After coming off of plane and placing the boat in neutral, I noticed exhaust smoke coming from under my swim platform. I checked my guages and the engine temps were OK as was the oil pressure. The only thing I noticed was that I still had my sterndrives trimmed out because I forgot to trim them in after coming off of plane. I never saw smoke coming out of boat before. I assume this was exhaust smoke and that by having the sterndrives trimmed out permitted the exhaust to escape above the water and into the air. Does this make sense? Where does the exhaust gas exit on a Mercruiser Alpha 1. The problem seemed to stop when I trimmed the drives back down.