SustainABILITY at FPL GroupPaul CutlerTreasurer

Bob BarrettDirector, Investor Relations

April 29, 2004

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 Has Demonstrated the Ability to

• Deliver Value to Shareholders• Capitalize on Growth• Continue Operational Excellence• Enhance Customer Satisfaction• Safeguard the Environment• Optimize Diversified Markets• Grow Profitably

4

1 Year ended 12/31/032 See Appendix for reconciliation of GAAP and adjusted earnings

FPL Group

FPL FPL Energy

• Largest electric utility in Florida, serving 8 million people

• Vertically integrated, retail rate - regulated utility

• $8.3 billion operating revenue1

• 5-year average annual growth in net income of 4%

• Successful wholesale generator, operating in 24 states

• U.S. market leader in wind-generation

• $1.3 billion operating revenue1

• 5-year average annual growth in adjusted net income of 40%2

A Growing, Diversified Company

5

Delivering Value to Shareholders

42%44%

46%48%

50%52%

54%56%

58%

95 96 97 98 99 00 01 02 03 04E

Ad

j. D

ivid

end

Pay

ou

t

$-

$0.50

$1.00

$1.50

$2.00

$2.50

$3.00

An

nu

al D

ivid

end

1.4%3.6% 4.4% 3.9%

4.6%

Moneymarket

5-yr CD 10-yr T-Note FPL

FPL Group 26%

FPL Group 30%

S&P 5000%

S&P 500(3)%

Dow Jones Utilities

(1)%

Dow Jones Utilities

4%

5-year Return 2-year Return

• Maintaining consistent payout ratio that delivers current yield and capital appreciation potential

• Consistently growing dividends since ‘95• Providing an attractive yield vs other

investment instruments• Outperforming the broader markets and

our peers in the capital markets

Attractive Yield and Long-term Growth Potential 2 Total Shareholder Return

Stable, Growing Dividend 1

1 2004 estimates based on 1Q04 $0.62/share dividend and the mid-point of FPL Group’s 2004 EPS estimates ($4.95 to $5.20)2 As of 4/22/04. Sources: Wall Street Journal and First CallSee Appendix for reconciliation of GAAP and adjusted earnings

Consensus LT growth

rate

6

Capitalizing on Growth at FPL

4.12

3.35

93 94 95 96 97 98 99 00 01 02 03

Steady customer growth has translated into growing profitability

Delivered Sales & Adj. Net IncomeAverage Customer Accounts (mm)

200

400

600

800

93 94 95 96 97 98 99 00 01 02 03

Ad

jus

ted

Ne

t In

co

me

($

mm

)

-

25

50

75

100

De

live

red

Sa

les

(b

illio

n k

wh

)

2002 Revenue Sharing Agreement 7% price reduction

CAGR 3.7%

Adjusted Net Income

Delivered Sales

1999 Revenue Sharing

Agreement 6% price reduction

CAGR 3.6%

See Appendix for reconciliation of GAAP and adjusted earnings

CAGR 2.1%

7

Capitalizing on Growth at FPL EnergyAddition of diversified assets has led to growing profitability

Asset Additions (net mw)Adjusted Net Income 1 ($ mm)

1 See Appendix for reconciliation of GAAP and adjusted earnings2 Excluding the cumulative effect of adopting new accounting standards as well as the

mark-to-market effect of non-qualifying hedges which cannot be determined at this time

$190

$175

$126 $105

$83$58

99 00 01 02 03 04E

$220 2

2CAGR 28.7%

99 00 01 02 03 04E

Nat. Gas Oil Nat. Gas/Oil

Nuclear Wind

1,2191,108 1,014

2,235

3,904

744

8

Continuing Operational Excellence

FPL Fossil Generation Equivalent Forced Outage Rate 1

2003 2002

(%)

FPL 3.1

FPL2.4

GoodTop

Decile3.7

Top Quartile

5.2

1 Investor owned utilities with at least 5,000 megawatts. Source: North American Reliability Council (NERC)

FPL Group achieves operational excellence by continuously improving the performance of its power plants

9

Enhancing Customer SatisfactionComparatively low residential rates and outstanding service reliability have been rewarded with high customer approval

2003 Residential Survey Scores 3Residential Bill per 1,000 kwh 1

Outage Time per Customer 2 (minutes)

1 GP, FPL, PEF, and TECO rates became effective on 01/04. The bills exclude municipal taxes and franchise fees. Rates outside of Florida as reported in EEI Typical Bills Report Summer 2003 (10/03).

2 FPL data as of 2003; industry average data as of 20023 Source: J.D. Power and Associates

$80.08$86.43 $89.11 $91.24

$96.51 $99.01

$113.66$121.95

$139.62

GP FPL PEF Nat'lAvg

PA TECO NJ MA CA

68

137

FPL Industry Average

107 101

FPL IndustryAverage

Good

10

17% 18%22%

33%37%

43%

-

2,000

4,000

6,000

8,000

98 99 00 01 02 03

mw

0%

10%

20%

30%

40%

50%

FP

L E

ne

rgy

Ma

rke

t S

ha

re

FPL Energy Total Industry FPL Energy Market Share

Safeguarding the Environment• FPL Group is committed to the environment

– a leader in low emissions of SO2, NOX, and CO2

– has voluntarily committed to further emissions reductions of 18% by 2008

• U.S. leader in energy conservation and energy management programs

– introduced green energy program in Florida (Sunshine Energy)

• FPL Energy U.S. leader in wind generation

FPL Energy U.S. Wind Leader

FPL Group ranked #1

for environmental

performance in

Innovest reportInnovest Strategic Value Advisors

April 12, 2004

11

Optimizing Diversified Markets

At 12/31/03

mw in operations: 19,056

mw planned: 1,900 in 2005,

1,100 in 2007

FPL Group is “naturally” hedged thanks to its operationsacross 26 states

FPL Energy operations

FPL territory

At 12/31/03

mw in operations: 11,041

mw under construction: 744

West18% Central

38%

Northeast26%

Mid-Atlantic18%

12

Diversifying Fuel Sources

Further hedged through its use of multiple energysources at FPL and FPL Energy

FPL Energy 2003 Fuel Diversity(net mw in operation)

FPL 2003 Energy Sources(kilowatt hrs produced)

Nuclear9%

Wind25%

Gas55%

Hydro3%Oil

6%

Other2%

Gas34%

Nuclear21%

Purchased Power

20%

Oil19%

Coal6%

13

Managing Commodity Price ExposureFPL Energy Contract Coverage

Balance 2004 2005

Asset Class Available

mw 1

% mw Under

Contract Available

mw 1

% mw Under

Contract Wind 2 2,719 99 2,719 99 Contracted 2,202 96 2,202 99 Merchant

NEPOOL 3 2,344 70 2,301 60 ERCOT 3 2,751 83 2,732 24 All other 3 798 14 1,275 1

Total portfolio 3 10,814 82 11,229 62

1 Weighted to reflect in-service dates, planned maintenance, and refueling outages at Seabrook2 Reflects Round-the-Clock mw3 Reflects on-peak mwAs of 3/31/04

14

04E EPS contribution of $4.20 to $4.35

Growing Profitably

The growing number of mw in operation has translatedinto growing adjusted earnings

FPL EnergyFPL

-

5,000

10,000

15,000

20,000

99 00 01 02 03 04E

mw

in

op

erat

ion

$-

$1.50

$3.00

$4.50

Ad

just

ed E

PS

($)

-

2,000

4,000

6,000

8,000

10,000

12,000

14,000

99 00 01 02 03 04E

mw

in

op

erat

ion

$-

$0.25

$0.50

$0.75

$1.00

$1.25

Ad

just

ed E

PS

($)

04E EPS contribution of $1.05 to $1.20

See Appendix for reconciliation of GAAP and adjusted earnings

15

Steady Growth Should Continue in the Future

In 2004, And beyond,

• FPL– EPS contribution of $4.20 - $4.35, assuming normal weather

• FPL Energy– EPS contribution of $1.05 - $1.20

• Corporate & Other– EPS drag of $0.30 - $0.35

• FPL Group– EPS of $4.95 - $5.20 1

• FPL– new products and services offerings– geographic expansion– customer and usage growth– continued cost management

• FPL Energy– unique advantage in growing wind market– 89 net mw uprate at Seabrook– expand origination activities in Northeast and TX– asset acquisitions (wind, nuclear, partner buyout)– contract restructuring opportunities

• Corporate & Other– improving cash flow reducing debt levels– lower net drag on EPS

• FPL Group– investment gas infrastructure/LNG– M&A possibilities

1 Excluding the cumulative effect of adopting new accounting standards as well as the mark-to-market effect of non-qualifying hedges which cannot be determined at this time

16

FPL Group – A Powerful Investment

• Growing electricity demand in our territory

• Moderate risk approach

• Sound fundamentals, disciplined approach

• Outstanding operating performance

• Well diversified by region and fuel source

• Proven track record

• Collaborative and progressive regulatory environment

• Disciplined hedging/ optimization

• Attractive, realistic growth prospects

• Low environmental risk • Nuclear creating substantial value

• Financial strength and discipline

+ =

Appendix

19

Compared to Our Peers

FPL12.7

0

5

10

15

20

25

30

FPL$22

$0

$10

$20

$30

$40

$50

($b

n)

Total Debt to Capitalization Ratio 2

Total Enterprise Value 1

1 As of 4/22/042 As of latest SEC filingNYSE ticker (common stock): FPL

2004 P-E Ratios 1

Average = 14.2

FPL59

0

20

40

60

80

100

(%)

Average = 64%

Credit Ratings 1

Average = BBB

FPLA

A

BBB

BB

20

FPL30.1

0

10

20

30

40

50

(GW

)

Compared to Our Peers

FPL3.9

0

1

2

3

4

5

6

7

(%)

FPL49%

0

20

40

60

80

100

(%)

FPL$9.60

$0

$5

$10

$15

$20

$25

($b

n)

2003 Revenues YE03 GW in Operation

2004E Dividend Payout RatioCurrent Yield 1

1 As of 4/22/04NYSE ticker (common stock): FPL

Average = 3.7% Average = 52%

21

Ways to Invest in FPL GroupSelected Fixed Income Issues

Type of DebtInterestRate (%)

MaturityDate

Amount(millions) CUSIP #

Florida Power & LightFirst Mortgage Bonds 6.875 12/01/05 500$ 341081DZ7First Mortgage Bonds 6.000 06/01/08 200 341081DW4First Mortgage Bonds 5.875 04/01/09 225 341081DX2First Mortgage Bonds 4.850 02/01/13 400 341081EN3First Mortgage Bonds 5.850 02/01/33 200 341081EP8First Mortgage Bonds 5.950 10/01/33 300 341081ER4First Mortgage Bonds 5.625 04/01/34 500 341081EQ6First Mortgage Bonds 5.650 02/01/35 240 341081ES2

FPL Group CapitalDebentures 6.875 06/01/04 175$ 302570AH9Debentures 3MO US$LIBOR+30 bp 03/30/05 400 302570AS5Debentures 1.875 03/30/05 200 302570AR7Debentures 3.250 04/11/06 500 302570AQ9Debentures 7.625 09/15/06 600 302570AK2Debentures (A Equity Units) 4.750 02/16/07 575 Debentures 6.125 05/15/07 500 302570AN6Debentures (B Equity Units) 5.000 02/16/08 506 Debentures 7.375 06/01/09 225 302570AJ5Debentures 7.375 06/01/09 400 302570AJ5

FPL EnergySenior Secured BondsSenior Secured Bonds (FPL Energy Wind Funding) 6.876 06/27/17 125 30257CAA8Senior Secured Bonds (FPL Energy Virginia) 7.520 06/30/19 347 302569AA6Senior Secured Bonds (FPL Energy American Wind) 6.639 06/20/23 380 302567AA0

As of 3/31/04

22

Ways to Invest in FPL GroupEquity/Equity-linked

Security Ticker

• FPL Group common stock FPL

• FPL Group 8.5% equity unit A FPLPrA

• FPL Group 8.0% equity unit B FPLPrB

• FPL Group Capital Trust I

5 7/8% preferred trust securities

FPLPrC

23

FPL Group - Reconciliation GAAP to Adjusted Earnings

1993 1999 2000 2001 2002 2003

Reconciliation of Earnings Per Share to Earnings

Per Share Excluding After-tax Effect of Certain Items:

Earnings Per Share (assuming dilution) 2.30$ 4.07$ 4.14$ 4.62$ 2.73$ 5.00$

Adjustments:

Charges due to cost reduction program - FPL 0.45

Loss on settlement of litigation - FPL 0.25

Charges due to impairment - FPL Energy 0.61

Gain on divestiture of cable investment - 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 principles (FIN 46) - FPL Energy 0.02

Net unrealized mark-to-market (gains) associated

with non-qualifying hedges, primarily FPL Energy (0.04) - (0.13) Earnings Per Share excluding certain items 2.75$ 3.98$ 4.38$ 4.69$ 4.80$ 4.89$

24

FPL - Reconciliation GAAP to Adjusted Earnings

($ millions) 1993 1999 2000 2001Reconciliation of Net Income to Earnings

Excuding After-tax Effect of Certain Items:

Net income $ 425 $ 576 $ 607 $ 679

Adjustments:Charges due to cost reduction program 85 Loss on settlement of litigation 42 Merger-related expenses 38 16 Earnings excluding after-tax effect of certain items $ 510 $ 618 $ 645 $ 695

Reconciliation of Earnings Per Share to EarningsPer Share Excluding After-tax Effect of Certain Items:

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

Adjustments:Charges due to cost reduction program 0.45Loss on settlement of litigation 0.25Merger-related expenses 0.23 0.09Earnings Per Share excluding certain items 0.45$ 3.61$ 3.79$ 4.11$

Totals may not add due to rounding

25

FPL Energy - Reconciliation GAAP to Adjusted Earnings

($ millions) 1999 2000 2001 2002 2003Reconciliation of Net Income (Loss) to Earnings

Excuding After-tax Effect of Certain Items:

Net income (Loss) (46)$ 82$ 113$ (169)$ 194$

Adjustments:Impairment loss 104 Merger-related expenses 1 Cumulative effect of change in accounting principle (FAS 142) 222 Restructuring and other charges 73 Cumulative effect of change in accounting principles (FIN 46) 3 Net unrealized mark-to-market losses (gains) associated

with non-qualifying hedges (8) (22) Earnings excluding after-tax effect of certain items 58$ 83$ 105$ 126$ 175$

Reconciliation of Earnings (Loss) Per Share to Earnings (Loss)Per Share Excluding After-tax Effect of Certain Items:

Earnings (Loss) Per Share (assuming dilution) (0.27)$ 0.48$ 0.67$ (0.97)$ 1.09$

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 principles (FIN 46) 0.02 Net unrealized mark-to-market losses (gains) associated

with non-qualifying hedges (0.04) (0.13) Earnings Per Share excluding certain items 0.34$ 0.49$ 0.62$ 0.73$ 0.98$

Totals may not add due to rounding

26

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 (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 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.

27

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 their 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 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 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 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.

28

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.

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 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 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.