1. Living Our Values in Regulatory Relations Bryan Batson Vice President Regulatory Compliance and Affairs

2. 2003 Analyst/Investor Conference2 AGL Resources’ 2003 Goals and Values Demonstrate a compelling proposition for our stakeholders: Customers Shareholders Communities Regulators Employees Achieve this through applying our core values to all we do inside the lines honesty generosity of spirit value seeking

3. 2003 Analyst/Investor Conference3

4. 4 Virtue is its own reward

5. 2003 Analyst/Investor Conference5 Service Standard Performance

6. 2003 Analyst/Investor Conference6 Authorized Returns

7. 2003 Analyst/Investor Conference7 Managing Issues to Avoid Controversy Capacity Planning Tennessee Tariff Changes Asset Management Reporting Grey Book – Continuous Disclosure No Surprises!

8. 2003 Analyst/Investor Conference8 Calendar of Major Regulatory Filings 12/03 1/04 2/04 3/04 4/04 5/04 6/04 7/04 8/04 9/04 10/04 11/04 12/04 Tentative: CGC Filing Expected effective date of CGC Tariffs AGLC Filing (effective date of tariffs either 12/04 or 5/05 TBD) Tentative: VNG combined filing for WNA and AIF AGLC Capacity Supply Plan Filing

9. 2003 Analyst/Investor Conference9 What’s On the Horizon for 2004? Tennessee –Bad debt amortization –2004 Rate Case Virginia –Propane plant authorization –AIF/WNA Georgia –Capacity Plan –Test period for 2005 Rate Case Working With Regulators Every Day