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Title:

Opinion Letter

Entities:

FPL Group Capital Inc.; FPL Group, Inc.; Bank of New York; Steel Hector & Davis; Thelen Reid & Priest LLP

Date:

2004

Size:

Preview shows 4KB of 19KB total

Price:

$44

ID:

#319128

 

 

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STEEL                                           Steel Hector & Davis LLP

HECTOR 200 South Biscayne Boulevard
& DAVIS Miami, Florida 33131-2398
305.577.7000
305.577.7001 Fax
www.steelhector.com


June 4, 2004


FPL Group, Inc.
FPL Group Capital Inc
FPL Group Capital Trust II
FPL Group Capital Trust III
FPL Group Trust I
FPL Group Trust II
700 Universe Boulevard
Juno Beach, Florida 33408

Ladies and Gentlemen:

As counsel for FPL Group, Inc., a Florida corporation ("FPL Group"), FPL
Group Capital Inc, a Florida corporation ("FPL Group Capital"), FPL Group
Capital Trust II, a Delaware statutory trust, FPL Group Capital Trust III, a
Delaware statutory trust, FPL Group Trust I, a Delaware statutory trust, and FPL
Group Trust II, a Delaware statutory trust (together with FPL Group Capital
Trust II, FPL Group Capital Trust III and FPL Group Trust I, the "Trusts"), we
have participated in the preparation of a joint registration statement on Form
S-3 to be filed on or about the date hereof with the Securities and Exchange
Commission ("Commission") under the Securities Act of 1933, as amended
("Securities Act"), in connection with the registration by:

(a) FPL Group of up to a total of $1,400,000,000 of (i) its guarantee
relating to FPL Group Capital's Debt Securities (as defined below) ("Debt
Securities Guarantee"); (ii) its guarantee of the FPL Group Capital Junior
Subordinated Debentures (as defined below) ("Subordinated Debenture Guarantee");
(iii) its junior subordinated debentures ("FPL Group Junior Subordinated
Debentures"); (iv) its guarantee of Preferred Trust Securities (as defined
below) of the Trusts ("Preferred Trust Securities Guarantee"); (v) shares of its
common stock, $.01 par value ("Common Stock"), including the preferred share
purchase rights ("Rights") attached thereto (collectively, "Shares"); (vi)
shares of its serial preferred stock, $.01 par value ("FPL Group Preferred
Stock"); (vii) contracts to purchase Shares or other agreements or instruments
requiring it to sell Shares (collectively, "Stock Purchase Contracts"); and
(viii) units, each representing ownership of a Stock Purchase Contract and debt
securities of FPL Group Capital (including, but not limited to, Debt
Securities), preferred trust securities of one or more FPL Group subsidiary
trusts or other subsidiary entities (including, but not limited to, Preferred
Trust Securities), or debt securities of third parties, including, but not
limited to, U.S. Treasury securities ("Stock Purchase Units") and (ix) its
guarantee ("Preferred Stock Guarantee") of FPL Group Capital Preferred Stock (as
defined below),

(b) FPL Group Capital of up to a total of $1,400,000,000 of its (i)
unsecured debt securities ("Debt Securities"); (ii) junior subordinated
debentures ("FPL Group Capital Junior Subordinated Debentures"); and (iii)
shares of its preferred stock, $.01 par value ("FPL Group Capital Preferred
Stock"), and

(c) the Trusts of up to a total of $1,400,000,000 of their preferred trust
securities ("Preferred Trust Securities").

In connection therewith, we have reviewed such documents and records as we

 

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