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Valero L.P. Unitholders Approve Proposal of Amendments to Valero GP, LLC 2000 Long-Term Incentive Plan

Posted on: Thursday, 21 September 2006, 18:00 CDT

Valero L.P. (NYSE:VLI) today announced that its unitholders have approved its proposal to amend certain provisions of the Amended and Restated 2000 Long-Term Incentive Plan (the "Plan") of Valero GP, LLC, and, accordingly, the Plan is amended and restated effective October 1, 2006. The amendments, among other things, increased the number of Units authorized for issuance under the Plan from the current 250,000 Units to 1,500,000 Units.

Of the 46,809,749 units representing limited partner interests in Valero L.P. ("Units") outstanding as of the record date, 26,445,782 Units, or 56.5%, were voted. Holders of 23,968,943 Units, or 51.2% of the total Units outstanding, voted in favor of the amendments. Holders of 2,141,205, or 4.6% of the total Units outstanding voted against the amendments, and holders of 335,634, or 0.7% of the total Units outstanding abstained.

Valero L.P. is a publicly traded, limited partnership based in San Antonio, with 9,243 miles of pipeline, 88 terminal facilities and four crude oil storage facilities. One of the largest independent terminal and petroleum liquids pipeline operators in the nation, the partnership has operations in the United States, the Netherlands Antilles, Canada, Mexico, the Netherlands and the United Kingdom. The partnership's combined system has approximately 77 million barrels of storage capacity, and includes crude oil and refined product pipelines, refined product terminals, a petroleum and specialty liquids storage and terminaling business, as well as crude oil storage tank facilities. For more information, visit Valero L.P.'s website at www.valerolp.com.

Cautionary Statement Regarding Forward-Looking Statements

This press release includes forward-looking statements within the meaning of the Securities Litigation Reform Act of 1995 regarding future events and the future financial performance of Valero L.P. All forward-looking statements are based on the partnership's beliefs as well as assumptions made by and information currently available to the partnership. These statements reflect the partnership's current views with respect to future events and are subject to various risks, uncertainties and assumptions. These risks, uncertainties and assumptions are discussed in Valero L.P.'s 2005 annual report on Form 10-K and subsequent filings with the Securities and Exchange Commission.

Source: Business Wire

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