| Issuer: | Alabama Power Company |
| Format: | SEC Registered |
| Security: | Series 2015A 3.750% Senior Notes due March 1, 2045 |
| Expected Ratings:* | A1(Stable)/A (Negative)/A+ (Stable) (Moody’s/Standard & Poor’s/Fitch) |
| Trade Date: | March 5, 2015 |
| Expected Settlement Date: | March 11, 2015 (T+4) |
| Size: | $550,000,000 |
| Maturity Date: | March 1, 2045 |
| Interest Payment Dates: | March 1 and September 1 of each year, beginning September 1, 2015 |
| Coupon: | 3.750% |
| Initial Public Offering Price: | 99.306% |
| Benchmark Treasury: | 3.000% due November 15, 2044 |
| Benchmark Treasury Yield: | 2.719% |
| Spread to Benchmark Treasury: | +107 basis points |
| Re-Offer Yield: | 3.789% |
| Make-Whole Call: | Prior to September 1, 2044 at T+20 basis points |
| Par Call: | On or after September 1, 2044 at 100% |
| CUSIP/ISIN: | 010392FM5/US010392FM53 |
| Joint Book-Running Managers: | Barclays Capital Inc. Goldman, Sachs & Co. Merrill Lynch, Pierce, Fenner & Smith Incorporated Mizuho Securities USA Inc. Morgan Stanley & Co. LLC |
| Co-Managers: | BBVA Securities Inc. BNY Mellon Capital Markets, LLC CIBC World Markets Corp. Fifth Third Securities, Inc. Regions Securities LLC SunTrust Robinson Humphrey, Inc. Blaylock Beal Van, LLC CastleOak Securities, L.P. Loop Capital Markets LLC |
