1128738--3/29/2006--TECO_CAPITAL_TRUST

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TECO Energy s obligations under the subordinated notes and the guarantee are subordinated. The Trust will pay scheduled distributions on the trust preferred securities only if the Trust receives distributions from the LLC, which will make cash payments only if it receives cash payments from TECO Energy. Deferral of distributions will have tax consequences for you and may affect the trading price of the trust preferred securities. TECO Energy may dissolve the LLC, or the LLC may direct the Trust to distribute all of its assets, which may result in adverse tax consequences for you. An active trading market for the subordinated notes, if they are distributed to you, may not develop. Your voting rights under the trust preferred securities are limited. Holders of trust preferred securities will have limited rights under the subordinated notes. The LLC, as holder of the subordinated notes, will have only limited rights of acceleration. A redemption of the subordinated notes may result in a taxable event to you. Trust preferred securities may be redeemed at the option of TECO Energy.

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1128738--3/29/2006--TECO_CAPITAL_TRUST_I