First Quarter 2013Earnings Conference Call

April 24, 2013

Cautionary Note Regarding Forward-Looking StatementsCertain 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 completion of ongoing construction projects, outcomes of pendingregulatory proceedings, estimated construction and other expenditures, recovery of financing costs associated with the Kemper County integrated coalgasification combined cycle facility, earnings per share, and the economic recovery. Southern Company cautions that there are certain factors that cancause actual results to differ materially from the forward-looking information that has been provided. The reader is cautioned not to put undue reliance onthis forward-looking information, which is not a guarantee of future performance and is subject to a number of uncertainties and other factors, many of whichare outside the control of Southern Company; accordingly, there can be no assurance that such suggested results will be realized. The following factors, inaddition to those discussed in Southern Company's Annual Report on Form 10-K for the year ended December 31, 2012, 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 andfuture federal and state regulatory changes, including legislative and regulatory initiatives regarding deregulation and restructuring of the electric utilityindustry, environmental laws including regulation of water, coal combustion byproducts, and emissions of sulfur, nitrogen, carbon, soot, particulate matter,hazardous air pollutants, including mercury, and other substances, financial reform legislation, and also changes in tax and other laws and regulations towhich 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 Companysubsidiaries, Federal Energy Regulatory Commission matters, and Internal Revenue Service and state tax audits; the effects, extent, and timing of the entryof additional competition in the markets in which Southern Company's subsidiaries operate; variations in demand for electricity, including those relating toweather, the general economy and recovery from the recent recession, population and business growth (and declines), the effects of energy conservationmeasures, and any potential economic impacts resulting from federal fiscal decisions; available sources and costs of fuels; effects of inflation; ability tocontrol costs and avoid cost overruns during the development and construction of facilities, including the development and construction of facilities withdesigns that have not been finalized or previously constructed, to construct facilities in accordance with the requirements of permits and licenses, and tosatisfy any operational and environmental performance standards, including the requirements of tax credits and other incentives; investment performance ofSouthern Company's employee benefit plans and Southern Company system’s nuclear decommissioning trust funds; advances in technology; state andfederal rate regulations and the impact of pending and future rate cases and negotiations, including rate actions relating to fuel and other cost recoverymechanisms; regulatory approvals and actions related to the Plant Vogtle expansion, including Georgia Public Service Commission approvals, NuclearRegulatory Commission actions, and potential U.S. Department of Energy loan guarantees; regulatory approvals and legislative actions related to theKemper County integrated coal gasification combined cycle facility, including Mississippi Public Service Commission approvals and legislation relating to costrecovery for the Kemper County integrated coal gasification combined cycle facility, the ability to complete the proposed sale of an undivided interest in theKemper County integrated coal gasification combined cycle facility to South Mississippi Electric Power Association as contemplated by Mississippi PowerCompany’s proposed rate recovery plan, satisfaction of requirements to utilize investment tax credits and grants, and the outcome of any proceedingsregarding the Mississippi Public Service Commission's issuance of the certificate of public convenience and necessity for the Kemper County integrated coalgasification combined cycle facility; 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 toinvest in and develop new opportunities; internal restructuring or other restructuring options that may be pursued; potential business strategies, includingacquisitions or dispositions of assets or businesses, which cannot be assured to be completed or beneficial to Southern Company or its subsidiaries; theability of counterparties of Southern Company and its subsidiaries to make payments as and when due and to perform as required; the ability to obtain newshort- and long-term contracts with wholesale customers; the direct or indirect effect on the Southern Company system's business resulting from terroristincidents and the threat of terrorist incidents, including cyber intrusion; interest rate fluctuations and financial market conditions and the results of financingefforts, including Southern Company's and its subsidiaries' credit ratings; the impacts of any potential U.S. credit rating downgrade or other sovereignfinancial issues, including impacts on interest rates, access to capital markets, impacts on currency exchange rates, counterparty performance, and theeconomy in general, as well as potential impacts on the availability or benefits of proposed U.S. Department of Energy loan guarantees; the ability ofSouthern 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 theSouthern Company system's business resulting from incidents affecting the U.S. electric grid or operation of generating resources; and the effect ofaccounting pronouncements issued periodically by standard setting bodies. Southern Company expressly disclaims any obligation to update any forward-looking information.2

Vogtle Units 3 & 4 – Construction

3

Prog

ress

Upco

min

g

3

Unit 3 Unit 4 First nuclear island concrete complete Set containment cradle in place Turbine island construction to grade

Waterproof membrane installation Turbine island basemat installation Cooling tower foundation complete

• Install rebar for auxiliary building walls• Set containment vessel bottom head• Turbine island structural steel setting

• Nuclear island mud mat completion• Assembly of containment cradle• Begin installation of nuclear island rebar

Unit 3 Unit 4

Kemper Project Update

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Mississippi PSC recently approved two-step rate increase associated with the Kemper Project

7-year rate plan is pending approval at the Mississippi PSC and is expected to result in no further changes to base rates for the Kemper project through 2020

Construction progress continues at the Kemper site Increased overall cost estimate due primarily to piping and labor costs Mississippi Power will not seek recovery of costs that exceed the $2.88B cost

cap, net of DOE grants and cost cap exceptions

Diverse Energy Portfolio – Recent Additions

139MW PV Solar Partnership with Turner

Renewable Energy 20 year PPA with San Diego

Gas & Electric Commercial operation expected

in the fall of 2013

Georgia Power - Wind Energy

Two long-term agreements with EDP Renewables

Energy from 2 wind farms with capacity totaling 250MW in southwest Oklahoma

Will begin receiving wind power on January 1, 2016

Campo Verde Solar Facility

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Q1 2013 Earnings Results

6

Q1 Earnings Per Share $0.09

Impact of increase in Kemper cost estimate $0.38

Impact of Leverage Lease Restructure $0.02

Q1 Earnings Per Share ex-items $0.49

Q1 2013 vs. Q1 2012 Adjusted EPS Drivers

7

Traditional Operating

Companies +7¢

Q1 2012 Q1 2013ex-items*

-1¢

4¢

5¢1¢ -1¢ 1¢ -1¢

-1¢ 1¢ -1¢

$0.42

$0.49

CustomerUsage

Other Revenue Effects

Weather

Non-Fuel O&M

Other Operating Revenues

PPA Expense

D&AOther Taxes

Other Income

Income Taxes

* Excludes -2¢ EPS impact of Leverage Lease Restructure and -38¢ EPS impact of updated Kemper Project cost estimate;GAAP earnings were $0.09 for Q1 2013

Retail Sales and Economic Outlook

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Additional 13K new residential customers added in Q1 2013 across the system

Robust pipeline of economic development projects

Positive signs of emerging economic growth through expansion of retail stores and food services locations, as well as growth in sales tax collections

Manufacturing employment thus far in 2013 has grown at almost twice the national rate in the Southeast

As ReportedResidential 8.3%Commercial 1.2%Industrial -2.1%Total Retail Sales 2.3%

Weather Normal*-0.9%0.4%

-2.1%-0.9%

Retail Sales vs. 2012

* Also reflects reclassification of January 2012 KWH sales among customer classes consistent with actual advanced meter data;use of actual advanced meter data was implemented during the first quarter of 2012

New Dividend Rate = $2.03 per share*

9

+3¢

+6¢

+6¢

+6¢

+7¢

+7¢

+7¢

+7¢

+3¢+3¢

+7¢

+7¢*262 consecutive quarters of flator increasing dividend payments

(12 years of increases)

* Approved by the Southern Company Board of Directors on April 15, 2013

2013 Earnings Per Share

Q2 Estimate = $0.68 per share

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Appendix

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12

Capacity Factors Q12012 2013

Coal - PRB 52% 62%

Coal - Non-PRB 25% 25%

Gas - Combined Cycle 68% 70%

Generation Mix Q12012 2013

Gas/Oil 45% 47%

Coal 32% 32%

Nuclear 19% 16%

Hydro 4% 5%

Generation Portfolio Diversity