Northwest Pipeline and Transco Commence Exchange Offers

Northwest Pipeline Corp. and Transcontinental Gas Pipe Line Corp., subsidiaries of The Williams Companies, Inc., today announced the commencement of exchange offers with respect to certain of their outstanding notes.

Northwest offered to exchange all of its privately placed outstanding 7 percent senior notes due 2016 for newly registered 7 percent senior notes due 2016.

Transco offered to exchange all of its privately placed outstanding 6.4 percent senior notes due 2016 for newly registered 6.4 percent senior notes due 2016.

The terms of the new notes are substantially identical to the terms of the outstanding notes, except that the new notes will be registered under the Securities Act of 1933, as amended. The exchange offers will expire at 5 p.m. Eastern on Oct. 10, 2006, unless extended.

The exchange offers, which are required by the registration rights agreements for the outstanding notes, are being made pursuant to prospectuses dated Sept. 8, 2006.

Copies of the exchange offer prospectuses and related transmittal materials governing the exchange offers can be requested from JPMorgan Chase Bank N.A. via phone at (800) 275-2048 or in writing at 2001 Bryan Street, 9th Floor, Attn: Worldwide Securities Services, Customer Service, Dallas, Texas, 75201.



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