TULSA, Okla., March 4, 2002 — Williams Monday confirmed that ongoing discussions have proceeded favorably with investors concerning $1.4 billion of notes issued by the WCG Note Trust.

Williams said it believes that the contemplated restructuring will be completed in the very near future.

The notes, which were issued in March last year, represent contingent obligations of Williams. Those contingent obligations are secured by debt issued by Williams’ former telecommunications subsidiary.

More Williams information is available at www.williams.com .