November 2003 Investor Meetings New York, NY

1 Investors Conference November 2003 Investor Meetings Cautionary Statement Regarding Forward-Looking Statements

2 Investors Conference November 2003 Investor Meetings The ATG Value Proposition Annual Total Return 8-10+% Annual Total Return 8-10+% Organic Development/ Acquisition 2-3% Organic Development/ Acquisition 2-3% Base Business Growth 2-3% Dividend Yield 4-5%

3 Investors Conference November 2003 Investor Meetings 2003 Goals Strengthen the company financially Grow around existing assets Execute flawlessly in every business segment Demonstrate a compelling proposition for all our stakeholders

4 Investors Conference November 2003 Investor Meetings 2003 Scorecard Financial Strength $137 million equity offering $225 million debt offering Improved cash generation Increased dividend 4% Interest rate swaps Ratings affirmed and one upgrade Asset Development Displacing pipelines as an opportunity Formalized project development efforts (Pivotal) Macon peaking pipeline VNG propane pipeline and expansion Flawless Execution Achieved strong YTD earnings results Received favorable regulatory decisions related to asset management Increased ownership of SouthStar Refocused dark-fiber business Compelling Proposition Zenith of regulatory and governmental relations Community giving Increased institutional owner base Record share price Employee satisfaction

5 Investors Conference November 2003 Investor Meetings High-Quality, Predictable Utility Operations With Regulatory Stability Service Areas Chattanooga Atlanta Norfolk Performance-based ratemaking (PBR) Maintains straight-fixed variable rates (SFV) Regulatory certainty through 2005 Authorized return levels very favorable Weather normalization (2-year program) Price stability for customers Favorable regulatory climate Georgia – 1.6 million customers Virginia – 250,000 customers Tennessee – 60,000 customers WNA adjustment offsets weather impact Level revenue stream throughout year

6 Investors Conference November 2003 Investor Meetings Percent of Return 16% 14% 12% 10% 8% 6% 4% AGLC CGC VNG Authorized (1)Actual AuthorizedActual Authorized Actual (2) (1) The authorized ROE is 11.00%. The top of the earnings band is 12.00%. The company also can include 1/2 of VNG synergies in calculating the return prior to sharing – bringing authorized ROE to approximately 12.6%.. (2) Based on actual weather. AGL Resources Utility Operations Return on Equity 12 Months Ended June 30, Regulatory Compact Provides Proper Incentives

7 Investors Conference November 2003 Investor Meetings Unique Features to Note Environmental recovery rider turns cash-flow positive in 2005 Environmental recovery rider turns cash-flow positive in 2005 Pipeline replacement program provides return on, and of, capital Pipeline replacement program provides return on, and of, capital Environmental recovery rider turns cash-flow positive in 2005 Environmental recovery rider turns cash-flow positive in 2005 Pipeline replacement program provides return on, and of, capital Pipeline replacement program provides return on, and of, capital ATLANTA GAS LIGHT COMPANY $43 $49 $50 $48 $50 $94 $91 $95 $92 $2 $4 $13 $21 $28 $39 $51 $62 $73 $20 $6 $0 $10 $20 $30 $40 $50 $60 $70 $80 $90 $ in Millions Total CapitalCash Recovery Notes: Data based on collection year. *Investment of $480 million to be recovered through base rates at end of program Pipeline Replacement Program Rider

8 Investors Conference November 2003 Investor Meetings Henry Hub TX GA IL LA MD TN VA Houston Company Owned LNG Plants Propane Storage Other LNG Terminals Accessible Storage Atlanta n Three business lines: producer services; transportation asset management; storage arbitrage n Asset management sharing arrangements approved in all states n Emerging commerce in peaking services and other origination business Chattanooga Norfolk Elba Island Cove Point HenryHub Sequent Provides Incremental Value From Existing Asset Base Lake Charles

9 Investors Conference November 2003 Investor Meetings SouthStar’s Net Income CY 2002 $41 million CY 2001 $17 million SouthStar’s Net Income CY 2002 $41 million CY 2001 $17 million SouthStar Is Now A Stable, Annuity-Quality Business ATG owns 70% but earnings distributed disproportionately 38% market share Stable, maturing business 60% of earnings from fixed charges Focus on maintaining market share; improving customer service; and continuing to implement rigorous controls around credit quality

Project Development Activities

11 Investors Conference November 2003 Investor Meetings Pivotal Energy Development Support goal to grow around existing assets Develop or acquire projects that supplement current assets to: – Reduce the cost of service to ratepayers – Create multi-level return opportunities Value through synergies between existing assets and new projects

12 Investors Conference November 2003 Investor Meetings Declining Regional Load Factor 74% Load Factor 65% Load Factor

13 Investors Conference November 2003 Investor Meetings Declining Load Factor in Georgia

14 Investors Conference November 2003 Investor Meetings MACON LNG ATLANTA HUB ELBA ISLAND LNG IMPORT TERMINAL VNG PROPANE PEAKING SALT DOME STORAGE EAST TENNESSEE INTERCONNECT JOINT USE PIPELINE APPALACHIAN PRODUCTION OPPORTUNITY VIRGINIA HUB Regional Opportunities DIRECT TO ATLANTA PIPELINE

15 Investors Conference November 2003 Investor Meetings Near-Term Development Plans Macon Peaking Pipeline – Peaking needs continue to grow in Atlanta despite declining load factor – Currently LNG facility is limited to 50% capability by constrained take-away capacity VNG Propane-Air Facility Expansion – Additional peaking capacity needed at VNG – Modest propane injection has been used to manage peak needs – Improves duration and reliability of propane injection peaking

16 Investors Conference November 2003 Investor Meetings

17 Investors Conference November 2003 Investor Meetings What Makes ATG Different? Location … Location … Location Management is all over the details Always searching for opportunities to create value No surprises Only promise what we know we can deliver

18 Investors Conference November 2003 Investor Meetings We Keep Our Promises 2000 – 2002 CAGR = 16% Revised guidance upward following 3Q earnings

19 Investors Conference November 2003 Investor Meetings Upcoming Events ATG Analyst/Investor Conference – November in Savannah, Georgia 4 th Quarter/Year-End 2003 Earnings Released – January 29, 2004 Contact: Steve Cave Director, Investor Relations (404)