| Issuer: | Alabama Power Company |
| Security: | Series 2019A 3.45% Senior Notes due October 1, 2049 |
| Expected Ratings:* | A1(Stable)/A(Negative)/A+(Negative) (Moody’s/Standard & Poor’s/Fitch) |
| Principal Amount: | $600,000,000 |
| Initial Public Offering Price: | 99.665% of the principal amount |
| Maturity Date: | October 1, 2049 |
| Benchmark Treasury: | 2.875% due May 15, 2049 |
| Benchmark Treasury Yield: | 2.268% |
| Spread to Benchmark Treasury: | 120 basis points |
| Yield to Maturity: | 3.468% |
| Optional Redemption: | |
| Make-Whole Call: | Prior to April 1, 2049 at T+20 basis points |
| Par Call: | On or after April 1, 2049 at 100% |
| Coupon: | 3.45% |
| Interest Payment Dates: | April 1 and October 1 of each year, beginning April 1, 2020 |
| Format: | SEC Registered |
| Denominations: | $2,000 and integral multiples of $1,000 in excess thereof |
| CUSIP/ISIN: | 010392FT0/US010392FT07 |
| Trade Date: | September 12, 2019 |
| Expected Settlement Date: | September 17, 2019 (T+3) |
| Joint Book-Running Managers: | BofA Securities, Inc. Mizuho Securities USA LLC MUFG Securities Americas Inc. Scotia Capital (USA) Inc. Wells Fargo Securities, LLC |
| Co-Managers: | BB&T Capital Markets, a division of BB&T Securities, LLC BBVA Securities Inc. Regions Securities LLC Synovus Securities, Inc. Apto Partners, LLC Cabrera Capital Markets, LLC Loop Capital Markets LLC Samuel A. Ramirez & Company, Inc. |
