| Issuer: | Alabama Power Company |
| Security: | Series 2014A 4.150% Senior Notes due August 15, 2044 |
| Expected Ratings:* | A1(Stable)/A (Negative)/A+ (Stable) (Moody’s/Standard & Poor’s/Fitch) |
| Size: | $400,000,000 |
| Trade Date: | August 20, 2014 |
| Expected Settlement Date: | August 26, 2014 (T+4) |
| Maturity Date: | August 15, 2044 |
| Interest Payment Dates: | February 15 and August 15 of each year, beginning February 15, 2015 |
| Coupon: | 4.150% |
| Initial Public Offering Price: | 99.204% |
| Benchmark Treasury: | 3.375% due May 15, 2044 |
| Benchmark Treasury Yield: | 3.217% |
| Spread to Benchmark Treasury: | + 98 basis points |
| Re-Offer Yield: | 4.197% |
| Make-Whole Call: | Prior to February 15, 2044 at T+15 basis points |
| Par Call: | On or after February 15, 2044 at 100% |
| Denominations: | $1,000 and any integral multiple thereof |
| Format: | SEC Registered |
| CUSIP/ISIN: | 010392FL7/US010392FL70 |
| Joint Book-Running Managers: | Merrill Lynch, Pierce, Fenner & Smith Incorporated Morgan Stanley & Co. LLC SunTrust Robinson Humphrey, Inc. Wells Fargo Securities, LLC |
| Co-Managers: | BBVA Securities Inc. BNP Paribas Securities Corp. BNY Mellon Capital Markets, LLC Mizuho Securities USA Inc. Regions Securities LLC Sterne, Agee & Leach, Inc. U.S. Bancorp Investments, Inc. |
