Definitions

Authorized Claimant

Any Settlement Class Member whose claim for recovery has been allowed pursuant to the terms of the Stipulation of Settlement

Lead Plaintiffs

Ontario Teachers' Pension Plan Board and the Arkansas Teacher Retirement System

Net Settlement Fund

The Settlement Fund less (i) Court awarded attorneys' fees and expenses; (ii) Notice and Administration expenses; (iii) payment of any required taxes; (iv) payment, if any, to Williams pursuant to paragraph 7.7 in the Stipulation of Settlement; and (v) any other fees or expenses approved by the Court

Recognized Claim

The amount calculated, as determined by Lead Plaintiffs independent damages expert, to be a claimant's estimated damages caused by the alleged securities violations pursuant to the Plan of Allocation

Settlement Class

All persons who purchased or otherwise acquired publicly traded stock, 7.125% Notes due 2011, 7.875% Notes due 2021 or FELINE PACS of the Williams Companies, Inc. between July 24, 2000 and July 22, 2002, inclusive, and were damaged thereby.

Settlement Class Member

A Person who falls within the definition of the Settlement Class: All persons who purchased or otherwise acquired publicly traded stock, 7.125% Notes due 2011, 7.875% Notes due 2021 or FELINE PACS of the Williams Companies, Inc. between July 24, 2000 and July 22, 2002, inclusive, and were damaged thereby.

Settling Defendants

Collectively, Williams, the Individual Settling Defendants, the Underwriter Defendants and E&Y

Williams

The Williams Companies, Inc.