67.9 |   |   |   | 36.4 |   |
|    Other expense, net                                                                                                                |   |                            | (13.8  | ) |   |   | (11.5 | ) |   |   | (8.6 | ) |
|    Provision for income taxes                                                                                                        |   |                            | (1.3   | ) |   |   | (1.1 | ) |   |   | (4.2 | ) |
| GAAP net income                                                                                                                                     |   | $                               | 45.8   |   |   | $ | 55.3 |   |   | $ | 23.6 |   |
|                                                                                                                                                |   |                            |   |   |   |   |   |   |   |   |   |   |
| (1) Amount is a component of “Depreciation, amortization and accretion” as presented on the Statements of Consolidated Cash Flows. |   |

----

Table of Contents

|                                                                                              |   | Natural Gas    |    |   | NGL            |   |   |          |   |   | Adjustments  |   |   |         |   |
|---------------------------------------------------------------------------------------------------|--------|----------------|---------|--------|----------------|--------|--------|---------------|--------|--------|--------------|--------|--------|--------------|--------|
|                                                                                              |   | Pipelines      |    |   | Pipelines      |   |   | Petrochemical |   |   | and          |   |   | Consolidated |   |
|                                                                                              |   | & Services |    |   | & Services |   |   | Services      |   |   | Eliminations |   |   | Totals       |   |
| Revenues from third parties:                                                                      |   |           |    |   |           |   |   |          |   |   |         |   |   |         |   |
| Year ended December 31, 2009                                                                      |   | $              | 390.2   |   |           | $      | 88.2   |          |   | $      | 13.6         |   |   | $            | --     |   |   | $ | 492.0 |   |
| Year ended December 31, 2008                                                                      |   |           | 773.1   |   |           |   | 69.1   |          |   |   | 14.2         |   |   |         | --     |   |   |   | 856.4 |   |
| Year ended December 31, 2007                                                                      |   |           | 685.2   |   |           |   | 59.7   |          |   |   | 14.4         |   |   |         | --     |   |   |   | 759.3 |   |
|                                                                                              |   |           |    |   |           |   |   |          |   |   |         |   |   |         |   |   |   |   |   |   |
| Revenues from related parties:                                                                    |   |           |    |   |           |   |   |          |   |   |         |   |   |         |   |   |   |   |   |   |
| Year ended December 31, 2009                                                                      |   |           | 348.5   |   |           |   | 138.8  |          |   |   | --           |   |   |         | --     |   |   |   | 487.3 |   |
| Year ended December 31, 2008                                                                      |   |           | 582.2   |   |           |   | 159.5  |          |   |   | --           |   |   |         | --     |   |   |   | 741.7 |   |
| Year ended December 31, 2007                                                                      |   |           | 323.2   |   |           |   | 134.8  |          |   |   | 3.0          |   |   |         | --     |   |   |   | 461.0 |   |
|                                                                                              |   |           |    |   |           |   |   |          |   |   |         |   |   |         |   |   |   |   |   |   |
| Total revenues:                                                                                   |   |           |    |   |           |   |   |          |   |   |         |   |   |         |   |   |   |   |   |   |
| Year ended December 31, 2009                                                                      |   |           | 738.7   |   |           |   | 227.0  |          |   |   | 13.6         |   |   |         | --     |   |   |   | 979.3 |   |
| Year ended December 31, 2008                                                                      |   |           | 1,355.3 |   |           |   | 228.6  |          |   |   | 14.2         |   |   |         | --     |   |   |   | 1,598.1 |   |
| Year ended December 31, 2007                                                                      |   |           | 1,008.4 |   |           |   | 194.5  |          |   |   | 17.4         |   |   |         | --     |   |   |   | 1,220.3 |   |
|                                                                                              |   |           |    |   |           |   |   |          |   |   |         |   |   |         |   |   |   |   |   |   |
| Equity in income of Evangeline:                                                                   |   |           |    |   |           |   |   |          |   |   |         |   |   |         |   |   |   |   |   |   |
| Year ended December 31, 2009                                                                      |   |           | 1.1     |   |           |   | --     |          |   |   | --           |   |   |         | --     |   |   |   | 1.1 |   |
| Year ended December 31, 2008                                                                      |   |           | 0.9     |   |           |   | --     |          |   |   | --           |   |   |         | --     |   |   |   | 0.9 |   |
| Year ended December 31, 2007                                                                      |   |           | 0.2     |   |           |   | --     |          |   |   | --           |   |   |         | --     |   |   |   | 0.2 |   |
|                                                                                              |   |           |    |   |           |   |   |          |   |   |         |   |   |         |   |   |   |   |   |   |
| Gross operating margin by individual      business segment and in total: |   |           |    |   |           |   |   |          |   |   |         |   |   |         |   |   |   |   |   |   |
| Year ended December 31, 2009                                                                      |   |           | 148.2   |   |           |   | 103.4  |          |   |   | 10.5         |   |   |         | --     |   |   |   | 262.1 |   |
| Year ended December 31, 2008                                                                      |   |           | 159.0   |   |           |   | 82.9   |          |   |   | 11.1         |   |   |         | --     |   |   |   | 253.0 |   |
| Year ended December 31, 2007                                                                      |   |           | 122.5   |   |           |   | 87.9   |          |   |   | 14.3         |   |   |         | --     |   |   |   | 224.7 |   |
|                                                                                              |   |           |    |   |           |   |   |          |   |   |         |   |   |         |   |   |   |   |   |   |
| Segment assets:                                                                                   |   |           |    |   |           |   |   |          |   |   |         |   |   |         |   |   |   |   |   |   |
| At December 31, 2009                                                                              |   |           | 3,340.8 |   |           |   | 946.1  |          |   |   | 83.3         |   |   |         | 233.7  |   |   |   | 4,603.9 |   |
| At December 31, 2008                                                                              |   |           | 2,909.8 |   |           |   | 936.5  |          |   |   | 86.6         |   |   |         | 459.0  |   |   |   | 4,391.9 |   |
| At December 31, 2007                                                                              |   |           | 2,716.6 |   |           |   | 731.5  |          |   |   | 89.6         |   |   |         | 257.3  |   |   |   | 3,795.0 |   |
|                                                                                              |   |           |    |   |           |   |   |          |   |   |         |   |   |         |   |   |   |   |   |   |
| Property, plant and equipment:                                                                    |   |           |    |   |           |   |   |          |   |   |         |   |   |         |   |   |   |   |   |   |
| At December 31, 2009                                                                              |   |           | 3,318.8 |   |           |   | 913.8  |          |   |   | 83.3         |   |   |         | 233.7  |   |   |   | 4,549.6 |   |
| At December 31, 2008                                                                              |   |           | 2,887.5 |   |           |   | 897.1  |          |   |   | 86.6         |   |   |         | 459.0  |   |   |   | 4,330.2 |   |
| At December 31, 2007                                                                              |   |           | 2,693.8 |   |           |   | 697.3  |          |   |   | 89.6         |   |   |         | 257.3  |   |   |   | 3,738.0 |   |
|                                                                                              |   |           |    |   |           |   |   |          |   |   |         |   |   |         |   |   |   |   |   |   |
| Investment in Evangeline: (see Note 9)                                                            |   |           |    |   |           |   |   |          |   |   |         |   |   |         |   |   |   |   |   |   |
| At December 31, 2009                                                                              |   |           | 5.6     |   |           |   | --     |          |   |   | --           |   |   |         | --     |   |   |   | 5.6 |   |
| At December 31, 2008                                                                              |   |           | 4.5     |   |           |   | --     |          |   |   | --           |   |   |         | --     |   |   |   | 4.5 |   |
| At December 31, 2007                                                                              |   |           | 3.5     |   |           |   | --     |          |   |   | --           |   |   |         | --     |   |   |   | 3.5 |   |
|                                                                                              |   |           |    |   |           |   |   |          |   |   |         |   |   |         |   |   |   |   |   |   |
| Intangible assets:                                                                                |   |           |    |   |           |   |   |          |   |   |         |   |   |         |   |   |   |   |   |   |
| At December 31, 2009                                                                              |   |           | 12.0    |   |           |   | 31.8   |          |   |   | --           |   |   |         | --     |   |   |   | 43.8 |   |
| At December 31, 2008                                                                              |   |           | 13.4    |   |           |   | 38.9   |          |   |   | --           |   |   |         | --     |   |   |   | 52.3 |   |
| At December 31, 2007                                                                              |   |           | 14.9    |   |           |   | 33.7   |          |   |   | --           |   |   |         | --     |   |   |   | 48.6 |   |
|                                                                                              |   |           |    |   |           |   |   |          |   |   |         |   |   |         |   |   |   |   |   |   |
| Goodwill:                                                                                         |   |           |    |   |           |   |   |          |   |   |         |   |   |         |   |   |   |   |   |   |
| At December 31, 2009                                                                              |   |           | 4.4     |   |           |   | 0.5    |          |   |   | --           |   |   |         | --     |   |   |   | 4.9 |   |
| At December 31, 2008                                                                              |   |           | 4.4     |   |           |   | 0.5    |          |   |   | --           |   |   |         | --     |   |   |   | 4.9 |   |
| At December 31, 2007                                                                              |   |           | 4.4     |   |           |   | 0.5    |          |   |   | --           |   |   |         | --     |   |   |   | 4.9 |   |

----

Table of Contents

|                                         |   | For the Year Ended December 31, |   |
|----------------------------------------------|--------|---------------------------------|--------|
|                                         |   | 2009                            |   |   | 2008 |   |   | 2007 |   |
| Natural Gas Pipelines & Services:        |   |                            |   |   |   |   |   |   |   |
| Sales of natural gas                         |   | $                               | 460.2  |   |   | $ | 1,100.2 |   |   | $ | 794.1 |   |
| Natural gas transportation services          |   |                            | 263.2  |   |   |   | 246.7 |   |   |   | 212.8 |   |
| Natural gas storage services                 |   |                            | 15.3   |   |   |   | 8.4 |   |   |   | 1.5 |   |
| Total                                        |   | $                               | 738.7  |   |   | $ | 1,355.3 |   |   | $ | 1,008.4 |   |
| NGL Pipelines & Services:                |   |                            |   |   |   |   |   |   |   |   |   |   |
| Sales of NGLs                                |   | $                               | 35.0   |   |   | $ | 47.9 |   |   | $ | 40.3 |   |
| Sales of other products                      |   |                            | 11.3   |   |   |   | 15.0 |   |   |   | 10.8 |   |
| NGL and petrochemical storage services       |   |                            | 104.9  |   |   |   | 87.4 |   |   |   | 68.9 |   |
| NGL fractionation services                   |   |                            | 29.5   |   |   |   | 32.4 |   |   |   | 30.3 |   |
| NGL transportation services                  |   |                            | 43.8   |   |   |   | 43.6 |   |   |   | 42.5 |   |
| Other services                               |   |                            | 2.5    |   |   |   | 2.3 |   |   |   | 1.7 |   |
| Total                                        |   | $                               | 227.0  |   |   | $ | 228.6 |   |   | $ | 194.5 |   |
| Petrochemical Services:                      |   |                            |   |   |   |   |   |   |   |   |   |   |
| Propylene transportation services            |   | $                               | 13.6   |   |   | $ | 14.2 |   |   | $ | 17.4 |   |
| Total consolidated revenues                  |   | $                               | 979.3  |   |   | $ | 1,598.1 |   |   | $ | 1,220.3 |   |
|                                         |   |                            |   |   |   |   |   |   |   |   |   |   |
| Consolidated cost and expenses               |   |                            |   |   |   |   |   |   |   |   |   |   |
| Operating costs and expenses:                |   |                            |   |   |   |   |   |   |   |   |   |   |
| Cost of natural gas and NGL sales            |   | $                               | 479.7  |   |   | $ | 1,123.9 |   |   | $ | 815.8 |   |
| Depreciation, amortization and accretion     |   |                            | 186.3  |   |   |   | 167.4 |   |   |   | 175.3 |   |
| Gain on asset sales and related transactions |   |                            | (0.5   | )  |   |   | (0.5 | )  |   |   | (0.1 | )  |
| Other operating expenses                     |   |                            | 242.8  |   |   |   | 222.0 |   |   |   | 180.0 |   |
| General and administrative costs             |   |                            | 11.2   |   |   |   | 18.3 |   |   |   | 13.1 |   |
| Total consolidated costs and expenses        |   | $                               | 919.5  |   |   | $ | 1,531.1 |   |   | $ | 1,184.1 |   |

----

Table of Contents

Note 15.  Related Party Transactions

|                                                                  |   | For the Year Ended December 31, |   |
|-----------------------------------------------------------------------|--------|---------------------------------|--------|
|                                                                  |   | 2009                            |   |   | 2008 |   |   | 2007 |   |
| Revenues:                                                             |   |                            |   |   |   |   |   |   |   |
| Revenues from EPO:                                                    |   |                            |   |   |   |   |   |   |   |
| Sales of natural gas                                                  |   | $                               | 141.9  |   |   | $ | 177.3 |   |   | $ | 29.6 |   |
| Natural gas transportation services                                   |   |                            | 56.4   |   |   |   | 51.5 |   |   |   | 35.8 |   |
| Natural gas storage services                                          |   |                            | 2.6    |   |   |   | 0.9 |   |   |   | -- |   |
| Sales of NGLs                                                         |   |                            | 33.7   |   |   |   | 52.9 |   |   |   | 41.2 |   |
| NGL and petrochemical storage services                                |   |                            | 36.2   |   |   |   | 35.2 |   |   |   | 28.9 |   |
| NGL fractionation services                                            |   |                            | 32.0   |   |   |   | 29.7 |   |   |   | 30.3 |   |
| NGL transportation services                                           |   |                            | 28.6   |   |   |   | 30.4 |   |   |   | 27.6 |   |
| Other services                                                        |   |                            | --     |   |   |   | -- |   |   |   | 3.0 |   |
| Sales of natural gas – Evangeline                               |   |                            | 155.5  |   |   |   | 362.9 |   |   |   | 264.2 |   |
| Natural gas transportation services – Energy Transfer Equity    |   |                            | 0.1    |   |   |   | 0.9 |   |   |   | 0.4 |   |
| NGL and petrochemical storage services – Energy Transfer Equity |   |                            | 0.3    |   |   |   | -- |   |   |   | -- |   |
| Total related party revenues                                          |   | $                               | 487.3  |   |   | $ | 741.7 |   |   | $ | 461.0 |   |
|                                                                  |   |                            |   |   |   |   |   |   |   |   |   |   |
| Operating costs and expenses:                                         |   |                            |   |   |   |   |   |   |   |   |   |   |
| EPCO administrative services agreement                                |   | $                               | 85.8   |   |   | $ | 72.1 |   |   | $ | 63.7 |   |
| Expenses with EPO:                                                    |   |                            |   |   |   |   |   |   |   |   |   |   |
| Purchases of natural gas                                              |   |                            | 52.1   |   |   |   | 229.9 |   |   |   | 29.1 |   |
| Operational measurement losses (gains)                                |   |                            | 1.7    |   |   |   | 6.8 |   |   |   | (4.5 | ) |
| Other expenses with EPO                                               |   |                            | 16.4   |   |   |   | 18.4 |   |   |   | 7.4 |   |
| Purchases of natural gas – Nautilus                             |   |                            | 1.7    |   |   |   | 10.3 |   |   |   | 3.5 |   |
| Expenses with Energy Transfer Equity:                                 |   |                            |   |   |   |   |   |   |   |   |   |   |
| Purchases of natural gas                                              |   |                            | 5.7    |   |   |   | 7.3 |   |   |   | 5.6 |   |
| Operating cost reimbursements for shared facilities                   |   |                            | (3.4   | ) |   |   | (2.8 | ) |   |   | (1.7 | ) |
| Other expenses with Energy Transfer Equity                            |   |                            | (0.7   | ) |   |   | 3.1 |   |   |   | 1.1 |   |
| Other related party expenses, primarily with Evangeline               |   |                            | --     |   |   |   | -- |   |   |   | 0.1 |   |
| Total related party operating costs and expenses                      |   | $                               | 159.3  |   |   | $ | 345.1 |   |   | $ | 104.3 |   |
|                                                                  |   |                            |   |   |   |   |   |   |   |   |   |   |
| General and administrative costs:                                     |   |                            |   |   |   |   |   |   |   |   |   |   |
| EPCO administrative services agreement                                |   | $                               | 10.9   |   |   | $ | 15.7 |   |   | $ | 11.5 |   |
| Other related party general and administrative costs                  |   |                            | --     |   |   |   | (0.8 | ) |   |   | (0.1 | ) |
| Total related party general and administrative costs                  |   | $                               | 10.9   |   |   | $ | 14.9 |   |   | $ | 11.4 |   |

|                                                                                                                                                                                                     |   | December 31, |   |   | December 31, |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------|--------|--------|--------------|--------|
|                                                                                                                                                                                                     |   | 2009         |   |   | 2008         |   |
| Accounts receivable – related parties                                                                                                                                                              |   |         |   |   |         |   |
| EPO and affiliates (1)                                                                                                                                                                                   |   | $            | 54.3   |   |         | $      | 2.3 |   |
| Energy Transfer Equity and affiliates                                                                                                                                                                    |   |         | 0.2    |   |         |   | 0.9 |   |
| Other                                                                                                                                                                                                    |   |         | --     |   |         |   | 0.1 |   |
| Total                                                                                                                                                                                                    |   | $            | 54.5   |   |         | $      | 3.3 |   |
|                                                                                                                                                                                                     |   |         |   |   |         |   |   |   |
| Accounts payable – related parties                                                                                                                                                                 |   |         |   |   |         |   |   |   |
| EPO and affiliates                                                                                                                                                                                       |   | $            | 5.5    |   |         | $      | 46.1 |   |
| EPCO and affiliates                                                                                                                                                                                      |   |         | 8.1    |   |         |   | 2.4 |   |
| Total                                                                                                                                                                                                    |   | $            | 13.6   |   |         | $      | 48.5 |   |
|                                                                                                                                                                                                     |   |         |   |   |         |   |   |   |
| (1)   EPO borrowed $45.6 million under a Master Intercompany Loan Agreement. See “Significant Relationships and Agreements with EPO” under this Note 15 for more information. |   |

----

Table of Contents

| §   | indemnification for certain environmental liabilities, tax liabilities and right-of-way defects with respect to the DEP I and DEP II Midstream Businesses EPO contributed to us in connection with the respective drop down transactions; |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | funding by EPO of 100% of post-February 5, 2007 capital expenditures incurred by South Texas NGL and Mont Belvieu Caverns with respect to certain expansion projects under construction at the time of our IPO; |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | funding by EPO of 100% of post-December 8, 2008 capital expenditures to complete the Sherman Extension natural gas pipeline; |
|--------------------|------------------------------------------------------------------------------------------------------------------------------|

----

Table of Contents

| §   | a right of first refusal to EPO in our current and future subsidiaries and a right of first refusal on the material assets of such subsidiaries, other than sales of inventory and other assets in the ordinary course of business; and |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | a preemptive right with respect to equity securities issued by certain of our subsidiaries, other than as consideration in an acquisition or in connection with a loan or debt financing. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | the acquisition by us from EPO of a 66% general partner interest in Enterprise GC, a 51% general |
|--------------------|--------------------------------------------------------------------------------------------------|

----

Table of Contents

|    | partner interest in Enterprise Intrastate and a 51% member interest in Enterprise Texas; |
|--------------|------------------------------------------------------------------------------------------|

| §   | the payment of distributions in accordance with an overall “waterfall” approach that stipulates that to the extent that the DEP II Midstream Businesses collectively generate cash sufficient to pay distributions to their partners or members, such cash will be distributed first to us and then to EPO in amounts sufficient to generate an aggregate annualized fixed return on their respective investments of 11.85%.  Distributions in excess of these amounts will be distributed 98.0% to EPO and 2.0% to us.  The initial annual fixed return amount of 11.85% will be increased by 2.0% each calendar year beginning January 1, 2010.  For example, the fixed return in 2010, assuming no other adjustments, would be 102% of 11.85%, or 12.087%; |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | the funding of operating cash flow deficits in accordance with each owner’s respective partner or member interest; |
|--------------------|--------------------------------------------------------------------------------------------------------------------------|

| §   | the election by either owner to fund cash calls associated with expansion capital projects.  Since December 8, 2008, we have elected to not participate in such cash calls and, as a result, EPO has funded 100% of the expansion project costs of the DEP II Midstream Businesses.  If we later elect to participate in any expansion projects, then we will be required to make a capital contribution for our share of the project costs. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | EPCO will provide selling, general and administrative services, and management and operating services, as may be necessary to manage and operate our businesses, properties and assets (all in accordance with prudent industry practices).  EPCO will employ or otherwise retain the services of such personnel as may be necessary to provide such services. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | We are required to reimburse EPCO for its services in an amount equal to the sum of all costs and expenses incurred by EPCO which are directly or indirectly related to our business or activities |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Table of Contents

|    | (including expenses reasonably allocated to us by EPCO).  In addition, we have agreed to pay all sales, use, excise, value added or similar taxes, if any, that may be applicable from time to time in respect of the services provided to us by EPCO. |
|--------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| §   | EPCO will allow us to participate as named insureds in its overall insurance program, with the associated premiums and other costs being allocated to us. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                |   | For Year Ended December 31, |   |
|-------------------------------------|--------|-----------------------------|--------|
|                                |   | 2009                        |   |   | 2008 |   |   | 2007 |   |
| Operating costs and expenses        |   | $                           | 85.8   |   |   | $ | 72.1 |   |   | $ | 63.7 |   |
| General and administrative expenses |   |                        | 10.9   |   |   |   | 15.7 |   |   |   | 11.5 |   |
| Total costs and expenses            |   | $                           | 96.7   |   |   | $ | 87.8 |   |   | $ | 75.2 |   |

----

Table of Contents

Note 16.  Earnings Per Unit

|                                                                                             |   | For the Year Ended |   |
|--------------------------------------------------------------------------------------------------|--------|--------------------|--------|
|                                                                                             |   | December 31,       |   |
|                                                                                             |   | 2009               |   |   | 2008 |   |   | 2007 |   |
| Net income attributable to Duncan Energy Partners L.P.                                           |   | $                  | 91.1   |   |   | $ | 47.9 |   |   | $ | 3.6 |   |
| Subtract: Income allocated to former owners of DEP I Midstream Businesses                        |   |               | --     |   |   |   | -- |   |   |   | (5.0 | ) |
| Add (subtract): Loss (income) allocated to former owners of the DEP II Midstream Businesses |   |               | --     |   |   |   | (19.6 | ) |   |   | 20.6 |   |
| Net income allocated to Duncan Energy Partners                                                   |   |               | 91.1   |   |   |   | 28.3 |   |   |   | 19.2 |   |
| Multiplied by DEP GP ownership interest (weighted-average for period)                            |   |               | 0.7    | % |   |   | 1.7 | % |   |   | 2.0 | % |
| Net income allocation to DEP GP                                                                  |   | $                  | 0.6    |   |   | $ | 0.5 |   |   | $ | 0.4 |   |

|                                                                    |   | For the Year Ended |   |
|-------------------------------------------------------------------------|--------|--------------------|--------|
|                                                                    |   | December 31,       |   |
|                                                                    |   | 2009               |   |   | 2008 |   |   | 2007 |   |
| Net income allocation to Duncan Energy Partners                         |   | $                  | 91.1   |   |   | $ | 28.3 |   |   | $ | 19.2 |   |
| Less:  Income allocation to DEP GP                            |   |               | 0.6    |   |   |   | 0.5 |   |   |   | 0.4 |   |
| Net income allocation to limited partners                               |   | $                  | 90.5   |   |   | $ | 27.8 |   |   | $ | 18.8 |   |
|                                                                    |   |               |   |   |   |   |   |   |   |   |   |   |
| Basic and diluted earnings per unit:                                    |   |               |   |   |   |   |   |   |   |   |   |   |
|    Numerator (net income allocation to limited partners) |   | $                  | 90.5   |   |   | $ | 27.8 |   |   |   | 18.8 |   |
|    Denominator (weighted-average units outstanding):     |   |               |   |   |   |   |   |   |   |   |   |   |
|       Common units                        |   |               | 54.5   |   |   |   | 20.3 |   |   |   | 20.3 |   |
|       Class B units                       |   |               | 3.2    |   |   |   | 2.5 |   |   |   | -- |   |
|       Total units                         |   |               | 57.7   |   |   |   | 22.8 |   |   |   | 20.3 |   |
|                                                                    |   |               |   |   |   |   |   |   |   |   |   |   |
|    Earnings per unit                                     |   | $                  | 1.57   |   |   | $ | 1.22 |   |   | $ | 0.93 |   |

----

Table of Contents

Note 17.  Commitments and Contingencies

----

Table of Contents

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   | Payment or Settlement due by Period |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------|--------|
| Contractual Obligations (1)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   | Total                               |   |   | 2010 |   |   | 2011 |   |   | 2012 |   |   | 2013 |   |   | 2014 |   |   | Thereafter |   |
| Scheduled maturities of long term debt (2)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   | $                                   | 457.3  |   |   | $ | -- |   |   | $ | 457.3 |   |   | $ | -- |   |   | $ | -- |   |   | $ | -- |   |   | $ | -- |   |
| Estimated cash interest payments (3)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   | $                                   | 14.8   |   |   | $ | 11.1 |   |   | $ | 3.7 |   |   | $ | -- |   |   | $ | -- |   |   | $ | -- |   |   | $ | -- |   |
| Operating lease obligations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   | $                                   | 115.6  |   |   | $ | 9.0 |   |   | $ | 8.9 |   |   | $ | 8.7 |   |   | $ | 7.4 |   |   | $ | 6.6 |   |   | $ | 75.0 |   |
| Purchase obligations:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Product purchase commitments:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Estimated payment obligations:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Natural gas                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   | $                                   | 511.7  |   |   | $ | 257.3 |   |   | $ | 127.0 |   |   | $ | 127.4 |   |   | $ | -- |   |   | $ | -- |   |   | $ | -- |   |
| Other                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   | $                                   | 0.1    |   |   | $ |   | * |   | $ |   | * |   | $ |   | * |   | $ | -- |   |   | $ | -- |   |   | $ | -- |   |
| Underlying major volume commitments:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Natural gas (in BBtus)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                                | 77,207 |   |   |   | 40,657 |   |   |   | 18,250 |   |   |   | 18,300 |   |   |   | -- |   |   |   | -- |   |   |   | -- |   |
| Capital expenditure commitments (4)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   | $                                   | 175.3  |   |   | $ | 175.3 |   |   | $ | -- |   |   | $ | -- |   |   | $ | -- |   |   | $ | -- |   |   | $ | -- |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| * Indicates amounts are immaterial and less than $0.1 million.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |
| (1)   The contractual obligations presented in this table reflect 100% of our subsidiaries obligations even though we own less than a 100% equity interest in our operating subsidiaries.(2)   See Note 11 for additional information regarding our credit facilities.(3)   Our estimated cash payments for interest are based on the principle amount of consolidated debt obligations outstanding at December 31, 2009. With respect to variable-rate debt, we applied the weighted-average interest rates paid during 2009. See Note 11 for information regarding variable interest rates charged in 2009 under our credit agreements. In addition, our estimate of cash payments for interest gives effect to interest rate swap agreements in place at December 31, 2009. See Note 6 for information regarding our derivative instruments.(4)   Capital expenditure commitments are reflected on a 100% basis before contributions from noncontrolling interest in connection with the Omnibus Agreement and Caverns LLC Agreement (see Note 15). |   |

----

Table of Contents

Note 18.  Significant Risks and Uncertainties

----

Table of Contents

----

Table of Contents

Note 19.  Supplemental Cash Flow Information

|                                                                                                    |   | For the Year Ended December 31, |   |
|---------------------------------------------------------------------------------------------------------|--------|---------------------------------|--------|
|                                                                                                    |   | 2009                            |   |   | 2008 |   |   | 2007 |   |
|                                                                                                    |   |                            |   |   |   |   |   |   |   |
| Decrease (increase) in:                                                                                 |   |                            |   |   |   |   |   |   |   |
| Accounts receivable - trade                                                                             |   | $                               | 39.6   |   |   | $ | 5.0 |   |   | $ | 9.7 |   |
| Accounts receivable - related party                                                                     |   |                            | (9.9   | ) |   |   | 1.2 |   |   |   | (4.2 | ) |
| Gas imbalance receivables                                                                               |   |                            | 25.9   |   |   |   | (1.4 | ) |   |   | 28.7 |   |
| Inventories                                                                                             |   |                            | 17.5   |   |   |   | (6.0 | ) |   |   | (6.8 | ) |
| Prepaid and other current assets                                                                        |   |                            | (5.3   | ) |   |   | 1.6 |   |   |   | (1.5 | ) |
| Increase (decrease) in:                                                                                 |   |                            |   |   |   |   |   |   |   |   |   |   |
| Accounts payable - trade                                                                                |   |                            | (1.7   | ) |   |   | (5.9 | ) |   |   | 15.8 |   |
| Accounts payable - related party                                                                        |   |                            | (39.9  | ) |   |   | 13.5 |   |   |   | 31.0 |   |
| Accrued costs and expenses                                                                              |   |                            | (42.7  | ) |   |   | (10.1 | ) |   |   | (47.7 | ) |
| Accrued property taxes                                                                                  |   |                            | 0.8    |   |   |   | 1.6 |   |   |   | 1.7 |   |
| Accrued taxes - other                                                                                   |   |                            | 0.1    |   |   |   | 4.8 |   |   |   | 2.7 |   |
| Other current liabilities                                                                               |   |                            | (19.1  | ) |   |   | 6.5 |   |   |   | (16.0 | ) |
| Other long-term liabilities                                                                             |   |                            | (0.2   | ) |   |   | (12.6 | ) |   |   | 0.8 |   |
| Net effect of changes in operating accounts                                                             |   | $                               | (34.9  | ) |   | $ | (1.8 | ) |   | $ | 14.2 |   |
|                                                                                                    |   |                            |   |   |   |   |   |   |   |   |   |   |
| Cash payments for interest, net of $0.3, $0.3 and $2.6 capitalized in 2009, 2008 and 2007, respectively |   | $                               | 13.8   |   |   | $  | 11.5 |   |   | $  | 11.5 |   |
|                                                                                                    |   |                            |   |   |   |   |   |   |   |   |   |   |
| Cash payments for income taxes                                                                          |   | $                               | 1.0    |   |   | $ | 0.2 |   |   | $ | -- |   |

----

Table of Contents

|                                              |   | For the Year Ended |   |
|---------------------------------------------------|--------|--------------------|--------|
|                                              |   | December 31,       |   |
|                                              |   | 2009               |   |   | 2008 |   |   | 2007 |   |
| Depreciation, amortization and accretion expense: |   |               |   |   |   |   |   |   |   |
| DEP I Midstream Businesses                        |   | $                  | 38.7   |   |   | $ | 34.3 |   |   | $ | 28.9 |   |
| DEP II Midstream Businesses                       |   |               | 147.4  |   |   |   | 133.1 |   |   |   | 146.6 |   |
| Duncan Energy Partners L.P. standalone            |   |               | 2.2    |   |   |   | 0.4 |   |   |   | 0.1 |   |
| Total                                             |   | $                  | 188.3  |   |   | $ | 167.8 |   |   | $ | 175.6 |   |

Note 20.  Quarterly Financial Information (Unaudited)

|                                                                                                     |   | First   |   |   | Second  |   |   | Third   |   |   | Fourth  |   |
|----------------------------------------------------------------------------------------------------------|--------|---------|--------|--------|---------|--------|--------|---------|--------|--------|---------|--------|
|                                                                                                     |   | Quarter |   |   | Quarter |   |   | Quarter |   |   | Quarter |   |
| For the Year Ended December 31, 2009:                                                                    |   |    |   |   |    |   |   |    |   |   |    |   |
| Revenues                                                                                                 |   | $       | 256.8  |   |    | $      | 226.7  |    |   | $      | 244.6   |   |   | $ | 251.2 |   |
| Operating income                                                                                         |   |    | 14.8   |   |    |   | 8.7    |    |   |   | 21.1    |   |   |   | 16.3 |   |
| Net loss attributable to noncontrolling interest                                                         |   |    | 8.9    |   |    |   | 18.7   |    |   |   | 7.0     |   |   |   | 10.7 |   |
| Net income attributable to Duncan Energy Partners L.P.                                                   |   |    | 19.9   |   |    |   | 23.2   |    |   |   | 24.8    |   |   |   | 23.2 |   |
|                                                                                                     |   |    |   |   |    |   |   |    |   |   |    |   |   |   |   |   |
| Allocation of net income attributable to Duncan Energy Partners L.P.:                                    |   |    |   |   |    |   |   |    |   |   |    |   |   |   |   |   |
|          Duncan Energy Partners L.P.                             |   |    |   |   |    |   |   |    |   |   |    |   |   |   |   |   |
|            Limited partners                            |   |    | 19.8   |   |    |   | 23.0   |    |   |   | 24.6    |   |   |   | 23.1 |   |
|            General partner                             |   |    | 0.1    |   |    |   | 0.2    |    |   |   | 0.2     |   |   |   | 0.1 |   |
|                                                                                                     |   |    |   |   |    |   |   |    |   |   |    |   |   |   |   |   |
| Earnings per unit (basic and diluted)                                                                    |   |    | 0.34   |   |    |   | 0.40   |    |   |   | 0.43    |   |   |   | 0.40 |   |
|                                                                                                     |   |    |   |   |    |   |   |    |   |   |    |   |   |   |   |   |
| For the Year Ended December 31, 2008:                                                                    |   |    |   |   |    |   |   |    |   |   |    |   |   |   |   |   |
| Revenues                                                                                                 |   |    | 363.6  |   |    |   | 478.8  |    |   |   | 432.2   |   |   |   | 323.5 |   |
| Operating income                                                                                         |   |    | 21.1   |   |    |   | 15.8   |    |   |   | 18.7    |   |   |   | 12.3 |   |
| Net loss (income) attributable to noncontrolling interest                                                |   |    | (5.6   | )      |    |   | 0.6    |    |   |   | (4.4    | )      |   |   | 2.0 |   |
| Net income attributable to Duncan Energy Partners L.P.                                                   |   |    | 13.3   |   |    |   | 13.3   |    |   |   | 10.6    |   |   |   | 10.7 |   |
|                                                                                                     |   |    |   |   |    |   |   |    |   |   |    |   |   |   |   |   |
| Allocation of net income attributable to Duncan Energy Partners L.P.:                                    |   |    |   |   |    |   |   |    |   |   |    |   |   |   |   |   |
|           Duncan Energy Partners L.P.                  |   |    |   |   |    |   |   |    |   |   |    |   |   |   |   |   |
|              Limited partners                |   |    | 5.9    |   |    |   | 6.5    |    |   |   | 3.7     |   |   |   | 11.7 |   |
|              General partner                 |   |    | 0.1    |   |    |   | 0.1    |    |   |   | 0.1     |   |   |   | 0.2 |   |
|            Former owner of DEP II Midstream Businesses |   |    | 7.3    |   |    |   | 6.7    |    |   |   | 6.8     |   |   |   | (1.2 | ) |
|                                                                                                     |   |    |   |   |    |   |   |    |   |   |    |   |   |   |   |   |
| Earnings per unit (basic and diluted)                                                                    |   |    | 0.29   |   |    |   | 0.32   |    |   |   | 0.18    |   |   |   | 0.39 |   |

----

Table of Contents

Note 21.  Restatement of Certain Amounts on the Statement of Consolidated Cash Flows

|                                                                        |   | Previously Reported |   |   | Restated |   |
|-----------------------------------------------------------------------------|--------|---------------------|--------|--------|----------|--------|
| Operating activities:                                                       |   |                |   |   |     |   |
|    Net effect of changes in operating accounts (see Note 19) |   | $                   | (80.5  | )      |     | $      | (34.9 | ) |
|    Cash flows provided by operating activities               |   | $                   | 156.0  |   |     | $      | 201.6 |   |
| Investing activities:                                                       |   |                |   |   |     |   |   |   |
|    Other, including loans to affiliates                      |   | $                   | -      |   |     | $      | (45.6 | ) |
|    Cash used in investing activities                         |   | $                   | (383.2 | )      |     | $      | (428.8 | ) |

----