1. WELCOME SHAREHOLDERS

2. 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 Company (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 SEC filings, in press releases, 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, estimated, 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 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, natural resources and health and safety that could, among other things, restrict or limit the use of certain fuels required for the production of electricity. 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.

3.  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.  The operation of power generation facilities involves many risks, including start up risks, breakdown or failure of equipment, transmission lines or pipelines, 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 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 addition, FPL's use of such instruments could be subject to prudency challenges by the FPSC and if found imprudent, cost disallowance.  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 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.  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.

4.  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 or accounting standards.  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 U.S., 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.

5. Lew Hay Chairman and CEO FPL Group, Inc.

6. A Tough Year for Energy Companies (total shareholder return) (15)% (68)% S&P 500 Electric Utilities Index S&P 500 Multi-Utilities Index $100 12/31/013/31/026/30/029/30/0212/31/02

7. Total Shareholder Return (12/31/01 – 12/31/02) -22% -15% 11% FPL Group S&P 500 Electric Utilities Index S&P 500 Index

8. 2002 – Another Great Year Exceeded financial plan Improved service levels Continued world-class plant performance

9. 2002 Major Accomplishments: Florida Power & Light Contributed significantly to FPL Group earnings Continued strong growth in customers and usage Lowered rates Expanded generating capability Enhanced reliability, customer responsiveness

10. 2002 Major Accomplishments: FPL Energy Continued disciplined portfolio growth Extended leadership position in wind Restructured business to better position for the future

11. 2002 Major Accomplishments: FPL FiberNet Performed better than peers amidst very difficult market conditions

12. 3 Major Attributes Financial Discipline Operational Excellence FPL GROUP Financial Strength

13. Utilizing Quality Tools and Techniques Ingrained in culture Renewing focus Part of continuous improvement efforts

15. Paul Evanson President Florida Power & Light Company

16. Attractive financial returns Premier Electric Utility Strong customer growth Operational excellence Proven cost management Constructive regulatory environment

17. Customer Mix % by revenues Large and Growing Customer Base 2.4% increase in customer accounts 3.5% increase in usage per customer 10-year annual averages –2% increase in customer accounts –1.6% increase in electrical usage Favorable customer mix Residential Commercial Industrial Other

18. Accommodating Growth 28% increase in generation over next 10 years Sanford repowering and Fort Myers peaking units this year Martin and Manatee units in 2005

19. Expanding Infrastructure Additional delivery systems needed to support continued growth Urban areas pose biggest challenge Working closely with customers to help ensure minimal impact

20. Operational Excellence Nuclear Availability % Fossil Availability %

21. Important Nuclear Milestones Turkey Point units approved to operate additional 20 years St. Lucie extension currently under review by NRC Nuclear provides nearly one-fourth of FPL generation Turkey Point Plant

22. Operational Excellence Service Unavailability (average annual minutes per customer) FPL Industry industry source EEI Good

23. OSHA Incident Rate Down FPL Power Generation Business Unit (serious injuries per 200,000 hrs. worked) Good

24. Superior Cost Management Operating expenses ($ per customer) Industry Average FPL Good

25. FPL Residential Rates Low Comparisons of a 1,000 kWh residential bill as of 3/4/03 Rates for FPL, PEF and TECO are effective 4/1/03.

26. Constructive Regulatory Environment Classic regulated structure Incentive-based agreements Shareholders and customers benefit Florida a model for other states

27. Attractive financial returns Premier Electric Utility Strong customer growth Operational excellence Proven cost management Constructive regulatory environment

28. Liberty City Tornado

29. 29 Jim Robo President FPL Energy

30. FPL Energy: A Disciplined Wholesale Generator Low-risk approach Low-cost provider World leader in wind generation Strong asset optimization capability 7,274 1 net MW in operation presence in 23 states Note: 1 Includes 550 MW of leased capacity at R.I.S.E.P.

31. Northeast Mid-Atlantic 24% 26% 14% 36% West Regional Diversity Fuel Diversity Gas 60% 20% Wind Other 1% Hydro 3% 7% Oil Projected 2004 Diversified Portfolio at FPL Energy Projected 2004 (11,525 1 net mw in operation) Central Nuclear 9% Note: 1 Includes 550 mw of leased capacity at R.I.S.E.P.

32. Wind Energy: A Unique Advantage About 40% U.S. share Majority of industry’s annual growth achieved by FPL Energy More than 1,700 net mw in operation today –expect 700-1000 mw more by end of 2003

33. Why Wind? Strong construction, operational expertise Supported by federal and state policy trends Attractive financial characteristics –long-term power contracts (15 – 25 years) –attractive returns –immediate contributor to earnings Disciplined development opportunities underway

34. More than 90 percent of expected 2003 gross margin hedged Significant Contract Coverage Notes: 1 Weighted to reflect in-service dates, planned maintenance, and refueling outage for Seabrook 2 Reflects RTC MW hedged 3 Reflects on-peak MW hedged As of 3/31/03 Balance of 2003 Asset Class Available MW 1 % MW Hedged 1 Wind 2 1,981 100 Other projects / QFs 2 1,255 98 Merchants Seabrook 2 932 92 NEPOOL / PJM / NYPP 3 1,556 50 ERCOT 3 2,657 72 WECC / SERC 3 1,093 39 Total portfolio 3 9,474 76

35. FPL Energy Business Strategy Remain a low-cost provider Selective development, primarily wind Maintain diversified portfolio Contract majority of output and hedge fuel requirements Further optimize portfolio Consider acquisitions that are accretive, strategically attractive and financeable

36. Moray Dewhurst Chief Financial Officer FPL Group, Inc.

37. 2002 Earnings Guidance (presented at 2002 annual meeting) FPL approximately flat with 2001 –assuming normal weather FPL Energy up 15% - 20% –reflects modest capacity growth and delay in production tax credits –reflects poor hydro conditions in 1 st quarter –assumes no major changes in market prices Group EPS $4.78 - $4.82

38. FPL Group 2002 Results Net Income (millions) EPS Includes the cumulative effect of an accounting change at FPL Energy ($222 million after-tax or $1.28 per share), restructuring and other charges at FPL Energy ($73 million after-tax or $0.42 per share), restructuring and impairment charges at Corporate and Other ($64 million after-tax or $0.37 per share), a reserve for leverage leases at Corporate and Other ($30 million after-tax or $0.17 per share), a favorable settlement of litigation with the IRS at Corporate and Other ($30 million after-tax or $0.17 per share) and net unrealized mark-to-market gains associated with non-managed hedges at FPL Energy ($1 million after-tax).

39. FPL Group 2002 Results: Reconciliation to GAAP Net income per GAAP Adjustments: Adoption of FAS 142 (accounting change) One-time tax benefit Restructuring and related charges Non-managed hedges Adjusted results* In millions $ 2.73 $ 1.28 $(0.17) $ 0.96 - $ 4.80 $ 473 $ 222 $ (30) $ 167 $ (1) $ 831 * Management views adjusted results as an important indicator of current period operational and economic performance. Per share

40. Florida Power & Light Results (net income in millions) GAAP Adjusted 01020102 Notes: 1Includes merger-related expenses ($16 million after tax) 1

41. FPL Energy Results (net income in millions) GAAP Adjusted 01 02 0102 Notes: 1 Includes net unrealized mark-to-market gains associated with non-managed hedges ($8 million after tax) 2Includes the cumulative effect of an accounting change ($222 million after tax), restructuring and other charges ($73 million after tax), and net unrealized mark-to-market gains associated with non-managed hedges ($1 million after tax) 1 2

42. Financial Strength Strong credit ratings re-affirmed in 2002 –Florida Power & Light Aa3 / A –FPL Group Capital A2 / A- $2.3 billion operating cash flow -- $1.9 billion net of dividends Issued $1.4 billion equity and equity-linked securities Credit statistics and ratings well above industry averages

43. Financial Discipline Prudent Dividend Policy Healthy 3.9% yield Approximately 50% payout ratio expected in 2003 4% average growth (1995-2002) Dividends per share

44. Conservative Risk Management Profile Well Hedged Position Florida Power & Light FPL Energy Corporate & Other Earnings Contribution % 2003 estimated 1 Fuel clause mitigates commodity price fluctuations Geographic diversity Fuel/technology diversity Well-hedged portfolio 1 Excludes mark-to-market effect of non-managed hedges, which cannot be determined at this time

45. Outlook for 2003 Remains Strong FPL –expect $725 - $735 million net income in 2003 assuming normal weather FPL Energy –expect 2003 earnings of $165 - $190 million 1 Corporate and Other –breakeven results at FPL FiberNet –higher interest expense –net drag of 20 - 30 cents per share Expect EPS of $4.80 to $5.00 1 1 Excluding the effect of non-managed hedges which cannot be determined at this time.

46. 03 02 $0.99 EPS 2003 results include a net unrealized mark-to-market gain of $3 million after-tax or $0.02 per share associated with non-managed hedges, primarily at FPL Energy. 2002 results include an impairment loss of $222 million after-tax or $1.31 per share at FPL Energy, a net unrealized mark-to-market gain of $1 million after-tax associated with non-managed hedges at FPL Energy and a favorable IRS settlement of $30 million or $0.18 per share at Corporate and Other. $(0.33) $175 $(56) GAAP Adjusted 03 02 $0.80 $135 03 02 03 02 Net Income (millions) EPS Net Income (millions) First Quarter Strong Performance $0.97 $172

48. FPL Group: A Solid Investment Built on solid fundamentals Proven track record Attractive, realistic growth prospects Relatively low-risk profile Ongoing commitment to excellent corporate governance

49. Toward Another Great Year in 2003 Committed to financial strength and discipline, operational excellence Steady growth and strong operating performance at FPL Continued disciplined growth at FPL Energy

51. Superior Environmental Management