Earnings Conference Call

First Quarter 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

Overview of First Quarter 2004

• Florida Power & Light Company– Strong customer growth

– Higher depreciation expense

– Unfavorable weather comparisons

• FPL Energy– Full impact of 2003 wind build-out program

– Strong merchant performance in the Northeast

– Completed significant contract restructuring

– Reached a definitive agreement to sell Bastrop

• FPL Group– Continue to expect EPS between $4.95 and $5.20 1 in 2004

1 Excluding 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

4

0403

$0.77

EPS

See appendix for reconciliation of GAAP to adjusted amounts

$0.99

$138

$175

GAAP Adjusted

0403

$0.97$172

0403 0403

Net Income($ millions)

EPSNet Income($ millions)

FPL Group ResultsFirst Quarter

$0.78$139

5

Net Income Contribution($ millions)

EPS

0403

$135

$105

04 03

$0.58

$0.76

FPL Earnings First Quarter

6

FPL Historical Growth in Customer Accounts

7769

60 60 6169

88 90

76

93

106

54

93 94 95 96 97 98 99 00 01 02 03 04

First Quarter-over-First Quarter Growth 1

(Thousands)

1 Change in total customer accounts from prior year first quarter average

7

Retail Sales at FPLFirst Quarter

2.6% customer growth

(6.0)% usage growth due to weather

(1.7)% underlying usage growth,

mix, and other

(5.3)% kWh sales growth

Numbers may not add up

8

FPL O&M and DepreciationFirst Quarter($ millions)

$301 $296

0403

Figures include amounts that are recovered through cost recovery clauses which have no impact on net income.

O&M Depreciation

$218$231

0403

9

FPL Earnings Contribution DriversFirst Quarter

($/share) FPL – 2003 EPS $0.76 Drivers:

Customer growth 0.07 Usage due to weather (0.17) Underlying usage growth, mix, and other

(0.06)

Depreciation – new plant (0.04) O&M expenses 0.01 Other, including share dilution 0.01 FPL – 2004 EPS $0.58

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FPL Energy – First Quarter Summary

• Continued strong operational performance

• Favorable market conditions in NEPOOL

• Capitalized on asset optimization opportunities

• Excellent financial results

• Closed major contract restructuring

• Executed agreement to dispose of Bastrop combined cycle facility in Texas

• Good progress in hedging 2005

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0403

$0.30

EPS

$0.25

$53$44

GAAP Adjusted

0403

$0.23$41

0403 0403

Net Income($ millions)

EPSNet Income($ millions)

FPL Energy Results First Quarter

$54$0.31

See appendix for reconciliation of GAAP to adjusted amounts

12

FPL Energy Earnings Contribution DriversFirst Quarter

1 Including interest expense, share dilution, and rounding See appendix for reconciliation of GAAP to adjusted amounts

($/share) FPL Energy – 2003 Adjusted EPS $0.23 Drivers:

New investment 0.04 Existing assets 0.08 Asset optimization and trading 0.01 Restructuring activities 0.17 Bastrop impairment (0.17) Other 1 (0.05) FPL Energy – 2004 Adjusted EPS $0.31

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• Restructured power sales contract to provide FPL Energy with the option of supplying power either from our facility or the market

• Terminated a gas supply contract to eliminate surplus gas position created by purchasing power in the market vs. running the facility

• Favorable cash and book income effects:– $26 million after-tax NPV

– $31 million after-tax book gain at closing

– Favorable cash flow and book earnings over remaining life of power contract

• Counterparty in power contract restructuring receiveda discount under the contract

• Counterparty in gas contract restructuring will avoid future gas transportation costs

Power and Gas Contract Restructuring

14

FPL Energy Contract CoverageRevised Asset Classes

Balance 2004 2005

Asset Class Available

MW 1 % MW

Hedged Available

MW 1 % MW Hedged

Wind 2 2,719 99 2,719 99 Contracted 2,202 96 2,202 99 Merchant

NEPOOL 3 2,344 70 2,301 60 ERCOT 3 2,751 83 2,732 24 All other 3 798 14 1,275 1

Total portfolio 3 10,814 82 11,229 62

1 Weighted to reflect in-service dates, planned maintenance, and refueling outages at Seabrook2 Reflects Round-the-Clock MW3 Reflects on-peak MWAs of 3/31/04

More than 90 percent of expected 2004 gross margin hedged

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Earnings Per Share ContributionsFirst Quarter

GAAP 03 04 Change FPL $0.76 $0.58 $(0.18)

FPL Energy 0.25 0.30 0.05

Corporate and Other (0.02) (0.11) (0.09)

Total $0.99 $0.77 $(0.22) Adjusted 03 04 Change FPL $0.76 $0.58 $(0.18)

FPL Energy 0.23 0.31 0.08

Corporate and Other (0.02) (0.11) (0.09)

Total $0.97 $0.78 $(0.19)

See appendix for reconciliation of GAAP to adjusted amounts

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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– Near breakeven results at FPL FiberNet– Higher interest expense– Net drag of 30 – 35 cents per share

EPS of $4.95 to $5.20 1

1 Excluding 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

Q&A Session

Appendix

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FPL: Potential Drivers of 2004 Earnings Variability

Issue Variability Potential 2004 Impact

Balance of Year Weather variability at 80% probability 1 ± 16¢

Customer growth ± 1 to 2¢

Usage growth ± 2 to 3¢

O&M expenses sensitivity

2% variation ± 6¢

See Safe Harbor Statement and SEC filings for full discussion of risks1 Standard deviation for fiscal year 2004 is about the same as the standard deviation for the balance of 2004

20

Issue Sensitivity Variability Potential 2004 Impact

Balance of Year Market risk

commodity prices

See next page

Weather Wind portfolio

wind resource

± 1 annual portfolio wind index

± 3¢

Maine hydro rainfall, snow pack

± 20% 1 ± 2¢

New growth Wind New development 0 – 400 MW (2)¢ - 0¢ Other

Asset acquisitions

? +?

Asset restructuring

Possible, but unlikely

1 Represents 1 standard deviation from historic mean

FPL Energy: Potential Drivers of 2004 Earnings Variability

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FPL Energy Market Price SensitivityUnhedged Segment

1 Weighted to reflect in-service dates, planned maintenance, and refueling outages at Seabrook2 Forward Prices for Apr-Dec 20043 Reflects an estimate of the potential variation in the Apr-Dec period, relative to original earnings expectations for 20044 RTC power prices applicable to Seabrook and hydro

"Plan" PotentialForward Recent 2004 2004 Impact

Available % MW's Prices 2 Forward Prices 2 Relative to Plan

Merchant Assets MW's 1 Unhedged Sensitivity ($/MWh) ($/MWh) Balance of Year 3

$11spark spread $4 $10

$2 6¢NEPOOL 2,344 31%

$50 (1)¢

RTC power price 4 $39 $50$36

$11 1¢ERCOT 2,751 17% spark spread $9 $11

$8 0¢

$13 0¢All Other 798 78% spark spread $11 $9

$8 (1)¢

Total Merchant Portfolio (3)¢ - 7¢

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FPL Energy Contract CoveragePrevious Asset Classes

Balance 2004 2005

Asset Class Available

MW 1 % MW

Hedged Available

MW 1 % MW Hedged

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

Seabrook 2 1,024 97 961 88 NEPOOL /PJM / NYPP 3 1,726 44 2,226 29 ERCOT 3 2,751 83 2,732 24 WECC / SERC 3 1,339 65 1,336 63

Total portfolio 3 10,814 82 11,229 62

1 Weighted to reflect in-service dates, planned maintenance, and refueling outages at Seabrook2 Reflects Round-the-Clock MW3 Reflects on-peak MWAs of 3/31/04

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Regional Long Term Wind Reference Location

FPL Energy plant operations

Evanston

Walla Walla

Stockton

Lancaster

Midland

Clovis

Gage

Garden City

Red Oak

Mason City

Pipestone

Lone Rock

Jamestown

Pierre

Johnstown

Scranton

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Wind Resource Fundamentals First Quarter

100 9390 96107109

103 99100

100

96 97 98 99 00 01 02 03 04

Wind Speed Index 1

1 Average wind speed for the period from those reference towers chosen to represent FPL Energy’s portfolio - weighted index based on FPL Energy’s portfolio as of 12/31/03

100 = long-term historic annual weighted mean

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Wind Resource FundamentalsAnnual

104 104 100 101 98 9999 9799

100

95 96 97 98 99 00 01 02 03

Wind Speed Index 1

1 Average wind speed for the period from those reference towers chosen to represent FPL Energy’s portfolio -weighted index based on FPL Energy’s portfolio as of 12/31/03

100 = long-term historic annual weighted mean

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FPL Energy MWs and Regional Reference Towers

Reference towers were selected for their proximity to FPL Energy’s wind assets.FPL Energy wind portfolio as of 12/31/03

Long Term 2003 2003 Long Term 1Q 1Q2003 1Q2003 1Q2004 1Q2004Reference Associated Avg. Wind Avg. Wind Wind Speed Avg. Wind Avg. Wind Wind Speed Avg. Wind Wind SpeedTower Net MWs Speed (m/s) Speed (m/s) Index Speed (m/s) Speed (m/s) Index Speed (m/s) Index

Midland.TX 628.6 4.94 4.81 97 5.00 4.65 93 5.02 100

WallaWalla.WA 324.9 3.81 3.67 96 3.75 3.51 93 3.26 87

Stockton.CA 322.3 3.55 3.30 93 3.34 2.66 80 3.04 91

Lancaster.CA 298.4 4.95 4.81 97 4.37 4.07 93 4.04 92

Clovis.NM 204.0 5.21 5.28 101 5.72 5.38 94 5.50 96

Evanston.WY 144.0 4.70 4.40 94 4.68 4.54 97 3.93 84

Johnstown.PA 130.4 4.25 4.22 99 5.13 5.09 99 5.11 100

Pipestone.MN 116.5 4.18 3.97 95 4.59 4.55 99 5.13 112

GardenCity.KS 112.2 5.54 5.41 98 5.58 5.12 92 5.52 99

Gage.OK 102.0 5.14 4.95 96 5.08 4.62 91 5.04 99

RedOak.IA 97.7 3.70 3.47 94 4.06 3.80 94 4.14 102

Scranton.PA 64.5 3.09 2.83 92 3.54 3.25 92 3.32 94

Jamestown.ND 61.5 5.05 5.00 99 5.45 5.53 102 5.58 102

MasonCity.IA 41.3 5.03 5.08 101 5.64 5.86 104 5.94 105

Pierre.SD 40.5 4.92 5.03 102 5.07 5.01 99 5.61 111

LoneRock.WI 30.0 3.49 3.14 90 3.83 3.51 92 3.73 98

Total Net MWs 2,718.8

Av Index 97 93 96

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Bridging Reference Tower Wind Speed to Earnings Impact

Correlation factor effect (tower to site)Wind shear derivation (convert lower

level measured wind to predicted)

Air density assumptionTurbine specific performance (power curve)

AvailabilityReliabilityCurtailments

Price paid by buyer

Reference Tower Wind Speed

Wind Turbine Hub HeightWind Speed

Theoretical Wind Turbine Output

Actual Wind Turbine Output

Earnings Per Share Contribution

±1 in the annual portfolio wind index for2004 equates to ± $0.04 - $0.05/share 1

1 Sets aside uncertainties that can cause actual performance to deviate from that predicted solely by using the wind data from the selected reference towers

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Non-qualifying Hedges 1

Summary of Activity ($ thousands, after-tax)

1 Includes contracts of FPL Energy’s consolidated projects plus its share of the contracts of equity method investees

2 Amount represents the change in value of deals executed during the quarter from the execution date through 3/31/04

1st Quarter Gain/(Loss) (1)Asset / Deals Asset /

(Liability) Change in Executed Total (Liability)Balance Amounts Forward During Unrealized Balance

Description 12/31/03 Realized Prices Period 2 MTM 3/31/04

Gas Supply Contract 13,946$ (1,606) 3,517 - 1,911 15,857$

Other - net 11,216$ (9,948) 8,839 (1,749) (2,858) 8,358$

Total 25,162$ (11,554)$ 12,356$ (1,749)$ (947)$ 24,215$

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Non-qualifying Hedges 1

Summary of Forward Maturity ($ thousands, after-tax)

1 Includes contracts of FPL Energy’s consolidated projects plus its share of the contracts of equity method investees

2 Gain/(loss) based on existing contracts and forward prices as of 3/31/04

Gain/(Loss) 2

Asset /(Liability)Balance Total

Description 03/31/04 2004 2005 2006 2007 2004 - 2007

Gas Supply Contract 15,857$ (4,563) (4,949) (3,786) (2,559) (15,857)

Other - net 8,358$ (10,248) 1,131 555 204 (8,358)

Total 24,215$ (14,811)$ (3,818)$ (3,231)$ (2,355)$ (24,215)$

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Reconciliation of GAAP to Adjusted AmountsThree Months Ended March 31, 2003

Florida Power Corporate &

(millions, except per share amounts) & Light FPL Energy Other FPL Group, Inc.Reconciliation of Net Income (Loss) to Earnings

Excluding After-tax Effect of Certain Items:

Net Income (Loss) 135$ 44$ (4)$ 175$

Adjustments:

Net unrealized mark-to-market gains associated

w ith non-qualifying hedges - (3) - (3)

Earnings (loss) excluding after-tax effect of certain items 135$ 41$ (4)$ 172$

Earnings (Loss) Per Share (assuming dilution) 0.76$ 0.25$ (0.02)$ 0.99$

Net unrealized mark-to-market gains associated

w ith non-qualifying hedges - (0.02) - (0.02) Earnings (Loss) Per Share excluding certain items 0.76$ 0.23$ (0.02)$ 0.97$

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Reconciliation of GAAP to Adjusted AmountsThree Months Ended March 31, 2004

Florida Power Corporate &

(millions, except per share amounts) & Light FPL Energy Other FPL Group, Inc.Reconciliation of Net Income (Loss) to Earnings

Excluding After-tax Effect of Certain Items:

Net Income (Loss) 105$ 53$ (20)$ 138$

Adjustments:

Net unrealized mark-to-market loss associated

w ith non-qualifying hedges - 1 - 1

Earnings (loss) excluding after-tax effect of certain items 105$ 54$ (20)$ 139$

Earnings (Loss) Per Share (assuming dilution) 0.58$ 0.30$ (0.11)$ 0.77$

Net unrealized mark-to-market loss associated

w ith non-qualifying hedges - 0.01 - 0.01 Earnings (Loss) Per Share excluding certain items 0.58$ 0.31$ (0.11)$ 0.78$

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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 (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 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 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.

33

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, 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 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.

34

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.

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