Southern Company announces redemption of Preferred Securities

ATLANTA – Southern Company today announced the planned redemption on June 30, 2003, of all $200 million aggregate liquidation amount of the Southern Company Capital Trust IV 7 1/8 percent Preferred Securities due June 30, 2028.

The redemption price for the full redemption of the Southern Company Capital Trust IV 7 1/8 percent Preferred Securities will be $25 per Preferred Security plus accrued and unpaid distributions thereon to the redemption date.

Deutsche Ban Trust Company Americas, as Property Trustee, notified each registered holder by first class mail on May 30, 2003. The books will be closed on the redemption date.

With 4 million customers and nearly 37,000 megawatts of generating capacity, Atlanta-based Southern Company (NYSE: SO) is the premier super-regional energy company in the Southeast and a leading U.S. producer of electricity. Southern Company owns electric utilities in four states, a growing competitive generation company, an energy services business and a competitive retail natural gas business, as well as fiber optics and wireless communications. Southern Company brands are known for excellent customer service, high reliability and retail electric prices that are 15 percent below the national average. Southern Company has been named two consecutive years No. 1 on Fortune magazine’s “America’s Most Admired Companies” list in the Electric and Gas Utility industry. Southern Company has more than 500,000 shareholders, making its common stock one of the most widely held in the United States. Visit the Southern Company Web site at