Company: SOJE
Filing Date: 2025-04-21
Form Type: PX14A6G
Source: 0001214659-25-006174
Chunk: 8

Company: SOUTHERN CO
Filing Date: 2025-04-21
Form: PX14A6G
Chunk 8
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/integrated-resource-plan/2023_IRP_Update.pdf,https://www.midamericanenergy.com/media/pdf/mec_resource_evaluation_study_11-1.pdf; AES IRP:https://www.aesindiana.com/integrated-resource-plan; NextEra Energy IRP:https://www.fpl.com/content/dam/fplgp/us/en/about/pdf/ten-year-site-plan.pdf

| 2025                                                    
 Proxy Memo                                              
 Southern Co | Disclosing Assumptions Behind High Carbon 
 Investments                                             |

In contrast, Southern redacts key information for all three of its integrated
electric utilities. While Southern’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 cannot
make an accurate determination about the robustness of Southern’s plans for electricity generation.

In its opposition statement, Southern contends that it is not comparable
to other utilities, noting that "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." 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.

RESPONSE TO SOUTHERN’S BOARD OF DIRECTORS’ STATEMENT IN OPPOSITION

Southern states: “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…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.

The proponent responds with the following points:

| · | Southern’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.                                                                                                                   |

| · | Many of Southern’s peer utilities operate in states with trade secret 
 laws, yet they disclose the data requested by this proposal.          |

| · | Southern’s electric utilities all operate as monopolies within their                                   
 respective territories, so disclosing the core planning assumptions will not harm its market position. |

| · | The claim that disclosure