1. Lehman Brothers 19 th Annual CEO Energy/Power Conference Moray Dewhurst, Chief Financial Officer September 6, 2005

2. 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 and in the Company’s SEC filings.

3. 3 FPL Group: September 2005 overview Regulatory clarity and positive outlook at FPL –positioned for continued success Favorable environment for FPL Energy –continued wind development –commodity market outlook –portfolio additions (solar, retail, nuclear) Financial strength and flexibility

5. 5 Capitalizing on growth at FPL Steady customer growth translates to steady income growth Delivered Sales & Adj. Earnings Adjusted Earnings 2 CAGR 3.5% FPL Delivered Sales 1 CAGR 3.1% 1 Delivered sales adjusted for the impact of the 2004 hurricane season 2 See Appendix for reconciliation of GAAP to adjusted amounts 3 CAGR calculated from 1994 to 2003; 2004 results not available U.S. Delivered Sales CAGR 2.0% 3

6. 6 Volume Growth (10-year CAGR of 3.1%) Customer Growth (10-year CAGR of 2.1%) Usage Growth (10-year CAGR of 1.0%) Mix Effects (10-year CAGR of 0.0%) Top-line growth at FPL Economic growth Larger houses Appliances and electronics Price elasticity Short-term effects Weather variability Small over the long- term Short-term effects Continued population growth… …tempered by cyclical and short- term factors

7. 7 Florida ranks 1st in growth among most populous states 1 Estimated population by state as a percentage of total U.S. population; figures for 2030 are based on estimated population Source: U.S. Census Bureau 1.1%United States 6.5%0.3%New York 4.3%0.6%Illinois 12.2%1.5%California 7.7%1.9%Texas 5.9%2.1%Florida 2000-2004 in 2004 1 CAGR % of Population State 0.9% 0.1% 0.3% 1.1% 1.6% 2.0% 2000-2030 CAGR 5.4% 3.7% 12.8% 9.2% 7.9% in 2030 1 % of Population

8. 8 Customer growth continues strong 2004 2005 (1 st six months) Source: Company reports

9. 9 Robust job growth in Florida 1999 - 2004 Source: U.S. Department of Labor Through June 2005, Florida had created 11% of the nation’s jobs 2005 (1 st six months)

10. 10 Regulatory proceedings – a recap 2004 storm docket resolved –$442 million recovery through surcharge –$70 million recovered in existing rates –~ $22 million remains in storm reserve for future recovery General rate case resolved –Four-year stipulation and settlement unanimously approved by Florida regulators last month –Agreement closes out base rate proceedings; signed by all intervenors 2006 fuel clause filings –2005 underrecovery projected to be $579 million; seeking to recover over two-year period –2006 underrecovery projected to be $1.2-1.7 billion –fuel clause in place; strong track record of recovery in Florida –regulatory decision expected on November 10, 2005

11. 11 FPL Rate Stipulation and Settlement: Key elements continued from prior agreement Revenue sharing –Thresholds and caps escalate per pre-defined formula No authorized ROE –11.75% used for clause and other purposes Downside protection at 10% ROE Continue $125 million depreciation credit

12. 12 FPL Rate Stipulation and Settlement: New elements Generation Base Rate Adjustment (GBRA) –For new generation approved by PSC under Power Plant Siting Act (PPSA) –Revenue requirement set by PPSA application Modified approach to storm cost recovery –Prudently incurred restoration costs fully recoverable –No annual accruals to storm reserve –Additions to reserve and recoveries of shortfalls via securitization or base rate surcharge Suspension of annual nuclear decommissioning accrual for a minimum of four years Clause recovery for any RTO expenses New rate structures

13. 13 Solid earnings and good growth prospects at FPL 2005 Drivers Good revenue growth but with some uncertainty The addition of 1,900 mw at Martin and Manatee on June 30 Managing continued cost pressures Long-term Growth Drivers Strong customer growth Track record of good cost management Continued consistent and fair regulation Historical Adjusted Net Income 1 1 CAGR of 3.9%; see Appendix for reconciliation of GAAP to adjusted amount

15. 15 FPL Energy’s diverse portfolio 11,838 Net mw in Operation As of 6/30/05 FPL Energy operations West 17% Central 35% Northeast 25% Mid- Atlantic 23% Asset Type Regional Breakdown

16. 16 Recent developments affecting FPL Energy PTC extension supports continued wind development Strong natural gas pricing and recovering spark spreads Acquisition of 70% interest in Duane Arnold on track for early 2006 closing PURPA repeal

17. 17 U.S. leader in wind energy Wind Generation Market Share FPL Energy Wind Generation 1 Projected addition of 500 to 750 mw in 2005, which includes 221 mw already placed into service and 251 mw under construction as of 6/30/05 1

18. 18 Wind is a significant source of income growth Wind Generation Additions (mw) Projected Wind Generation Additions (mw) ? ? Each 100 mw adds roughly ½ to 1 cent/share first twelve months Long-run potential average of 250- 500 mw/year dependent on PTCs 1 1 Actual through 6/30/05

19. 19 Significantly improved market conditions Market update Change in Cal 06 Cal 06 Forward 6/30/051/3/05 – 3/31/053/31/05 – 6/30/05 Natural Gas ($/MMBTU) 1 7.99$ 1.61$ 0.30$ NEPOOL 7x24 Power 2 71.24$ 12.18$ 2.34$ NEPOOL Spark Spreads 3 19.41$ 0.96$ 1.32$ ERCOT Spark Spreads 4 19.57$ 3.42$ 3.84$ WECC Spark Spreads 5 24.76$ 5.36$ (2.49)$ Forward 1 NYMEX 2 Mass Hub 3 Mass Hub, Tetco M3 and 7,000 heat rate 4 ERCOT N, Houston Ship Channel and 7.0 heat rate 5 SP15, NGI SoCal and 7,000 heat rate

20. 20 Natural gas market expected to be tight for some time to come NYMEX Natural Gas (rolling average 5-year strip) Price is in $ per mmbtu

21. 21 The FPL Energy merchant portfolio 1 Weighted to reflect in-service dates, planned maintenance and Seabrook’s refueling outage and power uprate and expected production from renewable resource assets NG = Natural gas SS = Spark Spread Secondary Primary 2006 Available MW 1 Nominal Capacity NEPOOL Market Exposure 6,304.06,814.5Total Merchant 1,426.01,472.0Total other SS 507.0Blythe I 171.0 Doswell Peaker NG SS 794.0 Marcus Hook All other 2,580.02,699.6Total ERCOT NG SS 2,699.6 Forney / Lamar ERCOT 2,298.02,642.9Total NEPOOL Oil SS 656.0 Maine Fossil SS 550.0 R.I.S.E.P. SS NG 360.9 Maine-Hydro SS NG 1,076.0 Seabrook SS

22. 22 FPL Energy contract coverage 2006 1 Weighted to reflect in-service dates, planned maintenance and Seabrook’s refueling outage and power uprate and expected production from renewable resource assets 2 Reflects Round-the-Clock MW 3 Includes all projects with mid- to long-term purchase power contracts for substantially all of their output 4 Includes only those facilities that require active hedging 5 Reflects on-peak MW Totals may not add due to rounding and exclude pending Duane Arnold acquisition

23. 23 Strong track record of growth at FPL Energy Adjusted Earnings 1 ($ millions) 48% Compound Annual Growth Rate 1 See Appendix for reconciliation of GAAP to adjusted amounts 2 2005 estimate is based upon FPL Energy EPS guidance given on July 22, 2005, and excludes the cumulative effect of adopting new accounting standards as well as the mark-to-market effect of non-qualifying hedges, neither of which can be determined at this time. It is FPL Group's policy not to comment on guidance during the quarter. 3 FPL Energy’s 2006 and 2007 figures are the midpoint of indicative ranges and are believed to be appropriate for this point in time, but are not based on detailed budgeting analysis. As a result, they should only be read in conjunction with the Company’s standard earnings guidance, which is delivered upon the release of quarterly earnings $260 2 $340 3 $440 3

25. 25 FPL Group – financially strong and positioned for long-term growth HistoricallyIn 2005Beyond 2005 Conservative balance sheet warrants strong credit rating Moody’s upgraded outlook on Capital to Stable S&P and Fitch reaffirmed ratings Maintain a conservative balance sheet Build-out of merchant meant CapEx exceeded cash generation Free cash flow negative due to clause recovery timing and investment opportunities Expect to be cash flow positive – subject to investment opportunities Dividend raised every year since 1995 Strong financial position can support continued competitive dividend payout Dividend payout comparable to that of our peers

26. 26 Sound credit profile reflected on balance sheet and credit ratings Total Debt to Total Capitalization 1 S&PMoody’sFitch FPL Group, Inc. Issuer A/ Negative A2/ Stable A/ Stable FPL First Mortgage Bonds A/ Negative Aa3/ Stable AA-/ Stable FPL Group Capital Senior Unsecured A-/ Negative A2/ Stable A/ Stable 1 All data as of 12/31/04 2 See Appendix for more detailed credit statistics 2 56% (GAAP) 44% (Adjusted)

27. 27 Growing, stable dividend Dividend Payout 2/15: Raised quarterly dividend by 4% 1 Annualized split-adjusted quarterly dividend 2 Dividend payout is based on earnings of $2.50, the mid-point of 2005 EPS estimate range of $2.45 to $2.55 given as guidance on July 22, 2005. FPL Group’s policy is to issue earnings guidance with its quarterly earnings release 3 Dividend payout is based on 2005 First Call EPS estimate 1 Increased dividend by 13% 2 3

28. 28 FPL Group: a powerful investment Growing electricity demand in our territory Moderate risk approach Sound fundamentals, disciplined approach Outstanding operating performance Well diversified by region and fuel source Proven track record Collaborative and progressive regulatory environment Disciplined hedging/ optimization Attractive, realistic growth prospects Low environmental riskWind and nuclear creating substantial value Financial strength and discipline +=

30. Appendix

31. 31 FPL Group schedule of total debt and equity 1 Ratios exclude impact of imputed debt for purchase power obligations 2 Adjusted to reflect preferred stock characteristics of these securities (preferred trust securities)

32. 32 FPL - Reconciliation GAAP to Adjusted Earnings and EPS There were no adjustments to GAAP earnings in 2002, 2003, and 2004

33. 33 FPL Energy - Reconciliation GAAP to Adjusted EPS

34. 34 FPL Energy - Reconciliation GAAP to Adjusted Earnings

35. 35 FPL Group - Reconciliation GAAP to Adjusted EPS

36. 36 Reconciliation of GAAP to Adjusted Earnings Full Year Ended December 31, 2004 Florida PowerCorporate & (millions)& LightFPL EnergyOtherFPL Group, Inc. Reconciliation of Net Income (Loss) to Adjusted Earnings Net Income (Loss)749$ 172$ (34)$ 887$ Adjustments: Net unrealized mark-to-market losses associated with non-qualifying hedges- 3 - 3 Adjusted Earnings (Loss)749$ 175$ (34)$ 890$

37. 37 In connection with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 (Reform Act), FPL Group, Inc. is hereby identifying important factors that could cause its or its subsidiaries’ 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, Inc. and its subsidiaries (collectively, FPL Group) 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 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 actual results to differ materially from those contained in forward-looking statements made by or on behalf of FPL Group. Any forward-looking statement speaks only as of the date on which such statement is made, and FPL Group undertakes 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 operations and financial results, and could cause FPL Group's actual results or outcomes to differ materially from those discussed in the forward-looking statements: FPL Group is subject to changes in laws or regulations, including the Public Utility Regulatory Policies Act of 1978, as amended (PURPA), the Public Utility Holding Company Act of 1935, as amended (Holding Company Act), the Federal Power Act, the Atomic Energy Act of 1954, as amended and certain sections of the Florida statutes relating to public utilities, 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 (ROE) 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 Florida Power & Light Company (FPL) of any and all 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 is 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. Cautionary Statements And Risk Factors That May Affect Future Results

38. 38 FPL Group operates 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 will need to adapt to these changes and may face increasing competitive pressure. FPL Group'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 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, 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 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 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 uses 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 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.

39. 39 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 relies 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 Inc (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 ability to grow their businesses and would likely increase interest costs. FPL Group'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. FPL Group’s results of operations can be affected by the impact of severe weather which can be destructive, causing outages and/or property damage, and could require additional costs to be incurred. Recovery of these costs is subject to FPSC approval. FPL Group is 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 is 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 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 is 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 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 businesses in the future.