On September 12, 2016, Corvex Management LP issued a press release that included a letter to the 3 newly added members of the Board of Directors of Williams Companies, Inc: Stephen W. Bergstrom, Scott D. Sheffield and William H. Spence, in connection with a proposal from Enterprise Products Partners LP (EPD). In the letter, Corvex Management urged Board of Directors of the Company to take the following actions: (i) form a strategic review committee consisting of the 3 of Stephen W. Bergstrom, Scott D. Sheffield and William H. Spence to analyze the merits of a strategic combination with EPD and other players in the space, and take a sober look at the stand-alone potential of the business. The committee should hire a world class financial advisor to assist it. In addition, Corvex Management suggested Barclays or Lazard – who have deep knowledge of the company and the competitive landscape, having advised WMB intensively over the last few years and (ii) get informed, independently of management, of the history of the Company, its future prospects, and the merits of various strategic alternatives.