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Fourth Quarter 2001

Safe Harbor Statement: 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 substantially from such forward-looking statements. A discussion of factors that could cause actual results or events to vary is contained in FPL Group's 2000 SEC Form 10-K/A.

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Solid Fourth Quarter 2001 Performance for FPL Group

Up 10%Net Income

($ millions)

$0.62$0.68

$106$115

00 01 0100

EPS

Up 8%

*excluding non-recurring expenses and the positive effect of FAS 133.

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FPL Group 2001 Earnings

Up 7%Net Income($ millions)

$4.38$4.69

$745 $792

00 01 0100

EPS Up 6%

*excluding non-recurring expenses and the positive effect of FAS 133.

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FAS 133 EffectsFull Year 2001

($ million)

Change Cumulative Effect (1/1/01) ($ 2)

Mark-to-Market Adj. $ 10 $ 8

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Net Income($ millions)

EPS

0100

$92

$109

01 00

Strong Growth at FPL Fourth Quarter 2001

$0.65$0.54

Up 20% Up 18%

*excluding non-recurring expenses.

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Net Income($ millions)

EPS

0100

$645$695

01 00

Strong 2001 at FPL Full Year 2001

$4.11$3.79

Up 8% Up 8%

*excluding non-recurring expenses.

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Higher Retail Kilowatt-hour Sales

Fourth Quarter 2001

2.1% customer growth +

2.1% increase in usage per customer

4.2% increase in kwh sales

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Higher Retail Kilowatt-hour Sales

Full Year 2001

2.3% customer growth +

0.4% increase in usage per customer

2.7% increase in kwh sales

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O&M

00

$317 $324

01

FPL: Higher O&MLower Depreciation

Fourth Quarter 2001($ millions) Depreciation

$253$226

00 01

11

O&M

00

$1,062 $1,082

01

FPL: Higher O&M Lower Depreciation

Full Year 2001($ millions) Depreciation

00

$975$898

01

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Aug

Rate Proceeding Timeline2001-2002

MFR Filings Completed

Service Hearings

Hearings

StaffRecommendation

Rate Case Decision

RatesFinalized

Discovery

Oct Nov JunMayAprFeb MarJanDec Jul Sep

Settlement Alternative

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FPL 2001 Highlights

Plant Availability:

92%

Nuclear Fleet

87%

FPL Industry Avg.

Fossil Fleet

95%87%

FPL Industry Avg.

Service Unavailability

69 min.

107 min.

FPL Industry Avg.

*Industry Average based on 2000 data.

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0100

FPL Energy’s Fourth Quarter 2001 Earnings Up

0100

Net Income($ millions)

$9$10

EPS

$0.05$0.06

Up 20%Up 11%

*excluding non-recurring expenses and the positive effect of FAS 133.

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FPL Energy Earnings Growth Full year 2001

0100

Net Income($ millions)

$83

$105

0100

EPS

$0.49

$0.62

Up 27%Up 27%

*excluding non-recurring expenses and the positive effect of FAS 133.

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FPL Energy Earnings Drivers

• Capacity Additions: Lamar Unit #2: 495 net-MW gas

plant in Texas Additional 843 MW of wind assets Doswell Expansion: 171 MW

peaking unit

• Contribution from trading and hedging activities

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0

2,000

4,000

6,000

8,000

10,000

Strong Future at FPL Energy(projected operating net-MWs)

98 99 00 01 0297 03

5,063 MW

DoswellWoodward MountainStatelineMontfortKing MountainGray County

Existing Projects

RISEBastropBlytheBayswater

Marcus HookIDC Bellingham

10,000+ MW

04

CalhounForney

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Potential Financing Options

• Non-recourse debt

• Traditional debt

• Hybrid securities Such as equity-linked or convertible

securities

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01 00 Change FPL $0.65 $0.54 $ .11

FPL Energy .06 .05 .01Corporate and Other (.03) .03 (.06)

$0.68 $0.62 $ .06

Earnings Per ShareContributions

Fourth Quarter 2001

*excluding non-recurring expenses and the positive effect of FAS 133.

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$ / ShareFPL: Customer Growth .05 Usage offset by refund provision .03 O&M (.03) Depreciation .09 Other (.03) Total FPL .11FPL Energy .01Corporate and Other (.06)

Total FPL Group .06

Fourth Quarter EPS Factors

*excluding non-recurring expenses and the positive effect of FAS 133.

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01 00 Change FPL $4.11 $3.79 $ .32

FPL Energy .62 .49 .13Corporate and Other (.04) .10 (.14)

$4.69 $4.38 $ .31

Earnings Per ShareContributions

Full Year 2001

*excluding non-recurring expenses and the positive effect of FAS 133.

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$ / ShareFPL: Customer Growth .24 Usage offset by refund provision (.07) O&M (.11) Depreciation .27 Other (.01) Total FPL .32FPL Energy .13Corporate and Other (.14)

Total FPL Group .31

FPL Group 2001 EPS Factors

*excluding non-recurring expenses and the positive effect of FAS 133.

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