AGL Networks

2003 Analyst/Investor Conference

Forward-Looking Statements

These presentations contain forward-looking statements. Company management cautions readers
that the assumptions, which form the basis for the forward-looking statements, include many
factors that are beyond company management's ability to control or estimate precisely. Those
factors include, but are not limited to, the following: changes in industrial, commercial, and
residential growth in the company's service territories and those of the company's subsidiaries;
changes in price and demand for natural gas and related products; impact of changes in state and
federal legislation and regulation, including various orders of the state public service
commissions and the Federal Energy Regulatory Commission, on the gas and electric industries
and on the company, including the impact of Atlanta Gas Light Company's performance based
rate plan; effects and uncertainties of deregulation and competition, particularly in markets
where prices and providers historically have been regulated, unknown risks related to
nonregulated businesses, and unknown issues such as the stability of certificated marketers;
impact of Georgia's Natural Gas Consumers' Relief Act of 2002; concentration of credit risk in
certificated marketers and the company's wholesale services segment's counterparties; excess
network capacity and demand/growth for dark fiber in metro network areas of AGL Networks'
customers; AGL Networks' introduction and market acceptance of new technologies and
products, as well as the adoption of new networking standards; ability of AGL Networks to
produce sufficient capital to fund its business; ability to negotiate new contracts with
telecommunications providers for the provision of AGL Networks' dark-fiber services; industry
consolidation; performance of equity and bond markets and the impact on pension fund costs;
impact of acquisitions and divestitures; changes in accounting policies and practices issued
periodically by accounting standard-setting bodies; direct or indirect effects on the company's
business, financial condition or liquidity resulting from a change in the company's credit ratings
or the credit ratings of the company's competitors or counterparties; interest rate fluctuations,
financial market conditions, and general economic conditions; uncertainties about environmental
issues and the related impact of such issues; impact of changes in weather upon the temperature-
sensitive portions of the company's business; and other risks described in the company's
documents on file with the Securities and Exchange Commission.