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Southern Company, AGL Resources receive merger approval from Maryland regulators

ATLANTA,  May 3, 2016 – Southern Company (NYSE: SO) and AGL Resources (NYSE: GAS) have received  regulatory approval of the companies' proposed merger from the Maryland Public  Service Commission, with all intervening parties in support of the previously  announced settlement agreement.

AGL  Resources is the parent company of Elkton Gas, a regulated utility providing  natural gas distribution services to customers in Elkton, Md.

When  completed, the combination of Southern Company and AGL Resources is expected to  create the second-largest utility company in the U.S. by customer base, bringing  together:

     
  • Eleven regulated electric and natural gas  distribution companies providing service to approximately 9 million customers;
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  • Operations of nearly 200,000 miles of  electric transmission and distribution lines;
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  • More than 80,000 miles of gas pipelines; and
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  • Approximately 44,000 megawatts of electricity  generating capacity.

The companies expect to complete the  transaction in the second half of 2016. For more information about the proposed  merger, visit www.doingenergybetter.com.

About Southern Company
With  more than 4.5 million customers and approximately 44,000 megawatts of  generating capacity, Atlanta-based Southern Company (NYSE: SO) is the premier  energy company serving the Southeast through its subsidiaries. A leading U.S.  producer of clean, safe, reliable and affordable electricity, Southern Company  owns electric utilities in four states and a growing competitive generation  company, as well as fiber optics and wireless communications. Southern Company  brands are known for excellent customer service, high reliability and  affordable prices that are below the national average. Through an  industry-leading commitment to innovation, Southern Company and its  subsidiaries are inventing America’s energy future by developing the full  portfolio of energy resources, including nuclear, 21st century coal, natural  gas, renewables and energy efficiency, and creating new products and services  for the benefit of customers. Southern Company has been named by the U.S.  Department of Defense and G.I. Jobs magazine as a top military employer, listed  by Black Enterprise magazine as one of the 40 Best Companies for Diversity and  designated a 2014 Top Employer for Hispanics by Hispanic Network. The company  earned the 2014 National Award of Nuclear Science and History from the National  Atomic Museum Foundation for its leadership and commitment to nuclear  development, and is consistently ranked among the top utilities in Fortune's  annual World’s Most Admired Electric and Gas Utility rankings. Visit our  website at www.southerncompany.com.

About AGL Resources
  AGL  Resources (NYSE: GAS) is an Atlanta-based energy services holding company which  owns and operates natural gas utilities, as well as retail energy and services,  wholesale services and midstream businesses. AGL Resources serves approximately  4.5 million utility customers through its regulated distribution subsidiaries  in seven states. The company also serves more than one million retail customers  through its SouthStar Energy Services joint venture and Pivotal Home Solutions,  which market natural gas and related home services. Other non-utility  businesses include asset management for natural gas wholesale customers through  Sequent Energy Management and ownership and operation of natural gas storage  facilities. AGL Resources is a Fortune 500 company and a member of the S&P  500 Index. For more information, visit www.aglresources.com.

Cautionary  Statements Regarding Forward-Looking Information
This  release contains forward-looking statements which are made pursuant to safe  harbor provisions of the Private Securities Litigation Reform Act of 1995.  These forward-looking statements include statements, among other things,  concerning the expected timing of the completion of the proposed merger and the  expected benefits thereof. These forward-looking statements are often  characterized by the use of words such as "expect,"  "anticipate," "plan," "believe," "may,"  "should," "will," "could," "continue"  and the negative or plural of these words and other comparable terminology. Although  Southern Company and AGL Resources believe that the expectations reflected in  such forward-looking statements are reasonable, such statements involve risks  and uncertainties and undue reliance should not be placed on such statements.  Certain material factors or assumptions are applied in making forward-looking  statements, including, but not limited to, factors and assumptions regarding  the items outlined above. Actual results may differ materially from those  expressed or implied in such statements. Important factors that could cause  actual results to differ materially from these expectations include, among  other things, the following: the failure to receive, on a timely basis or  otherwise, the required approvals by government or regulatory agencies (including  the terms of such approvals); the possibility that long-term financing for the  transaction may not be put in place prior to the closing; the risk that a  condition to closing of the merger or the committed financing may not be  satisfied; the possibility that the anticipated benefits from the transaction  cannot be fully realized or may take longer to realize than expected; the  possibility that costs related to the integration of Southern Company and AGL  Resources will be greater than expected; the credit ratings of the combined  company or its subsidiaries may be different from what the parties expect; the  ability to retain and hire key personnel and maintain relationships with  customers, suppliers or other business partners; the diversion of management  time on transaction-related issues; the impact of legislative, regulatory and  competitive changes; and other risk factors relating to the energy industry, as  detailed from time to time in each of Southern Company's and AGL Resources'  reports filed with the Securities and Exchange Commission. There can be no  assurance that the transaction will in fact be consummated.

 

Additional  information about these factors and about the material factors or assumptions  underlying such forward-looking statements may be found in the body of this  release, as well as under Item 1.A in each of Southern Company's and AGL  Resources' Annual Reports on Form 10-K for the fiscal year ended December  31, 2015. Southern Company and AGL Resources caution that the foregoing list of  important factors that may affect future results is not exhaustive. When  relying on forward-looking statements to make decisions with respect to  Southern Company and AGL Resources, investors and others should carefully  consider the foregoing factors and other uncertainties and potential events.  All subsequent written and oral forward-looking statements concerning the  transaction or other matters attributable to Southern Company or AGL Resources  or any other person acting on their behalf are expressly qualified in their  entirety by the cautionary statements referenced above. The forward-looking  statements contained herein speak only as of the date of this release. Neither  Southern Company nor AGL Resources undertakes any obligation to update or  revise any forward-looking statement, except as may be required by law.

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