SPIRE ALABAMA INC

Certain matters discussed in this report, excluding historical information, include forward-looking statements. Certain words, such as “may,” “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “seek,” “target,” and similar words and expressions identify forward-looking statements that involve uncertainties and risks. Future developments may not be in accordance with our current expectations or beliefs and the effect of future developments may not be those anticipated. Among the factors that may cause results or outcomes to differ materially from those contemplated in any forward-looking statement are:

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Weather conditions and catastrophic events, particularly severe weather in U.S. natural gas producing areas;

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Volatility in gas prices, particularly sudden and sustained changes in natural gas prices, including the related impact on margin deposits associated with the use of natural gas derivative instruments, and the impact on our competitive position in relation to suppliers of alternative heating sources, such as electricity;

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Changes in gas supply and pipeline availability, including as a result of decisions by natural gas producers to reduce production or shut in producing natural gas wells and expiration or termination of existing supply and transportation arrangements that are not replaced with contracts with similar terms and pricing, as well as other changes that impact supply for and access to the markets in which our subsidiaries transact business;

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Acquisitions may not achieve their intended results;

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Legislative, regulatory and judicial mandates and decisions, some of which may be retroactive, including those affecting:

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allowed rates of return and recovery of prudent costs,

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incentive regulation,

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industry structure,

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purchased gas adjustment provisions,

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rate design structure and implementation,

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capital structures established for rate-setting purposes,

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regulatory assets and liabilities,

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non-regulated and affiliate transactions,

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franchise renewals,

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authorization to operate facilities,

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environmental or safety matters, including the potential impact of legislative and regulatory actions related to climate change and pipeline safety and security,

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taxes,

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pension and other postretirement benefit liabilities and funding obligations, or

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accounting standards;

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The results of litigation;

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The availability of and access to, in general, funds to meet our debt obligations prior to or when they become due and to fund our operations and necessary capital expenditures, either through (i) cash on hand, (ii) operating cash flow, or (iii) access to the capital markets;

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Retention of, ability to attract, ability to collect from, and conservation efforts of, customers;

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Our ability to comply with all covenants in our indentures and credit facilities any violations of which, if not cured in a timely manner, could trigger a default of our obligations;

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Energy commodity market conditions;

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Discovery of material weakness in internal controls;

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The disruption, failure or malfunction of our operational and information technology systems, including due to cyberattacks; and

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Employee workforce issues, including but not limited to labor disputes, the inability to attract and retain key talent, and future wage and employee benefit costs, including costs resulting from changes in discount rates and returns on benefit plan assets.

Readers are urged to consider the risks, uncertainties, and other factors that could affect our business as described in this report. All forward-looking statements made in this report rely upon the safe harbor protections provided under the Private Securities Litigation Reform Act of 1995. We do not, by including this statement, assume any obligation to review or revise any particular forward-looking statement in light of future events.