Williams Partners Completes Sale of Interests in the Geismar Olefins Facility to NOVA Chemicals for $2.1 Billion; Enters into Long-Term Feedstock Supply and Transportation Agreements with NOVA Chemicals

TULSA, Okla.–(BUSINESS WIRE)–Williams Partners L.P. (NYSE: WPZ) announced today that it has completed
the sale of all of its membership interest in Williams Olefins L.L.C.,
which owns an 88.46 percent undivided ownership interest in the Geismar,
Louisiana, olefins plant and associated complex, to NOVA Chemicals for
$2.1 billion in cash, subject to a working capital adjustment.

Additionally, Williams Partners subsidiaries have entered into long-term
supply and transportation agreements with NOVA Chemicals to provide
feedstock to the Geismar olefins plant via Williams Partners’ ethane
pipeline system in the U.S. Gulf Coast. These agreements will secure a
meaningful long-term fee-based revenue stream for the partnership.

“Completing this successful transaction represents another important
step in our natural gas-focused business strategy to deliver predictable
long-term growth as we reduce our commodity-margin exposure,” said Alan
Armstrong, chief executive officer of Williams Partners’ general
partner. “Around 97 percent of our gross margins will now come from
predictable fee-based sources, including the previously announced new
long-term supply and transportation agreements with NOVA. We look
forward to supporting NOVA’s strategy in the Gulf Coast with our highly
reliable ethane pipeline system as part of this win-win transaction and
agreement for both companies.”

Williams Partners plans to use the cash proceeds from the Williams
Olefins transaction to pay off its $850 million term loan and to fund a
portion of the capital and investment expenditures that are a part of
the partnership’s extensive growth portfolio. The Williams Companies,
Inc. (NYSE: WMB) expects that for federal tax purposes, any taxable gain
generated from the transaction will be sheltered by tax losses carried
forward.

Morgan Stanley & Co. LLC acted as the lead financial adviser to Williams
Partners on the transaction. Centerview Partners LLC acted as a
co-adviser to Williams Partners on the transaction. Gibson, Dunn &
Crutcher LLP and Kean Miller LLP served as legal advisers to Williams
Partners on the transaction.

About Williams & Williams Partners

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
owns approximately 74 percent of Williams Partners L.P. (NYSE: WPZ).
Williams Partners is an industry-leading, large-cap master limited
partnership with operations across the natural gas value chain including
gathering, processing and interstate transportation of natural gas and
natural gas liquids. With major positions in top U.S. supply basins,
Williams Partners 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 Partners’ operations touch approximately 30
percent of U.S. natural gas. www.williams.com

About NOVA Chemicals

NOVA Chemicals develops and manufactures chemicals and plastic resins
that make everyday life safer, healthier and easier. Our employees work
to ensure health, safety, security and environmental stewardship through
our commitment to sustainability and Responsible Care^®. NOVA
Chemicals, headquartered in Calgary, Alberta, Canada, is wholly-owned
ultimately by Mubadala Investment Company of the Emirate of Abu Dhabi,
United Arab Emirates.

Portions of this document may constitute “forward-looking statements”
as defined by federal law. Although the company believes any such
statements are based on reasonable assumptions, there is no assurance
that actual outcomes will not be materially different. Any such
statements are made in reliance on the “safe harbor” protections
provided under the Private Securities Reform Act of 1995. Additional
information about issues that could lead to material changes in
performance is contained in the company’s annual and quarterly reports
filed with the Securities and Exchange Commission.

Contacts

Williams Partners L.P.
Media Contact:
Keith Isbell,
918-573-7308
or
Investor Contact:
Brett Krieg,
918-573-4614