June 3, 2002

FPL Group affirms 2003 earnings guidance, expects slight dilution to 2002 earnings from equity and equity-linked offerings

JUNO BEACH, Fla. -- FPL Group, Inc. (NYSE: FPL) today affirmed its expected earnings per share guidance for 2003. The company said that previously issued 2003 guidance had already incorporated the impact of the common stock and equity units offerings announced today. The offerings will slightly reduce expected earnings per share for 2002.

The company previously indicated that it expected 2002 earnings to be $4.78 to $4.82 per share, exclusive of non-recurring items recorded in the first quarter, and expected to achieve 6 to 8 percent average annual earnings per share growth during the 2003 to 2005 timeframe.

Today, FPL Group indicated more specifically that it expects 2003 earnings per share to be in a range of $5.10 to $5.20, consistent with its earlier guidance. For 2002 the company's earnings expectations remain unchanged at $810 million to $820 million. The issuance of the new common stock is expected to reduce 2002 earnings per share to $4.70 to $4.75, excluding non-recurring items.

The company reiterated that it expects earnings per share growth to average 6 to 8 percent per year in 2004 and 2005.

The company expects that the common stock and equity units offerings will be used to repay a portion of commercial paper and short term debt issued to fund investments by FPL Group Capital Inc 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 the company's wind energy portfolio. By advancing the timetable for issuing securities for these growth opportunities, the company will maintain its strong balance sheet in today's evolving marketplace.

"FPL Group has attractive and profitable growth opportunities to support our earnings per share projections during the 2003 to 2005 timeframe. Today's offerings will maintain the company's financial strength as a key competitive advantage as markets continue to evolve," said Lew Hay, chairman and chief executive officer.

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.