JUNO BEACH, Fla. – FPL Group, Inc. (NYSE: FPL) announced today the settlement rate for the purchase contracts that are a component of its 8.5 percent Corporate Units (NYSE: FPL_PrA). Corporate Unit holders will receive 0.8062 shares of FPL Group common stock for each purchase contract and cash in lieu of fractional shares. The settlement rate is based upon the average of the closing price per share of FPL Group common stock on the New York Stock Exchange for the 20 consecutive trading days ending on February 11, 2005. Since the average closing price per share was greater than the “threshold appreciation price,” as defined under the terms of the Corporate Units, the settlement rate is 0.8062.

As a result, on February 16, 2005, each holder of the Corporate Units will purchase from FPL Group 0.8062 shares of FPL Group common stock per unit for $50.00 per share. Each holder will not be required to make any additional cash payment. Unless the holder elects to make a separate cash settlement, the Corporate Unit holder’s purchase obligation will be satisfied from the proceeds of a portfolio of US Treasury securities held in a collateral account that matures on February 15, 2005. The portfolio of US Treasury securities were acquired in connection with the November 2004 remarketing of FPL Group Capital Inc’s debentures that were formerly part of the Corporate Units.

Settlement of the purchase contracts will result in FPL Group issuing approximately 9.27 million shares of common stock in exchange for approximately $575 million of proceeds.

As a result of the settlement of the purchase contract component of the Corporate Units, the Corporate Units will cease trading on the New York Stock Exchange before the opening of the market on February 16, 2005.

On February 16, 2005, the Corporate Unit holders of record as of February 15, 2005 will receive the final regular quarterly cash distribution of $1.0625 per Corporate Unit.

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 more than 4.2 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.com, www.FPL.com and www.FPLEnergy.com.