June 3, 2002

FPL Group announces intention to offer common stock and equity units

JUNO BEACH, Fla. -- FPL Group, Inc. (NYSE: FPL) announced today plans to offer 5 million shares of common stock and $400 million of equity units.

The equity units will consist of a $50 FPL Group Capital debenture and a contract to purchase FPL Group common stock in the future. The debenture will be guaranteed by FPL Group. The stock purchase contract will require the holder to purchase FPL Group common stock for cash (which can be satisfied from proceeds raised from remarketing the FPL Group Capital debentures) pursuant to a pricing range agreed to at the time the equity units are issued. The settlement date of the stock purchase contract is expected to occur in February, 2006.

FPL Group and FPL Group Capital will each add the net proceeds from the separate offerings to their general funds which will be used to repay a portion of commercial paper and short term debt issued to fund investments by FPL Group Capital in independent power projects and for the previously announced acquisition of a majority interest in the Seabrook Nuclear Generating Station in New Hampshire, which is expected to close by the end of this year, as well as additions to its wind energy portfolio. FPL Group said the offerings are consistent with its strategy to retain a credit rating that provides the company flexibility in a dynamic energy market and supports its disciplined growth plan.

FPL Group has appointed Goldman Sachs and Merrill Lynch as the joint-lead managers for both offerings.

Registration statements related to these offerings 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. Each offering may be made only by means of a prospectus and the related prospectus supplement, copies of which may be obtained from Goldman Sachs and Merrill Lynch.

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 more than 18 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 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. FPL FiberNet, LLC is a leading provider of fiber-optic networks in Florida. Additional information is available on the Internet at www.fplgroup.com , www.fpl.com, www.fplenergy.com and www.fplfibernet.com.

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 2001 SEC Form 10-K and in the prospectus relating to the offerings.