El Paso Corporation

El Paso Corporation — 4.99% Convertible Perpetual Preferred Stock

• Issued – 750,000 shares in April 2005
• Maturity – the preferred stock does not have a maturity date
• Liquidation Value – $1,000 per share
• Coupon – 4.99 % per annum
• Dividends – cumulative; paid quarterly on January 1, April 1, July 1 and October 1 (but only after declaration by the Board of Directors). Accrued but unpaid dividends will not bear interest.
• Record date – March 15, June 15, September 15 and December 15, or other times as set by the Board of Directors in accordance with the Certificate of Designations.
• CUSIP - Registered: 28336L604
            - Non-registered: 28336L406
• Transfer agent – Computershare
• Exchange – The Preferred Stock is not listed on an exchange
• Certificate of Designations - Click this link to access the Certificate of Designations on the SEC's website: http://www.sec.gov/
• Mandatory Conversion of the preferred stock – At any time on or after April 5, 2010, the Company shall have the right, at its option, to cause all outstanding shares to be automatically converted at the prevailing conversion rate, if the closing common stock price equals 130% of the conversion price then in effect for at least 20 trading days in any 30 consecutive trading days.
• Conversion – Each holder has the right to convert at any time equal to the Conversion Rate in effect at such time.
• Initial Conversion Rate – 76.7754 shares of El Paso common stock per $1,000 liquidation preference of preferred stock.
• Transfer Restrictions – The offer and sale of the preferred stock and the common stock issuable upon conversion of the preferred stock have not been registered under the Securities Act of 1933, as amended or any state securities laws, and accordingly, such preferred stock and common stock are subject to certain restrictions on transfer.

This summary is a provided on an informational basis only. In the case of any discrepancies with the underlying documents of the transaction the governing underlying documents will prevail.

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