Investor Presentaiton

Non-GAAP Financial Measures In addition to including earnings in accordance with generally accepted accounting principles (GAAP), this presentation also includes historical adjusted earnings and earnings per share (EPS) excluding: (1) charges related to Georgia Power's construction of Plant Vogtle Units 3 and 4; (2) charges (net of salvage proceeds), associated legal expenses (net of insurance recoveries), and tax impacts related to Mississippi Power's integrated coal gasification combined cycle project in Kemper County, Mississippi (Kemper IGCC); (3) impacts related to the dispositions of Sequent, leveraged lease investments, a natural gas storage facility, Plant Mankato, and other acquisition and disposition activities; (4) earnings from the Wholesale Gas Services business; (5) impairment charges related to the Penn East Pipeline project and leveraged lease investments; and (6) costs associated with the extinguishment of debt at Southern Company. The charges related to Georgia Power's construction of Plant Vogtle Units 3 and 4 impacted earnings per share for the three and twelve months ended December 31, 2021 and 2020. Further charges may occur; however, the amount and timing of any such charges are uncertain. Mississippi Power expects to incur additional pre-tax period costs to complete dismantlement of the abandoned gasifier-related assets and site restoration activities by 2026. The additional pre-tax period costs associated with these activities, including related costs for compliance and safety, asset retirement obligation accretion, and property taxes, are estimated to total $10 million to $20 million annually through 2025. The impacts of acquisitions and dispositions impacted earnings and earnings per share for the three and twelve months ended December 31, 2021 and 2020. For the three and twelve months ended December 31, 2020 and for the twelve months ended December 31, 2021, presenting earnings and EPS excluding Wholesale Gas Services provides investors with an additional measure of operating performance that excludes the volatility that results from mark-to-market and lower of weighted average cost or current market price accounting adjustments. Amounts subsequent to the July 1, 2021 sale of this business represent final income adjustments. The impairment charges associated with the Penn East Pipeline project and a leveraged lease investment significantly impacted earnings per share for the twelve months ended December 31, 2021, and impairment charges associated with leveraged lease investments significantly impacted earnings per share for the three and twelve months ended December 31, 2020. The costs associated with the extinguishment of debt at Southern Company impacted earnings per share for the three and twelve months ended December 31, 2021 and 2020. This presentation also includes projected adjusted EPS for future periods excluding any additional: acquisition and disposition impacts, charges associated with the Kemper IGCC and/or the construction of Plant Vogtle Units 3 and 4, asset impairment charges, and/or costs associated with the extinguishment of debt at Southern Company and its non-state regulated subsidiaries. Information concerning the magnitude of the impacts, if any, from these items on EPS is not available at this time. Accordingly, this presentation does not include a quantitative reconciliation of projected adjusted EPS (which is a forward-looking non-GAAP financial measure) because doing so would involve unreasonable efforts. Southern Company believes presentation of EPS excluding the items described above provides investors with information comparable to guidance. Management also uses such measures to evaluate Southern Company's performance. 3

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