1. 1 Fourth Quarter 2001

2. 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 2000 SEC Form 10-K/A. 2

3. 3 Solid Fourth Quarter 2001 Performance for FPL Group Up 10% Net Income ($ millions) $0.62 $0.68 $106 $115 00 01 00 EPS Up 8% *excluding non-recurring expenses and the positive effect of FAS 133.

4. 4 FPL Group 2001 Earnings Up 7% Net Income ($ millions) $4.38 $4.69 $745 $792 0001 00 EPS Up 6% *excluding non-recurring expenses and the positive effect of FAS 133.

5. 5 FAS 133 Effects Full Year 2001 ($ million)

6. 6 Net Income ($ millions) EPS 01 00 $92 $109 01 00 Strong Growth at FPL Fourth Quarter 2001 $0.65 $0.54 Up 20% Up 18% *excluding non-recurring expenses.

7. 7 Net Income ($ millions) EPS 01 00 $645 $695 01 00 Strong 2001 at FPL Full Year 2001 $4.11 $3.79 Up 8% *excluding non-recurring expenses.

8. 8 Higher Retail Kilowatt-hour Sales Fourth Quarter 2001 2.1% customer growth + 2.1% increase in usage per customer 4.2% increase in kwh sales

9. 9 Higher Retail Kilowatt-hour Sales Full Year 2001 2.3% customer growth + 0.4% increase in usage per customer 2.7% increase in kwh sales

10. 10 O&M 00 $317 $324 01 FPL: Higher O&M Lower Depreciation Fourth Quarter 2001 ($ millions) Depreciation $253 $226 00 01

11. 11 O&M 00 $1,062 $1,082 01 FPL: Higher O&M Lower Depreciation Full Year 2001 ($ millions) Depreciation 00 $975 $898 01

12. 12 Aug Rate Proceeding Timeline 2001-2002 MFR Filings Completed Service Hearings Hearings Staff Recommendation Rate Case Decision Rates Finalized Discovery OctNovJunMayAprFebMarJanDecJul Sep Settlement Alternative

13. 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.

14. 14 01 00 FPL Energy’s Fourth Quarter 2001 Earnings Up 01 00 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. 15 FPL Energy Earnings Growth Full year 2001 01 00 Net Income ($ millions) $83 $105 01 00 EPS $0.49 $0.62 Up 27% *excluding non-recurring expenses and the positive effect of FAS 133.

16. 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. 17 Strong Future at FPL Energy (projected operating net-MWs) 98990001029703 5,063 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. 18 Potential Financing Options Non-recourse debt Traditional debt Hybrid securities  Such as equity-linked or convertible securities

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

20. 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. 21 Earnings Per Share Contributions Full Year 2001 *excluding non-recurring expenses and the positive effect of FAS 133.

22. 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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