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					             Real Results
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2003 AGL Resources Shareholder Meeting
                     Presented By
                   Paula G. Rosput
    Chairman, President and Chief Executive Officer
Welcome To
 Ten Peachtree Place
 2003 AGL Resources
 Shareholder Meeting
 AGLR Board of
 Directors
 Officers and
 Management
 Guests
Then and Now
Setting Records

highest earnings
per share                highest
              value
                      stock price


                      peak-day
  customers           send outs
value
Today’s Objectives

   Review of 2002 Goals and Results
   Goals for 2003
   Challenges & Opportunities
   AGL Resources Corporate Values
      value


improve earnings
ATG Earnings Per Share (By Calendar Quarter)
              2002- $1.84 per share
             19% increase over 2001
Cents
 1.00
  ,90
  .80
  .70
  .60                                      2002
  .50
  .40                                      2001
  .30
  .20
  .10
    0
        1Q       2Q          3Q       4Q
Strategy or Tactics?

   No “new and
    improved” strategy
    necessary
   Stay the course

                Execute with precision
                Stick with the fundamentals
 1/
   2/
      20




               $15
                     $20
                           $25
         02
 2/
   2/
      20
         02
 3/
   2/
      20
         02
 4/
   2/
      20
         02
 5/
   2/
      20
         02
 6/
   2/
      20
         02
 7/
   2/
      20
         02
 8/
   2/
      20
         02
 9/
                                              ATG Stock Price 2002




   2/
      20
         02
10
  /2
     /2
        00
11         2
  /2
     /2
        00
12         2
                           Dec 16:




  /2
     /2
        00
           2
 1/
                           Hits $25.00 High




   2/
      20
         03
ATG versus S&P and Peer Group
2002
        10.7%


                2.0%



         ATG    LDC




                       -22.1%
                       S&P 500
CORE EARNINGS         CORE EARNINGS PER SHARE
Dollars in millions   Dollar
                            ATG 3-Year Stock & Return Index 140
                                                                                                      ATG
                                                            130
                                                                         LDCs
                                         STOCK PRICE        120


                                                            110


                                                            100

                                                                90
                   80


                                                   ATG          80
                   60

                                                                70

                   40
                                                                60
                                                                                           S&P 500
                                  LDCs
                   20                                           50

                                                                 4/00
                                                                4/7/00          4/01
                                                                                  4/7/01   4/02
                                                                                             4/7/02         4/03
                                                                                                               4/7/0
                    0




                   -20
Total Return (%)




                   -40

                                              S&P 500
                   -60
                                                                RETURN ON INVESTMENT
                         4/00   4/01        4/02         4/03
ATG Outperforming Blue-chip Stocks
100%

90%

80%
                                                                      Home Depot
                                                                      Coca-Cola
70%                                                                   GE
                                                                      IBM
60%                                                                   Wal-Mart
                                                                      Microsoft
                                                                      AGL Resources
50%

40%

30%

  ATG is trading at 94% of its 52-week high, outpacing nearly every company in
  the Dow Jones Industrial Average index             *As of April 2, 2003
 ATG Outperforming Its Peers, Too
100%
 90%
 80%
 70%
 60%
 50%
 40%
 30%
 20%
 10%
  0%
       NICOR                            Atmos Energy                     Western Gas Resources
       KeySpan Energy                   Peoples Energy                   Piedmont Natural Gas
       AGL Resources

 Trading at 94% of its 52-week high, ATG is outperforming its energy sector peer group, which is
 trading at an average of 80% of the 52-week high.                             *As of April 2, 2003
    change the
        value


regulatory paradigm
Regulatory Highlights
Georgia




          Settlement
          reached
          Performance-
          based plan
Virginia




           Weather
           normalization
           adjustment
Stability In Rates & Relations




              Sequent
       value


accelerate telecom
Our Current Networks




                       Phoenix Metro
  Atlanta Metro
        value


our accomplishments
SHARE PRICE                                    CORE EARNINGS PER SHARE
Dollar                                                           Dollar
                                                       $1.84
                               6%


  $25
                                    value

                                            Rate and regulatory
TOTAL RETURN TO SHAREHOLDERS
Percent                                     stability
              11%

                                            Expanded AGL
                                            Networks
SouthStar
       Georgia Natural Gas




      70%                 30%

      Improve customer base
      Improve service
      Enhance quality of earnings
  value


realities
If You Don’t Drill…




Source: EIA
              …and you consume more –
Storage Will Fall & Prices Rise
                Historical range of storage volumes 1998-2002              $
                Weekly storage volumes
3500            Natural gas spot prices                                    10

3000                                                                       9

2500                                                                       8

2000                                                                       7

1500                                                                       6

1000                                                                       5

500                                                                        4

       Source: EIA
  0                                                                        3
       Mar 01                                 Mar 02            March 03
                                                                                           USD


                                           M
                                             ay




                                                       $3.000
                                                                $3.500
                                                                         $4.000
                                                                                  $4.500
                                                                                                 $5.000
                                                                                                          $5.500
                                                                                                                   $6.000
                                                                                                                            $6.500
                                                -0
                                                  3
                                           A
                                             ug
                                                -0
                                                   3
                                           N
                                             ov
                                               -0
                                                  3
                                           Fe
                                              b-
                                                 04
                                           M
                                             ay
                                                -0
                                                  4
                                           A
                                             ug
                                                -0
                                                   4
                                           N
                                             ov
                                               -0
                                                  4
                                           Fe
                                              b-
                                                 05
                                           M
                                             ay
                                                -0
                                                  5
                                           A
                                             ug
                                                -0
                                                   5
                                           N
                                             ov
                                               -0
                                                  5
                                           Fe
                                              b-
                                                 06
                                           M
                                             ay
                                                -0
                                                  6
                                           A
                                             ug
                                                -0
                                                   6




                              MONTH/YEAR
                                           N
                                             ov
                                               -0
                                                  6
                                           Fe
                                              b-
                                                 07
                                           M
                                             ay
                                                -0
                                                  7
                                           A
                                             ug
                                                -0
                                                   7
                                           N
                                             ov
                                               -0
                                                  7
                                           Fe
                                              b-
                                                 08
                                           M
                                             ay
                                                -0
                                                  8
                                           A
                                             ug
                                                -0
                                                   8
                                           N
                                             ov
                                               -0
                                                  8
                                           Fe
                                              b-
                                                 09
                                                                                                                                     NYMEX Forward Curve & Volatility




Close of Business April 10, 2003
Volatility and Pricing
    Use Sequent’s expertise to
    benefit our customers
    Diversify pipelines and storage
    Increased LNG use
     value


goals for 2003
strengthen ourselves
         value


      financially
Equity Offering

    Completed a $137 million equity
    offering in February
    6.4 million shares
    Reduced our debt-to-
    capitalization ratio from 67 to 57
    percent
    Solidified our credit ratings
    Received upgrade to A- by Fitch
Post-Offering

    Consensus: $1.85-1.90
    Includes dilution of $0.10 per
    share from equity offering
    Price has recovered nicely
    Trading in mid-to-high $23 range
    with healthy volumes
    Continued after-market
    institutional support
grow around our
      value



existing assets
Meeting Expectations

   Wall Street: 5-7% growth
   Operate well run utilities
   Limited growth
   Regulatory restrictions
   Slowing regional economies
   Keep costs low – raise revenue
Opportunity
   execute flawlessly
           value



in every business segment
Not a Luxury – A Necessity
   Safety a must
   Required commodity
   Avoid costly mistakes
   Use proven technology
   Enhance Sequent’s capabilities using
   strict risk management framework
   Extend system disciplines to
   SouthStar
   Reduce Networks’ sales cycle time
demonstrate a compelling
           value


       proposition
   to our stakeholders
Committing To Our Stakeholders

    customers
                        shareholders
                value




 regulators             communities
   value


governance
   Board Committees

            Finance & Risk     Nominations &
             Management          Corp Gov




Executive            aglresources.com          Audit




             Corporate
             Responsibility     Compensation
value s
Our Core Values
                  value
                  seeking
       honesty
   Where We’re Doing It
$1100
               AGLC Cost Per
                New Meter      Reducing leak
$1000                          response time
                               Creating appointment
$900                           times
        2002         2003
                               Payment history
 $140
                               improvement at
               AGLC O&M Cost
                Per Customer
                               SouthStar
 $130
                               Hold and handle times
                               down at our Customer
                               Care Center
 $120
        2002         2003
Our Core Values
                    value
                    seeking
       honesty


        inside    generosity
          the        of spirit
          lines
     V-Force
                                   32,000 hours
                                      in 2002

  2nd Habitat for Humanity house
                                                   Polar Plunge for Special Olympics




                                         MLK Day


American Heart Association’s Heartwalk                       United Way Tug-A-Plane
Volunteer of the Year


     Timothy Dasher
           Meter Reader
       Savannah service center
AGLR Employees
What’s Good For The Company?
2002                the value is “here”
                         marketers &
2003                     constituents
                 value
                         strengthen
                         our finances

continuing to            flawless
                         execution
find the value
                         asset use
the real
    value

is still here
      at
the real
    value

is still here
      at

				
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