<PAGE>
EXHIBIT 99
================================================================================
Chapter One
--------------------------------------------------------------------------------
================================================================================
Rewriting the book
Paula Rosput
President & CEO
AGL Resources
--------------------------------------------------------------------------------
1
<PAGE>
================================================================================
--------------------------------------------------------------------------------
Our Performance
================================================================================
<TABLE>
<CAPTION>
Relative Stock Price O & M Cost Per Customer
Performance
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
$ 165
130.00 $ 160
125.00
120.00 $ 153
115.00
110.00
105.00 [GRAPH APPEARS HERE] $ 140
100.00
95.00
90.00
85.00
80.00
------------------------------------------------------------------- ----------------------------------
9/99 10/99 11/99 12/99 1/00 2/00 3/00 4/00 5/00 6/00 7/00 8/00 9/00 '97 '98 '99 '00
------------------------------------------------------------------------------------------------------------------------------------
Net Capital Cost/New Meter
Customers Per Employee 718
$1,239 $1,198
564
504 529
$758
--------------------------------------------------------------------------------------------------------------------------
'97 '98 '99 '00 '98 '99 '00
</TABLE>
2
<PAGE>
================================================================================
--------------------------------------------------------------------------------
Our Performance
================================================================================
<TABLE>
<CAPTION>
Relative Stock Price O & M Cost Per Customer
Performance
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
130.00
125.00
120.00
115.00
110.00 $165
105.00 [GRAPH APPEARS HERE]
100.00 $160
95.00 $153
90.00 $140
85.00
80.00
------------------------------------------------------------------------------ -------------------------
9/99 10/99 11/99 12/99 1/00 2/00 3/00 4/00 5/00 6/00 7/00 8/00 9/00 '97 '98 '99 '00
---------------------------------------------------------------------------------------------------------------------------
Is being the best enough?
Customers Per Employee Net Capital Cost/New Meter
718
$1,239 $1,198
564
504 529
$758
----------------------------------------- ---------------------------------
'97 '98 '99 '00 '98 '99 '00
---------------------------------------------------------------------------------------------------------------------------
</TABLE>
3
<PAGE>
================================================================================
--------------------------------------------------------------------------------
Management Philosophy
================================================================================
Investment and management focus now on businesses that:
[X] extend core competencies
[X] are subject to strategic evaluation
[X] allow way to manage/direct investment
[X] are within market scope
[X] Offer clear path to earnings
----------------------------
--------------------------------------------------------------------------------
4
<PAGE>
================================================================================
--------------------------------------------------------------------------------
Shift in Strategic Direction
================================================================================
Past Now
Propane MLP Partner
Ventures > GNGS Restructure or Exit
Utilipro Restructure or Exit
Deregulation Telecom
------------------------------------?-------------------------------------------
Core-related ventures > Wholesale Gas
Regulated Utility Expand Core Business > VNG
Operations
--------------------------------------------------------------------------------
5
<PAGE>
================================================================================
--------------------------------------------------------------------------------
Focusing on the right opportunities
================================================================================
Operational Excellence
Utility Operations > Leveraging customer
growth
Core
Business
Optimize Assets
Wholesale Gas > Capitalizing on regional
Underground presence
Infrastructure
Development
Redeploy core skills
Telecom > Participate in telecom
through co-construction
--------------------------------------------------------------------------------
6
<PAGE>
================================================================================
Chapter One
================================================================================
Transforming Utility Operations
Paula Rosput
President
Atlanta Gas Light Company
--------------------------------------------------------------------------------
1
<PAGE>
================================================================================
Chapter One
--------------------------------------------------------------------------------
Recapturing value of base business
================================================================================
Franchise undervalued
. "leaking" earnings from lack of financial controls
. inefficient operating practices
[MAP APPEARS HERE]
. unpredictable regulatory climate
. morale/mindset
--------------------------------------------------------------------------------
2
<PAGE>
================================================================================
Chapter One
--------------------------------------------------------------------------------
Recapturing value of base business
================================================================================
TECHNOLOGY Dispatch System
DEPLOYMENT
Mapping
Engineering
[MAP APPEARS HERE]
Contract Services
Procurement
--------------------------------------------------------------------------------
3
<PAGE>
================================================================================
Chapter One
--------------------------------------------------------------------------------
Recapturing value of base business
================================================================================
TECHNOLOGY
DEPLOYMENT
PERFORMANCE
MEASUREMENT
[MAP APPEARS HERE]
--------------------------------------------------------------------------------
4
<PAGE>
================================================================================
Chapter One
--------------------------------------------------------------------------------
Recapturing value of base business
================================================================================
Competitive bidding reducing cost of service footage
TECHNOLOGY
DEPLOYMENT $4.00
$3.50
PERFORMANCE $3.00
MEASUREMENT
$2.50
$2.00
FINANCIAL
DISCIPLINE $1.50
$1.00
[MAP APPEARS HERE]
$0.50
$0.00
--------------------------------------------------
1996 1997 1998 1999 2000
--------------------------------------------------------------------------------
5
<PAGE>
================================================================================
Chapter One
--------------------------------------------------------------------------------
Recapturing value of base business
================================================================================
CapEx reductions improve margins on customer growth
<TABLE>
<S> <C> <C> <C> <C> <C>
$70,000,000
TECHNOLOGY $60,000,000
DEPLOYMENT
$1,239/meter
$50,000,000
PERFORMANCE
MEASUREMENT $1,198/meter
$40,000,000
FINANCIAL $758/meter
DISCIPLINE $30,000,000
[_] Net Capital
Expenditures
[MAP APPEARS HERE] $20,000,000
[_] Customer
Contributions
$10,000,000
$ 0
FY 98 FY 99 FY 00
48,165 Meters 45,816 Meters Projected
52,000 Meters
</TABLE>
--------------------------------------------------------------------------------
6
<PAGE>
================================================================================
Chapter One
--------------------------------------------------------------------------------
Recapturing value of base business
================================================================================
TECHNOLOGY Meter Express
DEPLOYMENT
. more efficient meter sets
PERFORMANCE . radical reduction in new customer
MEASUREMENT CapEx
FINANCIAL
DISCIPLINE
[MAP APPEARS HERE]
INNOVATION
---------------------------[PICTURE APPEARS HERE]-------------------------------
7
<PAGE>
================================================================================
Chapter One
--------------------------------------------------------------------------------
Recapturing value of base business
================================================================================
What is the encore?
. 24-hour calls
. soft-off
. supply chain management
[MAP APPEARS HERE] . community capital-building
. on-line servicing and sales
--------------------------------------------------------------------------------
8
<PAGE>
================================================================================
Chapter One
--------------------------------------------------------------------------------
Recapturing value of base business
================================================================================
What has emerged?
. consistent earnings
. improved customer satisfaction
. dramatic boosts in productivity
[MAP APPEARS HERE] . greater pace/focus
. lowest industry cost for installs
. concentration on core competencies
--------------------------------------------------------------------------------
9
<PAGE>
================================================================================
Chapter One
--------------------------------------------------------------------------------
Extending the success
================================================================================
Opportunities are: AGLC's success came on base
rate half of that at VNG
. significant
. near-term
. actionable
150 Therms
[MAP APPEARS HERE] Base Rate $47.69 $ 17.00
Customer Charge 9.90 9.05
------ -------
$57.59 $ 26.05
VNG AGLC
--------------------------------------------------------------------------------
10
<PAGE>
================================================================================
Chapter One
--------------------------------------------------------------------------------
Extending the success
================================================================================
Opportunities are:
AGL cost approach
. significant leverages VNG growth
. near-term
. actionable
[MAP APPEARS HERE] O&M Cost / Customer Net Capital Cost / New Meter
$148 $196 $758 $1,600
AGL VNG AGL VNG
--------------------------------------------------------------------------------
11
<PAGE>
================================================================================
Chapter One
--------------------------------------------------------------------------------
Extending the success
================================================================================
Opportunities are:
VNG yet to capitalize on
. significant growth in non-heating
applications
. near-term
. actionable
[MAP APPEARS HERE] Average Annual Use/
Customer (therms) 880
725
--------------------------
VNG AGLC
-------------------------------------------------------------------------------
12
<PAGE>
================================================================================
Chapter One
--------------------------------------------------------------------------------
Realizing our real strengths in base business
================================================================================
[X]Right mindset
[X]Management and operational measures
[X]Predictability in rates structures [MAP APPEARS HERE]
[X]Inherent strengths in market presence
Proven performance in difficult conditions now unleashed on real opportunities
--------------------------------------------------------------------------------
13
<PAGE>
================================================================================
Chapter Two
================================================================================
A Pipe is Not Just a Pipe
Telecommunications -
Conduit, Dark Fiber &
Anchor Tenancy
Eric Martinez
Vice President
AGL Network
--------------------------------------------------------------------------------
1
<PAGE>
================================================================================
Chapter Two
--------------------------------------------------------------------------------
A Simple Story
================================================================================
We have what
telecommunications companies
want
--------------------------------------------------------------------------------
2
<PAGE>
================================================================================
Chapter Two
--------------------------------------------------------------------------------
North American Telecom Industry
================================================================================
2000 2005
-----------------------------------------------------------------------------
$252 Billion $ 400 Billion
-----------------------------------------------------------------------------
Voice and Data Split Data = 90%
-----------------------------------------------------------------------------
. $ 8 Billion Atlanta Market growing faster than national average
. Increasingly important new media and internet center
--------------------------------------------------------------------------------
Source: Multimedia Telecommunications Association (MMTA) Market Forecast
Industry Report
3
<PAGE>
================================================================================
Chapter Two
Telecom Industry Demand Side Dynamics
================================================================================
<TABLE>
North American Traffic Forecast (1996-2005)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
14000
12000
Data
10000 Network
[GRAPH APPEARS HERE] Traffic
8000 100%
CGR
Terabytes/Day 6000
4000
2000 Circuit
Switched
0 12%
----------------------------------------------------------------------
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005
</TABLE>
--------------------------------------------------------------------------------
4
<PAGE>
================================================================================
Chapter Two
--------------------------------------------------------------------------------
AGL Networks' Opportunity
================================================================================
<TABLE>
<CAPTION>
End-Users Local Access and Fiber-Optic Local Access and
Inter-Carrier Facilities Backbone Inter-Carrier Facilities
<S> <C> <C> <C>
Big Congestion Congestion
Buildings
Congestion Carrier Carrier Long Haul Carrier Carrier
POP POP Backbone POP POP
Campuses
AGL Metro Access No Congestion AGL Metro Carrier
Opportunities Problems Opportunities
</TABLE>
--------------------------------------------------------------------------------
5
<PAGE>
================================================================================
Chapter Two
--------------------------------------------------------------------------------
Telecom Value Chain
================================================================================
Lease or Sell Install and Light Fiber and Full Service
Retired Lease Conduit Sell Basic Network
Mains and New and Dark Fiber Services Provider
Construction
Bellsouth
Fluor Daniel Telecom MFN Williams MCI-WorldCom
Bechtel Telecom Williams ICG, Yipes Qwest
Level 3 E-Spire AT&T
360 Networks Time Warner Telecom Sprint
--------------------------------------------------------------------------------
6
<PAGE>
================================================================================
Chapter Two
--------------------------------------------------------------------------------
AGL Networks' Strategy
================================================================================
Leverage our advantage in construction, and
existing relationships to enter the
telecommunications market within our
defined service territories.
. Extend core competency in construction . Focus on markets where we
have a presence
. Leverage existing relationships . Carriers' Carrier
--------------------------------------------------------------------------------
7
<PAGE>
================================================================================
Chapter Two
--------------------------------------------------------------------------------
Picking our spot on the value chain
================================================================================
Lease or Sell Install and Light Fiber and Full Service
Retired Lease Conduit Sell Basic Network
Mains and New and Dark Fiber Services Provider
Construction
AGL Networks
--------------------------------------------------------------------------------
8
<PAGE>
================================================================================
Chapter Two
--------------------------------------------------------------------------------
Lines of Business
================================================================================
AGL Networks,
LLC
Network Provider Construction Retiredmain.com
Services
Conduit Atlanta AGLR Gas
Leasing Companies
Vault Macon
Leasing Water
Companies
Dark Fiber Savannah
Leasing Municipals
Norfolk
--------------------------------------------------------------------------------
9
<PAGE>
================================================================================
Chapter Two
--------------------------------------------------------------------------------
Retiredmain.com
================================================================================
[HOME PAGE APPEARS HERE]
------------
[LOGO] RETIRED MAIN
------------
--------------------------------------------------------------------------------
10
<PAGE>
================================================================================
Chapter Two
--------------------------------------------------------------------------------
Construction services
================================================================================
. Sell to telecom companies
-Permitting
-Supervision
-Bidding [PICTURE APPEARS HERE]
-Material Procurement
-Computer Aided Drafting
-Managing
. Demand driven by CLECs specializing in sales and marketing
. Service ramps up when AGLN network is built
-Spurs off of the rings
-Services to the building wall
--------------------------------------------------------------------------------
11
<PAGE>
================================================================================
Chapter Two
--------------------------------------------------------------------------------
Atlanta Network Plan
================================================================================
[_] Network footprint - 103 miles
[_] Eight 1 1/2-inch conduits and one 864 ribbon fiber
[_] Anchor tenant before construction [MAP APPEARS HERE]
[_] 12 months to completion (estimated)
--------------------------------------------------------------------------------
12
<PAGE>
================================================================================
Chapter Two
--------------------------------------------------------------------------------
Value of the Network
================================================================================
Potential Annual Revenue
40
35
Network
30 [GRAPH APPEARS HERE] Utilization
25
25%
(Millions) 20
50%
15
75%
10
100%
5
0
--------------------------------------------------------------------------------
Conduit Fiber Conduit/Fiber
--------------------------------------------------------------------------------
13
<PAGE>
================================================================================
Chapter Two
--------------------------------------------------------------------------------
Atlanta Network Plan
================================================================================
Nov `00 Dec `00 Q2 FY `01 Q3 FY `01 Q4 FY `01 Q1 FY `02
Phase I
. Secure Anchor Tenant(s)
. Design Network
. Order Fiber
. Sell Fiber
. Permit
Phase II
. Begin Construction
. Sell Fiber
Go/No Go Fiber
Conduit Network Complete
--------------------------------------------------------------------------------
14
<PAGE>
================================================================================
Chapter Two
--------------------------------------------------------------------------------
Extending the plan
================================================================================
[MAP APPEARS HERE]
--------------------------------------------------------------------------------
15
<PAGE>
================================================================================
Chapter Three
================================================================================
Creating New Business Opportunities
Capturing Value through Asset Optimization
Jim Scabaretti
Vice President, Gas Services
AGL Energy Services
--------------------------------------------------------------------------------
1
<PAGE>
================================================================================
Chapter Three
--------------------------------------------------------------------------------
Opportunity is Knocking
================================================================================
. AGLR unbundling over last 18 months has prompted fresh look at assets --
"hidden" midstream assets
. During same period, dramatic changes in:
- Gas price volatility;
- Asset availability; and [PICTURE APPEARS HERE]
- Ability to monetize assets
Changes open doors to new economic opportunities for those utility managers who
can profitably manage commercial business risk.
--------------------------------------------------------------------------------
2
<PAGE>
================================================================================
Chapter Three
--------------------------------------------------------------------------------
Realizing Value from the Whole and its Parts
================================================================================
. Historically, gas utilities viewed as integrated systems that serve
customers in a well-defined, geographical market.
. The utility's assets (the Whole) have seldom been used to fully optimize or
"unlock" them to extract their true economic rents (the Parts).
--------------------------------------------------------------------------------
3
<PAGE>
================================================================================
Chapter Three
--------------------------------------------------------------------------------
Unlocking the Value
================================================================================
. Unlocking the value of each Part or asset
- Increasing Off System Sales
- Growing our market share in LNG
- Optimizing VNG and other assets
. Adding strategic assets to our portfolio through:
- Acquisition;
- Load growth; and
- Improved regulatory treatment
--------------------------------------------------------------------------------
4
<PAGE>
================================================================================
Chapter Three
--------------------------------------------------------------------------------
Growing #1 market share in LNG peaking assets
================================================================================
Being Proactive
Instead of Inactive
. Southeast is natural gas peaking asset short so LNG resources are in high
demand.
. Largest LNG manufacturer in the Southeast:
- 40% market share;
- 4 plants; and
- 7 Bcf of LNG storage.
Deliverability vs. Peak Day Demand
2.600
2.550
2.500
2.450 Design Day Forecast
2.400 A GLC Max Deliverability
Billion Cubic Feet per Day 2.350
2.300
2.250
------------------------------------
2001 2002 2003 2004 2005
Fiscal Year
--------------------------------------------------------------------------------
5
<PAGE>
================================================================================
Chapter Three
--------------------------------------------------------------------------------
Expanding our LNG Peaking Market
================================================================================
Recent developments include:
. Entered into joint venture marketing and operations arrangement with LNG
plant owner in neighboring state with option to purchase plant
. Purchased 4 tankers for tanker hauling to municipal utilities
. Conceptual development of a parking and lending service (e.g., peaking) for
Georgia marketers.
----------------------------[PICTURE APPEARS HERE]------------------------------
6
<PAGE>
================================================================================
Chapter Three
--------------------------------------------------------------------------------
VNG Asset Optimization
================================================================================
A Win-Win Arrangement from every Perspective [MAP APPEARS HERE]
. Signed letter of intent with Enron North America
- two-year deal optimizes 100% of VNG's gas supply and interstate capacity
assets
- Margins shared between VNG's ratepayers and AGL shareholders.
- First E-NA deal matches AGL core competencies and converts cost center
into profit center
- AGL & E-NA exploring other opportunities
--------------------------------------------------------------------------------
7
<PAGE>
================================================================================
Chapter Three
--------------------------------------------------------------------------------
VNG Asset Optimization
================================================================================
CNG Transmission
Transcontinental
Columbia Gas Transmission
[MAP APPEARS HERE] VNG Joint Use Pipeline
VNG Lateral
Virginia Power Lateral
VNG Service Territory
VNG Joint Use Customer
--------------------------------------------------------------------------------
8
<PAGE>
================================================================================
Chapter Three
--------------------------------------------------------------------------------
The Next Steps
================================================================================
. Goals for FY2001 are quite simple but extremely strategic:
- Be Everywhere - Stick with our core strengths but proactively seek
-------------
out new opportunities.
- Do Deals - Develop a sustained "deal" flow momentum.
--------
- Be First - Be first to market to capitalize on the shortage of peaking
--------
assets.
--------------------------------------------------------------------------------
9
<PAGE>
================================================================================
Chapter Four
--------------------------------------------------------------------------------
================================================================================
Again
Exceeding Expectations
Financial Overview
Don Weinstein
Senior Vice President & CFO
AGL Resources
--------------------------------------------------------------------------------
1
<PAGE>
================================================================================
Chapter Four
--------------------------------------------------------------------------------
Our Commitment, Our Performance
================================================================================
Restored earnings capacity of base business
Commitment to shareholder value
Earn higher multiples by extending proven performance into higher-value
activities
Relative Stock Price Performance
120.00
100.00 [GRAPH APPEARS HERE]
80.00
--------------------------------------
9/99 12/99 3/00 6/00 9/00
--------------------------------------------------------------------------------
2
<PAGE>
================================================================================
Chapter Four
--------------------------------------------------------------------------------
Importance of New Business Model
================================================================================
[_] Performance in FY00 represents fundamental reshaping of business
[_] Stage is set for new value proposition
[_] Strategic business focus designed to propel company to higher multiples
--------------------------------------------------------------------------------
3
<PAGE>
================================================================================
Chapter Four
--------------------------------------------------------------------------------
Shift in Strategic Direction
================================================================================
Past Now
Propane MLP Partner
Ventures
GNGS Restructure or Exit
Utilipro Restructure or Exit
Deregulation Telecom
-----------------------------------?--------------------------------------------
Core-related ventures > Wholesale Gas
Regulated Utility Operations Expand Core Business > VNG
--------------------------------------------------------------------------------
4
<PAGE>
================================================================================
Chapter Four
--------------------------------------------------------------------------------
Three Clear Paths to Earnings Growth
================================================================================
Operational Excellence
Utility Operations >
Integration of VNG
Core Business
Underground Infrastructure Development
--------------------------------------------------------------------------------
5
<PAGE>
================================================================================
Chapter Four
--------------------------------------------------------------------------------
Operational Excellence in O&M
================================================================================
Predictable run rates
Further opportunities in FY01
Total O & M Expenses
($ in millions)
$75 71.9
$70 66.7
62.7
$65
$60
55.5
$55 53.7
$50 ---------------------------------------------------------
Sept 99 Dec-99 Mar-00 Jun-00 Sep-00
--------------------------------------------------------------------------------
6
<PAGE>
================================================================================
Chapter Four
--------------------------------------------------------------------------------
Capitalizing on CapEx Excellence
================================================================================
Lowest industry cost for new meters
Leveraging value of each new customer in growing markets
<TABLE>
<S> <C> <C> <C> <C>
$1,400 60,000
$1,239
$1,198
$1,200 50,000
$1,000
40,000
$ 800 $758
30,000
Cost Per Meter $ 600 # of Meters
20,000
$ 400
10,000
$ 200
$ 0 0
</TABLE>
-------------------------------
FY98 FY99 FY00
Net Capital Cost per Meter Number of Meters
--------------------------------------------------------------------------------
7
<PAGE>
================================================================================
Chapter Four
--------------------------------------------------------------------------------
Capital Expenditure Discipline
================================================================================
Fiscal Year
-----------
00 01 Est.
------ -------
Utility $ 96.5 $ 74.9
Pipeline Replacement 49.2 45.0
Holding Company 12.1 5.1
------ -------
Sub-total 157.8 125.0
VNG N/A $ 22.3
------ -------
TOTAL $157.8 $147.3
--------------------------------------------------------------------------------
8
<PAGE>
================================================================================
Chapter Four
--------------------------------------------------------------------------------
Extending core strengths to VNG
================================================================================
[X] Acquisition closed ahead of winter heating season
[X] Initial workforce reductions completed [MAP APPEARS HERE]
[X] Best practices integration underway
--------------------------------------------------------------------------------
9
<PAGE>
================================================================================
Chapter Four
--------------------------------------------------------------------------------
Reading the Meter on VNG Opportunities
================================================================================
O&M Cost / Customer Net Capital Cost / New Meter
$140 $196 $758 $1,600
AGL VNG AGL VNG
--------------------------------------------------------------------------------
10
<PAGE>
================================================================================
Chapter Four
--------------------------------------------------------------------------------
Three Clear Paths to Earnings
================================================================================
Utility Operations
Core Business
Wholesale Gas > Asset Optimization
Underground Infrastructure Development
--------------------------------------------------------------------------------
11
<PAGE>
================================================================================
Chapter Four
--------------------------------------------------------------------------------
Optimizing Midstream Assets
================================================================================
[X] Asset Management
[X] Transport/off-system sales
[X] Participation in peaking market
[X] Acquisitions
--------------------------------------------------------------------------------
12
<PAGE>
================================================================================
Chapter Four
--------------------------------------------------------------------------------
Three Clear Paths to Earnings Growth
================================================================================
Utility Operations
Core Business
Wholesale Gas
Underground Infrastructure
Development
Anchor tenant provides
capital
Telecom >
AGLR retains upside
--------------------------------------------------------------------------------
13
<PAGE>
================================================================================
Chapter Four
--------------------------------------------------------------------------------
Telecom Revenue Potential
================================================================================
Potential Annual Revenue
Capacity
utilization
40
35 25%
30
25 [GRAPH APPEARS HERE] 50%
20
(Millions)15 75%
10
5 100%
0
Conduit Fiber Conduit/Fiber
--------------------------------------------------------------------------------
14
<PAGE>
================================================================================
Chapter Four
--------------------------------------------------------------------------------
The Path to Earnings Growth
================================================================================
$26
$25
$24 . Additional cost savings
$23 . FY01 O&M run rate $132
$22 . Predictable earnings
AGLC
$21 Operational . Performance measures
Excellence
$20
--------------------------------------------------------------------------------
15
<PAGE>
================================================================================
Chapter Four
--------------------------------------------------------------------------------
The Path to Earnings Growth
================================================================================
$26
$25
$24
$23
VNG . CapEx - customer growth
$22 Extend
AGLC Competencies . Drive down O&M run rate
$21
Operational . Continued strong growth
$20 Excellence
--------------------------------------------------------------------------------
16
<PAGE>
================================================================================
Chapter Four
--------------------------------------------------------------------------------
The Path to Earnings Growth
================================================================================
$26
$25
$24
Wholesale Gas
$23 Optimize Assets
VNG
$22 Extend . Asset management
AGLC Competencies
$21 . Acquisition
Operational
$20 Excellence . Peaking market
--------------------------------------------------------------------------------
17
<PAGE>
================================================================================
Chapter Four
--------------------------------------------------------------------------------
The Path to Earnings Growth
================================================================================
$26
$25
Telecom
$24
Wholesale Gas
$23 Optimize Assets . Exponential returns
VNG
$22 Extend . Speed to market
AGLC Competencies
$21 . Atlanta presence
Operational
$20 Excellence . Repeatable
--------------------------------------------------------------------------------
18
<PAGE>
AGL Resources
Analyst Seminar
November 16-17, 2000
VNG Financials
<TABLE>
<CAPTION>
Three Three Three Three Three Three Three
Months Months Months Months Months Months Months
Ended Ended Ended Ended Ended Ended Ended
(Thousands) 3/31/00 6/30/00 9/30/00 3/31/99 6/30/99 9/30/99 12/31/99 FY99
-------------------------------------------------------------------- --------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Operating revenues 94,209 32,869 27,730 84,835 30,641 25,163 62,195 202,834
Cost of sales 51,078 14,549 13,113 45,017 12,175 10,672 31,554 99,418
------------------------------- -------------------------------------------- --------
Operating Margin 43,131 18,320 14,617 39,818 18,466 14,491 30,641 103,416
------------------------------- -------------------------------------------- --------
Operating expenses
Operation and maintenance (1) 11,609 12,020 10,386 10,100 11,549 11,364 12,197 45,210
Depreciation 4,071 4,810 4,945 3,203 3,224 3,727 3,909 14,063
Taxes other than income taxes 3,422 2,157 2,137 3,198 2,162 2,144 2,883 10,387
------------------------------- -------------------------------------------- --------
Total operating expenses 19,102 18,987 17,468 16,501 16,935 17,235 18,989 69,660
------------------------------- -------------------------------------------- --------
Operating Income 24,029 (667) (2,851) 23,317 1,531 (2,744) 11,652 33,756
=============================== ============================================ ========
Capital Expenditures $ 6,677 $ 2,989 $ 6,086 $ 1,640 $ 6,251 $ 6,431 $ 7,076 $ 21,398
=============================== ============================================ ========
Weather (Degree Days)
Actual 1,703 256 13 1,682 286 4 1,014 2,986
</TABLE>
(1) Operating and maintenance expenses for three months ended 6/30/99,
9/30/99, and 12/31/99 adjusted for one-time expenses related to
Dominion/CNG merger and one-time regulatory asset write-down. Amounts
not normalized for weather.
