June 7, 2002

FPL Group prices $723 million of common stock and equity units

JUNO BEACH, Fla. -- FPL Group, Inc. (NYSE: FPL) announced today that it has priced offerings of 5 million shares of common stock at a public offering price of $56.60 per share and 8.8 million equity units at a public offering price of $50.00 per unit. FPL Group has granted the underwriters an option to purchase an additional 750,000 shares of common stock and 1.3 million equity units to cover over-allotments. FPL Group intends to apply for listing of the equity units on the New York Stock Exchange. The offerings are expected to close on June 12, 2002.

The equity units will consist of a $50 FPL Group Capital debenture and a contract to purchase FPL Group common stock in the future. Total annual distributions on the equity units will be at the rate of 8.0 percent, consisting of interest on the debenture and payments under the contract. The contract requires the investor to purchase FPL Group stock based on a price per share range of $56.60 to $67.92 at the settlement date of February 16, 2006. This price range reflects a premium of 20 percent over the NYSE closing price of FPL Group common stock on June 6, 2002 of $56.60.

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.

Goldman, Sachs & Co. and Merrill Lynch & Co. were the joint book-running managers for the offerings. Lehman Brothers, J. P. Morgan Securities and Salomon Smith Barney served as senior co-managers.

Copies of the final prospectus supplements can be obtained from either Goldman Sachs, 85 Broad Street, New York, New York 10004 or Merrill Lynch, 4 World Financial Center, New York, New York, 10080. Goldman Sachs' prospectus library can be reached at 212-902-1171.

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.

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 & Co. and Merrill Lynch & Co.

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.