May 9, 2001

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 six-year debentures bearing interest at 6 1/8 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 six-year debentures due May 15, 2007 will be offered to the public at 99.39 percent of par to yield 6.248 percent when held to maturity. A prospectus relating to the securities may be obtained from the underwriters.

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 negotiated sale was underwritten by a group that includes Merrill Lynch & Co. as lead manager. The co-managers are Banc of America Securities LLC, J.P. Morgan, Salomon Smith Barney, First Union Securities, Inc., Fleet Securities Inc. and BNY Capital Markets , Inc.

FPL Group, with annual revenues of more than $7 billion, is one of the nation's largest providers of electricity-related services. Its principal subsidiary, Florida Power & Light Company, serves approximately 3.9 million customer accounts in Florida. FPL Energy LLC, FPL Group's U.S. energy-generating subsidiary, is a leader in producing electricity from clean and renewable fuels. Information about FPL Group and its subsidiaries is available on the internet at www.fplgroup.com and www.fpl.com and www.fplenergy.com.