Alabama Power Dividends Declared

At a meeting held on January 24, 2003, the Board of Directors of Alabama Power Company declared the regular quarterly dividends on the company’s outstanding preferred stock as follows:

                             Preferred Stock
                             ($100 Par Value)
                         4.20% - $1.05 per share
                         4.52% - $1.13 per share
                         4.60% - $1.15 per share
                         4.64% - $1.16 per share
                         4.72% - $1.18 per share
                         4.92% - $1.23 per share

                         Class A Preferred Stock
                           ($25 Capital Value)
                         5.20% - $.325 per share
                         5.83% - $.3644 per share

These dividends are for the quarter ending March 31, 2003, payable April 1, 2003, to stockholders of record on March 17, 2003.

Alabama Power, a subsidiary of Atlanta-based Southern Company , provides reliable, affordable electricity to more than 1.3 million customers across the state.

SOURCE: Alabama Power Company