Contents 2. Financial Highlights A review of our financial  performance in 2002,  and how it compared  with the previous year.  3. Letter to Our Shareholders Chairman, President,  and CEO Allen Franklin reflects on 2002 and  looks ahead.  6. The Company at a Glance Facts and figures about the company and its three main businesses.  8. A Conversation with  Allen Franklin Our Chairman,  President, and CEO answers questions  about the company’s strategic direction.  More than 500,000 shareholders make Southern Company one of the most widely held stocks in the United States. Gerald Bozeman became a shareholder in 1999. Since then, Southern Company’s total shareholder return, including reinvested dividends, has averaged more than 18 percent a year.  reliability. ONE OF THE MOST WIDELY HELD STOCKS IN THE COUNTRY, 75 YEARS PROVIDING ENERGY FOR THE SOUTHEAST, 54 YEARS OF CONSECUTIVE QUARTERLY DIVIDENDS, PROVEN LONG-TERM STRATEGY, TOP-RANKED UTILITY  IN CUSTOMER SATISFACTION, SOLID EARNINGS, FINANCIAL STRENGTH, COMMITMENT TO ENVIRONMENTAL SOLUTIONS, FOCUS ON KEEPING PROMISES TO CUSTOMERS AND SHAREHOLDERS 