El Paso Corporation 2008 Summary Report

Interstate Pipelines | Exploration & Production

items impacting 2008 and 2007 results 2008 2007

($ Millions, except EPS) Pre-tax After-tax Diluted EPS Pre-tax After-tax Diluted EPS

Net income (loss) available to common shareholders $ (860) $ (1.24) $ 1,073 $ 1.53

Adjustments 1

Ceiling test charges and Four Star impairment $ 2,794 2,024 2.90 $ – – –MTM impact of E&P derivatives 2 (287) (183) (0.26) – – –Sale of ANR and related assets – – – (1,043) (674) (0.96)Change in fair value of power contracts 46 29 0.04 77 49 0.07

Case Corporation indemnification (65) (27) (0.04) 11 7 0.01

Change in fair value of production-related derivatives in Marketing 50 32 0.04 89 57 0.08

Change in fair value of legacy indemnification 30 19 0.03 – – –Gain on sale of portion of telecommunications business (18) (12) (0.01) – – –Other legacy litigation adjustments (23) (26) (0.03) – – – Legal restructuring benefit – (40) (0.06) – – – Crude oil trading liability – – – (77) (49) (0.07)Brazilian power impairments – – – 72 72 0.10

Debt repurchase costs – – – 291 186 0.27

Effect of change in number of diluted shares – – (0.06) – – (0.03)

Adjusted EPS—Continuing operations 3 $ 1.31 $ 1.00

1 All adjustments assume a 36 percent tax rate, except the International portion of the ceiling test charges; sale of ANR and related assets; the Case Corporation indemnification; other legacy litigation adjustments; Brazilian power impairments; and 696 million and 699 million diluted shares in 2008 and 2007, respectively.

2 Includes $305 million of mark-to-market gains on derivatives adjusted for $18 million of realized gains from cash settlements.

3 Reflects fully diluted shares of 766 million and 757 million in 2008 and 2007, respectively, and includes income impact from dilutive securities.

financial and operating highlights For the years ended December 31,

($ Millions, except per share) 2008* 2007 2006

Financial ResultsOperating revenues $ 5,363 $ 4,648 $ 4,281

Operating income (loss) (230) 1,645 1,427

Income (loss) from continuing operations (823) 436 531

Net income (loss) available to common shareholders (860) 1,073 438

Basic net income (loss) per common share $ (1.24) $ 1.54 $ 0.65

Diluted net income (loss) per common share $ (1.24) $ 1.53 $ 0.64

Total assets $ 23,668 $ 24,579 $ 27,261

Short-term financing obligations, including current maturities 1,090 331 1,360

Long-term financing obligations 12,818 12,483 13,329

Stockholders’ equity 4,035 5,280 4,186

Cash flow from operations 2,370 1,805 2,103

Operating ResultsPipeline throughput volumes (Bbtu/d)

Company-owned pipeline systems 17,051 16,397 15,307

Equity investments 1,763 1,734 1,705

Total throughput 18,814 18,131 17,012

Exploration & Production (Bcfe)Consolidated production 272 289 266

Unconsolidated affiliate production 27 25 25

Consolidated reserves 2,325 2,853 2,415

Unconsolidated affiliate reserves 222 256 222

*In 2008, El Paso reported $2.7 billion of non-cash, pre-tax ceiling test charges in its E&P segment, as well as a $125 million non-cash impairment related to its investment in Four Star.

In spite of this unprecedented volatility, westayed focused on our two core businesses andclosed the year with some significant achieve-ments under our belt. I will share some of thesein this letter, but I don’t want to gloss over thefact that in spite of our efforts and in spite ofthese accomplishments, our stock performedpoorly. In the current environment, there is agreat temptation to lay all of this off on “the col-lapse of the market” or “conditions outside ourcontrol.” Two things to point out: First, that isn’tcompletely true; and, second, it doesn’t changethe fact that you, our shareholders, lost moneyon your investment in El Paso in 2008. For that,I take full responsibility. Also, as a long-termshareholder and someone who has made signif-icant purchases of our stock, I can safely say thatno one suffered greater loss as a percentage oftheir personal worth than me. The same canbe said for the rest of the leadership of yourcompany, and we are all committed to leadingEl Paso through this challenging period anddelivering long-term value to you that willmake you glad that you allowed us to stewardyour investment.

AccomplishmentsBut for a precipitous drop in commodity pricesduring the fourth quarter, 2008 would have beenour sixth consecutive year of improved earnings.Both core businesses—Pipeline and Exploration& Production—contributed to that success. Inthe Pipeline business, we placed seven growthprojects in service during the year. In the suc-cessful completion of these projects we saw thepositive effects of all of the investment we’vemade over the last two years in improving ourcommercial skills, our supply chain managementexpertise, and our ability to successfully executeon projects. These investments will pay hugedividends as we move forward on our signatureachievement for 2008—increasing our backlog ofcommitted growth projects to $8 billion, whichwe expect to generate an incremental $1.2 billionin cash flow annually when fully in service. Thisis the best growth backlog in the industry,because it is supported by long-term capacitycommitments from our customers and becausewe have mitigated a significant portion of thecapital risk. And all of this was accomplishedwhile achieving the best safety performance inour history.

Letter to Shareholders—2008 was a year with two distinct chapters.Chapter one included strong and rising commodity prices,growth in both core businesses, strong earnings and cash flow,and a six-year high for our stock price. Chapter two was the polaropposite, characterized by a worldwide recession, the collapseof capital markets, falling commodity prices, and very close toa five-year low for our stock price. 2008 also included a veryactive hurricane season that affected our operations offshorein the Gulf of Mexico, onshore along the Gulf Coast, and evenour headquarters in Houston where Hurricane Ike inflictedmeaningful damage.

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In our Exploration & Production business,we grew our non-proved inventory by almost30 percent year-over-year. And that growth wasin areas that have all the attributes we look for—significant acreage positions that are largely heldby production, large numbers of relatively low-risk, repeatable drilling opportunities that allowus to achieve substantial benefits from continuousimprovement, and longevity of reserves. Thisbusiness unit also replaced almost 200 percentof its reserves during the year at a cost per unitdomestically of $2.87 per million cubic feetequivalent (Mcfe), before considering the effectsof the price-related oil and gas reserve revisionat year-end. This was a 12 percent improvementover 2007 in a year when most costs were at all-time highs. These accomplishments are a directresult of our asset high-grading process over thelast few years, our continued improvement in oursupply chain skills, and a focus on larger scale,more repeatable drilling programs. We also hadexploration success during the year in Brazil andexpect our first large development to come onstream in the second quarter of this year. InEgypt, we kicked off our drilling campaign afterbuilding a significant acreage position in theprolific onshore Western Desert area.

Our cash flow from operations for 2008 wasup 30 percent from 2007. In addition, during theyear we worked diligently to put in place com-modity price protection for 2009. The end resultis that we achieved a floor price for 75 percentof our 2009 domestic gas production at around$9 per Mcf and 60 percent of our oil was sold atapproximately $110 a barrel for 2009. As marketconditions declined in the second half of theyear, and ever mindful of our capital needs goingforward, we built liquidity significantly. As I writethis letter in early March, we have $3.3 billion inliquidity, effectively eliminating our need to

access capital markets under any commodity pricescenario for the remainder of 2009.

MisstepsOur biggest single misstep during the year wasnot anticipating the bursting of the commoditybubble and the meltdown of the capital markets.Had we been able to do so, we would have cer-tainly managed our business differently, hedgingproduction out beyond 2009, cutting capitalsooner, and paying down debt earlier. With hind-sight, of course, we all should have seen thiscoming. But the fact is we did not. In addition, weallocated too much capital to our onshore TexasGulf Coast region and stuck with our spendingprogram too long when results were below expec-tations. The result of this was sub-par productionvolume performance for the year for this region,which dragged down an otherwise good perform-ance in the Exploration & Production businessas a whole. We work to continuously improve asan organization, so we have incorporated the learn-ings from these missteps into our 2009 Plan.

2009 and BeyondWe find ourselves today in uncharted waters.Commodity prices are low and have descended ata much faster rate than costs. Demand for ourprimary product, natural gas, is down. We aretrying to forecast when the effects of a dramaticdrop-off in drilling activity will result in a rebal-ancing of the supply/demand equation. The globalrecession means some new realities in capitalmarkets, maybe for the long term. The monetaryand fiscal stimulus from Congress, the Treasury,and the Federal Reserve means that many of themacro-economic drivers for our business willsuffer distortion. Any one of these would be areal leadership challenge, but, in combination,they result in an unprecedented need to lead this

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organization in real-time, to constantly reassessthe assumptions in our plan, to maintain max-imum flexibility to respond to near-term events,and to communicate regularly with our primaryconstituents, starting with the 5,000 members ofTeam El Paso.

So in this environment, what are we doing?First, we acted quickly to address our liquidityfor 2009, and now we’re working on 2010 andbeyond. Second, we have cut our capital spendingplans, and may cut further to the extent thatmarket conditions dictate. But we’ve made thesecuts with some principles in mind. Our highestpriority is to execute on the growth backlog in ourPipeline business, and do that on-time and on-budget. We view our Exploration & Productionexpenditures in this environment as largely dis-cretionary, but we want to preserve our inventoryso that as commodity prices recover we cancapture that value. We are working to shortenthe duration of our supply chain so that we canmaximize our ability to reduce costs in areas whereovercapacity exists, and we continue to work withour vendor partners to reduce costs. Finally, we’retaking actions to ensure that we can withstanda prolonged period of low commodity prices.

This is as challenging a time in our industryas any of us have ever experienced. 2009 will be adifficult year. But we have three core strengthsto build on that put us in good stead. First, ourprimary commodity, natural gas, is uniquely posi-tioned to help address our country’s energy needsand environmental challenges. Natural gas isabundant, it is clean, and it will be the primarybridge fuel as we continue to work to reduceour carbon footprint nationally. Second, wehave assets that are well-suited to benefit fromthe growth of natural gas as a primary energysource. We have the best natural gas pipelineassets in the business, and we will grow them

significantly over the next five years with the proj-ects already in hand. We have a great Exploration& Production business that will live within itsmeans during this time of low commodity prices,while preserving the optionality that exists inits large inventory of low-risk unconventionalproperties. And third, we have an importantstrategic weapon at El Paso—5,000 team memberswho are engaged and committed to achieving ourlonger-term vision for this company to be thePlace to Work, the Neighbor to Have, and theCompany to Own. We know they are talented,motivated, and engaged because we measure it.And we’ve been honest with them about the chal-lenges ahead and the sacrifices that we will askthem to make for our future. Our employees arebattle-tested and capable of leading the companythrough just this kind of environment.

Thank you for the faith you show in us byallowing us to be stewards of your investment.We will work tirelessly to make that a wisedecision.

Douglas L. FosheePresident and Chief Executive Officer

Our cash flow from operations for 2008 was up 30 percent from 2007. In addition, duringthe year we worked diligently to put in place commodity price protection for 2009.The end result is that we achieved a floor price for 75 percent of our 2009 domestic gasproduction at around $9 per Mcf and 60 percent of our oil was sold at approximately$110 a barrel for 2009. As market conditions declined in the second half of the year, andever mindful of our capital needs going forward, we built liquidity significantly. As Iwrite this letter in early March, we have $3.3 billion in liquidity, effectively eliminatingour need to access capital markets under any commodity price scenario for 2009.

— doug foshee, Pre s ident and Chie f Execut ive Of f i c er

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We own North America’s largest interstate naturalgas pipeline system. Our approximately 42,000

miles of pipe connect North America’s majornatural gas producing basins to markets fromcoast-to-coast and border-to-border. For morethan 80 years, this infrastructure has helped tofuel the engine of the U.S. economy. We have a proven track record of performance, and wewill play a vital role in our nation’s economicrecovery.

Due to the size, connectivity, and diversityof our U.S. pipeline system, we have been able

to capitalize on growth opportunities and thedynamics of shifting supply and demand. Ourbacklog of committed pipeline projects has grownfrom $4 billion as we entered 2008 to nearly $8

billion. In 2008, we committed to new growthprojects in the Northeast, Southeast, and West,all of which will be placed in service between2009 and 2012. The largest of these is our RubyPipeline, a new 675-mile, 42-inch pipeline whichwill connect competitively priced natural gasreserves in the Rocky Mountain region withmarkets in the Western United States. It will be

Our commitment to safety, quality customer service, and reli-able operations helps our Pipeline Group deliver exceptionalperformance, year-in and year-out. As owners and operatorsof North America’s premier interstate natural gas pipelinenetwork, El Paso connects major producing regions with growingpopulation centers.

E L B A I S L A N DL N G F A C I L I T Y

WIC KandaLateral

January 2008

410MMcf/d

Cypress, Phase II

May 2008

114MMcf/d

Cheyenne PlainsCompression

August 2008

70MMcf/d

Southeast SupplyHeader, Phase I

September 2008

136MMcf/d

Medicine Bow

October 2008

330MMcf/d

BluewaterReconfiguration

November 2008

340MMcf/d

High PlainsPipeline

November 2008

900MMcf/d

In 2008, we placed seven newgrowth projects in servicethat are now earning revenue.These projects are located inthe Rockies and Southeast.In 2009, we are scheduled to complete four additionalexpansion projects that willcontribute 550 million cubicfeet per day in combineddaily throughput.

2008 Expansion Projectsin-service date and daily throughputMillion cubic feet per day (MMcf/d)

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ready for service in early 2011. This backlog ofprojects gives us a clear line of sight to annualpipeline earnings growth for the next five years.

But we’re not just pipelines. A key componentof the natural gas delivery system is the ability tostore gas for delivery to meet the market’s needs.We own approximately 230 billion cubic feet ofstorage capacity that provides our customers theoperational and financial flexibility they need.

Reliable supplies of liquefied natural gas(LNG) are also a critical component of the U.S.energy mix going forward. We own one of NorthAmerica’s best-located LNG facilities, Elba Island,near Savannah, Georgia. Elba Island receivesregular LNG shipments from stable supply sources,and serves as a key natural gas supply hub formarkets in the Southeastern and Eastern UnitedStates, with current daily sendout capacity ofmore than 1.2 billion cubic feet. And we’ll placein service a major expansion of our Elba Islandfacility in 2010.

In 2009, our focus is to enhance the valueof our transmission business by successfully exe-cuting on our backlog of committed expansionprojects on-time and on-budget. And our day-to-day operations will be guided by El Paso’scommon purpose to deliver natural gas andrelated energy products in a safe, efficient, anddependable manner.

We delivered consistent financial results again in 2008. Throughput increased — up 4percent over 2007 — in spite of an active hurricane season in 2008, the global economicslowdown, and a generally milder winter and summer. We made meaningful progresson our nearly $8 billion committed backlog of expansion projects, the largest in ourhistory. And we did all this while achieving our best-ever employee safety record andreliably serving our customers 24/7.

— j im yardley Pre s ident , Pipe l ine Group

are committed to holdingourselves to these high standards every day. In 2008,Pipeline Group employeesrecorded the company’s bestsafety performance ever.

El Paso’s employees across ouroperations share the commonvalues of stewardship, integri-ty, safety, accountability,and excellence. More thanwords on our team logo, we

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B R A Z I L

E G Y P T

Our Exploration & Production Company exploresfor, acquires, develops, and produces natural gasand oil in the United States, Brazil, and Egypt.Our balanced program of development and explo-ration, which is focused on low-risk, repeatableprograms, helps us find and produce energy tomeet U.S. energy needs.

At the end of 2008, we controlled 3.8 millionnet leasehold acres. Our proved natural gas andoil reserves were about 2.3 trillion cubic feetequivalent, excluding 0.2 trillion cubic feet relatedto our unconsolidated investment in Four Star

Oil and Gas Company. In addition to our provedreserves, we closed out 2008 with significant resource inventory, including 3.5 trillion cubic feetequivalent of net risked unproved resource poten-tial. During the year, our production averagedabout 816 million cubic feet equivalent per day,including 74 million cubic feet equivalent per dayattributable to our share of Four Star equity vol-umes. We have a significant portfolio of devel-opment and exploration projects that includesboth long- and shorter-lived properties, which weoperate in four U.S. regions and internationally.

As opportunities expand for El Paso Exploration & ProductionCompany, we remain focused on the fundamentals of exploringfor and producing natural gas and oil. In an extremely compet-itive business, this focus has helped us move closer to our goalof becoming a top-tier exploration and production company.

E L B A I S L A N DL N G F A C I L I T Y

El Paso Exploration &Production explores for, devel-ops, and produces natural gasand oil in four key onshoreand offshore regions of theUnited States —Central,Western, Texas Gulf Coast,and Gulf of Mexico/SouthLouisiana — as well as offshore Brazil and onshore Eg ypt.

Central

2008 Production

312MMcfe/d

Western

2008 Production

154MMcfe/d

Texas GulfCoast

2008 Production

225MMcfe/d

Gulf of Mexico/South Louisiana

2008 Production

114MMcfe/d

International

2008 Production

11MMcfe/d

Operating Regionsdaily productionMillion cubic feet per day equivalent (MMcfe/d)

International Regions

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Strategic acquisitions have been a big part ofour growth story over the past five years. Signif-icant acquisitions include Medicine Bow, withoperations in the Western United States and anownership interest in Four Star; Peoples EnergyProduction Company, with operations in east andsouth Texas, north Louisiana, and Mississippi;and producing properties and undeveloped acre-age in Zapata County in south Texas. We havealso completed smaller “bolt-on” acquisitions ofincremental interests where we already had exist-ing operations.

In addition to acquisitions, strategic divesti-tures have allowed us to highlight the strength ofour remaining assets. During 2008, as part ofour efforts to high-grade our asset portfolio, wecompleted the sale of non-core properties prima-rily in the Texas Gulf Coast and Gulf of Mexicoregions. In January 2009, we completed the saleof additional non-core natural gas producingproperties in our Western and Central regions.These transactions have increased the weight-

ing of our existing inventory toward lower-risk,onshore basins in the United States.

Internationally, the company has establishedoperations in Brazil and recently began opera-tions in Egypt. Our operations in Brazil coverapproximately 329,000 net acres in seven blocksand eight development areas in the Camamu,Espirito Santo, and Potiguar basins located off-shore Brazil. Production in Brazil averaged 11

million cubic feet per day equivalent in 2008.Our Egyptian operations include 1.2 million netacres in two onshore blocks in Egypt’s WesternDesert.

Our program has upside potential in theareas of infill drilling, emerging shale plays,and international exploration. In 2009, we willcontinue to focus on lower-risk, repeatable pro-grams in the onshore regions of the United States,while preserving opportunities for future growthas business cycles emerge from the current globaleconomic challenges.

In a year of unprecedented challenges, we achieved several important milestones in2008. We added significant inventory to our future capital projects and achieved thelowest domestic reserve replacement costs, excluding price revisions, in many years.We added 595 billion cubic feet equivalent of proved reserves before price revisions,completed divestitures that generated $637 million of proceeds, and strengthened ourteam in an exceptionally tough talent environment. Throughout the year, we held toour values as a company and remained focused on our objectives.

— brent smolik Pre s ident , El Paso Explorat ion & Product ion Company

El Paso’s employees worktoward a common vision ofbeing the Place to Work, theNeighbor to Have, and theCompany to Own. Ouroffice in Eg ypt completed an extensive seismic surveyproject, involving more than one million contractorworking hours, with zerorecordable safety incidents.

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Juan Carlos Braniff

ChairmanCapital I Ltd. Partners

James L. Dunlap

Former Vice ChairmanPresident and Chief

Operating OfficerOcean Energy/United

Meridian Corporation

Douglas L. Foshee*

President and Chief Executive Officer

El Paso Corporation

*Member of Management Team

Robert W. Goldman

Financial ConsultantFormer Senior Vice

President, Finance andChief Financial Officer

Conoco Inc.

Anthony W. Hall, Jr.

Chief Administrative Officer

City of Houston, Texas

Ronald L. Kuehn, Jr. ◊

Chairman of the BoardEl Paso Corporation

Ferrell P. McClean

Former Managing Director and Senior Advisor

J.P. Morgan Chase & Co.’s Global Oil & Gas Group

Steven J. Shapiro

Former Executive Vice President and Chief Financial Officer

Burlington Resources Inc.

J. Michael Talbert

Former Executive Chairman of the Board

Transocean Inc.

Robert F. Vagt

PresidentThe Heinz Endowments

Robert W. Baker

Executive Vice Presidentand General Counsel

James J. Cleary

PresidentWestern Pipelines

D. Mark Leland

Executive Vice President and Chief Financial Officer

Susan B. Ortenstone

Senior Vice PresidentHuman Resources

& Administration

Brent J. Smolik

PresidentEl Paso Exploration

& Production Company

Board of Directors

Management Team

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◊ Not standing for re-election and retiring from the Board at the close of the 2009 annual meeting.

Thomas R. Hix

Former Senior Vice President, Finance andChief Financial Officer

Cooper Cameron Corporation

William H. Joyce ◊

Former Chairman of the Board and Chief Executive Officer

Nalco Company

John L. Whitmire

Chairman of the Board,CONSOL Energy, Inc.

Joe B. Wyatt ◊

Chancellor EmeritusVanderbilt University

James C. Yardley

PresidentPipeline Group

Cautionary Statement Regarding Forward-looking Statements

This report includes certain forward-looking statements and pro-

jections. The company has 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 expec-

tations expressed in this report, including, without limitation, our

ability to meet our debt maturities; volatility in, and access to, the

capital markets; our ability to implement and achieve our objec-

tives in our 2009 Plan, including achieving our earnings and cash

flow targets; the effects of any changes in accounting rules and

guidance; our ability to meet production volume targets in our

Exploration & Production segment; our ability to comply with the

covenants in our various financing documents; our ability to obtain

necessary governmental approvals for proposed pipeline and E&P

projects and our ability to successfully construct and operate such

projects; the risks associated with recontracting of transportation

commitments by our pipelines; regulatory uncertainties associated

with pipeline rate cases; actions by the credit rating agencies; the

successful close of our financing transactions; our ability to close

asset sales, as well as transactions with partners on one or more of

our expansion projects that are included in the plan on a timely

basis; credit and performance risk of our lenders, trading counter-

parties, customers, vendors and suppliers; changes in commodity

prices and basis differentials for oil, natural gas, and power; our

ability to obtain targeted cost savings in our businesses; inability

to realize anticipated synergies and cost savings on a timely basis

or at all; general economic and weather conditions in geographic

regions or markets served by the company and its affiliates, or

where operations of the company and its affiliates are located,

including the risk of a global recession and negative impact on

natural gas demand; the uncertainties associated with govern-

mental regulation; political and currency risks associated with

international operations of the company and its affiliates; competition;

and other factors described in the company’s (and its affiliates’)

Securities and Exchange Commission (SEC) filings. While the

company makes these statements and projections in good faith,

neither the company, nor its management, can guarantee that

anticipated future results will be achieved. Reference must be made

to those filings for additional important factors that may affect

actual results. The company assumes no obligation to publicly

update or revise any forward-looking statements made herein or

any other forward-looking statements made by the company,

whether as a result of new information, future events, or otherwise.

Cautionary Note to U.S. Investors

Note that the SEC permits oil and gas companies, in their filings

with the SEC, to disclose only proved reserves that a company has

demonstrated by actual production or conclusive formation tests to

be economically and legally producible under existing economic

and operating conditions. We have used certain terms in this report,

such as unproved resources, that the SEC’s guidelines strictly pro-

hibit us from including in filings with the SEC. The SEC defines

proved reserves as estimated quantities that geological and engineer-

ing data demonstrate with reasonable certainty to be recoverable

in the future from known reservoirs under the assumed economic

conditions. Investors are urged to closely consider the disclosures

and risk factors in our forms 10-K and 10-Q, available from our

offices or from our website at http://www.elpaso.com, including the

inherent uncertainties in estimating quantities of proved reserves

and unproved resources.

Non-GAAP Information

El Paso uses the non-GAAP financial measure Adjusted EPS. Adjust-

ed EPS is diluted earnings (loss) per common share from continuing

operations adjusted for certain specified items. Adjusted EPS is

useful in analyzing our ongoing earnings potential. References to

incremental revenues from our committed pipeline growth projects

are reflected on a proportional basis.

Principal Corporate OfficeEl Paso Corporation1001 Louisiana StreetHouston, Texas 77002713-420-2600

Stock Transfer Agent and RegistrarComputershare Trust Companyhas been appointed transfer agent,registrar, dividend reinvestmentagent, and is the agent of ourcontinuous odd-lot stock salesprogram. Inquiries with respectto stock accounts and dividendsand requests to transfer certifi-cates should be addressed to:

Computershare Trust Company, N.A.

P.O. Box 43010Providence, Rhode Island

02940-3010877-453-1503www.computershare.com/investor

Stock Exchange ListingEl Paso Corporation commonstock is listed for trading on theNew York Stock Exchange underthe ticker symbol “EP.”

This report is printed on acid-free recycled paper that contains 30 percent post-consumer waste.

EPC–SR–AM09

1001 Louisiana StreetHouston, Texas 77002713-420-2600www.elpaso.com