Second Quarter 2014

Earnings Conference Call

July 30, 2014

Cautionary Note Regarding Forward-Looking Statements

Certain information contained in this presentation is forward-looking information based on current expectations and plans that involve risks and uncertainties. Forward-looking information includes, among

other things, statements concerning projected cost and schedule for the completion of ongoing construction projects, earnings per share guidance, and the economic recovery. Southern Company

cautions that there are certain factors that can cause actual results to differ materially from the forward-looking information that has been provided. The reader is cautioned not to put undue reliance on

this forward-looking information, which is not a guarantee of future performance and is subject to a number of uncertainties and other factors, many of which are outside the control of Southern Company;

accordingly, there can be no assurance that such suggested results will be realized. The following factors, in addition to those discussed in Southern Company’s Annual Report on Form 10-K for the year

ended December 31, 2013, and subsequent securities filings, could cause actual results to differ materially from management expectations as suggested by such forward-looking information: the impact

of recent and future federal and state regulatory changes, including legislative and regulatory initiatives regarding deregulation and restructuring of the electric utility industry, environmental laws including

regulation of water, coal combustion residuals, and emissions of sulfur, nitrogen, carbon, soot, particulate matter, hazardous air pollutants, including mercury, and other substances, and also changes in

tax and other laws and regulations to which Southern Company and its subsidiaries are subject, as well as changes in application of existing laws and regulations; current and future litigation, regulatory

investigations, proceedings, or inquiries, including the pending Environmental Protection Agency civil actions against certain Southern Company subsidiaries, Federal Energy Regulatory Commission

matters, and Internal Revenue Service and state tax audits; the effects, extent, and timing of the entry of additional competition in the markets in which Southern Company’s subsidiaries operate;

variations in demand for electricity, including those relating to weather, the general economy and recovery from the recent recession, population and business growth (and declines), the effects of energy

conservation measures, including from the development and deployment of alternative energy sources such as self-generation and distributed generation technologies, and any potential economic

impacts resulting from federal fiscal decisions; available sources and costs of fuels; effects of inflation; ability to control costs and avoid cost overruns during the development and construction of facilities,

which include the development and construction of generating facilities with designs that have not been finalized or previously constructed, including changes in labor costs and productivity factors,

adverse weather conditions, shortages and inconsistent quality of equipment, materials, and labor, contractor or supplier delay, non-performance under construction or other agreements, operational

performance, operational readiness, unforeseen engineering problems, and/or delays associated with start-up activities, including major equipment failure, system integration, and operations; ability to

construct facilities in accordance with the requirements of permits and licenses, to satisfy any operational and environmental performance standards, including any Public Service Commission (“PSC”)

requirements and the requirements of tax credits and other incentives, and to integrate facilities into the Southern Company system upon completion of construction; investment performance of Southern

Company’s employee and retiree benefit plans and the Southern Company system’s nuclear decommissioning trust funds; advances in technology; state and federal rate regulations and the impact of

pending and future rate cases and negotiations, including rate actions relating to fuel and other cost recovery mechanisms; legal and regulatory approvals and actions related to the Plant Vogtle

expansion, including Georgia PSC approvals and Nuclear Regulatory Commission actions; actions related to cost recovery for the integrated coal gasification combined cycle facility under construction in

Kemper County, Mississippi (“Kemper IGCC”), including actions relating to proposed securitization, Mississippi PSC approval of Mississippi Power Company’s proposed rate recovery plan, as ultimately

amended, which currently includes the ability to complete the proposed sale of an interest in the Kemper IGCC to South Mississippi Electric Power Association, the ability to utilize bonus depreciation,

which currently requires that assets be placed in service in 2014, and satisfaction of requirements to utilize investment tax credits and grants; Mississippi PSC review of the prudence of Kemper IGCC

costs; the outcome of any legal or regulatory proceedings regarding the Mississippi PSC’s issuance of the Certificate of Public Convenience and Necessity for the Kemper IGCC, the settlement

agreement between Mississippi Power Company and the Mississippi PSC, the March 2013 rate order approving retail rate increases consistent with the terms of the settlement agreement, or the State of

Mississippi legislation designed to enhance the Mississippi PSC’s authority to facilitate development and construction of baseload generation in the State of Mississippi; the inherent risks involved in

operating and constructing nuclear generating facilities, including environmental, health, regulatory, natural disaster, terrorism, and financial risks; the performance of projects undertaken by the non-utility

businesses and the success of efforts to invest in and develop new opportunities; internal restructuring or other restructuring options that may be pursued; potential business strategies, including

acquisitions or dispositions of assets or businesses, which cannot be assured to be completed or beneficial to Southern Company or its subsidiaries; the ability of counterparties of Southern Company

and its subsidiaries to make payments as and when due and to perform as required; the ability to obtain new short- and long-term contracts with wholesale customers; the direct or indirect effect on the

Southern Company system’s business resulting from terrorist incidents and the threat of terrorist incidents, including cyber intrusion; interest rate fluctuations and financial market conditions and the

results of financing efforts, including Southern Company’s and its subsidiaries’ credit ratings; the impacts of any potential U.S. credit rating downgrade or other sovereign financial issues, including

impacts on interest rates, access to capital markets, impacts on currency exchange rates, counterparty performance, and the economy in general, as well as potential impacts on the benefits of the U.S.

Department of Energy loan guarantees; the ability of Southern Company and its subsidiaries to obtain additional generating capacity at competitive prices; catastrophic events such as fires, earthquakes,

explosions, floods, hurricanes, droughts, pandemic health events such as influenzas, or other similar occurrences; the direct or indirect effects on the Southern Company system’s business resulting from

incidents affecting the U.S. electric grid or operation of generating resources; and the effect of accounting pronouncements issued periodically by standard setting bodies. Southern Company expressly

disclaims any obligation to update any forward-looking information.

2

Vogtle Construction Site as of July 24th, 2014

3

Cooling Towers

Unit 3 Unit 4

Unit 3

Annex Building

Nuclear Island Heavy Lift Derrick

Turbine Island

Condenser

Assembly

Unit 3 CA03

Turbine Island

Nuclear Island Unit 4

Unit 3 Containment Vessel

Module Assembly

Building

Progress

Set bottom head

Nuclear island wall placements

Condenser assembly

Initiated CA20 module fabrication

Reactor vessel delivery (pic below)

Near-term

• Continue module fabrication

• Continue nuclear island wall installation

• Turbine building vertical construction

On the horizon

• Set CA04

• Set CB65

Unit 3 Unit 4

Vogtle Construction Update

4

Progress

Initiated CA01 module assembly

Nuclear island wall placements

Condenser installation completed

Initiated annex building construction

Near-term

• Set CA05 (wall module) (pic below)

• Set containment vessel lower ring

• Complete cooling tower vertical construction

On the horizon

• Nuclear island concrete placement to ground level

• Set CA01 module

• Initiate shield building installation

Unit 3 - CA05 Unit 4 – Reactor vessel

Vogtle Units 3&4 Nuclear Island Activity

5

Current

View

Near Term

Unit 3 Unit 4

Unit 3 Unit 4

CA04

CA05

CB65

Lower Ring

CA05

Formwork

Concrete Placed

Pedestal Concrete

under CVBH

CA04

CB65

Formwork

Concrete Placed

Kemper IGCC Update

6

Progress “Pipe-tight” – 900,000 linear feet installed & ready for testing

Completed pneumatic pressure tests for both gasifiers

Water & wastewater systems ready

Upcoming • Combined Cycle in-service

• First gasifier fire expected late 3rd quarter or early 4th quarter

• First syngas production expected late this year

Kemper Project Risks

• Start-up activities

• Operational readiness

• Unforeseen engineering problems

• Labor costs & productivity

• Adverse weather conditions

• Shortages & inconsistent quality of equipment & materials

• Labor, contractor, or supplier delay

• Non-performance under construction or other agreements

• Operational performance

Southern Power Project – Macho Springs

7

Location: Luna County, New Mexico

Capacity: 50 MW*

• Acquired from First Solar in May

• 20-Year PPA with El Paso Electric

*Represents 100% Ownership (90% SPC, 10% Turner)

Southern Power, partnered with Turner Renewable Energy, now

has a solar portfolio of 7 projects totaling 291 MWs

Q2 2014 Earnings Results

8

Q2 YTD

Earnings Per Share $0.68 $1.08

Impact of increase in Kemper cost estimate - $0.26

Earnings Per Share x-items $0.68 $1.34

Q2 2013 Q2 2014

$0.66

$0.68

4¢

-5¢

-2¢

3¢

-1¢

Weather

Other

Revenue

Effects

Non-fuel

O&M

D&A

Other Taxes Other

Income &

Deductions

Traditional

Operating

Companies 4¢

2¢

1¢

Interest

Expense

Q2 2014 vs. Q2 2013 Adjusted EPS Drivers

9 Note: Excludes Q2 2013 EPS impact of -32¢ related to increase in Kemper Project cost estimates; GAAP EPS was $0.34 for Q2 2013

-2¢

Shares

1¢

Other

Operating

Revenues

1¢

Economic

Growth

13 Months of Continued Industrial Sales Growth

Retail Sales

10

Residential

Commercial

Industrial

Total Retail

As Reported Weather Normal

2.0%

1.3%

3.0%

2.1%

-0.6%

0.0%

3.0%

0.9%

Q2

• 10 largest industrial segments all

reflected year-over-year growth in

the 2nd quarter

• Housing related industries (lumber,

stone, clay & glass, and textiles)

continued to improve

• Elba Island LNG facility at

Savannah port to be one of

our largest customers

As Reported Weather Normal

8.5%

2.4%

2.9%

4.5%

0.3%

-0.1%

2.9%

1.1%

YTD

4.1% 3.2%

2.7%

1.7%

5.5%

7.9%

1.0%

3.6%

0.3%

4.4%

2.0%

3.3% 3.8%

Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14

Industrial Sales Growth % vs. Prior Year

2014 Earnings Per Share

Q3 Estimate = $1.06 per share

11

Appendix

12

Generation Portfolio Diversity

13

Capacity Factors Q2 YTD

2013 2014 2013 2014

Coal - PRB 75% 64% 74% 68%

Coal - Non-PRB 30% 43% 30% 44%

Gas - Combined Cycle 60% 60% 66% 58%

Energy Mix Q2 YTD

2013 2014 2013 2014

Natural Gas 39% 37% 43% 36%

Coal 39% 42% 36% 43%

Nuclear 16% 17% 16% 16%

Hydro/Other 5% 3% 5% 5%