Investor Presentaiton

Projected Long-term Debt Financings¹ Long-term Debt ($ in millions) 2022 2023 2024 2022-2024 Alabama Power 1,000 600 1,600 Georgia Power 1,500 1,500 1,150 4,150 Mississippi Power 200 200 State-regulated Electrics $2,500 $2,100 $1,350 $5,950 Southern Power Southern Company Gas Capital 500 650 600 1,750 Nicor² 175 250 225 650 Parent Company³ 1,725 1,250 1,750 4,725 Total Long-term Debt Issuances $4,900 $4,250 $3,925 $13,075 1Amounts and timing are subject to material change based upon numerous factors, including market conditions, regulatory approvals, the Southern Company system's capital requirements and available investment opportunities. Projected financings exclude potential tax-exempt financings. 22022 includes the issuance of $175M of social first mortgage bonds that were priced in August 2021 32022 represents the mandatory remarketing of $1,725M of junior subordinated notes 31

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