Additional Disclosures
The information and opinions in Morgan Stanley Research were prepared by Morgan Stanley & Co. LLC, and/or Morgan Stanley C.T.V.M. S.A., and/or Morgan Stanley Mexico, Casa de Bolsa, S.A. de C.V. As used in this disclosure section, "Morgan Stanley" includes Morgan Stanley & Co. LLC, Morgan Stanley C.T.V.M. S.A., Morgan Stanley Mexico, Casa de Bolsa, S.A. de C.V. and their affiliates as necessary.

For important disclosures, stock price charts and equity rating histories regarding companies that are the subject of this report, please see the Morgan Stanley Research Disclosure Website at www.morganstanley.com/researchdisclosures, or contact your investment representative or Morgan Stanley Research at 1585 Broadway, (Attention: Research Management), New York, NY, 10036 USA.

For valuation methodology and risks associated with any price targets referenced in this research report, please email morganstanley.research@morganstanley.com with a request for valuation methodology and risks on a particular stock or contact your investment representative or Morgan Stanley Research at 1585 Broadway, (Attention: Research Management), New York, NY 10036 USA.

Analyst Certification

The following analysts hereby certify that their views about the companies and their securities discussed in this report are accurately expressed and that they have not received and will not receive direct or indirect compensation in exchange for expressing specific recommendations or views in this report: Evan Calio.

Unless otherwise stated, the individuals listed on the cover page of this report are research analysts.

Important US Regulatory Disclosures on Subject Companies

As of March 30, 2012, Morgan Stanley beneficially owned 1% or more of a class of common equity securities of the following companies covered in Morgan Stanley Research: Sunoco, Inc..

Within the last 12 months, Morgan Stanley managed or co-managed a public offering (or 144A offering) of securities of Bonanza Creek Energy Inc., Cobalt International Energy Inc, HollyFrontier Corporation.

Within the last 12 months, Morgan Stanley has received compensation for investment banking services from Anadarko Petroleum Corp, Bonanza Creek Energy Inc., Chevron Corporation, Cobalt International Energy Inc, ConocoPhillips, Exxon Mobil Corporation, Hess Corporation, HollyFrontier Corporation, Marathon Oil Corporation, Occidental Petroleum, Sunoco, Inc., Tesoro Corp, Valero Energy Corporation.

In the next 3 months, Morgan Stanley expects to receive or intends to seek compensation for investment banking services from Anadarko Petroleum Corp, Bonanza Creek Energy Inc., Chevron Corporation, Cobalt International Energy Inc, ConocoPhillips, Exxon Mobil Corporation, Hess Corporation, HollyFrontier Corporation, Marathon Oil Corporation, Occidental Petroleum, Sunoco, Inc., Valero Energy Corporation.

Within the last 12 months, Morgan Stanley has received compensation for products and services other than investment banking services from Anadarko Petroleum Corp, Chevron Corporation, ConocoPhillips, Exxon Mobil Corporation, Hess Corporation, HollyFrontier Corporation, Marathon Oil Corporation, Marathon Petroleum Corporation, Occidental Petroleum, Tesoro Corp, Valero Energy Corporation, Western Refining Inc..

Within the last 12 months, Morgan Stanley has provided or is providing investment banking services to, or has an investment banking client relationship with, the following company: Anadarko Petroleum Corp, Bonanza Creek Energy Inc., Chevron Corporation, Cobalt International Energy Inc, ConocoPhillips, Exxon Mobil Corporation, Hess Corporation, HollyFrontier Corporation, Marathon Oil Corporation, Occidental Petroleum, Sunoco, Inc., Tesoro Corp, Valero Energy Corporation.

Within the last 12 months, Morgan Stanley has either provided or is providing non-investment banking, securities-related services to and/or in the past has entered into an agreement to provide services or has a client relationship with the following company: Alon USA Energy, Inc., Anadarko Petroleum Corp, Chevron Corporation, ConocoPhillips, Delek US Holdings Inc, Exxon Mobil Corporation, Hess Corporation, HollyFrontier Corporation, Marathon Oil Corporation, Marathon Petroleum Corporation, Murphy Oil Corporation, Occidental Petroleum, Sunoco, Inc., Tesoro Corp, Valero Energy Corporation, Western Refining Inc..

An employee, director or consultant of Morgan Stanley is a director of Marathon Oil Corporation. This person is not a research analyst or a member of a research analyst's household.

Morgan Stanley & Co. LLC makes a market in the securities of Alon USA Energy, Inc., Anadarko Petroleum Corp, Bonanza Creek Energy Inc., Chevron Corporation, Cobalt International Energy Inc, ConocoPhillips, Delek US Holdings Inc, Exxon Mobil Corporation, Hess Corporation, HollyFrontier Corporation, Marathon Oil Corporation, Murphy Oil Corporation, Occidental Petroleum, Sunoco, Inc., Tesoro Corp, Valero Energy Corporation, Western Refining Inc..

The equity research analysts or strategists principally responsible for the preparation of Morgan Stanley Research have received compensation based upon various factors, including quality of research, investor client feedback, stock picking, competitive factors, firm revenues and overall investment banking revenues.

Morgan Stanley and its affiliates do business that relates to companies/instruments covered in Morgan Stanley Research, including market making, providing liquidity and specialized trading, risk arbitrage and other proprietary trading, fund management, commercial banking, extension of credit, investment services and investment banking. Morgan Stanley sells to and buys from customers the securities/instruments of companies covered in Morgan Stanley Research on a principal basis. Morgan Stanley may have a position in the debt of the Company or instruments discussed in this report.

Certain disclosures listed above are also for compliance with applicable regulations in non-US jurisdictions.

Other Important Disclosures

Morgan Stanley & Co. International PLC and its affiliates have a significant financial interest in the debt securities of Anadarko Petroleum Corp, Chevron Corporation, ConocoPhillips, Exxon Mobil Corporation, Hess Corporation, HollyFrontier Corporation, Marathon Oil Corporation, Marathon Petroleum Corporation, Murphy Oil Corporation, Occidental Petroleum, Sunoco, Inc., Tesoro Corp, Valero Energy Corporation.