Williams Quarterly Databook for 2Q14

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July 30, 2014

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

Williams Quarterly Data Book

Second Quarter 2014

1 © 2014 The Williams Companies, Inc. All rights reserved.Williams and Williams Partners L.P. Second Quarter 2014 Earnings | 7/30/14

> 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 theSecurities 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,” ”proposed,” “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:

– The levels of dividends to Williams stockholders;– Expected levels of cash distributions by Access Midstream Partners, L.P. (“ACMP”) and WPZ with respect to general partner interests, incentive

distribution rights, and limited partner interests;– 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;– Seasonality of certain business components– Natural gas, natural gas liquids, and olefins prices, supply, and demand; and– Demand for our service; and– The proposed merger of ACMP and WPZ (the Proposed Merger).

> 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 WPZ, ACMP, or the merged partnership will produce sufficient cash flows to provide the level of cash distributions we expect;– The structure, terms, timing and approval of the Proposed Merger, including as to be negotiated by the conflicts committees of ACMP and WPZ;– Whether Williams is able to pay current and expected levels of dividends;– Availability of supplies, market demand, and volatility of prices;

Forward Looking Statements


– 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 customers and suppliers);

– The strength and financial resources of our competitors and the effects of competition; – Whether we are able to successfully identify, evaluate and execute investment opportunities;– Our ability to acquire new businesses and assets and successfully integrate those operations and assets, including ACMP’s bus iness, into our existing

businesses as well as successfully expand our facilities;– Development of alternative energy sources;– The impact of operational and developmental hazards and unforeseen interruptions;– The ability to recover expected insurance proceeds related to the Geismar plant;– 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 plants 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;– Exposure to the credit risk of our customers and counterparties;– Risks related to financing, including restrictions stemming from debt agreements, future changes in 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 and do not intend to update the above list or 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.

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

Forward Looking Statements (cont’d)

Williams Partners L.P.


Williams Partners L.P. (WPZ)

WPZ Total Gross Margin1

Notes: 2013 has been recast to reflect the Canadian asset drop-down completed in 1Q 2014. 2013 includes proceeds from business interruption 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.

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

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%


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

1 Guidance presented here is at the midpoint of ranges.

NGL &Petchem

Atlantic-Gulf

WestNortheast G&P

In guidance1 In guidance1

Under negotiationIn guidance1 Under negotiation

Potential


~$7 BILLION ~$13 BILLION $25 BILLION+

2014–2016 2014–2019


Adjusted segment profit + DD&A1

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. * Unallocated revisions of $195 (low/mid/high) as previously announced in ACMP acquisition press release on 6/15/14 and $190 low / $140 mid / $90 high as announced in WPZ press release on 7/30/14.

Adjusted Segment Profit:

$1,860 - 2,160 $2,610 - 3,050 $2,925 - 3,5252,050 - 2,250

DD&A:

$885 - 935 $1,010 - 1,060 $1,105 - 1,155895 - 945

Adjusted Segment Profit + DD&A:

$2,745 - 3,095 $3,620 - 4,110 $4,030 - 4,6802,945 - 3,195

(335)(195)

--

(335)(195)

--

975 1,010

1,060 1,460

75 95

430 495

985 -

855 830- -

- -

$365 $565- -

85 -

235 235- -

- -

$170 $210- -

900 915- -

620 595- -

630 965- -

$195 $355- -

Dollars in millions 2014 2015 2016Guidance Guidance Guidance

Northeast G&P

Total Adjusted Segment Profit

Northeast G&P

NGL & Petchem Services

Total DD&A

Northeast G&P

Total Adjusted Segment Profit + DD&A

Atlantic - Gulf

West


Atlantic - Gulf

West

Atlantic - Gulf

West

NGL & Petchem

Unallocated Revisions

Unallocated Revisions

*

*



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

Capital expenditures1 guidance

Maintenance Capex:

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

Growth Capex:

$3,140 - 3,640 $1,900 - 2,350 $1,750 - 2,1503,065 - 3,565

Total Capex:

$3,445 - 4,015 $2,195 - 2,705 $2,050 - 2,5103,370 - 3,940

Dollars in millions 2014 2015 2016Guidance Guidance Guidance

$20 $15- -

175 175- -

125 120- -

20 15- -

$1,400 $350- 425

1,325 1,475- 1,400

75 200- -

590 100515 -

$1,420 $365- 440

1,500 1,650- 1,575

200 320- -

610 115535 -

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




Consolidated Statement of Income 2013 * 2014

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

Revenues:Service revenues $ 702 $ 717 $ 731 $ 764 $ 2,914 $ 763 $ 763 $ 1,526Product sales 1,104 1,046 887 884 3,921 930 853 1,783

Total revenues 1,806 1,763 1,618 1,648 6,835 1,693 1,616 3,309Costs and expenses:

Product costs 790 801 710 726 3,027 769 724 1,493Operating and maintenance expenses 257 289 265 269 1,080 248 251 499Depreciation and amortization expenses 196 191 201 203 791 208 207 415Selling, general, and administrative expenses 130 131 130 128 519 130 132 262Net insurance recoveries - Geismar Incident — — (50 ) 10 (40 ) (119 ) (42 ) (161 )Other (income) expense - net 1 4 21 25 51 17 27 44

Total costs and expenses 1,374 1,416 1,277 1,361 5,428 1,253 1,299 2,552Equity earnings (losses) 18 35 31 20 104 23 32 55Income (loss) from investments (1 ) (1 ) (1 ) — (3 ) — — —General corporate expenses 45 46 40 38 169 40 44 84

Total segment profit 494 427 411 345 1,677 503 393 896Reclass equity earnings (losses) (18 ) (35 ) (31 ) (20 ) (104 ) (23 ) (32 ) (55 )Income (loss) from investments 1 1 1 — 3 — — —Reclass general corporate expenses (45 ) (46 ) (40 ) (38 ) (169 ) (40 ) (44 ) (84 )

Operating income 432 347 341 287 1,407 440 317 757Equity earnings (losses) 18 35 31 20 104 23 32 55Interest incurred (118 ) (118 ) (119 ) (122 ) (477 ) (131 ) (142 ) (273 )Interest capitalized 22 22 24 22 90 25 25 50Other income (expense) - net 5 7 7 6 25 3 7 10Income before income taxes 359 293 284 213 1,149 360 239 599Provision (benefit) for income taxes 15 21 (1 ) (5 ) 30 8 5 13Net income 344 272 285 218 1,119 352 234 586

Less: Net income attributable to noncontrolling interests — 1 1 1 3 — 2 2Net income attributable to controlling interests 344 271 284 217 1,116 352 232 584



Consolidated Statement of Income cont’d

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

Allocation of net income for calculation of earnings per common unit:Net income attributable to controlling interests 344 271 284 217 1,116 352 232 584Allocation of net income to general partner 142 141 60 162 505 180 167 347Allocation of net income to Class D units — — — — — 14 18 32Allocation of net income to common units 202 130 224 55 611 158 47 205Net income per common unit $ 0.50 $ 0.31 $ 0.52 $ 0.12 $ 1.45 $ 0.36 $ 0.11 $ 0.47

Weighted-average number of common units outstanding (thousands) 401,969 413,901 428,682 438,626 420,916 438,626 438,626 438,626

Cash distributions per common unit $ 0.8475 $ 0.8625 $ 0.8775 $ 0.8925 $ 3.480 $ 0.9045 $ 0.9165 $ 1.8210

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

Note: The sum of net income per common unit for the quarters may not equal the total income per common unit for the year due to changes in the weighted-average numberof common units outstanding.



Operating Statistics-Williams Partners2013 2014

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

Operating statistics

Interstate Transmission

Throughput (Tbtu) 1,046.6 850.0 925.4 1,047.9 3,869.9 1,141.6 938.1 2,079.7

Avg. daily transportation volumes (Tbtu) 11.6 9.3 10.0 11.4 10.6 12.6 10.4 11.4

Avg. daily firm reserved capacity (Tbtu) 12.3 11.9 11.8 12.3 12.1 12.6 12.4 12.5

Gathering and Processing*

Gathering volumes (Tbtu) 405 429 442 455 1,731 436 450 886

Plant inlet natural gas volumes (Tbtu) 389 408 393 359 1,549 339 344 683

Ethane equity sales (million gallons) 23 43 57 24 147 33 39 72

Non-ethane equity sales (million gallons) 163 157 153 134 607 113 108 221

NGL equity sales (million gallons) 186 200 210 158 754 146 147 293

Ethane margin ($/gallon) $ 0.03 $ 0.02 $ (0.01 ) $ 0.02 $ 0.01 $ 0.20 $ 0.18 $ 0.19

Non-ethane margin ($/gallon) $ 0.87 $ 0.75 $ 0.85 $ 0.94 $ 0.85 $ 0.88 $ 0.80 $ 0.84

NGL margin ($/gallon) $ 0.77 $ 0.59 $ 0.62 $ 0.80 $ 0.69 $ 0.73 $ 0.64 $ 0.68

Ethane production (million gallons) 160 186 181 143 670 135 173 308

Non-ethane production (million gallons) 404 439 425 381 1,649 372 384 756

NGL production (million gallons) 564 625 606 524 2,319 507 557 1,064

Petrochemical Services

Geismar ethylene sales volumes (million lbs) 246 211 10 — 467 — — —

Geismar ethylene margin ($/lb) $ 0.37 $ 0.33 $ 0.05 $ — $ 0.34 $ — $ — $ —

Equity investments - 100%

Discovery NGL equity sales (million gallons) 19 18 6 6 49 10 10 20

Discovery NGL production (million gallons) 63 64 45 46 218 47 54 101

Laurel Mountain gathering volumes (Tbtu) 27 29 32 36 124 34 36 70

Overland Pass NGL transportation volumes (Mbbls) 7,402 11,151 13,174 11,463 43,190 8,612 8,926 17,538

* Excludes volumes associated with partially owned assets that are not consolidated for financial reporting purposes.



Capital expenditures and investments 2013 2014


Capital expenditures:Northeast G&P $ 307 $ 298 $ 338 $ 407 $ 1,350 $ 359 $ 291 $ 650Atlantic-Gulf 174 276 290 247 987 180 412 592West 63 58 55 35 211 22 27 49NGL & Petchem Services 157 158 244 201 760 161 211 372Other 2 1 1 4 8 2 2 4

Total* $ 703 $ 791 $ 928 $ 894 $ 3,316 $ 724 $ 943 $ 1,667

Purchase of businesses:NGL & Petchem Services** $ (25 ) $ — $ — $ — $ (25 ) $ 25 $ 31 $ 56

Purchase of investments:Northeast G&P $ 72 $ 37 $ 123 $ 1 $ 233 $ 163 $ 6 $ 169Atlantic-Gulf 15 50 35 93 193 51 9 60NGL & Petchem Services 6 2 4 1 13 1 1 2

Total $ 93 $ 89 $ 162 $ 95 $ 439 $ 215 $ 16 $ 231

Summary:Northeast G&P $ 379 $ 335 $ 461 $ 408 $ 1,583 $ 522 $ 297 $ 819Atlantic-Gulf 189 326 325 340 1,180 231 421 652West 63 58 55 35 211 22 27 49NGL & Petchem Services 138 160 248 202 748 187 243 430Other 2 1 1 4 8 2 2 4

Total $ 771 $ 880 $ 1,090 $ 989 $ 3,730 $ 964 $ 990 $ 1,954



Capital expenditures and investments cont’d

2013 2014


Capital expenditures incurred and purchase of investments:

Increases to property, plant, and equipment $ 716 $ 824 $ 968 $ 825 $ 3,333 $ 769 $ 867 $ 1,636

Purchase of businesses (25 ) — — — (25 ) 25 31 56

Purchase of investments 93 89 162 95 439 215 16 231

Total $ 784 $ 913 $ 1,130 $ 920 $ 3,747 $ 1,009 $ 914 $ 1,923

*Increases to property, plant, and equipment $ 716 $ 824 $ 968 $ 825 $ 3,333 $ 769 $ 867 $ 1,636

Changes in related accounts payable and accrued liabilities (13 ) (33 ) (40 ) 69 (17 ) (45 ) 76 31Capital expenditures $ 703 $ 791 $ 928 $ 894 $ 3,316 $ 724 $ 943 $ 1,667

** The first quarter of 2013 relates to a working capital adjustment associated with the acquisition of the olefins business from a subsidiary of Williams and the first quarter of 2014 relates to the acquisition of certain Canadian operations from a subsidiary of Williams.

Northeast G&P


Northeast G&P

WPZ– Northeast G&P

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

Revenues:Fee revenues:

Gathering & processing $ 59 $ 69 $ 84 $ 90 $ 302 $ 90 $ 93 $ 183Production handling and transportation 1 3 2 4 10 3 2 5Other fee revenues 3 6 8 6 23 6 12 18

Commodity-based revenues:NGL sales from gas processing 1 — 3 2 6 2 2 4Marketing sales 19 34 45 62 160 58 35 93Other sales — 1 (1 ) — — — — —

83 113 141 164 501 159 144 303Intrasegment eliminations — — (1 ) 1 — — — —

Total revenues 83 113 140 165 501 159 144 303

Segment costs and expenses:NGL cost of goods sold — — (1 ) — (1 ) 1 — 1Marketing cost of goods sold 20 33 46 62 161 57 37 94Depreciation and amortization 29 32 33 38 132 39 40 79Other segment costs and expenses 40 43 66 77 226 57 62 119Intrasegment eliminations — — (1 ) 1 — — — —Total segment costs and expenses 89 108 143 178 518 154 139 293

Equity earnings (losses) (3 ) 7 2 (13 ) (7 ) 1 10 11Reported segment profit (loss) (9 ) 12 (1 ) (26 ) (24 ) 6 15 21Adjustments — — 9 23 32 6 17 23Adjusted segment profit (loss) $ (9 ) $ 12 $ 8 $ (3 ) $ 8 $ 12 $ 32 $ 44


Northeast G&P operating statistics

WPZ– Northeast G&P

2013 2014




Gathering volumes (Tbtu) 127 142 157 180 606 179 189 368

Plant inlet natural gas volumes (Tbtu) 18 25 28 34 105 29 27 56



Ethane production (million gallons) — 1 1 1 3 1 1 2

Non-ethane production (million gallons) 21 32 39 44 136 38 37 75

NGL production (million gallons) 21 33 40 45 139 39 38 77

Laurel Mountain Midstream LLC (equity investment) - 100%




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

Laurel Mountain Midstream (LMM)~670 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

WPZ – Northeast G&P

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


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


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

– System capacity of ~ 670 MMcf/d

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


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

3Q2014

> 50-mile ethane line– Completed in 2Q2014

Oak GroveStabilization


Executing Key Ohio Valley Projects To Drive System Capacity Growth

Northeast G&P

*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 II 30,000 BPD**

Stabilization Facilities 6,000 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 305 MMcfd320 MMcfd 420 MMcfd

KEY PROJECTS (2014)*

Stabilization Facilities 8,500 BPD


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 $420 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

Aver

age

Gat

here

d Vo

lum

es (B

cf/d

)

-

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

2,200

2,400

2Q'13 3Q'13 4Q'13 1Q'14 2Q'14

Aver

age

Gat

here

d Vo

lum

es (M

Mcf

/d)

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 investments in Blue Racer and Three Rivers.

STEADY AND SIGNIFICANT HISTORICAL FEE-BASED VOLUME GROWTH (MMCF/D)

EXPECTED GATHERING VOLUME GROWTH THROUGH 2015 (BCF/D)

Laurel Mountain Midstream1 Susquehanna Supply Hub Ohio Valley Midstream

0.6 Bcf/d or 31% Growth

2Q YTDY-o-Y

2.1 Bcf/d or 183%

Growth ’12-’15

WPZ – Atlantic - Gulf


Atlantic – Gulf

WPZ – Atlantic-Gulf

2013 2014


Revenues:

Fee-based revenues:

Gathering & processing $ 19 $ 19 $ 15 $ 17 $ 70 $ 16 $ 21 $ 37

Production handling and transportation 283 282 282 302 1,149 307 293 600

Other fee revenues 29 29 30 30 118 30 29 59

Commodity-based revenues:

NGL sales from gas processing 28 26 22 27 103 20 25 45

Marketing sales 176 186 167 175 704 171 162 333

Other sales 1 — — 2 3 1 1 2

Tracked revenues: 52 59 46 43 200 53 40 93

588 601 562 596 2,347 598 571 1,169

Intrasegment eliminations 1 1 1 (1 ) 2 2 2 4

Total revenues 589 602 563 595 2,349 600 573 1,173

Segment costs and expenses:

NGL cost of goods sold 6 7 5 6 24 6 5 11

Marketing cost of goods sold 176 186 167 175 704 171 162 333

Depreciation and amortization expenses 93 87 92 91 363 94 91 185

Other segment costs and expenses 118 130 132 134 514 124 121 245

Tracked costs 52 59 46 43 200 53 40 93

Intrasegment eliminations 1 1 1 (1 ) 2 2 2 4

Total segment costs and expenses 446 470 443 448 1,807 450 421 871

Equity earnings (losses) 16 20 17 19 72 15 16 31

Reported segment profit 159 152 137 166 614 165 168 333

Adjustments (6 ) (5 ) 5 (2 ) (8 ) — — —

Adjusted segment profit $ 153 $ 147 $ 142 $ 164 $ 606 $ 165 $ 168 $ 333


Atlantic – Gulf operating statistics


2013 2014





Plant inlet natural gas volumes (Tbtu) 76 78 55 61 270 60 72 132




Ethane margin ($/gallon) $ .16 $ .21 $ .11 $ .08 $ .14 $ .46 $ .23 $ .28

Non-ethane margin ($/gallon) $ 1.03 $ .89 $ 1.03 $ 1.09 $ 1.01 $ 1.10 $ 1.04 $ 1.06

NGL margin ($/gallon) $ .79 $ .73 $ .75 $ .81 $ .77 $ 1.02 $ .82 $ .89




Discovery Producer Services LLC (equity investment) - 100%



Transcontinental Gas Pipe Line

Throughput (Tbtu) 845.6 713.1 756.8 837.5 3,153.0 949.2 796.8 1,746.0





Transco: Nation’s Largest, Fastest GrowingInterstate Pipeline System

LeidySoutheast

VirginiaSouthside

Mobile BaySouth III

Rock Springs Expansion

NE Connector/Rockaway Lateral


CPVWoodbridge

LeidySoutheast

VirginiaSouthside

Mobile BaySouth III

CPVWoodbridgeConstitutionConstitution



LeidySoutheast

VirginiaSouthside

Mobile BaySouth III

CPVWoodbridgeConstitution


$0.3

$1.3$1.6

CAPITAL INVESTED PLACED INTO SERVICE ($B)

$4.8

2014

20152016

2017

$0.3

$1.3$1.6 Dalton LateralHillabee

Phase 1

AtlanticSunrise

Gulf Trace

Garden State Expansion



Constitution Pipeline: New Market Accessfor Marcellus Production

> A 126-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 WGL Midstream, Inc. 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 to 2016.

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

($MM) MMdt/Day

7.7

16.5

10.8


~$3.3 Billion Growth Capex Through 2017 Planned in Transco’s Northern Market


195

210

New York City

Philadelphia

PAOH

WVVA

MD

DE

NJ

NYLeidy Hub

Zone 6

Baltimore

Zone 5

Project Name ISD MDth/d Est. Cap.

Northeast Connector 2014 100 $50 MM

Rockaway Delivery Lateral 2014 647 $230 MM

Leidy Southeast 2015 525 $600 MM

CPV Woodbridge 2015 264 $32 MM

Rock Springs 2016 192 $80 MM

Atlantic Sunrise 2017 1,700 *$2,100 MM

Garden State Expansion 2017 180 $150 MM

Atlantic Sunrise> Pipeline & loop> Compression

Leidy Southeast> 25 mi. of 42-inch loop> Compression

Rockaway Lateral> 3.3 mi. of 26-inch lateral

Rock Springs> 10.7 mi. of 20-inch > Compression

NE Connector> Compression

CPV Woodbridge> 2.3 mi. of 20-inch lateral

Garden State Expansion> Compression

*Represents WPZ’s expected net investment.The estimated project in-service dates assume timely receipt of all regulatory approvals.


~$0.9 Billion Growth Capex Through 2017 Planned in Transco’s Southern Market


* Represents phase 1.The estimated project in-service dates assume timely receipt of all regulatory approvals.

210Zone 6

Zone 5

Zone 4

85

160

Charlotte

Richmond


Mobile Bay South III 2015 225 $50 MM

Virginia Southside 2015 270 $300 MM

Hillabee Expansion 2017 *818 *$280 MM

Dalton Expansion 2017 448 $275 MM

Atlanta

Virginia Southside> 99 mi. of 24-inch pipe

(including lateral)> Compression

Mobile Bay South III> Compression

Hillabee Expansion> Loop & Compression

Dalton Expansion> 106 mi. greenfield pipeline

& Compression


~ $0.3 Billion Growth CapEx Through 2017 Planned in Transco’s Production Area


85

65

45

30

Zone 2Zone 3

Zone 4

Sabine Pass LNG


Gulf Trace 2017 1,200 $300 MM

Gulf Trace• 8 mi. of 30-inch lateral• Compression


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



Gulf East 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 expected online early 2019

> Taggart – tieback to Devils Tower –expected online1Q 2016

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


Gulf West Growth Projects and Opportunities


> Well positioned for Deep Nansen, Pemex, and other Perdido Fold Belt deepwater opportunities

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

> Eagle Ford rich gas gathering and processing opportunities

> Continued development at Perdido has resulted in record production rates of 140MMcfd and 90Mbpd


Project Execution: Keathley Canyon Connector


> 400 MMcf/d capacity

> Expected to be in service by 4Q 2014

> 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

WPZ – NGL & Petchem Services



NGL & Petchem Services 2013 2014


Revenues:

Fee-based revenues:

Production handling and transportation $ 6 $ 6 $ 6 $ 5 $ 23 $ 7 $ 7 $ 14

Other fee-based revenues 26 31 29 31 117 33 33 66



Olefin sales 269 228 67 29 593 79 96 175

Marketing sales 684 673 645 644 2,646 698 680 1,378

Other sales 15 11 11 9 46 11 11 22

1,037 973 780 746 3,536 882 859 1,741

Intrasegment eliminations (79 ) (80 ) (56 ) (54 ) (269 ) (77 ) (76 ) (153 )

Total revenues 958 893 724 692 3,267 805 783 1,588



Olefins cost of goods sold 119 111 44 17 291 51 69 120

Marketing cost of goods sold 679 678 630 638 2,625 684 681 1,365

Other cost of goods sold 13 10 10 7 40 12 10 22


Net insurance recoveries - Geismar Incident — 6 (45 ) 13 (26 ) (119 ) (42 ) (161 )


Intrasegment eliminations (79 ) (80 ) (56 ) (54 ) (269 ) (77 ) (76 ) (153 )

Total segment costs and expenses 805 800 668 687 2,960 645 731 1,376

Equity earnings (losses) 5 8 12 14 39 7 6 13


Adjustments — 6 (31 ) 122 97 54 96 150




NGL & Petchem Services operating statistics 2013 2014



Ethane equity sales (million gallons) — — — 3 3 27 28 55



Ethane production (million gallons) — — — 7 7 29 29 58



Petrochemical ServicesGeismar ethylene sales volumes (million lbs) 246 211 10 — 467 — — —

Geismar ethylene margin ($/lb) $ 0.37 $ 0.33 $ 0.05 $ — $ 0.34 $ — $ — $ —

Canadian propylene sales volumes (millions lbs) 35 36 27 20 118 32 34 66

Canadian alky feedstock sales volumes (million gallons) 9 10 7 5 31 7 7 14

Overland Pass Pipeline Company LLC (equity investment) - 100%NGL Transportation volumes (Mbbls) 7,402 11,151 13,174 11,463 43,190 8,612 8,926 17,538


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%

Early Mover in the Industry Expansion Wave



Geismar to Benefit from the CurrentCommodity Environment


Note: Historical CMAI spot prices for ethylene and ethane.Crack spread and ethane price stated before any co-product credits.

ETHYLENE CRACK SPREAD

$US/lb

20142009 2010 2011 2012 2013

Industry Crack Spread

$0.00

$0.10

$0.20

$0.30

$0.40

$0.50

$0.60

$0.70

$0.80

$0.90

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q

Ethane Cost Ethylene Spot Price


Geismar Mitigates Declining Ethaneto Crude Ratio


Note: Historical CMAI spot prices for ethylene and ethane converted to a $/barrel basis.

ETHANE AND ETHYLENE RELATIONSHIP TO CRUDE

20142009 2010 2011 2012 2013

% of Crude

0%10%20%30%40%50%60%70%80%90%

100%


Ethane as % of WTI Ethylene as % of WTI


Our Canada Growth Story


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

– Boreal Pipeline 43 Mbpd (expandable to 125 Mbpd)

– The only pipeline capable of moving offgasliquids from the oil sands region to the Edmonton region

> 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

E i ti tVALUE DRIVERS

Capitalizing on Our Competitive Advantages



Propylene is Consistently the Top of the Value Chain


Note: Historical CMAI Gulf Coast spot prices converted to a $/MMBtu basis.

OLEFINS PRODUCTION FROM NGLs AND OFFGAS RECOVERY ADDS SIGNIFICANT ADDITIONAL MARGIN POTENTIAL TO THE NATURAL GAS VALUE CHAIN

$/MMBtu

20142009 2010 2011 2012 2013

$0

$5

$10

$15

$20

$25

$30

$35

$40

$45


Gas Ethane Propane Crude Ethylene Propylene

Propylene


Canadian Operations Hold Distinct Feedstock Cost Advantage


Note: Historical CMAI spot pricing for propylene and propane and AECO pricing for natural gas. Assume 1.05 lbs of propane for each 1 lb of propylene cracked.

OFFGAS PROPYLENE MARGIN

$US/lb

20142009 2010 2011 2012 2013

Offgas Margin

IndustryMargin

$0.00$0.10$0.20$0.30$0.40$0.50$0.60$0.70$0.80$0.90$1.00


Natural Gas Propane Cracking Propylene

WPZ – West


West

WPZ – West

2013 2014


Revenues:

Fee-based revenues:

Gathering & processing $ 134 $ 141 $ 143 $ 144 $ 562 $ 132 $ 141 $ 273

Production handling and transportation 116 110 114 118 458 116 112 228

Other fee revenues 9 9 8 7 33 8 8 16



Marketing sales 46 46 55 34 181 30 28 58

Other sales 10 7 8 8 33 12 9 21

Tracked revenues — 1 — 1 2 — 1 1

457 451 479 440 1,827 401 394 795

Intrasegment eliminations — — (1 ) — (1 ) — (1 ) (1 )

Total revenues 457 451 478 440 1,826 401 393 794



Marketing cost of goods sold 46 46 55 33 180 30 27 57

Other cost of goods sold 4 2 2 3 11 4 6 10



Tracked costs — 1 — 1 2 — 1 1

Intrasegment eliminations — — (1 ) — (1 ) — (1 ) (1 )

Total segment costs and expenses 271 289 271 254 1,085 236 241 477


Adjustments — — — — — — 6 6



West operating statistics

WPZ – West

2013 2014



Gathering and Processing


Plant inlet natural gas volumes (Tbtu) 295 305 310 264 1,174 249 246 495




Ethane margin ($/gallon) $ (0.03 ) $ (0.01 ) $ (0.02 ) $ (0.001 ) $ (0.02 ) $ 0.12 $ 0.22 $ 0.17

Non-ethane margin ($/gallon) $ 0.96 $ 0.81 $ 0.89 $ 0.99 $ 0.91 $ 0.94 $ 0.84 $ 0.89

NGL margin ($/gallon) $ 0.83 $ 0.60 $ 0.61 $ 0.86 $ 0.71 $ 0.89 $ 0.80 $ 0.84


Non-ethane production (million gallons) 262 281 294 246 1,083 233 232 465

NGL production (million gallons) 360 405 433 335 1,533 293 318 611

Northwest Pipeline LLC

Throughput (Tbtu) 201.0 136.9 168.6 210.4 716.9 192.4 141.3 333.7




WPZ – West

West G&P: Scale, Stability, Potential Growth

> 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


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 2015NWP Fee G&P FeeCommodity-based Fee NGL MarginOther

GROSS MARGIN BY TYPE ($MM)

> 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

1


Expect to Continue Delivering Significant Volumes; Ethane Rejection Persists

WPZ – West

0

500

1,000

1,500

2,000

2,500

3,000

3,500

2013 2014 2015

Gathering Plant Inlet

GATHERING AND PLANT INLET VOLUMES

0

1

2

3

4

5

2013 2014 2015

Non-Ethane 3rd Party Ethane Equity Ethane

NGL PRODUCTION

MMBtu/day Gallons (Millions)/Day


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


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

Williams – NGL & Petchem Services



Williams NGL & Petchem Services

2013 2014



Operating and maintenance expenses $ 1 $ 1 $ 1 $ — $ 3 $ 2 $ 1 $ 3

Selling, general, and administrative expenses — — 3 3 6 22 4 26

Other (income) expense - net 1 — — 22 23 (1 ) 1 —

Total segment costs and expenses 2 1 4 25 32 23 6 29

Equity earnings (losses) — — — — — (77 ) (2 ) (79 )

Reported segment profit (loss) (2 ) (1 ) (4 ) (25 ) (32 ) (100 ) (8 ) (108 )

Adjustments — — — 20 20 95 1 96

Adjusted segment profit (loss) $ (2 ) $ (1 ) $ (4 ) $ (5 ) $ (12 ) $ (5 ) $ (7 ) $ (12 )



Agreement to Process CNRL’s Horizon Upgrader Offgas

> Expected to add approximately 15 Mbpd of NGL/Olefins production (12 Mbpd by 4Q 2015; growing to 15Mbpd by 2018)

> Ethane price risk mitigated via previously announced agreement to supply NOVA upto 17 Mbpd of ethane and ethylene (includes price floor)

> Total capex expected to be $500–600 million shared between WMB and WPZ

> Expected in-service 4Q 2015



Proposed Canada PDH Facility Would Convert Discounted Propane to High-value Product

> First facility of its kind in Canada> Will produce 1.1 billion pounds of polymer grade

propylene annually> Exploring opportunities that would see a

propylene derivative plant built in close proximity to the PDH

– PGP would be sold under a long-term fee-type arrangement to reduce risk profile of PDH project

> Expected in-service 2nd half of 2018– Relaxed construction schedule supports capital cost

control– Potential to match PDH execution schedule and

start-up date with derivative plant

ALBERTA PROPANE DEHYDROGENATION


WMB / WPZ – NGL & Petchem Services

New Plants Need New Logistics ServicesWilliams Gulf Coast Petchem Services

CURRENT MAJOR PROJECTS

> Under construction:– WPZ ethane pipeline system

expansion; expected fully in-service 3Q 2015

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

> Under development:– WMB Promesa: Ethylene Pipeline

and Storage Hub Expansion – TX

– WMB Jackrabbit: PGP Pipeline and Storage Hub Development


Access Midstream Partners


ACMP

Access Midstream Partners

2013 2014


Equity earnings $ 17 $ 18 $ 22 $ 36 $ 93 $ 21 $ 22 $ 43

Less: Amortizations of equity investment basis differences 17 15 16 15 63 15 15 30

Total equity earnings — 3 6 21 30 6 7 13

Other investing income - net — 26 — 5 31 — 4 4

ACMP acquisition costs — — — — — — (2 ) (2 )

Reported segment profit — 29 6 26 61 6 9 15

Adjustments — (26 ) — (5 ) (31 ) — (2 ) (2 )

Adjusted segment profit $ — $ 3 $ 6 $ 21 $ 30 $ 6 $ 7 $ 13

Distributions received $ 20 $ 22 $ 22 $ 29 $ 93 $ 31 $ 33 $ 64


ACMP

WMB Corporate Structure

NYSE: WMB

NYSE: ACMP

Williams NGL & Petchem Services

NYSE: WPZ

LP64%

100% of GP Interest,

IDRs

LP50%

100% of GP Interest,

IDRs


ACMP

Source: Access Midstream August 2014 Investor Presentation

PARTNERSHIP OVERVIEW

1

Gathering and processing master limited partnership formed in 2010Leadership position in 9 unconventional basins in U.S.~$13 billion market capitalization with 49% public floatWilliams owns 100% of the GP

Wellhead Customer

WellheadFacilities/Flowlines

GatheringSystems

GatheringFacilities

PipelineTransportation

Access Midstream PartnersNatural Gas Value Chain:

Central Delivery Points

DistributionProcessingFacilities


ACMP


ACMP INVESTMENT HIGHLIGHTSLow Risk Business Model

• Fixed fee revenue model with no direct commodity price exposure

• Contractual structure creates cash flow stability and visibility

Industry Leading Growth

• ~$4.3B of CAPEX in 2013 - 2016 generating contractual mid-teens return

• Broad footprint creates many new customer opportunities

Conservative Financial Strategy

• Maintain strong liquidity and a conservative balance sheet• Target investment grade financial metrics to optimize cost

of capital

Experienced Management Team

• Same team that has delivered industry leading performance since IPO

• Dedicated and experienced with a proven midstream track record

World Class Sponsorship

• Williams brings expertise across midstream value chain • Benefit from best practices from industry leader

3


ACMP


LOW RISK BUSINESS MODEL

VVolume & Capital

MVC and long-term acreage dedicationsRate redetermination, cost of service and fee tiers Conservative maintenance capital

Commodity & Basin

100% fixed-fee revenuesCommitment to maintain contract structure / business model as business growsConcentrated in low cost basins

Re-Contracting

Arms-length, 10-20 year contracts at market ratesCritical infrastructure providing access to marketDedicated acreage

Considerations Mitigants

Confidential 4


ACMP


EXPANDING ASSET BASE

51) Data as of quarter ended June 30, 2014. Volume is net to Partnership.

HIGH QUALITY, SCALABLE ASSET BASE IN HIGH GROWTH UNCONVENTIONAL PLAYS

Key Operating Data(1)

Total Assets: ~$8.5 billion

Dedicated Areas: ~8.3 million acres

Miles of Pipe: 6,495

Volume: 3,918 mmcf/d

Employees: ~1,500


ACMP

Source: Access Midstream August 2014 Investor Presentation. * A reconciliation of this non-GAAP measure can be found on ACMP’s website.

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

$859

$1,025-$1,125

$478$349

$1,250-$1,350$1,400-$1,600

OUR GROWTH FOCUS

6

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

*

Corporate


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 – $785

Gunflint – $140Garden State - $150

Mid-South Expansion – $200Rockaway Lateral – $230

Dalton Lateral – $275Constitution Pipeline 41% Ownership – $300

Hillabee Expansion (Phase 1) – $280Gulf Trace – $300

Virginia South Side – $300NE Supply Link – $390

Keathley Canyon Connector 60% Ownership – $460Gulfstar 51% Ownership – $600

Leidy SE – $600Atlantic Sunrise ($2,100 Transco share) – $2,100

Three RiversUtica JV – (Blue Racer Midstream)

Susquehanna Supply HubOhio Valley MidstreamOhio Valley Mi

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

EXPECTED REMAINING TIME TOIN-SERVICE DATE*

Corporate

*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 2013-2016. Amounts for other projects represent total expected capital expenditures, including amounts invested prior to 2013.

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

> 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 $1,800 2013 through 2016Investing $1,300 2013 through 2016Investing $420 2013 through 2015

Spending under review pending analysis of drilling plans

Phase 2


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

1 Guidance presented here is at the midpoint of ranges.2 No capital included for ACMP beyond guidance period.

NGL &Petchem

(WMB)

Atlantic-Gulf (WPZ)

West (WPZ)

In guidance1 In guidance 1

Under negotiationIn guidance1 Under negotiation

Potential

~$10 BILLION ~$17 BILLION $25 BILLION+

2014–2016 2014–2019

Corporate

NGL & Petchem

(WPZ)

Northeast G&P (WPZ)

ACMP2


Corporate

WMB Total Gross Margin1

Notes: 2013 has been recast to reflect the Canadian asset drop-down completed in 1Q 2014. 2013 includes proceeds from business interruption insurance claim for the Geismar incident of $123 million. Williams NGL & Petchem Services is targeted for dropdown in late 2014 / early 2015. 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.

Expect Fee-Based Revenues to Grow by More than120% and Account for More than 81% of Business

WPZ – RegulatedFee Revenue

WPZ – UnregulatedFee Revenue

Non-ethane Margin

Ethane Margin

Olefins Margin

2013 ACTUAL$3.8 BILLION

2016 FORECAST$7.7 BILLION

43%

32%

14%

11%0%

26%

30%5%<1%

11%

25%

1% 1%

ACMPFee Revenue

Williams NGL & PetchemFee Revenue

Commodity Margin

1%<1%


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 2,920

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

1,4481,775

2,007

LP 9% CAGR

GP/IDRs 29% CAGR

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

Corporate


ACMP Expected Growth Drives Nearly 500% Increase in Cash Distributions to WMB Through 2016

Corporate

(Dollars in millions)

> ACMP business expected to grow 75% (20% CAGR) – GP / IDRs expected to grow 1,246% (138% CAGR)

ACMP ADJUSTED EBITDA1

ACMP DISTRIBUTIONS TO WILLIAMS (ACCRUED BASIS)

859

1,075

1,300

1,500

0

250

500

750

1,000

1,250

1,500

1,750

2013 2014 2015 2016

104

288

481

613

0

100

200

300

400

500

600

700

2013 2014 2015 2016

LP 58% CAGR

GP/IDRs 138% CAGR

20% CAGR

81% CAGR

Note: 1 Prior to July 1, 2014, Williams ownership in ACMP was 50% of the GP and 23% of the LP. Beginning July 1, 2014, Williams ownership increased to 100% of the GP and 50% of the LP. A reconciliation of this non-GAAP measure can be found on ACMP’s website.


Planning Williams 3Q 2014 Dividend Up 32% to $0.56, or $2.24 on an Annualized Basis; $2.46 for 2015, With Follow-on Annual Dividend Growth of Approximately 15% through 2017

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

CASH DIVIDENDS PER SHARE GROWTH2010–2017 CAGR OF 31%1

ILLUSTRATIVE EXCESS CASH FLOW AVAILABLE & COVERAGE RATIO

$0.49$0.78

$1.20$1.44

$1.96

$2.46

$2.82

$3.25

$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

$3.00

$3.50

2010 2011 2012 2013 2014 2015 2016 2017

Actual Guidance

(millions)

$0

$1,000

$2,000

$3,000

2014 2015 2016

1.20x

1.21x

1.18x Expected Cash Flow Available After Dividends

Expected Dividends Paid

Corporate


Expect Strong Annual Dividend Growth With Substantial Cash Coverage

Notes: 1 Targeted for dropdown in late 2014 / early 2015. See Williams NGL & Petchem Services Adjusted Cash Flow slide in appendix for additional details. 2 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 14%, 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. 3 Excludes transition costs related to integration of ACMP 4 WMB Cash Flow Available for Dividends / WMB Expected Dividends Paid.

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

2014 2015 2016 2017

Distributions from WPZ (accrued / "as declared" basis) $1,775 $2,007 $2,283Distributions from ACMP (accrued / "as declared" basis) 288 481 613 Total Distributions from WPZ and ACMP 2,063 2,488 2,896 Williams NGL & Petchem Services Adjusted Cash Flow 1 (20) 103 103 Corporate Interest (205) (257) (255) Subtotal 1,838 2,334 2,743 WMB Cash Tax Rate 2 3% 2% 6%WMB Cash Taxes (excludes cash taxes paid by WPZ & ACMP) (56) (48) (178) Corporate Capex and Other 3 (55) (40) (40) WMB Cash Flow Available for Dividends $1,727 $2,246 $2,525 - per share $2.35 $2.98 $3.34

WMB Expected Dividends Paid (1,440) (1,851) (2,134) Excess Cash Flow Available After Dividends $287 $395 $391

Coverage Ratio 4 1.20x 1.21x 1.18x

Dividend Per Share $1.96 $2.46 $2.82 $3.25Annual Grow th Rate 36% 26% 15% 15%

Corporate


Williams NGL & Petchem Services Positioned to Contribute to Dividend Growth

Corporate

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

Segment Profit ($116) ($114) ($111) $80 $90 $105 $80 $90 $105

Adjustments 1 96 96 96 - - - - - -

DD&A 5 5 5 25 25 25 25 25 25

Maintenance Capex (5) (5) (5) (5) (5) (5) (5) (5) (5)

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

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

Note: Segment targeted for dropdown in late 2014 / early 2015 1 A detailed schedule of adjustments is provided in this presentation.


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. Capex for 2014 excludes acquisition of ACMP. 1 ACMP capex guidance is net of contributions from noncontrolling interests. 2 Targeted for dropdown in late 2014 / early 2015.

2014 2015 2016Guidance Guidance Guidance

Williams Partners (WPZ) $3,445 - 4,015 $2,195 - 2,705 $2,050 - 2,5103,370 - 3,940

Access Midstream Partners (ACMP) 1 590 - 690 1,030 - 1,130 730 - 9300 0 0

Williams NGL & Petchem Services 2 405 - 505 70 - 80 275 - 365380 - 480 455 - 605

Other / Corporate 50 - 60 40 4025 25

Total capital expenditures $4,490 - 5,270 $3,335 - 3,955 $3,095 - 3,8453,825 - 4,505 2,600 - 3,210 2,530 - 3,140

Dollars in millions

Corporate


Tax Rates

Corporate

Dollars in millions 1Q 2014 2Q 2014 2014Year-to-Date

Provision (benefit) at statutory rate $86 35% $73 35% $159 35%

Increases (decreases) in taxes resulting from:

Impact of nontaxable noncontrolling interests -20 -8% -5 -3% -25 -6%

Completion of the Canadadropdown -23 -9% 12 6% -11 -2%

State income taxes (net of federal benefit) 5 2% 2 1% 7 2%

Other-net 3 1% 2 1% 5 1%

Provision (benefit) for income taxes $51 21% $84 40% $135 30%

Rates Below Are Based On Income From Continuing Operations Before Income Taxes 2014 2015 2016

Full Year Effective Tax Rate Guidance 26–28% 27–29% 26-28%


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

Commodity Price Assumptions

Corporate

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

$0.20

$0.40

$0.60

2012 2013 2014 2015 2016

$0.75

$1.00

$1.25

$1.50

2012 2013 2014 2015 2016

(Low / High guidance)


NG Ethane Propane C4+ Ethylene Propylene 3

2014

WPZ 1+ $.10/Mmbtu ($3.7)

+ $.01/gallon ($2.2) $1.7 $1.3

+ $.01/pound $7.6 $1.1

Williams NGL & Petchem Services 2

+ $.10/Mmbtu $0.0

+ $.01/gallon $0.0 $0.0 $0.0

+ $.01/pound $0.0

WMB

+ $.10/Mmbtu ($3.7)

+ $.01/gallon ($2.2) $1.7 $1.3

+ $.01/pound $7.6 $1.1

Notes: Includes equity volumes, commodity exposed fee contracts, and hedges. 1 WPZ includes equity volumes from RGP Splitter, Geismar and the impact of fixed margin contracts. 2 For 2014 and 2015, equity volumes from Canada are included in WPZ, except for those volumes reated to CNRL, which are included in Williams NGL & Petchem Services. 3 Excludes volumes associated with RGP Splitter.

Sensitivities to price changes(millions)

NG Ethane Propane C4+ Ethylene Propylene 3

2015

WPZ 1+ $.10/Mmbtu ($6.6)

+ $.01/gallon ($4.6) $3.5 $2.5

+ $.01/pound $14.9 $2.1

Williams NGL & Petchem Services 2

+ $.10/Mmbtu ($1.1)

+ $.01/gallon $0.5 $0.3 $0.1

+ $.01/pound $0.6

WMB

+ $.10/Mmbtu ($7.7)

+ $.01/gallon ($4.1) $3.8 $2.5

+ $.01/pound $14.9 $2.7

Corporate


Corporate

Consolidated statement of income 2013 2014

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

Revenues:

Service revenues $ 706 $ 721 $ 736 $ 776 2,939 $ 819 $ 825 $ 1,644

Product sales 1,104 1,046 887 884 3,921 930 853 1,783

Total revenues 1,810 1,767 1,623 1,660 6,860 1,749 1,678 3,427

Costs and expenses:

Product costs 790 801 710 726 3,027 769 724 1,493

Operating and maintenance expenses 260 291 269 277 1,097 298 308 606


Selling, general, and administrative expenses 132 123 130 127 512 150 136 286

Net insurance recoveries - Geismar Incident — — (50 ) 10 (40 ) (119 ) (42 ) (161 )

Other (income) expense - net 1 4 21 48 74 17 27 44

Total costs and expenses 1,384 1,417 1,287 1,397 5,485 1,329 1,367 2,696

Equity earnings (losses) 18 38 37 41 134 (48 ) 37 (11 )

Income (loss) from investments (1 ) 25 (1 ) 5 28 — 4 4

General corporate expenses 44 43 40 37 164 40 43 83

Total segment profit (loss) 487 456 412 346 1,701 412 395 807

Reclass equity earnings (losses) (18 ) (38 ) (37 ) (41 ) (134 ) 48 (37 ) 11

Reclass income (loss) from investments 1 (25 ) 1 (5 ) (28 ) — (4 ) (4 )

Reclass general corporate expenses (44 ) (43 ) (40 ) (37 ) (164 ) (40) (43 ) (83 )

Operating income (loss) 426 350 336 263 1,375 420 311 731

Equity earnings (losses) 18 38 37 41 134 (48 ) 37 (11 )

Interest incurred (152 ) (151 ) (151 ) (157 ) (611 ) (169 ) (192 ) (361 )

Interest capitalized 24 24 27 26 101 29 29 58

Other investing income - net 13 39 10 19 81 14 18 32

Other income (expense) - net (2 ) 2 1 (1 ) — 1 4 5

Income (loss) from continuing operations beforeincome taxes

327 302 260 191 1,080 247 207 454

Provision (benefit) for income taxes 96 102 62 141 401 51 84 135

Income (loss) from continuing operations 231 200 198 50 679 196 123 319

Income (loss) from discontinued operations (1 ) (8 ) (1 ) (1 ) (11 ) — 4 4

Net income (loss) 230 192 197 49 668 196 127 323

Less: Net income attributable to noncontrolling interests 69 50 56 63 238 56 24 80

Net income (loss) attributable to The Williams Companies, Inc. $ 161 $ 142 $ 141 $ (14 ) $ 430 $ 140 $ 103 $ 243


Corporate

Consolidated statement of income cont’d

2013 2014


Amounts attributable to The Williams Companies, Inc.:

Income (loss) from continuing operations $ 162 $ 149 $ 143 $ (13 ) $ 441 $ 140 $ 99 $ 239

Income (loss) from discontinued operations (1 ) (7 ) (2 ) (1 ) (11 ) — 4 4

Net income (loss) $ 161 $ 142 $ 141 $ (14 ) $ 430 $ 140 $ 103 $ 243

Diluted earnings (loss) per common share:

Income (loss) from continuing operations $ 0.23 $ 0.22 $ 0.20 $ (0.02 ) $ 0.64 $ 0.20 $ 0.14 $ 0.34

Income (loss) from discontinued operations — (0.01 ) — — (0.02 ) — 0.01 0.01

Net income (loss) $ 0.23 $ 0.21 $ 0.20 $ (0.02 ) $ 0.62 $ 0.20 $ 0.15 $ 0.35

Weighted-average number of shares used in computations (thousands)687,143 686,924 687,306 683,552 687,185 688,904 700,696 694,832

Common shares outstanding at end of period (thousands) 682,591 683,063 683,334 683,777 683,777 685,419 747,190 747,190

Market price per common share (end of period) $ 37.46 $ 32.47 $ 36.36 $ 38.57 $ 38.57 $ 40.58 $ 58.21 $ 58.21

Common dividends per share $ 0.33875 $ 0.3525 $ 0.36625 $ 0.38 $ 1.4375 $ 0.4025 $ 0.4250 $ 0.8275

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


Corporate

Capital expenditures and investments2013 2014


Capital expenditures:

Williams Partners $ 703 $ 791 $ 928 $ 894 $ 3,316 $ 724 $ 943 $ 1,667

Williams NGL & Petchem Services 5 23 74 128 230 61 85 146

Other 5 3 10 8 26 8 18 26

Total* $ 713 $ 817 $ 1,012 $ 1,030 $ 3,572 $ 793 $ 1,046 $ 1,839

Purchase of businesses:

Other $ — $ — $ — $ 6 $ 6 $ — $ — $ —

Purchase of investments:

Williams Partners $ 93 $ 89 $ 162 $ 95 $ 439 $ 215 $ 16 $ 231

Williams NGL & Petchem Services — 2 — 10 12 13 2 15

Other — 4 — — 4 — — —

Total $ 93 $ 95 $ 162 $ 105 $ 455 $ 228 $ 18 $ 246

Summary:

Williams Partners $ 796 $ 880 $ 1,090 $ 989 $ 3,755 $ 939 $ 959 $ 1,898

Williams NGL & Petchem Services 5 25 74 138 242 74 87 161

Other 5 7 10 14 36 8 18 26

Total $ 806 $ 912 $ 1,174 $ 1,141 $ 4,033 $ 1,021 $ 1,064 $ 2,085

Capital expenditures incurred and purchase of investments:

Increases to property, plant, and equipment $ 732 $ 873 $ 1,080 $ 968 $ 3,653 $ 840 $ 949 $ 1,789

Purchase of businesses — — — 6 6 — — —

Purchase of investments 93 95 162 105 455 228 18 246

Total $ 825 $ 968 $ 1,242 $ 1,079 $ 4,114 $ 1,068 $ 967 $ 2,035

*Increases to property, plant, and equipment $ 732 $ 873 $ 1,080 $ 968 $ 3,653 $ 840 $ 949 $ 1,789

Changes in related accounts payable and accrued liabilities (19 ) (56 ) (68 ) 62 (81 ) (47 ) 97 50

Capital expenditures $ 713 $ 817 $ 1,012 $ 1,030 $ 3,572 $ 793 $ 1,046 $ 1,839


Corporate

Depreciation and amortization and other selected financial data

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

Depreciation and amortization:


Other 5 7 6 6 24 6 7 13

Total $ 201 $ 198 $ 207 $ 209 $ 815 $ 214 $ 214 $ 428

Other selected financial data:

Cash and cash equivalents $ 702 $ 824 $ 732 $ 681 $ 681 $ 1,064 $ 860 $ 860

Total assets $ 24,816 $ 25,657 $ 26,455 $ 27,142 $ 27,142 $ 28,306 $ 34,949 $ 34,949

Capital structure:Debt

Commercial paper $ — $ 710 $ 371 $ 225 $ 225 $ — $ — $ —

Current $ 1 $ 1 $ 1 $ 1 $ 1 $ 751 $ 751 $ 751

Noncurrent $ 10,610 $ 10,359 $ 10,359 $ 11,353 $ 11,353 $ 12,099 $ 15,539 $ 15,539

Stockholders’ equity $ 4,795 $ 4,694 $ 4,948 $ 4,864 $ 4,864 $ 4,616 $ 7,863 $ 7,863Debt to debt-plus-stockholders’ equity ratio 68.9 % 70.2 % 68.4 % 70.4 % 70.4 % 73.6 % 67.4 % 67.4 %

Cash distributions received from interests in:Williams Partners L.P.

General partner $ 113 $ 122 $ 131 $ 58 $ 424 $ 164 $ 170 $ 334Limited partner 228 237 242 245 952 250 252 502

$ 341 $ 359 $ 373 $ 303 $ 1,376 $ 414 $ 422 $ 836Access Midstream Partners, L.P.

General partner $ 2 $ 3 $ 3 $ 7 $ 15 $ 9 $ 10 $ 19Limited partner 18 19 19 22 78 22 23 45

$ 20 $ 22 $ 22 $ 29 $ 93 $ 31 $ 33 $ 64

$ 361 $ 381 $ 395 $ 332 $ 1,469 $ 445 $ 455 $ 900

WMB Non-GAAP Reconciliations



> 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 earnings and adjusted earnings per share measures exclude items of income or loss that the company characterizes as unrepresentative of its ongoing operations and may include assumed business interruption insurance related to the Geismar plant. 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 Disclaimer


WMB non-GAAP reconciliation schedule


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

Income (loss) from continuing operations attributable to The Williams Companies, Inc. available to common stockholders $ 162 $ 149 $ 143 $ (13 ) $ 441 $ 140 $ 99 $ 239

Income (loss) from continuing operations - diluted earnings per common share $ .23 $ .22 $ .20 $ (.02 ) $ .64 $ .20 $ .14 $ .34

Adjustments:

Williams PartnersNet 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 54 96 150

Loss related to compressor station fire — — — — — 6 — 6

Impairment of certain equipment held for sale — — — — — — 17 17

Loss related to Opal incident — — — — — — 6 6

Total Williams Partners adjustments (6) 1 (17 ) 143 121 60 119 179

Williams NGL & Petchem ServicesWrite-off of abandoned project — — — 20 20 — — —

Bluegrass Pipeline project development costs - (100% consolidated) — — — — — 19 — 19Bluegrass Pipeline and Moss Lake project development costs (50% equity investment

losses) — — — — — 6 1 7

Equity investment losses related to Bluegrass Pipeline and Moss Lake write-offs — — — — — 70 — 70

Total Williams NGL & Petchem Services adjustments — — — 20 20 95 1 96

Access Midstream PartnersGain associated with ACMP equity issuance — (26 ) — (5 ) (31 ) — (4 ) (4 )

Acquisition-related expenses — — — — — — 2 2Total Access Midstream Partners adjustments — (26 ) — (5 ) (31 ) — (2 ) (2 )

Adjustments included in segment profit (loss) (6 ) (25 ) (17 ) 158 110 155 118 273


WMB non-GAAP reconciliation schedule cont’d


2013 2014


Adjustments below segment profit (loss)

Reorganization-related costs 2 — — — 2 — — —

Acquisition-related financing expenses - Access Midstream Partners — — — — — — 9 9

Interest income on receivable from sale of Venezuela assets - Other (13 ) (13 ) (11 ) (13 ) (50 ) (13 ) (14 ) (27 )

Allocation of adjustments to noncontrolling interests 5 4 9 (46 ) (28 ) (25 ) (36 ) (61 )

(6 ) (9 ) (2 ) (59 ) (76 ) (38 ) (41 ) (79 )

Total adjustments (12 ) (34 ) (19 ) 99 34 117 77 194

Less tax effect for above items 1 10 4 (39 ) (24 ) (47 ) (32 ) (79 )

Adjustments for tax-related items [1] 1 4 2 101 108 (20 ) 14 (6 )

Adjusted income from continuing operations available to common stockholders $ 152 $ 129 $ 130 $ 148 $ 559 $ 190 $ 158 $ 348

Adjusted diluted earnings per common share [2] $ .22 $ .19 $ .19 $ .22 $ .81 $ .28 $ .23 $ .50

Weighted-average shares - diluted (thousands) 687,143 686,924 687,306 687,712 687,185 688,904 700,696 694,832

[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. The second quarter of 2014 includes a favorable adjustment to reflect taxes on undistributed earnings of certain foreign operations that are no longer considered permanently reinvested.

[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


Segment profit (loss):

Williams Partners $ 494 $ 427 $ 411 $ 345 $ 1,677 $ 503 $ 393 $ 896

Williams NGL & Petchem Services (2 ) (1 ) (4 ) (25 ) (32 ) (100 ) (8 ) (108 )

Access Midstream Partners — 29 6 26 61 6 9 15

Other (5 ) 1 (1) — (5 ) 3 1 4

Total segment profit (loss) $ 487 $ 456 $ 412 $ 346 $ 1,701 $ 412 $ 395 $ 807

Segment adjustments:

Williams Partners $ (6 ) $ 1 $ (17 ) $ 143 $ 121 $ 60 $ 119 $ 179

Williams NGL & Petchem Services — — — 20 20 95 1 96

Access Midstream Partners — (26 ) — (5 ) (31 ) — (2 ) (2 )

Other — — — — — — — —

Total segment adjustments $ (6 ) $ (25 ) $ (17 ) $ 158 $ 110 $ 155 $ 118 $ 273

Adjusted segment profit (loss):



Access Midstream Partners — 3 6 21 30 6 7 13

Other (5 ) 1 (1) — (5 ) 3 1 4

Total adjusted segment profit (loss) $ 481 $ 431 $ 395 $ 504 $ 1,811 $ 567 $ 513 $ 1,080


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


2013 2014


Depreciation and amortization (DD&A):


Williams NGL & Petchem Services — — — — — — 1 1

Access Midstream Partners* 17 15 16 15 63 15 15 30

Other 5 7 6 6 24 6 6 12

Total depreciation and amortization $ 218 $ 213 $ 223 $ 224 $ 878 $ 229 $ 229 $ 458

Adjusted segment profit (loss) + DD&A:



Access Midstream Partners 17 18 22 36 93 21 22 43

Other — 8 5 6 19 9 7 16

Total adjusted segment profit (loss) + DD&A $ 699 $ 644 $ 618 $ 728 $ 2,689 $ 796 $ 742 $ 1,538

* 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.


WMB 2014 schedule of expected adjustments(dollars in millions)


Segment Profit Adjustments: 2014

Wil l iams Partners (WPZ)Loss related to compressor s tation fi re $6Impairment of certa in equipment held for sa le 17Loss related to Opal incident 6Geismar incident adjustment for insurance and timing (115)Other (136)Total Williams Partners adjustments (222)

NGL & Petchem ServicesBluegrass Pipel ine project development costs (100% consol idated) 19Bluegrass Pipel ine and Moss Lake project development costs (50% equity investment losses) 7Equity investment losses related to Bluegrass Pipel ine and Moss Lake wri te-offs 70Total NGL & Petchem Services adjustments 96

Access Midstream PartnersGain associated with ACMP equity i ssuance (4)Acquis i tion-related expenses 2Total Access Midstream Partners (2)

OtherTotal "Other" adjustments 0

Adjustments included in segment profit (loss) ($128)

WPZ Non-GAAP Reconciliations


WPZ Non-GAAP Disclaimer


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

> For Williams Partners L.P., adjusted segment profit excludes items of income or loss that we characterize as unrepresentativeof our ongoing operations and may include assumed business interruption insurance related to the Geismar plant. 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 reimbursements under omnibus agreements with Williams and certain other adjustments. Total distributable cash flow is reduced by any amounts associated with operations which occurred prior to our ownership of the underlying assets to arrive at distributable cash flow attributable to partnership operations.

> 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 the period, nor are they presented as an alternative to net income or cash flow from operations. They should not be considered inisolation or as substitutes for a measure of performance prepared in accordance with United States generally accepted accounting principles.


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 2nd Qtr Year

Williams Partners L.P.

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

Net income $ 344 $ 272 $ 289 $ 218 $ 1,123 $ 352 $ 234 $ 586

Income attributable to noncontrolling interests — — — (3 ) (3 ) — (2 ) (2 )

Depreciation and amortization 196 191 201 203 791 208 207 415

Non-cash amortization of debt issuance costs included in interest expense 3 4 4 3 14 4 3 7

Equity earnings from investments (18 ) (35 ) (31 ) (20 ) (104 ) (23 ) (32 ) (55 )

Allocated reorganization-related costs 2 — — — 2 — — —

Impairment of certain equipment held for sale — — — — — — 17 17

Loss related to Geismar Incident — 6 4 4 14 — — —

Geismar Incident adjustment for insurance and timing — — (35 ) 118 83 54 96 150

Contingency loss — — 9 16 25 — — —

Reimbursements from Williams under omnibus agreements 4 4 2 3 13 3 4 7


Plymouth incident adjustment — — — — — — 3 3

Canadian income tax — — — — — — 4 4

Maintenance capital expenditures (44 ) (76 ) (79 ) (59 ) (258 ) (36 ) (90 ) (126 )

Distributable cash flow excluding equity investments 487 366 364 483 1,700 562 450 1,012

Plus: Equity investments cash distributions to Williams Partners L.P. 38 41 34 41 154 43 54 97

Distributable cash flow 525 407 398 524 1,854 605 504 1,109

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

Distributable cash flow attributable to partnership operations $ 497 $ 387 $ 378 $ 509 $ 1,771 $ 582 $ 504 $ 1,086

Total cash distributed $ 473 $ 489 $ 442 $ 556 $ 1,960 $ 566 $ 577 $ 1,143

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 0.87 0.95

Net income divided by Total cash distributed 0.73 0.56 0.65 0.39 0.57 0.62 0.41 0.51


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


2013 2014


Segment profit (loss):

Northeast G&P $ (9 ) $ 12 $ (1 ) $ (26 ) $ (24 ) $ 6 $ 15 $ 21Atlantic-Gulf 159 152 137 166 614 165 168 333West 186 162 207 186 741 165 152 317NGL & Petchem Services 158 101 68 19 346 167 58 225

Total segment profit (loss) $ 494 $ 427 $ 411 $ 345 $ 1,677 $ 503 $ 393 $ 896

Segment adjustments:

Northeast G&P

Share of impairments at equity method investee $ — $ — $ — $ 7 $ 7 $ — $ — $ —

Contingency loss — — 9 16 25 — — —

Loss related to compressor station fire — — — — — 6 — 6

Impairment of certain equipment held for sale— — — — — — 17 17

Total Northeast G&P adjustments — — 9 23 32 6 17 23

Atlantic-Gulf

Litigation 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 ) — — —

West


Total West adjustments — — — — — — 6 6


Loss related to Geismar Incident — 6 4 4 14 — — —

Geismar Incident adjustment for insurance and timing — — (35 ) 118 83 54 96 150

Total NGL & Petchem Services adjustments — 6 (31 ) 122 97 54 96 150

Total segment adjustments $ (6 ) $ 1 $ (17 ) $ 143 $ 121 $ 60 $ 119 $ 179


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 2nd Qtr YearAdjusted segment profit (loss):Northeast G&P $ (9 ) $ 12 $ 8 $ (3 ) $ 8 $ 12 $ 32 $ 44Atlantic-Gulf 153 147 142 164 606 165 168 333West 186 162 207 186 741 165 158 323NGL & Petchem Services 158 107 37 141 443 221 154 375

Total adjusted segment profit (loss) $ 488 $ 428 $ 394 $ 488 $ 1,798 $ 563 $ 512 $ 1,075

Depreciation and amortization (DD&A):Northeast G&P $ 29 $ 32 $ 33 $ 38 $ 132 $ 39 $ 40 $ 79Atlantic-Gulf 93 87 92 91 363 94 91 185West 61 58 58 59 236 58 60 118NGL & Petchem Services 13 14 18 15 60 17 16 33

Total depreciation and amortization $ 196 $ 191 $ 201 $ 203 $ 791 $ 208 $ 207 $ 415

Adjusted segment profit (loss) + DD&A:Northeast G&P $ 20 $ 44 $ 41 $ 35 $ 140 $ 51 $ 72 $ 123Atlantic-Gulf 246 234 234 255 969 259 259 518West 247 220 265 245 977 223 218 441NGL & Petchem Services 171 121 55 156 503 238 170 408

Total adjusted segment profit (loss) + DD&A $ 684 $ 619 $ 595 $ 691 $ 2,589 $ 771 $ 719 $ 1,490

Note: Segment profit (loss) includes equity earnings (losses) and income (loss) from investments reported in other income (expense) - net below operating incomein 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


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:Northeast G&P $308 $355Atlantic - Gulf 630 965 West 614 595 NGL & Petchem Services 1,015 915 Unallocated Revisions (335) - Total reported segment profit 2,082 2,232 2,382 2,610 2,830 3,050 2,925 3,225 3,525

Adjustments:Loss related to compressor station fire 6 6 6 - - Impairment of certain equipment held for sale 17 17 17 - - - - - - Other (136) (136) (136) - - - - - - Total adjustments - Northeast G&P (113) (113) (113) - - - - - -

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

Loss related to Opal incident 6 6 6 - - - - - - Total adjustments - West 6 6 6 - - - - - -

Geismar incident adjustment for insurance and timing (115) (115) (115) - - - - - - Total adjustments - NGL & Petchem Services (115) (115) (115) - - - - - -

Total segment profit adjustments (222) (222) (222) - - - - - -

Adjusted segment profit:Northeast G&P 195 355 Atlantic - Gulf 630 965 West 620 595 NGL & Petchem Services 900 915 Unallocated Revisions (335) - Total adjusted segment profit $1,860 2,010 $2,160 $2,610 $2,830 $3,050 $2,925 $3,225 $3,525

Notes: * Unallocated revisions of $195 (low/mid/high) as previously announced in ACMP acquisition press release on 6/15/14 and $190 low / $140 mid / $90 high as announced in WPZ press release on 7/30/14.

*

*


WPZ adjusted segment profit + DD&A


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

Adjusted segment profit:Northeast G&P $195 $355Atlantic - Gulf 630 965 West 620 595 NGL & Petchem Services 900 915 Unallocated Revisions (335) - Total adjusted segment profit 1,860 $2,010 2,160 2,610 2,830 3,050 2,925 3,225 3,525

Depreciation, Depletion and Amortiz. (DD&A):Northeast G&P 170 210 Atlantic - Gulf 430 495 West 235 235 NGL & Petchem Services 75 95 Total DD&A 885 910 935 1,010 1,035 1,060 1,105 1,130 1,155

Adjusted segment profit + DD&A:Northeast G&P 365 565 Atlantic - Gulf 1,060 1,460 West 855 830 NGL & Petchem Services 975 1,010 Unallocated Revisions (335) - Total adjusted segment profit + DD&A $2,745 $2,920 $3,095 $3,620 $3,865 $4,110 $4,030 $4,355 $4,680

Notes: * Unallocated revisions of $195 (low/mid/high) as previously announced in ACMP acquisition press release on 6/15/14 and $190 low / $140 mid / $90 high as announced in WPZ press release on 7/30/14.

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*


Distributable cash flow (DCF) and DCF per common unit


Note: Net Income presented above is on an after tax basis but was presented on a pretax basis in prior guidance. 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 Guidance

Actual Low Midpoint High Low Midpoint High Low Midpoint HighNet Income (After Tax) 1,123 $1,406 1,566 $1,726 $1,850 $2,035 $2,220 $2,000 $2,290 $2,580D D & A 791 885 910 935 1,010 1,035 1,060 1,105 1,130 1,155 Maintenance Capex (258) (305) (340) (375) (295) (325) (355) (300) (330) (360) Attributable to Noncontrolling Interests (3) (30) (35) (40) (100) (105) (110) (130) (135) (140) Geismar incident adjustment for insurance and timing 97 (115) (115) (115) - - - - - - Other / Rounding 104 (18) (13) (8) 140 145 150 125 130 135 Distributable Cash Flow 1,854 1,823 1,973 2,123 2,605 2,785 2,965 2,800 3,085 3,370 Less: Pre-Partnership Distributable Cash Flow 83 23 23 23 - - - - - - Distributable Cash Flow Attributable to Partnership Operations $1,771 $1,800 $1,950 $2,100 $2,605 $2,785 $2,965 $2,800 $3,085 $3,370

Cash Distributions 1 $1,960 $2,340 $2,370 $2,400 $2,632 $2,714 $2,796 $2,868 $2,950 $3,032

Cash Distribution Coverage Ratio 0.90x 0.77x 0.82x 0.88x 0.99x 1.03x 1.06x 0.98x 1.05x 1.11x

Net Income / Cash Distributions 0.57x 0.60x 0.66x 0.72x 0.70x 0.75x 0.79x 0.70x 0.78x 0.85x

Distributable Cash Flow (DCF) Attributable to Partnership Operations $1,771 $1,800 $1,950 $2,100 $2,605 $2,785 $2,965 $2,800 $3,085 $3,370 Allocation to General Partner 472 717 735 752 873 916 958 972 1,024 1,075 Allocation to Common Units 1,299 1,083 1,216 1,348 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 $2.41 $2.70 $2.99 $3.76 $4.06 $4.36 $3.80 $4.36 $4.93

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Williams Quarterly Databook for 2Q14