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The Carlyle Group And Sunoco Agree To Form Philadelphia Refinery Joint Venture

J.P. Morgan Ventures Energy Corporation

J.P. Morgan Ventures Energy Corporation (JPMVEC) provides commodity risk management solutions in both the physical and financial markets to clients across all commodity classes (agricultural products, metals and energy). It trades and holds physical commodities and is also a participant in the markets for greenhouse gas allowances. The company is based in New York, New York. JPMVEC operates as a subsidiary of JPMorgan Chase & Co.

The United Steelworkers

The USW represents about 850,000 working men and women in Canada and the United States in a wide variety of industries, ranging from glass making to mining, paper, steel, tire and rubber and other manufacturing environments, to the public sector, service and health care industries.

SAFE HARBOR FOR FORWARD-LOOKING STATEMENTS

Those statements made in this release that are not historical facts (including statements containing the words "believes," "plans," "anticipates," "expects," "estimates" and similar expressions) are forward-looking statements intended to be covered by the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are based upon assumptions by Sunoco, Inc. (“Sunoco”) concerning future conditions, any or all of which ultimately may prove to be inaccurate, and upon the current knowledge, beliefs and expectations of Sunoco’s management. In particular, statements in this release regarding the Philadelphia refinery joint venture between Sunoco and The Carlyle Group, the expected timetable for creating the joint venture, completing the proposed capital improvements at the refinery, future financial and operating results, benefits and synergies, future opportunities for the Philadelphia refinery, the joint venture, and any other statements about Sunoco, The Carlyle Group, Philadelphia Energy Solutions, or Sunoco managements' future expectations, beliefs, goals, plans or prospects constitute forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are not guarantees of future performance. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Sunoco expressly disclaims any obligation to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.

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