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

JUNO BEACH, Fla. – FPL Group Capital Inc today announced the sale of $250 million principal amount of five-year debentures bearing interest at 5.35 percent per year and maturing June 15, 2013, and the sale of $250 million principal amount of three-year floating rate debentures bearing interest at three-month LIBOR plus 88 basis points and maturing June 17, 2011.  Interest on the floating rate debentures will be reset quarterly. The debentures will be absolutely, irrevocably and unconditionally guaranteed by FPL Group Capital’s parent company, FPL Group, Inc. (NYSE: FPL).

The 5.35 percent debentures will be offered to the public at 99.992 percent of par to yield 5.352 percent when held to maturity.  The floating rate debentures will be offered to the public at 100 percent of par.

Net proceeds from these sales will be added to FPL Group Capital’s general funds and FPL Group Capital expects to use its general funds to repay a portion of commercial paper issued to fund investments by FPL Group Capital in independent power projects, including renewable power projects.

The sale was underwritten by a group that includes Barclays Capital Inc., Credit Suisse Securities (USA) LLC, Greenwich CapitalMarkets, Inc. and Lehman Brothers Inc., as lead managers.  The co-managers are Lazard Capital Markets LLC and Morgan Keegan & Company, Inc.  A prospectus relating to these debentures may be obtained from Barclays Capital Inc., Credit Suisse Securities (USA) LLC, Greenwich Capital Markets, Inc. and Lehman Brothers Inc.

FPL Group, with annual revenues of over $15 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 27 states, it is widely recognized as one of the country’s premier power companies.  Its rate-regulated subsidiary, Florida Power & Light Company, serves approximately 4.5 million customer accounts in Florida.  FPL Energy, LLC, an FPL Group competitive energy subsidiary, is a leader in producing electricity from clean and renewable fuels.  Additional information is available on the Internet atwww.FPLGroup.comwww.FPL.com, and www.FPLEnergy.com.

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