Pipeline Group

29

Strong and Growing

Broad market presence: Growing demand regions, key supply basins, LNG terminals

Excellent connections to markets and supply

Almost $4 billion of committed growth projects with attractive risk/return profile

6%–8% long-term EBIT growth

30Source: El Paso Corporation based on 2007 dataNote: Includes El Paso Corporation and El Paso Pipeline Partners, L.P.

El Paso Pipeline Group

El PasoNatural Gas

Mexico Ventures

MojavePipeline

ColoradoInterstate Gas

Wyoming Interstate

Cheyenne Plains Pipeline

TennesseeGas Pipeline

SouthernNatural Gas

Florida GasTransmission (50%)

Elba IslandLNG

19% of total U.S. interstate pipeline mileage24 Bcf/d capacity (16% of total U.S.)17 Bcf/d throughput (28% of gas delivered to U.S. consumers)

Gulf LNG(50%)

North America’s Leading Natural Gas Pipeline Franchise

31

2007 Highlights

EBIT: 7% growth (YOY)

Pipeline integrity program: 75% complete

Organic growth: Six projects placed in-service, backlog increased from $2 billion to $4 billion

Acquisitions (divestitures): Gulf LNG purchase, (closed ANR sale)

Successful IPO: El Paso Pipeline Partners MLP

32

Our Pipelines AccessBest Markets and Supply

RockiesSupply

+2.9

MexicoLNG+1.5

Rockies & SouthwestDemand

+1.2

MexicoDemand

+1.8

ElbaLNG+1.2

CanadianLNG+1

NortheastDemand

+2.0

Gulf ofMexico LNG

+5.6

SoutheastDemand

+3.6

Canada-3.5

Source: El Paso Corporation

2007–2016 Growth in Bcf/d

33

Continued Throughput Increase% Increase 2007 vs. 2005

TGP

SNG 18%

31%

EPNG

CIG

14% overall increase

10%

Unchanged

Note: CIG includes Colorado Interstate Gas, Cheyenne Plains and Wyoming InterstateEPNG includes El Paso Natural Gas and Mojave

34

The High Value of“Last Mile” and “First Mile” Service

High Value High ValueCommodityService

Integrated withSuppliers

Supply Hub

Integrated withMarkets

Point-to-PointTransportation

Wellheads

Processing

LNG

Storage

Pipelines

LDC Citygate

Direct Connects(Industrial, Power Gen)

StorageMarket Hub

Pipeline

35

Excellent Connectivity in Markets

97 delivery meters into 26 LDCs

VT

NH

NY

PA NJ

CT RIMA Boston

New York

348 delivery meters in Arizona

CA AZ

UTNV

NMPhoenix

66 supply meters in the Rockies110 delivery meters along the Front Range

WY

CO

ID

UT

NESD

Denver

155 delivery meters into Alagasco and AGLAlso, FGT deep connectivity in Florida

AL GA

SC

FL

AtlantaBirmingham

36

$0$250$500$750

$1,000$1,250$1,500$1,750$2,000$2,250$2,500

Revenue Stability

Reservation as a % of total revenue increases over time

61% 86% 86%86%

77%

Total SNG EPNG CIGTGP FGT

93%

Note: CIG includes Colorado Interstate Gas, Cheyenne Plains and Wyoming Interstate; EPNG includesEl Paso Natural Gas and Mojave; SNG includes Elba Island

3Q 2009

1Q 2009

4Q 2011

2Q 2010N/A

2007 reservation revenueUsage and other revenue

Projected effective dates for next rate case

$ Millions

37

Contract Stability

01,0002,0003,0004,0005,0006,0007,0008,0009,000

10,00011,000

2008 2009 2010 2011 2012 Beyond

8%1,836

11%2,539

14%3,388 11%

2,755

16%3,909

40%9,740

Average remaining contract term: 5.4 years

Thousands of Dth/d as of December 2007

38

Northeast Focus

Source: El Paso Corporation

TGP Concord$21 MM

Nov 200930 MMcf/d

NE Passage

TGP

Volume Change from 2007–2016

LNG+1 Bcf/d

Canada-1 Bcf/d

+2 Bcf/d

TGP Position

Excellent connectivity inNE/upstate NYExcellent supply access to diverse sourcesOrganic expansions

ConneXion NY/NJ (2006)ConneXion NE (2007)

Well placed to bring new supplies into region, especially NYC areaAppalachia supply potential

Region Demand+ 2 Bcf/d

39

Southeast Focus

Region Demand

+ 3.5 Bcf/d

Elba Island

FGT

Gulf LNG

SNG

TGP

Volume Change from 2007–2016

+ 4 Bcf/d

LNG+ 5.5 Bcf/d

+ 4 Bcf/d

LNG+ 1 Bcf/d

Excellent connectivityElba a unique asset tocapture growthGulf LNG well-placedNumerous storageopportunities

SNG/FGT Position

Source: El Paso Corporation

40

Coal Fired Power GenerationLosing Favor

Source: Global Energy Intelligence—Velocity Suite

Cancelled 5 GWRetired 1Converted to gas 2

Total 8 GW

Represents approx. 1 Bcf/d future gas demand

41

Southeast Growth ProjectsSNG SESH—Phase I

$150 MMJuly 2008

140 MMcf/dSNG South System III/

SESH Phase II$285 MM / $35 MM

2010–2012370 MMcf/d / 350 MMcf/dTGP Carthage Expansion

$39 MMMay 2009

100 MMcf/d

TGP Bluewater/800 Line Expansion

$25 MMNovember 2008

340 MMcf/dGulf LNG

$1.1 Billion (100%)October 2011

6.6 Bcf / 1.3 Bcf/d

FGT Phase VIII Expansion$2+ Billion (100%)

2011800 MMcf/d

SNG CypressPhase II & III

$20 MM / $85 MMMay 2008 / January 2011115 MMcf/d / 160 MMcf/d

Elba Expansion III & Elba Express$1.1 Billion2010–2013

8.4 Bcf / 0.9 Bcf/d & 1.2 Bcf/d

42

Leveraging LNG ExperienceGulf LNG

Pascagoula, MSElba Island LNG

Savannah, GA

Investing more than $2 billion on LNG and related projects

$1.1 billion terminal expansion andElba Express Pipeline8.4 Bcf incremental storage capacity0.9 Bcf/d incremental send-out capacityFully contracted with Shell and BGEPC with CBICurrent expansion will double facility

$1.1 Billion (100%); 50% EP$870 MM non-recourse financing completed1.3 Bcf/d base sendoutFully contracted with Angola LNG and ENIEPC with Aker Kvaerner2011 In-service

43

FGT Phase VIII Added toCommitted Backlog

$2+ billion (100%)50% EP, 50% SUG500 miles800 MMcf/d capacityPA with FPL for 400 MMcf/d for 25-year term2011 in-service

Proposed Pipeline ExpansionFGT

AL GA

FL

44

Southwest Focus

*Net change into/out of regionSource: El Paso Corporation

Volume Change from 2007–2016

Mojave

EPNG

Las Vegas

Phoenix

Los Angeles

Region Demand

+ 0.8 Bcf/d

-0.2 Bcf/d

+0.5 Bcf/d

Net from Mexico*+1 Bcf/d

+0.5 Bcf/d

EPNG PositionExcellent connectivity to Phoenix marketSupply diversity; excellent supply basin connectivitySignificant Mexico cross border opportunitiesStorage play

45

Rockies Focus

Source: El Paso Corporation

CIG, WIC, CP Supply PositionAttached to all growth basinsMany solely connected supply sourcesWIC is lowest cost pipe

CIG Front Range PositionServes nearly the entireFront Range demandWell connected to storage facilitiesStrong customer linkage

CIGWICCheyenne Plains

Green River

Big Horn

Powder River

Piceance

Raton

San Juan

Uinta

Wind River

Cheyenne

Denver

Opal

Denver-Julesburg

46

Rockies Production Growth19

9019

9119

9219

9319

9419

9519

9619

9719

9819

9920

0020

0120

0220

0320

0420

0520

0620

0720

0820

0920

1020

1120

1220

1320

1420

1520

16

DenverPiceanceUintaPowder RiverOverthrustGreen RiverWind RiverBig Horn

Forecast by 2016 (Bcf/d):

High Case 13.3Mid Case 11.9Low Case 10.4

Forecast

1990–2006: Wellhead total data from HIS database2007–2016: El Paso forecast

14

12

10

8

6

4

2

0

+3 Bcf/d

Wellhead Volumes in Bcf/d

47

Rockies Growth Projects

Source: El Paso Corporation

Ruby PIpeline

~ 1.5 to 2.0 Bcf/d

~ 1.0 to 1.5 Bcf/d

Cheyenne

Opal

CIGWICCheyenne Plains

CP Coral Expansion$23 MM

July 200870 MMcf/d

WIC Medicine Bow Expansion

$37 MMSeptember 2008

330 MMcf/d

WIC Piceance Lateral$62 MM4Q 2009

220 MMcf/d

CIG High Plains Pipeline$198 MM (100%)November 2008

900 MMcf/d

CIG Totem Storage$139 MM (100%)

July 2009200 MMcf/d

Volume Change from 2007–2016

48

CIG High Plains Pipeline$198 MM (100%)November 2008

900 MMcf/d

TGP Carthage Expansion

$39 MMMay 2009

100 MMcf/d

SNG South System III/ SESH Phase II

$285 MM / $35 MM2010–2012

370 MMcf/d / 350 MMcf/d

Elba Expansion III & Elba Express

$1.1 Billion2010–2013

8.4 Bcf / 0.9 Bcf/d & 1.2 Bcf/d

SNG Cypress Phase II & III $20 MM/$85 MM

May 2008 / Jan 2011115 MMcf/d / 160 MMcf/d

CIG Totem Storage$139 MM (100%)

July 2009200 MMcf/d

WIC Piceance Lateral$62 MM4Q 2009

220 MMcf/dSNG SESH –Phase I

$150 MMJul 2008

140 MMcf/d

El Paso PipelineEl Paso Pipeline Partners, LP

TGP Concord$21 MM

Nov 200930 MMcf/d

Gulf LNG$1.1 Billion (100%)

Oct 20116.6 Bcf / 1.3 Bcf/d

CP Coral Expansion$23 MM

July 200870 MMcf/d

El Paso Backlog: Large and Profitable

WIC Medicine Bow Expansion

$37 MMSep 2008

330 MMcf/d

FGT Phase VIII Expansion

$2+ Billion (100%)2011

800 MMcf/d

Capex EBITDA (run rate)* Multiple$3.9 billion $0.6 billion 7x

TGP Bluewater / 800 Ln Exp$25 MM

Nov 2008340 MMcf/d

*EBITDA based on pro-rata basisNote: As of March 31, 2008; El Paso Pipeline Partners owns 10% of SNG & CIG

49

De-risking of Backlog Capital Costs

30%–35% 35%–40%

Pipe Contractor-related Right-of-wayOther

Typical Pipeline Capex Breakdown

$1.70.81.4

$3.9

ContractorCustomerEl Paso

$ BillionPrimary Party

At-Risk for Capex

25%–35%

50

Managing Execution

Backlog mostly lower risk organic projects

Reasonable lead times

EP’s size/scale alliances with pipe mills/contractors

Experienced project managers (28 yrs. avg.)

EVA-like “value creation” compensation

Solid track record

51

Solid Track Record

Cheyenne Plains

Elba II

LPG Burgos

Cypress Phase I

ConneXion NE

Triple TLA Deepwater

Link

Kanda Lateral

Raton Exp I

Piceance LateralConneXion

NY/NJ

Sta 317 HPYuma County

Raton Exp II

Actual Capex EBITDA (run rate)* Multiple$ 1.6 billion $220 million 7x

11% capex increase vs. original budget in challenging environment

Projects Completed in 2005–2007

*Estimated EBITDA run rate based on pro rata basis

52

Large Projects in Development

Northeast Passage

$2+ billion (100%)1.1 Bcf/d capacity2012 In-serviceJoint development with Equitable

Ruby Project

$2+ billion (100%)1.2 Bcf/d capacity2011 In-servicePAs with PGE & 2 othersJoint ownership

Potential $4+ billion capex (100%)Estimate $2+ billion El Paso’s share

Several other organic projects under development

Note: Not included in backlog

53

El Paso Pipeline Partners (EPB)Primary focus is natural gas transmission and storage assetsThree FERC regulated interstate pipelines:

100% of WIC: 800 miles, 2.7 Bcf/d10% of CIG: 4,000 miles, 3.0 Bcf/d10% of SNG: 7,600 miles, 3.7 Bcf/d

Demand-based revenues from high-quality customers with strong credit profilesSeveral organic expansions underway

Diverse, Growing Supply Regions High Connectivity to Growing Markets

WICCIG SNG

54

EPB’s Importance to El Paso

Strategic growth vehicle for El PasoCompetitive cost of capitalFinancial flexibility to optimize capital structure

Growth

Value

Alignment

Highlight value of El Paso’s pipeline franchiseAssets receive a higher value in MLP structureProvide strong cash flow

EP and EPB’s interests are alignedEP retains 67% ownership (LP and 2.0% GP)General partnership ownership—IDRs

55

Commitment to MLP Growth

Committed to growEl Paso Pipeline Partners

OrganicDrop downs from El PasoThird-party acquisition

El Paso highly incentivizedwith unit ownership, GP interest and IDR

Most pipeline assets suitable for MLP

$2.4 billion NOL

Review on ongoing basis

Proceeds available for reinvestment, share buy backs, debt reduction

56

Leading Pipeline Franchise

Broad market presence

Excellent connectivity

$4 billion backlog: attractive risk/return profile

6%–8% long-term EBIT growth

EPB MLP highlighting value of pipes

Q&A