-----Original Message-----
From: 	CustomerNotices, WGPHOU [mailto:WGPHOU.CustomerNotices@Williams.com] 
Sent:	Monday, January 28, 2002 3:12 PM
Subject:	January 2002 Cash Out Indices

January 28, 2002

To:  Transcontinental Gas Pipe Line Corporation Customers
     and Shippers

Re:  Cash Out Indices - January 2002



    FT                   AVG.          BUY        SELL
  ------                ------        ------     ------
  Zone 1                2.2975        2.2300     2.4700
  Zone 2                2.3069        2.1650     2.5075
  Zone 3                2.3163        2.0850     2.5450
  Zone 4                2.3292        2.0969     2.5589
  Zone 5                2.3864        2.1496     2.6206
  Zone 6                2.4327        2.1923     2.6705

    IT                   AVG.          BUY        SELL
  ------                ------        ------     ------
  Zone 1                2.2975        2.2300     2.4700
  Zone 2                2.3069        2.1650     2.5075
  Zone 3                2.3163        2.0850     2.5450
  Zone 4                2.3699        2.1376     2.5996
  Zone 5                2.5721        2.3353     2.8063
  Zone 6                2.7269        2.4865     2.9647

   FTG                   AVG.          BUY        SELL
  ------                ------        ------     ------
  Zone 1                2.2975        2.2300     2.4700
  Zone 2                2.3069        2.1650     2.5075
  Zone 3                2.3163        2.0850     2.5450
  Zone 4                2.3970        2.1647     2.6267
  Zone 5                2.6959        2.4591     2.9301

                         AVG.          BUY        SELL
                        ------        ------     ------
  FTNT                  2.3225        2.0900     2.5500


For information concerning cash out transactions, please contact
Jane Yang at (713)215-3462.

Stella Yu
Manager - Rate Systems
(713)215-3381