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FPL Group Announces Intention to Sell Publicly Traded Units

Jan 28, 2002

JUNO BEACH, Fla., Jan. 28 /PRNewswire-FirstCall/ -- FPL Group, Inc. and its wholly owned subsidiary, FPL Group Capital Inc, announced today plans to offer at least $500 million in publicly traded equity units this week, subject to market conditions.

(Photo: http://www.newscom.com/cgi-bin/prnh/20010621/FPLLOGO)

The equity units consist of a $50 FPL Group Capital debenture and a contract to purchase FPL Group common stock in the future. The debenture is expected to have a term of five years and 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 three years.

FPL Group Capital will add the net proceeds from the issuance of the equity units to its general funds. FPL Group Capital expects to use its general funds to repay a portion of commercial paper issued to fund investments by FPL Group Capital in independent power projects.

FPL Group and FPL Group Capital have appointed J.P. Morgan and Lehman Brothers as the joint-lead managers for the offering.

A registration statement related to this offering has been filed with the Securities and Exchange Commission and has 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. The offering may be made only by means of a prospectus or related prospectus supplement, copies of which may be obtained from J.P. Morgan and Lehman Brothers.

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 15 states, it is widely recognized as one of the country's premier power companies. Its principal subsidiary, Florida Power & Light Company, serves approximately 3.9 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 http://www.fplgroup.com/, http://www.fpl.com/, http://www.fplenergy.com/ and http://www.fplfibernet.com/.



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SOURCE: FPL Group, Inc.

Contact: Corporate Communications, Florida Power & Light Company,

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