At a meeting held on October 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

   Class A Preferred Stock
   ($100,000 Capital Value)
   4.95% - $1,237.50 per share

These dividends are for the quarter ending December 31, 2003, payable January 1, 2004, to stockholders of record on December 16, 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