Analyst MeetingsJuly - August 2003

2

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 SEC filings, in press releases, 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, estimated, 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 use of certain fuels required for the production of electricity. 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.

3

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.

The operation of power generation facilities involves many risks, including start up risks, breakdown or failure of equipment, transmission lines or pipelines, 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 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 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 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.

4

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.

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 or accounting standards.

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.

5

Capitalizing on Our Strengths• Premier integrated utility

– high growth, stable customer base– favorable regulatory climate

• Successful wholesale generation business– well hedged portfolio– attractive earnings growth prospects

• Strong balance sheet• Substantial cash flow to fund expansion

6

Financial DisciplineWell Hedged Position

2003 Capacity% contracted 2:FPL 100%FPL Energy 77%

Total FPL Group 3 97%

85%

15%

Florida Power & Light FPL Energy

Corp. & Other

Earnings Contribution %2003E 1

Notes:

1 Excludes the mark-to-market effect of non-managed hedges, which cannot be determined at this time2 As of 7/7/033 Weighted average based on 2003 estimated earnings contribution

7

FPL: A Premier Electric Utility

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

Attractive financial returns

8

Growing EPS Contributions at FPL(GAAP)

$3.36$3.56

$4.02 $4.14 $4.07-$4.13

1999 2000 2001 2002 2003EAssuming dilution.1 Assuming normal weather for the balance of the year.

1

9

High Growth Utility with Favorable Customer Mix

• Strong demand growth1

– 2.1% avg. annual increase in customer accounts

– 1.6% avg. annual increase in usage per customer

• Solid customer base– over 4 million

customer accounts– residential and

commercial customers > 90% of total

35%

36%

32%

3%30%

55%

3%6%

Other

Industrial

Commercial

ResidentialFPL Industry

AverageNotes:1 Over last 10 years2 As of 12/31/02

% of Revenuesby Customer Class 2

10

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

• Diverse fuel mix

24%

32%

20%

18%6% Oil

Natural Gas

Nuclear

Coal

Purchased Power

Energy Sources(based on kWh produced in 2002)

Note:1 As of 6/30/03

11

94%

87%

97%

89%

FPL IndustryAverage

FPL IndustryAverage

69

139

FPL IndustryAverage

Operational Excellence at FPLPlant Availability

FPL = 50% better than average

Service Reliability Outage Time Per Customer (Min.)

Fossil Nuclear

FPL information as of 2002; industry information as of 2001.

12

Superior Cost Management(O&M $ per customer)

$513$517

$373 $305

$200

$250

$300

$350

$400

$450

$500

$550

$600

93 94 95 96 97 98 99 00 01 02

Industry Average

FPL

13

FPL Residential Rates Low

$83.71 $83.93 $86.73$93.93 $94.14

$99.35

$115.53

$129.91

PEF NationalAverage

FPL PA TECO NJ MA CA

Rates of FPL as of 7/31/03 excluding municipal taxes and franchise fees.Rates for PEF (Progress Energy Florida) 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).

14

Constructive Regulatory Environment in Florida

• Fuel, capacity charges directly passed through to customers

• “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

15

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

16

FPL Energy: A DisciplinedWholesale Generator• 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• Industry leader in

wind generation• Conservative,

integrated asset optimization function

• 8,841 1 net MW in operation• presence in 24 states

Note:1 Includes 550 MW of leased capacity at R.I.S.E.P. As of 7/23/03.

17

$0.93-

$0.48$0.67

$(0.97)

$1.07

2000 2001 2002 2003E

EPS Contributions at FPL Energy

$0.93-

$0.49 $0.62 $0.73 $1.07

2000 2001 2002 2003E

GAAP Adjusted

Notes:1 Assuming dilution.2 2000 results include merger-related expenses of $0.01 per share. 3 2001 results include a net unrealized mark-to-market gain associated with non-managed hedges of $0.04 per share associated with non-managed hedges.4 2002 results include the cumulative effect of an accounting change of $1.28 per share, restructuring and other charges of $0.42 per share and a net unrealized mark-to-market gain associated with non-managed hedges of $1 million after-tax.5 Excluding the effect of non-managed hedges which cannot be determined at this time.

1 1

2 3 4 5 5

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Northeast

Mid-Atlantic24%

25%

16%

35%

West

Regional Diversity Fuel DiversityGas58%

22%Wind

Other1%

Hydro3% 7%

Oil

Diversified Portfolio at FPL EnergyYear-end 2004 (Projected)(11,763 1 Net MW in Operation)

Central

Nuclear9%

Note:1 Includes 550 MW of leased capacity at R.I.S.E.P. As of 7/23/03.

19

Wind Energy: Unique Advantage

• U.S. market leader with over 40% market share– more than 1,700 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

• 836 MW to be added in 2003

20

FPL Energy 2004 Contract Coverage

2004 Contract Coverage As of end 1Q03 As of end 2Q03

Asset Class Available

MW 1 % MW

Hedged 1 Available

MW 1 % MW

Hedged 1

Wind 2 2,179 100 2,335 100 Other projects / QFs 2 1,255 98 1,255 98 Merchants

Seabrook 2 1,024 84 1,024 94 NEPOOL / PJM / NYPP 3 1,951 19 1,952 23 ERCOT 3 3,009 8 3,009 43 WECC / SERC 3 1,345 52 1,345 59

Total portfolio 3 10,762 53 10,920 65

Notes:1 Weighted to reflect in-service dates and planned maintenance2 Reflects RTC MW3 Reflects on-peak MW

21

Project Restructuring Opportunities

• Highly experienced project restructuring team• Proven track record with two significant project

restructurings in 2002– gas contract – power supply contract

• Substantial backlog of opportunities for 2003– power contracts in PJM– natural gas supply contract in Northeast– 3rd-party QF restructurings in NEPOOL and PJM

22

QF Restructuring (Illustrative)– Curtail plant during

off-peak hours, sell fuel and supply PPA with low-cost wholesale power

– Utility shares savings through reduced rates under PPA

– Negotiated transactions with other project participants (steam host)

QF Project

Wholesale PowerMarket

Utility

$100/MWh$95/MWh

MWMW

$42/MWh

Utility Savings = $5/MWh

Fuel Cost

$50/MWh

VOM Cost

$2/MWh

QF Savings = $5/MWh

23

FPL Energy Business Strategies• 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• Complete development/construction of

current wind and gas power projects• Consider acquisitions that are accretive,

strategically attractive and financeable

24

FPL Group: Strong Financial Position• Financial discipline• Strong credit ratings

A2 / A - = FPL Group Capital Inc. (Debentures)Aa3 / A = Florida Power & Light Company (First Mortgage Bonds)

• Prudent dividend policy

0

1

2

3

4

5

6

7

8

45% 50% 55% 60% 65% 70% 75% 80% 85%

Total Debt to Total Capitalization

CFF

O /

Inte

rest

Cov

erag

e

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.

25

FPL Group Performance in 2002

$473

$831

GAAP Adjusted

2002 Net Income($ millions)

2002 EPS

Includes the cumulative effect of an accounting change at FPL Energy ($222 million after-tax or $1.28 per share), restructuring and other charges at FPL Energy ($73 million after-tax or $0.42 per share), restructuring and impairment charges at Corporate and Other ($64 million after-tax or $0.37 per share), a reserve for leverage leases at Corporate and Other ($30 million after-tax or $0.17 per share), a favorable settlement of litigation with the IRS at Corporate and Other ($30 million after-tax or $0.17 per share) and net unrealized mark-to-market gains associated with non-managed hedges atFPL Energy ($1 million after-tax).

$2.73

$4.80

GAAP Adjusted

26

Total Shareholder Return

18%

-2%

2%

13%18%

12%

FPL Group S&P Electric UtilitiesIndex

S&P 500 Index

YE 06/30/03 YTD 06/30/03

27

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.

28

FPL Group: A Solid Investment

• Premier integrated utility serving a vibrant territory

• Growing wholesale generation business with moderate risk profile

• Operational and environmental excellence• Financial strength and discipline• Proven track record• Solid corporate governance policies and

practices

Appendix

30

Organizational Structure(Credit Ratings - S&P/Moody’s)

FPL Group, Inc.Holding Company

A/Not Rated

Florida Power & Light Company(Utility Operation)Issuer Rating A/A1

Secured A/Aa3Commercial Paper A-1/P-1

FPL Group Capital Inc(Funding Co. for Non-regulated Ops)

Issuer Rating A/Not RatedUnsecured A-/A2

Commercial Paper A-1/P-1

FPL Energy, LLC(Non-rate regulated Operations)

The outlook indicated by Moody’s for the ratings of FPL is stable, while the outlook of FPL Group Capital is negative reflecting uncertainty in the wholesale generation market. The outlook indicated by S&P is negative for FPL Group and its subsidiaries.

31

Net External Financing Needs Largely Completed for 2003 • July financings largely fill net need for

capital– Completed $400 million bank facility – Completed $380 million wind project

finance

• Additional activity will optimize our liability structure

32

Debt Maturities($ millions)

$1,353

$275

$1,100 $1,075

$500

$139

$542

$22$35

$41

$37$16

$-

$500

$1,000

$1,500

$2,000

Short-termdebt

2003 2004 2005 2006 2007

Florida Power & Light Corporate & Other FPL Energy

1

2

Notes:1 At 6/30/03, $100 million and $72 million of short-term investments were available for FPL and Corporate &

Other, respectively. In early July 2003, loan proceeds from long-term financings at FPL Energy were used to pay down approximately $500 million short-term debt.

2 At 6/30/03, $69 million of cash was earmarked for FPL bond redemptions in late July 2003.

33

$3,132$2,153$979Total

Bilateral Facilities

50 50 0 August 2003

146 146 0 October 2004

October 2004

October 2003

Syndicated Facilities

Maturity

$1,436$ 957$ 479

1,500 1,000 500

Total FPL Group

CapitalFlorida

Power & Light

Liquidity Resources($ millions)

As of 6/30/03

34

Pension Update($ millions)

• Expected long-term rate of return is 7.75%

• Weighted average discount rate used for determining obligation is 6.00%

• FPL Group’s pension status ranks very favorably relative to its peers

$983Funded Statusat 9/30/02

$1,405Pension Benefit Obligationat 9/30/02

$2,388Fair Value of Pension Assetsat 9/30/02

35

FPL: Potential Drivers of 2003Earnings Variability

See Safe Harbor Statement and SEC filings for full discussion of risks

Issue Variability Potential 2003 Impact

Balance of Year Weather variability at 80% probability ±13¢

Customer growth ±1 to 2¢

Usage growth ±3 to 4¢

O&M expenses sensitivity

2% variation ±4¢

36

FPL Energy Market Price SensitivityUnhedged Segment

Notes:1 Weighted to reflect in-service dates; all assets adjusted for 2003 outages, including refueling outage for Seabrook2 Represents range of variability observed Jan. – July 2003. Variability in the second quarter was lower.3 Pricing based on NEPOOL RI Zone4 Reflects on-peak MW unhedged onlyAs of 7/7/03

Merchant Assets Available

MW’s 1 % MW’s

Unhedged

Sensitivity

Range of Recent Variability in Forwards2 ($/MWh)

Potential 2003

Impact Balance of Year

Seabrook

886

10 power price

± $7.00

± 1¢

NEPOOL / PJM / NYPP 3

1,518

45 4 spark spread

± $3.00

± 2¢

ERCOT (North Zone)

2,897

24 4 spark spread

± $2.50

± 1¢

WECC

1,270

60 4 spark spread

± $4.50

± 2¢

Total merchants

6,571

34

Total 2003 impact ± 6¢

37

Seabrook Contract Coverage (% hedged)

RTC MW, as of 7/7/03

90% 94%

64%53%

Balance 2003 2004 2005 2006

38

In Operation

Advance Development

FPL Energy Wind Portfolio 2003

1,767 812

Total MW 2,579

MW

39

U.S. Wind Market Share (MW)

Yearly Market Share (MW) 2001 2002 2003 1

Total New Capacity Installed 1,697 410 1,534 FPL Energy Contribution 843 201 2 812 3

50% 49% 53%

FPL Energy42.3%

Competitors with less than 50 MW

(<1%) each16.1%

Competitors at~1 to <7% each

41.6%

Notes:1 Estimated as of 7/25/032 Excludes 123 MW of acquisitions.3 Excludes 24 MW of acquisitions.

40

States with Renewables Portfolio Standard