1 Fourth Quarter 2001

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 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 2000 SEC Form 10-K/A. 2

3 Solid Fourth Quarter 2001 Performance for FPL Group Up 10% Net Income ($ millions) $0.62 $0.68 $106 $ EPS Up 8% *excluding non-recurring expenses and the positive effect of FAS 133.

4 FPL Group 2001 Earnings Up 7% Net Income ($ millions) $4.38 $4.69 $745 $ EPS Up 6% *excluding non-recurring expenses and the positive effect of FAS 133.

5 FAS 133 Effects Full Year 2001 ($ million)

6 Net Income ($ millions) EPS $92 $ Strong Growth at FPL Fourth Quarter 2001 $0.65 $0.54 Up 20% Up 18% *excluding non-recurring expenses.

7 Net Income ($ millions) EPS $645 $ Strong 2001 at FPL Full Year 2001 $4.11 $3.79 Up 8% *excluding non-recurring expenses.

8 Higher Retail Kilowatt-hour Sales Fourth Quarter % customer growth + 2.1% increase in usage per customer 4.2% increase in kwh sales

9 Higher Retail Kilowatt-hour Sales Full Year % customer growth + 0.4% increase in usage per customer 2.7% increase in kwh sales

10 O&M 00 $317 $ FPL: Higher O&M Lower Depreciation Fourth Quarter 2001 ($ millions) Depreciation $253 $

11 O&M 00 $1,062 $1, FPL: Higher O&M Lower Depreciation Full Year 2001 ($ millions) Depreciation 00 $975 $898 01

12 Aug Rate Proceeding Timeline MFR Filings Completed Service Hearings Hearings Staff Recommendation Rate Case Decision Rates Finalized Discovery OctNovJunMayAprFebMarJanDecJul Sep Settlement Alternative

13 FPL 2001 Highlights Plant Availability: 92% Nuclear Fleet 87% FPL Industry Avg. Fossil Fleet 95% 87% FPL Industry Avg. Service Unavailability 69 min. 107 min. FPL Industry Avg. *Industry Average based on 2000 data.

FPL Energy’s Fourth Quarter 2001 Earnings Up Net Income ($ millions) $9 $10 EPS $0.05 $0.06 Up 20% Up 11% *excluding non-recurring expenses and the positive effect of FAS 133.

15 FPL Energy Earnings Growth Full year Net Income ($ millions) $83 $ EPS $0.49 $0.62 Up 27% *excluding non-recurring expenses and the positive effect of FAS 133.

16 FPL Energy Earnings Drivers Capacity Additions:  Lamar Unit #2: 495 net-MW gas plant in Texas  Additional 843 MW of wind assets  Doswell Expansion: 171 MW peaking unit Contribution from trading and hedging activities

17 Strong Future at FPL Energy (projected operating net-MWs) ,063 MW Doswell Woodward Mountain Stateline Montfort King Mountain Gray County Existing Projects RISE Bastrop Blythe Bayswater Marcus Hook IDC Bellingham 10,000+ MW 04 Calhoun Forney

18 Potential Financing Options Non-recourse debt Traditional debt Hybrid securities  Such as equity-linked or convertible securities

19 Earnings Per Share Contributions Fourth Quarter 2001 *excluding non-recurring expenses and the positive effect of FAS 133.

20 $ / Share FPL: Customer Growth.05 Usage offset by refund provision.03 O&M (.03) Depreciation.09 Other (.03) Total FPL.11 FPL Energy.01 Corporate and Other (.06) Total FPL Group.06 Fourth Quarter EPS Factors *excluding non-recurring expenses and the positive effect of FAS 133.

21 Earnings Per Share Contributions Full Year 2001 *excluding non-recurring expenses and the positive effect of FAS 133.

22 $ / Share FPL: Customer Growth.24 Usage offset by refund provision (.07) O&M (.11) Depreciation.27 Other (.01) Total FPL.32 FPL Energy.13 Corporate and Other (.14) Total FPL Group.31 FPL Group 2001 EPS Factors *excluding non-recurring expenses and the positive effect of FAS 133.

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