Merrill Lynch Global Power & Gas Leaders Conference September 19, 2002

Chairman and Chief Executive Officer “Where Do We Go from Here?” Lew Hay Chairman and Chief Executive Officer “Where Do We Go from Here?”

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 most recent SEC Form 10-Q. 3

Capitalizing on Our Strengths Premier integrated utility high growth, stable customer base Successful wholesale generation business well hedged portfolio Strong balance sheet 51% Debt to Capital, A2 / A credit rating1 Substantial cash flow to fund expansion $1.4 billion operating cash flow in 2001, net of dividends2 1 Corporate credit rating 2 Operating cash flow = recurring net income + depreciation & amortization - dividends

Financial Discipline Well-Hedged Position EPS Contribution % 2001 Capacity % contracted: FPL 100% FPL Energy 62 - 82% Total FPL Group1 95 - 98% 1 weighted average based on 2001 EPS contribution FPL Energy Florida Power & Light

Premier Electric Utility Favorable customer mix Strong customer and usage growth Operational excellence Proven cost management Constructive regulatory environment Attractive financial returns

High Growth Utility With Favorable Customer Mix 3% 3% Strong demand growth1 2% avg. annual increase in customer accounts 1% avg. annual increase in usage per customer Generation 18,159 MW 900 MW incremental by end of 2003 1,900 MW more by end of 2005 3% 32% 38% 32% Residential Commercial Industrial Other 56% 33% FPL Industry Average 1 Over last 10 years

Operational Excellence Service Reliability Outage Time Per Customer (Min.) Plant Availability 107 FPL = 41% better than average 63 FPL Industry Average Over a Decade of O&M Reductions (Cents per Kilowatt Hour) Superior Cost Management (O&M $ per customer) Industry Average Down 40% since 1990 FPL

FPL Residential Rates Low Comparisons of a 1,000 kWh residential bill (as of 9/13/02)

Constructive Regulatory Environment Vertically integrated utility model Fuel, capacity charges directly passed through to customers “Rate certainty” through end of 2005 incentive-based agreement “win-win” revenue sharing provision no ROE limits shareholders benefit from productivity improvements No current activity on wholesale restructuring “I just don’t think there’s a sense of urgency to this.” - Governor Jeb Bush

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Disciplined Wholesale Generator Low risk approach diversified by region, fuel source well hedged portfolio emphasis on base-load assets Low cost provider modern, efficient, clean plants operational excellence Conservative, integrated asset optimization function 5,476 net-MW in operation presence in 21 states

Diversified Portfolio Year-end 2004 (Projected) (11,542 Net-MW in Operation) Regional Diversity Fuel Diversity Gas 59% Northeast Central 26% 37% Wind Other 21% Mid-Atlantic 2% 21% Hydro Oil Nuclear West 3% 7% 9% 15% Assumes addition of 1,000 mw of wind. Percentages may not add to 100% due to rounding

Current Industry Environment Challenging market environment declining/flat spark spreads overall low volatility in 2002 significant movements in 2003 forward prices limited liquidity; large bid-ask spreads counterparty credit issues uncertainty regarding SMD (e.g. NEPOOL LMP) Has lead to reduced asset optimization opportunities greater difficulty covering positions at target margins credit vs market risk trade-offs greater uncertainty regarding 2003 Large volume of assets for sale; asking prices remain unreasonably high

Responding to Market Conditions Undertaking complete review of all FPL Energy activities top to bottom review of all development projects minimize ongoing commitments re-size infrastructure (approximately 12% G&A reduction to date) Maintaining fundamental focus, but increasing “patience quotient” measured, disciplined approach to wind development handful of longer term (i.e. 2005+) fossil opportunities cautious receptivity to value-accretive acquisition opportunities

Contract Coverage 1 Weighted to reflect in-service dates 2 Includes Maine hydro and fossil peaking units

Principal Market Sensitivities Note: Future prices could be higher or lower than indicated

Wind Energy: Unique Advantage More than 1,500 net MW in operation U.S. market leader with 1/3 market share Supported by policy trends (RPS, PTCs) and economics Attractive financial characteristics long-term power contracts (15 – 25 years) ROEs in the high teens/low 20s accretive in first full year Prudent development opportunities underway targeting 300 net MW this year another 700 - 1,200 net MW in ‘03

Strong Financial Position Financial discipline Strong credit ratings A2 / A = FPL Group Capital Aa3 / A = Florida Power & Light Company 13.4% ROE in 2001 2001 net income of nearly $800 million 1 Prudent dividend policy 1 Excluding FAS 133 and a non-recurring item

Capital Plan Supports Disciplined Growth Strategy Projected Capital Sources & Uses 2002 - 2005 ($ billion) 8.9 - 9.4 8.9 – 9.4 Future debt issuance Wind 1.1 - 1.4 1.0 – 1.5 Completed equity/equity-linked issuance, benefit plans 1.7 - 1.8 FPL Energy Seabrook 0.8 Gas 1.6 Operating cash flow less dividends 5.8 - 6.5 Regulated utility 5.5 Sources Uses

2002 Financial Outlook EPS guidance: $4.70 - $4.75 FPL earnings modestly higher than last year FPL Energy earnings up 10% - 15% EPS relative to last year 3rd quarter down somewhat ($1.74 - $1.78) 4th quarter up slightly ($0.69 - $0.71)

2003 Financial Outlook Limited depth and significant price movements make 2003 forward markets of questionable reliability for forecasting Wind development profile slowed practical delays (off-taker credit issues, etc.) value vs MW As a result, much greater uncertainty in current outlook downside scenario slightly above 2002 upside  $5.00 Currently reviewing all forecast assumptions Will update outlook during third quarter earnings release

Relative Low Risk, High Return FPL Group represents one of best combinations of risk, return and earnings growth among major electric companies High FPL Group Earnings Growth/ Return Low High Risk