Williams increases common stock dividend

TULSA, Okla., Nov. 15, 2001 — The board of directors of Williams today approved an increase in the regular dividend of 2 cents per share on the company’s common stock — to 20 cents per share. The dividend is payable on Dec. 31 to holders of record on Dec. 14.

“The board has fully reviewed the economy’s current and expected impact on our performance based on the events of Sept. 11 and is comfortable that an increase is appropriate at this time,” said Keith E. Bailey, Williams chairman and CEO.

“We are producing solid current performance and continue to believe we have the potential to achieve record results for the year,” said Steven J. Malcolm, Williams president and COO. “We have reviewed our expectations for the coming year in some detail and, based on that review, continue to be comfortable in our belief that we will have the ability to grow earnings by a rate of 15 percent or more.”

The move marks the eighth increase in the common stock dividend in the past 10 years. Williams has paid a common stock dividend every quarter since 1974. The most recent dividend increase, to 18 cents per share, was paid in September 2001.

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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