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

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

3. 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 most recent SEC Form 10-Q. 3

4. 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

5. Financial Discipline Well-Hedged Position EPS Contribution % 2001
Capacity
% contracted:
FPL 100%
FPL Energy %
Total FPL Group %
1 weighted average based on 2001 EPS contribution
FPL Energy
Florida Power & Light

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

7. High Growth Utility With Favorable Customer Mix3% 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

8. 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

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

10. 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

11. 11

12. 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

13. 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

14. 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

15. 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 ) fossil opportunities
cautious receptivity to value-accretive acquisition opportunities

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

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

18. 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 ,200 net MW in ‘03

19. 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

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

21. 2002 Financial Outlook EPS guidance: $4.70 - $4.75
FPL earnings modestly higher than last year
FPL Energy earnings up 10% - 15%
EPS relative to last year
3rd quarter down somewhat ($ $1.78)
4th quarter up slightly ($ $0.71)

22. 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

23. 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