Delivering Value…

1. Delivering Value… Paul Cutler Treasurer Bob Barrett Director, Investor Relations April 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. One of the largest U.S. electric utilities • Vertically integrated, retail rate- • regulated utility • 18,940 mw in operation • 4.2 million customers • $8.7 billion operating revenue • Successful wholesale generator, operating • in 24 states • U.S. market leader in • wind-generation • 11,520 mw in operation • $1.7 billion operating revenue A Growing, Diversified Company Data as of 12/31/04

4. FPL Group Continues to… • Deliver Value to… • Shareholders • Customers • Manage Extraordinary Growth at FPL by… • Maintaining operational excellence • Investing capital to support growing energy demand • Meeting regulatory challenges • Capitalize on Growth at FPL Energy by… • Maintaining a diverse portfolio • Leading the US in wind generation and commitment to other renewables (solar and hydro) • Positioning for significant upside in merchant markets • Maintaining disciplined risk management • Diversify Growth Opportunities • Grow the Business Profitably

5. Delivering Value to Shareholders Total Shareholder Return • Outperforming the broader markets and our peers in the capital markets • Consistently growing dividends since ‘95 • Providing an attractive yield vs other investment instruments • 2-for-1 stock split 1 Stable, Growing Dividend Attractive Yield and Long-term Growth Potential 2 Consensus LT growth rate See appendix for reference notes

7. Good Delivering Value to Customers Comparatively low residential rates and outstanding service reliability have been rewarded with high customer approval While Base Rates have Declined, Fuel Charges have more than Doubled 4 (1,000 kwh) Residential Bill per 1,000 kwh 3 * Figure does not include storm surcharge Outage Time per Customer5(minutes) 2004 Residential Survey Scores6 See appendix for reference notes

8. Maintaining Operational Excellence FPL Group achieves operational excellence by continuously improving the performance of its power plants O&M per Retail kwh(cents) Industry FPL See appendix for reference notes

9. Last Year, FPL Incurred Direct Hits from Three Hurricanes. Although the Damage Was Extensive… Frances Jeanne Charley Data as of 12/03/04

10. …Performance Was Outstanding Jeanne Frances Charley Data as of 12/03/04

11. Overview of Storm Reserve Fund • Designed to cover non-insured storm losses and insurance deductibles • Became 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 • Deficit of $536 million to be recovered subject to prudency hearings

12. Managing Extraordinary Growth at FPL Steady customer growth requires significant system expansion Average Customer Accounts (mm) Total Generation Capability(mw) Martin and Manatee Turkey Point 5 CAGR 2.1%

13. Investing Capital to Support Growing Energy Demand Steady customer growth translates into increased investment Capital Expenditures(billions) 2003-2007 cumulativeCapEx of $8.1 bn

14. Facts About Residential Electricity Rates Components of a FPL Residential Bill 8(1,000 kwh) • The base rates have not increased in more than 20 years, in fact the residential base rate is 16% lower than it was in 1985 • In comparison, prices paid for other goods and services have increased by more than 80% • FPL is investing in new power plants to meet strong customer growth • FPL service reliability is the best in Florida and among the best in the nation Total 1,000 kwh residential bill excluding municipal taxes and franchise fees - $92.01

15. First Base Rate Increase Request in More Than 20 years Real and Nominal Base Rates 9 (Since 1985) History of Changes in Base Rates(millions)

16. First Base Rate Increase Request in More Than 20 years • Rate request of $430 million • $184 million for CapEx associated with new plants and infrastructure • $100 million for additional storm fund contribution • $100 million to cover potential RTO costs • $46 million misc. expenses • New rates would be effective on Jan. 1, 2006 • Additional annual increase of $123 million to cover costs of Turkey Point expansion commencing with the in-service date expected in mid-2007 • Impact on typical residential customer’s bill • 2006 to mid-2007: $3-$4/month

17. Estimated Base Rate Case Timeline

18. Solid Earnings and Good Growth Prospects at FPL Long-term Growth Drivers • Strong customer growth • Track record of good cost management • Continued consistent and fair regulation 2005 Drivers • Good revenue growth but with some uncertainty • Addition of 1,900 mw at Martin and Manatee mid-year • Managing continued cost pressures

20. Capitalizing on Growth at FPL Energy Addition of diversified assets has led to growing profitability Asset Additions (net mw) Adjusted Net Income ($ mm) 3,904 CAGR 24.7% 2,235 1,108 1,014 1,219 900 744 See appendix for reference notes and reconciliation of GAAP Net Income to Adjusted Net Income

21. FPL Energy operations FPL Energy’s Diverse Portfolio Asset Type Regional Breakdown Northeast 25% West 17% Central 34% Mid-Atlantic 24% 11,520 Net mw in Operation As of 12/31/04

22. Leading the U.S. in Wind Energy Wind Generation Market Share Our Competitive Advantages: • Public policy support required • Production Tax Credits (PTCs) extended through 2005 • Business scale • Project development track record • Quick-to-market (3 - 6 months) • Tax appetite • Creditworthy • Efficient third party financing access

23. Wind is a Significant Source of Income Growth Projected Wind Generation Additions (mw) Wind Generation Additions (mw) ? ? Long run potential average of 250-500 mw/year dependent on PTCs Each 100 mw adds roughly 1 ½ - 2 cents/share first twelve months

24. Contracted Portfolio Profile Fuel Diversity Contract Maturity 2,236 Net mw in Operation • Steady earnings contributor • “Trapped” value in existing contracts • Significant contract restructurings each of last three years • Potential for further restructurings As of 2/4/05

25. FPL Energy Acquired the Seabrook Nuclear Station in 2002 Reliability (capacity factor) Market Price for Electricity (MA Hub) Headcount • Financial performance well above original forecast • Substantial upside performance • 84 net mw uprate • Recontracting at higher prices Additional contribution margin $80 - $100 million in 2007

26. Significant Upside Potential in Merchant Assets (Fossil and Hydro) Regional Diversity • Markets depressed due to overbuild • Plant retirements and market growth leading to improved capacity utilization • Return to market equilibrium could add $200 - $250 million pretax gross margins for FPL Energy gas merchants – probably late in the decade 5,198 net mw * Excludes Seabrook Mw as of 2/4/05; projected year-end 2005

27. Disciplined Risk Management Contract Coverage in 2005 % mw Available under 10 Asset Class mw Contract 11 Wind 2, 91 7 98 12 Contracted 2, 170 99 Merchant 13 NEPOOL 2,3 04 72 13 ERCOT 2, 644 7 9 13 All other 1,27 4 8 13 Total portfolio 11, 3 09 7 8 More than 85 percent of expected 2005 gross margin hedged As of 12/31/04. See appendix for reference notes

28. Excellent Growth Prospect atFPL Energy Long-term Growth Drivers • Wind projects • Recontracting at higher prices at Seabrook • Improving merchant markets • Contract restructurings • Acquisitions 2005 Drivers • Build-out of new wind generation • Uprate and refueling outage at Seabrook • Modest drag from Marcus Hook • Increased interest expense

30. Sound Credit Profile Reflected on Balance Sheet and Credit Ratings Total Debt toTotal Capitalization Total Debt to Total Capitalization as of 12/31/04 for FPL Group and 9/30/04 for the Industry Average.

31. Environmental Stewardship SO2 Emissions (lbs/mwh) • FPL Group is one of the cleanest electric generating companies in the nation • A member of EPA’s Climate Leaders program • FPL Group is the largest U.S. power company to have joined World Wildlife Fund’s Powerswitch! Pioneers program • Well positioned vis-à-vis other utilities in the event of more stringent environmental regulations FPL CO2 Emissions (lbs/mwh) FPL NOx Emissions (lbs/mwh) FPL

32. 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

33. FPL Group: A Powerful Investment + =

35. Appendix

36. Credit Ratings 15 FPL A A Average = BBB BBB BB Compared to Our Peers 2005 P-E Ratios 14 Total Enterprise Value 14 Average = 16.5 Total Debt to Capitalization Ratio 15 Average = 61% See slide 44 for reference notes NYSE ticker (common stock): FPL

37. Compared to Our Peers Current Yield 14 2005E Dividend Payout Ratio 16 Average = 55% Average = 3.6% 2004 Revenues YE04 GW in Operation See slide 44 for reference notes

38. Ways to Invest in FPL GroupSelected Fixed Income Issues Interest Maturity Amount Rate (%) Date (millions) CUSIP # Type of Debt Florida Power & Light First Mortgage Bonds 6.875 12/01/05 500 First Mortgage Bonds 6.000 06/01/08 200 341081DW4 First Mortgage Bonds 5.875 04/01/09 225 341081DX2 First Mortgage Bonds 4.850 02/01/13 400 341081EN3 First Mortgage Bonds 5.850 02/01/33 200 341081EP8 First Mortgage Bonds 5.950 10/01/33 300 341081ER4 First Mortgage Bonds 5.625 04/01/34 500 341081EQ6 First Mortgage Bonds 5.650 02/01/35 240 341081ES2 FPL Group Capital Debentures 3.250 04/11/06 500 302570AQ9 Debentures 7.625 09/15/06 600 302570AK2 Debentures (A Equity Units) 4.086 02/16/07 575 Debentures 6.125 05/15/07 500 302570AN6 Debentures (B Equity Units) 5.000 02/16/08 506 Debentures 7.375 06/01/09 225 302570AJ5 Debentures 7.375 06/01/09 400 302570AJ5 Debentures (Junior Subordinated) 5.875 03/15/44 309 As of 3/31/05

39. Ways to Invest in FPL GroupEquity/Equity-linked

40. Diversified Fuel Sources FPL Energy 2004 Fuel Diversity (net mw in operation) FPL 2004 Energy Sources (mw hrs produced) Further hedged through its use of multiple energy sources at FPL and FPL Energy

41. FPL - Reconciliation GAAP to Adjusted EPS There were no adjustments to GAAP earnings in 2002, 2003, and 2004

42. FPL Group - Reconciliation GAAP to Adjusted EPS

43. FPL Energy - Reconciliation GAAP to Adjusted Earnings ($ millions) 1999 2000 2001 2002 2003 2004 Reconciliation of Net Income (Loss) to Earnings Excluding After-tax Effect of Certain Items: Net income (Loss) $ (46) $ 82 $ 113 $ (169) $ 194 $ 172 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 (8) (22) 3 with non-qualifying hedges Earnings excluding after-tax effect of certain items $ 58 $ 83 $ 105 $ 126 $ 175 $ 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) $ (0.13) $ 0.24 $ 0.33 $ (0.49) $ 0.54 $ 0.48 Adjustments: Impairment loss 0.30 Merger-related expenses Cumulative effect of change in accounting principle (FAS 142) 0.64 Restructuring and other charges 0.21 Cumulative effect of change in accounting principles (FIN 46) 0.01 Net unrealized mark-to-market losses (gains) associated with non-qualifying hedges (0.02) (0.06) 0.01 Earnings Per Share excluding certain items $ 0.17 $ 0.24 $ 0.31 $ 0.36 $ 0.49 $ 0.49 Totals may not add due to rounding

44. Reference Notes • 2-for-1 stock split: March 15, 2005 • As of 3/8/05; source Wall Street Journal and FirstCall • GP’s, FPL’s, PEF’s, and TECO’s rates became effective on 1/04. The bills exclude municipal taxes and franchise fees. Rates outside of Florida as reported in EEI Typical Bills Report Summer 2004 (7/04). • Excluding franchise fees and municipal taxes; rates as of March 1999 and March 2005 • FPL data as of 2004 excluding the impact of the three hurricanes that hit FPL’s service territory; industry average data as of 2003 • Source: J.D. Power and Associates, July 22, 2004 • Investor owned utilities with at least 5,000 megawatts. Source: North American Reliability Council • As of Feb. 17, 2005. Percentages have been rounded, resulting in more than 100%. • Adjusted for inflation (CPI) • Weighted to reflect in-service dates, planned maintenance, and a refueling outage at Seabrook • Reflects round-the-clock mw • Reflects on-peak mw; includes Seabrook • Reflects on-peak mw • As of 3/8/05 • As of 12/31/04 • FPL annualized latest quarterly dividend divided by 2004 EPS

45. Cautionary Statements And Risk Factors That May Affect Future Results In connection with the safe harbor provisions of the Reform Act, FPL Group and 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 forwardlooking. 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 (PURPA), and the 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 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.

46. • 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 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.

47. • 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.