Salomon Smith Barney Power & Merchant Energy Conference May 15, 2002

1. Salomon Smith Barney Power & Merchant Energy Conference May 15, 2002

2. Lew Hay Chairman and Chief Executive Officer Moray Dewhurst Chief Financial Officer

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 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 2001 SEC Form 10-K. 3

4. Growing, Top-Tier US Electric Company • 21,682 mw • Operations in 20 states • 4 millioncustomers • $11.0 billion market capitalization

5. Three Strong Businesses FPLEnergy FPL FPLFiberNet $105 m+27% $695 m +8% $15 m +80% FPLGROUP Net income: $792 m EPS growth: +7% 2001 net income and EPS, excluding merger-related items and effects of FAS 133

6. FPLEnergy FPL FPLFiberNet FPLGROUP Financial Strength Financial Discipline Operational Excellence Three Fundamental Attributes

7. Solid, integrated electric company Attractive growth opportunities in all three businesses FPLEnergy FPL FPLFiberNet FPLGROUP Financial Strength Financial Discipline Operational Excellence FPL Group

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

9. Attractive Customer Demographics Customer Mix • 4 million customer accounts • Consistent strong growth • 2.1% in customer accounts • 1.1% in usage per customer • High percentage of residential & small commercial customers 4% 3% Other 3% 37% 56% 32% 32% 33% Industrial Commercial Residential Industry Average Florida Power & Light

10. Turkey Point 4 & 3 St. Lucie 2 & 1 Operational Excellence 2001 WANO Performance IndexAll U.S. Sites Fossil Plant Availability Industry Average Data Source: Institute of Nuclear Power Operators (INPO) U.S. sites

11. Industry Average FPL = 36% better than average FPL = 48% better than average Source: FERC Form 1 Excludes Fuel, Purchased Power & ECCR Operational Excellence Cost Management(O&M $ per customer) Service Reliability(2001 total outage time per customer; minutes) FPL

12. Constructive Regulatory Environment • “Rate certainty” through end of 2005 • Incentive-based agreement • no ROE limits

13. Revenue-Sharing Thresholds($ millions) 2002200320042005 2002 est. revenue* 3,470 2/3 to customers 3,580 3,680 3,780 3,880 100% to customers 3,740 3,840 3,940 4,040 * Retail base rate revenue, as filed in Minimum Filling Requirements.

14. Constructive Regulatory Environment • “Rate certainty” through end of 2005 • Incentive-based agreement • no ROE limits • shareholders benefit from productivity improvements • Ability to reduce depreciation expense by up to $125 million per year • Limited support for deregulation

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16. Major US Wholesale Generator • Presence in 18 states • 5,063 mw portfolio • Experience in developing, constructing, operating and acquiring power plants • Strong asset optimization team Major diversified wholesale electric generator whichadds value by actively managing and trading energy commodities in conjunction with our assets

17. Diversified Portfolio 5,063 Net MW in Operation Year-end 2001 Regional Diversity Fuel Diversity Gas 46% Northeast 28% Central Wind 36% 28% Mid-Atlantic Other 4% 20% Hydro Oil West 7% 16% 15%

18. Diversified Portfolio 11,588 Net MW in Operation Year-end 2004 Regional Diversity Fuel Diversity Gas 59% Northeast Central 26% 37% Wind 21% Other Mid-Atlantic 2% 21% Hydro Nuclear Oil West 3% 9% 7% 16% Assumes addition of 1,000 mw of wind. Percentages may not add to 100% due to rounding.

19. Track Record of Consistent, Strong Earnings Growth($ millions) Excluding non-recurring items and effects of FAS 133

20. Disciplined Growth Strategy • Grow generation portfolio in prudent way • aggressive wind development • focused fossil development • pursuit of M&A opportunities • Optimize asset value • integrated operations, business management and marketing and trading capabilities • Hedge position via substantial contract coverage • Moderate risk by regional and fuel diversity • Manage portfolio actively

21. Achievable Growth Strategy 20%-30% Average Annual Earnings Growth Existing Portfolio Portfolio Build-out • Optimization of assets (5,063 mw) • 4,000+ mw of announced gas-fired plants • Close Seabrook by YE 2002 • 1,000-2,000 mw of wind projects Assumes prices roughly equivalent to current market forwards

22. Achievable Growth Strategy 20%-30% Average Annual Earnings Growth Additional Upside Potential Existing Portfolio Portfolio Build-out Additional Greenfield Development Acquisitions • Optimization of assets (5,063 mw) • 4,000+ mw of announced gas-fired plants • Close Seabrook by YE 2002 • 1,000-2,000 mw of wind projects • Ranging from single plants to IPPs • Multiple fuels • gas • nuclear • wind • coal • hydro • Focused on high contract coverage projects • Gas • Wind Assumes prices roughly equivalent to current market forwards

23. Wind Energy: Capitalizing on our Strength • Nearly 1,500 net mw in operation • Wind is profitable • We have a leading position • We can build projects faster and cheaper • We can operate with higher availability • 1,000 - 2,000 mw of new wind projects by year-end 2003

24. Seabrook Acquisition • Attractive price • Plays to our strengths • superior operating skills • northeast trading expertise • Immediately accretive • 1 - 4 cents in 2003 • 10 - 12 cents avg. ‘03-’06 • accelerating thereafter • Attractive financial returns • strong cash flow • substantial NPV • 18 - 20% ROE Based on current forward price curves

25. Well-Hedged Position 2002 = 80% 2003 = 50% Merchant mw Committed mw

26. Profitable niche business despite poor telecom market Great example of leveraging FPL skills FPL FiberNet

27. FPLEnergy FPL FPLFiberNet FPLGROUP Financial Strength Financial Discipline Operational Excellence Three Fundamental Attributes

28. Financial StrengthEPS Growth 7.1% average annual EPS growth rate Excluding nonrecurring items and effects of FAS 133

29. Financial Strength • Strong balance sheet • Strong credit ratings • A = FPL Group • Strong cash flow • $1.4 billion 2001 operating cash flow

30. Financial DisciplinePrudent Dividend Policy Earnings per share Dividends per share • Healthy 3.7% yield • 48% payoutratio allowsfor growth

31. FPL 100% FPL Energy 50 - 83% Total FPL Group 94 - 98% (weighted average) Financial DisciplineWell-Hedged Position Capacity % contracted: EPS Contribution %2001 Florida Power & Light FPL Energy

32. Marketing & Trading Serves Two Fundamental Purposes Marketing & Trading Risk Reduction Asset Optimization Risk Control

33. ERCOT Spark Spreads($ per mwh) Current ForwardContract% under Spark Spread Spark Spread Contract 2002$9.58 $14.31 79% 2003 $7.48$15.92 48%

34. Enhancing Profitability in ERCOT 14.75 - 17.00 1.00+ 0.25 0.50 - 1.50 7.00 - 8.00 6.00 - 7.00

35. Projected Capital Sources & Uses2002 - 2005($ billion) $8.2 - $10.2 $7.9 - $9.9 Incremental debt capacity $1.4 - $1.9 Additional wind $1.0 - $2.0 $0.8 Seabrook Equity issuance $1.3 - $2.0 FPL Energy commitments $1.6 Operating cash flow less dividends $5.5 - $6.3 FPL commitments $4.5 - $5.5 Sources Uses

36. Strong Rating Valuable, but not a Fixed Target Long-term goal: ‘A’ or equivalent… …subject to fluctuating agency standards CreditRating InvestmentGrade • Absolute goal - strong investment grade • Relative goal - upper band of peer group

37. Earnings Guidance for 2002 • FPL approximately flat with 2001 • assuming normal weather • FPL Energy up 15 - 20% • reflects modest capacity growth and delay in PTC’s • reflects poor hydro conditions in 1st quarter • assumes no major changes in market prices • FPL Group EPS $4.78 - $4.82

38. Earnings Guidance for 2003 and Beyond • Expect FPL to return to strong underlying fundamentals • 4%-5% average annual earnings growth • Continue to target average annual growth of 20% - 30% at FPL Energy FPL Group Average EPS Growth: 6% - 8%

39. Relative Low Risk, High Return FPL Group represents one of best combinations of risk, return and earningsgrowth among major electric companies High FPL Group Earnings Growth/Return Low High Risk