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: Stephen Maresca.

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 June 29, 2012, Morgan Stanley beneficially owned 1% or more of a class of common equity securities of the following companies covered in Morgan Stanley Research: Atlas Energy LP, Atlas Pipeline Partners, L.P., ATLAS RESOURCE PARTNERS, L.P., El Paso Pipeline Partners LP, Energy Transfer Equity, LP, Williams Companies, Inc.

Within the last 12 months, Morgan Stanley managed or co-managed a public offering (or 144A offering) of securities of Energy Transfer Equity, LP, Kinder Morgan Energy Partners LP, Williams Companies, Inc.

Within the last 12 months, Morgan Stanley has received compensation for investment banking services from Energy Transfer Equity, LP, Kinder Morgan Energy Partners LP, Williams Companies, Inc.

In the next 3 months, Morgan Stanley expects to receive or intends to seek compensation for investment banking services from Energy Transfer Equity, LP, Kinder Morgan Energy Partners LP, Williams Companies, Inc.

Within the last 12 months, Morgan Stanley has received compensation for products and services other than investment banking services from Atlas Energy LP, Atlas Pipeline Partners, L.P., El Paso Pipeline Partners LP, Energy Transfer Equity, LP, Kinder Morgan Energy Partners LP, Kinder Morgan Inc., Williams Companies, 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: Energy Transfer Equity, LP, Kinder Morgan Energy Partners LP, Williams Companies, Inc.

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: Atlas Energy LP, Atlas Pipeline Partners, L.P., El Paso Pipeline Partners LP, Energy Transfer Equity, LP, Kinder Morgan Energy Partners LP, Kinder Morgan Inc., Williams Companies, Inc.

Morgan Stanley & Co. LLC makes a market in the securities of Atlas Energy LP, Atlas Pipeline Partners, L.P., ATLAS RESOURCE PARTNERS, L.P., El Paso Pipeline Partners LP, Energy Transfer Equity, LP, Kinder Morgan Energy Partners LP, Kinder Morgan Inc., Sunoco Logistics Partners LP, Williams Companies, 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 El Paso Pipeline Partners LP, Energy Transfer Equity, LP, Kinder Morgan Energy Partners LP, Kinder Morgan Inc., Williams Companies, Inc.