🟢 New in Current Filing Risks Related to Business 🔒

🟢 New in Current Filing Risks Related to Financing 🔒

🟢 New in Current Filing Risks Related to Regulations 🔒

🟢 New in Current Filing General Risk Factors 🔒

🟢 New in Current Filing Significant prolonged changes in natural gas prices could affect supply and demand for Transco and NWP and cause a reduction in or termination of their long-term transportation and storage contracts or throughput on their systems. 🔒

🟢 New in Current Filing Transco and NWP depend on certain key customers for a significant portion of their revenues. The loss of any of these key customers or the loss of any contracted volumes could result in a decline in Transco’s and NWP’s respective businesses. 🔒

🟢 New in Current Filing Williams can exercise substantial control over Transco’s and NWP’s distribution policies, businesses, and operations and may do so in a manner that is adverse to Transco’s and NWP’s interests. 🔒

🟡 Modified THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 🔒

🟡 Modified Failure to attract and retain an appropriately qualified workforce could negatively impact Williams’, Transco’s, and NWP’s results of operations. 🔒

🟡 Modified An impairment of Williams’ assets, including property, plant, and equipment, intangible assets, and/or equity-method investments, could reduce Williams’ earnings. 🔒

🟡 Modified Access to capital could be affected by financial institutions’ policies concerning fossil fuel related businesses. 🔒

🟡 Modified Some of Williams’, Transco’s, and NWP’s businesses are exposed to supplier concentration risks arising from dependence on a single or a limited number of suppliers. 🔒

🟡 Modified Williams, Transco, and NWP may be subject to physical and financial risks associated with climate change. 🔒

🟡 Modified Williams’ hedging activities might not be effective and could increase the volatility of Williams’ results. 🔒

🟡 Modified Williams does not own 100 percent of the equity interests of certain subsidiaries, including the nonconsolidated entities, which may limit its ability to operate and control these subsidiaries. Certain operations, including the nonconsolidated entities, are conducted through arrangements that may limit Williams’ ability to operate and control these operations. 🔒

🟡 Modified The natural gas sales, transportation, and storage operations of Williams’, Transco’s, and NWP’s natural gas pipelines are subject to regulation by the FERC, which could have an adverse impact on their ability to establish transportation and storage rates that would allow them to recover the full cost of operating their respective pipelines and storage assets, including a reasonable rate of return. 🔒

🟡 Modified Williams’ operating results for certain components of its business might fluctuate on a seasonal basis. 🔒

🟡 Modified Williams’, Transco’s, and NWP’s operations are subject to environmental laws and regulations, including laws and regulations relating to climate change and greenhouse gas emissions, which may expose them to significant costs, liabilities, and expenditures that could exceed expectations. 🔒

🟡 Modified The operation of Williams’, Transco’s, and NWP’s businesses might be adversely affected by regulatory proceedings, changes in government regulations or in their interpretation or implementation, or the introduction of new laws or regulations applicable to Williams’, Transco’s, and NWP’s businesses or customers. 🔒

🟡 Modified Holders of Williams’ common stock may not receive dividends in the amount expected or any dividends. 🔒

🟡 Modified Williams’ business could be negatively impacted as a result of stockholder activism. 🔒

🟡 Modified Changes to interest rates or increases in interest rates could adversely impact Williams’, Transco’s, and NWP’s access to credit, share price, and ability to issue securities or incur debt for acquisitions or other purposes, as applicable, and Williams’ ability to make cash dividends at intended levels. 🔒

🟡 Modified Williams, Transco, and NWP face opposition to the operation and expansion of pipelines and facilities from various individuals and groups. 🔒

🟡 Modified Increasing scrutiny and changing expectations from stakeholders with respect to environmental, social and governance practices may impose additional costs or risks. 🔒

🟡 Modified Williams’, Transco’s, and NWP’s businesses could be negatively impacted by acts of terrorism and related disruptions. 🔒

🟡 Modified Williams, Transco, and NWP are exposed to the credit risk of customers and counterparties, and credit risk management will not be able to completely eliminate such risk. 🔒

🟡 Modified If third-party pipelines and other facilities interconnected to Williams’, Transco’s, and NWP’s pipelines and facilities become unavailable to transport natural gas and NGLs or to treat natural gas, as applicable, Williams’, Transco’s, and NWP’s revenues could be adversely affected. 🔒

🟡 Modified Williams, Transco, and NWP do not insure against all potential risks and losses and could be seriously harmed by unexpected liabilities or by the inability of their insurers to satisfy their claims. 🔒

🟡 Modified Williams’, Transco’s, and NWP’s assets and operations, as well as their customers’ assets and operations, can be adversely affected by weather and other natural phenomena. 🔒

🟡 Modified The business, operating results, and financial condition of Williams’, Transco’s, and NWP’s natural gas transportation and midstream businesses are dependent on the continued availability of natural gas supplies in the supply basins and demand for those supplies in the markets that they serve. 🔒

🟡 Modified Difficult conditions in the global financial markets and the economy in general could negatively affect Williams’, Transco’s, and NWP’s businesses and results of operations. 🔒

🟡 Modified A breach of information technology infrastructure, including a breach caused by a cybersecurity attack on Williams, Transco, or NWP, or the third parties with whom they are interconnected, may interfere with the safe operation of assets, result in the disclosure of personal or proprietary information, and cause reputational harm. 🔒

🟡 Modified Williams, Transco, and NWP may not be able to grow or effectively manage growth. 🔒

🟡 Modified Certain of Williams’, Transco’s, and NWP’s natural gas pipeline services are subject to long-term, fixed-price contracts that are not subject to adjustment, even if the cost to perform such services exceeds the revenues received from such contracts. 🔒

🟡 Modified Williams, Transco, and NWP may not be able to replace, extend, or add additional customer contracts or contracted volumes on favorable terms, or at all, as applicable, which could affect Williams’, Transco’s, and NWP’s financial condition and ability to grow, as well as the amount of cash available to Williams to pay dividends. 🔒

🟡 Modified Williams’, Transco’s, and NWP’s operations are subject to operational risks and hazards that might result in accidents and unforeseen interruptions. 🔒

🟡 Modified Williams, Transco, and NWP do not own all of the land on which their pipelines and facilities are located, which could disrupt operations. 🔒

🟡 Modified Williams’ costs and funding obligations for defined benefit pension plans and other postretirement benefit plans, and Transco’s and NWP’s allocations regarding the same, are affected by factors beyond Williams’ control. 🔒

🟡 Modified Summary of Risk Factors 🔒

🟡 Modified A downgrade of Williams’, Transco’s, and NWP’s credit ratings, which are determined outside of their control by independent third parties, could impact their liquidity, access to capital, and costs of doing business, and the ability of Transco and NWP to obtain credit in the future could be affected by Williams’ credit ratings. 🔒

🟡 Modified Failure of service providers or disruptions to outsourcing relationships might negatively impact Williams’, Transco’s, and NWP’s ability to conduct their businesses. 🔒

🟡 Modified Restrictions in Williams’, Transco’s, and NWP’s debt agreements and the amount of their indebtedness may affect their future financial and operating flexibility. 🔒

🟡 Modified The energy industry is highly competitive, and increased competitive pressure could adversely affect Williams’, Transco’s, and NWP’s businesses and operating results. 🔒