1. Lew Hay Chairman & Chief Executive Officer

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 FPL Energy FPL FPL FiberNet Financial Discipline Financial Discipline Operational Excellence Operational Excellence FPL GROUP Financial Strength Financial Strength

4. 4 FPL Energy FPL FPL FiberNet FPL GROUP $105 m +27% $695 m +8% $15 m +80% Net Income and EPS figures are based on 2001, excluding non-recurring items and the effects of FAS 133 Net Income: EPS growth: Financial Discipline Financial Discipline Operational Excellence Operational Excellence Financial Strength Financial Strength

5. 5 Financial Discipline Financial Discipline Operational Excellence Operational Excellence FPL GROUP Financial Strength Financial Strength FPL Energy FPL FPL FiberNet

6. 6 FPL Energy FPL FPL FiberNet FinancialDisciplineFinancialDisciplineOperationalExcellenceOperationalExcellence FPL GROUP FinancialStrengthFinancialStrength  A solid, integrated electric company  Attractive growth opportunities in all three businesses

7. 7  Strong Balance Sheet  Strong credit ratings A2 / A- = FPL Group Capital Aa3 / A = Florida Power & Light Company  Strong cash flow —$1.4 billion 2001 operating cash flow % Financial Strength %

8. 8 7.1% average annual EPS growth rate Excluding nonrecurring items and effects of FAS 133. Excluding nonrecurring items and effects of FAS 133. Financial Strength Consistent, Strong Earnings Per Share Growth

9. 9  Regular depreciation 20% higher than average  More than $1 billion of special depreciation since 1995 – reduced asset net book values: Fossil = $140 / kw Nuclear = $357 / kw – reduced potential stranded costs Book values as of 11/30/01 Financial Strength High Earnings Quality

10. 10 Financial Discipline Prudent Dividend Policy  Healthy 4.4% yield  48% payout ratio allows for growth Earnings per share Dividends per share

11. 11  South America  Europe  Asia (especially the “-stans”)  Trading for trading’s sake  Over leveraging the balance sheet  Paying large premiums for older, inefficient plants Financial Discipline Recent Popular Industry Trends

12. 12 Capacity: % contracted Capacity: % contracted  FPL 100%  FPL Energy 50 - 83 %  Total FPL Group 94 - 98% (weighted average) Financial Discipline Well-Hedged Position Florida Power & Light FPL Energy

13. 13 Operational Excellence  Tradition of quality and continuous improvement  Proven ability to transfer best practices

14. 14

15. 15  Favorable customer mix  Strong customer growth  Operational excellence  Proven cost management  Constructive regulatory environment Premier Electric Utility Attractive financial returns

16. 16  Consistently strong customer and usage growth 2.1% 5-year average annual growth  1.1% 5-year growth in usage per customer  High percentage of residential & small commercial customers  3.9 million customer accounts Attractive Customer Demographics Florida Power & Light Industry Average Residential Commercial Industrial Other 4% 3% 32% 33% 37% 56% 3% Customer Mix

17. 17 Operational Excellence Fossil Plant Availability Industry Average

18. 18 2001 WANO Performance Indicator Index (Ranking of Sites with 2 or More Units) Turkey Point 3&4 St. Lucie 1&2

19. 19 Operational Excellence Service Reliability (year 2001 total outage time per customer; minutes) FPL = 36% better than average Industry Average FPL 69 107

20. 20 Operational Excellence in Cost Management (O &M $ per customer) Source: FERC Form 1 Excludes Fuel, Purchased Power & ECCR Excludes Fuel, Purchased Power & ECCR Industry Average FPL FPL = 48% better than average

21. 21 Constructive Regulatory Environment  Industry restructuring unlikely near term –Governor confirms no capacity crisis in Florida  FPSC members appointed by Governor  History of constructive regulatory relationship –Track record of reaching incentive-based, “win- win" agreements –FPSC encouraging settlement during current rate review; prefers incentive-based approach

22. 22 Aug Rate Proceeding Timeline 2001-2002 MFR Filings Completed Service Hearings Hearings Staff Recommendation Rate Case Decision Rates Finalized Discovery OctNovJunMayAprFebMarJanDecJul Sep Settlement Alternative

23. 23

24. 24  Strong and diversified U.S. portfolio –Building critical mass in key regions –Primarily low-cost, base-load generation –U.S. leader in wind energy  Leverages operational excellence of Florida Power & Light  Tightly integrated Business Management and Asset Optimization functions  Disciplined growth plan  Strong financial position Target 20 - 30% average annual earnings growth Positioned for Success in Wholesale Generation

25. 25 Net Income: 69% average annual growth rate Excluding nonrecurring items and effects of FAS 133. Track Record of Consistent, Strong Earnings Growth

26. 26 98990001029703 5,063 MW Doswell Woodward Mountain Stateline Montfort King Mountain Gray County Existing Projects 2000 RISE Bastrop Blythe Bayswater Marcus Hook IDC Bellingham 10,000+ MW 04 Calhoun Forney Disciplined Growth at FPL Energy (projected operating net-MWs)

27. 27 Diversification & Stability Northeast Mid-Atlantic Central 20% 28% 16% 36% West Gas 46% 28% Wind Other 4% Oil 15% 7% MW by Region MW by Fuel Type Hydro (5,063 net MW in operation -- 12/31/01)

28. 28 Operational Excellence at FPL Energy  Core operational capabilities shared with Florida Power & Light –Power Generation –Construction Services –Transmission Planning –Environmental Services  Proven ability to improve performance of acquired assets –Transfer of Best Practices –Strong quality orientation

29. 29 Wind Energy: Capitalizing on our Strength  Nearly 1,500 net megawatts in operation  Wind is profitable  We have a leading position  We can build projects faster and cheaper  We can operate with higher availability  Expect continued growth of 500 - 1,000 MW per year pending PTC approval

30. 30 Focused on Asset Optimization Asset Optimization Employee Headcount  Consistently grown our capability over past five years  Asset-based strategy: –Reduces risk –Enhances returns  Enhances EBIT by 10%

31. 31 Well-hedged Position

32. 32 ERCOT Expected Prices (North)

33. 33 ERCOT Spark Spreads ($/kwh) Current Forward Contract % under Spark SpreadSpark SpreadContract 2002 $4.91 $13.89 74% 2003 $4.81 $13.58 30%

34. 34 Enhancing Profitability in ERCOT $2.90-$4.20 $7.00-$8.00 $0.50-$1.50 $0.25 $11.65-$15.00 $1.00+

35. 35  Profitable earnings enhancer  Experienced provider with first-to-market advantage  Majority of capital costs recovered through PV of existing contracts  Limited capex going forward  90% capacity of existing network available Provides metro and backbone fiber-optic network capacity throughout Florida FPL FiberNet Enhances Earnings Growth

36. 36  Solid growth plans –FPL customer and usage growth strong –FPL Energy targets 20 - 30% average annual growth (subject to PTC renewal) –Additional earnings growth potential at FPL FiberNet  FPL Group targets 7% average annual growth off 2002 base. 21,682 29,224 2001 2004 FPL Group MW in Operation FPL FPL Energy Disciplined Growth

37. 37  A solid, integrated electric company  Attractive growth opportunities in all three businesses FPL Energy FPL FPL FiberNet FinancialDisciplineFinancialDisciplineOperationalExcellenceOperationalExcellence FPL GROUP FinancialStrengthFinancialStrength