Williams Analyst Dayinvestor.williams.com/sites/williams.investorhq.businesswire.com/...$ Williams Analyst Day | 5/14/143 © 2014 The Williams Companies, Inc. All rights reserved.

© 2014 The Williams Companies, Inc. All rights reserved.

Williams Analyst Day

May 14, 2014

Williams Analyst Day May 14, 2014New York City

2 © 2014 The Williams Companies, Inc. All rights reserved.Williams Analyst Day | 5/14/14

AgendaContinental Breakfast

Welcome and Introductions John Porter

CEO Perspective Alan Armstrong

NGL & Petchem Services John Dearborn

Break

Northeast Gathering & Processing Jim Scheel

Break to get box lunches

West Allison Bridges

Atlantic-Gulf Rory Miller

Access Midstream Partners Michael Stice

Financial Outlook & Wrap Up Alan Armstrong and Don Chappel


> The reports, filings, and other public announcements of The Williams Companies, Inc. (Williams) and Williams Partners L.P. (WPZ) may contain or incorporate by reference statements that do not directly or exclusively relate to historical facts. Such statements are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We make these forward-looking statements in reliance on the safe harbor protections provided under the Private Securities Litigation Reform Act of 1995. You typically can identify forward-looking statements by various forms of words such as “anticipates,” “believes,” “seeks,” “could,” “may,” “should,” “continues,” “estimates,” “expects,” “forecasts,” “intends,” “might,” “goals,” “objectives,” “targets,” “planned,” “potential,” “projects,” “scheduled,” “will,” “assumes,” “guidance,” “outlook,” “in service date” or other similar expressions. These forward-looking statements are based on management's beliefs and assumptions and on information currently available to management and include, among others, statements regarding:

– Amounts and nature of future capital expenditures; – Expansion and growth of our business and operations; – Financial condition and liquidity; – Business strategy; – Cash flow from operations or results of operations;– The levels of dividends to Williams stockholders and of cash distributions to WPZ unit holders;– Natural gas, natural gas liquids, and olefins prices, supply, and demand; and– Demand for our services.

> Forward-looking statements are based on numerous assumptions, uncertainties and risks that could cause future events or results to be materially different from those stated or implied in this presentation. Many of the factors that will determine these results are beyond our ability to control or predict. Specific factors that could cause actual results to differ from results contemplated by the forward-looking statements include, among others, the following:

– Whether Williams has sufficient cash to enable it to pay current and expected levels of dividends;– Whether WPZ has sufficient cash from operations to enable it to pay current and expected levels of cash distributions, if any, following establishment of

cash reserves and payment of fees and expenses, including payments to WPZ’s general partner;– Availability of supplies, market demand, and volatility of prices;– Inflation, interest rates, and fluctuation in foreign exchange rates and general economic conditions (including future disruptions and volatility in the

global credit markets and the impact of these events on our customers and suppliers); – The strength and financial resources of our competitors and the effects of competition;

Forward-looking Statements


– Whether we are able to successfully identify, evaluate and execute investment opportunities;– Ability to acquire new businesses and assets and successfully integrate those operations and assets into our existing businesses, as well as

successfully expand our facilities;– Development of alternative energy sources;– The impact of operational and development hazards and unforeseen interruptions;– Costs of, changes in, or the results of laws, government regulations (including safety and environmental regulations), environmental liabilities, litigation,

and rate proceedings; – Williams’ costs and funding obligations for defined benefit pension plans and other postretirement benefit plans sponsored by its affiliates; – WPZ’s allocated costs for defined benefit pension plans and other postretirement benefit plans sponsored by its affiliates;– Changes in maintenance and construction costs; – Changes in the current geopolitical situation; – Our exposure to the credit risk of our customers and counterparties; – Risks related to financing, including restrictions stemming from our debt agreements, future changes in our credit ratings and the availability and cost of

capital; – The amount of cash distributions from and capital requirements of our investments and joint ventures in which we participate;– Risks associated with weather and natural phenomena, including climate conditions; – Acts of terrorism, including cybersecurity threats and related disruptions; and – Additional risks described in our filings with the Securities and Exchange Commission (SEC).

> Given the uncertainties and risk factors that could cause our actual results to differ materially from those contained in any forward-looking statement, we caution investors not to unduly rely on our forward-looking statements. We disclaim any obligations to anddo not intend to update the above list or to announce publicly the result of any revisions to any of the forward-looking statements to reflect future events or developments.

> In addition to causing our actual results to differ, the factors listed above may cause our intentions to change from those statements of intention set forth in this announcement. Such changes in our intentions may also cause our results to differ. We may change our intentions, at any time and without notice, based upon changes in such factors, our assumptions, or otherwise.

> With respect to WPZ, limited partner interests are inherently different from the capital stock of a corporation, although many of the business risks to which WPZ is subject are similar to those that would be faced by a corporation engaged in a similar business.

> Investors are urged to closely consider the disclosures and risk factors in Williams’ and WPZ’s annual reports on Form 10-K filedwith the SEC on Feb. 26, 2014, and each of our quarterly reports on Form 10-Q available from our offices or from our websites atwww.williams.com and www.williamslp.com.

Forward-looking Statements (cont’d)

2014 Analyst DayAlan ArmstrongPresident and Chief Executive Officer


CEO Perspective

> Right long-term strategy at the right time

> Ideally positioned assets, sustainable competitive positions

> Market dynamics serve as tailwinds

> Hard-wired focus on operational excellence, project execution

> $25+ billion of potential growth – disciplined capital allocation

> Strong leadership in place to capture the value opportunity

Williams well-positioned to participatein once-in-a-generation industry supercycle

All the Right Ingredients to Deliver Sustained Value Growth


Strong, Capable Senior Management

CEO Perspective

JohnDearborn

JimScheel

Allison Bridges

Rory Miller

DonChappel

NGL & Petchem Services

NE Gathering & Processing

WestOperating Area

Atlantic–Gulf Operating Area

Chief Financial Officer

FredPace

BrianPerilloux

FrankBillings

RobynEwing

CraigRainey

Engineering& Construction

Operational Excellence

Corporate Strategic Development

Strategic Services& Administration

General Counsel


Diverse, Large-Scale Strategic Positions Delivering Value Today, Ongoing Growth

CEO Perspective

Marcellus-Utica Zoom-in View


North AmericaLarge-Scale

Open AccessOpen Markets

Williams’ Operations CreateBroad Market Vantage Point

CEO Perspective

Figures represent 100% capacity for operated assets, including those in which Williams has a share of ownership; NGL and derivatives storage includes capacity owned and that under long-term lease; olefins-plant volumes are inclusive of Geismar,La., facility at full operation and expansion.

Market HubEnd UserOlefins PlantTransmission Pipelines

Storage

MultipleProducts

Fractionation FacilitiesNatural Gas

Liquids

MixedGas Processing

PlantsGas Treating

PlantsGatheringWellhead

(onshore and offshore)

NaturalGas

Transmission Pipelines and Storage

End User

Market Hub

Ethylene Propylene

11 Bcf/d 231 Mbbl/d7 Bcf/d inlet

370 Mbbl/d22 MMbbl (lbs/year)

1,900 MMethylene815 MM

propylene

395MM lbs ethylene storage

24 storage customers7 exchange

partners

20% U.S. Dry-Gas Volumes Touch Our Systems

386Mbbl/d

418Mbbl/d


Market Dynamics Drive Sustained Opportunity

CEO Perspective

MARKET DYNAMICS CREATING DEMAND FOR NATURAL GAS AND NGLS

Short TermExpect continuedcross currents asnew demand andnew infrastructuredrive volatility in

commodity prices

Long TermExpect improving

natural gas prices to drive healthy, more

sustainable supply and demand growth

Demand

Supply

INFRASTRUCTURE RENEWS ECONOMIC VIABILITY, NEW SUPPLIES

EXPORTSNEEDED


0

20

40

60

80

100

120

2000 2005 2010 2015 2020 2025 2030

Northeast

Rockies

San Juan

Gulf of Mexico

Fort Worth

Mid-Continent

Gulf Coast

Permian

West Coast

Alaska

We Are Well-Positioned to Benefit From Supply Growth

CEO Perspective

Source: Wood Mackenzie North America Gas Service. Note: Excludes Canadian import volumes of approximately 4.5 Bcf/d (at 2014 levels).

NATURAL GAS – U.S. SUPPLY GROWTH (Bcf/d)

Direct Ownership Investment

’14-’30

+58% +39.8 Bcf/d

CAGR

3%’09-’13

+17%+9.5 Bcf/d

CAGR

3%


0

20

40

60

80

100

120

2000 2003 2006 2009 2012 2015 2018 2021 2024 2027 2030

Demand Shows Up in Response to Supply, Price;105 Bcf/d on Conservative 2% CAGR

CEO Perspective

Source: Wood Mackenzie North America Gas Service

Residential

Commercial

Industrial

Power

LNG ExportsTransportOther

U.S. GAS DEMAND (Bcf/d)

CAGR

2%’14-’30

+47%+33.5 Bcf/d

’09-’13+14%+8.5Bcf/d

CAGR

2.5%


Growing NGL supplies require big infrastructure

CEO Perspective

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

2008 2012 2016 2020 2024 2028

U.S. NGLs Supply Growth

Ethane Rejection

Ethane

Propane

Butane

Pentane

Source: EIA, Wood Mackenzie NGL Service; Williams Research

Mbbl/d


Supply Development

Upstream Shale Innovation Changes Everything

CEO Perspective

THEN NOW

Infrastructure Development

Market Structure

> The few, the integrated –the super-majors

> Muted sensitivityto price signals

> Many, relatively smaller upstream-focus

> Greater sensitivityto price signals

> Efficient, supply-sponsored build-out of large-scale infrastructure

> Closed, proprietary systems

> Large-scale infrastructure requires sponsorship beyond supply side

> Open-access systems

> Benefits concentrated to a few

> Go-it-alone

> Zero-sum game

> Broad benefits to many across the value chain

> Structured transactionsshare risk across value chain

> Win-win

Our Value-Chain Footprint and Scale Create Unique Advantages

11 © 2014 The Williams Companies, Inc. All rights reserved.Williams Analyst Day | 5/14/14 © 2014 The Williams Co

Discontinuity in Value Chain as Infrastructure Gaps Yield Market Barriers

CEO Perspective

U.S. SHALE NGLs

Infrastructure investment 2014–35:> $313 billion

natural gas> $56 billion NGLs

> 4+ MMbbl/day by 2020

> Low-cost gas drilling, high NGL margins

Supply Shows

Up

> $125 billion in petcheminvestments

> 148 factories and plant expansions

Demand Builds

MarketAccess

Lags

PRICE SIGNAL TO PRODUCERS IN PERIL

RIGS MOVE TO OIL PROSPECTS

RAIL TRANSPORT SCALABILITY


Our Strong Competitive PositionCreates Advantages to Clear Barriers

CEO Perspective

Connect & Help GrowBEST SUPPLIES &BEST MARKETS

Clear, Efficient Price Signals

Open, Transparent MarketsDemandSupply

Critical Role to Ensure SupplyInfrastructure Investment

INFRASTRUCTURE


Our Strategy – More Relevant Than Ever

CEO Perspective

Big Picture

> Be the premier provider of reliable large-scale infrastructure designed to maximize the opportunities created by the vastly greater supply of natural gas and natural gas products now known to exist in North America’s unconventional resource plays

Underpinned by Scale, Competitive Advantage

> Be big – the No. 1 or 2 largest – in gathering, processing and transportation in basins and markets where we operate

> Grow position in areas where we have unique competitive advantages> Maximize returns in established markets where we have the No. 1 or No. 2 position

Strategy Is Well-aligned with the Commodity Environment

> Well-positioned to capture current opportunities associated with ethane cracking> Rapidly growing fee-based business> Low prices grow demand in natural gas, NGLs, olefins – all infrastructure-constrained> Natural gas products price-advantaged against crude and naptha products


Number of Recent Incidents Is Unusual

CEO Perspective

# INCIDENTS / 1,000 MILES RELEASE VOL (MCF Gas / Mi)

* Through 3/31/14, annualizedPHMSA reports a total mileage of interstate natural gas pipelines of approximately 198,442 (PHMSA website - accessed 4/11/2014)The numbers above are based on incidents reported to PHMSA under 49 CFR 19; An incident is an event where an unintentional release of natural gas results in: A death or personal injury resulting in hospitalization; Estimated property damage of $50,000 or more; Gas loss of 3 MMCF or more; Results in an emergency shutdown of a LNG facility

0.4 0.4

0.1

0.3

0.3

0.6

0.6

0.5 0.50.5

2010 2011 2012 2013 2014*

WIL

LIAM

S

IND

UST

RY

5.6

4.2

0.3 0.0 0.1

10.4

7.9 8.3

6.5 6.8

2010 2011 2012 2013 2014*

WIL

LIAM

S

IND

UST

RY

Williams Has Track Record of Safe, Reliable Operations


We Are Committed to and Focused on:

CEO Perspective

OPERATIONAL EXCELLENCE TO

SUPPORT HEALTH & SAFETY OF WORKFORCE

PROTECTION OF NEIGHBORS,

ENVIRONMENT ANDOUR ASSETS

INVESTIGATING EACH OF THE RECENT INCIDENTS

AND INCORPORATING WHAT WE LEARN

Safety & Environmental Stewardship Is One of Our Core Values & Beliefs


Competitive Advantages Delivering Large-Scale Projects, Long-Term Value Creation

CEO Perspective

> Increased fee-based revenuesto >80% of gross margins

> Extensive network of large-scale assets, well-positioned for NG supply growth

> Emerging demand growth in Pacific Northwest markets

> Prior large-scale investments still generating high returns in lowNGL-margin environment

WEST> Transco: Nation’s largest and fastest-growing pipeline

system; connecting best supplies to best markets

> Deepwater: Unique competitive advantages; high barriers to entry; executing on

large-scale projects

ATLANTIC-GULF

> Connecting upstream supplies to new, growing downstream customers

> Bringing expanded Geismar plant online

> Growing unique Canadian business; Horizon, Syncrude,

plus propane and proplyene

NGL & PETCHEM SERVICES> GP IDR structure yields

rapidly growing cash distributions to Williams

> Growing high-return,low-risk, fee-based business

ACMP

> Large-scale, foundational infrastructure in place> Gathering volume growth outpaces industry> Strong, growing free cash flows on the horizon

NE GATHERING & PROCESSING


Big recent investment delivering big cash flow growth in 2014-2017+

CEO Perspective

1 Represents midpoint of range of 5%-7% in 2014-2015 and 3%-6% in 2016.

Expect Strong, Sustainable GrowthIn Cash Dividends and Distributions

> WMB cash dividends: Planning 20% annual growth through 2016 with high coverage and line of sight to growth beyond

> WPZ per LP unit: Expect 41% higher DCF 2016 vs. 2013; cash distributions up 6%1 annually in 2014 and 2015 and up 4.5%1 in 2016 while building to solid coverage; visible growth beyond

> ACMP cash distributions to Williams: Expect 178% increase 2016 vs. 2013 with visible growth beyond

> Plan to transition WMB toward pure-play GP holding company

© 2014 The Williams Companies, Inc. All rights reserved.18 © 2014 The Williams Companies, Inc. All rights reserved.Williams Analystt Day | 5/1 /14

CEO Perspective

Clear Line of Sight to Major GrowthNow …and Beyond Guidance Period…


CEO Perspective

NGL & Petchem ServicesJohn DearbornSenior Vice President

B - 2 © 2014 The Williams Companies, Inc. All rights reserved.Williams Analyst Day | 5/14/14

Enabling Natural Gas Development, Driving Demand for NGLs and Low-Cost Feedstocks


SERVICES TO THE NGL SUPPLY CHAINInfrastructure

StorageFractionation

Marketing Services

VALUE-ADD THROUGH OLEFINSPipelinesStorage

Olefins ProductionMarketing Services

Access to Upstream Supplies for New Entrants, Including Int’l Customers


NGL & Petchem Business Portfolio


COMPETITIVELY ADVANTAGED MARGINS

FEEFOR SERVICE

Pipelines

Fractionation

Storage

Canadian PDH (Proposed)

Geismar

Canadian Offgas Processing

New JV Cracker / Geismar 2 (Proposed)


Key Business Drivers


Connecting Advantaged Supply Centers to New Demands

> Open access to NGL value chain andmarket optionality

> Insight and expertise across the entire value chain – from G&P to petchemdistribution

> Reputation for working with suppliers and customers in an unbiased and transparent manner


MARKET DYNAMICS



NGL Supply Growing… But Far from Demand Centers


Regional Changes in NGLs (Mbpd, 2013–2023)

Source: Wood Mackenzie, Williams research estimates for the Northeast

+176

+168 +744to

1,300

+243+322

+90

-26

DEMANDCENTERS

Export TerminalsCrackersPDH Plants

Alberta, Canada???

NortheastBakkenGulf of MexicoMidcontinent

REGION

RockiesTexas & GulfPermianWestern CanadaW


Infrastructure Constraints Drive Volatility


Support Needed From All Market Participants

Source: Williams research

NET MARGIN (CENTS PER LB)

-10

0

10

20

30

40

50

60

70

Polyethylene net margin

Ethylene net margin

Ethanenet margin

Ethane value-chain margins and negative supply outlook drove

shutdowns and stimulated investment overseas

U.S. shale gas revolutionbegins to

deliver

Ethane rejection

takes hold

’90 ’92 ’94 ’96 ’98 ’00 ’02 ’04 ’06 ’08 ’10 ’12 ’13


Ethane Supplies Are PlentifulIn An Unconstrained Infrastructure Environment

Source: Williams research, IHS. The use of this content was authorized in advance by IHS. Any further use or redistribution of this content is strictly prohibited without written permission by IHS. All rights reserved.Note: Cracker demand at 95% utilization.

ETHANE SUPPLY POTENTIAL SUPPORTS 600+ MBPD OF NEW U.S. ETHANE CRACKER DEMAND (MBPD)

0

500

1,000

1,500

2,000

2,500

2013 2015 2017 2019 2021 2023

Chemical Demand for Ethane

Ethane Exports

Ethane Supply Potential

5–6 CrackersCCracCCracracCracCrac



New Ethylene Capacity Growing Slowly


Support for Attractive Pricing

Source: IHS Inc. The use of this content was authorized in advance by IHS. Any further use or redistribution of this content is strictly prohibited without written permission by IHS. All rights reserved.

0%

10%

20%

30%

0

50

100

150

200

2006 2008 2010 2012 2014 2016 2018 2020

North America capacity World demand NA capacity as a % of world demand

NORTH AMERICAN CAPACITY VS. WORLD DEMAND (MILLION METRIC TONS)

35%


North America Competitive Advantage


Sustainable in Nearly All Price Scenarios

Source: Wood Mackenzie

60

30

Cents Per Pound

00 25 100 150 200 250

Ethylene Production – Billion Pounds

$110 Crude

$100 Crude

$90 Crude

$80 Crude

$70 Crude

$7 Gas$6 Gas$5 Gas

$4 Gas

North America

LPG/Naphtha

China Coal to Ethylene

Middle EastEthane

North America Ethane

MiddleEastLPG/

NaphthaRest of World

AsiaLPG/Naphtha

Europe LPG/Naphtha

2013 ESTIMATED ETHYLENE PRODUCTION COSTS (BRENT = $108/BBL; HENRY HUB = $3.70/M BTU)


Where Will All the C3+ Go?


WILLIAMS REACTION

> PDH unit(s) in Canada

> Jackrabbit propylene hub to link new sources of supply with existing and growing demands

> Texas Belle pipeline to link new C4+ supplies to the refined fuels market

> Butane/butylene splitter in Canada upgrades to higher value refinery Alky Feedstock and field grade normal butane

> Moss Lake export terminal in JV with Boardwalk (in conjunction with Bluegrass)

Propane

> Exports for fuel and LNG spiking> Seasonal heating in the US

and Canada> Driving PDH investment in US

and abroad (particularly China)

C4s

> Seasonal blending in gasoline> Upgrading to alkylates as a

gasoline blending stock> Displacing naphtha as a

cracking feedstock> Some small petrochemical

feedstocks

C5s+> Canadian diluent> Low cost refinery feed

P


NGL & PETCHEMGROWTH PROJECTS



Mid-Continent Maximization

WPZ – NGL & Petchem Services

CURRENT MAJOR PROJECTS

> Conway Storage –Increasing EP and heavier products storage capacity

> Truck Dock Expansion II –Adding one lane

> Rail Expansion – Increasing rack capacity in partnership at Conway or third party location

> Overland Pass Pipeline –Powder River and Niobrara new connections

> Bakken Growth fuels OPPL


Geismar Expansion and Modernization


> Objectives:– Bring the plant into

sustainably safe operations

– Restore Williams high standard of reliability

– Deliver promised value to our shareholders

> Expansion increases annual ethylene production capacity 50% to 1.95 billion lbs.

– Williams’ share is 1.7 billion lbs., up 600MM lbs., + >50%

Completing Construction… Preparing for Restart of Expanded Plant

Early Mover in the Industry Expansion Wave


BASFChevron PhillipsDuPontEastmanExxonMobil

Flint Hills ResourcesWilliams Geismar ExpansionWilliams Geismar 2 (proposed)

Chevrooo

Merchant Supply of Ethylene Shrinking


Integrated Players Expand First Including Derivatives

SHORT ETHYLENELONG ETHYLENE

Integrated

Merchant

ExxonMMM

Williaa

First wave of announcements Second wave of announcements

INEOSLyondellBasellSasolShell

Dow ChemicalFormosa PlasticsHuntsmanTotal Westlake

Americas StyrenicsAxiallBraskemCelaneseIndorama

LanxessLion CopolymerOxy Vinyls/OXYMARShintechStyrolution

BraskeeeShintecc

Oxy ViOXYMAAA

WilliaWillia


U.S. Merchant Market Expected to Remain Balanced to Short


Williams Well-positioned Against This SegmentPROOF POINTS WILLIAMS VALUES

> Integrated producers expanding downstream derivatives, absorbing ethylene supply

> New cracker projects expected to include new, matching derivative demand

> New international players seeking cost advantage ethylene supply to grow export markets

> New ethylene supply will feed currently underutilized derivative capacity

> Williams manages open access storage and pipeline system, allowing participants access to supply and services

> Williams one of only two pure merchant sellers of ethylene today

> Williams cracker located in Louisiana, a net short ethylene market


Geismar Benefits from Strong Forward Margin Environment


Historical CMAI spot prices for ethylene and ethane. Forward prices reflect Williams’ assumptions.Crack spread and ethane price stated before any co-product credits.

ETHYLENE CRACK SPREAD ($US/LB)

$0.00

$0.25

$0.50

$0.75

$1.00

2008 2009 2010 2011 2012 2013 2014 2016

Industry Crack Spread

Ethane Cost

Ethylene Spot Price


Geismar 2: Proposed Fee-for-Service JV Cracker Investment

WMB – NGL & Petchem Services

COMPETITIVE ADVANTAGES

> Grows fee-for-services business

> Creates a new demand center and demand for supporting infrastructure

WILLIAMS VALUE

Williams: The Preferred Service Provider

> Aggregating new global demand and existing domestic demands

> Highly economic 1.5 MM tonne cracker

> Mississippi River ethylene short by 5.5–6 billion pounds


Williams Gulf Coast Petchem Services

WMB / WPZ – NGL & Petchem Services

New Plants Need New Logistics Services

CURRENT MAJOR PROJECTS

> Under construction:– WPZ ethane pipeline system

expansion; expected in-service 2Q 2015

– WMB Texas Belle Pipeline: Isobutane, normal butane, C5+; expected in-service 4Q 2014

> Finalizing development:– WMB Promesa: Ethylene Pipeline

and Storage Hub Expansion – TX

– WMB Jackrabbit: PGP Pipeline and Storage Hub Development in two phases – TX

- 1


Our Canada Growth Story


> Existing asset position– Ft. McMurray Cryo at Suncor 26 Mbpd

– Boreal Pipeline 43 Mbpd (expandable to 125 Mbpd)

– World’s only processor of oil sands upgrader offgas

> Upgrading product value– Aggregating more liquids from

the oil sands

– Increasing Boreal Pipeline utilization

– Recovering ethane and ethylene

> Environmental benefits– Reduces sulphur dioxide, CO2 emissions

VALUE DRIVERS

Capitalizing on Our Competitive Advantages


$0.00

$0.25

$0.50

$0.75

$1.00

Sustainable Canadian Feedstock Advantage


Historical CMAI spot pricing for propylene and propane and AECO pricing for natural gas. Forward prices reflect Williams’ assumptions.Assume 1.05 lbs of propane for each 1 lb of propylene cracked.

OFFGAS PROPYLENE ($US/LB)

2008 2010 2012 2014 2016

Offgas Margin

Natural Gas

PropaneCracking

g

Propylene

IndustryMarginMaMaMargrgrggiii


Our Canadian Growth Story Continues

WMB / WPZ – NGL & Petchem Services

Oil Sands Offgas Value Upgrade

> Suncor Upgrader Offgas – Added ethane capability in 4Q13

– Total capacity 17 Mbpd ofethane/ethylene production

– Volume relies on Suncor’s supply

> CNRL Upgrader Offgas – In construction

– Total capacity 15 Mbpd

– Expected on-line 3Q 2015

> Competing for Syncrude Offgas Project Once Installed, Maximize Value


Fee-for-Service Upgrade of Propane to Propylene

WMB – NGL & Petchem Services

Capitalizes on Advantaged Propane in Canada

PROPOSED CANADA PROPANE DEHYDROGENATION

> First facility of its kind in Canada

> Will produce 1.1 billion lbs of polymer-grade propylene annually

> Propylene derivative player has been selected, currently negotiating definitive agreements

> We are refining engineering and cost estimates


Bring the expanded Geismar plant into sustainably safe operations and secure additional fee for service cracker investment(s)

Deliver the solutions embodied in the Gulf Coast pipeline and storage systems for NGLs and olefins


NGL & Petchem Services Priorities

Deliver a solution that upgrades stranded propane to propylene derivatives in Canada on a fee-for-service basis

Execute the Horizon Project exceptionally well and continueto grow offgas opportunities in Canada

Maximize our position in the Midwest




Northeast G&PJim ScheelSenior Vice President

C - 2 © 2014 The Williams Companies, Inc. All rights reserved.Williams Analyst Day | 5/14/14

Northeast Overview

WPZ – Northeast G&P

DELIVERING LARGE-SCALE

INFRASTRUCTUREServing fastest growing

U.S. volumes

FOUNDATIONAL INFRASTRUCTURE

IN PLACE Facilities ready to grow

with customers

MAXIMIZING VALUEMarket hubs

Enhancing netbacksImproving reliability,

efficiency and safety

STRONG, GROWING FREE CASH FLOWS ON THE HORIZON


Susquehanna Supply Hub (SSH) – 2015*3 Bcf/d takeaway capacity

Laurel Mountain Midstream (LMM) – 2015*~700 MMcf/d gathering capacity

Blue Racer Midstream G&P/Fractionation/NGL services

for Utica shale

Ohio Valley Midstream (OVM) – 2015*0.9 Bcf/d processing capacity

~80 MBPD fractionation/deethanization

Three Rivers Midstream (TRM)275,000 dedicated acres

GATHERING VOLUMES UP 64% 2013 vs. 2012

Delivering Large-scale Infrastructure To the Marcellus & Utica


Note: LMM capacity is stated at 100%. WPZ owns 51% of LMM.* Represents estimated in-service dates and estimated capacity at respective year end.

MARCELLUS & UTICA SHALE OVERVIEW



SSH – ZICK STATION


Susquehanna Supply Hub: Building Large-scale Gathering System in Northeast PA


SIGNIFICANT SUPPLY HUB WITH ACCESS TO EAST COAST MARKETS

> Planning access to 3 Bcf/d* of takeaway capacity by 2015

> Delivery into 3 major interstate pipelines– Transco, Tennessee, Millennium

EXPANDING GAS GATHERING SYSTEM TO MEET PRODUCERS’ DRILLING PLANS

> Key customers– Cabot– WPX Energy– Carrizo-Reliance

> Large-scale build out– Building operational flexibility to allow

increased system reliability

* Excludes Constitution, estimated in-service date is late 2015 to 2016


0

500

1,000

1,500

2,000

2,500

2012 2013 2014 2015

Susquehanna Expects Gathering VolumeTo Grow 3x from 2012 to 2015


Gat

here

d Vo

lum

es (M

Mcf

/d)

+40% 3-yr CAGR

1Compression

Project4 Major Compression

Projects

7 Major Compression

Projects

3 Major Compression Projects and3 Trunk Lines


ATLANTIC SUNRISE

> Target in-service date is second half of 2017 accessing new markets in Eastern seaboard to Gulf Coast

> Estimated to be in service late 2015 to 2016 serving New England Market

CONSTITUTION

2014

> Blue Stone: Additional access to Millennium & Tennessee

> PVR: Additional access to Transco> UGI: Additional access to Transco and

local LDC

CO

Takeaway Capacity Optimization Plan


Dotted line indicates pipeline under construction

CURRENTLY DELIVERING INTO THREE PIPELINE SYSTEMS OPERATINGNEAR CAPACITY

> Transco> Tennessee Gas Pipeline> Millennium

Constitution

Millennium

Tennessee

AtlanticSunrise

Transco

PVR

UGI

Blue Stone

SSH


LMM – SHAMROCK STATION



Laurel Mountain Midstream Covers Broad Footprint in Western PA and Eastern Ohio


Dedicated Acreage

CONTINUED SYSTEM EXPANSION THROUGH JV WITH CHEVRON

> JV with Chevron– 51% WPZ owned– WPZ operated

> Optimization of capital plan for dry gas area

– Planned system capacity of ~700 MMcf/d by 2015

EXTENSIVE DEDICATIONS PROVIDE EXPOSURE TO RICH AND DRY GAS AREAS

> Approximately 500,000 acres dedicated across 47 counties

> Developing infrastructure solutions for dedicated rich-gas acreage in NW PA and Eastern Ohio

Gathering System


Laurel Mountain Midstream Optimizing Dry-Gas Buildout in Response to Updated Volume Projections


Note: Laurel Mountain Midstream average annual gathered volumes are 100% amounts. WPZ owns 51% of Laurel Mountain Midstream.

0

100

200

300

400

500

600

2012 2013 2014 2015

+32% 3-yr CAGR

Gat

here

d Vo

lum

es (M

Mcf

/d)

1 Major Compression

Project

1 Major Compression

Project

7 Major Compression Projects and2 Trunk Lines



OVM – GATHERING LINE


Ohio Valley Midstream Provides Large-scale Presence in Liquids-rich Area


EXTENSIVE ACREAGE, GATHERING ANDPROCESSING UNDER CONTRACT

> Long-term contracts:– 236M acres dedicated – 7 producers– Processing of gathered gas

Ethane Line

Moundsville Fractionation Plant

Oak Grove Cryogenic Plant

Ft. Beeler Cryogenic Plant

Oak Grove Deethanizer

Ft. Beeler to Moundsville NGL Line

WELL-POSITIONED ASSETS WITH SIGNIFICANT EXPANSIONS PLANNED

> Gathering system– 2 processing facilities– 0.9 Bcf/d capacity expected by 2015 year-end– Fort Beeler Cryogenic Plant currently 520 MMcf/d– Oak Grove Cryogenic Plant 400 MMcf/d expected

by 2015 year-end

> Fractionation/Deethanization– Moundsville fractionation currently 42.5 MBPD; 30

MBPD added in 1Q2014– 40 MBPD Deethanizer at Oak Grove expected by

2Q2014

> 50-mile ethane line– Expected by 2Q2014

Oak GroveStabilization


Executing Key Ohio Valley Projects To Drive System Capacity Growth


*Reflects expected in-service datesSeveral Central Receipt Points (CRPs) expected to come online during 2014.** Volumes listed for certain projects represent additional installed capacity as opposed to immediate incremental volume impact.

1Q14 2Q14 3Q14 4Q14

Moundsville Frac II30,000 BPD**

Stabilization Facilities 14,500 BPD

Oak Grove TXP I200 MMcfd**

Oak Grove Deethanizer 40,000 BPD**

50 MileEthane Line

24” Pipeline on West Side of System to Oak Grove

Avg 335 MMcfd320 MMcfd 400 MMcfd

KEY PROJECTS (2014)*


167

234

335

651

0

100

200

300

400

500

600

700

2012 2013 2014 2015

Expect Strong Growth in Ohio Valley AreaDespite Short-term Challenges


Gat

here

d Vo

lum

es (M

Mcf

/d)

+57% 3-yr CAGR

Oak GroveTXP II

Oak GroveTXP I;

New CRPsFt. Beeler

TXP III;New CRPsNew CRPs;

Brought on Caiman Assets


OVM Delivering Value


CRP = Central Receipt Point; NGL = Natural Gas Liquid

CRPs

CondensateStabilizer

Oak Grove Processing

Ft. BeelerProcessing

End UserInterstate Pipeline

De-ethanizer

FractionationMoundsville

Storage

Transportation

Rail & Truck

Gas

NGLs

Ethane

NGLs

Multiple Products

Gas

RVP12 Stabilized

Condensate





RVP12 Stabilized

Condensate

CRPs





De-ethanizer


Storage

Transportation

Rail & Truck

Gas

NGLs

Ethane

NGLs

Multiple Products

Gas

RVP12 Stabilized

Condensate





De-ethanizer


Storage

Transportation

Rail & Truck

Gas

NGLs

Ethane

NGLs

MultipleProducts

Gas




RVP12 Stabilized

Condensate

Condensate

CRPs




De-ethanizer


Storage

Transportation

Rail & Truck

Gas

NGLs

Ethane

NGLs

Multiple Products

Gas

RVP12 Stabilized

Condensate

Condensate

CRPs




De-ethanizer


Storage

Transportation

Rail & Truck

Gas

NGLs

Ethane

NGLs

MultipleProducts

Gas

Stabilizer





RVP12 Stabilized

Condensate

CRPs



De-ethanizer


Storage

Transportation

Rail & Truck

Gas

NGLs

Ethane

NGLs

Multiple Products

Gas


RVP12 Stabilized

Condensate

CRPs



De-ethanizer


Storage

Transportation

Rail & Truck

Gas

NGLs

Ethane

NGLs

MultipleProducts

Gas






RVP12 Stabilized

Condensate

CRPs


De-ethanizer


Storage

Transportation

Rail & Truck

Gas

NGLs

Ethane

NGLs

Multiple Products

Gas



RVP12 Stabilized

Condensate

CRPs


De-ethanizer


Storage

Transportation

Rail & Truck

Gas

NGLs

Ethane

NGLs

MultipleProducts

Gas








RVP12 Stabilized

Condensate

CRPs



Storage

Transportation

Rail & Truck

Gas

NGLs

Ethane

NGLs

Multiple Products

Gas




RVP12 Stabilized

Condensate

CRPs



Storage

Transportation

Rail & Truck

Gas

NGLs

Ethane

NGLs

MultipleProducts

Gas




De-ethanizer





RVP12 Stabilized

Condensate

CRPs


Storage

Transportation

Rail & Truck

Gas

NGLs

Ethane

NGLs

Multiple Products

Gas




De-ethanizer

RVP12 Stabilized

Condensate

CRPs


Storage

Transportation

Rail & Truck

Gas

NGLs

Ethane

NGLs

MultipleProducts

Gas




De-ethanizer






RVP12 Stabilized

Condensate

CRPs


Gas

NGLs

Ethane

NGLs

Multiple Products

Gas




De-ethanizer


RVP12 Stabilized

Condensate

CRPs


Gas

NGLs

Ethane

NGLs

MultipleProducts

Gas




De-ethanizer


Storage

Transportation

Rail & Truck


Caiman Energy II/Blue Racer Midstream JV Interest Enhances Presence in Utica Shale


Three Rivers

Midstream

FOCUSES ON COUNTIES IN EAST OH AND NORTHWEST PA COVERING THE UTICA SHALE

> Blue Racer Midstream is developing a substantial gathering and processing system

– Nearly 600 miles of large-diameter gathering pipelines

– Natrium complex in Marshall County, WV, processing and fractionation assets

– Berne processing complex in Monroe County, OH

> Williams Partners owns a 58% equity investment in Caiman Energy II. Caiman Energy II owns 50 % of Blue Racer Midstream

> Williams Partners anticipates investing approximately $435 million through 2014 for its proportional interest in Blue Racer Midstream


0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

2012 2013 2014 2015 2016

Delivering Large Scale Infrastructure for Fastest-Growing Supply Area in the U.S.


1Laurel Mountain Midstream average annual gathered volumes are 100% amounts. WPZ owns 51% of Laurel Mountain Midstream.Note: Excludes Marcellus/Utica investment in Blue Racer.

EXPECTED GATHERING VOLUME GROWTH THROUGH 2016 (BCF/D)Average Gathered Volumes (Bcf/d)

Laurel Mountain Midstream1 Susquehanna Supply Hub Ohio Valley Midstream

Expect 4.6 Bcf/d of Capacity in our Northeast G&P Business

+35% 4-yr CAGR



Northeast Gathering & Processing

DEVELOPING LARGE-SCALE INFRASTRUCTURE

FOUNDATIONAL INFRASTRUCTURE IN PLACE

MAXIMIZING VALUE

STRONG, GROWING FREE CASH FLOWS ON THE HORIZON



Northeast Gathering & Processing

WestAllison BridgesSenior Vice President

D - 2 © 2014 The Williams Companies, Inc. All rights reserved.Williams Analyst Day | 5/14/14

West Overview

WPZ – West

STABLE CASH FLOW, HIGH RETURNS

Steady businesses continue to deliver significant value

WILLIAMS’ STRATEGY IS WORKING

Previous investment creates large-scale

position, reaps significant value well into the future

WELL-POSITIONED TO CAPTURE GROWTH

Significant infrastructure in place within established and emerging markets


Fee-based Revenue Increasing; Gross Margin Mix Expected to Improve to 84% Fee-based by 2015

WPZ – West

1 2013 equity NGL margin includes a significant keep-whole contract that expired in September 2013.

$0

$400

$800

$1,200

$1,600

2013 2014 2015

NWP Fee G&P FeeCommodity-based Fee NGL MarginOther

> Fee-based revenue increasing, helping to drive improved gross margin mix

– G&P fee-based business expected to grow 10% from 2013 to 2015

– Steady NWP fee business

> G&P business delivered strong cash return2 of 26% in 2013, despite total liquids margin declining by $485 million from 2011 to 2013

GROSS MARGIN BY TYPE ($MM)

2 Cash return calculated as net cash provided from operations divided by average net PP&E

1


$3.00

$4.00

$5.00

$6.00

2013 2014 2015 2016

Gas Price (Henry Hub) NGL Uplift to Producer

Expect to Continue Delivering Significant Volumes; Improving Price Environment

WPZ – West

1 2013 plant inlet includes volumes from a significant keep-whole contract that expired in September 2013.

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

2013 2014 2015 2016

Gathering Plant Inlet

GATHERING AND PLANT INLET VOLUMES (TBtu/Day)

GAS PRICE AND NGL UPLIFT2 ($/MMbtu)

2 Based on Williams’ price assumptions.

1


West G&P: Scale, Stability, Potential Growth

WPZ – West

> Large-scale positions provide competitive advantages

> Business generating strong cash flows and driving efficiencies

> Ability to quickly “throttle up” in improved commodity price environment – significant gas and liquids infrastructure in place

> Customer base transitioning –more aggressive independent producers buying positions

Piceance Basin> 328 miles of pipeline> 1.4 Bcf/d of gathering capacity> 1.7 Bcf/d of processing capacity

Four Corners> 3,823 miles of pipeline> 1.8 Bcf/d of

gathering capacity> 1.5 Bcf/d of processing/

treating capacity

Wyoming> 3,587 miles of pipeline> 1.1 Bcf/d of gathering capacity> 2.2 Bcf/d of processing capacity

NorthwestPipeline


Greater than 20% Production Growth in West by 2020;Well Positioned for Emerging Supply Opportunities

WPZ – West

> Piceance Basin– 330,000 acres under life of lease dedication in

the Niobrara– Competitively positioned to capture significant

undedicated acreage– Potential for increased volumes as producers add rigs– New Parachute TXP-1 Cryo currently planned in 2016;

continuing to monitor drilling activity

> Wyoming– Well positioned for emerging opportunities in the

Sand Wash Basin, Wind River Basin, and Niobrara in NW Colorado

– Connecting wells to grow newly acquired condensate collection system and stabilizer plant

> Four Corners– Over 2.8 million dedicated acres in the Mancos Shale

from our six largest customers– Current drilling primarily focused on the oil window

(gathering and processing high GPM associated gas)

> Wood Mackenzie: 1.7Bcf/d (or 21%) expected production growth by 2020 in basins we serve


Northwest Pipeline: Backbone of the Pacific Northwest Gas Delivery System

WPZ – West

> Plentiful, diverse supply sources– British Columbia, Alberta, Rockies, San Juan

> Sole provider in most major markets– Low-cost provider in competitive markets– Strong credit quality of customers

> Long-term firm transportation capacity of 3.9 MMDt/d– Avg. remaining life – more than 9 years

> Storage capacity– 14 MMdt of capacity– 731 Mdt/d of withdrawal capability

> Assets– 3,900 mi. of pipeline and 41 compressor stations– 2 storage facilities

> New rates were effective January 1, 2013– Will remain in effect for min of 3 yrs. and max of 5 yrs.

Spokane

Boise

Portland

Seattle

NorthwestPipeline


> $1.5+ billion project (100%) to serve proposed Jordan Cove LNG export terminal

> 232-mile, 36-inch pipeline; initial capacity = 1 Bcf/d

> 50/50 Ownership:Williams & Veresen

> Access to Rockies and Canadian supplies from existing pipelines

> Terminal has advantaged port and shipping costs to Asian markets

Proposed Pacific Connector Gas Pipeline

WPZ - West


Q4 2014FERC Certificate Target

MID-YEAR 2015Final Investment Decision/Construction Start

Q4 2018Target In Service Date

FERC Application FiledDesign & Route Previously Approved

DOE Export License Received to non-FTA Countries

Non-binding Heads-of-Agreements Executed with Several Interested Shippers

Proposed Pacific Connector Gas Pipeline

WPZ - West


Pacific Northwest Potential Market Growth Heating Up

WPZ – West

Blue = Proposed Expansion Projects (not included in guidance)Green = Potential new end-use markets announced by 3rd parties (may lead to additional expansion opportunities on Northwest)

Boise

SpokaneSeattle

Portland

Jordan Cove

Oregon LNG

Magnida FertilizerUp to 75 MDth/d

Target ISD: 2017

Transfuels LNG Trucking @ PlymouthUp to 359K gal (30 MDth/d)

Target ISD: 2014

Kalama Methanol ExportUp to 320 MDth/dTarget ISD: 2018

Port Westward Methanol ExportUp to 320 MDth/dTarget ISD: 2018

Portland GeneralUp to 50 MDth/d

Target ISD: 2015

TransAlta Coal PlantUp to 200 MDth/dTarget ISD: 2020

Washington ExpansionUp to 750 MDth/dTarget ISD: 2018

Pacific Connector Gas Pipeline

1 Bcf/dTarget ISD: 2018

> Announced New Market Opportunities– LNG Export– LNG Transportation– Methanol Export– Fertilizer Plants– New Electric Generation– Coal Conversion

> Potential Projects– Pacific Connector– Washington Expansion

> Wood Mackenzie Regional Demand Growth – 400 MDth/d by 2020

(excludes LNG and methanol export opportunities)

Port of Tacoma Methanol ExportUp to 320 MDth/dTarget ISD: 2018


West Summary

WPZ – West

STABLE CASH FLOW, HIGH RETURNS

LARGE-SCALE POSITION SUPPORTS STRATEGY

WELL-POSITIONED FOR GROWTH


West Summary

WPZ – West

Atlantic - GulfRory MillerSenior Vice President

E - 2 © 2014 The Williams Companies, Inc. All rights reserved.Williams Analyst Day | 5/14/14

INDISPENSABLEINFRASTRUCTURE

Atlantic - Gulf

WPZ – Atlantic - Gulf


Connecting the Best Supplies to the Best Markets


ATLANTIC – GULF> Integrated with Northeast G&P> Unprecedented growth on Transco> Strong position in the Gulf of Mexico


Atlantic – Gulf Competitive Advantages


TRANSCO: PIPELINE OF CHOICE> Sustainable supply diversity> Flexible, reliable service> True no-notice service> Storage capacity: 192 Bcf> Attractive system rates


Transco: Nation’s Largest, Fastest GrowingInterstate Pipeline System

WPZ – Atlantic-Gulf

Dates reflect expected in-service dates. The estimated project in-service dates assume timely receipt of all regulatory approvals. Constitution expected in service late 2015/early 2016.

LeidySoutheast

VirginiaSouthside

Mobile BaySouth III

Dalton LateralHillabeePhase 1

Rock Springs Expansion

NE Connector/Rockaway Lateral


CPVWoodbridge

LeidySoutheast

VirginiaSouthside

Mobile BaySouth III

CPVWoodbridgeConstitutionConstitution


AtlanticSunrise

2014 2015 2016 2017


LeidySoutheast

VirginiaSouthside

Mobile BaySouth III

CPVWoodbridgeConstitution


$0.3

$1.3$1.6

CAPITAL INVESTED PLACED INTO SERVICE ($B)

$4.3

2014

20152016

2017

$0.3

$1.3$1.6


Constitution Pipeline: New Market Accessfor Marcellus Production


> A 124-mile, 30-inch pipeline connecting Williams Partners’ Gathering System in Susquehanna County, PA to Iroquois Gas Transmission and Tennessee Gas Pipeline in Schoharie County, NY

> Capacity: 650 MDth/d> Project capex: $300 million

(41%)> New FERC-regulated

interstate pipeline> Owned (41%) and operated

by WPZ; Cabot Oil and Gas owns 25%, Piedmont Constitution Pipeline Company owns 24%, and Capital Energy Ventures owns 10%

> Target in-service date: Late 2015 to 2016


Atlantic Sunrise: Major Transco Expansion Underpinned by Long-term Commitments


> 15-year binding firm-transportation agreements

> Bolsters connection to growing, emerging supplies

> 1.7 MMDth/d fully committed

> Expecting WPZnet investment of$2.1 billion

> Producers, LDCs investing in project

> Target in-service: second half of 2017

LNG

Cove Point


6

8

10

12

14

16

18

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

$4,000

2003 2005 2007 2009 2011 2013 2015 2017

Transco Gulfstream* Constitution* Capacity*


* Represents Williams ownership percentage. The estimated project in-service dates assume timely receipt of all regulatory approvals.Constitution expected in service late 2015/early 2016.

Gas Pipeline Assets: Unprecedented Growthwith Fully Contracted Projectsy jCAPITAL INVESTMENT PLACED INTO SERVICE

($MM) MMdt/Day

7.7

16.5

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

$4,000

2003 2005 2007 2009 2011

($MM)

7.77

10.8



MARKET PULLDRIVES GROWTH



POWER GENERATION



Power Generation Demand Drives Strong Transco Growth

0

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

3,500,000

1/1/2009 1/1/2010 1/1/2011 1/1/2012 1/1/2013 1/1/2014

Dth/d


Court Upholds EPA MATS Rule


Source: U.S. Environmental Protection Agency.

Zone 6

Zone 5

Zone 4

Zone 3

Zone 2

Zone 1

GG

G

G

Power Plants

Opportunities

Currently ServeG

GG

Up to 8 Bcfd~50 GW of potential incremental

natural gas power generation within 50 miles of Transco



LNG EXPORTS

Photo courtesy of the Center for Liquefied Natural Gas.


LNG

LNG

LNG

LNG

LNG

LNG

LNG Service Opportunities Increase Along Transco System Path


* FTA/non-FTA approved by U.S. Department of Energy. Source: U.S. Department of Energy; FERC

yUNDER CONSTRUCTION FILED CERTIFICATE APPLICATION PRE-FILED NA

Cove Point*

Elba

Gulf LNG

Freeport*

Corpus ChristiExcelerate

Cameron*Lake Charles*Golden PassSabine Pass*

Atlantic Sunrise

Gulf Trace



MARCELLUS SHALE SUPPLIES


Marcellus Gas Flow Soars on Leidy,Susquehanna Supply Hub Volumes


0

500

1,000

1,500

2,000

2,500

3,000

3,500

Jan 10 Jan 11 Jan 12 Jan 13 Jan 14

MARCELLUS FLOW VOLUMES (MDth/d)

2.9 MMDth/d OF ADDITIONAL CAPACITY BY 2017 > Constitution: 650 MDth/d> Atlantic Sunrise: 1.7 MMDth/d> Leidy SE: 525 MDth/d


Gulfstream: Stable, High-Return Base Asset


> 50% WPZ ownership interest

> Flexible supply– Gulf of Mexico– Midcontinent Shales

> Fully subscribed with long-term contracts

> Average contract life~ 16 years

> Serves growing Florida market

– Growth driven by increased power generation needs

> No rate case requirement



THE GULFLARGE SCALE; READY ASSETS


Rising Activity Drives Value of Aggregation Service


Source: Rigdata.com

DRILLING RIG ACTIVITY IN DEEPWATER GULF OF MEXICOJANUARY 2010 – MARCH 2014 (AVERAGE # RIGS)

0

10

20

30

40

50

60

Jan'10

Jun'10

Nov '10

Apr'11

Sep'11

Feb'12

Jul'12

Dec'12

May'13

Oct'13

Mar'14

MoratoriumImposed

MoratoriumRescinded


Atlantic – Gulf Competitive Advantages

WPZ – Atlantic- Gulf

GULF OF MEXICO: INTEGRATED ASSETS> Large-scale infrastructure

> Strategically positioned

> Seasoned project execution team

> Speed-to-market solutions

> Deep technical expertise

> High-return/low-capital tiebacks


Eastern Gulf Growth Projects and Opportunities


> Gulfstar One – Tubular Bells (GS1) – expected online 3Q 2014

> Kodiak – tieback to Devils Tower –expected online 3Q 2015

> Gunflint – tieback to GS1 expected online 1Q 2016

CONTRACTED:

> Appomattox Development (Norphlet Play) – gas gathering, transportation, & processing online early 2019

> Big Bend – tieback to Blind Faith -online mid-2016

> Taggart – tieback to Devils Tower –online mid-2018

POTENTIAL:


Gulfstar One on Track for First Oil


> Speed to market:first oil expectedin 3Q

> Design one, build many

> Project execution: topsides and hull set

> Hook-up and commissioning under way

> Gunflint tieback contracted


Western Gulf Growth Projects and Opportunities


> Well positioned for Deep Nansen, Pemex deepwater opportunities

> Short-term South Texas gas supplies for fee based processing in 2014

> New retrograde and condensate stabilization and handling facilities at Markham placed in service 2013


Project Execution: Keathley Canyon Connector


> 400 MMcf/d capacity

> Expected to be in service by 4Q

> Long-term reserves from Lucius dedication

> High-deliverability reserves from Hadrian South yield front-end financial loading

> Heidelberg dedication contracted

> High-potential neighborhoods and additional opportunities with associated gas

014


OUTLOOK

Atlantic - Gulf



Atlantic - Gulf Outlook


UNPRECEDENTED GROWTH> Strong, growing fee-based revenues

> Abundant opportunities across assets

> Multibillion-dollar expansion in progress

> Strategic integration w/Williams G&P

> Proven project execution


Atlantic - Gulf: Indispensable Infrastructure


WILLIAMS INVESTOR AND ANALYST DAY MMAY 14, 2014

Certain statements and information in this presentation may constitute forward-looking statements. The words “believe,” “expect,” “anticipate,” “plan,” “intend,” foresee,” “should,” “would,” “could,” or similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. These forward-looking statements are based on current expectations and beliefs concerning future developments and their potential effect on us. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting us will be those that we anticipate. All comments concerning our expectations for future revenues and operating results are based on our forecasts for our existing operations and do not include the potential impact of any future acquisitions. Our forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions that could cause actual results to differ materially from our historical experience and our present expectations or projections. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, those summarized below:

• dependence on Chesapeake Energy Corporation, Total E&P USA, Inc., Mitsui & Co., Anadarko Petroleum Corporation and Statoil for a majority of our revenues;

• the impact on our growth strategy and ability to increase cash distributions if producers do not increase the volume of natural gas they provide to our gathering systems;

• oil and natural gas realized prices;

• the termination of our gas gathering agreements;

• the availability, terms and effects of acquisitions;

• our potential inability to maintain existing distribution amounts or pay the minimum quarterly distribution to our unitholders;

• the limitations that our level of indebtedness may have on our financial flexibility;

• our ability to obtain new sources of natural gas, which is dependent on factors largely beyond our control;

• the availability of capital resources to fund capital expenditures and other contractual obligations, and our ability to access those resources through the debt or equity capital markets;

• competitive conditions;

• the unavailability of third-party pipelines interconnected to our gathering systems or the potential that the volumes we gather do not meet the quality requirement of such pipelines;

• new asset construction may not result in revenue increases and will be subject to regulatory, environmental, political, legal and economic risks;

• our exposure to direct commodity price risk may increase in the future;

• our ability to maintain and/or obtain rights to operate our assets on land owned by third parties;

• hazards and operational risks that may not be fully covered by insurance;

• our dependence on Exterran Partners, L.P. for a significant portion of our compression capacity;

• our lack of industry diversification; and

• legislative or regulatory changes, including changes in environmental regulations, environmental risks, regulations by FERC and liability under federal and state environmental laws and regulations.

Other factors that could cause our actual results to differ from our projected results are described in our 2013 Form 10-K and our other SEC filings. Individuals are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise.

FORWARD-LOOKING STATEMENTS

2

PARTNERSHIP OVERVIEW

3

Gathering and processing master limited partnership formed in 2010

Leadership position in 9 unconventional basins in U.S.

~$12 billion market capitalization with 49% public float

Global Infrastructure Partners and Williams each own 50% of the GP

Wellhead Customer

Wellhead Facilities/ Flowlines

Gathering Systems

Gathering Facilities

Pipeline Transportation

Access Midstream Partners

Natural Gas Value Chain:

Central Delivery Points

Distribution Processing Facilities

PARTNERSHIP STRUCTURE

Access Midstream Partners GP, LLC

Public Common Unit Holders

50% 50%

100% of 2% GP interest + IDRs

4

Global Infrastructure Partners II

The Williams Companies, Inc

STRATEGIC SPONSORS; STRONG GOVERNANCE

Access Midstream Partners, LP (NYSE:ACMP)

26.7% Limited Partner Interest


Eagle Ford Barnett Haynesville Marcellus Mid-

Continent Niobrara Utica


Eagle FordEagle Ford HaynesvilleHaynesville MarcellusMarcellus Mid-

ContinentMid-

Continent NiobraraNiobrara UticaUtica

EXPANDING ASSET BASE

5

HIGH QUALITY, SCALABLE ASSET BASE IN HIGH GROWTH UNCONVENTIONAL PLAYS

Key Operating Data(1)

Total Assets: ~$8.3 billion

Dedicated Areas: ~8.3 million acres

Miles of Pipe: 6,414

Volume: 3,828 mmcf/d

Employees: ~1,450

1) Data as of quarter ended March 31, 2014. Volume is net to Partnership. Gross throughput volumes were 5,437 mmcf/d.

-1100%

-50%

0%

50%

100%

150%

200%

ACMP AMZ S&P 500

UNIT PERFORMANCE

TOTAL ANNUAL RETURN

UNIT PRICE AND TOTAL RETURN

IPO July ’10

• Since IPO, ACMP is up +180% • ACMP delivering top quartile total return with fixed fee, low risk business model

5/1/14

11%

38%

Alerian ACMP

(July ‘10 IPO through 5/1/14)

6

WHERE WE’VE BEEN

7

2010 The Year of IPO

$4.3

Enterprise Value ($ billions)

2011 The Year of Dropdowns

$5.0

2012 The Year of Transition

$9.0

2013 The Year of Execution

$14.9

2014 The Year of the Customer

$15.5

1) Data as of quarter ended March 31, 2014.

(1)

2011A 2012A 2013A 2014E 2015E 2016E

$859

$1,025-$1,125

$478 $349

$1,250-$1,350

$1,400-$1,600

OUR GROWTH FOCUS

8

Organic growth

• ~$4.3 billion in 2013-2016

• Substantial processing investment

Business development growth

• New producer opportunities

• Bolt-on acquisitions

Contractual growth

• Escalating minimum volume commitments

• Long-term, cost of service fee structures

2011A 2012A 2013A 2014E 2015E 2016E

Growth CAPEX

$1,100-$1,200

$345

$660

$900-$1,000

$600-$800

$1,468

$ in millions

EBITDA Growth

$ in millions

COMMERCIAL PRIORITIES MOVING FORWARD

Organic focus • Leverage existing footprint

• Leverage core competencies

• Leverage balance sheet

Organizational capability • In-house resources

• JV partners

• General Partners

Track record • Most well connects amongst G&P peers

• Largest acreage dedication

• Diversifying customer base

9

CContinue filling portfolio with fee based cash flows

COMMERCIAL WINS

UEO Expansion • Fifteen year term with a fifteen year extension option held by the Upstream JV

• Increase area of dedication by 53%

• Volume cap increases from 600,000 Mcf/d to 1.0 Bcf/d

• UEO to extend High Pressure Gathering Spine

AEU Dedication • Fifteen year term

• 15,000 acre dedication within a 145,000 acre AMI Southern Carroll County and northern Harrison County

QEP Dedication • Fifteen year term

• Over 19,000 acre dedication

• Cost of service model with mid-teens return

10

LLeveraging existing footprint to add three new opportunities to portfolio

FINANCIAL STRATEGY

Maintain stable cash flows with a low risk, fee-based business model

Deliver top-quartile performance for long-term distribution growth and distribution coverage

Manage balance sheet to conservative long-term leverage profile

Maintain ample liquidity to fund growth CAPEX through market cycles

11

CONSERVATIVE FINANCIAL STRATEGY CONSISTENT WITH LOW RISK BUSINESS MODEL

0.34 0.35 0.36 0.38 0.39 0.41 0.42 0.44 0.45 0.47 0.49

0.54 0.56 0.58

Distribution / Unit

FINANCIAL PERFORMANCE

$73 $76 $84 $92 $97 $118 $121 $120 $119

$184 $207

$227 $241 $250

Adjusted EBITDA(1)

$2.6 $4.3 $5.0

$9.0

$14.9 $15.5

IPO 2010 2011 2012 2013 1Q 2014

Enterprise Value

1.15x 1.23x 1.23x

1.49x 1.38x

2010 2011 2012 2013 1Q 2014

Distribution Coverage Ratio

FINANCIAL PERFORMANCE HIGHLIGHTS STRENGTH OF ACMP MODEL

$ in millions $ in billions

$ / unit basis

12 (1) Includes quarterly allocation of MVC payments in 2010, 2011, 2013 and 2014.

HIGHLY VISIBLE GROWTH

($ million) 2014 2015 2016

EBITDA 1,025 – 1,125 1,250 – 1,350 1,400 – 1,600

Growth Capital 1,100 – 1,200 900 – 1,000 600 – 800

Maintenance Capital

~130 ~130 ~130

ACMP FINANCIAL OUTLOOK UPDATED WITH 2016

Capable of delivering sustained ~15% annual distribution growth

13

FUNDING STRATEGY

Maintain strong liquidity

Opportunistic market timing

Prudent sizing

De-leveraging profile

Target long-term investment

grade metrics

M&A flexibility

FUNDING FLEXIBILITY

2014 - 2016 FUNDING FLEXIBILITY

14

Strong organic growth platform with significant funding flexibility

EBITDA growth drives ~$1.6 - $2.3 billion of incremental debt capacity at conservative leverage

Funding requirements reduced by strong coverage and conservative maintenance capital

~$1.4 - $1.6

~$1.6 - $2.3 ($ billions)

Funding requirements Debt capacity at conservative leverage

3.0x 3.4x 3.4x

3.7x 3.7x 4.1x 4.2x

4.5x 4.7x 5.0x

5.5x

A B C ACMP D E F G H I J

1Q 2014 Debt / EBITDA(1) for G&P MLPs

STRONG CREDIT METRICS

ACMP will maintain a conservative capital structure • Committed to maintaining investment-grade metrics over time

• EBITDA growth will drive de-leveraging profile

(1) 1Q 2014 EBITDA annualized Source: Public filings 15

WPZ and WMB: Financial OutlookDon ChappelChief Financial Officer

G - 2 © 2014 The Williams Companies, Inc. All rights reserved.Williams Analyst Day | 5/14/14

Williams Partners L.P. (WPZ) Financial Outlook


WPZ Expects Strong Growth 2016 vs. 2013

Financial Outlook – WPZ

> DCF up nearly 75% 2016 vs. 2013 (~20% CAGR)

> DCF per common unit up 41% 2016 vs. 2013 (~12% CAGR) with annual growth of 16%, 13% and 7%1 in 2014, 2015 and 2016

> Expect cash distributions per LP unit to grow 6%2 annually in 2014 and 2015; targeting 4.5%2 in 2016 (building coverage)

> Rebuilding excess coverage; targeting cash coverage ratio of 1.03x in 2015 and 1.05x in 2016

> Plan requires modest WPZ equity through 2016 with current plan assuming ~$300 million in 2014 and no issuances in 2015 or 2016

> Investment-Grade credit rating – targeting ~4.0x or less Debt/EBITDA through 2016

Notes: All Distributable Cash Flow (DCF) references are “Attributable to Partnership Operations”. Distributable Cash Flow (DCF),Distributable Cash Flow per Common Unit and Cash Distribution Coverage Ratio are non-GAAP measures; a reconciliation to the mostrelevant measure included in GAAP is provided in this presentation.1 Assumes 2016 conversion of PIK units to cash-paying common units. 2 Represents midpoint of range of 5-7% in 2014-15 and 3-6% in 2016.


CAPEX & INVESTMENTS2

Expect Strong Growth Through 2016 and BeyondFinancial Outlook – WPZ

Notes: All Distributable Cash Flow (DCF) references are “Attributable to Partnership Operations”. 1 Adjusted Segment Profit + DD&A, Distributable Cash Flow per Common Unit and Cash Distribution Coverage Ratio are non-GAAP measures. A reconciliation to the most relevant GAAP measure is included in this presentation. 2 Includes purchases of property, plant & equipment; investments; and businesses. 2016 includes about $1.0 billion (midpoint) of projects currently classified as “under negotiation”.

(Low / High guidance, dollars in millions, except per unit amounts)

$3,060

$3,620 $4,030

$2,589

$3,470

$4,110

$4,680

$2,000

$3,000

$4,000

$5,000

2013 2014 2015 2016

3-Yr CAGR16–22%

$3.41$3.76 $3.80$3.09

$3.77

$4.36

$4.93

$4.36

$2.50

$3.00

$3.50

$4.00

$4.50

$5.00

$5.50

2013 2014 2015 2016

$3,305

$2,195 $2,050

$3,725 $3,875

$2,705 $2,510

$0

$1,000

$2,000

$3,000

$4,000

$5,000

2013 2014 2015 2016

DISTRIBUTION COVERAGE RATIO1

1.05x

0.94x

0.99x 0.98x0.90x

1.00x

1.06x1.11x

0.85x

0.95x

1.05x

1.15x

2013 2014 2015 2016

Target

DCF PER COMMON UNIT1ADJUSTED SEGMENT PROFIT + DD&A1

3-Yr CAGR7–17%

Target


Expect Gross Margin to Grow by about 50% withFee-Based Revenues >75% of Business


WPZ Total Gross Margin1

Notes: 2013 has been recast to reflect the Canadian asset drop-down completed in 1Q 2014. 2013 includes proceeds from businessinterruption insurance claim for the Geismar incident of $123 million. 1Gross margin is gross revenues less related product costs and certain regulated revenues, which are related to tracked operating costs. WPZ unregulated fee revenue includes certain variable fee based revenues (margin-sharing fees) that are immaterial to the total.

WPZ – RegulatedFee Revenue

WPZ – UnregulatedFee Revenue

Non-ethane Margin

Ethane Margin

Olefins Margin

2013 ACTUAL$3.8 BILLION

2016 FORECAST$5.7 BILLION

43%

32%

14%

11%0%

36%

41%

7%

1%15%

0%


2014 2015 2016 2017 2017+> Geismar

Expansion> Gulfstar One> Keathley

Canyon Connector

> NE: Frac II> NE: Oak

Grove TXP I> NE: ethane

line & de-ethanizer

> NE: Other facilities

> Rockaway Lateral

> Constitution Pipeline1

> Leidy SE> Virginia

Southside> Northeast

G&P> Mobile Bay

South III> CNRL Offgas

Processing(WMB/WPZ)

> Gulf Coast Petchem Services (WMB)

> Gunflint> Northeast

G&P> Parachute

Plant Expansion

> Atlantic Sunrise

> Dalton Lateral> Hillabee

Phase 1> Northeast

G&P> Gulf Trace> Canadian

PDH (WMB)

> Northeast G&P> Sabal Trail ownership

option> Transco – numerous

expansions> Gulfstar FPS and pipelines

– U.S., PEMEX> Gulf of Mexico – other

oil-driven services> Pacific Connector> Canadian PDH 2 (WMB)

> Syncrude Offgas Processing (WMB)

> Geismar 2 (WMB)

> Bluegrass Pipeline (WMB)

Expect >$25 Billion in Committed Plus Potential Capital Projects to Drive Robust, Visible WPZ/WMB Growth 2019


Note: 1 Constitution Pipeline expected in-service date range is late 2015 to 2016.

In progressPotential/under negotiation

Projects Are WPZ Investments Unless Noted as WMB

TARGET IN-SERVICE DATES FOR GROWTH PROJECTS

WMB-funded Projects

Build Future Dropdown Inventory

and Additional Growth for WPZ


Other Petchem Svs. Projects – $240Pipeline Acq. & Related Petchem Svs. Proj. – $400

Canadian Ethane Recovery – $570CNRL Upgrader – $360

Canadian PDH – Not Disclosed

Parachute Plant Expansion – $200

CNRL Upgrader – $165Geismar Expansion – $650

Gunflint – $140Mid-South Expansion – $200

Rockaway Lateral – $230Dalton Lateral – $275

Constitution Pipeline 41% Ownership – $300Hillabee Expansion (Phase 1) – $280

Gulf Trace – $300Virginia South Side – $300

NE Supply Link – $390Keathley Canyon Connector 60% Ownership – $460

Gulfstar 51% Ownership – $600Leidy SE – $600

Atlantic Sunrise ($2,100 Transco share) – $2,100

Three RiversUtica JV – (Blue Racer Midstream)

Susquehanna Supply HubOhio Valley Midstream

PROJECT DESCRIPTION AND EST. CAPEX $ IN MILLIONS (EXCLUDES ACMP PROJECTS)

EXPECTED REMAINING TIME TOIN-SERVICE DATE*

Strategic, Large-Scale, PrimarilyFee-Based Cash Flows Driving Growth


*Actual in-service date often dependent on customer readiness, regulatory approvals, and other factors outside our control.The amounts listed for the Northeast represent the midpoint of capex and investment guidance for 2013-2015. Amounts for other projects represent total expected capital expenditures, including amounts invested prior to 2013. Note: ACMP projects are self-funded so they are not reflected here.

> Target IRRs> Fee-based 13%-25%> Commodity-exposed

25%+

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2013 2014 2015 2016 2017

WPZNortheast

WPZAtlantic/Gulf

WPZ NGL/Petchem

WMB NGL/Petchem

WPZ West

Investing $1,600 2013 through 2015Investing $1,200 2013 through 2015Investing $435 2013 through 2015

Spending under review pending analysis of drilling plans



> $2.8 B total available liquidity (as of 4/23/14)> No outstanding revolver loans or commercial paper outstanding (as of 4/23/14)> No significant debt maturities until 2020> Debt is all fixed rate> Targeting ~4.0x Debt / EBITDA coverage

WPZ Has Significant Liquidity and Investment Grade Rating

WPZ CONSOLIDATED DEBT (DOLLARS IN MILLIONS)

$750$375

$785 $500

$2,100

$500 $750 $600

$4,218

$0

$500

$1,000

$1,500

$2,000

$4,000

$4,500

$3,500

$4,000

$4,500

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 20242024-2044


Expect Continued Strong CashDistribution Growth


Notes: Presented on an accrual basis. 1 Represents midpoint of range of 5-7% annually in 2014-15 and 3-6% in 2016

(Midpoint of guidance, distributions per L.P. unit)

> History of strong distribution growth

> Current guidance reflects annual distribution growth of ~6%1 annually in 2014–2015 and 4.5%1 in 2016

> Cash distributions growing slightly less than underlying DCF per unit growth as we rebuild coverage to target

> Cash flows are anchored by rapidly growing fee-basedbusiness, which is projectedto account for more than 75% ofWPZ’s 2016 gross margin

2009–2016 CAGR of 7%

$2.54$2.72

$2.96$3.21

$3.48$3.69

$3.91$4.09

$0.00

$2.50

$5.00

2009 2010 2011 2012 2013 2014 2015 2016

Actual Guidance

2009–2013 CAGRof 8%

2013–2016 CAGROf 5.5%


WPZ Is a Premier Energy-Infrastructure Investment


> Distributable cash flow1 expected to grow ~20% (CAGR) from 2013 to 2016, DCF per common unit1 expected to grow ~12% (CAGR)

>Growing fee-based businesses (>75% of gross margin by 2016)

> Investment grade credit rating with $2.8 billion of available liquidity

> Current plan requires only modest WPZ equity issuances through 2016

> Strong inventory of future growth projects with ~$11 billion currently in guidance and under negotiation and another ~$14 billion of potential opportunities through 2019

> Improving cash coverage ratio1 over period, targeting 1.05x by 2016

> Expecting cash distributions per LP unit to grow 6%2 annually in 2014 and 2015; targeting 4.5%2 in 2016

Notes: All Distributable Cash Flow (DCF) references are “Attributable to Partnership Operations”. 1 Distributable Cash Flow (DCF), DCF per Common Unit and Cash Distribution Coverage Ratio are non-GAAP measures. A reconciliation to the most relevant GAAP measure is included in this presentation. 2 Represents midpoint of range of 5-7% in 2014-15 and 3-6% in 2016


Williams (WMB) Financial Outlook


Expect Rapidly Growing WPZ and ACMP Distributions to Drive WMB 20% Dividend Growth Through 2016> Strong, growing cash flows from WPZ and ACMP distributions expected

to increase over 65% from 2013 to 2016 (>18% CAGR)

> Excess WMB cash to fund projects with plan to transition project development to WPZ

> Planning move toward a pure-play GP

– Progressing toward full pay-out of MLP cash distributions

> Expect WMB to maintain investment-grade credit rating

> No WMB debt or equity issuances expected through 2016

Financial Outlook – WMB

Expect Strong Growth in Businessand Dividend Beyond 2016


DIVIDENDS PER SHARE

Expect Strong Growth Through 2016 and BeyondFinancial Outlook – WMB

Notes: 1 A more detailed schedule reconciling this non-GAAP measure is provided in this presentation. 2 WPZ is midpoint of guidance 3 WMB Excess Cash Flow is WMB Expected Cash Flow Available After Dividends as presented on Dividend Illustration slide included in this presentation. 4 WMB Capex includes WMB NGL Petchem Services and Corporate capex

ADJUSTED SEGMENT PROFIT + DD&A1 DISTRIBUTIONS FROM WPZ2 & ACMP

$3,185

$3,945 $4,375

$2,689

$3,635

$4,495

$5,075

$2,500

$3,500

$4,500

$5,500

2013 2014 2015 2016

$1,552$1,917

$2,233$2,572

$0

$1,000

$2,000

$3,000

$4,000

2013 2014 2015 2016

$1.44$1.75

$2.11

$2.54

$1.00

$2.00

$3.00

2013 2014 2015 2016

3-Yr CAGR20%

3-Yr CAGR18–24%

(Low / High guidance, dollars in millions, except per share amounts)

3-Yr CAGR18%

DIVIDEND COVERAGE RATIO

1.23x 1.21x

1.13x

1.33x1.31x

1.24x

1.10x

1.20x

1.30x

1.40x

2014 2015 2016


2014 2015 2016 2017 2017+> Geismar

Expansion> Gulfstar One> Keathley

Canyon Connector

> NE: Frac II> NE: Oak

Grove TXP I> NE: ethane

line & de-ethanizer

> NE: Other facilities

> Rockaway Lateral

> Constitution Pipeline1

> Leidy SE> Virginia

Southside> Northeast

G&P> Mobile Bay

South III> CNRL Offgas

Processing(WMB/WPZ)

> Gulf Coast Petchem Services (WMB)

> Gunflint> Northeast

G&P> Parachute

Plant Expansion

> Atlantic Sunrise

> Dalton Lateral> Hillabee

Phase 1> Northeast

G&P> Gulf Trace> Canadian

PDH (WMB)

> Northeast G&P> Sabal Trail ownership

option> Transco – numerous

expansions> Gulfstar FPS and pipelines

– U.S., PEMEX> Gulf of Mexico – other

oil-driven services> Pacific Connector> Canadian PDH 2 (WMB)

> Syncrude Offgas Processing (WMB)

> Geismar 2 (WMB)

> Bluegrass Pipeline (WMB)

Expect >$25 Billion in Committed Plus Potential Capital Projects to Drive Robust, Visible WPZ/WMB Growth 2019


Note: 1 Constitution Pipeline expected in-service date range is late 2015 to 2016.

In progressPotential/under negotiation

Projects Are WPZ Investments Unless Noted as WMB

TARGET IN-SERVICE DATES FOR GROWTH PROJECTS

WMB-funded Projects

Build Future Dropdown Inventory

and Additional Growth for WPZ


Other Petchem Svs. Projects – $240Pipeline Acq. & Related Petchem Svs. Proj. – $400

Canadian Ethane Recovery – $570CNRL Upgrader – $360

Canadian PDH – Not Disclosed

Parachute Plant Expansion – $200

CNRL Upgrader – $165Geismar Expansion – $650

Gunflint – $140Mid-South Expansion – $200

Rockaway Lateral – $230Dalton Lateral – $275

Constitution Pipeline 41% Ownership – $300Hillabee Expansion (Phase 1) – $280

Gulf Trace – $300Virginia South Side – $300

NE Supply Link – $390Keathley Canyon Connector 60% Ownership – $460

Gulfstar 51% Ownership – $600Leidy SE – $600

Atlantic Sunrise ($2,100 Transco share) – $2,100

Three RiversUtica JV – (Blue Racer Midstream)

Susquehanna Supply HubOhio Valley Midstream

PROJECT DESCRIPTION AND EST. CAPEX $ IN MILLIONS (EXCLUDES ACMP PROJECTS)

EXPECTED REMAINING TIME TOIN-SERVICE DATE*

Strategic, Large-Scale, PrimarilyFee-Based Cash Flows Driving Growth


*Actual in-service date often dependent on customer readiness, regulatory approvals, and other factors outside our control.The amounts listed for the Northeast represent the midpoint of capex and investment guidance for 2013-2015. Amounts for other projects represent total expected capital expenditures, including amounts invested prior to 2013. Note: ACMP projects are self-funded so they are not reflected here.

> Target IRRs> Fee-based 13%-25%> Commodity-exposed

25%+

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2013 2014 2015 2016 2017

WPZNortheast

WPZAtlantic/Gulf

WPZ NGL/Petchem

WMB NGL/Petchem

WPZ West

Investing $1,600 2013 through 2015Investing $1,200 2013 through 2015Investing $435 2013 through 2015

Spending under review pending analysis of drilling plans


WPZ’s Expected Growth Drives 58% Increase in Cash Distributions to WMB


Notes: 1 A more detailed schedule reconciling this non-GAAP measure is provided in this presentation. 2 Distributions reflect per-unit increases of 6% annually in 2014 and 2015, and 4.5% in 2016 (midpoint of guidance). Williams owns an approximate 64 percent limitedpartner interest, a 2 percent general partner interest and the incentive distribution rights (IDRs).

(Midpoint of guidance, dollars in millions)

WPZ ADJUSTED SEGMENT PROFIT + DD&A1

WPZ DISTRIBUTIONS TO WILLIAMS2

(ACCRUED BASIS)

2,589

3,265

3,865 4,355

0

1,000

2,000

3,000

4,000

5,000

2013 2014 2015 2016

19% CAGR

0

1,000

2,000

3,000

2013 2014 2015 2016

16%CAGR

2,283

1,448

1,7652,007

LP 9% CAGR

GP/IDRs 29% CAGR

> WPZ business expected to grow 68% (19% CAGR) – GP / IDRs expected to grow 115% (29% CAGR)


ACMP Expected Growth Drives Over 175% Increase in Cash Distributions to WMB Through 2016


Note: 1 Ownership share is based on WMB’s share of ACMP’s Net Income.

(Dollars in millions)

> ACMP business expected to grow 108% (28% CAGR) – GP / IDRs expected to grow 557% (87% CAGR)

> Value of GP and LP is up two to three-fold since acquisition

WILLIAMS’ OWNERSHIP SHARE INACMP EBITDA1

ACMP DISTRIBUTIONS TO WILLIAMS (ACCRUED BASIS)

240295

375

500

0

200

400

600

2013 2014 2015 2016

104

152

226

289

0

100

200

300

2013 2014 2015 2016

LP 22%CAGR

GP/IDRs 87%CAGR

28% CAGR

40% CAGR


Expect 20% Annual Dividend Growth Through 2016 With Strong Cash Coverage; Expect Strong Growth Beyond Guidance Period


Note: 1 Detailed illustrative dividend and coverage calculations are included in the presentation.

CASH DIVIDENDS PER SHARE GROWTH2010–2016 CAGR OF 32%1

ILLUSTRATIVE EXCESS CASH FLOW AVAILABLE & COVERAGE RATIO*

$0.49

$0.78

$1.20$1.44

$1.75

$2.11

$2.54

$0.00

$1.00

$2.00

$3.00

2010 2011 2012 2013 2014 2015 2016

Actual Guidance

(millions)

$0

$1,000

$2,000

$3,000

2014 2015 2016

1.28x

1.26x1.19x Expected Cash

Flow Available After Dividends

Expected Dividends Paid

Excess coverage to fund WMB NGL & Petchem Services projects and possible dividend increases (above 20% annual growth guidance) as we transition to a pure-play GP.


WMB’s Planned 20% Annual Dividend Growth Driven by Multiple Segments with Substantial Coverage


$0

$500

$1,000

$1,500

$2,000

$2,500

2014 Cash Avail.

for Dividends

WPZ Growth

ACMP Growth

WMB NGL

Petchem Growth

Corp Taxes,

Interest, Capex

Change

2015Cash Avail.

for Dividends

WPZ Growth

ACMP Growth

Corp Taxes

&Interest

2016Cash Avail.

for Dividends

2014Dividend $1.75

2015 Dividend $2.11

2016 Dividend $2.54

$2.24

$2.65

$3.01

+14%

+14%+28%

+49%

(Millions)


WMB’s Planned 20% Annual Dividend Growth Driven by Multiple Segments with Substantial Coverage


* Projects that are potential / under negotiation

$0

$500

$1,000

$1,500

$2,000

$2,500

2014Dividend $1.75

2015 Dividend $2.11

2016 Dividend $2.54$2.65

$3.01+14%+28%

+49%

(Millions)

2014 Cash Avail.

for Dividends

WPZ Growth

ACMP Growth

WMB NGL

Petchem Growth

Corp Taxes,

Interest, Capex

Change

2015Cash Avail.

for Dividends

WPZ Growth

ACMP Growth

Corp Taxes

&Interest

2016Cash Avail.

for Dividends

$2.24

+14%

SOURCES OF PLANNED FUTURE DIVIDEND GROWTH 2017+

> WPZ Growth – 16% CAGR 2013-2016 plus visible growth beyond guidance period

> ACMP Growth – 40% CAGR 2013-2016

> WMB NGL Petchem Growth:– Canadian PDH*, Canadian PDH 2*,

Syncrude Offgas Processing*, Geismar 2*, Bluegrass Pipeline*

> Transition to pure-play GP – 0.19x excess coverage in 2016

> Potential bolt-on or strategic transactions


Expect 20% Annual Dividend Growth With Strong Cash Coverage Through 2016


Notes: 1 Assumes WPZ distributions per unit are increased at a rate of 6% annually in 2014 and 2015, and then 4.5% in 2016. 2 See Williams NGL & Petchem Services Adjusted Cash Flow slide in appendix for additional details. 3 Near-term tax rates are lower than longer-term rates due to accelerated depreciation and deductions related to our investment in ACMP. The average tax rate for 2017–2019 is expected to be approximately 18%, which represents a blended rate on WPZ / ACMP distributions, WMB NGL Petchem earnings, and corporate interest expense as well other tax items impacting the WMB corporate entity. 4 Dividends assumed to increase by approximately 20% annually in 2014–2016. 5 WMB Cash Flow Available for Dividends / WMB Expected Dividends Paid.

g gDIVIDEND ILLUSTRATION AND COVERAGE CALCULATION(Midpoint of guidance, dollars in millions except per share amounts)

2014 2015 2016Distributions from WPZ (accrued / "as declared" basis) 1 $1,765 $2,007 $2,283 Distributions from ACMP (accrued / "as declared" basis) 152 226 289Total Distributions from WPZ and ACMP 1,917 2,233 2,572 Williams NGL & Petchem Services Adjusted Cash Flow 2 (20) 103 103Corporate Interest (155) (155) (155)

Subtotal 1,742 2,181 2,519 WMB Cash Tax Rate 3 9% 15% 16%WMB Cash Taxes (150) (325) (396)Corporate Capex and Other (55) (25) (25)WMB Cash Flow Available for Dividends $1,537 $1,831 $2,098

per share $2.24 $2.65 $3.01

WMB Expected Dividends Paid 4 (1,200) (1,457) (1,769)Expected Cash Flow Available After Dividends $337 $374 $329

Dividend Per Share $1.75 $2.11 $2.54

Coverage Ratio 5 1.28x 1.26x 1.19x



> $1.8 B total available liquidity (as of 4/23/14)

> No outstanding revolver loans (as of 4/23/14)

> No significant WMB corporate debt maturities until after 2020

> All debt is fixed rate

> Targeting 4.0-4.5x Consolidated Debt / EBITDA coverage

WMB Maintains Investment Grade Rating and Has Significant Liquidity

WMB CONSOLIDATED DEBT MATURITIES (DOLLARS IN MILLIONS)

WMB

WPZ

$32 $21 $371 $850 $1,038$750 $375 $785 $500

$2,100$500 $750

$600

$4,218

$0

$2,000

$4,000

$6,000

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 20242024-2044


WMB and WPZ Are Premier Energy-Infrastructure Investments

STRONG, SUSTAINABLE CASH DIVIDEND/DISTRIBUTIONGROWTH GUIDANCE

> WMB cash dividend – projected 20% annual growth through 2016

> WPZ per-unit cash distribution – projected 6%1 annual growth through 2015,4.5%1 expected in 2016 – while building coverage to 1.05x

> Strong financially – both WMB and WPZ have investment grade ratings

> Only minimal 2014 WPZ equity issuances expected to achieve growth

> Line of sight to continued high rates of growth well beyond guidance period

Natural Gas Infrastructure Supercycle; Tailwinds Building Behind Our Long-Term Strategy

Large-Scale Positions and Strong Competitive

Advantages

Deep, Diverse,Long-Range Growth

Opportunities Provide Visibility Through End of Decade to Growing

Fee-Based Cash Flows


Note: 1 Represents midpoint of range of 5-7% in 2014-15 and 3-6% in 2016


WPZ and WMB: Financial Outlook

Appendix


Strong Fundamentals and CompetitiveAdvantages Drive Robust, Visible GrowthGrowth Investment Spending by Operating Area

Note: Guidance presented here is at the midpoint of ranges.

NGL &Petchem

Atlantic-Gulf

WestNortheast G&P

In guidance In guidance Under negotiation

In guidance Under negotiation Potential


~$7 BILLION ~$11 BILLION $25 BILLION+

2014–2016 2014–2019


Adjusted segment profit + DD&A1 guidance


Notes: If guidance has changed, previous guidance is shown in italics directly below. 1A reconciliation of this non–GAAP measure is included in this presentation

Midpoints of

Guidance

Midpoints of

Guidance

Midpoints of

Guidance

Adjusted Segment Profit:

$2,165 - 2,525 $2,610 - 3,050 $2,925 - 3,525

DD&A:

$895 - 945 $1,010 - 1,060 $1,105 - 1,155

Adjusted Segment Profit + DD&A:

$3,060 - 3,470 $3,620 - 4,110 $4,030 - 4,680

Dollars in millions 2014 2015 2016Guidance Guidance Guidance

$195

630

620

900

$355

-

-

-

$170 $210

-

-

-

-915

-

965

595

- -

430 495- -

235 235- -

85 95- -

$365 $565

1,060 1,460- -

- -

- -

- -855 830

985 1,010

Northeast G&P

Total Adjusted Segment Profit

Northeast G&P


Total DD&A

Northeast G&P

Total Adjusted Segment Profit + DD&A

Atlantic - Gulf

West


Atlantic - Gulf

West

Atlantic - Gulf

West



Capital expenditures1 guidance


Notes: If guidance has changed, previous guidance is shown in italics directly below. 1Includes purchases of property, plant & equipment; investments; and businesses

Maintenance Capex:

$305 - 375 $295 - 355 $300 - 360

Growth Capex:

$3,000 - 3,500 $1,900 - 2,350 $1,750 - 2,1503,025 - 3,525 1,675 - 2,025

Total Capex:

$3,305 - 3,875 $2,195 - 2,705 $2,050 - 2,5103,330 - 3,900 1,970 - 2,380

Dollars in millions 2014 2015 2016Guidance Guidance Guidance

$20 $15- -

175 175- -

125 120- -

20 15- -

$1,400 $425- 325

1,325 1,4001,300 1,250

75 200- -

450 100500 75

$1,420 $440- 340

1,500 1,5751,475 1,425

200 320- -

470 115520 90

Northeast G&P


Total Maintenance Capex

Total Growth Capex

Total Capex

Atlantic - Gulf

West

Northeast G&P


Atlantic - Gulf

West

Northeast G&P


Atlantic - Gulf

West

Midpoints of

Guidance

Midpoints of

Guidance

Midpoints of

Guidance


Strong Fundamentals and Competitive Advantages Drive Robust, Visible GrowthGrowth Investment Spending by Operating Area

Note: Guidance presented here is at the midpoint of ranges.

NGL &Petchem

(WPZ)

Atlantic-Gulf (WPZ)

West (WPZ)

NortheastG&P (WPZ)

In guidance In guidance Under negotiation

In guidance Under negotiation Potential

~$9 BILLION ~$13 BILLION $25 BILLION+

2014–2016 2014–2019


NGL & Petchem(WMB)


Expect Rapidly Growing Fee-based Business to Support Dividend Growth(Midpoint of guidance, dollars in millions)


Notes: 1 Gross Margin is gross revenues less related product costs and certain regulated revenues, which exclude tracked operating costs. Includes proceeds from business interruption insurance claim for the Geismar incident of $123 million in 2013 and $307 million in 2014. 2 A more detailed schedule reconciling this non-GAAP measure is provided in this presentation.

$0

$1,000

$2,000

$3,000

$4,000

$5,000

WPZ – Unregulated

WPZ – Regulated

Williams NGL & Petchem Services

Fee

Adju

sted

Segm

ent P

rofit

+D

D&

A2

Com

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ity

Fee

Adju

sted

Segm

ent P

rofit

+D

D&

A2

Com

mod

ity

Fee

Adju

sted

Segm

ent P

rofit

+D

D&

A2

Com

mod

ity

Fee

Adju

sted

Segm

ent P

rofit

+D

D&

A2

Com

mod

ity

2013 2014 2015 2016

Gross Margin1

GrossMargin

GrossMargin

GrossMargin


Williams NGL & Petchem Services Positioned to Contribute to Dividend Growth


Note: 1 A more detailed schedule reconciling this non-GAAP measure is provided in this presentation.

WILLIAMS NGL & PETCHEM SERVICES ADJUSTED CASH FLOW(DOLLARS IN MILLIONS)

2014 Guidance 2015 Guidance 2016 Guidance

Low Midpoint High Low Midpoint High Low Midpoint High

Adjusted Segment Profit + DD&A1 ($15) ($13) ($10) $105 $115 $125 $105 $115 $125

Less: Maintenance Capex (5) (5) (5) (5) (5) (5) (5) (5) (5)

Less: General Corp Costs – (3) (5) (5) (8) (10) (5) (8) (10)

Adjusted Cash Flow ($20) ($20) ($20) $95 $103 $110 $95 $103 $110

2017+ Projects Beyond Guidance Period (Excess cash flow at WMB 2014-2016 used to “pre-fund”)Canadian PDH *Canadian PDH 2*Geismar 2*Syncrude Offgas Processing*Bluegrass Pipeline*

* projects that are potential / under negotiation


PROPANE ($/Gallon) ETHYLENE ($/Pound)

Commodity Price Assumptions


NATURAL GAS – HENRY HUB ($/MMBtu) ETHANE ($/Gallon)

$0.40

$0.60

$0.80

2012 2013 2014 2015 2016

$2.00

$3.00

$4.00

$5.00

2012 2013 2014 2015 2016$0.00

$0.40

$0.80

2012 2013 2014 2015 2016

$0.75

$1.00

$1.25

$1.50

2012 2013 2014 2015 2016

(Low / High guidance)


2014-2016 adjusted segment profit + DD&A1

guidance


Notes: If guidance has changed, previous guidance is shown in italics directly below.For ACMP we have added back the non-cash amortization of the basis difference between our investment and our proportionateshare of the underlying net assets.1A reconciliation of this non-GAAP measure is included in this presentation.2 Other segment profit includes certain identified items of segment profit which have not been allocated to specific segments at this time

2014 2015 2016Guidance Guidance Guidance

Williams Partners (WPZ) $3,060 - 3,470 $3,620 - 4,110 $4,030 - 4,680

Williams NGL & Petchem Services (15) - (10) 105 - 125 105 - 125

Access Midstream Partners 85 - 120 125 - 165 185 - 235

Other 2 55 95 55 - 35

Total adjusted segment profit + DD&A $3,185 - 3,635 $3,945 - 4,495 $4,375 - 5,075

Dollars in millions


2014 adjusted income guidance


Notes: 1A reconciliation of this non-GAAP measure is included in this presentation.

May 13 February 19Guidance Guidance

Adjusted segment profit1 $2,200 - 2,600 $2,200 - 2,600

Net interest expense (565) - (595) (565) - (595)

General corporate/other/rounding (135) - (145) (135) - (145)

Pretax income 1,500 - 1,860 1,500 - 1,860

Provision for income tax (415) - (535) (415) - (535)

Adjusted income from continuing operations1 $1,085 - 1,325 $1,085 - 1,325

Net Income attributable to noncontrolling interests (390) - (490) (390) - (490)

Amounts attributable to WilliamsAdjusted income from continuing operations1 $695 - 835 $695 - 835

Adjusted Diluted EPS1 $1.00 - 1.20 $1.00 - $1.20

Dollars in millions, except per-share amounts


2015 adjusted income guidance


Notes: 1A reconciliation of this non-GAAP measure is included in this presentation.

May 13 February 19Guidance Guidance

Adjusted segment profit1 $2,820 - 3,320 $2,820 - 3,320

Net interest expense (680) - (720) (680) - (720)

General corporate/other/rounding (140) - (150) (140) - (150)

Pretax income 2,000 - 2,450 2,000 - 2,450

Provision for income tax (580) - (680) (580) - (680)

Adjusted income from continuing operations1 $1,420 - 1,770 $1,420 - 1,770

Net Income attributable to noncontrolling interests (455) - (595) (455) - (595)

Amounts attributable to WilliamsAdjusted income from continuing operations1 $965 - 1,175 $965 - 1,175

Adjusted Diluted EPS1 $1.35 - 1.65 $1.35 - $1.65



2014-2016 capital expenditures guidance


Notes: if guidance has changed, previous guidance is shown in italics directly below. Includes purchases of property, plant & equipment; investments; and businesses.

2014 2015 2016Guidance Guidance Guidance

Williams Partners (WPZ) $3,305 - 3,875 $2,195 - 2,705 $2,050 - 2,5103,330 - 3,900 1,970 - 2,380

Williams NGL & Petchem Services 405 - 505 380 - 480 455 - 605780 - 1,080 1,205 - 1,605

Access Midstream Partners 0 0 0

Other / Corporate 50 - 60 25 25

Total capital expenditures $3,760 - 4,440 $2,600 - 3,210 $2,530 - 3,1404,160 - 5,040 3,200 - 4,010

Dollars in millions

WMB Non-GAAP Reconciliations

H - 2 © 2014 The Williams Companies, Inc. All rights reserved.Williams Analyst Day | 5/14/14

WMB Non-GAAP Disclaimer

> This presentation includes certain financial measures – adjusted segment profit, adjusted segment profit + DD&A, adjusted income from continuing operations (“earnings”) and adjusted earnings per share – that are non-GAAP financial measures as defined under the rules of the Securities and Exchange Commission. Adjusted segment profit, adjusted segment profit + DD&A, adjusted earnings and adjusted earnings per share measures exclude items of income or loss that the company characterizes as unrepresentative of its ongoing operations. Management believes these measures provide investors meaningful insight into the company's results from ongoing operations.

> This presentation is accompanied by a reconciliation of these non-GAAP financial measures to their nearest GAAP financial measures. Management uses these financial measures because they are widely accepted financial indicators used by investors to compare a company’s performance. In addition, management believes that these measures provide investors an enhanced perspective of the operating performance of the company and aid investor understanding. Neither adjusted segment profit, adjusted segment profit + DD&A, adjusted earnings nor adjusted earnings per share measures are intended to represent an alternative to segment profit, net income or earnings per share. They should not be considered in isolation or as substitutes for a measure of performance prepared in accordance with United States generally accepted accounting principles.



WMB non-GAAP reconciliation schedule

WMB Non-GAAP Reconciliation

2013 2014(Dollars in millions, except per-share amounts) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr

Income (loss) from continuing operations attributable to The Williams Companies, Inc. available to common stockholders $ 162 $ 149 $ 143 $ (13 ) $ 441 $ 140

Income (loss) from continuing operations - diluted earnings per common share $ .23 $ .22 $ .20 $ (.02 ) $ .64 $ .20Adjustments:Williams Partners

Net loss (recovery) related to Eminence storage facility leak $ — $ (5 ) $ 5 $ (2 )$ (2 ) $ —Share of impairments at equity method investee — — — 7 7 —Contingency loss (gain) (6) — 9 16 19 —Loss related to Geismar Incident — 6 4 4 14 —Geismar Incident adjustment for insurance and timing — — (35 ) 118 83 54Loss related to compressor station fire — — — — — 6Total Williams Partners adjustments (6) 1 (17 ) 143 121 60

Williams NGL & Petchem ServicesWrite-off of abandoned project — — — 20 20 —Bluegrass Pipeline project development costs - (100% consolidated) — — — — — 19Bluegrass Pipeline and Moss Lake project development costs (50% equity investment losses) — — — — — 6Equity investment losses related to Bluegrass Pipeline and Moss Lake write-offs — — — — — 70Total Williams NGL & Petchem Services adjustments — — — 20 20 95

Access Midstream PartnersGain associated with ACMP equity issuance — (26 ) — (5 ) (31 ) —Total Access Midstream Partners adjustments — (26 ) — (5 ) (31 ) —

Adjustments included in segment profit (loss) (6 ) (25 ) (17 ) 158 110 155


WMB non-GAAP reconciliation schedule cont’d

WMB Non-GAAP Reconciliation

2013 2014(Dollars in millions, except per-share amounts) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr

Adjustments below segment profit (loss)Reorganization-related costs 2 — — — 2 —Interest income on receivable from sale of Venezuela assets - Other (13 ) (13 ) (11 ) (13 ) (50 ) (13 )Allocation of adjustments to noncontrolling interests 5 4 9 (46 ) (28 ) (25 )

(6 ) (9 ) (2 ) (59 ) (76 ) (38 )Total adjustments (12 ) (34 ) (19 ) 99 34 117Less tax effect for above items 1 10 4 (39 ) (24 ) (47 )Adjustments for tax-related items [1] 1 4 2 101 108 (20 )Adjusted income from continuing operations available to common stockholders $ 152 $ 129 130 $ 148 $ 559 $ 190Adjusted diluted earnings per common share [2] $ .22 $ .19 $ .19 $ .22 $ .81 $ .28

Weighted-average shares - diluted (thousands)687,143 686,924 687,306 687,712 687,185 688,904

[1] The fourth quarter of 2013 includes a favorable adjustment to reflect taxes on undistributed earnings of certain foreign operations that are no longer considered permanently reinvested. The first quarter of 2014 includes an unfavorable adjustment related to completing the dropdown of certain Canadian operations to Williams Partners.

[2] Interest expense, net of tax, associated with our convertible debentures has been added back to adjusted income from continuing operations available to common stockholders to calculate adjusted diluted earnings per common share.

Note: The sum of earnings per share for the quarters may not equal the total earnings per share for the year due to changes in the weighted-average number of common shares outstanding.


Non-GAAP reconciliation schedule – adjusted segment profit (loss) and adjusted segment profit + DD&A


2013* 2014(Dollars in millions) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr

Segment profit (loss):

Williams Partners $ 494 $ 427 $ 411 $ 345 $ 1,677 $ 503Williams NGL & Petchem Services (2 ) (1 ) (4 ) (25 ) (32 ) (100)Access Midstream Partners — 29 6 26 61 6Other (5 ) 1 (1) — (5 ) 3

Total segment profit (loss) $ 487 $ 456 $ 412 $ 346 $ 1,701 $ 412

Adjustments:

Williams Partners $ (6 )$ 1 $ (17 )$ 143 $ 121 $ 60Williams NGL & Petchem Services — — — 20 20 95Access Midstream Partners — (26 ) — (5 ) (31 ) —Other — — — — — —

Total segment adjustments $ (6 )$ (25 )$ (17 )$ 158 $ 110 $ 155

Adjusted segment profit (loss):

Williams Partners $ 488 $ 428 $ 394 $ 488 $ 1,798 $ 563Williams NGL & Petchem Services (2 ) (1 ) (4 ) (5 ) (12 ) (5 )Access Midstream Partners — 3 6 21 30 6Other (5 ) 1 (1) — (5 ) 3

Total adjusted segment profit (loss) $ 481 $ 431 $ 395 $ 504 $ 1,811 $ 567


Non-GAAP reconciliation schedule – adjusted segment profit (loss) and adjusted segment profit + DD&A cont’d



Depreciation and amortization (DD&A):Williams Partners $ 196 $ 191 $ 201 $ 203 $ 791 $ 208Williams NGL & Petchem Services — — — — — —Access Midstream Partners** 17 15 16 15 63 15Other 5 7 6 6 24 6

Total depreciation and amortization $ 218 $ 213 $ 223 $ 224 $ 878 $ 229

Adjusted segment profit (loss) + DD&AWilliams Partners $ 684 $ 619 $ 595 $ 691 $ 2,589 $ 771Williams NGL & Petchem Services (2 ) (1 ) (4 ) (5 ) (12 ) (5 )Access Midstream Partners 17 18 22 36 93 21Other — 8 5 6 19 9

Total adjusted segment profit (loss) + DD&A $ 699 $ 644 $ 618 $ 728 $ 2,689 $ 796

* Recast due to the dropdown of the Canadian operations to Williams Partners in the first quarter of 2014.

** DD&A adjustment for Access Midstream Partners reflects the amortization of the basis difference between Williams’ investment and its proportional share of the underlying net assets.

Note: Segment profit (loss) includes equity earnings (losses) and income (loss) from investments reported in other investing income - net in the Consolidated Statement of Income. Equity earnings (losses) results from investments accounted for under the equity method. Income (loss) from investments results from the management of certain equity investments.


2014 forecast guidance – reported to adjusted


Note: 1A detailed schedule of adjustments is included in this presentation.

May 13

Reported Adjustment AdjustedLow - High Items1 Low - High

Segment profit $2,215 - 2,615 (15) $2,200 - 2,600

Net interest expense (565) - (595) - (565) - (595)

General corporate/other/rounding (122) - (132) (13) (135) - (145)

Pretax income 1,528 - 1,888 (28) 1,500 - 1,860

Provision for income tax (390) - (510) (25) (415) - (535)

Income from continuing operations $1,138 - 1,378 ($53) $1,085 - 1,325

Net income attributable to noncontrolling interests (422) - (522) 32 (390) - (490)

Amounts attributable to Williams:Income from continuing operations $716 - 856 ($21) $695 - 835

Diluted EPS $1.03 - 1.23 $1.00 - 1.20



Segment profit guidance – reported to adjusted


Dollars in millions 2014 Guidance 2015 Guidance 2016 GuidanceLow Midpoint High Low Midpoint High Low Midpoint High

Reported segment profit:Williams Partners (WPZ) 2,275$ 2,455$ 2,635$ 2,610$ 2,830$ 3,050$ 2,925$ 3,225$ 3,525$Williams NGL & Petchem Services (115) (113) (110) 80 90 100 80 90 100Access Midstream Partners 25 43 60 65 85 105 125 150 175Other 30 30 30 65 65 65 20 10 - Total Reported segment profit 2,215 2,415 2,615 2,820 3,070 3,320 3,150 3,475 3,800

Adjustments:Loss related to compressor station fire 6 6 6 - - - - - -Geismar incident adjustment for insurance and timing (116) (116) (116) - - - - - - Total Williams Partners Adjustments (110) (110) (110) - - - - - -

Bluegrass Pipeline project development costs (100% consolidated) 19 19 19Bluegrass Pipeline and Moss Lake project development costs (50% equity investment losses) 6 6 6Equity investment losses related to Bluegrass Pipeline and Moss Lake impairments 70 70 70 - - - - - - Total Williams NGL & Petchem Services Adjustments 95 95 95 - - - - - -

Total Access Midstream Partners Adjustments - - - - - - - - -

Total "Other" Adjustments - - - - - - - - -

Total Adjustments (15) (15) (15) - - - - - -

Adjusted segment profit:Williams Partners (WPZ) 2,165 2,345 2,525 2,610 2,830 3,050 2,925 3,225 3,525Williams NGL & Petchem Services (20) (18) (15) 80 90 100 80 90 100Access Midstream Partners 25 43 60 65 85 105 125 150 175Other 30 30 30 65 65 65 20 10 - Total Adjusted segment profit 2,200$ 2,400$ 2,600$ 2,820$ 3,070$ 3,320$ 3,150$ 3,475$ 3,800$


WMB adjusted segment profit + DD&A



Adjusted segment profit:Williams Partners 2,165 2,345 2,525 2,610 2,830 3,050 2,925 3,225 3,525Williams NGL & Petchem Services (20) (18) (15) 80 90 100 80 90 100ACMP 25 43 60 65 85 105 125 150 175Other 30 30 30 65 65 65 20 10 - Total adjusted segment profit 2,200 2,400 2,600 2,820 3,070 3,320 3,150 3,475 3,800

Depreciation, Depletion and Amortiz. (DD&A):Williams Partners 895 920 945 1,010 1,035 1,060 1,105 1,130 1,155Williams NGL & Petchem Services 5 5 5 25 25 25 25 25 25ACMP 60 60 60 60 60 60 60 60 60Other 25 25 25 30 30 30 35 35 35 Total DD&A 985 1,010 1,035 1,125 1,150 1,175 1,225 1,250 1,275

Adjusted segment profit + DD&A:Williams Partners 3,060 3,265 3,470 3,620 3,865 4,110 4,030 4,355 4,680Williams NGL & Petchem Services (15) (13) (10) 105 115 125 105 115 125ACMP 85 103 120 125 145 165 185 210 235Other 55 55 55 95 95 95 55 45 35 Total adjusted segment profit + DD&A $3,185 $3,410 $3,635 $3,945 $4,220 $4,495 $4,375 $4,725 $5,075


Reconciliation of forecasted reported income from continuing operations to adjusted income from continuing operations


Note: All amounts attributable to Williams.

Dollars in millions, except per-share amounts 2014 Guidance 2015 GuidanceLow Midpoint High Low Midpoint High

Reported income from continuing operations $716 $786 $856 $965 $1,070 $1,175

Adjustments - pretax 4 4 4 - - -

Adjustments - taxes (25) (25) (25) - - -

Adjustments - after tax (21) (21) (21) - - -

Adjusted income from continuing ops $695 $765 $835 $965 $1,070 $1,175

Adjusted diluted EPS $1.00 $1.10 $1.20 $1.35 $1.50 $1.65


WMB 2014 schedule of expected adjustments(Dollars in millions)


Segment Profit Adjustments: 2014

Williams Partners (WPZ)Loss related to compressor station fire 6Geismar incident adjustment for insurance and timing (116) Total Williams Partners adjustments (110)

NGL & Petchem ServicesBluegrass Pipeline project development costs (100% consolidated) 19 Bluegrass Pipeline and Moss Lake project development costs (50% equity investment losses) 6 Equity investment losses related to Bluegrass Pipeline and Moss Lake impairments 70 Total NGL & Petchem Services adjustments 95

Access Midstream PartnersTotal Access Midstream Partners -

OtherTotal "Other" adjustments -

Adjustments included in segment profit (loss) ($15)

Adjustments below segment profit (loss)Interest income on receivable from sale of Venezuela assets - Other (13) Allocation of adjustments to noncontrolling interests 32 Total adjustments below segment profit 19 Total adjustments before tax $4

Tax adjustmentsTax effect for above items (5) Taxes primarily related to completing the dropdown of certain Canadian operations to Williams Partners (20) Total tax adjustments (25) Total adjustments after tax ($21)

WPZ Non-GAAP Reconciliations


> This presentation includes certain financial measures, adjusted segment profit, adjusted segment profit + DD&A, distributablecash flow, distributable cash flow per common unit and cash distribution coverage ratio that are non-GAAP financial measures as defined under the rules of the Securities and Exchange Commission.

> For Williams Partners L.P., adjusted segment profit excludes items of income or loss that we characterize as unrepresentativeof our ongoing operations. Adjusted segment profit + DD&A is further adjusted to add back depreciation and amortization expense. Management believes these measures provide investors meaningful insight into Williams Partners L.P.'s resultsfrom ongoing operations.

> For Williams Partners L.P. we define distributable cash flow as net income plus depreciation and amortization and cash distributions from our equity investments less our earnings from equity investments, income attributable to noncontrolling interests and maintenance capital expenditures. We also adjust for payments and/or reimbursements under omnibus agreements with Williams and certain other adjustments. Total distributable cash flow is reduced by any amounts associated with operations whichoccurred prior to our ownership of the underlying assets to arrive at distributable cash flow attributable to partnership operations.

> For Williams Partners L.P. we define distributable cash flow per common unit as distributable cash flow attributable to partnership operations allocable to common unitholders divided by the weighted average common units outstanding. Distributable cash flow attributable to partnership operations allocable to common unitholders is calculated by allocating the distributable cash flow attributable to partnership operations, as defined in the preceding paragraph, between the general partner and the limited partners in accordance with the cash distribution provisions of our partnership agreement.

> For Williams Partners L.P. we also calculate the ratio of distributable cash flow attributable to partnership operations to the total cash distributed (cash distribution coverage ratio). This measure reflects the amount of distributable cash flow relative to our cash distribution. We have also provided this ratio calculated using the most directly comparable GAAP measure, net income.

> This presentation is accompanied by a reconciliation of these non-GAAP financial measures to their nearest GAAP financial measures. Management uses these financial measures because they are accepted financial indicators used by investors to compare company performance. In addition, management believes that these measures provide investors an enhanced perspective of the operating performance of the Partnership’s assets and the cash that the business is generating. Neither adjusted segment profit, adjusted segment profit + DD&A, nor distributable cash flow are intended to represent cash flows for theperiod, nor are they presented as an alternative to net income or cash flow from operations. Distributable cash flow per common unit is not presented as an alternative to net income per unit. They should not be considered in isolation or as substitutes for a measure of performance prepared in accordance with United States generally accepted accounting principles.

WPZ Non-GAAP Disclaimer



Reconciliation of non-GAAP distributable cash flow to GAAP net income


2013* 2014

(Dollars in millions, except coverage ratios) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr

Williams Partners L.P.

Reconciliation of Non-GAAP “Distributable cash flow” to GAAP “Net income”

Net income $ 344 $ 272 $ 289 $ 218 $ 1,123 $ 352

Income attributable to noncontrolling interests — — — (3 ) (3 ) —

Depreciation and amortization 196 191 201 203 791 208

Non-cash amortization of debt issuance costs included in interest expense 3 4 4 3 14 4

Equity earnings from investments (18 ) (35 ) (31 ) (20 ) (104 ) (23 )

Allocated reorganization-related costs 2 — — — 2 —

Loss related to Geismar Incident — 6 4 4 14 —

Geismar Incident adjustment for insurance and timing — — (35 ) 118 83 54

Contingency (gain) loss — — 9 16 25 —

Net reimbursements from Williams under omnibus agreements 4 4 2 3 13 3

Maintenance capital expenditures (44 ) (76 ) (79 ) (59 ) (258 ) (36 )

Distributable cash flow excluding equity investments 487 366 364 483 1,700 562

Plus: Equity investments cash distributions to Williams Partners L.P. 38 41 34 41 154 43

Distributable cash flow 525 407 398 524 1,854 605

Less: Pre-partnership Distributable cash flow 28 20 20 15 83 23

Distributable cash flow attributable to partnership operations $ 497 $ 387 $ 378 $ 509 $ 1,771 $ 582

Total cash distributed $ 473 $ 489 $ 442 $ 556 $ 1,960 $ 566

Coverage ratios:

Distributable cash flow attributable to partnership operations divided by Total cash distributed 1.05 0.79 0.86 0.92 0.90 1.03

Net income divided by Total cash distributed 0.73 0.56 0.65 0.39 0.57 0.62

*Recast due to the dropdown of the Canadian operations to Williams Partners in first quarter 2014.


Adjusted segment profit reconciliation and adjusted segment profit +DD&A



Segment profit (loss):Northeast G&P $ (9 ) $ 12 $ (1 ) $ (26 ) $ (24 ) $ 6Atlantic-Gulf 159 152 137 166 614 165West 186 162 207 186 741 165NGL & Petchem Services 158 101 68 19 346 167

Total segment profit $ 494 $ 427 $ 411 $ 345 $ 1,677 $ 503

Adjustments:Northeast G&PShare of impairments at equity method investee $ — $ — $ — $ 7 $ 7 $ —Contingency loss — — 9 16 25 —Loss related to compressor station fire — — — — — 6

Total Northeast G&P adjustments — — 9 23 32 6Atlantic-GulfLitigation settlement gain (6 ) — — — (6 ) —

Net loss (recovery) related to Eminence storage facility leak — (5 ) 5 (2 ) (2 ) —Total Atlantic-Gulf adjustments (6 ) (5 ) 5 (2 ) (8 ) —

NGL & Petchem ServicesLoss related to Geismar Incident — 6 4 4 14 —Geismar Incident adjustment for insurance and timing — — (35 ) 118 83 54

Total NGL & Petchem Services adjustments — 6 (31 ) 122 97 54

Total adjustments included in segment profit $ (6 ) $ 1 $ (17 ) $ 143 $ 121 $ 60


Adjusted segment profit reconciliation and adjusted segment profit +DD&A cont’d


2013* 2014

(Dollars in millions) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr

Adjusted segment profit (loss):Northeast G&P $ (9 ) $ 12 $ 8 $ (3 ) $ 8 $ 12Atlantic-Gulf 153 147 142 164 606 165West 186 162 207 186 741 165NGL & Petchem Services 158 107 37 141 443 221

Total adjusted segment profit $ 488 $ 428 $ 394 $ 488 $ 1,798 $ 563

Depreciation and amortization (DD&A):Northeast G&P $ 29 $ 32 $ 33 $ 38 $ 132 $ 39Atlantic-Gulf 93 87 92 91 363 94West 61 58 58 59 236 58NGL & Petchem Services 13 14 18 15 60 17

Total depreciation and amortization $ 196 $ 191 $ 201 $ 203 $ 791 $ 208

Adjusted segment profit (loss) + DD&A:Northeast G&P $ 20 $ 44 $ 41 $ 35 $ 140 $ 51Atlantic-Gulf 246 234 234 255 969 259West 247 220 265 245 977 223NGL & Petchem Services 171 121 55 156 503 238

Total adjusted segment profit + DD&A $ 684 $ 619 $ 595 $ 691 $ 2,589 $ 771

* Recast due to the dropdown of the Canadian operations to Williams Partners in the first quarter of 2014.

Note: Segment profit (loss) includes equity earnings (losses) and income (loss) from investments reported in other investing income (loss) - net in the

Consolidated Statement of Comprehensive Income. Equity earnings (losses) result from investments accounted for under the equity method. Income (loss) from investments results from the management of certain equity investments.


Segment profit guidance – reported to adjusted



Reported segment profit:Northeast G&P $189 $355 -Atlantic - Gulf 630 965 -West 620 595 -NGL & Petchem Services 1,016 915 -Total reported segment profit 2,275 2,455 2,635 2,610 2,830 3,050 2,925 3,225 3,525

Adjustments:Loss related to compressor station fire 6 6 6Total adjustments - Northeast G&P 6 6 6 - - - - - -

Total adjustments - Atlantic - Gulf - - - - - - - - -

Total adjustments - West - - - - - - - - -

Geismar incident adjustment for insurance and timing (116) (116) (116) - - - - - -Total adjustments - NGL & Petchem Services (116) (116) (116) - - - - - -

Total segment profit adjustments (110) (110) (110) - - - - - -

Adjusted segment profit:Northeast G&P 195 355Atlantic - Gulf 630 965West 620 595NGL & Petchem Services 900 915Total adjusted segment profit $2,165 $2,345 $2,525 $2,610 $2,830 $3,050 $2,925 $3,225 $3,525


WPZ adjusted segment profit + DD&A



Adjusted segment profit:Northeast G&P $195 $355Atlantic - Gulf 630 965West 620 595NGL & Petchem Services 900 915 Total adjusted segment profit 2,165 2,345 2,525 2,610 2,830 3,050 2,925 3,225 3,525

Depreciation, Depletion and Amortiz. (DD&A):Northeast G&P 170 210Atlantic - Gulf 430 495West 235 235NGL & Petchem Services 85 95 Total DD&A 895 920 945 1,010 1,035 1,060 1,105 1,130 1,155

Adjusted segment profit + DD&A:Northeast G&P 365 565Atlantic - Gulf 1,060 1,460West 855 830NGL & Petchem Services 985 1,010 Total adjusted segment profit + DD&A $3,060 $3,265 $3,470 $3,620 $3,865 $4,110 $4,030 $4,355 $4,680


Distributable cash flow (DCF) and DCF per common unit


Note: 1 Distributions reflect per-unit increases of 5% - 7% annually in 2014 and 2015, and 3%-6% in 2016.

Dollars in millions 2013 2014 Guidance 2015 Guidance 2016 GuidanceActual Low Midpoint High Low Midpoint High Low Midpoint High

Net Income 1,123 $1,778 1,918 $2,058 $1,900 $2,085 $2,270 $2,050 $2,340 $2,630D D & A 791 895 920 945 1,010 1,035 1,060 1,105 1,130 1,155Maintenance Capex (258) (305) (340) (375) (295) (325) (355) (300) (330) (360)Attributable to Noncontrolling Interests (3) (40) (45) (50) (100) (105) (110) (130) (135) (140)Geismar incident adjustment for insurance and timing 97 (116) (116) (116) - - - - - -Other / Rounding 104 31 36 41 90 95 100 75 80 85Distributable Cash Flow 1,854 2,243 2,373 2,503 2,605 2,785 2,965 2,800 3,085 3,370Less: Pre-Partnership Distributable Cash Flow 83 23 23 23 - - - - - -Distributable Cash Flow Attributable to Partnership Operations $1,771 $2,220 $2,350 $2,480 $2,605 $2,785 $2,965 $2,800 $3,085 $3,370

Cash Distributions 1 $1,960 $2,351 $2,419 $2,487 $2,632 $2,714 $2,796 $2,868 $2,950 $3,032

Cash Distribution Coverage Ratio 0.90x 0.94x 0.97x 1.00x 0.99x 1.03x 1.06x 0.98x 1.05x 1.11x

Net Income / Cash Distributions 0.57x 0.76x 0.79x 0.83x 0.72x 0.77x 0.81x 0.71x 0.79x 0.87x

Distributable Cash Flow (DCF) Attributable to Partnership Operations $1,771 $2,220 $2,350 $2,480 $2,605 $2,785 $2,965 $2,800 $3,085 $3,370 Allocation to General Partner 472 683 733 783 873 916 958 972 1,024 1,075 Allocation to Common Units 1,299 1,537 1,617 1,697 1,732 1,870 2,007 1,828 2,062 2,295

Weighted Average Common Units Outstanding (millions) 420.9 450.2 450.2 450.1 460.3 460.1 459.9 481.2 473.2 465.3

DCF Attributable to Partnership Operations Per Common Unit $3.09 $3.41 $3.59 $3.77 $3.76 $4.06 $4.36 $3.80 $4.36 $4.93

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