Welcome Shareholders

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Welcome Shareholders
2002 Annual Meeting
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Lew Hay
2002 Annual Meeting

• Chairman and Chief
  Executive Officer

FPL Group
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Global Most Admired
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Other 2001 Highlights

• FERCs rulings on market power and transmission
• Volatile natural gas prices
• Stricter credit standards by rating agencies
• Rate review
• Changes in FPL Group executive team

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FPL Group 2001 Earnings
Net Income millions
EPS
Up 7
Up 6
4.69
792
4.38
745
00
01
01
00
excluding non-recurring expenses and effects of
FAS 133
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Growing, Top-Tier US Electric Company

• Operations in 20 states
• Nearly 22,000 megawatts of capacity
• 4 millioncustomers
• 11.5 billion market capitalization

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Strong 2001 Performance
FPL
695M 8
FPL Group
Net income 792M EPS growth 7
excluding non-recurring expense and positive
effects of FAS 133
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Strong 2001 Performance
FPLEnergy
FPL
105M 27
695M 8
FPL Group
Net income 792M EPS growth 7
excluding non-recurring expense and positive
effects of FAS 133
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Strong 2001 Performance
FPLEnergy
FPLFiberNet
FPL
105M 27
695M 8
15M 80
FPL Group
Net income 792M EPS growth 7
excluding non-recurring expense and positive
effects of FAS 133
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Three Fundamental Attributes
FPLEnergy
FPLFiberNet
FPL
FPL Group
FinancialStrength
FinancialDiscipline
OperationalExcellence
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Financial Strength
EPS Growth
7.1 average annual EPS growth rate
excluding non-recurring items and effects of FAS
133
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Financial Discipline
Avoided Recent Industry Fads

• South America
• Europe
• Asia (especially the -stans)
• Trading for tradings sake
• Over-leveraging the balance sheet
• Paying large premiums for older, inefficient
  plants

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Operational Excellence

• Tradition of quality and continuous improvement
• Proven ability to transfer best practices

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2002 Annual Meeting

• Paul Evanson
• President
• Florida Power Light Company

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Premier Electric Utility

• Strong customer growth
• Operational excellence
• Proven cost management
• Constructive regulatoryenvironment

Attractive financial returns
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Large and Growing Customer Base

• Consistently strong growth
• average annual increase in customers 2.1
• average annual usage per customer 1.1

4 millionth customer!

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Superior Operating Skills
Fossil Availability
Nuclear Availability

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Outstanding Reliability
Service Unavailability average annual minutes per
customer
Industry
FPL

industry source EEI
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Proven Cost Management
OMcents per kWh
1.79
39reduction
1.09
91
92
93
94
95
96
97
98
99
00
01
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Proven Cost Management
OM per customer
527
Industry
481
48 better than industry average
407
FPL
275
91
92
93
94
95
96
97
98
99
00
Source FERC Form 1, excludes fuel, purchased
power ECCR
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Low Rates to Customers
1,000 kWh residential bill
86.45
81.93
76.22
NationalAverage
FPL
FPC andTECOAverage
natl. avg. as of Jan. 02, excludes gross
receipts tax
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Constructive Regulatory Environment

• New agreement effective through December 2005
• Revenue sharing benefits customers and
  shareholders
• Incentives for productivity
• Model for how states should be regulated

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Premier Electric Utility

• Continued strong growth
• Fundamentals solidlyin place
• Proven ability to meet challenges

Attractive financial returns
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Floridas Leading Metro Fiber Optics Provider

• Niche business
• Great example of leveraging FPL skills

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Ron Green
2002 Annual Meeting

• President

FPL Energy
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Major US Wholesale Generator

• 5,063 megawatts in operation
• Presence in 18 states
• Experience in developing, constructing, operating
  and acquiring power plants
• Strong asset optimization team

Major diversified wholesale electric generator
which adds value by actively managing and trading
energy commodities in conjunction with our assets
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Diversified Portfolio
5,063 Net Megawatts in Operation Year-end 2001
Regional Diversity
Fuel Diversity
Mid-Atlantic
Gas
20
46
Northeast
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Wind
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Central
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Other
Hydro
4
West
Oil
7
16
15
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Disciplined Growth Strategy

• Grow generation portfolio in prudent way
• Optimize asset value
• Moderate risk
• Manage portfolio actively

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Track Record of Consistent, Strong Earnings Growth
Net Income
millions
105
83
58
32
13
97
98
99
00
01
excluding non-recurring items and effects of FAS
133
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Most New Projects in 2002 Will Use Clean Natural
Gas

• Bayswater, New York 54 megawatts
• Bastrop, Texas566 megawatts
• Johnston, Rhode Island 535 megawatts
• Blythe, California 517 megawatts

FPL Energys ownership share is 50
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Capitalizing on Our Leadership in Wind Energy

• Nearly 1,500 net megawatts in operation
• U.S. leader
• Profitable business
• Construction, operational expertise
• 1,000 - 2,000 additional megawatts by year-end
  2003

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Seabrook Acquisition

• Attractive price
• Strategically important
• Immediately accretive
• Solid financial returns

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Strong Future at FPL Energy

Projected Operating Net Megawatts
Marcus Hook
11,500
New Wind Calhoun Forney Seabrook
New Wind RISEP Bastrop Blythe Bayswater
Existing Plants 2001
98
99
00
01
02
97
03
04
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Strong Earnings Growth Targets

• 20-30average annualearnings growth
• Executing aproven andfocusedgrowth strategy

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Moray Dewhurst
2002 Annual Meeting

• Chief Financial Officer

FPL Group
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FPL Group 2001 Earnings
Net Income millions
EPS
Up 7
Up 6
4.69
792
4.38
745
00
01
01
00
excluding non-recurring expenses and the effects
of FAS 133
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Florida Power Light2001 Performance
Net Income millions
EPS
Up 8
Up 8
695
4.11
645
3.79
00
01
01
00
excluding non-recurring expenses
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FPL Energy 2001 Performance
Net Income millions
EPS
Up 27
Up 27
0.62
105
0.49
83
00
01
01
00
excluding non-recurring expenses and effects of
FAS 133
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Financial Strength

• Strong balance sheet
• Strong credit ratings
• A FPL Group
• Strong cash flow
• 1.4 billion 2001 operating cash flow

Debt Ratio
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Financial Discipline
Prudent Dividend Policy
Earnings per share Dividends per share

• Healthy 3.7 yield
• 48 payoutratio allowsfor growth

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Financial Discipline

Solid accounting practices, proper disclosure

• Conservative accounting policies
• Partnership and joint venture earnings clearly
  reported
• Special purpose entities either on balance sheet
  or off balance sheet but fully disclosed

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Financial Discipline
Protected from Price Volatility
Capacity contracted
EPS Contribution 2001

• FPL 100
• FPL Energy 50 - 83
• Total FPL Group 94 - 98
• (weighted average)

Florida Power Light
FPL Energy
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2002 Earnings Guidance

• FPL approximately flat with 2001
• assuming normal weather
• FPL Energy up 15 - 20
• reflects modest capacity growth and delay in
  PTCs
• reflects poor hydro conditions in 1st quarter
• assumes no major changes in market prices
• Group EPS 4.78 - 4.82

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Strong and Growing

• A solid, integrated electric company
• Attractive growth opportunities in all three
  businesses

FPLFiberNet
FPLEnergy
FPL
FPL Group
FinancialStrength
FinancialDiscipline
OperationalExcellence
6-8 EPS Growth 03 -05
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Outperforming Industry
Total Shareholder Return (2002 Year-to-Date)
FPL
SP Electric Utility Index

SP 500
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www.fplgroup.com