<SEC-DOCUMENT>0001214659-25-006174.txt : 20250421
<SEC-HEADER>0001214659-25-006174.hdr.sgml : 20250421
<ACCEPTANCE-DATETIME>20250421164559
ACCESSION NUMBER:		0001214659-25-006174
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20250421
DATE AS OF CHANGE:		20250421
EFFECTIVENESS DATE:		20250421

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SOUTHERN CO
		CENTRAL INDEX KEY:			0000092122
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC SERVICES [4911]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				580690070
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-03526
		FILM NUMBER:		25853924

	BUSINESS ADDRESS:	
		STREET 1:		30 IVAN ALLEN JR. BLVD., N.W.
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30308
		BUSINESS PHONE:		4045065000

	MAIL ADDRESS:	
		STREET 1:		30 IVAN ALLEN JR. BLVD., N.W.
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30308

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AS YOU SOW
		CENTRAL INDEX KEY:			0001086462
		ORGANIZATION NAME:           	
		EIN:				000000000
		STATE OF INCORPORATION:			CA

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		2150 KITTREDGE ST.
		STREET 2:		SUITE 450
		CITY:			BERKELEY
		STATE:			CA
		ZIP:			94704
		BUSINESS PHONE:		510-735-8155

	MAIL ADDRESS:	
		STREET 1:		2150 KITTREDGE ST.
		STREET 2:		SUITE 450
		CITY:			BERKELEY
		STATE:			CA
		ZIP:			94704
</SEC-HEADER>
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<FILENAME>p4212510px14a6g.htm
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Notice of Exempt Solicitation Pursuant to Rule
14a-103</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Name of Registrant: Southern Co (SO)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Name of person relying on exemption: As You Sow&reg;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Address of persons relying on exemption: 11461
San Pablo Ave, Suite 400, El Cerrito, CA 94530</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The attached written materials are submitted pursuant
to Rule 14a-6(g)(1) promulgated under the Securities Exchange Act of 1934. As You Sow&reg; does not beneficially own more than $5 million
of the class of subject securities, and this notice of exempt solicitation is therefore being provided on a voluntary basis.</P>

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    <TD ROWSPAN="2" STYLE="white-space: nowrap; vertical-align: top; width: 10%"><IMG SRC="asyousowlogo.jpg" ALT=""><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 10%"><FONT STYLE="font-size: 8pt; color: #00813D"><B>11461 San Pablo Ave. Suite 400&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: top; width: 80%; white-space: nowrap"><FONT STYLE="font-size: 8pt; color: #73C167"><B>www.asyousow.org</B></FONT></TD></TR>
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    <TD STYLE="white-space: nowrap"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 8pt; color: #00813D"><B>El Cerrito, CA 94530</B></FONT></P>
                                    <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 8pt; color: #00813D"><B>&nbsp;&nbsp;&nbsp;</B></FONT></P></TD>
    <TD STYLE="text-align: right; white-space: nowrap"><FONT STYLE="font-size: 7.5pt; color: #73C167">BUILDING A SAFE, JUST, AND SUSTAINABLE WORLD SINCE 1992</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Southern Company (SO)<BR>
Vote Yes: Proposal #6 &ndash; Disclose Assumptions Behind Fossil Fuel Investments</B>&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Annual Meeting: May 21, 2025</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CONTACT: Kelly Poole | kpoole@asyousow.org </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4"><B>THE RESOLUTION&#9;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>Resolved</B>:&nbsp;To allow informed decision
making, shareholders request that Southern Company disclose the primary assumptions underpinning its decision to increase reliance on
high carbon energy production rather than renewables. This disclosure should omit proprietary or competitively sensitive information.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4"><B>SUMMARY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Southern, one of the largest utility companies in the U.S., has projected
8% annual demand growth across its electric utilities&mdash;Georgia Power, Alabama Power, and Mississippi Power&mdash;largely driven by
electrification and the rise of large-load customers from the Artificial Intelligence (AI) and manufacturing sectors.<SUP>1</SUP> To meet
this future demand, Southern has recently proposed building new methane gas capacity and delaying coal plant retirements. This approach
exposes the Company to a range of climate-related financial risks, builds additional systemic climate risk into the economy, and also
signals a potential missed opportunity to capitalize on renewables and battery technology which are increasingly seen as the main driver
of decarbonization and long-term value creation.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Considering the risks associated with investments in methane gas and
coal infrastructure, investors seek disclosure of the core assumptions behind Southern&rsquo;s investment decisions, which are currently
redacted in its integrated resource planning documents (IRPs). These redactions bar investors from evaluating the necessity of additional
high carbon investments in an evolving energy landscape, whether such investments are financially and technically justified, and whether
they create unjustified climate risk, among others.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Southern&rsquo;s lack of transparency is drawing criticism and reputational
risk from major stakeholders, including its customer Microsoft, which has publicly raised concerns about the Company&rsquo;s resource
planning and scenario analyses.<SUP>2</SUP> Independent energy experts have similarly questioned the need for new gas infrastructure,
pointing instead to the feasibility of meeting demand growth through renewables paired with existing coal and gas resources.<SUP>3</SUP>
These critiques reinforce investor concerns that Southern&rsquo;s assumptions may be outdated or misaligned with cost-effective decarbonization
pathways.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Many of Southern&rsquo;s peers already disclose the key assumptions
guiding their investment strategies&mdash;including forward-looking resource costs, capacity forecasts, and greenhouse gas (GHG) emissions
impacts. To build investor trust and demonstrate sound governance, shareholders are urging Southern to fully disclose the core assumptions
informing its energy investments, particularly those justifying new high carbon/fossil fuel investments.&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt"><SUP>1</SUP></FONT> <FONT STYLE="font-size: 9pt">https://s27.q4cdn.com/273397814/files/doc_financials/2024/q4/SO-2024-Q4-Earnings-Call-Slides-Final.pdf</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>2</SUP></FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">https://psc.ga.gov/search/facts-document/?documentId=218199</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>3</SUP></FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">https://rmi.org/how-power-couples-can-help-the-united-states-win-the-global-ai-race/</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



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    <TD STYLE="white-space: nowrap; width: 10%"><IMG SRC="asyousowlogo.jpg" ALT=""><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="white-space: nowrap; width: 90%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt; color: rgb(0,129,61)"><B>2025
Proxy Memo</B></FONT></P>
                                                <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #00813B"><FONT STYLE="font-size: 10pt; color: #00813D"><B></B></FONT><FONT STYLE="font-size: 10pt; font-weight: normal">Southern Co | Disclosing Assumptions Behind High Carbon
Investments</FONT></P>
                                                <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4"><B>RATIONALE FOR A YES
VOTE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>1.</B></TD><TD><B>The requested disclosures will provide important financial and technical information to help investors make informed decisions.
</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>2.</B></TD><TD><B>Southern&rsquo;s proposed high carbon investments appear out of touch with investor needs, technology developments, and climate-related
concerns.</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>3.</B></TD><TD><B>Southern lags peers in disclosing assumptions behind resource plans.</B></TD></TR></TABLE>

<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4"><B>DISCUSSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>1.</B></TD><TD><B>The requested disclosures will provide important financial and technical information to help investors make informed decisions.</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">A utility&rsquo;s resource plans shape investment decisions, often
with long-term consequences. Methane gas plants, for instance, have lifespans of 30 years and commit a utility to long-term emissions
and operational expenses. Southern redacts key information from its resource planning documents, including for example the assumed costs
and technological feasibility of different energy resources, preventing investors from fully understanding the rationale behind its planned
investments. <SUP>4</SUP></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Additional disclosure from Southern will allow investors to better
assess risk and have a reasonable basis to confirm that the Company&rsquo;s decisions to commit billions of dollars to long-term, high
carbon infrastructure investments is reasonable. For instance, access to core assumptions will enable investors to evaluate whether Southern
has appropriately accounted for declining renewable energy costs, evolving market trends, regulatory shifts, and implications of different
energy resources on the Company&rsquo;s GHG trajectory. Without such information, it is difficult for investors to understand whether
Southern&rsquo;s energy transition strategy is aligned with industry best practices and whether its capital allocation decisions are financially
sound.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>2.</B></TD><TD><B>Southern&rsquo;s proposed high carbon investments appear out of touch with customer needs, technology developments, and climate-related
concerns.</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">The Proposal&rsquo;s request for increased transparency is shared
by Microsoft, a large-load customer of Southern. In its intervention response to Georgia Power&rsquo;s 2023 IRP, &ldquo;Microsoft recommends
that [Georgia Power Company] incorporate transparency into how scenarios are structured and how results are used for decision-making.&rdquo;<SUP>5</SUP>
Microsoft, which intervened in the Georgia Power IRP proceeding under a non-disclosure agreement (NDA), has also challenged the core
assumptions behind the utility&rsquo;s scenario analyses stating that &ldquo;several of Georgia Power Company&rsquo;s modeling assumptions
undervalue renewable energy&rsquo;s contribution to meeting energy and capacity needs and resource adequacy on Georgia Power Company&rsquo;s
system. This undervaluation then results in overbuilding carbon-intensive resources that may otherwise not be necessary.&rdquo;<SUP>6</SUP>&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt"><SUP>4</SUP></FONT> <FONT STYLE="font-size: 9pt">&ldquo;2025
IRP Resource Mix Study&rdquo;. Figure 5. </FONT><FONT STYLE="font-size: 9pt">https://psc.ga.gov/search/facts-document/?documentId=221233</FONT></P>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>5</SUP></FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">https://psc.ga.gov/search/facts-document/?documentId=218199</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">,
p.9</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>6</SUP></FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">https://psc.ga.gov/search/facts-document/?documentId=218199</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <TD STYLE="white-space: nowrap; width: 10%"><IMG SRC="asyousowlogo.jpg" ALT=""><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="white-space: nowrap; width: 90%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt; color: rgb(0,129,61)"><B>2025
Proxy Memo</B></FONT></P>
                                                <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #00813B"><FONT STYLE="font-size: 10pt; color: #00813D"><B></B></FONT><FONT STYLE="font-size: 10pt; font-weight: normal">Southern Co | Disclosing Assumptions Behind High Carbon
Investments</FONT></P>
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</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">This feedback from a major customer is concerning and erodes investor
confidence in the Company&rsquo;s decision-making processes. Access to core assumptions should not be limited to only those who formally
participate in an IRP proceeding and sign an NDA; all investors should have access to such basic assumptions to allow them to make informed
assessments. Limiting access to basic planning assumptions through NDAs creates an uneven playing field, undermines transparency, and
prevents the broader investor community from making fully informed decisions about the long-term risks and opportunities associated with
its plans to expand gas capacity and delay coal retirements. Specifically, investors seek information on whether the Company has carefully
evaluated risks and opportunities. The following provide examples of core disclosures important to investors:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Demand projections</I>. While there has been much public discussion of
significant new energy demand associated with AI, technology companies are in an intense race to dominate the AI market. Projections of
demand may be significantly overestimated by likely AI providers; or Southern&rsquo;s own projections of its role in providing for such
needs may be overly optimistic. For example, Microsoft has already cancelled over two gigawatts of data center capacity it was in the
process of leasing.<SUP>7</SUP> Additionally, rapid advancements in AI efficiency, cooling technology, and cloud optimization could significantly
reduce future energy consumption. Demand forecasts are important to assess whether the Company is overbuilding high carbon infrastructure
or whether it is retaining the trust of regulators. To the extent Southern has overestimated demand, it may risk undermining regulatory
confidence and make it more difficult to secure approval for future investments. </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The technology industry has over projected energy demand
in the past. During the internet boom at the turn of the century, some were estimating that information technology would constitute 50%
of U.S. energy demand, yet data center demand actually accrued to 2% of total energy demand in 2020.<SUP>8</SUP> While Southern is experiencing
very real demand growth, if energy demand specifically from AI and data centers falls short, Southern could be left with underutilized,
high-cost fossil fuel assets, burdening ratepayers with unnecessary expenses.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">This risk of demand overestimation is highlighted by Southern&rsquo;s
practice of including prospective projects in its demand projections. As mentioned in the Company&rsquo;s opposition statement, only
10 of 50 gigawatts of projected demand are confirmed, leaving investors concerned that the Company is building additional fossil capacity
prematurely. Microsoft critiqued this planning strategy: &ldquo;Microsoft is concerned that Georgia Power Company&rsquo;s load forecasting
method, which includes large-load projects that are considering but have not ultimately selected Georgia as a location and/or Georgia
Power Company as a service provider, potentially results in the acquisition of an excessive amount of carbon-intensive generation.&rdquo;<SUP>9</SUP>&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>7</SUP></FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">https://www.reuters.com/technology/microsoft-pulls-back-more-data-center-leases-us-europe-analysts-say-2025-03-26/</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>8</SUP></FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">https://www.distilled.earth/p/the-hidden-risks-of-overestimating</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>9</SUP></FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">https://psc.ga.gov/search/facts-document/?documentId=218199</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">,
p.1</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <TD STYLE="white-space: nowrap; width: 10%"><IMG SRC="asyousowlogo.jpg" ALT=""><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="white-space: nowrap; width: 90%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt; color: rgb(0,129,61)"><B>2025
Proxy Memo</B></FONT></P>
                                                <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #00813B"><FONT STYLE="font-size: 10pt; color: #00813D"><B></B></FONT><FONT STYLE="font-size: 10pt; font-weight: normal">Southern Co | Disclosing Assumptions Behind High Carbon
Investments</FONT></P>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">One reason large-load customers may not ultimately choose
Southern&rsquo;s territory for new facilities is its failure to provide sufficient renewable energy. Many of Southern&rsquo;s current
and prospective customers have committed to 100% renewable energy goals, including Hyundai Motor Company, Rivian, Amazon Web Services,
Meta, Microsoft, and Alphabet &ndash; all of which have operations in Georgia.<SUP>10</SUP> Microsoft has even urged Georgia Power Company
to &ldquo;consider what a net zero or more stringent carbon-constrained scenario would look like.&rdquo;<SUP>11</SUP></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Third-party energy experts have also advised investors that
growing energy demand can be met without relying on new methane gas plants. <SUP>12</SUP> Yet, Southern&rsquo;s scenario analyses consistently
conclude that new fossil fuel investments are the only viable option. If the outcome of Southern&rsquo;s scenario analyses differ from
the advice of third-party experts, investors are left to assume that the Company&rsquo;s core assumptions may be flawed.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Customer needs</I>. If technology companies are required to cover all
costs of new methane plants built specifically to serve their AI related demand, it may deter them from building in Georgia. Gas plants
carry significant operational costs, especially given volatile and rising methane gas prices in contrast to renewables, which may have
similar upfront costs but minimal ongoing expenses. Requiring tech companies to fund gas operations would also undermine their climate
goals and cost-control efforts&mdash;pushing them to build in states with more affordable, climate-aligned infrastructure planning.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Regulatory mandates. </I>In response to the negative consequences that
data centers are having on the grid, regulators at the city, state, and regional levels are moving to limit new data center developments
and their energy procurement practices. These regulations could significantly alter demand forecasts, further calling into question the
long-term viability of new fossil fuel investments. For example, New Jersey lawmakers are considering a bill that would require all electricity
for AI data centers to come from newly built clean energy sources. <SUP>13</SUP> Even in Georgia, legislators proposed a policy to prevent
Southern from passing the cost of large-load data center projects onto everyday customers.<SUP>14</SUP> While it has not been passed,
this law foreshadows future actions as climate-related catastrophes increase and local governments are increasingly forced to bear the
brunt of those impacts. </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>10</SUP></FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">https://www.hyundaimotorgroup.com/sustainability/esgPolicy</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">,
p.24; </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">https://downloads.rivian.com/2md5qhoeajym/3CR7C1icQE7AFqByg853rg/bf92b6dc374cdd4ec1eb55183d94e06e/2022_Rivian_Impact_Report.pdf</FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">p.37; </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">https://aws.amazon.com/energy/transition1/</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">https://sustainability.atmeta.com/energy/</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">https://datacenters.microsoft.com/globe/powering-sustainable-transformation/</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">https://sustainability.google/operating-sustainably/net-zero-carbon/</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">;
</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>11</SUP></FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">https://psc.ga.gov/search/facts-document/?documentId=218199</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">,
p.7</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>12</SUP></FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">https://rmi.org/how-power-couples-can-help-the-united-states-win-the-global-ai-race/</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>13</SUP></FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">https://www.njleg.gov/bill-search/2024/S4143/bill-text?f=S4500&amp;n=4143_I1</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>14</SUP></FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">https://thecurrentga.org/2025/02/25/georgia-senate-committee-passes-bill-to-protect-residents-from-data-center-costs/</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <TD STYLE="white-space: nowrap; width: 10%"><IMG SRC="asyousowlogo.jpg" ALT=""><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="white-space: nowrap; width: 90%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt; color: rgb(0,129,61)"><B>2025
Proxy Memo</B></FONT></P>
                                                <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #00813B"><FONT STYLE="font-size: 10pt; color: #00813D"><B></B></FONT><FONT STYLE="font-size: 10pt; font-weight: normal">Southern Co | Disclosing Assumptions Behind High Carbon
Investments</FONT></P>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">At the federal level, Southern must take a longer-term approach
to regulatory risk and prepare for an administration or congress that prioritizes climate action. While the current administration is
repealing climate and environment-related policies, it is unproductive for the Company to invest in long term, high carbon assets such
as methane gas plants with multi-year planning processes and multi-decade asset lives only to be caught on its back foot as the inexorable
need to address climate change comes to the fore or the next climate-minded administration or congress is in power. Additional investments
in high carbon methane plants and delaying the retirement of coal plants will only increase the Company&rsquo;s exposure to climate-related
risks such as future regulations, carbon pricing, and/or corporate sustainability mandates intended to accelerate the shift away from
fossil fuels. These risks may force Southern to retire fossil assets early, leaving ratepayers to absorb the financial losses.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">According to the U.S. Energy Information Administration,
if Southern delays the retirement of its last two coal plants, which rank 12th and 28th out of all U.S. power plants for carbon emissions,
the Company will emit an additional 100 million tons of carbon.<SUP>15</SUP> The fact that Southern does not disclose this consequence
in its Georgia Power 2025 resource plan is highly concerning. Without transparency about GHG emissions trajectory assumptions, investors
cannot adequately assess the long-term, climate-related risks Southern faces, jeopardizing confidence in the Company's long-term viability
and its commitment to a sustainable energy transition which is important to long term investors.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Investors are concerned about the growing risk to the economy
from climate-related weather catastrophes. Such climate related financial costs have been and are projected to continue to negatively
impact the value of their portfolios to the detriment of beneficiaries. Southern&rsquo;s lack of transparency on how it evaluates the
impact of its GHG emissions and future climate-related regulatory policies in its resource planning creates risk. The Company does not
disclose the projected emissions for each scenario considered in its current plans or whether it has evaluated a net-zero decarbonization
scenario. Given the material risks associated with a high emissions footprint, investors are concerned that Southern has not fully accounted
for the financial, regulatory, and environmental consequences of continued fossil fuel reliance.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">In a rapidly evolving energy landscape, utilities that embrace transparency
and align their investment strategies with market and regulatory trends will be better positioned to mitigate financial and climate-related
risks. Given the lack of insight into the Company&rsquo;s core assumptions and risk assessment, investors request that Southern disclose
all core assumptions behind its decision to increase reliance on high carbon energy production rather than renewables.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>3.</B></TD><TD><B>Southern lags peers in disclosing assumptions</B></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Southern&rsquo;s peers are demonstrating greater transparency, disclosing
critical information such as how the Company determines forward-looking cost assumptions for both fossil fuel and renewable resources
and what basic cost and technology assumptions are for each potential resource, disclosed on 5-, 10-, and 15-year timeframes. Peers that&nbsp;disclose
these assumptions for some or all of their planning include AEP, Xcel, Dominion Energy, Duke Energy, Berkshire Hathaway Energy, AES, and
NextEra Energy.<SUP>16</SUP></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">_____________________________</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>15</SUP></FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">https://www.gpb.org/news/2025/02/03/georgia-powers-new-plan-for-generating-electricity-pushes-burning-coal-the-states</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 11pt"><SUP>16</SUP></FONT> <FONT STYLE="font-size: 9pt">AEP
IRPs: </FONT><FONT STYLE="font-size: 9pt">https://www.psoklahoma.com/lib/docs/community/projects/2021PSOIRPReport_102921.pdf</FONT><FONT STYLE="font-size: 9pt">;
</FONT><FONT STYLE="font-size: 9pt">https://psc.ky.gov/pscecf/2023-00092/sebishop%40aep.com/03202023030104/KPCO_2022_IRP_Volume_A-Public.pdf</FONT><FONT STYLE="font-size: 9pt">,
</FONT><FONT STYLE="font-size: 9pt">https://www.swepco.com/lib/docs/community/projects/2023SWEPCOIRPFinalReport_20240212.pdf</FONT><FONT STYLE="font-size: 9pt">,
</FONT><FONT STYLE="font-size: 9pt">https://www.scc.virginia.gov/docketsearch/DOCS/7qxf01!.PDF</FONT><FONT STYLE="font-size: 9pt">,
</FONT><FONT STYLE="font-size: 9pt">https://www.indianamichiganpower.com/lib/docs/community/projects/IM-irp/2021IMIRPReportRevised.pdf</FONT><FONT STYLE="font-size: 9pt">;
Xcel IRPs: </FONT><FONT STYLE="font-size: 9pt">https://www.xcelenergy.com/company/rates_and_regulations/resource_plans/clean_energy_plan</FONT><FONT STYLE="font-size: 9pt">,
</FONT><FONT STYLE="font-size: 9pt">https://www.xcelenergy.com/staticfiles/xe-responsive/Company/Rates%20&amp;%20Regulations/Resource%20Plans/2023%20SPS-IRP%20Plan.pdf</FONT><FONT STYLE="font-size: 9pt">,
</FONT><FONT STYLE="font-size: 9pt">https://xcelnew.my.salesforce.com/sfc/p/
- 1U0000011ttV/a/8b000002YCGl/PN0AWQuR0DS0YtP.umIGwHKs2yQgknjqhxqB5zrgn9w</FONT><FONT STYLE="font-size: 9pt">; Dominion Energy IRPs:
</FONT><FONT STYLE="font-size: 9pt">https://www.dominionenergy.com/-/media/pdfs/global/company/IRP/2024-IRP-w_o-Appendices.pdf</FONT><FONT STYLE="font-size: 9pt">,
</FONT><FONT STYLE="font-size: 9pt">https://cdn-dominionenergy-prd-001.azureedge.net/-/media/pdfs/global/company/irp/sc/desc-integrated-resource-plan-2024.pdf?rev=42a0728dbf894c979aefc95151401fcb%20</FONT><FONT STYLE="font-size: 9pt">;
Duke Energy IRPs: </FONT><FONT STYLE="font-size: 9pt">https://www.duke-energy.com/-/media/pdfs/our-company/def-tysp/def-10-year-site-plan.pdf?rev=4b3ebea3aab040beaa7e73a10f459064%20</FONT><FONT STYLE="font-size: 9pt">,
</FONT><FONT STYLE="font-size: 9pt">https://www.duke-energy.com/-/media/pdfs/for-your-home/dei-irp/2024-plan-and-attachments/vol-i-complete-2024-dei-irp-plan.pdf?rev=93f4e009ddfc44b0baa3f94f3e195b4a%20</FONT><FONT STYLE="font-size: 9pt">,
</FONT><FONT STYLE="font-size: 9pt">https://www.duke-energy.com/-/media/pdfs/our-company/irp-dek/2024-dek-irp-public.pdf?rev=defe267dda424d519ba50f0a87dac61e%20</FONT><FONT STYLE="font-size: 9pt">;
Berkshire Hathaway Energy IRPs: </FONT><FONT STYLE="font-size: 9pt">https://www.pacificorp.com/content/dam/pcorp/documents/en/pacificorp/energy/integrated-resource-plan/2023_IRP_Update.pdf</FONT><FONT STYLE="font-size: 9pt">,
</FONT><FONT STYLE="font-size: 9pt">https://www.midamericanenergy.com/media/pdf/mec_resource_evaluation_study_11-1.pdf</FONT><FONT STYLE="font-size: 9pt">;
AES IRP: </FONT><FONT STYLE="font-size: 9pt">https://www.aesindiana.com/integrated-resource-plan</FONT><FONT STYLE="font-size: 9pt">;
NextEra Energy IRP: </FONT><FONT STYLE="font-size: 9pt">https://www.fpl.com/content/dam/fplgp/us/en/about/pdf/ten-year-site-plan.pdf</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="white-space: nowrap; width: 10%"><IMG SRC="asyousowlogo.jpg" ALT=""><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="white-space: nowrap; width: 90%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt; color: rgb(0,129,61)"><B>2025
Proxy Memo</B></FONT></P>
                                                <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #00813B"><FONT STYLE="font-size: 10pt; color: #00813D"><B></B></FONT><FONT STYLE="font-size: 10pt; font-weight: normal">Southern Co | Disclosing Assumptions Behind High Carbon
Investments</FONT></P>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">In contrast, Southern redacts key information for all three of its&nbsp;integrated
electric utilities.&nbsp;While Southern&rsquo;s planning documents are based on sophisticated power system models, the accuracy and reliability
of these models are entirely dependent on the quality of the input data. In the absence of such basic information, investors&nbsp;cannot
make&nbsp;an&nbsp;accurate&nbsp;determination about the robustness of&nbsp;Southern&rsquo;s&nbsp;plans for electricity generation.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">In its opposition statement, Southern contends that it is not comparable
to other utilities, noting that &quot;utilities operating in other jurisdictions, including the ones mentioned by the proponent, are subject
to different regulatory aims, standards, and disclosure requirements than those applicable to our operating subsidiaries.&quot; However,
peer comparisons are a fundamental aspect of investment analysis, and while regulatory environments may vary, investors rely on industry-wide
benchmarks to assess company performance, and in terms of transparency, Southern remains behind its peers.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4"><B>RESPONSE TO SOUTHERN&rsquo;S
BOARD OF DIRECTORS&rsquo; STATEMENT IN OPPOSITION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Southern states: &ldquo;Many of the assumptions requested by the
proposal are protected trade secrets, and disclosure of this sensitive information could increase prices for Southern to the detriment
of its customers and stockholders&hellip;Disclosure of our planning assumptions would hinder our ability to conduct a proper request for
proposal solicitation and obtain the best pricing from these third-party suppliers.</I></P>

<P STYLE="font: 8.5pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">The proponent responds with the following points:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Southern&rsquo;s decision to redact core assumptions from its Integrated
Resource Plans is discretionary, not mandated by the Georgia Trade Secrets Act. This selective redaction raises concerns among investors
that the Company may be arbitrarily withholding information or applying an overly broad interpretation of trade secret protections, thereby
undermining transparency.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Many of Southern&rsquo;s peer utilities operate in states with trade secret
laws, yet they disclose the data requested by this proposal.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Southern&rsquo;s electric utilities all operate as monopolies within their
respective territories, so disclosing the core planning assumptions will not harm its market position.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">The claim that disclosure would increase prices for Southern&rsquo;s customers
lacks supporting evidence. In contrast, failing to disclose key information leaves investors unable to verify whether the Company is pursuing
the most cost-effective, low-risk energy investments. Investors are not asking for commercially sensitive contracts or bidding strategies
but rather the foundational assumptions that are shaping Southern&rsquo;s energy future&mdash;information that is critical to assessing
risk, capital allocation, and alignment with decarbonization trends.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 8pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 100%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="white-space: nowrap; width: 10%"><IMG SRC="asyousowlogo.jpg" ALT=""><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD STYLE="white-space: nowrap; width: 90%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt; color: rgb(0,129,61)"><B>2025
Proxy Memo</B></FONT></P>
                                                <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; color: #00813B"><FONT STYLE="font-size: 10pt; color: #00813D"><B></B></FONT><FONT STYLE="font-size: 10pt; font-weight: normal">Southern Co | Disclosing Assumptions Behind High Carbon
Investments</FONT></P>
                                                <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Southern states: &ldquo;<I>We believe the third-party modeling of our
GHG emissions trajectory that is cited by the proponent fails to reflect our pending state regulatory proceedings, an evolving policy
landscape and outstanding requests for proposal for incremental generating resources to meet increased projected load growth</I>.&rdquo;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">The Proponent cites Rocky Mountain Institute&rsquo;s (RMI) modeling
of Southern&rsquo;s emissions trajectory because the Company doesn&rsquo;t provide it. Southern&rsquo;s critique of RMI&rsquo;s modelling
only emphasizes the fact that investors must rely on third party estimates when assessing climate-related risks.</P>

<P STYLE="font: 8.5pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Southern argues in its opposition statement: <I>&ldquo;Southern already
publicly discloses detailed information about its decarbonization strategy&hellip;These disclosures include our Net Zero Q&amp;A Supplement,
which was published in response to our past conversations with the proponent and other stakeholders.&rdquo;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Southern&rsquo;s decarbonization disclosures do not meet best practice
and do not constitute a formal &ldquo;strategy&rdquo;. The &ldquo;Net Zero Q&amp;A Supplement&rdquo; the Company refers to was disclosed
in 2023. It suggests reliance on hydrogen, renewable methane gas, and carbon capture, all technologies that have not reached cost parity,
nor have they been demonstrated at scale. Further, it is the assumptions behind current plans that are at issue in this proceeding. Investors
seek to evaluate current assumptions against current conditions, technology, and outside data. The general and outdated information provided
in the 2023 disclosure, while directionally helpful, does not answer the questions posed here.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 9pt; background-color: #B8CCE4"><B>CONCLUSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Vote &ldquo;Yes&rdquo; on this Shareholder Proposal #6. </B> This
proposal increases transparency around risk management and will provide necessary information to allow investors to assess whether Southern
Company is prioritizing the management of financially material climate-related risks and opportunities.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>--</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><I>For questions, please contact Kelly Poole, As You Sow, kpoole@asyousow.org
</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">THE FOREGOING INFORMATION MAY BE DISSEMINATED TO SHAREHOLDERS VIA TELEPHONE,
U.S. MAIL, E-MAIL, CERTAIN WEBSITES AND CERTAIN SOCIAL MEDIA VENUES, AND SHOULD NOT BE CONSTRUED AS INVESTMENT ADVICE OR AS A SOLICITATION
OF AUTHORITY TO VOTE YOUR PROXY. THE COST OF DISSEMINATING THE FOREGOING INFORMATION TO SHAREHOLDERS IS BEING BORNE ENTIRELY BY ONE OR
MORE OF THE CO-FILERS. PROXY CARDS WILL NOT BE ACCEPTED BY ANY CO-FILER. PLEASE DO NOT SEND YOUR PROXY TO ANY CO-FILER. TO VOTE YOUR PROXY,
PLEASE FOLLOW THE INSTRUCTIONS ON YOUR PROXY CARD<I>.</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
