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FPL Group Capital announces sale of $500 million of debentures guaranteed by FPL Group

JUNO BEACH, Fla. -- FPL Group Capital Inc. today announced the sale of $500 million principal amount of three-year debentures bearing interest at 3 1/4 percent per year. The debentures will be absolutely, irrevocably and unconditionally guaranteed by FPL Group Capital's parent company, FPL Group, Inc. (NYSE: FPL).

The three-year debentures due April 11, 2006 will be offered to the public at 99.918 percent of par to yield 3.279 percent when held to maturity.

Net proceeds from the sale will be added to FPL Group Capital's general funds and are expected to be used to repay a portion of commercial paper issued to fund investments by FPL Group Capital in independent power projects.

The sale was underwritten by a group that includes JPMorgan and Morgan Stanley, as lead managers. The co-managers are Lehman Brothers, Merrill Lynch & Co., and Scotia Capital.

Copies of the final prospectus and prospectus supplement can be obtained from either JPMorgan, 277 Park Avenue, New York, New York 10172 or Morgan Stanley, 1585 Broadway, New York, New York 10036.

FPL Group, with annual revenues of more than $8 billion, is nationally known as a high quality, efficient, and customer-driven organization focused on energy-related products and services. With a growing presence in 24 states, it is widely recognized as one of the country's premier power companies. Its principal subsidiary, Florida Power & Light Company, serves approximately 4 million customer accounts in Florida. FPL Energy, LLC, an FPL Group energy-generating subsidiary, is a leader in producing electricity from clean and renewable fuels. Additional information is available on the Internet at www.FPLGroup.comwww.FPL.com andwww.FPLEnergy.com.

Registration statements related to this offering have been filed with the Securities and Exchange Commission and have become effective. This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of any such jurisdiction. The offering may be made only by means of a prospectus and the related prospectus supplement, copies of which may be obtained from JPMorgan and Morgan Stanley.

Safe Harbor Statement: Any statements made herein about future operating results or other future events are forward-looking statements under the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Actual results may differ substantially from such forward-looking statements. A discussion of factors that could cause actual results or events to vary is contained in FPL Group's 2002 SEC Form 10-K and in the prospectus relating to this offering.