FPL%20Group%20-%20External

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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)
  and Florida Power Light Company (FPL) are
  hereby filing cautionary statements identifying
  important factors that could cause FPL Group's or
  FPL'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 and FPL in this
  presentation, 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 or FPL's actual results to differ
  materially from those contained in
  forward-looking statements made by or on behalf
  of FPL Group and FPL.
• Any forward-looking statement speaks only as of
  the date on which such statement is made, and FPL
  Group and FPL undertake 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
  and FPL's operations and financial results, and
  could cause FPL Group's and FPL's actual results
  or outcomes to differ materially from those
  discussed in the forward-looking statements
• FPL Group and FPL are subject to changes in laws
  or regulations, including the Public Utility
  Regulatory Policies Act of 1978, as amended
  (PURPA), and the Public Utility Holding Company
  Act of 1935, as amended (Holding Company Act),
  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 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 recovery of 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 and FPL are subject to extensive
  federal, state and local environmental statutes,
  rules and regulations relating to air quality,
  water quality, waste management, 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
  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.

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• 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
  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 and FPL's nuclear units face
  certain risks that are unique to the nuclear
  industry including the ability to 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 and FPL's
  plants, or at the plants of other nuclear
  operators. Breakdown or failure of an FPL
  Energy, LLC (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 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 and FPL 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 value of the reported fair value of these
  contracts. In addition, FPL's use of such
  instruments could be subject to prudency
  challenges by the FPSC and if found imprudent,
  cost disallowance.
• There are other risks associated with FPL Group's
  non-rate regulated businesses, particularly 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, 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 its
  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.
• 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 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.

4

• FPL Group's and FPL's results of operations can
  be 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. In addition, severe
  weather can be destructive, causing outages
  and/or property damage, which could require
  additional costs to be incurred.
• FPL Group 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 rates or
  policies, rates of inflation, accounting
  standards, securities laws or corporate
  governance requirements.
• FPL Group 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 U.S., and the increased cost and adequacy of
  security and insurance.
• FPL Group's and FPL's ability to obtain
  insurance, and the cost of and coverage provided
  by such insurance, could be affected by national
  events as well as company-specific events.
• FPL Group 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 and FPL 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 and FPL's businesses in the
  future.

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Organizational Structure


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Capitalizing on Our Strengths

• Premier integrated utility
• high growth, stable customer base
• favorable regulatory climate
• operational excellence
• Successful wholesale generation business
• well diversified portfolio
• substantially hedged
• uniquely positioned for growth
• Strong financial position
• Substantial cash flow
• Financial discipline

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FPL Group A Strong Balance
Earnings Contribution 2003E 1

• 2003 Capacity
• contracted 2 FPL
  100 FPL Energy 77
• Total FPL Group 3 97

Florida Power Light
FPL Energy Corp. Other
Notes 1 Excludes the mark-to-market effect of
non-managed hedges, which cannot be determined at
this time 2 As of 7/7/03 3 Weighted average based
on 2003 estimated earnings contribution
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Outlook for 2003 Remains Strong

• FPL
• Expect earnings of 725 - 735 million assuming
  normal weather for the balance of the year
• FPL Energy
• Expect earnings of 165 - 190 million 1
• Corporate and Other
• Breakeven results at FPL FiberNet
• Higher interest expense
• Net drag of 20 - 30 cents per share

EPS of 4.80 to 5.00 1
1 Excluding the effect of non-managed hedges
which cannot be determined at this time.
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Corporate Governance A High Priority at FPL
Group

• History of strong corporate governance policies
• Compliant with majority of Sarbanes-Oxley prior
  to its passage
• Thorough due diligence processes disclosure
  committee in place
• Code of ethics and standard of business conduct
  signed by top 300 manager
• Directors actively engaged in corporate
  governance issues

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Corporate Governance Ratings

• Institutional Shareholder Services
• FPL Group outperforms
• 85.5 of SP 500 Companies
• 88.8 of utilities
• Governance Metrics International
• FPL Group received overall rating of 9
• The Corporate Library
• Core Best Practices Benchmark A
• Sarbanes-Oxley Compliance 100
• Board Effectiveness Rating D
• Investment Risk Rating High

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FPL Group wins Edison Award, Electric Power
Industrys Highest Honor

• Annual honor given for firms making the most
  outstanding contributions to the advancement of
  the industry
• Judges media, industry executives
• FPL Group cited for success in Building a
  Sustainable Future
• EEI President FPL Group demonstrates that
  environmental excellence and outstanding
  financial performance can go hand-in-hand

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Pension Update( millions)
Fair Value of Pension Assets 2,388
Pension Benefit Obligation 1,405
Funded Status 983

• Expected long-term rate of return is 7.75
• Weighted average discount rate used for
  determining obligation is 6.00
• FPL Groups pension status ranks very favorably
  relative to its peers

As of 9/30/02
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FPL Business Strategies

• Capitalize on growing demand for electricity in
  our service territory
• Continue to improve our outstanding operating
  performance
• Seek opportunities to profitably grow our core
  utility business
• Work to maintain the collaborative and
  progressive regulatory environment in Florida

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FPL Energy Business Strategies

• Capitalize on strong, experienced leadership
  team
• Uniquely positioned for growth
• build-out of announced projects
• wind leadership
• possible asset acquisitions that are accretive,
  strategically attractive, and financeable
• Remain a low-cost provider
• Maintain a portfolio diversified by region and
  fuel source
• Reduce risk by contracting majority of output and
  hedging fuel requirements
• Continue to further optimize portfolio
• Explore opportunities in gas infrastructure

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FPL Group A Solid Investment

• Built on sound, fundamental disciplines
• attractive Florida service territory
• high quality real assets
• culture of operational excellence
• financial discipline
• strong corporate governance policies
• Proven track record
• meeting commitments
• preservation of shareholder value
• getting out ahead of the curve
• Attractive, realistic growth prospects
• Moderate risk profile
• balanced
• manageable

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FPL A Premier Electric Utility

• Strong top-line growth
• Solid customer base
• Substantial generation fleet
• Superior cost performance
• Operational excellence
• Environmental excellence
• Constructive regulatory environment
• Delivering value to customers

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FPL Strong Top-Line Growth

• Customer growth of 2.1 1
• over 4 million accounts
• favorable mix
• Underlying usage growth of 1.6 1
• inland expansion
• increasing average home size

3.7 avg annual kWh growth
Strong Demand Growth
FPL
2.4 avg annual kWh growth
Industry
Note 1 Over last 10 years
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Solid Customer Base
of Revenues by Customer Class 1
55
35
FPL
Industry Average
Note 1 As of 12/31/02
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FPL Substantial Regulated Generation Fleet

• 18,591 1 MW of generating capability in Florida
• 300 additional MW to be added in 2003
• 1,900 MW to be added in 2005
• 1,100 MW to be added in 2007
• (RFP issued 8/25/03)
• Diverse fuel mix

Energy Sources (based on kWh produced in 2002)
Nuclear
Purchased Power
Natural Gas
Oil
Coal
Note 1 As of 6/30/03
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Superior Cost Performance(OM per customer)
Industry Average
1
FPL
Note 1 Includes a one-time 35 million FPSC
approved addition to the storm fund reserve.
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FPL Superior Cost Management(OM per retail
kWh)
Industry Average
1
FPL
Note 1 Includes a one-time 35 million FPSC
approved addition to the storm fund reserve.
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Operational Excellence

• Power generation
• Power delivery (reliability)
• Quality of service and customer care

Top quartile in all areasBest-in-class in many
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Operational Excellence
Plant Availability
Fossil
Nuclear
97
94
89
87
FPL
FPL
Industry Average
Industry Average
FPL information as of 2002 industry information
as of 2001.
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Operational Excellence
Service Reliability Outage Time Per Customer
(minutes)
139
69
Industry Average
FPL information as of 2002 industry information
as of 2001.
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Emission Rates Leadership Position
Nitrogen Oxide and Sulfur Dioxide
Industry Average SO2
Industry Average NOx
FPL SO2
FPL NOx
FPL historic information Emissions from AOR's,
Generation from 1192's reflects FPL ownership
share only, purchased power not included.
Electric Utility Industry historical data from
DOE's EIA Electric Power Annual 2001
(3/03). Electric Utility Industry projected data
from DOE's EIA Annual Energy Outlook 2003
(1/03).
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Constructive Regulatory Environment in Florida

• Appointed public service commission
• 5 commissioners with staggered terms
• Fuel, purchased power passed directly through
• Rate certainty through end of 2005
• incentive-based agreement allowing shareholders
  to benefit from productivity improvements
• win-win revenue sharing provision instead of
  ROE measure
• No current activity on wholesale restructuring

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Delivering Value to Customers
Base Portion of 1,000 kWh Residential Bill
Real dollars (2002)
40
Nominal dollars
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Delivering Value to Customers
Residential Bill Comparison 1,000 kWh Bill
Rates of FPL as of 7/31/03 excluding municipal
taxes and franchise fees. Rates for PEF and TECO
as of 4/1/03 excluding municipal taxes and
franchise fees. Rates outside of Florida as
reported in EEI Typical Bills Report Winter 2003
(5/15/03).
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FPLs Electric System

• Can a blackout happen in Florida?
• Although its possible its not probable because
• Electrical peninsula minimizes interfaces
• Only 10 of FPLs generation is imported
• State carries a 20 reserve margin
• Special protection schemes are designed to
  automatically disconnect from Georgia and shed
  load to prevent a total blackout
• FRCC periodically audits entire region for
  compliance to NERC standards
• 1998-2002- 420 million spent on transmission
  infrastructure
• 2003-2007 an additional 750 million planned

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FPL Value Proposition

• Growing demand for electricity in our service
  territory
• Collaborative and progressive regulatory
  environment
• Outstanding operating performance
• Low environmental risk

Strong earnings and cash flow potential
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FPL Energy A DisciplinedWholesale Generator

• Moderate risk approach
• diversified by region, fuel source
• well hedged portfolio
• emphasis on base-load assets
• Low cost provider
• modern, efficient, clean plants
• operational excellence
• Industry leader in wind generation
• Conservative, integrated asset optimization
  function

• 9,691 1 net MW in operation
• presence in 24 states

Note 1 As of 8/26/03.
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Diversified Portfolio at FPL EnergyYear-end 2004
(Projected)
(11,763 1 Net MW in Operation)
Regional Diversity
Fuel Diversity
Gas
58
Northeast
Central
25
35
Wind
22
Other
Mid-Atlantic
1
24
Hydro
Nuclear
Oil
West
3
9
7
16
Note 1 As of 8/26/03.
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FPL Energy Moderate Risk ApproachHedging Program


Balance of 2003


2004

Available


MW


Available

MW

1
1
1
1
Asset Class


MW

Hedged


MW


Hedged



2
Wind


2,118

100


2,
335


100

2
Other projects / QFs


1,255


98


1,255


98

Merchants









2
Seabrook


886


9
0


1,024


94

3
NEPOOL / PJM / NYPP


1,
5
18


5
5


1,95
2


23

3
ERCOT


2,
897


7
6


3,009


43

3
WECC / SERC


1,
270


40


1,345


5
9



3
Total portfolio



9,
944

7
7

10,
92
0


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Significant Progress on Hedging 2004 Market Risk
Notes1 Weighted to reflect in-service dates,
planned maintenance, and refueling outage for
Seabrook in 2003 2 Reflects RTC MW 3 Reflects
on-peak MW As of 2Q 03
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Moderate Risk and Conservative Risk Management

• Market
• variation in 2003 earnings due to market price
  fluctuations approximately 10-15 million
• Credit
• 91 of PMI net receivables and mark-to-market and
  FPL Energy current receivables are with
  investment grade counterparties
• Liquidity
• industry-wide issue
• favorable track record of hedging Seabrook
• Operational
• outstanding track record
• core operational capabilities shared with FPL
• greatest cumulative hours of experience with
  CCGTs and GE 7F

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Other Projects/QF Portfolio Stable Earnings

• 1,255 MW net ownership
• Variety of fuels and technologies
• 87 natural gas
• includes solar, coal, waste-coal, and waste-wood
• Bellingham/Sayreville and Doswell 80 of MW

Solid Long-term Contract Coverage 1
Note 1 As of 7/7/03.
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Seabrook Creating Significant Value

• Acquired premier nuclear unit for 799 million
• 1,024 MW ownership share (88.2 of total)
• purchase price represents 34/kw per year of
  remaining
• operating life (license expires 2026)
• Opportunity to create significant shareholder
  value
• more than 500 million of NPV estimated in the
  acquisition pro forma
• performance to date exceeding expectations (2003)

Contract Coverage 1
Note 1 As of 7/7/03.
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Fossil Merchant Upside Leverage

• Low cost, efficient base load generation
• Liquid, gas-on-margin markets
• Cash flow positive at weak spark spreads
• Longer term upside potential

Regional Diversity 1
ERCOT
NEPOOL/PJM/NYPP
48
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WECC/SERC
22
Note 1 As of 7/31/03. Includes projects under
construction/advanced development coming on-line
in 2003.
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Wind A Unique Advantage

• U.S. market leader with over 40 market share
• 1,767 net MW in operation
• 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
• Approximately 835 MW to be added in 2003

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FPL Energy Value Proposition

• Moderate risk approach
• Well diversified by region and fuel source
• Growth opportunities in wind building on our
  competitive advantage
• Nuclear creating substantial value
• Merchant portfolio offers significant upside
  leverage
• Disciplined and talented hedging/optimization
  team
• Opportunity to pursue acquisitions that are
  accretive, strategically attractive and
  financeable

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Financial Objectives

• Maintain long-term financial strength
• core competitive weapon in cyclical business
• Support investment programs at FPL and FPL Energy
• Maintain short-term flexibility
• liquidity
• ability to move quickly
• Maintain broad market access
• Seek tactical windows of opportunity

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FPL Group Strong Financial Position

• Financial discipline
• Strong credit ratings
• Prudent dividend policy

FPL
Includes AEE, AEP, CEG, CIN, CMS, CNP, D, DTE,
DUK, ED, ETR, EXC, FE , FPL, PCG, PGN, PNW, PPL,
SO, TE, TXU, and XEL.
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Continued Pressure on Credit for the Industry
Industry Average Q2 2003 Rating Distribution
Ratings Actions
CCC lower
88
(2)
78
A
BBB
(36)
(45)
8
AA
6
(2)
B
BB
(10)
(5)
Upgrades
Downgrades

• The average rating for the power industry and
  energy sector as a whole has recently slipped out
  of the high BBB category into the mid- BBB
  area. Meanwhile the number of companies rated
  BBB and below continues to rise while the
  number of firms rated A and above declines.

Source Industry averages and quote per SP
publication dated 7/03
51
FPL Credit Remains Strong
SP Moodys Fitch
FPL Group, Inc. Issuer FPL Group, Inc. Issuer FPL Group, Inc. Issuer A/Negative - A/Stable
FPL First Mortgage Bonds FPL First Mortgage Bonds A/Negative Aa3/Stable AA-/Stable
FPL Group Capital Senior Unsecured FPL Group Capital Senior Unsecured FPL Group Capital Senior Unsecured A-/ Negative A2/ Negative A/Stable
Fitch Ratings established new ratings for FPL
Group Subsidiaries in July 2003
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Relative Strength Recognized by Bond Markets
Spread Comparison
1/1/2003
8/6/2003
Change

130 bp
-
20 bp

350 bp
-
200 bp

375 bp
-
135 bp

525 bp
-
260 bp

160 bp
-
52 bp

170 bp
-
34 bp

525 bp
-
143 bp
Note Indicative 10-year spread Source
Citigroup
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2002-2003 FPL Investment Program

• Fort Myers/ Sanford Repowering
• Additional Peaking Units at Fort Myers
• Expansion of system facilities and infrastructure
  to support the increased generating capacity and
  demand

Total Capital Spending - approximately 3 Billion
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2002-2003 Non-Regulated Investment Program

• Completing build-out of announced fossil plants
• Bayswater 54 net MW June
  2002
• Bastrop 283 net MW June 2002
• RISEP 550 net MW November 2002
• Calhoun 668 net MW June 2003
• Forney 1,700 net MW
  June/July 2003
• Jamaica Bay 54 net MW
  July 2003
• Blythe 517 net MW Mid 2003
• Marcus Hook 750 744 net MW Mid 2004
• Investing in profitable wind
• 2002 324 net MW
• 2003 836 net MW

Total Capital Spending - approximately 3.8
Billion Minimal Remaining Capital Expenditures
for 2004 1
Note 1 Excludes any additional wind projects
after 2003
55
2003 Financing Accomplishments to Date

• April
• 500 million FPL First Mortgage Bonds due 2034
  5.625 coupon
• 500 million FPL Group Capital Debentures due
  2006 3.25 coupon
• June
• 200 million FPL Fuels
• 135 million 3 year private placement notes due
  2006 2.34 coupon
• 65 million credit facility
• July
• 400 million construction term facility (Marcus
  Hook and Calhoun projects)
• 380 million wind project financing for seven
  projects due 2023 6.639 coupon
• August
• 117 million private placement notes for
  Bayswater Jamaica Bay projects due 2020 7.11
  coupon

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Additional Opportunities for Balance Sheet
Optimization

• Term out commercial paper balances
• Refinance existing higher cost debt
• Identify alternatives for near term maturities
• Examine fixed versus floating balance
• Monitor rating agency treatment of existing and
  new securities

57
2004 Beyond FPL Investment Program

• Supporting growth in a stable, fixed rate,
  incentive-based regulatory environment
• 1,900 net MW in 2005
• Martin
• Manatee
• Wires (primarily distribution)
• RFP in process to fill 2007 capacity need
  self-build option exists for adding a 1,100 MW
  plant at the Turkey Point plant site

Average capital expenditures of 1.3 billion
per year for 2004-2006 1
Note 1 Spending estimate excludes 2007 capacity
need
58
2004 Beyond Non-Regulated Investment Program

• Continue to pursue wind
• Average 200-300 MW/year over five years
• Selective asset acquisition opportunities
• Approximately 10 billion worth of assets
  currently available for sale
• Larger transactions (PUHCA Repeal)???

Incremental Investment at FPL Energy requires
additional equity issuance
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Maintain Broad Market Access
Equity Capital Markets - 1.4 Billion executed in 2002 Bank Market 3 Billion in Credit Lines Construction Term Facility RISEP
Debt Capital Markets FPL First Mortgage Bonds FPL Group Capital debentures FPL Energy American Wind Private Placement FPL Fuels Bayswater/Jamaica Bay
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FPL Group A Solid Partner

• Premier integrated utility serving a vibrant
  territory
• Growing wholesale generation business with
  moderate risk profile
• Operational and environmental excellence
• Financial strength and discipline
• Well positioned to exploit opportunities in a
  down market
• growth from new wind
• selective asset acquisitions
• continued strong growth at FPL

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What are we looking for?

• Support in credit facilities
• Develop and maintain long-term relationships
• Focus on our needs, not product du jour
• Creative ideas
• Solid execution
• Consistency

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