Investor Meetings

1. Investor Meetings June 28 – July 2, 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 Key Investment Themes • Strong financial position • strong balance sheet and cash flow • competitive, growing dividend • Premier electric utility franchise in the U.S. • strong growth • constructive regulatory regime • Moderate risk, profitable wholesale business • well diversified • poised for upside • Environmental leadership • Strong corporate governance

4. Two Strong Businesses • Largest electric utility in Florida • Vertically integrated, retail rate-regulated utility • 4.1 million customers1 • $8.3 billion operating revenue1 • 5-year average annual growth in net income of 4% • Successful wholesale generator • U.S. market leader in wind-generation • 11,041 mw in operation1 • $1.3 billion operating revenue1 • 5-year average annual growth in adjusted net income of 40%2 1 Year ended 12/31/03 2 See Appendix for reconciliation of GAAP and adjusted earnings

5. FPL Group At-A-Glance Market data as of 6/21/04. See appendix for reconciliation of GAAP to adjusted amounts

6. 2003 Edison Award – electric industry’s highest honor “FPL Group’s winning strategy clearly demonstrates that environmental excellence and outstanding financial performance can go hand-in-hand” – Edison Electric Institute AAA-rated by Innovest ranked #1 in electric utility sector for EcoValue ranked #2 in electric utility sector for Intangible Value Platts awarded FPL Group a 2003 Global Energy Award as “Renewable Company of the Year” Recognized for excellence in Corporate Governance fully compliant with Sarbanes-Oxley requirements ISS corporate governance rating of 83.5% of the industry GMI score of 9.0 out of 10 for home market Consistently Recognized as a Top Performer

7. Compared to Our Peers 2004 P-E Ratios 1 Total Enterprise Value 1, 2($bn) Average = 13.7 1 As of 6/21/04 2 As of latest SEC filing NYSE ticker (common stock): FPL

8. Compared to Our Peers Credit Ratings 1 Total Debt to Capitalization Ratio 2 FPL A Average = 63% A Average = BBB BBB BB 1 As of 6/21/04 2 As of latest SEC filing NYSE ticker (common stock): FPL

9. Performance Rewarded in Capital MarketsIndexed Return Since 12/31/98 FPL Group 29.1% 10.2% Dow Jones Utilities Index (0.5)% S&P 500 Index Through 6/21/04

11. FPL: A Leading Electric Utility • Attractive growth • Superior cost performance • Operational excellence • Constructive regulatory environment • Delivering value to customers and shareholders

12. Capitalizing on Growth at FPL Steady customer growth has translated into growing profitability Delivered Sales & Adj. Net Income Average Customer Accounts(mm) CAGR 2.1% FPL Delivered Sales CAGR 3.6% Adjusted Net Income CAGR 3.7% U.S. Delivered Sales CAGR 2.4% 1 1 CAGR calculated from 1992 to 2002 See Appendix for reconciliation of GAAP and adjusted earnings

13. Customer Satisfaction Regulatory Environment Reliability & Service Programs Financial Viability Constructive Regulatory Environment in Florida Regulated Environment • Appointed public service commission • 5 commissioners with staggered terms • Fuel, purchased power directly passed through • “Rate certainty” through end of 2005 • incentive-based agreement allowing shareholders to benefitfrom productivity improvements • “win-win” revenue sharing provisioninstead of ROE measure • No current activity on wholesale restructuring

14. FPL: Substantial Regulated Generation Fleet Energy Sources (based on kWh produced in 2003) • 19,059 1 MW of generating capability in Florida • 1,900 MW to be added in 2005 • 1,100 MW to be added in 2007 • Diverse fuel mix Nuclear Purchased Power Natural Gas Oil Coal 1 As of 3/31/04

15. FPL Generation Consistently Outperforms Industry 2002 Fossil Equivalent Availability Factor 1(%) Nuclear Capacity Factor 2(percent) Top Decile 90.4 Top Quartile 89 Good FPL 2002 94 FPL 2003 90.1 1 Investor owned utilities with at least 5,000 megawatts. Source: North American Reliability Council (NERC). Excludes MOF. 2 Source: Electric Utility Cost Group NIID2002, Platts World Nuclear Performance, February 2003. Reflects Florida Power & Light performance only.

16. Top Quartile in Service Unavailability Service Unavailability(average annual minutes) Industry Average 137 EEI industry averageFPL data - distribution information only

17. Superior Cost Performance O&M per Retail kwh(cents) Industry FPL Source: FERC Form 1

18. Emission Rates – Leadership Position Nitrogen Oxide and Sulfur Dioxide(lbs/mwh) Carbon Dioxide(lbs/kwh) NOx SO2 Industry Average Industry Average FPL FPL Industry Average FPL 2003 projected results Reflects FPL ownership share only, purchased power not included Electric Utility Industry projected data from DOE's EIA “Annual Energy Outlook 2003” (1/03)

19. FPL Value Proposition • Growing demand for electricity in our service territory • Collaborative and progressive regulatory environment • Outstanding operating performance • Low environmental risk • Premier utility franchise • Strong earnings and cash flow potential

21. 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 FPL Energy operations • 10,768 1 net MW in operation 1 As of 6/3/04

22. Diversified Portfolio at FPL EnergyYear-end 2004 (Projected) 1 11,512 Net MW in Operation Regional Diversity Fuel Diversity Gas 57% Northeast Central 25% 34% Wind 24% Other Mid-Atlantic 1% 24% Hydro Nuclear Oil West 3% 9% 6% 17% 1 As of 6/3/04

23. FPL Energy Contract Coverage More than 90 percent of expected 2004 gross margin hedged 1 Weighted to reflect in-service dates, planned maintenance, and refueling outages at Seabrook 2 Reflects Round-the-Clock MW 3 Reflects on-peak MW As of 3/31/04

24. Wind Portfolio Profile U.S. Leader in Wind Energy • Public policy support required • Long-term contracts • 15-25 years • Superior returns • ROEs in high teens/low 20s • accretive in first full year • Capital market financing • validates business model

25. Contracted Portfolio Profile 2,202 1 Net MW in Operation Fuel Diversity Contract Maturity 1 As of 6/3/04

26. Merchant Portfolio Profile • Premier nuclear asset in the Northeast • Seabrook 1,024 net mw • Low cost, efficient base load combined cycle units • Gas assets well positioned in liquid, gas-on-margin markets • Long-term upside potential 6,592 1 net mw 1 As of 6/3/04. Projected year-end 2004

27. Significant Growth Opportunities • Wind (build and acquire) • 89 net mw Seabrook uprate • Asset optimization growth across our portfolio • Origination growth • Upside leverage from merchant fleet • Asset acquisition opportunities

28. FPL Energy Focus Nuclear Wind Partners Contracted Fossil Disciplined Acquisition Strategy

29. Proven Ability to Transfer Skills Acquired Asset Examples Fossil Renewable Non-fuel O&M reduction 40% 30% Availability improvement 2% to 20% 10% to 18% Forced outage ratereduction 10% to 50% 10% to 60% Reduced Costs and Added Operational Flexibility

30. FPL Energy Business Strategies • Maximize value of current portfolio • cost control • operational reliability • risk management • asset optimization • Expand market-leading wind position • new development • support policy trends • acquisitions • explore international • Build portfolio incrementally and selectively • nuclear • fossil (includes QF partners) • criteria: accretive, strategically attractive and financeable • Explore gas infrastructure opportunities

32. Capitalizing on FPL Group Strengths • Financial strength • steady earnings growth • strong credit ratings • improving cash flow • Financial discipline • conservative balance sheet • ample liquidity • successful hedging program • Operational excellence • “best-in-class” results • continuous improvement tradition

33. FPL Group Earnings Performance Adjusted GAAP CAGR 3.8% $5.20 1 $5.20 1 1 1 1 Excluding the 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 See appendix for reconciliation of GAAP to adjusted amounts

34. Financial discipline Strong credit ratings Prudent dividend policy Financial Position Remains Strong FPL Group As of the latest SEC filing. Includes AYE, AEE, AEP, CEG, CIN, CMS, CNP, D, DTE, DUK, ED, EIX, ETR, EXC, FE , FPL, PCG, PGN, PNW, PPL, SO, TE, TXU, and XEL Source: FactSet Research Systems. Figures were downloaded on 6/21/04

35. Invest at returns that exceed cost of capital Future Deployment of Free Cash Flow • Lower FPL Energy capital expenditures will create free cash flow at FPL Group • FPL Group choices are: • Value creation either way Return cash to shareholders or Share repurchase Dividends

36. Strong Outlook for 2004 • FPL • expect earnings contribution of $4.20 - $4.35 per share assuming normal weather • FPL Energy • expect earnings contribution of $1.05 - $1.20 per share • Corporate and Other • net drag of 30 - 35 cents per share EPS of $4.95 to $5.20 1 1 Excluding the 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

37. Strong, Tangible Growth Prospects • Customer and usage growth at FPL • Growing wind business • Seabrook Station improvements • Contract restructurings • Asset acquisitions • Upside leverage on merchant fossil fleet • Acquisitions of regulated distribution companies and/or regulated integrated utilities • Gas infrastructure / LNG

38. FPL Group = Base Growth at Florida Power & Light + Base Growth at FPL Energy + Return to Merchant Market Equilibrium + Accretion From Excess Cash Flow Long-Term Earnings Growth Potential The Building Blocks of Long-Term Growth Above figures are illustrative only, and not intended to represent a specific forecast. Please refer to FPL Group’s Safe Harbor Statement.

40. Appendix

41. Florida Ranks 1st in Growthamong Ten Largest StatesGrowth of Most Populous States FPL serves roughly half of the state 1 Estimated population as of 7/1/03 Source: U.S. Census Bureau

42. FPL #1 in Total Sales Total mwh Sales(millions) FPL data as of 2003; all others as of 2002 Source: Energy Information Administration, 2002

43. FPL Energy Wind – Our Competitive Advantage • Business scale (U.S. and world leader) • Project development track record • Quick to market (3 – 6 months) • Tax appetite • Creditworthy • Efficient third party financing access

44. Wind Leadership • Since 2000, FPL Energy has added an average of 565 mw of wind per year • Long-term potential average of 200 - 500 mw per year • $125 - $150/kw of estimated shareholder value creation • 1st year accretion of approx. $0.03/share per 100 mw • PTC program expiration has resulted in “lumpiness” of investment opportunities • PTC extension currently attached to several bills MWs Added

45. Seabrook Uprate Potential • Could be as early as Spring 2005 • Recent range of RTC forwards • $45/mwh - $54/mwh 1 • Nuclear “spark spread” potential • $40/mwh - $49/mwh • Annualized potential pre-tax margin contribution from uprate assuming normalized (3-year average) availability • $28 - $34 million 1 RTC Cal ’05 price range from 3/1/04 to 6/18/04

46. Asset Optimization and Origination • Actively managing forward sales • Unlocking our plant’s option value • Origination efforts leveraging our asset position • full requirements, load following transactions Asset Optimization and Origination generated $43 million of pre-tax income in 2003

47. Merchant Upside ERCOT Example: Applied to the Merchant Portfolio: 1 Forwards consistent with 2004 earnings expectations 2 Assumes CCGT at $500/kw and $4.50/mmbtu natural gas price

48. Electricity Regulatory Structure in the U.S. • Historic model • vertical integration • retail-rate regulation by state utility commissions • regulation of wholesale transactions by FERC • Modest move toward competition in generation in the late-1970’s (PURPA) • Move toward retail competition by states in the mid-1990’s • unbundling and separation of business segments (generation, transmission, distribution, supply) • divestiture of generation and sometimes transmission • transition plans for full retail • uneven implementation (geography, market rules) • Move toward wholesale market design by FERC (Order 2000) • multi-state market areas for transmission (RTO’s) • independence of transmission from other market participants

49. DC Adopted electricity restructuring – 18 Delayed start dates – 2 Repealed restructuring – 2 1 Large customer access – 2 Restructuring suspended – 1 Status of U.S. Electric Competition 1 Arkansas and New Mexico repealed their restructuring laws 2/24/03 and 4/8/03, respectively. Source: EEI, Status as of April 2003

50. RTO New England Grid West Midwest ISO New York ISO PJM/PJM West California ISO WestConnect SPP ERCOT ISO GridFlorida Wholesale Market AreasApproved RTO’s and Existing ISO’s The map includes service territories of transmission-dependent utilities. Utility participation as of 6/04. Source: EEI. Service territory data source: POWERmap, 2Q02 release, Platts