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News Release

TECO Energy comments on “Form 4” SEC filings

TAMPA, April 3, 2003

Executives’ performance-based shares forfeited

TECO Energy, Inc. (NYSE: TE) commented on the Form 4 filings with the Securities and Exchange Commission by its executive officers on Wednesday, April 2, 2003. These filings, now made electronically, reported the forfeiture of performance-based restricted stock awarded in 2000.

This restricted stock was granted to the officers in 2000 under a shareholder-approved incentive program. As described in the company’s proxy statement, the payout of this incentive was dependent upon performance. As a result of the company’s recent stock performance, all of the performance-based restricted stock granted in 2000 was forfeited by the officers March 31, 2003, and returned to the company; therefore, the Form 4s filed on April 2, 2003, report a disposition to the issuer for $0, as noted by code “D” on the form.

TECO Energy, Inc. (NYSE: TE) is a diversified, energy-related holding company based in Tampa. Its principal businesses are Tampa Electric, Peoples Gas, TECO Power Services, TECO Transport, TECO Coal and TECO Solutions.

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