Barclays Capital Investor Conference

February 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.

3

FPL Group

FPL FPL Energy

Two Strong Businesses

1 As of 12/31/04

• Largest electric utility in Florida• Vertically integrated, retail rate- regulated utility• 4.2 million customers 1

• $8.7 billion operating revenue 1

• Successful wholesale generator• U.S. market leader in wind-

generation • 11,520 mw in operation 1

• $1.7 billion operating revenue 1

4

FPL Group At-A-GlanceRank among U.S. Electric

Utilities(In USD$ millions, except per share amounts)

Recent Stock Price 80.08

Market Capitalization 14,862 5

Enterprise Value 23,198 6

Generating Capacity (mw) 30,460

Utility Customer Accounts (thousands) 4,225

Annualized Dividend per Share 2.72

Current Yield (%) 3.4

Payout Ratio (%) ~ 53

Market data as of 2/14/05.

6

FPL: A Leading Electric Utility

• Attractive growth• Superior cost performance• Operational excellence• Constructive regulatory

environment• Delivering value to customers

and shareholders

7

Florida Ranks 1st in Growthamong Largest States

Growth of Most Populous States

1 Estimated population as of 7/1/03Source: U.S. Census Bureau

State

Population in 20031

(millions)CAGR (%)2000-2003

California 35.5 1.4

Texas 22.1 1.8

New York 19.2 0.3

Florida 17.0 2.0

Illinois 12.7 0.6

Pennsylvania 12.4 0.2

Ohio 11.4 0.2

Michigan 10.1 0.4

Georgia 8.7 1.8

New Jersey 8.6 0.8

FPL serves roughlyhalf of the state

8

99.4

79.0 75.068.4 68.3

53.0 52.2 52.2 47.8 43.7

FPL #1 in Total Retail SalesTotal mwh Retail Sales

(millions)

Source: Energy Information Administration, 2003

9

FPL: Strong Top-Line Growth

37%

36%

3%19%

3%6%

Other

Industrial

Commercial

Residential

Strong Demand Growth

• Customer growth of 2.1% 1

• Underlying usage growth of 0.8% 1

1 From 1994-20042 From 1993-20033 As of 12/31/044 In 2002. Source: EEI Statistics Department

% of Revenues by Customer Class

FPL 3 IndustryAverage 4

54%

42%

2.0%

1.4%

2.9%3.3%

Av

g a

nn

ua

l k

Wh

FPL1 Industry2

5-year 10-year 5-year 10-year

10

FPL: Substantial Regulated Generation Fleet

• 18,940 1 MW of generating capability in Florida

– 1,900 MW to be added in 2005

– 1,150 MW to be added in 2007

• Diverse fuel mix– Evaluating LNG

37%

18%

18%6%

21%

Oil

Natural Gas

Nuclear

Coal

Purchased Power

Energy Sources(based on kWh produced in 2004)

1 As of 12/31/04

11

High Plant AvailabilityFossil Nuclear

FPL data as of 2004; industry average data as of 2003

94%

85%

FPL IndustryAverage

88%85%

FPL IndustryAverage

12

Excellent Operating History

69

137

FPL IndustryAverage

Outage Time per Customer (minutes) 1

1.79 1.78

1.79

1.24

95 96 97 98 99 00 01 02 03 04

O&M per Retail kwh(cents)

2

1 Preliminary 2004 for FPL; 2003 for the industry 2 Excluding the impact of the three hurricanes that hit FPL’s service territory

13

FPL Requires Significant InvestmentCapital Expenditures

(billions)

$-

$0.5

$1.0

$1.5

$2.0

$2.5

96 97 98 99 00 01 02 03 04 05E 06E 07E

All other New Generation

2001-2005 cumulativeCapEx of $7.0 bn

14

Florida has a Constructive Regulatory Environment

• Appointed public service commission– 5 commissioners with staggered terms

• Fuel, purchased power directly passed through• History of progressive and innovative regulatory

solutions• “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 or retail restructuring

15

Current Rate Agreement

• Commenced April 15, 2002; expires December 31, 2005• Incentive-based agreement

– no ROE limits– shareholders benefit from productivity improvements

• Depreciation expense reduced by $125 million per year• Revenue sharing thresholds

• Commenced April 15, 2002; expires December 31, 2005• Incentive-based agreement

– no ROE limits– shareholders benefit from productivity improvements

• Depreciation expense reduced by $125 million per year• Revenue sharing thresholds

1Refund was limited to 71.5% of the revenues from base rate operations exceeding the thresholds (representing the period April 15 through December 31, 2002)

($ Millions) 20021 2003 2004 2005

66 2/3% to customers 3,580 3,680 3,780 3,880

100% to customers 3,740 3,840 3,940 4,040

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FPL Base Rate Case History

Nature of Case Amount ($mm)

1983 FPL Request 238 1

1984 FPL Request 84 1

1985 FPL Request 120 1

1990 Tax Savings - Settlement (42) 1

1999 Negotiated Settlement (350) 1

2000 Yr 1 Refund (22) 2

2001 Yr 2 Refund (105) 2

2002 Yr 3 Refund (85) 2

2002 Negotiated Settlement (250) 1

2002 Yr 1 Refund (11) 2

2003 Yr 2 Refund (3) 2

1 Represents a permanent change in base rates2 Represents a 1-year refund to customers

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First Base Rate Increase Request in More Than 20 years

• Major investment in infrastructure due to strong customer growth and higher operating expenses prompted the request

• Base rate request between $400 and $450 million likely

• If approved, new rates would go into effect on Jan 1, 2006 when the current agreement expires

• Additional increase of $65 million ($130 million on an annualized basis) necessary in mid-2007 to cover costs of Turkey Point expansion

18

Beginning Base Rate Review with One of the Best Track Records in the Industry

• Excellent operational performance• Superior cost management• Among leaders in environmental performance• Outstanding hurricane restoration efforts• Meeting FPSC-required 20% reserve margin

19

Estimated Base Rate Case Timeline

Month Event

January Notified FPSC of upcoming request

Now – March

Prepare Minimum Filing Requirements (MFRs) and testimony

March File formal rate request

May – June Quality of service hearings

June – August

Intervenor, staff, and FPL rebuttal testimony

August Rate hearings

November Final decision by FPSC expected

20

Overview of Storm Reserve Fund

• Established in 1946 as an unfunded reserve and first funded in 1958

• Designed to cover non-insured storm losses and insurance deductibles

• Became more significant after 1992– due to lack of affordable insurance after Hurricane Andrew

• FPL maintains commercial insurance for its power plants• Lost revenues are not recoverable• Regulated by the FPSC

– sets ratemaking and accounting treatment– establishes estimated reserve, annual accrual and contributions– has no specific investment restrictions

• FPL currently accrues $20 million per year for the storm reserve– rate case requests substantial increase

• Current rate agreement contemplated possibility of restoration costs above reserve and recovery of deficit

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Impact of 2004 Hurricanes

Charley

Frances Jeanne

Data as of 12/03/04

Hurricane

Charley Frances Jeanne

Landfall on 08/13 09/05 09/26

Category 4 2 3

Affected:

Customers 874,000 2,786,300 1,737,400

Counties 22 35 35

Replaced:

Poles 7,226 3,890 2,390

Transformers 5,159 3,011 3,037

Miles of conductor

925 575 254

Personnel 13,500 16,738 16,566

Days of restoration

13 12 8

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Restoration Cost Recovery Update

• Accrued restoration costs to date of $890 million• Costs exceed the storm reserve by $536 million• FPSC granted approval to begin recovery of the

excess through a customer surcharge starting in mid-February, subject to refund

• All amounts subject to prudency hearing in April• Final decision to be rendered in July

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Solid Earnings and Good Growth Prospects at FPL

2005 Drivers• Good revenue growth but with

some uncertainty

• Addition of 1,900 mw at Martin and Manatee mid-year

• Managing continued cost pressures

Long-term Growth Drivers• Strong customer growth

• Track record of good cost management

• Continued consistent and fair regulation

Historical Adjusted EPS 1

$3.95

$4.14$4.12$4.14$4.11$3.79$3.61

99 00 01 02 03 04 05E

$4.10

1, 2

1 See appendix for reconciliation of GAAP to adjusted amounts2 Estimates include share dilution of 3-4%. 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

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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

• U.S. Industry leader in wind generation

• Conservative, integrated asset optimization function • 11,586 1 net MW

in operation

• presence in 24 states

1 As of 2/4/05

FPL Energy operations

26

Northeast

Mid-Atlantic24%

25%

17%

34%

West

Regional Diversity

Wind

Diversified Portfolio at FPL Energy

(11,586 1 Net MW in Operation)

Central

Fuel Diversity

Gas57%

24%Other

1%Hydro

3% 6%Oil Nuclear

9%

1 As of 2/04/05

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As of 12/31/04. 1 Weighted to reflect in-service dates, planned maintenance, and a refueling outage at Seabrook2 Reflects Round-the-Clock mw3 Reflects on-peak mw

More than 85 percent of expected 2005 gross margin hedged

Asset Class Available

mw 1

% mw under

Contract Wind 2 2,917 98 Contracted 2 2,170 99 Merchant

NEPOOL 3 2,304 72 ERCOT 3 2,644 79 All other 3 1,274 8

Total portfolio 3 11,309 78

Contract Coverage in 2005

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Excellent Growth Prospect atFPL Energy

2005 Drivers• Build-out of new wind generation

• Uprate and refueling outage at Seabrook

• Modest drag from Marcus Hook

• Increased interest expense

Long-term Growth Drivers• Wind projects

• Acquisitions

• Contract restructurings

• Improving merchant markets

Historical Adjusted EPS 1

$1.30$0.97$0.98

$0.73$0.62

$0.49$0.34

99 00 01 02 03 04 05E

$1.45

2 3

1 See appendix for reconciliation of GAAP to adjusted amounts2 Includes the impact of the Marcus Hook contract restructuring, $(0.26)/share and the receipt of a portion of the Karaha Bodas claim, $0.03/share3 Estimates include share dilution of 3-4%. 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

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Liquidity Resources($ millions)

Revolvers 3 Year1 5 Year2 Total

FPL $500 $1,000 $1,500

FPL Group Capital $1,000 $1,000 $2,000

Total $1,500 $2,000 $3,500

1 Oct. 2006 maturity, executed Oct. 2003 2 Oct. 2009 maturity, executed Oct. 2004

• FPL lead arrangers – J.P. Morgan & Wachovia• FPL Group Capital lead arrangers – Citibank

& Bank of America

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Credit Profile: FPL Group Credit Remains Strong

S&P Moody’s Fitch

FPL Group, Inc. Issuer A/Negative A2/ Stable A/Stable

FPL First Mortgage Bonds

A/Negative Aa3/Stable AA-/Stable

FPL Group Capital Senior Unsecured

A-/ Negative A2/ Stable A/Stable

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Growth Prospects at FPL Group2005 Drivers• Challenging year at FPL

• Expect strong growth at FPL Energy

• Free cash flow positive

• Dilution due to conversion of equity units

• Share repurchase

Long-term Growth Drivers• Continued strong growth at FPL and

FPL Energy

• Continued strong cash flow

• Disciplined approach to transactions that create shareholder value

Historical Adjusted EPS 1

$5.00 $4.93$4.89$4.80$4.69

$4.38$3.98

99 00 01 02 03 04 05E

$5.20

2

1 See appendix for reconciliation of GAAP to adjusted amounts 2 Estimates include share dilution of 3-4%. 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

Appendix

35

FPL - Reconciliation GAAP to Adjusted EPS

1999 2000 2001

Reconciliation of Earnings Per Share to Earnings

Per Share Excluding After-tax Effect of Certain Items:

Earnings Per Share (assuming dilution) 3.36$ 3.56$ 4.02$

Adjustments:

Settlement of litigation 0.25

Merger-related expenses 0.23 0.09

Earnings Per Share excluding certain items 3.61$ 3.79$ 4.11$

There were no adjustments to GAAP earnings in 2002, 2003, and 2004

36

FPL Energy - Reconciliation GAAP to Adjusted EPS

1999 2000 2001 2002 2003 2004Earnings (Loss) Per Share (assuming dilution) (0.27)$ 0.48$ 0.67$ (0.97)$ 1.09$ 0.95$

Adjustments:Impairment loss 0.61 Merger-related expenses 0.01 Cumulative effect of change in accounting principle (FAS 142) 1.28 Restructuring and other charges 0.42 Cumulative effect of change in accounting principle (FIN 46) 0.02 Net unrealized mark-to-market (gains) losses associated

with non-qualifying hedges (0.05) (0.13) 0.02 Earnings Per Share excluding certain items 0.34$ 0.49$ 0.62$ 0.73$ 0.98$ 0.97$

37

FPL Group - Reconciliation GAAP to Adjusted EPS

1999 2000 2001 2002 2003 2004Reconciliation of Earnings (Loss) Per Share to Earnings (Loss)

Per Share Excluding After-tax Effect of Certain Items:

Earnings (Loss) Per Share (assuming dilution) 4.07$ 4.14$ 4.62$ 2.73$ 5.00$ 4.91$

Adjustments:Litigation settlement at FPL 0.25Impairment loss at FPL Energy 0.61Gains on divestiture of cable investment at Corporate & Other (0.95) Merger-related expenses - $0.22 per share at FPL, $0.01 per share at

FPL Energy, and $0.01 per share at Corporate & Other 0.24 Merger-related expenses - $0.09 per share at FPL and $0.02 per share at

Corporate & Other 0.11 Cumulative effect of change in accounting principle (FAS 142) - FPL Energy 1.28 Charges due to restructuring - $0.42 per share at FPL Energy and $0.37

per share at Corporate & Other 0.79

Reserve for leveraged leases - Corporate & Other 0.17 Gain on settlement of IRS litigation - Corporate & Other (0.17) Cumulative effect of change in accounting principle (FIN 46) - FPL Energy 0.02

Net unrealized mark-to-market (gains) losses associated

w ith non-managed hedges, primarily FPL Energy (0.04) - (0.13) 0.02 Earnings (Loss) Per Share excluding certain items 3.98$ 4.38$ 4.69$ 4.80$ 4.89$ 4.93$

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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 by FPL 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, 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.

39

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 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 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 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 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, 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.

40

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 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 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.  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 laws, 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 United States, 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, state or local 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.