BOSTON, MA -- March 8, 2002 – A class action suit alleging securities fraud has been filed in the United States District Court for the Northern District of Oklahoma by the law firm of Shapiro Haber & Urmy LLP against Williams Companies, Inc. ("WMB" or the "Company") (NYSE: WMB), certain of its officers and directors, and the underwriters of its January 7, 2002 offering (the "Offering") of FELINE PACS.

The case was filed on behalf of all persons who purchased FELINE PACS in or traceable to the Offering.

The Complaint alleges that the defendants violated Sections 11, 12(2), and 15 of the Securities Act of 1934 by issuing false and misleading statements and omitting material facts concerning WMB’s $2.15 billion obligations related to the spin-off of its subsidiary Williams Communication Group (WCG) in the Company’s Registration Statement, Prospectus, and Prospectus Supplement in connection with the Offering. The Prospectus Supplement classified these obligations as a "risk" when, at the time of the Offering, these liabilities were all but certain, given WCG’s dire financial condition. The Registration Statement, Prospectus, and Prospectus Supplement also failed to disclose that the Company was obligated for an additional $250 million in WCG costs.

Plaintiff seeks to recover damages suffered by class members and is represented by the law firm of Shapiro Haber & Urmy LLP, which has successfully prosecuted numerous securities class actions on behalf of defrauded investors.

If you are a member of the class described above, you may wish to join the action. You may move the court to serve as a lead plaintiff no later then April 1, 2002.