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Investor Presentaiton

$55B State-Regulated Electric Utilities Overview Strong projected invested capital growth driven by modernization and resilience initiatives Projected 5% Annual Growth $70B Projected Capital Investment Composition (excluding Vogtle) 2022 - 2026 (Consistent with Base Capital Investment Plan) 2021 2022 2023 2024 2025 2026 15% 15% $31B 54% 2021 Customers 2021 Invested Allowed Retail Capital¹ Equity Ratio Georgia Power 2.7M $31.0B 56%2 Alabama Power 1.5M $20.7B 55%³ Mississippi Power 0.2M $3.4B 55%4 • Projected retail electric sales growth flat to slightly positive with projected customer growth of ~1% • Focused on mitigating inflation of O&M over time as part of overall business modernization initiatives 14% 2% Grid Reliability and Resiliency Generation Modernization Environmental / Ash Pond Closures Generation Maintenance Nuclear Fuel & Other 1Invested capital amounts based on year-end 2021 2Approximately 56% at end of 2021 3Approximately 53% at end of 2021; plan to achieve 55% by end of 2025 4Approximately 55% at end of 2021 25
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