Earnings Conference Call

1. Earnings Conference Call Second Quarter 2005

2. Cautionary statements and risk factors that may affect future results 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 materially from such forward-looking statements. A discussion of factors that could cause actual results or events to vary is contained in the Appendix herein and in the Company’s SEC filings.

3. Overview of second quarter 2005 • Florida Power & Light Company • Continuation of mild weather • Strong customer growth • Martin and Manatee generation expansions brought in service on schedule and under budget • FPL Energy • Strong adjusted earnings growth despite Seabrook outage • Continued improvement in merchant portfolio • Negative mark on non-qualifying hedges reflects improving forward markets • Portfolio additions (Gexa acquisition, new wind investments) • FPL Group • Reaffirm 2005 earnings expectation of $2.45 to $2.551 per share 1 Assuming normal weather for the balance of the year, excluding the cumulative effect of adopting new accounting standards as well as the mark-to-market effect of non-qualifying hedges, neither of which can be determined at this time

4. FPL Group resultsSecond quarter GAAP Adjusted EPS EPS Net Income ($ millions) Net Income ($ millions) $255 $251 $257 $0.71 $0.69 $0.66 $203 $0.52 04 04 04 04 05 05 05 05 See Appendix for reconciliation of GAAP to adjusted amounts

5. Florida Power & Light overview Second quarter • Weather impact negative, driven by weaker weather in April and May • Some unanticipated weakness due to underlying usage growth • Customer growth remains strong • Martin and Manatee plant generation expansions completed on schedule and under budget • Decision on storm cost recovery • Base rate case proceeding on schedule

6. Florida Power & Light earnings Second quarter EPS Net Income Contribution ($ millions) $0.57 $205 $0.52 $201 04 04 05 05

7. FPL historical growth in customer accounts (thousands) 1 1 Change in average customer accounts from prior year’s second quarter

8. Retail sales at FPLSecond quarter

9. Weather Index Degree days shown are cooling degree day (CDDs). CDDs are based on average temperature of 72oF; negative values set to zero. Normal weather based on 56 year average. Production figures shown above are based on net energy for load. Energy sales statistics shown in the July 22, 2005 earnings press release are net of line losses and company usage.

10. FPL O&M and DepreciationSecond quarter($ millions) O&M Depreciation $319 $316 $232 $227 04 05 04 05 Figures include amounts that are recovered through cost recovery clauses which have no impact on net income

11. FPL Earnings contribution driversSecond quarter 1 Including AFUDC, other revenues and share dilution

12. Storm reserve deficiency recovery update • Florida PSC voted to approve Staff recommendation • ~$442 million to be collected through monthly surcharge • $70 million to be capitalized • ~$22 million deferred until accounting treatment determined • Reinforces prior orders governing recovery of prudently incurred storm-related costs • Leaves open some issues around future accounting methodology for recording restoration costs

13. 2006 rate case key dates Service hearings Intervenor testimony Staff testimony Rebuttal testimony Hearings Briefs due Staff rec. rev req. and rates Special agenda rev. req. and rates Staff rec. revised rates Special agenda revised rates Standard order June - July June 27 July 8 July 28 August 22 – Sept. 2 Sept. 20 Oct. 28 Nov. 10 Nov. 14 Nov. 21 Nov. 30 Dates are subject to change

14. FPL Energy OverviewSecond quarter • Adjusted net earnings1 grew by more than 13% during the quarter • Excellent overall performance • New wind assets • 1st phase of Seabrook uprate completed, 52 net mw added • Continued strengthening in forward markets • Partially offset by lower wind resource and Seabrook refueling outage • Ongoing positive impact of restructurings • Losses on non-qualifying hedges reflect improving spark spreads • Substantial increase in value of physical assets • Good progress in hedging 2006 • Strengthening outlook for 2006 and 2007 1 See Appendix for reconciliation of GAAP to adjusted amounts

15. FPL Energy results Second quarter GAAP Adjusted EPS Net Income ($ millions) Net Income ($ millions) EPS $72 $69 $63 $0.19 $0.19 $0.17 $20 $0.05 04 04 04 04 05 05 05 05 See Appendix for reconciliation of GAAP to adjusted amounts

16. FPL Energy earnings contribution driversSecond quarter 1 Including share dilution and rounding See appendix for reconciliation of GAAP to adjusted amounts

17. Wind resource fundamentalsSecond quarter Wind Speed Index 1 1 Average wind speed for the period from those reference towers chosen to represent FPL Energy’s portfolio - weighted index based on FPL Energy’s portfolio as of 6/30/05 100 = long-term historic second quarter weighted average mean

18. FPL Energy monthly wind index1Current portfolio 1 Average wind speed for the period from those reference towers chosen to represent FPL Energy’s portfolio - weighted index based on FPL Energy’s portfolio as of 6/30/05 100 = long-term historic monthly weighted average mean

19. Significantly improved market conditionsMarket update Change in Change in Cal 06 Cal 06 Forward Cal 06 Forward Forward 1/3/05 – 3/31/05 3/31/05 – 6/30/05 6/30/05 Natural Gas ($/MMBTU) 1 $ 1.61 $ 0.30 $ 7.99 NEPOOL 7x24 Power 2 $ 12.18 $ 2.34 $ 71.24 NEPOOL Spark Spreads 3 $ 0.96 $ 1.32 $ 19.41 ERCOT Spark Spreads 4 $ 3.42 $ 3.84 $ 19.57 WECC Spark Spreads 5 $ 5.36 $ (2.49) $ 24.76 1 NYMEX 2 Mass Hub 3 Mass Hub, Tetco M3 and 7,000 heat rate 4 ERCOT N, Houston Ship Channel and 7,000 heat rate 5 SP15, NGI SoCal and 7,000 heat rate

20. Non-qualifying hedges 1Summary of activity($ millions, after-tax) 1 Includes contracts of FPL Energy’s consolidated projects plus its share of the contracts of equity method investees

21. FPL Energy contract coverage2006 1 Weighted to reflect in-service dates, planned maintenance and Seabrook’s refueling outage and power uprate and expected production from renewable resource assets 2 Reflects Round-the-Clock MW 3 Includes all projects with mid- to long-term purchase power contracts for substantially all of their output 4 Includes only those facilities that require active hedging 5 Reflects on-peak MW Totals may not add due to rounding and exclude pending Duane Arnold acquisition

22. Portfolio transactions • Acquired Gexa Corp. • Wind additions 500-750 mw by year-end ’05 • Weatherford Wind brought into service with ~107 mw of wind, total year-to-date to ~221 mw • Additional ~250 mw announced • On July 5, announced intent to purchase Duane Arnold Energy Center

23. Gexa Corp. acquisition Closed acquisition of fast-growing Texas retail energy provider on June 17: • Serves approximately 1,000 mw’s of peak load associated with over 125,000 small commercial and residential customers throughout Texas • Financially attractive: • EPS: 2 to 3 cents/year over next 5 years expected • Significant synergies with FPL Energy Texas portfolio: • Hedge for Texas assets • Green product marketing outlet for renewable energy • Expands FPL Energy commercial and operational capabilities • Provides balance to FPL Energy’s naturally long power position in ERCOT

24. Acquisition of Duane ArnoldEnergy Center Acquisition announced July 5 for $387 million: • Attractive economics • Expect immediate earnings accretion • Long-term power contract provides predictable and growing cash flow through contract period • Low-cost baseload producer in Midwest market • Complements FPL Energy wind portfolio in region • Leverages FPL’s nuclear expertise • Opportunity to enhance operations from current levels • Leverages successful Seabrook integration • Builds nuclear scale • Improves FPL Energy portfolio diversification

25. FPL Energy outlook strong 2005 • Likely to come in towards the high end of net income range of $245 to $275 million1,2 2006 • Initial net income range of $320 to $360 million 2007 • Updated net income range of $420 to $460 million 2006 and 2007 ranges reflect the anticipated addition of Duane Arnold Ranges are supported by current forward curves 1See Appendix for reconciliation of GAAP to adjusted amounts 22005 estimate is based upon FPL Energy EPS guidance given on July 22, 2005, and excludes the cumulative effect of adopting new accounting standards as well as the mark-to-market effect of non-qualifying hedges, neither of which can be determined at this time. It is FPL Group's policy not to comment on guidance during the quarter. FPL Energy’s 2006 and 2007 figures are indicative ranges and are appropriate for this point in time but are not based on detailed budgeting analysis. As a result, they should only be taken into account in conjunction with the Company’s standard earnings guidance

26. Earnings Per Share contributionsSecond quarter See Appendix for reconciliation of GAAP to adjusted amounts

27. 2005 Outlook • FPL • Expect earnings contribution of $1.93 to $2.00 per share assuming normal weather • FPL Energy • Expect earnings contribution of $0.65 to $0.73 per share • Corporate and Other • Modestly negative results at FPL FiberNet • Higher interest expense • Net drag of $0.15 to $0.18 per share EPS of $2.45 to $2.55 1 1 Assuming normal weather for the balance of the year, excluding the cumulative effect of adopting new accounting standards as well as the mark-to-market effect of non-qualifying hedges, neither of which can be determined at this time

28. Q&A Session

29. Appendix

30. FPL: potential drivers of 2005 earnings variability See Safe Harbor Statement and SEC filings for full discussion of risks

31. Florida ranks 1st in growth among most populous states State % of Population CAGR % of Population CAGR in 2030 in 20041 2000-2030 2000-2004 Florida 2.1% 5.9% 2.0% 7.9% 1.6% 9.2% Texas 1.9% 7.7% 1.1% 12.8% California 1.5% 12.2% 0.3% 3.7% Illinois 0.6% 4.3% 0.1% 5.4% New York 0.3% 6.5% 0.9% United States 1.1% 1 Estimated population by state as a percentage of total U.S. population; 2030 are based on estimated population Source: U.S. Census Bureau

32. FPL Energy: potential drivers of 2005 earnings variability 1 From historic mean

33. Non-qualifying hedges 1Summary of activity($ thousands, after-tax) 1 Includes contracts of FPL Energy’s consolidated projects plus its share of the contracts of equity method investees 2 12/31/04 balance has been decreased $201 for the impact of changing tax rate from 39.23% to FPL Energy Project specific tax rates 3 Amount represents the change in value of deals executed during the quarter from the execution date through quarter end

34. Non-qualifying hedges 1Summary of forward maturity($ thousands, after-tax) 1 Includes contracts of FPL Energy’s consolidated projects plus its share of the contracts of equity method investees 2 Gain/(loss) based on existing contracts and forward prices as of 12/31/05

35. Non-Qualifying hedge exampleForward spark spread sale FPL Energy enters into a forward sale in January 2005 to "lock-in" gross margin Assumptions: • Volume 175 MW On Peak (358,400 MWh's) • Term April - Sep '05 • Spark Spread $11 per MWh ($3.94 million total value) At the end of each quarter, assume the market value of the spark spread changes to: • 1Q05 $17 per MWh • 2Q05 $8 per MWh As the power is sold, FPLE will recognize the $11.00 / MWh in contract spark spread and the unrealized mark-to-market will reverse. The table below illustrates the impact on Adjusted Earnings and GAAP Earnings in each period ($ millions): Cash revenues 1Q '05 2Q '05 3Q '05 Non-cash"M-T-M" gains & losses Adjusted Earnings (Pre-Tax) $0.00 $1.97 $1.97 $3.94 Non-Qualifying Unrealized (2.15) 2.69 (0.54) 0.00 Gain/(Loss) (see calculation in boxes below) Extensive Earnings Volatility GAAP Earnings (Pre-Tax) ($2.15) $4.66 $1.43 $3.94 179,200 x (17-11) = $1.08 179,200 x (17-8) = $1.61 $2.69 179,200 x (8-11) = $(.54) 358,400 x (11-17) = $(2.15)

36. FPL Energy 2007 outlookCommon assumptions for 2006 and 2007 See Safe Harbor Statement and SEC filings for full discussion of risks

37. Wind resource fundamentalsAnnual Wind Speed Index 1 1 Average wind speed for the period from those reference towers chosen to represent FPL Energy’s portfolio - weighted index based on FPL Energy’s portfolio as of 6/30/05 100 = long-term historic annual weighted mean

38. Bridging reference tower wind speed to earnings impact ±1 in the annual portfolio wind index for 2005 equates to ± $0.02 to $0.03/share 1 1 Sets aside uncertainties that can cause actual performance to deviate from that predicted solely by using the wind data from the selected reference towers. This reflects the impact on projects that were fully in operation on 6/30/05

39. Regional Long Term Wind Reference Location Jamestown Walla Walla Pipestone Scranton Pierre Mason City Lone Rock Evanston Concord* Johnstown Livermore* Red Oak Garden City Bakersfield* Gage Lancaster Clinton Palm Springs* Clovis Abilene* Midland Winkler* * Denotes new references included to better describe FPLE Wind Portfolio FPL Energy plant operations

40. FPL Energy MWs and Regional Reference Towers Second Quarter Reference towers were selected for their proximity to FPL Energy’s wind assets. FPL Energy wind portfolio as of 6/30/05

41. Reconciliation of GAAP to Adjusted amountsThree months ended June 30, 2004

42. Reconciliation of GAAP to Adjusted amountsThree months ended June 30, 2005

43. Cautionary Statements And Risk Factors That May Affect Future Results • In connection with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 (Reform Act), FPL Group, Inc. (FPL Group) is hereby providing cautionary statements identifying important factors that could cause FPL Group's actual results to differ materially from those projected in forward-looking statements (as such term is defined in the Reform Act) made by or on behalf of FPL Group in this press release, in presentations, in response to questions or otherwise.  Any statements that express, or involve discussions as to expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as will likely result, are expected to, will continue, is anticipated, believe, could, estimated, may, plan, potential, projection, target, outlook) are not statements of historical facts and may be forward-looking.  Forward-looking statements involve estimates, assumptions and uncertainties.  Accordingly, any such statements are qualified in their entirety by reference to, and are accompanied by, the following important factors (in addition to any assumptions and other factors referred to specifically in connection with such forward-looking statements) that could cause FPL Group's actual results to differ materially from those contained in forward-looking statements made by or on behalf of FPL Group. • Any forward-looking statement speaks only as of the date on which such statement is made, and FPL Group undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events.  New factors emerge from time to time and it is not possible for management to predict all of such factors, nor can it assess the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statement. • The following are some important factors that could have a significant impact on FPL Group's operations and financial results, and could cause FPL Group's actual results or outcomes to differ materially from those discussed in the forward-looking statements: • FPL Group and its subsidiaries, Florida Power & Light Company (FPL) and FPL Energy, LLC (FPL Energy) are subject to changes in laws or regulations, including the Public Utility Regulatory Policies Act of 1978, as amended (PURPA), the Public Utility Holding Company Act of 1935, as amended (Holding Company Act), the Federal Power Act, the Atomic Energy Act of 1954, as amended and certain sections of the Florida statutes relating to public utilities, changing governmental policies and regulatory actions, including those of the Federal Energy Regulatory Commission (FERC), the Florida Public Service Commission (FPSC) and the utility commissions of other states in which FPL Group has operations, and the U.S. Nuclear Regulatory Commission (NRC), with respect to, among other things, allowed rates of return, industry and rate structure, operation of nuclear power facilities, operation and construction of plant facilities, operation and construction of transmission facilities, acquisition, disposal, depreciation and amortization of assets and facilities, recovery of fuel and purchased power costs, decommissioning costs, return on common equity (ROE) and equity ratio limits, and present or prospective wholesale and retail competition (including but not limited to retail wheeling and transmission costs).  The FPSC has the authority to disallow recoveryby FPL of any and all costs that it considers excessive or imprudently incurred. • The regulatory process generally restricts FPL's ability to grow earnings and does not provide any assurance as to achievement of earnings levels. • • FPL Group, FPL Energy and FPL are subject to extensive federal, state and local environmental statutes, rules and regulations relating to air quality, water quality, waste management, wildlife mortality, natural resources and health and safety that could, among other things, restrict or limit the output of certain facilities or the use of certain fuels required for the production of electricity and/or require additional pollution control equipment and otherwise increase costs.  There are significant capital, operating and other costs associated with compliance with these environmental statutes, rules and regulations, and those costs could be even more significant in the future.

44. • FPL Group and FPL operate in a changing market environment influenced by various legislative and regulatory initiatives regarding deregulation, regulation or restructuring of the energy industry, including deregulation of the production and sale of electricity. FPL Group and its subsidiaries will need to adapt to these changes and may face increasing competitive pressure. • FPL Group's and FPL's results of operations could be affected by FPL's ability to renegotiate franchise agreements with municipalities and counties in Florida. • The operation of power generation facilities involves many risks, including start up risks, breakdown or failure of equipment, transmission lines or pipelines, use of new technology, the dependence on a specific fuel source or the impact of unusual or adverse weather conditions (including natural disasters such as hurricanes), as well as the risk of performance below expected or contracted levels of output or efficiency.  This could result in lost revenues and/or increased expenses.  Insurance, warranties or performance guarantees may not cover any or all of the lost revenues or increased expenses, including the cost of replacement power.  In addition to these risks, FPL Group's, FPL Energy’s and FPL's nuclear units face certain risks that are unique to the nuclear industry including the ability to store and/or dispose of spent nuclear fuel, as well as additional regulatory actions up to and including shutdown of the units stemming from public safety concerns, whether at FPL Group's, FPL Energy’s and FPL's plants, or at the plants of other nuclear operators.  Breakdown or failure of an FPL Energy operating facility may prevent the facility from performing under applicable power sales agreements which, in certain situations, could result in termination of the agreement or incurring a liability for liquidated damages. • FPL Group's, FPL Energy’s and FPL's ability to successfully and timely complete their power generation facilities currently under construction, those projects yet to begin construction or capital improvements to existing facilities is contingent upon many variables and subject to substantial risks.  Should any such efforts be unsuccessful, FPL Group could be subject to additional costs, termination payments under committed contracts, and/or the write-off of their investment in the project or improvement. • FPL Group and FPL use derivative instruments, such as swaps, options, futures and forwards to manage their commodity and financial market risks, and to a lesser extent, engage in limited trading activities. FPL Group could recognize financial losses as a result of volatility in the market values of these contracts, or if a counterparty fails to perform. In the absence of actively quoted market prices and pricing information from external sources, the valuation of these derivative instruments involves management's judgment or use of estimates. As a result, changes in the underlying assumptions or use of alternative valuation methods could affect the reported fair value of these contracts. In addition, FPL's use of such instruments could be subject to prudency challenges and if found imprudent, cost recovery could be disallowed by the FPSC. • There are other risks associated with FPL Energy.  In addition to risks discussed elsewhere, risk factors specifically affecting FPL Energy's success in competitive wholesale markets include the ability to efficiently develop and operate generating assets, the successful and timely completion of project restructuring activities, maintenance of the qualifying facility status of certain projects, the price and supply of fuel, transmission constraints, competition from new sources of generation, excess generation capacity and demand for power.  There can be significant volatility in market prices for fuel and electricity, and there are other financial, counterparty and market risks that are beyond the control of FPL Energy.  FPL Energy's inability or failure to effectively hedge its assets or positions against changes in commodity prices, interest rates, counterparty credit risk or other risk measures could significantly impair FPL Group's future financial results.  In keeping with industry trends, a portion of FPL Energy's power generation facilities operate wholly or partially without long-term power purchase agreements.  As a result, power from these facilities is sold on the spot market or on a short-term contractual basis, which may affect the volatility of FPL Group's financial results.  In addition, FPL Energy's business depends upon transmission facilities owned and operated by others; if transmission is disrupted or capacity is inadequate or unavailable, FPL Energy's ability to sell and deliver its wholesale power may be limited.

45. • FPL Group is likely to encounter significant competition for acquisition opportunities that may become available as a result of the consolidation of the power industry.  In addition, FPL Group may be unable to identify attractive acquisition opportunities at favorable prices and to successfully and timely complete and integrate them. • FPL Group and FPL rely on access to capital markets as a significant source of liquidity for capital requirements not satisfied by operating cash flows.  The inability of FPL Group, FPL Group Capital Inc (FPL Group Capital) and FPL to maintain their current credit ratings could affect their ability to raise capital on favorable terms, particularly during times of uncertainty in the capital markets, which, in turn, could impact FPL Group's and FPL's ability to grow their businesses and would likely increase interest costs. • FPL Group's, FPL Energy’s and FPL's results of operations are affected by changes in the weather.  Weather conditions directly influence the demand for electricity and natural gas and affect the price of energy commodities, and can affect the production of electricity at wind and hydro-powered facilities. • FPL Group’s and FPL’s results of operations can be affected by the impact of severe weather which can be destructive, causing outages and/or property damage, and could require additional costs to be incurred. At FPL, recovery of these costs is subject to FPSC approval. • FPL Group, FPL Energy and FPL are subject to costs and other effects of legal and administrative proceedings, settlements, investigations and claims, as well as the effect of new, or changes in, tax laws, rates or policies, rates of inflation, accounting standards, securities laws or corporate governance requirements. • FPL Group, FPL Energy and FPL are subject to direct and indirect effects of terrorist threats and activities.  Generation and transmission facilities, in general, have been identified as potential targets.  The effects of terrorist threats and activities include, among other things, terrorist actions or responses to such actions or threats, the inability to generate, purchase or transmit power, the risk of a significant slowdown in growth or a decline in the U.S. economy, delay in economic recovery in the United States, and the increased cost and adequacy of security and insurance. • FPL Group's, FPL Energy’s and FPL's ability to obtain insurance, and the cost of and coverage provided by such insurance, could be affected by national, state or local events as well as company-specific events. • FPL Group, FPL Energy and FPL are subject to employee workforce factors, including loss or retirement of key executives, availability of qualified personnel, collective bargaining agreements with union employees or work stoppage. The issues and associated risks and uncertainties described above are not the only ones FPL Group may face.  Additional issues may arise or become material as the energy industry evolves.  The risks and uncertainties associated with these additional issues could impair FPL Group's businesses in the future.