HOUSTON, TEXAS, September 27, 2001—El Paso Corporate Foundation, the philanthropic unit of El Paso Corporation (NYSE:EPG), announced today that it will contribute $1 million to help launch a fund to assist victims of the terrorist attacks on September 11. The World Trade Center Port Authority Memorial Fund has been established in honor of the 74 Port Authority employees-including staff, police officers, and rescue workers-who are either confirmed dead or currently unaccounted for.

The Port Authority of New York and New Jersey, which had offices in the World Trade Center complex, is a government agency that has been instrumental in the development and maintenance of critical transportation, commerce, and communication infrastructure in the New York/New Jersey metropolitan region since its inception in 1921. During and after the terrorist attacks, Port Authority employees played a key role in the safe and orderly evacuation of the World Trade Center complex.

"El Paso is honored to support the Port Authority by helping to launch the World Trade Center Port Authority Memorial Fund," said William A. Wise, chairman, president, and chief executive officer of El Paso Corporation. "Port Authority employees based at the World Trade Center were among the first to respond to the tragedy in New York City. These employees worked side-by-side with New York City emergency personnel, and many gave their lives in an effort to save others. We hope that the establishment of this fund will in some small way provide relief for the victims' families, and we encourage other companies to join us in building it. I would like to thank Governor Pataki of New York, Governor DiFrancesco of New Jersey, and New York City Mayor Giuliani for their guidance in helping us determine where our contributions would be most useful."

In addition to the company's formal establishment of the World Trade Center Port Authority Memorial Fund, El Paso is encouraging its employees to contribute personally to organizations involved in the relief effort. The company will match dollar-for-dollar employee donations to qualified funds specifically formed to assist the victims of the attack on our country on September 11.

El Paso Corporation is committed to meeting energy needs throughout the United States and the world, with operations that span the energy value chain from wellhead to electron. El Paso Corporation is involved in every segment of the natural gas industry, including production, gathering and processing, and transmission. The company also provides merchant energy services, international project development, energy financing, power generation, and telecommunications services. El Paso is focused on speeding the development of new energy sources to address critical energy shortages across the globe. For more information, please visit www.elpaso.com.

This release includes forward-looking statements and projections, made in reliance on the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. 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 expectations expressed in this release. While the company makes these statements and projections in good faith, neither the company nor its management can guarantee that the anticipated future results will be achieved. Reference should be made to the company's (and its affiliates') Securities and Exchange Commission filings for additional important factors that may affect actual results.