JUNO BEACH, Fla. – FPL Group, Inc. (NYSE:FPL) and FPL Group Capital Inc announced today the basis for resetting the interest rate on FPL Group Capital’s Series B Debentures due February 16, 2008 (“Debentures”) in connection with the proposed November 10, 2005 remarketing of the Debentures. The new interest rate will become effective on and after November 16, 2005 if the remarketing is successful.

The securities affected by this announcement are:

• FPL Group, Inc.’s Corporate Units issued in June 2002 (CUSIP No. 302571 401)
• FPL Group Capital Inc’s Series B Debentures due February 16, 2008 (CUSIP No. 302570 205).

The reset rate on the Debentures, effective on and after November 16, 2005 (upon a successful remarketing), will be equal to the sum of (1) the reset spread and (2) the rate of interest on the selected benchmark U.S. Treasury security (CUSIP No. 912828 AT7; Maturity February 15, 2008), each as finally determined on November 10, 2005. The reset spread will be the appropriate spread so that the reset rate will be the interest rate that the Debentures should bear in order for the Debentures to have an approximate aggregate market value of 100.50 percent of the purchase price of a specified portfolio of U.S. Treasury securities. As of the date of this notice, it is estimated that the reset spread will be approximately 100 basis points (1.0 percent). The actual reset spread will be finally determined on November 10, 2005 and is likely to be higher or lower than the reset spread estimated in this notice. Accordingly, investors should not rely on this estimated reset spread, which is intended for illustrative purposes only.

If a holder of Corporate Units does not wish to have its Debentures forming a part of its Corporate Units remarketed, such holder may either (x) create Treasury Units from the Corporate Units by substituting for the Debentures held by JPMorgan Chase Bank, N.A., as Collateral Agent, zero-coupon Treasury securities (CUSIP No. 912803 AJ2 or 912820 BR7) that mature on February 15, 2006 in a total principal amount at maturity equal to the aggregate principal amount of the Debentures for which substitution is being made or (y) early settle for cash the purchase contract component of the Corporate Units. Such substitution or early settlement must be effected prior to 5:00 p.m., New York City time, on Tuesday, November 8, 2005. Because Treasury securities are issued in integral multiples of $1,000, holders of Corporate Units may make these substitutions only in integral multiples of 20 Corporate Units.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities. The remarketing will only be made pursuant to a pricing supplement and accompanying prospectus supplement and prospectus which, when finalized, may be obtained from the remarketing agents at the following addresses and, for additional information regarding the remarketing of the Debentures, you may contact: JPMorgan, 270 Park Avenue, New York, NY 10017 or (212) 834-4533, attn: High Grade Syndicate Desk, or Merrill Lynch & Co., 4 World Financial Center, New York, NY 10080 or (212) 449-4912, attn: Debt Capital Markets Desk.

FPL Group, with annual revenues of more than $10 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 26 states, it is widely recognized as one of the country's premier power companies. Its principal subsidiary, Florida Power & Light Company, serves 4.3 million customer accounts in Florida. FPL Energy, LLC, an FPL Group wholesale electricity generating subsidiary, is a leader in producing electricity from clean and renewable fuels. Additional information is available on the Internet at www.FPLGroup.com, www.FPL.com andwww.FPLEnergy.com.