JUNO BEACH, Fla.--(BUSINESS WIRE)--Dec. 10, 2002--Florida Power & Light Company today announced the sale of $600 million principal amount of first mortgage bonds consisting of $400 million of 10-year bonds bearing interest at 4.85 percent per year and maturing on Feb. 1, 2013, and $200 million of 30-year bonds bearing interest at 5.85 percent per year and maturing on Feb. 1, 2033.

The 10-year first mortgage bonds will be offered to the public at 100 percent of par to yield 4.85 percent when held to maturity. The 30-year first mortgage bonds will be offered to the public at 99.769 percent of par to yield 5.867 percent when held to maturity. Net proceeds from the sale will be added to FPL's general funds and are expected to be used to repay short-term borrowings, including the commercial paper issued to fund the redemption on Dec. 9, 2002, of $524,550,000 aggregate principal amount of its first mortgage bonds, and for other corporate purposes.

The sale was underwritten by a group that includes J.P. Morgan Securities, Inc. and Salomon Smith Barney Inc., as lead managers. The co-managers are Banc of America Securities LLC, Wachovia Securities, Inc., Banc One Capital Markets, Inc., Merrill Lynch Pierce, Fenner & Smith Incorporated., and SunTrust Capital Markets, Inc. A prospectus relating to these first mortgage bonds may be obtained from the underwriters.

Florida Power & Light Company is the principal subsidiary of FPL Group, Inc. (NYSE:FPL), nationally known as a high quality, efficient and customer-driven organization focused on energy-related products and services. Florida Power & Light Company serves approximately 4 million customer accounts in Florida.

Note to Editors: High-resolution logos and executive head shots are available for download at http://www.fpl.com/news/contents/logos.shtml .

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