Williams board promotes Steve Malcolm to CEO

TULSA, Okla., Jan. 21, 2002 — The board of directors of Williams has named the company’s president and chief operating officer, Steven J. Malcolm, as the new chief executive officer.

Additionally, the board has approved a regular dividend of 20 cents per share on the company’s common stock, payable on March 25 to holders of record on March 15. Williams raised its common stock dividend to 20 cents in November 2001 — the eighth increase in 10 years. The company has paid a common stock dividend every quarter since 1974.

Malcolm, 53, succeeds Williams’ chairman Keith E. Bailey in the CEO position. Bailey will retain his position as chairman until the May 17 shareholders meeting, when he is expected to announce his retirement.

“I feel privileged to pass the baton to Steve, who for 17 years at Williams has earned the respect of his peers and demonstrated outstanding leadership capabilities,” Bailey said. “Becoming our new CEO is another step in the planned transition for Steve to take the helm at Williams. The board clearly shares my confidence in Steve.”

Malcolm, who was named president and chief operating officer on Sept. 20, 2001, will remain company president. Williams does not anticipate filling the chief operating officer position.

“I am honored to have been selected to carry on Keith’s legacy — one of building value for our shareholders and caring for our communities,” Malcolm said. “Under Keith’s leadership, Williams has shifted focus to an energy-only company positioned to succeed no matter the market conditions. We will continue to be unwavering in our pursuit of financial strength through sound business practices and measured risk.”

Malcolm joined Williams in 1984 from Cities Service Company and has since served in a number of management positions of increasing responsibility. He served as senior vice president and general manager of gathering and processing for the field services unit from 1994-96, and senior vice president and general manager of midstream gas and liquids from 1996-98. He was named president and CEO of Williams’ energy services group in 1998.

Malcolm earned a bachelor’s degree in civil engineering from the University of Missouri-Rolla, and has attended advanced management training courses at Northwestern University.

He sits on the boards of the Tulsa Area United Way, YMCA, Boy Scouts of America, Indian Nations Council, St. John Medical Center and Tulsa Community Foundation. He also serves on the YMCA Executive Committee, the University of Tulsa’s board of trustees, Northwestern University Transportation Center’s business advisory committee, and the Metropolitan Tulsa Chamber of Commerce board of advisers. Born in St. Louis, he and his wife, Gwen, reside in Tulsa and are the parents of a daughter, Rebecca.

About Williams

Williams, through its subsidiaries, connects businesses to energy, delivering reliable products and services. Williams information is available at www.williams.com .

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