Strengths

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Moray Dewhurst
Chief Financial Officer
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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.
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Capitalizing on Our Strengths

• Premier integrated utility
• high growth, stable customer base
• Successful wholesale generation business
• well hedged portfolio with predictable earnings
  growth
• Strong balance sheet
• 51 Debt to Capital1, A2 / A credit rating2
• Substantial cash flow to fund expansion
• 1.4 billion operating cash flow in 2001, net of
  dividends
• High degree of earnings visibility

1 Pro forma for offerings 2 Corporate credit
rating
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Premier Electric Utility

• Favorable customer mix
• Strong customer and usage growth
• Operational excellence
• Proven cost management
• Constructive regulatory environment

Attractive financial returns
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High Growth Utility With Favorable Customer Mix

• Strong demand growth 1
• 2.1 annual increase in customer accounts
• 1.1 annual increase in usage per customer

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3
3
32
37
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• Generation
• 16,619 MW
• 2,700 MW added in 2001-2003
• 1,900 MW more by 2006

56
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FPL
IndustryAverage
1 Over last 10 years
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Operational Excellence
Service Reliability 2001 Outage Time Per
Customer (Min.)
Plant Availability
107
69
Industry Average
Superior Cost Management(OM per customer)
Over a Decade of OM Reductions(Cents per
Kilowatt Hour)
Down 40 since 1990
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FPL Rates Lower Than National, Florida Averages
86.45
81.93
76.22
NationalAverage
FPL
FPC andTECOAverage
Comparisons of a 1,000 kWh residential bill
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Constructive Regulatory Environment

• Vertically integrated utility model
• Fuel, capacity charges directly passed through to
  customers
• Rate certainty through end of 2005
• incentive-based agreement
• win-win revenue sharing provision
• no ROE limits
• shareholders benefit from productivity
  improvements
• No current activity on wholesale restructuring
• I just dont think theres a sense of urgency
  to this. - Governor Jeb Bush

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Major U.S.Wholesale Generator

• Attractive, visible growth
• average earnings growth gt20 from identified
  projects through 2005
• Low-risk approach
• diversified by region, fuel source
• well-hedged portfolio
• emphasis on base-load assets
• Low cost provider
• modern, efficient, clean plants
• operational excellence
• Conservative, integrated asset optimization
  function

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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.
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Disciplined Growth Strategy

• Grow generation portfolio in prudent way
• aggressive wind development
• focused fossil development
• pursuit of MA 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

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Disciplined Growth(Projected Operating Net-MW)
Marcus Hook
New Wind Calhoun Forney Seabrook
New Wind Blythe RISEP Bayswater Bastrop
Existing Plants 2001
98
99
00
01
02
97
03
04
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Seabrook Acquisition

• A premier nuclear plant
• 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
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Wind Energy Unique Advantage

• Nearly 1,500 net MW in operation
• U.S. market leader with 1/3 market share
• 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
• Additional 1,000 2,000 MW by 2002 - 2003

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Conservative Risk Management
Marketing Trading
Risk Reduction
Asset Optimization
Risk Control
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Well-Hedged Position
2002 79 1 2003 51
Merchant MW
Committed MW
1 For the remaining months in 2002
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ERCOT Spot Spark Spreads on Peak( per MWh)

• Current Forward Contract under
• Spark Spread Spark Spread Contract
• 2002 9.33 14.83 81
• 2003 6.38 15.83 50

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Enhancing Profitability in ERCOT
15.75 - 18.75
1.00
0.25
0.50 - 1.50
8.00 - 9.00
6.00 - 7.00
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Strong Financial Position

• Financial discipline
• Strong credit ratings
• A2 / A FPL Group Capital
• Aa3 / A Florida Power Light Company
• 13.5 ROE in 2001
• 2001 net income of nearly 800 million 1
• Prudent dividend policy

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1 Excluding non-recurring items 2 Pro forma for
recent offerings
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Financial StrengthEPS Growth
7.1 average annual EPS growth rate
Excluding non-recurring items and effects of FAS
133
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Capital Plan Supports Disciplined Growth
StrategyProjected Capital Sources Uses 2002 -
2005( billion)
8.0 10.0
8.0 10.0
Future debt issuance
0.5 1.5
Wind
1.0 2.0
Current and completed equity/equity-linked
issuance, benefit plans
1.5 - 2.0
FPL Energy
Seabrook
0.8
Gas
1.6
Operating cash flow less dividends
6.0 - 6.5
Regulated utility
4.6 - 5.6
Sources
Uses
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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

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Financial Outlook

• Underlying average EPS growth of 6-8 per year
• FPL earnings growth 4-5 average
• FPL Energy earnings growth 20-30 average
• 2002 EPS guidance 4.70 - 4.75
• FPL approximately flat, assuming normal weather
• FPL Energy up 15-20, assuming no major change to
  market prices
• 2003 EPS guidance 5.10 - 5.20

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