James C. Yardley. President & Chief Executive Officer El Paso Pipeline GP Company, L.L.C. IPAA MLP Conference

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1 James C. Yardley President & Chief Executive Officer El Paso Pipeline GP Company, L.L.C. IPAA MLP Conference January 17, 2008

2 Forward Looking Statements This release includes forward-looking statements and projections, made in reliance on the safe harbor provisions of the Private Securities Litigation Reform Act of El Paso Pipeline Partners and El Paso Corporation have made every reasonable effort to ensure that the information and assumptions on which these statements and projections are based are current, reasonable, and complete. However, a variety of factors could cause actual results to differ materially from the projections, anticipated results or other expectations expressed in this presentation, including, without limitation, the ability to obtain necessary governmental approvals for proposed pipeline projects and to successfully construct and operate such projects; operating hazards, natural disasters, weather-related delays, casualty losses and other matters beyond our control; the risks associated with recontracting of transportation commitments; regulatory uncertainties associated with pipeline rate cases; actions taken by third-party operators, processors and transporters; conditions in geographic regions or markets served by WIC, El Paso Pipeline Partners and their affiliates or where their operations and affiliates are located; the effects of existing and future laws and governmental regulations; competitive conditions in our industry; changes in the availability and cost of capital; and other factors described in El Paso Pipeline Partners and El Paso Corporation s (and their affiliates ) Securities and Exchange Commission filings. While these statements and projections are made in good faith, El Paso Pipeline Partners, El Paso Corporation and their respective management teams cannot guarantee that anticipated future results will be achieved. Reference must be made to those filings for additional important factors that may affect actual results. El Paso Pipeline Partners and El Paso Corporation assume no obligation to publicly update or revise any forward-looking statements made herein or any other forward-looking statements made, whether as a result of new information, future events, or otherwise. 2

3 Overview of El Paso Corporation Purpose Culture Assets MLP Formation 3

4 Defining Purpose El Paso Corporation provides natural gas and related energy products in a safe, efficient, and dependable manner 4

5 Focus on Culture the place to work the neighbor to have the company to own 5

6 Overview of El Paso Corporation Mojave Pipeline Colorado Interstate Gas Wyoming Interstate Cheyenne Plains Pipeline Tennessee Gas Pipeline Southern Natural Gas El Paso Natural Gas Elba Island LNG Gulf LNG (50%) 2011 Florida Gas Transmission (50%) Premier Pipeline Franchise $1.2 billion of 2006 EBIT 43,000 miles of interstate pipeline with unmatched connectivity More than $2 billion of organic projects with firm customer commitment Top 10 independent E&P 2.6 Tcfe YE 06 proved reserves Top 10 independent domestic gas producer 5 years of project inventory Portfolio upgrade underway 6

7 MLP Formation Rationale Highlight Franchise Value Optimize Capital Structure Enhance Competitive Position A strong performing MLP currency provides El Paso with a strategic vehicle to grow its business 7

8 El Paso Pipeline Partners, L.P. 8

9 El Paso Pipeline Partners L.P. Successful IPO November 15, MM units sold to public at $20/unit $25.00 $24.00 El Paso retained 64.8% LP units+ 2% GP interest and incentive distribution rights $23.00 $22.00 $ /16/08: $ Est. Distribution: $1.15 Yield: 4.9% Unit value up 18% since IPO $20.00 Nov-07 Dec-07 Jan-08 9

10 Investment Highlights Strong Sponsorship El Paso is the premier U.S. natural gas pipeline franchise Alignment of interests (67% ownership + IDRs) Strategic growth vehicle for El Paso Stable Cash Flow 90%+ revenue from capacity reservation charges Average contract life of approximately 6 years Growth Vehicle Experienced Management Strategically located high quality assets $1.1 billion of contracted growth projects ($336 MM to the MLP) Growth through potential acquisitions - third party, drop down or both Unparalleled experience in the pipeline industry Includes some of El Paso s most senior officers with an average of over 26 years of energy industry experience Financial Flexibility Strong and flexible financial position 10

11 Overview of El Paso Pipeline Partners Primary focus is natural gas transmission and storage assets Three FERC regulated interstate pipelines: 100% of WIC: 700 miles, 2.3 Bcf/d 10% of CIG: 4,000 miles, 3.0 Bcf/d 10% of SNG: 7,600 miles, 3.7 Bcf/d Demand based revenues from high quality customers with strong credit profiles Several organic expansions underway WIC CIG Diverse, Growing Supply Regions SNG High Connectivity to Growing Markets 11

12 MLP Opportunities Low Cash Flow Stability High Majority of alternative MLP s Interstate Pipelines Price stability Long-term firm demand contracts Stable asset base Low Asset Life High 12

13 Capacity Reservation Charges Result in Stable Cash Flows Stable Cash Flow 2006 Revenue Composition (1) WIC CIG SNG Capacity Reservation Charges Variable Charges Interruptible Contracts 97.8% 1.8% 0.4% 92.3% 6.0% 1.7% 89.0% 7.0% 4.0% Weighted Average Contract Life (years) $100 MM of 2008 estimated cash flow available for distribution (1) Excludes liquids and fuel retention revenues. 13

14 Major Flow Changes (Bcf/d) Best Positioned Assets Canada Declining exports to the USA Eastern Demand Growth Especially Southeast Rockies Increasing supplies leaving region (1) Source: EEA/ICF International July 2007 Base Case (1) Elba Island Facility not owned by El Paso Pipeline Partners LNG Expanding current facilities, Gulf Coast additions 14

15 Wyoming Interstate Company Medicine Bow Expansion $32 MM Adds 330 MMcf/d capacity from Powder WIND River RIVER Basin BASIN Fully contracted In-service July 2008 POWDER RIVER BASIN Douglas Compressor Station Low cost Rockies takeaway pipeline Opal Hub Contracted Capacity Kanda Interconnect GREATER GREEN RIVER BASIN Wamsutter Compressor Station Leased Capacity on CIG s Powder River Line Medicine Bow Lateral Stable growing cash flow UINTA BASIN Utah Northwest Pipeline Interconnect Echo Springs Lateral WIC Kanda Lateral & Compression Wyoming $164 MM 400 MMcf/d from Uinta Basin Fully contracted Colorado In-service January 2008 Cheyenne Hub DJ BASIN Organic growth with superior returns B Anadarko Chapita Plant Piceance Lateral PICEANCE BASIN Piceance Basin Expansion $62 MM 219 MMcf/d Fully contracted Initial in-service 4Q 08 $395 MM of growth cap ex with approximately $120 MM to be spent (1) (1) As of November 15,

16 Colorado Interstate Gas Legend Major hubs CIG Storage Fields High Plains CIG OVERTHRUST BASIN UINTA BASIN WIND RIVER BASIN GREATER GREEN RIVER BASIN Opal Hub POWDER RIVER BASIN WYOMING Cheyenne Hub High Plains Pipeline $196 MM (100%) Fully contracted 164 miles of 24" and 30" pipeline 900 MMcf/d overall capacity In-service October 2008 NEBRASKA DENVER-JULESBURG BASIN Leading Rockies interstate system Access to growing Rockies Basins Directly serves Denver/Front Range markets UTAH PICEANCE BASIN Raton Basin $13 MM (100%) 30 MMcf/d; 11 miles of looped pipeline; compression Fully contracted In-service September 2007 COLORADO RATON BASIN Beaver Compressor Station TEXAS KANSAS Totem Gas Storage $120 MM (100%) Fully contracted 7 Bcf of capacity Interconnect with High Plains Pipeline OKLAHOMA In-service July 2009 ANADARKO BASIN $171 MM of growth cap ex; $128 MM to be spent; $13 MM net to EPB (2) (1) 100% to JV of which CIG will be responsible for 50% (2) As of November 15,

17 Southern Natural Gas Franchise system in growing Southeast Excellent connectivity Growing supply sources SESH Phase I Phase II Bear Creek Cap Ex ($ MM) Jackson Capacity (MMcf/d) Muldon Huntsville Birmingham In- Service Chattanooga Jun 2008 Oct 2010 Montgomery Atlanta Macon Columbus Albany Augusta Columbia Savannah Southern Natural Gas an El Paso Company Elba Island (1) Tallahassee Jacksonville SSIII Phase I Phase II Phase III Cap Ex ($ MM) $286 Capacity (MMcf/d) In- Service Oct 2010 Jun 2011 Apr 2012 Cypress Phase I Phase II Phase III Cap Ex ($ MM) Capacity (MMcf/d) In- Service May 2007 May 2008 Jan 2011 $833 MM of growth cap ex; $526 MM to be spent; $53 MM net to EPB (2) (1) Not owned by El Paso Pipeline Partners (2) As of November 15,

18 Contracted Organic Growth is Highly Visible $ Millions & Beyond WIC Kanda Lateral Medicine Bow Kanda Lateral Medicine Bow Piceance Basin CIG High Plains Totem Storage Raton High Plains Totem Storage SNG Cypress I SESH Cypress (II&III) SESH SSIII Cypress III SESH SSIII 100% Share Net to EPB $ $ $

19 Committed To Growth Three sources of future growth Organic Drop downs from El Paso Third-party acquisition Most pipeline assets suitable for MLP $2.4 billion NOL (post IPO) Review on ongoing basis Proceeds available for reinvestment, share buy backs, debt reduction 19

20 The MLP to Own WIC CIG Diverse, Growing Supply Regions Strong sponsorship Stable cash flow Growth vehicle Experienced management Financial flexibility SNG High Connectivity to Growing Markets 20

21 James C. Yardley President & Chief Executive Officer El Paso Pipeline GP Company, L.L.C. IPAA MLP Conference January 17, 2008

22 Appendix 22

23 Strong Sponsorship Public Unitholders 28,750,000 EPB Common Units 28,437,786 EPB Common Units 27,727,411 EPB Subordinated Units GP interest and incentive distribution rights 33.2% LP 64.8% LP 2.0% GP Pipelines E&P 100% 10% 10% Other Wyoming Interstate Company WIC Colorado Interstate Gas Company CIG Southern Natural Gas Company SNG 90% 90% 23

24 $ Millions Cash Strong Financial Flexibility 9/30/07 Pro Forma As Adjusted $ 1 $ 1 Note payable to affiliate Revolving borrowings Capital lease obligations Total debt Partners capital Total capitalization $ $ 779 Credit Statistics Debt/capitalization Debt/2008E adjusted EBITDA 30% 1.7x 56% 3.1x Undrawn revolver capacity of $325 million (1) ; revolver capacity expandable by $500 million (1) Based on balance at IPO close (11/21/07) 24

25 ($ in millions) Net Income Minimum Cash Flow for Distributions Twelve Months Ending 12/31/08 $84 Adjusted EBITDA ($ Millions) Add: Depreciation and amortization Interest and debt expense, net Estimated cash distributions from CIG Estimated cash distributions from SNG Less: Equity in earnings from CIG Equity in earnings from SNG Adjusted EBITDA Less: Cash reserve Provides 1.05x Coverage Ratio Cash interest expense, net Maintenance capital expenditures Other income, net Minimum estimated cash available for distribution Minimum annual distribution per unit (14) (20) $138 (5) (29) (2) (2) $100 $ % CAGR$138 $100 (1) $108 (1) Annual distributions to: Public common unitholders El Paso Total distributions to unitholders and GP $33 67 $ PF LTM PF 9/30/ E (1) Twelve months ended December 31, 2006 and September 30, 2007 are net of $4 MM of incremental G&A expenses associated with being a public company. 25

26 Name Ronald Kuehn, Jr. Experienced Senior Management El Paso Title Chairman of the Board MLP Title Chairman of the Board Years Experience 37 Doug Foshee President, Chief Executive Officer & Director Director 25 Mark Leland EVP & CFO Director 21 Jim Yardley Chairman, El Paso Pipeline Group Director, President and CEO 29 J.R. Sult SVP,CFO & Controller of the Pipeline Group; SVP, CAO & Controller (EP) SVP, CFO and Controller 26 Jim Cleary President, Western Pipeline Group SVP 28 Norman Holmes SVP, CCO & Director of Southern Natural Gas SVP 28 Arthur Reichstetter Independent Director Nominee 31 26