| Issuer: | Florida Power Corporation d/b/a Progress Energy Florida, Inc. | |
| Supplemental Indenture: | Forty-Ninth, dated as of March 1, 2010 | |
| Format: | SEC Registered | |
| Trade Date: | March 22, 2010 | |
| Settlement Date: | March 25, 2010 | |
| Joint Book-Running Managers: | Banc of America Securities LLC J.P. Morgan Securities Inc. Mitsubishi UFJ Securities (USA), Inc. | |
| Co-Managers: | BNY Mellon Capital Markets, LLC Citigroup Global Markets Inc. SunTrust Robinson Humphrey, Inc. Robert W. Baird & Co. Incorporated BB&T Capital Markets, a division of Scott & Stringfellow, LLC | |
| Current Ratings Senior Secured Debt: | A1 (Negative Watch) (Moody’s); A- (Negative Outlook) (S&P); A+ (Negative Watch) (Fitch) | |
| 2020 Bonds | ||
| Security: | First Mortgage Bonds, 4.55% Series due 2020 | |
| Principal Amount: | $250,000,000 | |
| Date of Maturity: | April 1, 2020 | |
| Coupon: | 4.55% | |
| Interest Payment Dates: | Payable semi-annually in arrears on April 1 and October 1, beginning October 1, 2010 | |
| Public Offering Price: | 99.943% of the principal amount thereof, plus no accrued interest to the date of payment and delivery. | |
| Benchmark Treasury: | 3.625% UST due on February 15, 2020 | |
| Benchmark Treasury Yield: | 3.657% | |
| Spread to Benchmark Treasury: | 90 basis points | |
| Re-offer Yield: | 4.557% | |
| Redemption Terms: | Optional — redeemable prior to maturity, in whole or in part, at the option of the Company at a make-whole redemption price (as defined and described in further detail in the Prospectus Supplement) using applicable treasury rate plus 15 basis points. | |
| Special — redeemable prior to maturity, in whole but not in part, upon the occurrence of specific events, at the option of the Company at a make-whole redemption price (as defined and described in further detail in the Prospectus Supplement). |
| 2040 Bonds | ||
| Security: | First Mortgage Bonds, 5.65% Series due 2040 | |
| Principal Amount: | $350,000,000 | |
| Date of Maturity: | April 1, 2040 | |
| Coupon: | 5.65% | |
| Interest Payment Dates: | Payable semi-annually in arrears on April 1 and October 1, beginning October 1, 2010 | |
| Public Offering Price: | 99.583% of the principal amount thereof, plus no accrued interest to the date of payment and delivery. | |
| Benchmark Treasury: | 4.375% UST due on November 15, 2039 | |
| Benchmark Treasury Yield: | 4.579% | |
| Spread to Benchmark Treasury: | 110 basis points | |
| Re-offer Yield: | 5.679% | |
| Redemption Terms: | Optional — redeemable prior to maturity, in whole or in part, at the option of the Company at a make-whole redemption price (as defined and described in further detail in the Prospectus Supplement) using applicable treasury rate plus 20 basis points. | |
| Special — redeemable prior to maturity, in whole but not in part, upon the occurrence of specific events, at the option of the Company at a make-whole redemption price (as defined and described in further detail in the Prospectus Supplement). |
