Gulf Power Company $32,550,000 Tax-Exempt Bond Remarketing

Hunton & Williams LLP acted as counsel to Merrill Lynch, Pierce, Fenner & Smith Incorporated as the remarketing agent for the remarketing of $32,550,000 Escambia County, Florida Pollution Control Revenue Refunding Bonds (Gulf Power Company Project), Series 2003. The Bonds were originally issued to provide funds to refinance the acquisition, construction, installation and equipping of certain air and water pollution control and sewage and solid waste disposal facilities located at the Crist steam electric generating plant in Escambia County, Florida and the Lansing Smith steam electric generating plant in Bay County, Florida, both of which are owned and operated by Gulf Power Company.

Gulf Power is a wholly owned subsidiary of The Southern Company. It is engaged, within the northwestern portion of Florida, in the generation and purchase of electricity and the transmission, distribution and sale of such electricity, at retail in 71 communities (including Pensacola, Panama City and Fort Walton Beach), as well as in rural areas, and at wholesale to a non-affiliated utility. It is admitted to do business in Florida, Mississippi and Georgia.

The Hunton & Williams team included Bud Ellis and Patrick Jamieson. Chris Kulp provided tax advice.