Fixed Income Presentation

April 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

FPL FPL Energy

Two Strong Businesses

1 Year ended 12/31/03

• Largest electric utility in Florida• Vertically integrated, retail rate- regulated utility• 4.1 million customers1

• $8.3 billion operating revenue1

• Successful wholesale generator• U.S. market leader in wind-generation • 11,041 mw in operation1

• $1.3 billion operating revenue1

5

FPL: A Leading Electric Utility

• Attractive growth• Superior cost performance• Operational excellence• Constructive regulatory environment• Delivering value to customers

and shareholders

6

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

7

99.589.5

75.4 73.867.6

54.4 54 52 49.8 48.3

FPL #1 in Total Retail SalesTotal mwh Retail Sales

(millions)

FPL data as of 2003; all others as of 2002Source: Energy Information Administration, 2002

8

3.6%

2.4%

Av

g a

nn

ua

l kW

hFPL: Strong Top-Line Growth

37%

36%

3%19%

3%4%

Other

Industrial

Commercial

Residential

Strong Demand Growth(10 years)

• Customer growth of 2.1% 1

• Underlying usage growth of 1.5% 1

1 From 1993-20032 From 1992-20023 As of 12/31/034 In 2002. Source: EEI Statistics Department

FPL 1

% of Revenues by Customer Class

FPL 3 IndustryAverage 4

56%

42%

IndustryAverage 2

9

FPL: Substantial Regulated Generation Fleet

• 19,056 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– Evaluating LNG

34%

21%

20%

19%6%

Oil

Natural Gas

Nuclear

Coal

Purchased Power

Energy Sources(based on kWh produced in 2003)

1 As of 12/31/03

10

High Plant AvailabilityFossil Nuclear

FPL data as of 2003; industry average data as of 2002Sources: NERC, Electric Utility Cost Group NIID

90%87%

FPL IndustryAverage

91% 91%

FPL IndustryAverage

11

Outstanding ReliabilityOutage Time per Customer

(minutes)

FPL data as of 2003; industry average as of 2002 Industry data as of 2002. Source: 2002 EEI Reliability Survey

68

137

FPL IndustryAverage

12

0.92

2.181.81

5.78

Emission Rates – Leadership Position

0.72

1.28

Nitrogen Oxide and Sulfur Dioxide (lbs/mwh)

Industry Average

FPL

Carbon Dioxide(lbs/kwh)

Industry Average

FPL

2003 projected resultsReflects FPL ownership share only, purchased power not included Electric Utility Industry projected data from DOE's EIA “Annual Energy Outlook 2003” (1/03)

FPL Industry Average

SO2NOx

13

Constructive Regulatory Environment in Florida

• 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 benefit from productivity improvements

– “win-win” revenue sharing provision instead of ROE measure

• No current activity on wholesale restructuring• Proposed legislation - “Clean Air Bill”

14

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

16

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

• 11,041 1 net MW in operation

• presence in 24 states

1 As of 12/31/03

FPL Energy operations

17

Northeast

Mid-Atlantic24%

24%

17%

35%

West

Regional Diversity

Wind

Diversified Portfolio at FPL EnergyYear-end 2004 (Projected)

(11,785 1 Net MW in Operation)

Central

Fuel Diversity

Gas58%

23%Other1%

Hydro3% 6%

Oil Nuclear9%

1 As of 12/31/03

18

FPL Energy 2004 Contract Coverage At 12/31/03

Asset Class Available

MW 1 % MW Under

Contract

Wind 2 2,719 99 Other projects / QFs 2 1,255 98 Merchants

Seabrook 2 1,024 97 NEPOOL / PJM / NYPP 3 1,879 34 ERCOT 3 3,009 65 WECC / SERC 3 1,345 60

Total portfolio 3 11,231 74

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

More than 90 percent of expected 2004 gross margin hedged

19

Wind Portfolio Profile

• Long-term contracts (15-25 years) with credit-worthy off-takers – significant value in addition to PTCs

• Superior returns– ROEs in high teens/low 20s

• Immediately accretive and cash flow positive • Accessed capital markets with American Wind

financing– validates business model

• Accessed bank market with Stateline financing– expanded universe of lenders for wind projects

20

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 counterparties

• Efficient third party financing access

21

Other Projects/QF Portfolio: Stable Earnings

• 1,255 MW net ownership

• 87% natural gas

• Bellingham/Sayreville and Doswell = 80% of MW

-

200

400

600

800

1,000

1,200

1,400

2004 2006 2008 2010 2012 2014 2016 2018 2020

(MW

)

Solid Long-term Contract Coverage 1

1 As of 12/31/03

22

Merchant Portfolio ProfileSeabrook

13%

NEPOOL/ PJM/NYPP

32%

WECC/ SERC17%

ERCOT38%

• 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

7,811 1 mw

1 Projected year-end 2004

23

FPL Energy Business Strategies• Maximize value of current portfolio

– cost control– operational reliability– risk management– asset optimization

• Expand our 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

25

S & P 1 Moody's 2 FitchRatings 3

Florida Power & Light Corporate Credit Rating A/A-1 A1 N/A

First Mortgage Bonds A Aa3 AA- Commercial Paper A-1 P-1 F1 Outlook Negative Stable Stable

FPL Group Capital

Corporate Credit Rating A/A-1 N/A N/A Debentures A- A2 A Commercial Paper A-1 P-1 F1 Outlook Negative Negative Stable

FPL Group Credit Remains Strong

1 Ratings affirmed in Oct. 20032 Ratings affirmed in Aug. 20033 Established initial coverage in July 2003

Long-Term Goal of Maintaining an “A” Credit Rating

26

FPL Group Schedule of Funds from Operations (FFO) Interest Coverage

Twelve months ended 12/31/03

($ millions)Per

Books Adjusted 1

Net cash provided by operating activities $2,254 $2,254

Adjustments to net cash provided by operating activities

Contribution to special use funds (173) (173)

Nuclear fuel purchases (42) (42)

Total adjustments (215) (215)

Funds from operations 2,039 2,039

Interest expense paid 2

Recourse debt 289 289

Project debt: Gas assets 32

Project debt: Wind assets 13

Debt with partial corporate support: natural gas assets

8

Dividends paid on equity units 37

Total interest expense paid 342 326

Interest coverage (x) 7.0 7.31 Does not include any adjustment for imputed debt related to purchase power obligations

2 Partial year of interest for American Wind, Stateline, Rockaway, and the Construction Funding is included in Interest expense paid

27

FPL Group Ratio of Debt to Total Capitalization($ millions)

December 31, 2003Per

Books Adjusted 1

Debt due within one year $1,287

$1,287

Long-term debt:

Equity-linked debt securities 1,081

Project debt: Gas assets 462

Project debt: Wind assets 631

Debt with partial corporate support: natural gas assets 343

Other long-term debt 6,206 6,206

Total Debt 10,010 7,493

Preferred stock of FPL w/o sinking fund requirements 5 5

Common shareholders’ equity 6,967 6,967

Equity-linked debt securities 1,081

Total capitalization $16,982 $15,546

Debt Ratio 59% 48%

1 Does not include any adjustment for imputed debt related to purchase power obligations

28

Liquidity Resources($ millions)

Revolvers 364 Day1 3 Year2 Total

Florida Power & Light Company

$500 $500 $1,000

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

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

1 Oct. 2004 maturity with one year term-out option2 Oct. 2006 maturity

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

& Bank of America

29

FPL Group Corporate Strategies

• Support continued growth at FPL and FPL Energy with balanced financing plan– maintain strong balance sheet

– maintain financial flexibility

– disciplined evaluation process for investments

• Investigate opportunities that leverage core strength of operational excellence– integrated utilities

– selected generation assets

• Finance major new investments with balance of debt and equity– all major new investments subject to “market test”

30

Capitalizing on FPL Group Strengths• Florida Power & Light remains the core

– More than 80% of consolidated earnings

– More than 90% of forecasted capital expenditures

• FPL Energy offers attractive upside– Capitalize on core generation skills through integrated operations (Fossil, wind & nuclear)

– Moderate risk approach through heavily contracted and hedged portfolio

– Over 90% of 2004 gross margin hedged

– Capital expenditure commitments limited (completion of Marcus Hook; Seabrook uprate; ongoing maintenance: ~$200 m in ’04)

• Financial flexibility and liquidity are strong– 2002-3 financing plan exceeded expectations

– Demonstrated ability to tap multiple sources of capital

– Wind business proven to have independent viability

– $1.1B of debt to be retired 3/05 and 4/06 with proceeds of forward equity contract

• Committed to issuing new equity to fund asset acquisition opportunities at FPL Energy

Appendix

33

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 combined Form 10-K, in presentations, 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 PURPA, and the Holding Company Act, changing governmental policies and regulatory actions, including those of the FERC, the FPSC and the utility commissions of other states in which FPL Group has operations, and the 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.

34

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 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.

35

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.

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

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

EPS of $4.95 to $5.201

37

$4.95

$5.00

$4.14

$2.73

$4.62

2000 2001 2002 2003 2004E

FPL Group Earnings Performance

$4.95$4.89

$4.38 $4.69 $4.80

2000 2001 2002 2003 2004E

GAAP EPS Adjusted EPS

CAGR 3.8%

See appendix for reconciliation of GAAP to adjusted amounts1Excluding 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

$5.20 $5.20 11

1 1

38

Reconciliation GAAP to Adjusted Earnings

2000 2001 2002 2003Reconciliation of Earnings Per Share to Earnings

Per Share Excluding After-tax Effect of Certain Items:

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

Adjustments: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 Restructuring, impairment and other charges - $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

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

39

Financial Position Remains Strong• Financial discipline• Strong credit ratings• Prudent dividend policy

As of the latest SEC filing.Includes AEE, AEP, CEG, CIN, CMS, CNP, D, DTE, DUK, ED, EIX, ETR, EXC, FE , FPL, PCG, PGN, PNW, PPL, SO, TE, TXU, and XELSource: FactSet Research Systems. Figures were downloaded on 4/15/04

0

4

8

45 55 65 75 85 95

Most Recent Total Debt to Total Capitalization

LT

M C

ash

Flo

w F

rom

Op

erat

ion

s / L

TM

In

tere

st E

xpen

se

FPL Group

40

FPL Group At-A-Glance Rank among U.S. Electric

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

Recent Stock Price 63.70

Market Capitalization 11,738 8

Enterprise Value 21,624 10

Generating Capacity (mw) 30,097 4

Utility Customer Accounts (thousands) 4,117 3

Annualized Dividend per Share (USD$) 2.48

Current Yield (%) 3.9

Payout Ratio (%) ~ 48

Market data as of 4/15/04. See appendix for reconciliation of GAAP to adjusted amounts

41

Performance Rewarded in Capital MarketsIndexed Return Since 12/31/98

Jan-99 Jan-00 Jan-01 Jan-02 Jan-03 Jan-0450

60

70

80

90

100

110

120

130

140

150

Ind

exe

d R

etu

rn (

%)

27.4%

7.9%

(1.0)%

FPL Group

S&P 500 Index

Dow Jones Utilities Index

42

Major Awards and Honors• 2003 Edison Award

– The electric power industry's highest honor recognizing the company's success in executing a strategy to become a clean energy provider harnessing primarily clean and renewable fuels while also boosting shareholder value

• Platt's 2003 Global Energy Reward as "Renewable Company of the Year" for the company's clean energy portfolio

• North American Renewables Deal of the Year for 2003 – FPL Energy American Wind

• North American Power Portfolio Deal of the Year for 2003 – FPL Energy Construction Portfolio Financing

• 2004 "Companies that Care Honor Roll”– One of 12 companies nationwide recognized for outstanding and measurable commitment

to their communities, both within the workplace and beyond• Center of Excellence certification from Purdue University’s Center for Customer-Driven Quality

– The only electric utility to be honored– Award places the company’s customer care centers at near world-class status

• J.D. Power and Associates Annual Customer Satisfaction Survey– Rated FPL second highest in the southern region in overall customer satisfaction– Rated FPL 10th best nationally in overall customer satisfaction

• Innovest Report– FPL ranked number one among 26 electric utilities in the latest Innovest Strategic Value

Advisors report that compares environmental performance– FPL ranked number two among 26 electric utilities in the latest Intangible Value

Assessment report which ranks companies on drivers related to sustainability, which include corporate labor relations, emerging market strategy, products and services, and overall corporate governance