Investor Fact Sheet

A Super-Regional Powerhouse

Southern Company serves 4.4 million customers in one of the nation's fastest-growing regions. With more than 42,000 megawatts of generating capacity, in service or under construction, and a growing competitive generation business, Southern Company is a major source of energy in the southeastern U.S.

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Our Major Businesses

Traditional Operating Companies
Our strong base of transmission, distribution, approximately 35,000 megawatts of regulated generation and over 4,300 megawatts of wholesale generation. Annual long-term demand growth in service territory of 2 percent and long-term customer growth of about 1.7 percent.

Southern Power
Our competitive generation business, our growth business, has approximately 6,700 megawatts of generating capacity in commercial operation dedicated to serving the competitive wholesale market outside of our service territory.

Strong Financial Performance

• Earnings Per Share - Regular, predictable, sustainable growth with goal to average 6% long-term growth.
• Return on Equity - Goal to remain in top quartile of electric utilities.
• Dividend - Currently $1.68 per share annually.
• Dividend Growth - Long-term growth consistent with a targeted dividend payout ratio of approximately 70%.
• Financial Integrity - Achieve an attractive risk-adjusted return, supported by a low-risk business model, sound financial policy, and a stable 'A' credit rating.
• EPS Guidance - Range of $2.28 to $2.36 in 2008

Southern Company as an Investment

• Premier super-regional energy company focused on the Southeast.
• Strong growth from one of the most vibrant service areas in the U.S.
• Outperformed the S&P 500 Index for total shareholder return in 1-year, 10-year and 30-year periods ended December 31, 2007.
• Attractive dividend yield.
• Experienced management knows how to create and deliver value.
• A large-cap, liquid, bellwether stock for investors seeking income and predictable growth.
• Southern Power maintains low-risk business model through long-term contracts with solid, creditworthy counterparties and projects annual earnings of approximately $135 million through 2010.

Goals For Our Major Businesses

• Lead the industry in customer service and satisfaction
• Earn superior risk-adjusted returns

Awards and Recognition

• FORTUNE Magazine
  "America's Most Admired" Electric and Gas Utility 2002, 2003, 2004
• American Customer Satisfaction Index
  Highest ranked electric utility for 8 consecutive years. 2000, 2001, 2002, 2003, 2004, 2005, 2006, 2007
• J.D. Power and Associates
  Highest ranked overall customer satisfaction for electric service to business customers in South 2000, 2001, 2002, 2003, 2004, 2005
  Highest ranked overall customer satisfaction for electric service to residential customers in South 2001, 2004, 2006
• Electric Light & Power Magazine
  Utility of the Year 2003
• Global Finance Magazine
  "Best Companies in North America"
  Energy services/electricity sector 2005

Southern Company
30 Ivan Allen Blvd. NW
Atlanta, Georgia 30308
(404) 506-5000

NYSE ticker symbol - SO
Direct Stock Purchase
Southern Investment Plan - (800) 554-7626
Stockholder Services - (800) 554-7626