Market Overview

Transco Commences Registered Exchange Offer for Its 4.000% Senior Notes Due 2028 and 4.600% Senior Notes Due 2048

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Transcontinental Gas Pipe Line Company, LLC ("Transco"), a wholly owned
subsidiary of The Williams Companies, Inc. (NYSE:WMB), announced today
that it has commenced an offer to exchange any and all of its
$400 million in aggregate principal amount of outstanding 4.000 percent
Senior Notes due 2028 (the "Original 2028 Notes") and $600 million in
aggregate principal amount of outstanding 4.600 percent Senior Notes due
2048 (the "Original 2048 Notes" and, together with the Original 2028
Notes, the "Original Notes") for an equal amount of the applicable
series of its registered 4.000 percent Senior Notes due 2028 (the "2028
Exchange Notes") and 4.600 percent Senior Notes due 2048 (the "2048
Exchange Notes" and, together with the 2028 Exchange Notes, the
"Exchange Notes").

The terms of the Exchange Notes are identical in all material respects
to those of the applicable series of the Original Notes, except that the
Exchange Notes have been registered under the Securities Act of 1933, as
amended, and the transfer restrictions, restrictive legends,
registration rights and additional interest provisions relating to the
Original Notes do not apply to the Exchange Notes. The purpose of the
Exchange Offer is to fulfill Transco's obligations under the
registration rights agreement entered into in connection with the
issuance of the Original Notes. Transco will not receive any proceeds
from the exchange offer.

The exchange offer will expire at 5:00 p.m. Eastern Daylight Time (EDT)
on Sept. 20, 2018, unless extended (such date and time, as may be
extended, the "Expiration Date"). The settlement date for the exchange
offer will occur promptly following the Expiration Date. The terms of
the exchange offer and other information relating to Transco and the
Exchange Notes are set forth in a prospectus dated Aug. 22, 2018, a copy
of which has been filed with the Securities and Exchange Commission.
Transco has not authorized any person to provide information other than
as set forth in the prospectus.

Copies of the prospectus and the transmittal letter governing the
exchange offer can be obtained from the exchange agent, The Bank of New
York Mellon Trust Company, N.A., by faxing a request to (732) 667-9408
or by writing via regular or certified mail, or overnight courier, to
The Bank of New York Mellon Trust Company, N.A., Corporate Trust
Operations—Reorganization Unit, 111 Sanders Creek Parkway, East
Syracuse, New York 13057.

This press release is for informational purposes only and does not
constitute an offer to sell nor a solicitation of an offer to buy any
security. The exchange offer is being made solely pursuant to the
prospectus dated Aug. 22, 2018, including any supplements thereto, and
only to such persons and in such jurisdictions as is permitted under
applicable law.

About Williams

Williams (NYSE:WMB) is a premier provider of large-scale infrastructure
connecting U.S. natural gas and natural gas products to growing demand
for cleaner fuel and feedstocks. Headquartered in Tulsa, Okla., Williams
is an industry-leading, investment grade C-Corp with operations across
the natural gas value chain including gathering, processing, interstate
transportation and storage of natural gas and natural gas liquids. With
major positions in top U.S. supply basins, Williams owns and operates
more than 33,000 miles of pipelines system wide – including the nation's
largest volume and fastest growing pipeline – providing natural gas for
clean-power generation, heating and industrial use. Williams' operations
touch approximately 30 percent of U.S. natural gas. www.williams.com

Portions of this document may constitute "forward-looking statements"
as defined by federal law. Although Transco believes any such statements
are based on reasonable assumptions, there is no assurance that actual
outcomes will not be materially different. Additional information about
issues that could lead to material changes in performance is contained
in Transco's annual and quarterly reports filed with the Securities and
Exchange Commission.

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